94-26220. Investors Cash Reserve Fund, Inc.

[Federal Register Volume 59, Number 204 (Monday, October 24, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-26220]


[[Page Unknown]]

[Federal Register: October 24, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 20629; 811-2970]

 

Investors Cash Reserve Fund, Inc.

October 17, 1994.
AGENCY: Securities and Exchange Commission (``SEC'').

ACTION: Notice of application for deregistration under the Investment 
Company Act of 1940 (the ``Act'').

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APPLICANT: Investors Cash Reserve Fund, Inc.

RELEVANT ACT SECTION: Section 8(f).

SUMMARY OF APPLICATION: Applicant requests an order declaring that it 
has ceased to be an investment company.

FILING DATE: The application was filed on September 28, 1994.

HEARING OR NOTIFICATION OF HEARING: An order granting the application 
will be issued unless the SEC orders a hearing. Interested persons may 
request a hearing by writing to the SEC's Secretary and serving 
applicant with a copy of the request, personally or by mail. Hearing 
requests should be received by the SEC by 5:30 p.m. on November 14, 
1994 and should be accompanied by proof of service on the applicant, in 
the form of an affidavit or, for lawyers, a certificate of service. 
Hearing requests should state the nature of the writer's interest, the 
reason for the request, and the issues contested. Persons may request 
notification of a hearing by writing to the SEC's Secretary.

ADDRESSES: Secretary, SEC, 450 5th Street NW., Washington, DC 20549. 
Applicant, c/o Iris R. Clay, Investors Cash Reserve Fund, Inc., 5847 
San Felipe, Suite 4100, Houston, TX 77057.

FOR FURTHER INFORMATION CONTACT:
Sarah A. Buescher, Law Clerk, at [phone], or Robert A. 
Robertson, Branch Chief, at [phone] (Division of Investment 
Management, Office of Investment Company Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the 
application. The complete application may be obtained for a fee from 
the SEC's Public Reference Branch.

Applicant's Representations

    1. Applicant is an open-end management investment company organized 
as a Maryland corporation. On November 29, 1979, applicant filed a 
notice of registration pursuant to section 8(a) of the Act on Form N-
8A, and a registration statement on Form N-1 to register its shares. 
The registration statement became effective on March 13, 1980, and the 
initial public offering commenced on the same day.
    2. On February 14, 1994, applicant's board of directors adopted a 
Purchase Agreement and Plan of Complete Liquidation (the ``Plan''). The 
Plan provided that applicant would transfer all of its assets and 
liabilities to Capstone Government Income Fund (``GIF'') portfolio of 
Capstone Fixed Income Series, Inc., in exchange for shares of GIF. 
Applicant and GIF may be deemed to be affiliated persons of each other 
by reason of having a common investment adviser, common directors, and 
common officers. In order to comply with rule 17a-8, which governs 
mergers of certain affiliated investment companies, applicant's 
directors determined that the reorganization was in the best interests 
of applicant and applicant's shareholders and that the interests of 
existing shareholders would not be diluted as a result.\1\
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    \1\Although purchases and sales between affiliated persons 
generally are prohibited by section 17(a) of the Act, rule 17a-8 
provides an exemption for certain purchases and sales among 
investment companies that are affiliated persons of each other 
solely by reason of having a common investment adviser, common 
directors, and/or common officers.
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    3. A prospectus and proxy statement were filed with the SEC on or 
about March 1, 1994 and distributed to applicant's shareholders on or 
about April 4, 1994. Applicant's shareholders approved the Plan at a 
meeting held on May 31, 1994.
    4. On June 6, 1994, the reorganization was consummated. Applicant 
transferred all of its assets and liabilities to GIF in exchange for 
shares of GIF having a net asset value equal to the value of the assets 
less the liabilities transferred by applicant. The exchanges were made 
at net asset value determined as of the close of business on June 6, 
1994. Following the exchange, applicant liquidated and distributed its 
shares of GIF to its shareholders pro rata in accordance with their 
respective interests in applicant.
    5. The expenses applicable to the reorganization, consisting of 
accounting, printing, administrative and certain legal expenses, are 
estimated to be approximately $13,000. Each of applicant, its 
investment adviser, and Capstone Fixed Income Series, Inc., on behalf 
of GIF, paid its own expenses related to the reorganization. 
Applicant's share of the expenses were approximately $10,000.
    6. At the time of filing the application, applicant had no assets, 
outstanding debts or liabilities, and applicant represents that it will 
not acquire or invest assets in securities. Applicant has no 
shareholders and is not a party to any litigation or administrative 
proceeding. Applicant is not presently engaged in, nor does it propose 
to engage in, any business activities other than those necessary for 
the winding-up of its affairs.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-26220 Filed 10-21-94; 8:45 am]
BILLING CODE 8010-01-M