[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