U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 204549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer:
Cowen Standby Reserve Fund, Inc.
Financial Square
New York, NY 10005
2. Name of each series or class of funds for which this notice is filed:
Cowen Standby Reserve Fund, Inc.
3. Investment Company Act File Number: 811-3220
Securities Act File Number: 2-73131
4. Last day of fiscal year for which this notice is filed:
September 30, 1996
5. Check box if this notice is being filed more than 180 days after the
close of the issuer's fiscal year for the purposes of reporting
securities sold after the close of the fiscal year but before
termination of the issuer's 24f-2 declaration:
[ ]
6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable (see Instruction A.6):
n/a
7. Number and amount of securities of the same class or series which
had been registered under the Securities Act of 1933 other than
pursuant to rule 24f-2 in a prior fiscal year, but which remained
unsold at the beginning of the fiscal year:
none
8. Number and amount of securities registered during the fiscal year
other than pursuant to rule 24f-2:
none
9. Number and aggregate sale price of securities sold during the
fiscal year:
Shares= 5,142,451,155 Sales= $5,142,451,155
10. Number and aggregate sale price of securities sold during the
fiscal year in reliance upon registration pursuant to rule 24f-2:
Shares= 5,093,876,418 Sales= $5,093,876,418
11. Number and aggregate sale price of securities issued during the
fiscal year in connection with dividend reinvestment plans, if
applicable (see Instruction B.7):
Shares= 48,574,737 Sales= $48,574,737
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold
during the fiscal year in reliance on rule
24f-2 (from Item 10): $ 5,093,876,418
(ii) Aggregate price of shares issued in
connection with dividend reinvestment
plans (from Item 11, if applicable): + 48,574,737
(iii) Aggregate price of shares redeemed or
repurchased during the fiscal year
(if applicable): - 4,931,471,419
(iv) Aggregate price of shares redeemed or
or repurchase and previously applied as
a reduction to filing fees pursuant to
rule 24e-2 (if applicable): + n/a
(v) Net aggregate price of securities sold
and issued during the fiscal year in reliance
on rule 24f-2 [line (i), plus line (ii), less
line (iii), plus line (iv)] (if applicable): 210,979,736
(vi) Multiplier prescribed by Section 6(b) of the
Securities Act of 1933 or other applicable
law or regulation (see Instruction C.6): x 1/33 of 1%
(vii) Fee due [line (i) or line (v) multiplied by
line (vi)]: $ 63,933.25
Instruction: Issuers should complete lines (ii), (iii), (iv), and (v)
only is the form is being filed within 60 days after the
close of the issuer's fiscal year. See Instruction C.3.
13. Check box if fees are being remitted to the Commission's lockbox
depository as described in section 3a of the Commission's Rules of
Informal and Other Procedures (17 CFR 202.3a).
[ x ]
Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository:
October 22, 1996
SIGNATURES
This report has been signed below by the following persons on
behalf of the issuer and in the capacities and on the dates
indicated.
By (Signature and Title)* /s/ Creighton H. Peet
Creighton H. Peet, Treasurer
Date: November 5, 1996
*Please print the name and title of the signing officer below the
signature.
Rodd M. Baxter
Cowen Asset Management
Financial Square
New York, NY 10005-3597
November 5, 1996
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Rule 24f-2 Notice
Cowen Standby Reserve Fund, Inc.
Securities Act File No. 2-73131
Investment Company Act File No. 811-3220
Gentlemen:
You have requested that, as counsel to Cowen Standby Reserve Fund, Inc.,
(the "Fund"), I render an opinion in connection with the filing by the Fund of a
notice required by Rule 24f-2 under the Investment Company Act of 1940 (the
"Notice") for the Fund's fiscal year ended September 30, 1996. The Notice
states that, during the fiscal year ended September 30, 1996, the Fund had
net sales of $210,979,736 worth of its shares of common Stock, $.01 par value
per share (the "Shares"). The Notice also states that the aggregate public
offering price of shares sold was $5,142,451,155 (including $48,574,737 worth
of shares issued upon automatic reinvestment of dividends), and an aggregate
of $4,931,471,419 worth of Shares were redeemed during the fiscal year. As
stated in the Notice, all of the Shares were sold in reliance upon
registration under the Securities Act of 1933 pursuant to Rule 24f-2 under
the Investment Company Act of 1940.
I have examined the Fund's Articles of Incorporation, its By-Laws,
resolutions adopted by its Board of Directors, and other records and documents
that I have deemed necessary for the purpose of this opinion. I have also
examined certain other documents, papers, statutes and authorities as I have
deemed necessary to form a basis for the opinion hereinafter expressed.
On the basis of the foregoing, and assuming that all of the Shares were
sold in accordance with the terms of the Fund's Prospectus in effect at the
time of sale, I am of the opinion that the Shares were legally issued, fully
paid and non-assessable by the Fund.
Very truly yours,
/s/ Rodd M. Baxter
Rodd M. Baxter