[Federal Register Volume 62, Number 30 (Thursday, February 13, 1997)]
[Notices]
[Pages 6816-6817]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-3622]


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

SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-22501; No. 811-8562]


Insurance Investments Products Trust

February 7, 1997.
AGENCY: Securities and Exchange Commission (``SEC'').

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

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

APPLICANTS: Insurance Investments Products Trust (the ``Applicant'' or 
the ``Trust'').

RELEVANT 1940 ACT SECTIONS: Order requested under Section 8(f) of the 
1940 Act and Rule 8f-1 thereunder.

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 January 2, 1997.

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 Secretary of the 
Commission and serving Applicant with a copy of the request, personally 
or by mail. Hearing requests must be received by the Commission by 5:30 
p.m. on March 4, 1997, and should be

[[Page 6817]]

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 interests, the reason for 
the request, and the issues contested. Persons may request notification 
of a hearing by writing to the Secretary of the Commission.

ADDRESSES: Secretary, SEC, 450 5th Street, N.W., Washington, D.C. 
20549. Applicant, 680 East Swedesford Road, Wayne, Pennsylvania 19087-
1658.

FOR FURTHER INFORMATION CONTACT:
Zandra Y. Bailes, Staff Attorney, or Patrice M. Pitts, Branch Chief, 
both at (202) 942-0670, 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. The Applicant is an open-end diversified management company 
organized as a Massachusetts business trust.
    2. On June 10, 1994, the Applicant filed with the Commission a 
notification of registration as an investment company on Form N-8A, 
pursuant to Section 8(a) of the Act, and a registration statement on 
Form N-1A (File Nos. 33-80158 and 811-8562), pursuant to the Securities 
Act of 1933 (the ``1933 Act'') and Section 8(b) of the 1940 Act.
    3. Pursuant to Rule 24f-2 under the 1940 Act, the Applicant 
registered an indefinite amount of securities under the 1933 Act. Those 
securities consisted of six classes of capital stock: International 
Growth Fund, Growth Fund, Aggressive Growth Fund, Income Equity Fund, 
Income Equity Fund, Intermediate Fixed Income Fund and Money Market 
Fund. Shares of the Applicant were not assigned a par value. The Form 
N-1A registration statement was declared effective on November 15, 
1994; distribution activities commenced on December 30, 1994.
    4. As of December 31, 1995, less than $2,100,000 represented 
variable contract owner investment in the Trust. At the meeting of the 
Trust's Board of Trustees on December 4-5, 1995, management of the 
Trust reported to the Board its belief that a significant increase of 
investment in the Trust was unlikely and recommended that the Board 
consider closing the Trust. The Trust's December 31, 1995 Annual Report 
to investors disclosed that the Trust had not met management's growth 
expectations and that consideration was being given to closing the 
Trust. During the ensuing months variable annuity contract owners 
voluntarily redeemed or transferred their interests in the subaccounts 
of the separate account investing in the Trust. Redemption of the 
Trust's shares continued until May 30-31, 1996, when SEI Financial 
Management Corporation (``SEI Financial'')--an investment adviser of 
the Trust--redeemed its seed money shares. All redemptions of the 
Trust's shares occurred at net asset value.
    5. The securities of the Trust were disposed by the investment 
advisers and sub-advisers in accordance with their normal practices for 
effecting portfolio transactions. Approximate brokerage commissions 
paid for disposing of the securities was $4,351.
    6. During the last 18 months, the Applicant has not, for any 
reason, transferred any of its assets to a separate trust.
    7. At the time of filing this application, the Applicant retained 
no assets.
    8. The Applicant does not have any debts or other liabilities which 
remain outstanding.
    9. The Applicant is not a party to any litigation or administrative 
proceeding.
    10. At the time of filing this application, the Applicant has no 
security holders.
    11. The 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.
    12. All legal, accounting, and other expenses incurred in 
connection with the liquidation have been or will be borne by SEI 
Corporation (the parent company of SEI Financial) or a subsidiary 
thereof.
    13. On December 31, 1996, the Applicant filed Articles of 
Dissolution with the Secretary of the Commonwealth of Massachusetts, 
Corporation Division, which were effective upon receipt by the 
Division. Accordingly, the Applicant no longer has legal existence 
under Massachusetts law.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary
[FR Doc. 97-3622 Filed 2-12-97; 8:45 am]
BILLING CODE 8010-01-M