[Federal Register Volume 64, Number 23 (Thursday, February 4, 1999)]
[Notices]
[Pages 5690-5691]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-2660]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-23672]


Notice of Applications for Deregistration Under Section 8(f) of 
the Investment Company Act of 1940

January 29, 1999.
    The following is a notice of applications for deregistration under 
section 8(f) of the Investment Company Act of 1940 for the month of 
January, 1999. A copy of each application may be obtained for a fee at 
the SEC's Public Reference Branch, 450 Fifth St., N.W., Washington, DC 
20549 (tel. 202-942-8090). An order granting each application will be 
issued unless the SEC orders a hearing. Interested persons may request 
a hearing on any application by writing to the SEC's Secretary at the 
address below and serving the relevant 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 February 23, 1999, and should be accompanied by 
proof of service on the 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 notification by writing to the Secretary, SEC, 450 Fifth 
Street, N.W., Washington, DC 20549. For Further Information Contact: 
Diane L. Titus, at (202) 942-0564, SEC, Division of Investment 
Management, Office of Investment Company Regulation, Mail Stop 5-6, 450 
Fifth Street, N.W., Washington, DC 20549.

Old Mutual Equity Growth Assets South Africa Fund [File No. 811-
9136]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. Applicant's portfolio consisted solely of its 
beneficial interest in Old Mutual South Africa Equity Trust. On 
September 18, 1998, all remaining shareholders of applicant redeemed 
their shares at net asset value. Expenses incurred in connection with 
the liquidation totaled approximately $40,000, and were paid by Old 
Mutual Fund Holdings (Bermuda) Limited.
    Filing Dates: The application was filed on September 29, 1998, and 
amended on December 17, 1998.
    Applicant's Address: Washington Mall Phase II, 4th Floor, 22 Church 
Street, Hamilton HM11, Bermuda.

Hyperion 1997 Term Trust, Inc. [File No. 811-7072]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On December 1, 1997, applicant made a 
liquidating distribution of substantially all of its assets to 
shareholders at net asset value. At the time of filing the application, 
applicant had 151 registered shareholder accounts that had not 
surrendered their shares. Applicant's former custodian, State Street 
Bank & Trust Company, is holding funds representing the aggregate 
liquidation value of applicant's remaining shares. Expenses incurred in 
connection with the liquidation totaled approximately $1,666,650, of 
which applicant bore $1,614,789, and applicant's investment adviser 
bore the remaining $51,861.
    Filing Dates: The application was filed on October 21, 1998, and 
amended on December 29, 1998.
    Applicant's Address: One Liberty Plaza, 165 Broadway, New York, New 
York 10006.

New York Life Fund, Inc. [File No. 811-1998]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. Except for shares issued to New York Life 
Insurance Company (``New York Life''), the Registrant's parent company 
and initial shareholder, Applicant's shares were held solely by New 
York Life Separate Accounts N and Q (``Separate Accounts N and Q''), as 
an investment vehicle for variable annuity contracts issued by New York 
Life. In May 1995, New York Life commenced a redemption program 
offering contract holders of the individual variable annuity contracts 
issued by New York Life, through Separate Accounts N and Q, an option 
to either surrender their contracts for the accumulated cash value or 
exchange their contracts for a fixed or variable annuity product 
offered by New York Life Insurance and Annuity Corporation, a wholly 
owned subsidiary of New York Life. As of November 17, 1997, all of the 
contract holders had, pursuant to the redemption offer, either 
surrendered or exchange their contracts. All legal, accounting and 
other expenses incurred in connection with the liquidation have been or 
will be borne by New York Life or a subsidiary thereof.
    Filing Dates: The application was filed on November 10, 1998 and 
amended on January 15, 1998.
    Appplicant's Address: 51 Madison Avenue, New York, NY 10010.

New York Life Separate Account N [File No. 811-1999]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. In May 1995, New York Life Insurance Company 
(``New York Life'') commenced a redemption program offering contract 
holders of the individual variable annuity contracts issued by New York 
Life through the Applicant an option to either surrender their contract 
for the accumulated cash value or exchange their contract for a fixed 
or variable annuity product offered by New York Life Insurance and 
Annuity Corporation, a wholly owned subsidiary of New York Life. As of 
November 17, 1997, all of the contract holders had, pursuant to the 
redemption offer, either surrendered or exchanged their contracts. All 
legal, accounting, and other expenses incurred in connection with the 
liquidation have been or will be borne by New York Life or a subsidiary 
thereof.
    Filing Date: The application was filed on November 10, 1998.
    Applicant's Address: 51 Madison Avenue, New York, NY 10010.

