[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