-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GF5ZU96Bi/n9W9z28Yjbu7N+gwMvtVzLa7BqdnWMuv84M55fBDyCaeB0xqBFEzlm fU156XRu96jNfQUejIHHKA== /in/edgar/work/20000731/0000820027-00-000668/0000820027-00-000668.txt : 20000921 0000820027-00-000668.hdr.sgml : 20000921 ACCESSION NUMBER: 0000820027-00-000668 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20000731 EFFECTIVENESS DATE: 20000731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IDS SELECTIVE FUND INC CENTRAL INDEX KEY: 0000052407 STANDARD INDUSTRIAL CLASSIFICATION: [0000 ] IRS NUMBER: 410839316 STATE OF INCORPORATION: MN FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: SEC FILE NUMBER: 333-32334 FILM NUMBER: 682260 BUSINESS ADDRESS: STREET 1: 80 SOUTH 8TH STREET STREET 2: T33/52 CITY: MINNEAPOLIS STATE: MN ZIP: 55440 BUSINESS PHONE: 6123722772 FORMER COMPANY: FORMER CONFORMED NAME: INVESTORS SELECTIVE FUND INC DATE OF NAME CHANGE: 19841002 485BPOS 1 0001.txt AXP SELECTIVE FUND, INC. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form N-14 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ ] Pre-Effective Amendment No. Post-Effective Amendment No. 1 (File No. 333-32334) [X] ---- AXP SELECTIVE FUND, INC. IDS Tower 10 Minneapolis, MN 55440-0010 Leslie L. Ogg 901 S. Marquette Avenue, Suite 2810 Minneapolis, MN 55402-3268 (612) 330-9283 It is proposed that this filing will become effective (check appropriate box) [X] immediately upon filing pursuant to paragraph (b) [ ] on (date) pursuant to paragraph (b) [ ] 60 days after filing pursuant to paragraph (a)(1) [ ] on (date) pursuant to paragraph (a)(1) [ ] 75 days after filing pursuant to paragraph (a)(2) [ ] on (date) pursuant to paragraph (a)(2) of rule 485. If appropriate, check the following box: [ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment. Part A is incorporated by reference to Registrant's Pre-Effective Amendment No. 1 to Registration Statement No. 333-32334 filed on or about April 17, 2000. Part B is incorporated by reference to Registrant's Pre-Effective Amendment No. 1 to Registration Statement No. 333-32334 filed on or about April 17, 2000. PART C. OTHER INFORMATION Item 15. Indemnification The Articles of Incorporation of the registrant provide that the Fund shall indemnify any person who was or is a party or is threatened to be made a party, by reason of the fact that she or he is or was a director, officer, employee or agent of the Fund, or is or was serving at the request of the Fund as a director, officer, employee or agent of another company, partnership, joint venture, trust or other enterprise, to any threatened, pending or completed action, suit or proceeding, wherever brought, and the Fund may purchase liability insurance and advance legal expenses, all to the fullest extent permitted by the laws of the State of Minnesota, as now existing or hereafter amended. The By-laws of the registrant provide that present or former directors or officers of the Fund made or threatened to be made a party to or involved (including as a witness) in an actual or threatened action, suit or proceeding shall be indemnified by the Fund to the full extent authorized by the Minnesota Business Corporation Act, all as more fully set forth in the By-laws filed as an exhibit to this registration statement. Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. Any indemnification hereunder shall not be exclusive of any other rights of indemnification to which the directors, officers, employees or agents might otherwise be entitled. No indemnification shall be made in violation of the Investment Company Act of 1940. Item 16. Exhibits (1) Articles of Incorporation, as amended October 17, 1988, filed electronically as Exhibit 1 to Registrant's Post-Effective Amendment No. 69 to Registration Statement No. 2-10700, are incorporated by reference. (2) By-laws, as amended January 10, 1996, filed electronically as Exhibit 2 to Registrant's Post-Effective Amendment No. 84 to Registration Statement No. 2-10700, are incorporated by reference. (3) Voting Trust Agreement: Not Applicable. (4) Form of Agreement and Plan of Reorganization, dated March 10, 2000, filed electronically as Exhibit 1 to Part A of Registrant's Pre-Effective Amendment No. 1 to Registration Statement No. 333-32334, filed on or about April 17, 2000, is incorporated by reference. (5) Stock certificate, filed as Exhibit 3 to Registrant's Form N-1Q for the calendar quarter ended September 30, 1979, is incorporated by reference. (6) Investment Management Services Agreement between Registrant and American Express Financial