[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