[Federal Register Volume 59, Number 31 (Tuesday, February 15, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-3485]
[[Page Unknown]]
[Federal Register: February 15, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-20065; 811-6630]
Dynamic America Growth Fund, Inc.; Application
February 8, 1994.
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: Dynamic America Growth Fund, Inc. (the ``Fund'').
RELEVANT ACT SECTIONS: Section 8(f).
SUMMARY OF APPLICATION: Applicant seeks an order declaring that it has
ceased to be an investment company.
FILING DATE: The application was filed on October 28, 1993, and amended
on February 3, 1994.
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 March 4, 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 writer's interest, the reason
for the request, and the issues contested. Persons who wish to be
notified of a hearing may request notification by writing to the SEC's
Secretary.
ADDRESSES: Secretary, SEC, 450 Fifth Street NW., Washington, DC 20549.
Applicant, 7100 West Center Road, Suite 500, Omaha, Nebraska 68106.
FOR FURTHER INFORMATION CONTACT: Joseph G. Mari, Senior Special
Counsel, (202) 272-3030, or Barry D. Miller, Senior Special Counsel,
(202) 272-3018 (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 for a fee from
the SEC's Public Reference Branch.
Applicant's Representations
1. Applicant is a Maryland corporation, and an open-end,
diversified, management investment company. On April 10, 1992,
applicant registered under the Act and filed a registration statement
pursuant to section 8(b) under the Act. On that same date, applicant
registered one billion shares under the Securities Act of 1933.
Applicant's registration statement became effective on October 1, 1992.
2. The sale by Mutual of Omaha Insurance Company of the Fund's
adviser, Mutual of Omaha Fund Management Company (``FMD''), to The
Pioneer Group, Inc. (``Pioneer''), precipitated the liquidation of
applicant. Since Pioneer indicated it had no interest in serving as
successor investment advisor to applicant, or in performing any of the
other duties and responsibilities then being performed by FMC,
applicant's board of directors determined that it was in the best
interest of the Fund's shareholders to liquidate the Fund. As started
in applicant's proxy statement, dated September 28, 1993 (``Proxy
Statement''), the board also based its decision on the lack of interest
by other advisers comparable to FMC because of the Fund's small size
and its expenses relative to its income. The Proxy Statement also
states that another important factor in the directors' decision was
FMC's and the Fund's underwriter, Securities America, Inc.'s,
willingness to absorb the Fund's organizational costs, and FMC's
willingness to reimburse each of the Fund's shareholders the difference
between the liquidation value of the Fund shares owned by the
shareholder and the amount the shareholder originally invested in the
Fund.
3. Pursuant to the Plan of Complete Liquidation and Dissolution
(Appendix ``A'' to the Proxy Statement) (the ``Plan''), the
shareholders would receive the ``Liquidation Value'' of the shares of
the Fund's issued and outstanding common stock they owned on the date
of distribution. The Liquidation Value means, as of the distribution
date, the aggregate value of all the assets of the Fund on such date,
less the aggregate amount of all the liabilities of the Fund on such
date, divided by the total number of shares of common stock of the Fund
on such date. The Plan also stated that each shareholder of the Fund
will be reimbursed by FMC for the amount of the difference between the
Liquidation Value and the amount the shareholder originally invested in
the Fund.
A. By order approve such proposed rule change, or
B. Institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing. Persons making written submissions
should file six copies thereof with the Secretary, Securities and
Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549.
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for inspection and copying in the
Commission's Public Reference Room. Copies of such filing will also be
available for inspection and copying at the principal office of the
NASD. All submissions should refer to File Number SR-NASD-93-66 and
should be submitted by [insert date 21 days from the date of
publication].
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority, 17 CFR 200.30-3(a)(12).
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-3485 Filed 2-14-94; 8:45 am]
BILLING CODE 8010-01-M