New York Life Separate Account Q [File No. 811-2000]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. In May 1995, New York Life Insurance Company 
(``New York Life'') commenced a redemption program offering contract 
holders of the individual variable annuity contracts issued by New York 
Life through the Applicant an option to either surrender their contract 
for the accumulated cash value or exchange their contract for a fixed 
or variable annuity product offered by New York Life Insurance and 
Annuity Corporation, a wholly owned subsidiary of New York Life. As of 
November 17, 1997, all of the contract holders had, pursuant to the 
redemption offer, either surrendered or exchanged their contracts. All 
legal, accounting, and other expenses incurred in connection with the 
liquidation have been or will be borne by New York Life or a subsidiary 
thereof.

[[Page 5691]]

    Filing Date: The application was filed on November 10, 1998.
    Applicant's Address: 51 Madison Avenue, New York, NY 10010.

Oppenheimer Adjustable Rate Preferred Fund [File No. 811-4045] 
Oppenheimer Global Securities Fund [File 811-6002]

    Summary: Each applicant seeks an order declaring that it has ceased 
to be an investment company. Neither applicant has ever made a public 
offering of its securities, nor does it propose to make a public 
offering or engage in business of any kind.
    Filing Date: Each application was filed on January 21, 1999.
    Applicants' Addresses: Oppenheimer Adjustable Rate Preferred Fund, 
6801 South Tucson Way, Englewood, Colorado 80112; Oppenheimer Global 
Securities Fund, Two World Trade Center, New York, New York 10048-0203.

The Analytic Series Fund [File No. 811-7366] and Analytic Optioned 
Equity Fund, Inc. [File No. 811-2807]

    Summary: Each applicant seeks an order declaring that it has ceased 
to be an investment company. On July 27, 1998, The Analytic Series 
Fund's three portfolios transferred their assets to corresponding 
portfolios of PBHG Advisor Funds, Inc. (``PBHG Funds'') in exchange for 
shares of the corresponding PBHG Fund based on net asset value. On 
August 31, 1998, Analytic Optioned Equity Fund, Inc. transferred its 
assets to the PBHG Advisor Defensive Equity Fund series of PBHG Funds 
in exchange for shares of the PBHG Fund series based on net asset 
value. Expenses of approximately $110,789 and $89,848, respectively, 
were incurred in connection with each reorganization. These expenses 
were shared by Analytic-TSA Global Assets Management, Inc., investment 
adviser to each applicant, and Pilgrim Baxter & Associates, Ltd., 
investment adviser to the PBHG Funds.
    Filing Date: Each application was filed on January 6, 1999.
    Applicants' Address: 700 South Flower Street, Suite 2400, Los 
Angeles, California 90017.

Bond Portfolio for Endowments, Inc. [File No. 811-2210]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On July 31, 1998, applicant transferred all 
of its assets and liabilities to the Bond Portfolio, a series of 
Endowments, in exchange for shares of the Bond Portfolio based on the 
relative net asset values per share. Applicant incurred approximately 
$35,000 in expenses in connection with the reorganization.
    Filing Date: The application was filed on December 23, 1998.
    Applicant's Address: P.O. Box 7650, One Market, Steuart Tower, San 
Francisco, California 94120.

Warburg, Pincus Strategic Value Fund, Inc. [File No. 811-7929]

    Summary: Applicant seeks an order declaring that it has ceased to 
be an investment company. On October 14, 1998, applicant made a 
liquidating distribution to its shareholders at the net asset value per 
share. Expenses of approximately $40,000 incurred in connection with 
the liquidation were paid by Warburg Pincus Asset Management, Inc., 
applicant's investment adviser.
    Filing Date: The application was filed on December 11, 1998.
    Applicant's Address: 300 East Lombard Street, Baltimore, Maryland 
21202.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 99-2660 Filed 2-3-99; 8:45 am]
BILLING CODE 8010-01-M