Corporation, dated March 20, 1995, is incorporated by reference to Exhibit 5 to Registrant's Post-Effective Amendment No. 86 filed on or about July 30, 1998. The agreement was assumed by the Portfolio when the Fund adopted the master/feeder structure. (7) Distribution Agreement between Registrant and American Express Financial Advisors Inc., dated March 20, 1995, filed electronically as Exhibit 6 to Registrant's Post-Effective Amendment No. 85 to Registration Statement No. 2-10700 is incorporated by reference. (8) All employees are eligible to participate in a profit sharing plan. Entry into the plan is Jan. 1 or July 1. The Registrant contributes each year an amount up to 15 percent of their annual salaries, the maximum deductible amount permitted under Section 404(a) of the Internal Revenue Code. (9)(a) Custodian Agreement between Registrant and First National Bank of Minneapolis, dated July 23, 1986, filed electronically as Exhibit 8(a) to Registrant's Post-Effective Amendment No. 85 to Registration Statement No. 2-10700 is incorporated by reference. (9)(b) Addendum to the Custodian Agreement between IDS Selective Fund, Inc., First Bank National Association and American Express Financial Corporation dated June 10, 1996, filed electronically as Exhibit 8(b) to Registrant's Post-Effective Amendment No. 84 to Registration Statement No. 2-10700 is incorporated by reference. (10)(a) Plan and Agreement of Distribution dated July 1, 1999 between AXP Selective Fund, Inc. and American Express Financial Advisors Inc., is incorporated by reference to Exhibit (m) to AXP Discovery Fund, Inc. Post-Effective Amendment No. 36, to Registration Statement File No. 2-72174 filed on or about July 30, 1999. Registrant's Plan and Agreement of Distribution differs from the one incorporated by reference only by the fact that Registrant is one executing party. (10)(b) Rule 18f-3 Plan dated April 1999 is incorporated by reference to Exhibit (o) to IDS Precious Metals Fund, Inc. Post-Effective Amendment No. 33, File No. 2-93745 filed on or about May 24, 1999. (11) Opinion and consent of counsel as to the legality of the securities being registered is incorporated by reference to Exhibit(11) to Registration Statement No. 333-32334 filed on or about March 13, 2000. (12) Tax Opinion is filed electronically herewith. (13)(a) Transfer Agency Agreement dated February 1, 1999, between the Registrant and American Express Client Service Corporation, is incorporated by reference to Exhibit (h)(7) to Registrant's Post -Effective Amendment No. 87 filed on or about May 26, 1999. (13)(b) Administrative Services Agreement between Registrant and American Express Financial Corporation, dated March 20, 1995 filed electronically as Exhibit 9(e) to Registrant's Post-Effective Amendment No. 85 to Registration Statement No. 2-10700 is incorporated by reference. (13)(c) Agreement and Declaration of Unitholders between IDS Selective Fund, Inc. and Strategist Income Fund, Inc. dated June 10, 1996, filed electronically as Exhibit 9(f) to Registrant's Post-Effective Amendment No. 84 to Registration Statement No. 2-10700 is incorporated by reference. (13)(d) License Agreement, dated January 25, 1988, between IDS Financial Corporation and Registrant, filed electronically as Exhibit 9(c) to Registrant's Post Effective Amendment No. 69 to Registration Statement No. 2-10700, is incorporated by reference. (13)(e) Class Y Shareholder Service Agreement between IDS Precious Metals Fund, Inc. and American Express Financial Advisors Inc., dated May 9, 1997 filed electronically on or about May 27, as Exhibit 9(e) to IDS Precious Metals Fund, Inc.'s Amendment No. 30 to Registration Statement No. 2-93745, is incorporated by reference. Registrant's Class Y shareholder Service Agreement differs from the one incorporated by reference only by the fact that Registrant is one executing party. (13)(f) Plan and Agreement of Merger dated April 10, 1986, filed as Exhibit 9 to Registrant's Post-Effective Amendment No. 62 to Registration Statement No. 2-10700, is incorporated by reference. (14) Independent Auditors' Consent is incorporated by reference to Exhibit (14) to Pre-Effective Amendment No. 1 to Registration Statement No. 333-32334 filed on or about April 17, 2000. (15) Omitted Financial Statements: Not Applicable. (16)(a) Directors' Power of Attorney to sign Amendments to this Registration Statement, dated January 13, 2000, is incorporated by reference to Exhibit(16)(a) to Registration Statement No. 333-32334 filed on or about March 13, 2000. (16)(b) Officers' Power of Attorney