[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