[Federal Register Volume 61, Number 178 (Thursday, September 12, 1996)]
[Notices]
[Page 48179]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-23316]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-22200; File No. 811-8554]
UST Master Variable Series, Inc.
September 5, 1996.
AGENCY: The Securities and Exchange Commission (the ``Commission'').
ACTION: Notice of application for an order under the Investment Company
Act of 1940 (``1940 Act'').
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APPLICANT: UST Master Variable Series, Inc. (``Applicant'').
RELEVANT 1940 ACT SECTIONS: Order requested under Section 8(f) of the
1940 Act.
SUMMARY OF THE APPLICATION: Applicant seeks an order declaring that it
has ceased to be an investment company, as defined by the 1940 Act.
FILING DATES: The application was filed on July 30, 1996.
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 SEC
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
September 30, 1996, 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 Commission.
ADDRESSES: Secretary, Securities and Exchange Commission, 450 Fifth
Street, N.W., Washington, D.C. 20549. Applicant, UST Master Variable
Series, Inc., 114 West 47th Street, New York, New York 10036.
FOR FURTHER INFORMATION CONTACT: Veena K. Jain, Attorney, or Patrice M.
Pitts, Special Counsel, Office of Insurance Products (Division of
Investment Management), at (202) 942-0670.
SUPPLEMENTARY INFORMATION: Following is a summary of the application;
the complete application is available for a fee from the Public
Reference Branch of the SEC.
Applicant's Representations
1. Applicant, incorporated in Maryland, is an open-end management
company designed as a funding vehicle for variable annuity contracts
and variable life insurance policies offered by the separate accounts
of certain life insurance companies. All portfolios of Applicant,
except for the International Bond Portfolio, are diversified under the
1940 Act.
2. Applicant filed a notification of registration under Section
8(a) of the 1940 Act, and a registration statement pursuant to Section
8(b) of the 1940 Act and under the Securities Act of 1933, registering
an indefinite number of shares on June 7, 1994. The registration
statement became effective October 14, 1994, and Applicant commenced an
initial public offering on January 17, 1995.
3. On February 9, 1996, Applicant's Board of Directors approved the
liquidation and deregistration of Applicant.
4. On March 26, 1996, Applicant had 2,166,111 shares outstanding,
having an aggregate net asset value of $12,040,561. On March 26, 1996,
dividends were declared and capital gains and income distributions were
made to the Applicant's security holders. The liquidation of Applicant
was effected by April 26, 1996, when all security holders of Applicant
had voluntarily redeemed their shares at net asset value. No brokerage
commissions were paid in connection with the liquidation.
5. Applicant is not engaged in, nor does it propose to engage in,
any business activities other than those necessary for the winding up
of its affairs.
6. The expenses incurred by the Applicant in connection with the
liquidation have been or will be paid by Applicant's investment
adviser, U.S. Trust Company of New York.
7. At the time of the application, Applicant had no shareholders,
assets or liabilities, and Applicant is not a party to any litigation
or administrative proceeding.
8. Within the last 18 months, Applicant has not transferred its
assets to a separate trust, the beneficiaries of which were or are the
shareholders of Applicant.
9. Upon being granted an order to deregister as an investment
company under the 1940 Act, Applicant will terminate its existence as a
Maryland corporation.
For the Commission, by the Division of Investment Management,
under delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-23316 Filed 9-11-96; 8:45 am]
BILLING CODE 8010-01-M
