[Federal Register Volume 61, Number 94 (Tuesday, May 14, 1996)]
[Notices]
[Pages 24342-24343]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-12038]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 21943; 811-8258]
Warburg, Pincus Managed Bond Trust; Notice of Application
May 8, 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.Warburg, Pincus Managed Bond Trust.
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 March 18, 1996 and amended on
May 1, 1996.
HEARING OR NOTIFICATION OF HEARING: An order granting the applications
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 June 3, 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, 466 Lexington Avenue, New York, N.Y. 10017-3147.
FOR FURTHER INFORMATION CONTACT:
Christine Y. Greenlees, Senior Counsel, at (202) 942-0581, 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 from
the SEC's Public Reference Branch.
Applicant's Representations
1. Applicant is an open-end investment company organized as a
business trust under the laws of the Commonwealth of Massachusetts on
December 23, 1993. On December 30, 1993, applicant filed a notification
of registration on Form N-8A under section 9(a) of the Act. On the same
day,
[[Page 24343]]
applicant filed a registration statement on Form N-1A to register an
indefinite number of share of beneficial interest under section 8(b) of
the Act and the Securities Act of 1933. The registration statement was
declared effective on September 30, 1994, and applicant's initial
public offering commenced on October 3, 1994. Applicant consisted of
one series, Warburg, Pincus Short-Term Tax-Advantage Bond Fund
(``Fund''), which was composed of two separate classes of shares,
Institutional shares and Gamma shares.
2. On February 8, 1996, applicant's board of trustees discussed
whether to terminate applicant after being advised by its investment
adviser, Warburg, Pincus Counsellors, Inc. (``Counsellors''), that
applicant was no longer economically viable and that applicant's
continuation was not in the best interests of its shareholders. Shortly
thereafter, each of the Fund's existing shareholders was contacted by
the Fund's distributor or another Fund agent to discuss with them their
various options. By unanimous written consent dated February 27, 1996,
the board approved a Plan of Dissolution, Liquidation, and Termination
(``Plan'') providing for the liquidation, on February 27, 1996
(``Closing Date''), of all of applicant's assets and the distribution
of all of the proceeds of the liquidation, in cash form, less an amount
provided for applicant's outstanding obligations, taxes and other
accrued or contingent liabilities, to applicant's sole shareholder,
Counsellors.
3. On the Closing Date, final monthly dividends of $.0260 per
Institutional share and $.0242 per Gamma share were paid to all
shareholders of record as of February 26, 1996, which, together with
all previous such dividends, had the effect of distributing to
applicant's shareholders all of its investment company taxable income
for the taxable year ended on or prior to the Closing Date. In
addition, applicant distributed on the Closing Date all of its net
capital gain realized in the taxable period ended on or prior to the
Closing Date, which amounted to $.0724 per share for both Institutional
and Gamma shares. The proceeds of applicant's liquidation were
distributed on the Closing Date to applicant's sole shareholder in
accordance with the Plan. All of the applicant's other shareholders
redeemed their shares at net asset value on or prior to the Closing
Date. Net asset value was determined by dividing applicant's assets,
less liabilities, by the total number of its outstanding shares.
4. On February 14, 1996, applicant had 2,740,987 shares of
beneficial interest of the Fund outstanding (2,575,021 of which were
Institutional shares and 165,966 of which were Gamma shares), having an
aggregate net asset value of $27,557,387 and a per share net asset
value of $10.05 for Institutional shares and $10.06 for Gamma shares.
All portfolio securities sold in connection with the liquidation were
publicly traded debt instruments for which fair market value was
received. As of the Closing Date, there were no shares of beneficial
interest outstanding.
5. Certain expenses were incurred in connection with the
liquidation, consisting of auditing and legal expenses. The expenses
totalled approximately $18,500 and were borne by the applicant's
investment adviser. No brokerage commissions were incurred in
connection with the liquidation. No redemption fee was imposed in
connection with the Plan. At the time of its liquidation, applicant had
amortized all but approximately $137,340.67 of its organization
expenses, which amount was absorbed by the investment adviser.
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
Office of the Secretary of the Commonwealth of Massachusetts to effect
its termination as a Massachusetts business trust.
For the SEC, by the Division of Investment Management, under
delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-12038 Filed 5-13-96; 8:45 am]
BILLING CODE 8010-01-M