to sign Amendments to this Registration Statement, dated January 13, 2000, is incorporated by reference to Exhibit(16)(b) to Registration Statement No. 333-32334 filed on or about March 13, 2000. (16)(c) Trustees' Power of Attorney to sign Amendments to this Registration Statement, dated January 13, 2000, is incorporated by reference to Exhibit(16)(c) to Registration Statement No. 333-32334 filed on or about March 13, 2000. (16)(d) Officers' Power of Attorney to sign Amendments to this Registration Statement, dated January 13, 2000, is incorporated by reference to Exhibit(16)(d) to Registration Statement No. 333-32334 filed on or about March 13, 2000. (17)(a) Code of Ethics adopted under Rule 17j-1 for Registrant filed electronically on or about March 30, 2000 as Exhibit (p)(1) to AXP Market Advantage Series, Inc.'s Post-Effective Amendment No. 24 to Registration Statement No. 33-30770, is incorporated by reference. (17)(b) Code of Ethics adopted under Rule 17j-1 for Registrant's investment advisor and principal underwriter filed electronically on or about March 30, 2000 as Exhibit (p)(2) to AXP Market Advantage Series, Inc.'s Post-Effective Amendment No. 24 to Registration Statement No. 33-30770, is incorporated by reference. Item 17. Undertakings None. SIGNATURES As required by the Securities Act of 1933, the Registrant, AXP Selective Fund, Inc., certifies that it meets all of the requirements for effectiveness of this Amendment to the Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Minneapolis and State of Minnesota on the 31st day of July, 2000. AXP SELECTIVE FUND, INC. By /s/ Arne H. Carlson** Arne H. Carlson, Chief Executive Officer By /s/ John M. Knight John M. Knight, Treasurer As required by the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities indicated on the 31st day of July, 2000. Signatures Capacity ________________________ Director Peter J. Anderson /s/ H. Brewster Atwater, Jr.* Director H. Brewster Atwater, Jr. /s/ Arne H. Carlson* Chairman of the Board Arne H. Carlson /s/ Lynne V. Cheney* Director Lynne V. Cheney /s/ David R. Hubers* Director David R. Hubers /s/ Heinz F. Hutter* Director Heinz F. Hutter /s/ Anne P. Jones* Director Anne P. Jones /s/ William R. Pearce* Director William R. Pearce /s/ Alan K. Simpson* Director Alan K. Simpson /s/ John R. Thomas* Director John R. Thomas /s/ C. Angus Wurtele* Director C. Angus Wurtele *Signed pursuant to Directors' Power of Attorney dated January 13, 2000, filed electronically as Exhibit (16)(a) to Registration Statement No. 333-32334, by: /s/ Leslie L. Ogg Leslie L. Ogg **Signed pursuant to Officers' Power of Attorney dated January 13, 2000, filed electronically as Exhibit (16)(b) to Registration Statement No. 333-32334, by: /s/ Leslie L. Ogg Leslie L. Ogg SIGNATURES As required by the Securities Act of 1933, INCOME TRUST consents to the filing of this Amendment to the Registration Statement signed on behalf of the Registrant in the City of Minneapolis and State of Minnesota on the 31st day of July, 2000. INCOME TRUST By /s/ Arne H. Carlson**** Arne H. Carlson, Chief Executive Officer By /s/ John M. Knight John M. Knight, Treasurer As required by the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities indicated on the 31st day of July, 2000. Signatures Capacity ________________________ Trustee Peter J. Anderson /s/ H. Brewster Atwater, Jr.*** Trustee H. Brewster Atwater, Jr. s/ Arne H. Carlson*** Chairman of the Board Arne H. Carlson /s/ Lynne V. Cheney*** Trustee Lynne V. Cheney /s/ David R. Hubers*** Trustee David R. Hubers /s/ Heinz F. Hutter*** Trustee Heinz F. Hutter /s/ Anne P. Jones*** Trustee Anne P. Jones /s/ William R. Pearce*** Trustee William R. Pearce /s/ Alan K. Simpson*** Trustee Alan K. Simpson /s/ John R. Thomas*** Trustee John R. Thomas /s/ C. Angus Wurtele*** Trustee C. Angus Wurtele *** Signed pursuant to Trustees' Power of Attorney dated January 13, 2000, filed electronically as Exhibit (16)(c) to Registration Statement No. 333-32334, by: /s/ Leslie L. Ogg Leslie L. Ogg **** Signed pursuant to Officers' Power of Attorney dated January 13, 2000, filed electronically as Exhibit (16)(d) to Registration Statement No. 333-32334, by: /s/ Leslie L. Ogg Leslie L. Ogg CONTENTS OF THIS AMENDMENT TO THE REGISTRATION STATEMENT This Amendment to the Registration Statement comprises the following papers and documents: The facing sheet. Part A. The prospectus. Part B. The Statement of Additional Information. Part C. Other information. Exhibits. Undertakings. The signatures. EX-99 2 0002.txt EXHIBIT INDEX AXP Selective Fund, Inc. EXHIBIT INDEX Exhibit (12): Tax Opinion EX-99.