[Federal Register Volume 59, Number 245 (Thursday, December 22, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-31403]
[[Page Unknown]]
[Federal Register: December 22, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-20774; 811-3860]
Wood Island Total Return Fund, Inc.; Notice of Application
December 15, 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: Wood Island Total Return Fund, Inc.
RELEVANT ACT SECTION: 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 December 2, 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 January 9, 1995
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, NW., Washington, DC 20549.
Applicant, Fourth Floor, 80 East Sir Francis Drake Boulevard, Larkspur,
California 94939.
FOR FURTHER INFORMATION CONTACT:
Deepak T. Pai, Staff Attorney, at (202) 942-0574, or Robert A.
Robertson, 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 at the
SEC's Public Reference Branch.
Applicant Representations
1. Applicant, a California corporation and an open-end management
investment company, registered under the Act on September 7, 1983. On
September 30, 1993, applicant filed a registration statement to
register its shares under the Securities Act of 1933. The registration
statement became effective on September 30, 1983, and the initial
public offering of its shares commenced promptly thereafter.
2. On October 12, 1994, subject to shareholder approval,
applicant's board of directors unanimously determined that it was in
the best interest of the shareholders to liquidate. The decision of the
board was based primarily on the small size of the applicant; the
resulting high ratio of expenses to average net assets and the
difficulty in achieving the diversification and investment objectives.
Accordingly, on or about October 24, 1994, proxy materials were
distributed to shareholders. On November 1, 1994, the holders of a
majority of the shares voted to take all necessary and advisable
actions to effect the winding-up and dissolution of applicant's
business. On November 18, 1994, all of applicants' outstanding shares
were redeemed and payments were made at applicant's net asset value.
3. Distributions to all securityholders in complete liquidation of
their interests have been made. Applicant incurred $894 in total
brokerage commissions with respect to sales of its portfolio
securities.
4. On October 24, 1994, there were issued and outstanding 196,764
shares of common stock having a net asset value of $9.08 per share and
$1,786,617 in the aggregate.
5. Liquidation expenses of approximately $6,800 for transfer
agency, accounting, custody, tax reporting and legal fees will be borne
by Wood Island Associates, Inc., applicant's investment adviser.
6. As of the date of this application, applicant has no debts or
liabilities and is not a party to any litigation or administrative
proceeding. Applicant is neither engaged in, nor does it propose to
engage in, any business activities other than those necessary for the
winding-up of its affairs.
7. Applicant has filed all documents required to terminate its
existence as a California corporation.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-31403 Filed 12-21-94; 8:45 am]
BILLING CODE 8010-01-M
