[Federal Register Volume 59, Number 89 (Tuesday, May 10, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-11249]
[[Page Unknown]]
[Federal Register: May 10, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Rel. No. 20277; 811-5106]
Bull & Bear Financial News Composite Fund, Inc.; Notice of
Application
May 4, 1994.
AGENCY: Securities and Exchange Commission (``SEC'').
ACTION: Notice of application for deregistration under the Investment
Company Act of 1940 (``Act'').
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APPLICANT: Bull & Bear Financial News Composite Fund, Inc.
RELEVANT ACT SECTION: Section 8(f).
SUMMARY OF APPLICATION: Applicant seeks an order declaring that it has
ceased to be an investment company.
FILING DATE: The application was filed on April 22, 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 May 31, 1994,
and should be accompanied by proof of service on 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 who wish to be
notified of a hearing may request such notification by writing to the
SEC's Secretary.
ADDRESSES: Secretary, SEC, 450 Fifth Street NW., Washington, DC 20549.
Applicant, 11 Hanover Square, New York, New York 10005.
FOR FURTHER INFORMATION CONTACT:James E. Anderson, Staff Attorney, at
(202) 942-0573, or Robert A. Robertson, Branch Chief, at (202) 942-0564
(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 a non-diversified, open-end management investment
company organized as a Maryland corporation. On April 10, 1987,
applicant filed a notification of registration on Form N-8A and a
registration statement on Form N-2. The registration statement became
effective on or about September 18, 1987, and applicant commenced its
initial public offering immediately thereafter. In connection with
applicant's conversion to an open-end management investment company,
applicant filed a registration statement on Form N-1A on April 28,
1989, which became effective on or about September 19, 1989.
2. On November 3, 1993, applicant's board of directors adopted an
agreement and plan of reorganization and liquidation (the ``Plan'').
The Plan provided that applicant would transfer all of its assets and
liabilities to Bull & Bear Quality Growth Fund (the ``Acquiring
Fund''), a portfolio of Bull & Bear Funds I, Inc., in exchange for
shares of the Acquiring Fund. In approving the Plan, applicant's
directors determined that the sale of applicant's assets to the
Acquiring Fund was in the best interests of applicant's shareholders,
and that the interests of the existing shareholders would not be
diluted as a result.
3. On November 8, 1993, applicant filed an application for an order
of the SEC pursuant to sections 17(b) and 17(d) of the Act and rule
17d-1 thereunder to permit the proposed reorganization. An order of the
SEC was granted on January 4, 1994.\1\
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\1\Bull and Bear Financial News Composite Fund, Inc., Investment
Company Act Release Nos. 19927 (Dec. 7, 1993) (notice) and 19997
(Jan. 4, 1994) (order).
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4. Definitive proxy materials soliciting shareholder approval of
the reorganization were filed with the SEC and mailed to applicant's
shareholders on or about December 16, 1993. Applicant's shareholders
approved the Plan at a meeting held on January 21, 1994.
5. On January 21, 1994, the reorganization was consummated.
Applicant transferred all of its assets and liabilities to the
Acquiring Fund in exchange for shares of the Acquiring Fund. The
exchanges were made at net asset value determined as of the close of
business on January 21, 1994. The shares received in exchange for
applicant's assets were distributed to applicant's shareholders pro
rata in accordance with their respective interests in applicant.
6. All expenses incurred in connection with applicant's liquidation
and reorganization were borne by Bull & Bear Advisers, Inc.,
applicant's investment adviser. Such expenses, totalling $40,361,
included legal expenses, expenses of printing and mailing
communications to shareholders, registration fees, and miscellaneous
accounting and administrative expenses.
7. As of the date of the application, applicant had no
shareholders, assets, or liabilities. Applicant 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 SEC, by the Division of Investment Management, under
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-11249 Filed 5-9-94; 8:45 am]
BILLING CODE 8010-01-M