(12)-TAX 3 0003.txt TAX OPINION July 14, 2000 Strategist Quality Income Fund Strategist Income Fund, Inc. IDS Tower 10 Minneapolis, MN 55440-0010 AXP Selective Fund, Inc. 901 Marquette Avenue South Suite 2810 Minneapolis, MN 55402-3268 Ladies and Gentlemen: We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "Agreement") dated as of March 10, 2000, between Strategist Income Fund, Inc., a Minnesota corporation, on behalf of its series, Strategist Quality Income Fund ("Target Fund"), and AXP Selective Fund, Inc., a Minnesota corporation ("Acquiring Fund"). The Agreement describes a proposed transaction (the "Transaction") to occur today (the "Exchange Date"), pursuant to which Acquiring Fund will acquire substantially all of the assets of Target Fund in exchange for shares of beneficial interest in Acquiring Fund (the "Acquiring Fund Shares") and the assumption by Acquiring Fund of all of the liabilities of Target Fund following which the Acquiring Fund Shares received by Target Fund will be distributed by Target Fund to its shareholders in liquidation and termination of Target Fund. This opinion as to certain federal income tax consequences of the Transaction is furnished to you pursuant to Sections 7(d) and 8(d) of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement. Target Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Shares of Target Fund are redeemable at net asset value at each shareholder's option. Target Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "Code"). Acquiring Fund is registered under the 1940 Act as an open-end management investment company. Shares of Acquiring Fund are redeemable at net asset value at each shareholder's option. Acquiring Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Code. For purposes of this opinion, we have considered the Agreement, the Acquired Fund Proxy Statement, the Registration Statement (including the items incorporated by reference therein), and such other items as we have deemed necessary to render this opinion. In addition, you have provided us with letters dated as of the date hereof, representing as to certain facts, occurrences and information upon which you have indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above) (the "Acquiring Fund Rep Letter" and "Target Fund Rep Letter"). Based on the foregoing representations and assumptions and our review of the documents and items referred to above, we are of the opinion that for federal income tax purposes: (i) The Transaction will constitute a reorganization within the meaning of Section 368(a) of the Code. Acquiring Fund and Target Fund will each be a "party to a reorganization" within the meaning of Section 368(b) of the Code; (ii) No gain or loss will be recognized by Acquiring Fund upon the receipt of the assets of Target Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of the liabilities of Target Fund; (iii)The basis in the hands of Acquiring Fund of the assets of Target Fund transferred to Acquiring Fund in the Transaction will be the same as the basis of such assets in the hands of Target Fund immediately prior to the transfer; (iv) The holding periods of the assets of Target Fund in the hands of Acquiring Fund will include the periods during which such assets were held by Target Fund; (v) No gain or loss will be recognized by Target Fund upon the transfer of Target Fund's assets to Acquiring Fund in exchange for Acquiring Fund Shares and the assumption by Acquiring Fund of the liabilities of Target Fund, or upon the distribution of Acquiring Fund Shares by Target Fund to its shareholders in liquidation; (vi) No gain or loss will be recognized by Target Fund shareholders upon the exchange of their Target Fund Shares for Acquiring Fund Shares; (vii) The basis of Acquiring Fund Shares a Target Fund shareholder receives in connection with the Transaction will be the same as the basis of his or her Target Fund Shares exchanged therefor; (viii) A Target Fund shareholder's holding period for his or her Acquiring Fund Shares will be determined by including the period for which he or she held the Target Fund Shares exchanged therefor, provided that he or she held such Target Fund Shares as capital assets; and (ix) Acquiring Fund will succeed to and take into account the items of Target Fund described in Section 381(c) of the Code. Acquiring Fund will take these items into account subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder. Very truly yours, /s/ Ropes & Gray Ropes & Gray -----END PRIVACY-ENHANCED MESSAGE-----