[Federal Register Volume 61, Number 149 (Thursday, August 1, 1996)]
[Notices]
[Page 40263]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-19529]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-22100; 811-6335]
Quest For Value Global Funds, Inc.; Notice of Application
July 25, 1996.
AGENCY: Securities and Exchange Commission (``SEC'').
ACTION: Notice of Application for Exemption Under the Investment
Company Act of 1940 (the ``Act'').
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APPLICANT: Quest For Value Global Funds, Inc. (the ``Fund'').
RELEVANT ACT SECTION: Section 8(f).
SUMMARY OF APPLICATION: Applicants request an order declaring that it
has ceased to be an investment company.
FILING DATES: The application was filed on May 6, 1996 and amended on
June 16, 1996.
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
applicants with a copy of the request, personally or by mail. Hearing
requests should be received by the SEC by 5:30 p.m. on August 19, 1996,
and should be accompanied by proof of service on applicants 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 notification by writing to the SEC's
Secretary.
ADDRESSES: Secretary, SEC, 450 5th Street, N.W., Washington, DC 20549.
Applicant, One World Financial Center, New York, NY 10281.
FOR FURTHER INFORMATION CONTACT: Suzanne Krudys, Senior Counsel, at
(202) 942-0641, or Alison E. Baur, Branch Chief, (202) 942-0564 (Office
of Investment Company Regulation, Division of Investment Management).
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained for a fee at the
SEC's Public Reference Branch.
Applicant's Representations
1. Applicant, a registered open-end investment company, was
organized as a Maryland corporation on June 12, 1991. On June 19, 1991,
the Fund registered under the Act on Form N-8A and filed a registration
statement on Form N-1A pursuant to section 8(b) of the Act and the
Securities Act of 1933. The registration statement was declared
effective on August 23, 1991 and applicant commenced its public
offering of shares on December 2, 1991.
2. At a meeting held on June 22, 1995, the applicant's Board of
Directors adopted and recommended an Agreement and Plan of
Reorganization (the ``Agreement''). The Agreement provided that
applicant would transfer its assets to Oppenheimer Strategic Income
Fund (``SIF''), a series of Oppenheimer Strategic Funds Trust
(``Trust''), in exchange for shares of SIF.
3. Also at this meeting, the applicant's directors determined that
the reorganization of the Fund would be in the best interests of the
shareholders of the Fund and that no shareholder's interest would be
diluted as a consequence thereof.
4. A proxy statement was filed with the Commission and mailed to
shareholders in connection with the solicitation by the applicant's
Board of Directors of proxies for the purpose of voting on the
Reorganization Plan. At a meeting held on November 16, 1995, the
shareholders approved the Agreement.
5. The reorganization of the Fund with SIF closed on November 24,
1995 (the ``Closing Date''). Pursuant to the Reorganization Plan, all
of the assets of the Fund less a cash reserve and net of any liability
for outstanding shareholder redemptions were transferred to SIF in
exchange for shares of SIF. The asset transfer in exchange for shares
of SIF was based on the relative net asset value of applicant's shares.
Following the exchange, applicant distributed the SIF shares to each of
its shareholders on a pro rata basis.
6. The cost of printing and mailing the proxies and proxy
statements, and the cost of the tax opinion, were divided between
Oppenheimer Capital, applicant's investment adviser, and
OppenheimerFunds, Inc., manager of the Trust. Any other out-of-pocket
expenses of the Fund, including legal, accounting and transfer agent
expenses, were borne by Oppenheimer Capital. Expenses incurred with
respect to documents included in the mailing to SIF's shareholders were
borne by SIF. Any other out-of-pocket expenses of SIF, including legal,
accounting and transfer agent expenses, were borne by OppenheimerFunds
Inc.
7. At the time of filing the application, applicant's only assets
remaining are $2,341.00 in cash. The cash retained represents an
estimate of the total outstanding invoices which remain unbilled.
8. Applicant has no shareholders as of the time of filing the
application and is not a party to any litigation or administrative
proceeding. Applicant is not engaged, 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. 96-19529 Filed 7-31-96; 8:45 am]
BILLING CODE 8010-01-M
