[Federal Register Volume 61, Number 130 (Friday, July 5, 1996)]
[Notices]
[Pages 35273-35274]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-17069]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 22044; 811-5568]
BEA Investment Funds, Inc.; Notice of Application for
Deregistration
June 27, 1996.
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: BEA Investment Funds, Inc.
relevant act section: Order requested under section 8(f).
summary of application: Applicant requests an order declaring that it
has ceased to be an investment company.
filing date: The application was filed on April 15, 1996, and amended
on June 11, 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
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 July 22, 1996,
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 may request
notification of a hearing by writing to the SEC's Secretary.
addresses: Secretary, SEC, 450 Fifth Street, N.W., Washington, D.C.
20549. Applicant, One Citicorp Center, 153 East 53rd Street, New York,
N.Y. 10022.
for further information contact: Mary T. Geffroy, Staff Attorney, at
(202) 942-0553, or Alison E. Baur, 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 registered under the Act as an open-end investment
company and is organized as a Maryland corporation. On May 26, 1988,
applicant filed with the SEC a registration statement on Form N-1A
registering an indefinite number of shares of its Institutional Money
Market Fund (``IMM''). The registration statement was declared
effective on July 22, 1988 and the initial public offering
[[Page 35274]]
commenced that same day. Applicant registered shares in three
additional series: the Institutional Government Fund (``IGF''), the
Tax-Exempt Money Market Fund (``TEMMF''), and the U.S. Treasury Money
Fund (``TMMF''). IGF was declared effective on December 28, 1990, and
TEMMF and TMMF were declared effective on March 1, 1993. As of January
31, 1996, IGF was applicant's only outstanding series.
2. On January 10, 1996, applicant's board of directors approved the
liquidation and dissolution and authorized the officers of the
applicant to sell all or substantially all of the securities held by
the applicant and other properties of the applicant for cash at the
fair market value of such assets and properties. The board of
director's determination to liquidate the applicant was based upon the
perceived inability to raise assets, lack of shareholder interest, and
inefficiencies associated with investing limited funds. Also on January
10, 1996, applicant's shareholders adopted and ratified resolutions
approving and authorizing the liquidation and dissolution of the
applicant.
3. As of January 31, 1996, there were 1,862,808.568 shares of
common stock of IGF. These shares had an aggregate net asset value of
$17,938,846.49 and a per share net asset value of $9.63. There were no
other classes of securities of the applicant outstanding.
4. Applicant sold all of the securities held by it on February 1,
1996. The proceeds from the sale of these securities were
$17,938,846.49. Such proceeds were fully distributed in cash to the
shareholders on February 1, 1996. Each shareholder received the net
asset value of its shares.
5. Expenses consisting of accounting, administrative, and certain
legal expenses were incurred in connection with the liquidation and
termination of applicant. These expenses totalled approximately $4,200
and were borne by BEA Associates, applicant's investment adviser. No
brokerage commissions were incurred in connection with the liquidation.
6. As of the date of the application, applicant had no
shareholders, assets, or liabilities, and was not a party to any
litigation or administrative proceeding. Applicant is neither engaged,
nor does it propose to engage, in any business activities other than
those necessary for the winding-up of its affairs.
7. Applicant intends to file a notice of termination with the State
Department of Taxation and Assessment of Maryland.
For the SEC, by the Division of Investment Management, under
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-17069 Filed 7-3-96; 8:45 am]
BILLING CODE 8010-01-M