[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]


-----------------------------------------------------------------------

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'').

-----------------------------------------------------------------------

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