94-19957. U.S. Government Income Portfolio B; Notice of Application  

  • [Federal Register Volume 59, Number 157 (Tuesday, August 16, 1994)]
    [Unknown Section]
    [Page 0]
    From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
    [FR Doc No: 94-19957]
    
    
    [[Page Unknown]]
    
    [Federal Register: August 16, 1994]
    
    
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    SECURITIES AND EXCHANGE COMMISSION
    [Rel. No. IC-20465; 811-5918]
    
     
    
    U.S. Government Income Portfolio B; Notice of Application
    
    August 9, 1994.
    AGENCY: Securities and Exchange Commission (``SEC'').
    
    ACTION: Notice of Application for Deregistration under the Investment 
    Company Act of 1940 (``Act'').
    
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    applicant: U.S. Government Income Portfolio B.
    
    relevant act section: Section 8(f).
    
    summary of application: Applicant seeks an order declaring that it has 
    ceased to be an investment company.
    
    filing date: The application was filed on August 1, 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 September 6, 
    1994, 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 who wish to 
    be notified of a hearing may request such notification by writing to 
    the SEC's Secretary.
    
    ADDRESSES: Secretary, SEC, 450 Fifth Street, N.W., Washington, D.C. 
    20549. Applicant, 6 St. James Avenue, Boston, Massachusetts 02116.
    
    FOR FURTHER INFORMATION CONTACT:
    James E. Anderson, Staff Attorney, at (202) 942-0573, 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, a New York trust, is an open-end management 
    investment company. On October 4, 1989, applicant filed a notification 
    of registration pursuant to section 8(a) and a registration statement 
    on Form N-1A pursuant to section 8(b). Applicant never registered its 
    securities under the Securities Act of 1933.
        2. Applicant was organized as a master fund in a master/feeder 
    arrangement with Yankee Funds, another registered management investment 
    company. Yankee U.S. Government Income Fund B, a portfolio of Yankee 
    Funds, invested in applicant and owned substantially all of applicant's 
    units of beneficial interest.
        3. On February 22, 1993, the boards of trustees of Yankee Funds and 
    applicant approved a plan or reorganization whereby all of applicant's 
    assets would be transferred to Galaxy Intermediate Bond Fund, a 
    portfolio of The Galaxy Fund. In accordance with rule 17a-8, the 
    trustees of applicant and the Galaxy Fund determined that the 
    reorganization was in the best interests of each trust, and the 
    interests of the existing shareholders of each trust would not be 
    diluted as a result.\1\
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        \1\Applicant and the Galaxy Equity Growth Fund may be deemed to 
    be affiliated persons of each other by reason of having a common 
    investment adviser, common directors, and common officers. Although 
    purchases and sales between affiliated persons generally are 
    prohibited by section 17(a), rule 17a-8 provides an exemption for 
    certain purchases and sales among investment companies that are 
    affiliated persons of each other solely by reason of having a common 
    investment adviser, common directors, and/or common officer.
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        4. A combined proxy statement and prospectus was sent to Yankee 
    U.S. Government Income Fund B's shareholders on April 11, 1993. 
    Definitive copies of such materials were filed with the SEC as part of 
    The Galaxy Fund's registration on April 23, 1993. A majority of the 
    shareholders of Yankee U.S. Government Income Fund B approved the 
    reorganization at a meeting held on May 6, 1993, and Yankee U.S. 
    Government Income Fund B, as holder of a majority of the units of 
    beneficial interest of applicant, approved the reorganization by 
    written consent dated May 6, 1993.
        5. On May 7, 1993, applicant transferred all of its assets and 
    liabilities to Galaxy Intermediate Bond Fund in exchange for shares of 
    that fund. Thereafter, applicant distributed the Galaxy Intermediate 
    Bond Fund shares to its shareholders. Applicant's shareholders received 
    shares of the Galaxy Intermediate Bond Fund with an aggregate net asset 
    value equal to the aggregate net asset value of their respective 
    interests in applicant.
        6. In connection with the reorganization, applicant incurred 
    expenses such as professional fees, custody and administration fees and 
    expenses totaling $48,843. The expenses were paid by applicant.
        7. Applicant has no outstanding debts or liabilities. Applicant is 
    not a party to any litigation or administrative proceeding. Applicant 
    has no shareholders and is not engaged, nor does it propose to engage, 
    in any business activities other than those necessary for the winding-
    up of its affairs.
    
        For the SEC, by the Division of Investment Management, under 
    delegated authority.
    Margaret H. McFarland,
    Deputy Secretary.
    [FR Doc. 94-19957 Filed 8-15-94; 8:45 am]
    BILLING CODE 8010-01-M
    
    
    

Document Information

Published:
08/16/1994
Department:
Securities and Exchange Commission
Entry Type:
Uncategorized Document
Action:
Notice of Application for Deregistration under the Investment Company Act of 1940 (``Act'').
Document Number:
94-19957
Dates:
The application was filed on August 1, 1994.
Pages:
0-0 (1 pages)
Docket Numbers:
Federal Register: August 16, 1994, Rel. No. IC-20465, 811-5918