[Federal Register Volume 60, Number 247 (Tuesday, December 26, 1995)]
[Notices]
[Pages 66811-66812]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-31237]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 21606; 811-4649]
Shearson Lehman Series Fund
December 19, 1995.
AGENCY: Securities and Exchange Commission (``SEC'').
ACTION: Notice of Application for Deregistration under the Investment
Company Act of 1940 (the ``Act'').
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APPLICANT: Shearson Lehman Series Fund.
RELEVANT ACT SECTION: Section 8(f).
SUMMARY OF APPLICATION: Applicant requests an order declaring that it
has ceased to be an investment company.
FILING DATE: The application was filed on September 12, 1995.
Hearing or Notification of Hearing: An order granting the application
will be issued unless the SEC 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 January 16, 1996
and should be accompanied by proof of service on the applicant, in the
form of an affidavit or, for lawyers, a certificate of service. Hearing
requests should state the nature of the writer's interest, the reason
for the request, and the issues contested. Persons may request
notification of a hearing by writing to the SEC's Secretary.
ADDRESSES: Secretary, SEC, 450 5th Street, N.W., Washington, D.C.
20549. Applicant, 388 Greenwich Street, New York, New York 10013.
FOR FURTHER INFORMATION CONTACT: Sarah A Buescher, Staff Attorney, at
(202) 942-0573, or Alison E. Baur, 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 or a fee from the
SEC's Public Reference Branch.
Applicant's Representations
1. Applicant is an open-end management investment company organized
as a Massachusetts business trust. Applicant has five portfolios: Money
Market Portfolio, High Income Bond Portfolio, Government Securities
Portfolio, Total Return Portfolio, and Appreciation Portfolio. On April
25, 1986, applicant filed a Notification of Registration on Form N-8A
and a registration statement on Form N-1A pursuant to section 8(b) of
the Act and the Securities Act of 1933. The registration statement
became effective on October 10, 1986, and the initial public offering
commenced shortly thereafter.
2. On January 17, 1990, applicant's board of trustees approved a
proposal (the ``Plan'') whereby applicant would be replaced with the
IDS Life Series Fund, Inc. (the ``Fund'') as the investment vehicle for
the single premium variable life insurance policies issued by IDS Life
Insurance Company of New York and IDS Life Insurance Company. The Plan
called for applicant's sole shareholder, IDS Life Variable Account for
Shearson Lehman, to redeem all of its shares of applicant.\1\
\1\ Applicant received an order under section 26(b) of the Act
that approved the substitution of shares of the Fund for applicant's
shares and under section 17(b) exempting applicant from section
17(a) for certain affiliated transactions between applicant and the
Fund. See Investment Company Act Release Nos. 17892 (Nov. 30, 1990)
(notice) and 17922 (Dec. 18, 1990) (order).
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3. On December 28, 1990, applicant's sole shareholder redeemed its
shares of applicant and applicant distributed to its shareholder
applicant's assets in kind. The distribution had a net asset value of
$18,779,858. No redemption fee or sales charge was imposed in
connection with the transaction. Applicant transferred all of its
remaining assets and liabilities to the Fund.
4. In connection with its liquidation, applicant incurred minimal
expenses, consisting of accounting, administrative, and legal expenses,
all of which were paid by IDS Life Insurance Company of New York and
IDS Life Insurance Company. At the time of its liquidation, applicant
had amortized all but approximately $46,155 of its organizational
expenses. This amount was absorbed by Shearson Lehman Brothers Inc.,
applicant's sponsor.
5. As of the date of this application, applicant has no outstanding
debts or liabilities. Applicant has no shareholders and is not a party
to any litigation or administrative proceeding. Applicant is not
presently engaged, nor does it propose to engage, in any business
activities other than those necessary for the winding-up of its
affairs.
6. Applicant intends to file the appropriate notice of termination
required to terminate its existence as a Massachusetts business trust.
[[Page 66812]]
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-31237 Filed 12-22-95; 8:45 am]
BILLING CODE 8010-01-M
