[Federal Register Volume 59, Number 35 (Tuesday, February 22, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-3877]


[[Page Unknown]]

[Federal Register: February 22, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-20071; No. 811-2583]

 

The Travelers Fund B-1 for Variable Contracts; Application for 
Order

February 14, 1994.
AGENCY: Securities and Exchange Commission (``SEC'' or ``Commission'').

ACTION: Notice of application for an order under the Investment Company 
Act of 1940 (the ``1940 Act'').

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APPLICANT: The Travelers Fund B-1 for Variable Contracts 
(``Applicant'').

RELEVANT 1940 ACT SECTION: Order requested under section 8(f) of the 
1940 Act.

SUMMARY OF APPLICATION: Applicant seeks an order declaring that it has 
ceased to be an investment company as defined by the 1940 Act.

FILING DATE: The application was filed on December 8, 1993, and amended 
on January 27, 1984.

HEARING OR NOTIFICATION OF HEARING: An order granting the Application 
will be issued unless the Commission 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 March 
11, 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 requestor's interest, 
the reason for the request, and the issues contested. Persons may 
request notification of a hearing by writing to the Secretary of the 
SEC.

ADDRESSES: Secretary, Securities and Exchange Commission, 450 5th 
Street, NW., Washington, DC 20549. Applicant, One Tower Square, 
Hartford, Connecticut 06183.

FOR FURTHER INFORMATION CONTACT:
Yvonne M. Hunold, Senior Counsel, on (202) 272-2676, or Michael V. 
Wible, Special Counsel, on (202) 272-2060, Office of Insurance Products 
(Division of Investment Management.

SUPPLEMENTARY INFORMATION: Following is a summary of the application; 
the complete application is available for a fee from the SEC's Public 
Reference Branch.

Applicant's Representations

    1. Applicant, a diversified open-end management company, is a 
Separate Account formed under Connecticut insurance laws by The 
Travelers Insurance Company (``Travelers''), a life insurance company 
domiciled in Connecticut.
    2. On July 3, 1975, Applicant filed a Notice of Registration on 
Form N-8B-1 under section 8(b) of the 1940 Act (File No. 811-2583) and 
a Registration Statement on Form S-5 under the Securities Act of 1933 
(File No. 2-54173) to register units of interest of variable annuity 
contracts (``Contracts''). Applicant's Registration Statement became 
effective on April 30, 1976. The initial public offering commenced on 
May 1, 1976.
    3. On November 19, 1993, the Contracts were exchanged for another 
Travelers' variable annuity contract (``New Contract'') pursuant to an 
offer of exchange extended by Travelers to Contractowners on September 
10, 1992. All Contractowners contacted either consented to the offer to 
exchange or surrendered their contracts. The New Contract has as an 
investment option The Travelers Quality Bond Account for Variable 
Annuities (``Account QB''). Account QB is an investment company with 
identical investment objectives, adviser and management fees as that of 
the Applicant. All units in Applicant held under the existing contracts 
were exchanged for units of equal value in Account QB under the New 
Contract. The offer of exchange was made in compliance with Rule 11a-2 
under the 1940 Act. All portfolio securities of the Applicant were 
transferred to Account QB, valued on the basis of net asset values of 
the securities as determined in accordance with the methods set forth 
in the Statement of Additional Information of the Applicant and Account 
QB. No brokerage commissions were paid. The transfer of portfolio 
securities was made pursuant to a Commission order under section 17(b) 
granting an exemption from section 17(a) of the 1940 Act. (Release No. 
IC-19232, File No. 812-8172.)
    4. As of November 18, 1993, Applicant had 630,239.9891 units of 
interest outstanding and net assets of $2,773,229.14, representing 
4.388301 Contracts issued prior to December 23, 1983 and 4.284953 
Contracts issued subsequent to that date.
    5. Any expenses connected with the offer of exchange or the 
liquidation of the Applicant will be paid by Travelers.
    6. Applicant has not remaining assets, and no debts or liabilities 
remain outstanding. No distributions were made to Applicant's security 
holders. Applicant is not a party to any litigation or administrative 
proceedings. There are no security holders of Applicant.
    7. 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.
    8. Applicant has not, within the last 18 months, transferred any of 
its assets to a separate trust, the beneficiaries of which were or are 
security holders of Applicant.
    9. Travelers intends to notify the Connecticut and New York 
Insurance Departments, each having approved the transfer of assets, 
that it no longer intends to utilize the Applicant as a separate 
account.
    10. Applicant has made on a timely basis all filings required on 
Form N-SAR. Applicant's last filing on Form N-SAR for the period ended 
June 30, 1993, was made on or before August 30, 1993.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-3877 Filed 2-18-94; 8:45 am]
BILLING CODE 8010-01-M