[Federal Register Volume 59, Number 154 (Thursday, August 11, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-19564]
[[Page Unknown]]
[Federal Register: August 11, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC--20443; 811-3106]
Zweig Cash Fund, Inc.; Notice of Application
August 5, 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: Zweig Cash Fund, Inc. (formerly, DBL Cash-Link 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 July 5, 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 August 30, 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 may request
notification of a hearing by writing to the SEC's Secretary.
addresses: Secretary, SEC, 450 5th Street, N.W., Washington, DC 20549.
Applicant, 5 Hanover Square, 17th Floor, New York, NY 10004.
for further information contact: Elaine M. Boggs, Staff Attorney, at
(202) 942-0572, or Barry D. Miller, Senior Special Counsel 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 at the
SEC's Public Reference Branch.
Applicant's Representations
1. Applicant is an open-end management investment company that was
organized as a corporation under the laws of Maryland. On November 3,
1980, applicant registered under the Act as an investment company, and
filed a registration statement to register shares of its Money Market
Portfolio under the Securities Act of 1933. The registration statement
was declared effective on February 12, 1981, and the initial public
offering commenced on or about that date. On February 22, 1982, post-
effective amendment No. 3 to applicant's registration statement became
effective and public offering of applicant's Government Securities
Portfolio began on or about that date. On April 30, 1991, applicant
issued to the holders of shares of its Money Market Portfolio shares of
its Government Securities Portfolio with an equivalent net asset value.
At such time, all assets and liabilities of the Money Market Portfolio
became assets and liabilities of the Government Securities Portfolio.
Since that time the Government Securities Portfolio has been
applicant's only portfolio.
2. On December 14, 1993, applicant's board of trustees approved an
agreement and plan of reorganization (the ``Plan'') between applicant
and Zweig Cash Fund, a series of Zweig Series Trust (the ``Trust''), a
registered open-end management investment company.\1\
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\1\According to a proxy statement dated March 10, 1994,
applicant's board of directors, including all of the disinterested
directors, found that the reorganization would be in the bests
interests of applicant's shareholders and that the interests of
applicant's existing shareholders would not be diluted as a result
of the reorganization. The Proxy statement also states that the
board no longer considered applicant to be viable as a separate fund
because of its relatively small asset base, high operating expenses,
and correspondingly low yield absent an expense reimbursement from
applicant's adviser.
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3. On March 11, 1994, applicant distributed proxy materials to its
shareholders. At a meeting on April 28, 1994, applicant's shareholders
approved the reorganization.
4. Pursuant to the Plan, on April 29, 1994, applicant transferred
all of its assets to the Trust in exchange for Class M shares of Zweig
Cash Fund. Applicant then distributed the shares of Zweig Cash Fund to
its shareholders. After completion of the reorganization, each
shareholder of applicant owned Class M shares of Zweig Cash Fund with
the same aggregate net asset value as the shares of applicant owned by
the shareholder immediately prior to the reorganization. On April 29,
1994, applicant had 92,292,699.36 shares outstanding, having an
aggregate net asset value of $92,292,699.36 and a per share net asset
value of $1.00.
5. Applicant's adviser, Zweig/Glaser Advisers, assumed all expenses
in connection with the reorganization. Expenses totalled approximately
$88,000.
6. There are no securityholders to whom distributions in complete
liquidation of their interests have not been made. Applicant has no
debts or other liabilities that remain outstanding. Applicant is not a
party to any litigation or administrative proceeding.
7. Applicant will file certificates of dissolution with Maryland
authorities after the requested order is obtained.
8. Applicant is not now engaged, 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.
Jonathan G. Katz,
Secretary.
[FR Doc. 94-19564 Filed 8-10-94; 8:45 am]
BILLING CODE 8010-01-M
