9074 Federal Register / Vol. 60, No. 32 / Thursday, February 16, 1995 / Notices

shareholders would be better served by

a liquidation of applicant’s assets. The

Trustees reached this conclusion based

upon the recommendation of Smith

Breeden Associates, Inc. (the ‘‘Adviser’’)

that applicant’s master-feeder structure

was no longer the most economically

viable alternative over the long term.

The master-feeder structure was chosen

initially to allow for flexibility in

distribution. The Intermediate Series

initially had a load and was to be

marketed by brokers to a retail market.

This plan was not successful and assets

only grew to $8 million after two years.

The Adviser was supporting an expense

cap in both the master and feeder funds

creating redundancies in expenses at

small asset levels. After two years, the

Adviser concluded that it could no

longer support the expense caps. The

Trustees voted to approve a plan of

liquidation whereby the assets of

applicant would be distributed in case

or in-kind to applicant’s shareholders in

complete liquidation of the applicant.

3. According to applicant’s

Declaration of Trust, no shareholder

vote was required. Prior to the time of

liquidation, applicant was required to

notify shareholders of the plan of

liquidation in the form of a letter signed

by a majority of the Trustees. The letter

was sent by overnight courier on July

28, 1994.

4. On August 1, 1994, immediately

preceding the liquidation, applicant had

a total of 895,357.904 shares of

beneficial interest outstanding. At such

time, applicant’s aggregate and per share

net asset value was $8,813,488.2 and

$9.843, respectively.

5. All portfolio securities and any

other assets of applicant were

distributed to applicant’s shareholders

in connection with the liquidation. On

August 1, 1994, applicant transferred its

assets to its shareholders at fair market

value in cancellation of their shares.

Prior to the liquidating distribution,

Smith Breeden Intermediate Duration

U.S. Government Series (‘‘Intermediate

Series’’) held a majority of applicant’s

shares (870,004.56). The Intermediate

Series received all of applicant’s

investments and remaining cash. The

Intermediate Series assumed all of

applicant’s liabilities which consisted

of: $7,483,827 for accounts payable for

securities purchased; $3,697 for accrued

expenses; and $2,652 for investment

advisory fees. The value of assets and

cash received by the Intermediate Series

was $8,563,932.70.

6. On August 1, 1994, applicant

transferred cash to its minority shareholders in the amount of $249,555.50.

This payment was equal to the net asset

value of such shareholders’ shares on

such date. Prior to the plan of

liquidation, minority shareholders held

25,353.344 shares.

7. On July 29, 1994, the balance of

unamortized organizational expenses

was $24,256. Initially, these expenses

were paid by the Adviser and applicant

established an Account Payable for

Organization Costs (The ‘‘Account’’) to

the Adviser.

On July 29, 1994, the balance in the

Account equalled the balance of

unamortized organizational expenses. In

liquidation, the Adviser forgave the

Account and relinquished its right to be

reimbursed for the organization costs it

paid.

8. All expenses incurred in

connection with applicant’s liquidation

were borne by the Intermediate Series.

Such expenses, totalling $2,000,

included legal and drafting fees.

9. As of the date of the application,

applicant has no assets, debts, or

shareholders. Applicant is not a party to

any litigation or administrative

proceeding. Applicant is neither

engaged in nor proposes to engage in

any business activities other than those

necessary for the winding-up of its

affairs.

10. Applicant will terminate its

existence as a business trust under

Massachusetts law.

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–3885 Filed 2–15–95; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

[Public Notice 2167]

Shipping Coordinating Committee,

Subcommittee on Safety of Life at Sea;

Working Group on Safety of

Navigation; Notice of Meeting

The Working Group on Safety of

Navigation of the Subcommittee on

Safety of Life at Sea (SOLAS) will

conduct an open meeting at 9:30 a.m. on

Wednesday, March 22, 1995, in room

6103, U.S. Coast Guard Headquarters,

2100 Second Street, SW., Washington,

DC.

The purpose of the meeting is to

prepare for the 41st session of the

Subcommittee on Safety of Navigation

(NAV) of the International Maritime

Organization (IMO) which is tentatively

scheduled for September 18–22, 1995, at

the IMO Headquarters in London.

Items of principal interest on the

agenda are:

—Routing of ships and related matters

—International Code of Signals

—Navigational aids and related matters

—Vessel Traffic Services (VTS) and ship

reporting

—Revision of SOLAS chapter V

—Human element and bridge operations

—Review of World Meteorological

Organization (WMO) handbooks on

navigation in areas affected by sea-ice

—IMO standard marine communication

phrases

—Removal of wrecks and towage of

offshore installations, structures, and

platforms

—Review of the Code for the Safe

Carriage of Irradiated Nuclear Fuel

(INF Code)

—Operational aspects of Wing in

Ground (WIG)—craft

—Safety of passenger submersible craft

—Automatic ship identification

transponder systems.

Members of the public may attend

these meetings up to the seating

capacity of the room. Interested persons

may seek information by writing: Mr.

Edward J. LaRue, Jr., U.S. Coast Guard

(G–NSR–3), Room 1416, 2100 Second

Street, SW., Washington, DC 20593–

0001 or by calling: (202) 267–0416.

Dated: February 3, 1995.

Charles A. Mast,

Chairman, Shipping Coordinating Committee.

[FR Doc. 95–3891 Filed 2–15–95; 8:45 am]

BILLING CODE 4710–07–M

Shipping Coordinating Committee

[Public Notice 2166]

Subcommittee on Safety of Life at Sea

Working Group on Containers and

Cargoes; Meeting

The Working Group on Containers

and Cargoes of the Subcommittee on

Safety of Life at Sea (SOLAS) will

conduct an open session from 1:00 p.m.

to 4:00 p.m. on Wednesday, March 15,

1995, in room 6436 at U.S. Coast Guard

Headquarters, 2100 Second Street SW.,

Washington, DC 20593–0001. This will

be a joint meeting of the Working

Group’s Panel on Multimodal Transport

and Containers, and the Panel on Bulk

Cargoes. The purpose of the meeting is

to establish U.S. positions on matters to

be addressed at the 34th session of the

International Maritime Organization’s

(IMO) Subcommittee on Containers and

Cargoes (BC 34) to be held at IMO

Headquarters in London, March 27–31,

1995.

Items of particular interest that will be

discussed at this meeting include:

1. Review of guidance and proposed

amendments to the Containers and

Cargoes (BC), Cargo Securing Manual

Circular (MSC/Circular 385).