Federal Register / Vol. 60, No. 80 / Wednesday, April 26, 1995 / Notices 20549

1Section 17(a) of the Act generally prohibits sales

or purchase of securities between registered

investment companies and any affiliated person of

that company. Rule 17a–8 provides an exemption

from section 17(a) for certain reorganizations among

registered investment companies that may be

affiliated persons, or affiliated persons of an

affiliated person, solely by reason of having a

common investment adviser, common directors,

and/or common officers. Applicant and the

Acquiring Fund were ‘‘affiliated persons’’ as

defined in the Act solely by reason of having a

common investment adviser.

2 Dividing the number of outstanding shares by

the total net assets does not yield a precise figure

of $1.00 per share. This results from both the effect

on the total net assets of realized gains and losses

resulting from the sale of portfolio securities prior

to their stated maturity and the effect of penny

rounding.

Applicant, 388 Greenwich Street, New

York, New York 10013.

FOR FURTHER INFORMATION CONTACT:

Elaine M. Boggs, Staff Attorney, at (202)

942–0572, or C. David Messman, 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’s Representations

1. Applicant is an open-end

management investment company that

was organized as a corporation under

the laws of Maryland. On July 29, 1982,

applicant registered under the Act as an

investment company, and filed a

registration statement to register its

shares under the Securities Act of 1933.

The registration statement was declared

effective on October 12, 1982, and the

initial public offering commenced

shortly thereafter.

2. On April 27, 1994 and May 25,

1994, applicant’s board of trustees

approved an agreement and plan of

reorganization (the ‘‘Plan’’) between

applicant and Smith Barney Tax-Free

Money Market Fund (the ‘‘Acquiring

Fund’’)—a registered open-end

management investment company. In

addition, the board of trustees made the

findings required by rule 17a–8 under

the Act.1

3. On July 29, 1994, applicant mailed

proxy materials to its shareholders. On

November 11, 1994, applicant’s

shareholders approved the

reorganization at a special meeting of

shareholders.

4. Pursuant to the Plan, on November

18, 1994, applicant transferred all of its

assets to the Acquiring Fund in

exchange for shares of the Acquiring

Fund and the assumption by the

Acquiring Fund of certain liabilities of

applicant. Immediately thereafter,

applicant liquidated and distributed pro

rata to its shareholders the shares it

received from the Acquiring Fund in the

reorganization. On November 18, 1994,

applicant had 3,476,800,171 shares

outstanding, having an aggregate net

asset value of $3,475,385,704 and a per

share net asset value of $1.00.2

5. Expenses incurred in connection

with the reorganization, consisting of

accounting, printing, administrative,

and legal expenses, totaled $281,807.

One half of the expenses were borne by

the Fund’s sponsor, Smith Barney Inc.,

and the remainder were divided

between applicant and the Acquiring

Fund based on relative net assets.

6. There are no securityholders to

whom distributions in complete

liquidation of their interests have not

been made. Applicant has no debts or

other liabilities that remain outstanding.

Applicant is not a party to any litigation

or administrative proceeding.

7. Applicant intents to file the

appropriate notice of termination with

Maryland authorities.

8. Applicant is not now engaged, nor

does it propose to engage, in any

business activities other than those

necessary for the winding up of its

affairs.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–10184 Filed 4–25–95; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Little Rock District Advisory Council;

Public Meeting

The U.S. Small Business Little Rock

District Advisory Council, will hold a

public meeting from 9:00 a.m. to 11:30

a.m., on Monday, May 1, 1995, at the

U.S. Small Business Administration

Little Rock District Office, located at

2120 Riverfront Drive, Suite 100, Little

Rock, Arkansas, to discuss such matters

as may be presented by members, staff

of the U.S. Small Business

Administration, or others present.

For further information, write or call

Valerie J. Coleman, Business

Opportunity Specialist, U.S. Small

Business Administration, at the above

address, Tele: 501/324–5871, ext. 236.

Dated: April 20, 1995.

Dorothy A. Overal,

Director, Office of Advisory Councils.

[FR Doc. 95–10180 Filed 4–25–95; 8:45 am]

BILLING CODE 8025–01–M

SOCIAL SECURITY ADMINISTRATION

[Social Security Ruling SSR 95–1p]

Titles II and XVI: Finding Good Cause

for Missing the Deadline To Request

Administrative Review Due to

Statements in the Notice of Initial or

Reconsideration Determination

Concerning the Right To Request

Review and the Option to File a New

Application

AGENCY: Social Security Administration.

ACTION: Notice of Social Security Ruling.

SUMMARY: In accordance with 20 CFR

422.406(b)(1), the Commissioner of

Social Security gives notice of Social

Security Ruling 95–1p. This Policy

Interpretation Ruling clarifies the Social

Security Administration’s policy on

establishing good cause for late filing of

a request for administrative review

where the claimant received a notice of

an initial or reconsideration

determination made prior to July 1,

1991, which did not explain that filing

a new application instead of a request

for review could result in the loss of

benefits. Notices of determinations

made on or after July 1, 1991, are

covered under Section 205(b) of the

Social Security Act, as amended by

Public Law 101–508.

EFFECTIVE DATE: April 26, 1995.

FOR FURTHER INFORMATION CONTACT:

Joanne K. Castello, Division of

Regulations and Rulings, Social Security

Administration, 6401 Security

Boulevard, Baltimore, MD 21235, (410)

965–1711.

SUPPLEMENTARY INFORMATION: Although

we are not required to do so pursuant

to 5 U.S.C. 552 (a)(1) and (a)(2), we are

publishing this Social Security Ruling

in accordance with 20 CFR

422.406(b)(1).

Social Security Rulings make

available to the public precedential

decisions relating to the Federal old-age,

survivors, disability, supplemental

security income, and black lung benefits

programs. Social Security Rulings may

be based on case decisions made at all

administrative levels of adjudication,

Federal court decisions, Commissioner’s

decisions, opinions of the Office of the

General Counsel, and other policy

interpretations of the law and

regulations.

Although Social Security Rulings do

not have the force and effect of the law

or regulations, they are binding on all

components of the Social Security

Administration, in accordance with 20

CFR 422.406(b)(1), and are to be relied

upon as precedents in adjudicating

other cases.