[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: 94-19958]
[[Page Unknown]]
[Federal Register: August 16, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[REL. No. IC-20464; 811-5916]
Yankee Funds; 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: Yankee Funds.
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 June 3, 1994 and amended 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 notifications by writing to
the SEC's Secretary.
ADDRESSES: Secretary, SEC, 450 Fifth Street, NW., Washington, DC 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 Massachusetts trust, is an open-end management
investment company. On October 3, 1989, applicant filed a notification
of registration under section 8(a) and a registration statement on Form
N-1A under section 8(b). Applicant registered the following portfolios
under the Securities Act of 1933: Yankee U.S. Government Income Fund A;
Yankee U.S. Government Income Fund B; Yankee Tax-Exempt Income Fund A;
Yankee Tax-Exempt Income Fund B; Yankee Equity Fund; Yankee Equity
Income Fund; and Yankee Funds (the ``Yankee Money Market Fund'').
2. Applicant's portfolios were organized as feeder funds in a
master/feeder arrangement with seven registered management investment
companies (the ``Master Funds''). In early 1993, the investment adviser
to the Master Funds recommended to the boards of trustees of applicant
and the Master Funds that the non-money market portfolios of applicant
and the corresponding Master Funds be reorganized into the Galaxy Fund
and that the Yankee Money Market Fund be liquidated.
3. On February 22, 1993, the boards of trustees of applicant and
the Master Funds approved the plan of reorganization. A combined proxy
statement and prospectus was sent to applicant's non-money market fund
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 applicant's shareholders, excluding the
shareholders of the Yankee Money Market Fund, approved the
reorganization at a meeting held on May 6, 1993, and applicant, as
holder of a majority of the units of beneficial interest of the Master
Funds, approved the reorganization by written consent dated May 6,
1993.
4. On May 7, 1993, applicant transferred all of the assets and
liabilities of: (a) Yankee U.S. Government Income Fund A and Yankee
U.S. Government Income Fund B to Galaxy Intermediate Bond Fund; (b)
Yankee Tax-Exempt Income Fund and Yankee Tax-Exempt Income Fund B to
Galaxy Tax-Exempt Bond Fund; and (c) Yankee Equity Fund and Yankee
Equity Income Fund to Galaxy Equity Growth Fund (Galaxy Intermediate
Bond Fund, Galaxy Tax-Exempt Bond Fund, and Galaxy Equity Growth Fund
together, the ``Acquiring Funds'') in exchange for shares of the
respective Acquiring Funds. Thereafter, applicant distributed the
appropriate Acquiring Fund shares to its shareholders. Applicant's
shareholders received shares of the Acquiring Funds with an aggregate
net asset value equal to the aggregate net asset value of their
respective interests in applicant.
5. On or before May 10, 1993, the three holders of beneficial
interest in the Yankee Money Market Fund gave notice that they wanted
to redeem their entire holdings. The corresponding Master Fund's
investment portfolio consisted entirely of short-term investments all
maturing on May 10, 1993. On May 10, 1993, a complete redemption
totaling $65,585,130 was paid by applicant to its shareholders on a pro
rata basis.
6. In connection with the reorganization, applicant incurred
expenses such as professional fees, custody and administration fees and
expenses totaling $164,666. These expenses were allocated to
applicant's non-money market portfolios based on the relative net
assets of such portfolios and paid by applicant. In connection with the
liquidation, applicant incurred expenses such as professional fees,
custody and administration fees and expenses totaling $13,401. These
expenses were allocated to the Yankee Money Market Fund and 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. 94-19958 Filed 8-15-94; 8:45 am]
BILLING CODE 8010-01-M
