[Federal Register Volume 60, Number 74 (Tuesday, April 18, 1995)]
[Notices]
[Page 19428]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-9520]



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SECURITIES AND EXCHANGE COMMISSION
[Rel. No. IC-21000; 811-1522]


Centurion Growth Fund, Inc.; Notice of Application

April 12, 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: Centurion Growth Fund, Inc.

RELEVANT ACT SECTIONS: Section 8(f).

SUMMARY OF APPLICATION: Applicant requests an order declaring that it 
has ceased to be an investment company.

FILING DATES: The application was filed on March 2, 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 May 8, 1995, 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 5th Street, N.W., Washington, D.C. 
20549. Applicant, c/o Mutual Funds Service Co., 600 Memorial Drive, 
Dublin, Ohio 43017.

FOR FURTHER INFORMATION CONTACT: James M. Curtis, Senior Counsel, at 
(202) 942-0563, or Robert A. Robertson, Branch Chief, (202) 942-0564 
(Office of Investment Company Regulation, Division of Investment 
Management).

SUPPLEMENTARY INFORMATION: The following is a summary of the 
application. The complete application may be obtained for a fee at the 
SEC's Public Reference Branch.

Applicant's Representations

    1. Applicant is registered as an open-end management investment 
company that was organized as a corporation under the laws of Delaware 
on August 1, 1967 under the name America Future Fund, Inc. On August 
14, 1967, applicant filed a notice of registration pursuant to section 
8(a) of the Act and a registration statement under section 8(b) of the 
Act. On August 24, 1967, applicant also filed a registration statement 
under the Securities Act of 1933 on Form S-5. Applicant's registration 
statements both were declared effective on February 8, 1968.
    2. On April 22, 1994, the United States District Court, Southern 
District of Florida (the ``Court''), appointed Daniel H. Aronson (the 
``Receiver'') as the receiver for applicant at the request of the SEC 
after applicant's investment adviser and underwriter resigned and all 
but one director and officer of applicant had resigned.
    3. On June 10, 1994, the Court directed the Receiver to pursue a 
merger of applicant with another investment company on terms as 
advantageous as possible to applicant's shareholders. After reviewing 
several proposals, the Receiver selected the merger proposal submitted 
by Vontobel USA, Inc., an investment adviser, and The World Funds, 
Inc., a diversified, open-end, management investment company.
    4. On November 23, 1994, the Receiver and World Funds executed an 
Agreement and Plan or Reorganization (the ``Plan''), and the Receiver 
appointed Vontobel as interim investment adviser. The Court, by order 
dated December 16, 1994, granted the Receiver's motion to approve the 
Plan. No vote, consent, or other action by applicant's shareholders was 
required or solicited in connection with the Plan due to the Court's 
jurisdiction and broad powers of equity.
    5. On December 27, 1994, pursuant to the Plan, the U.S. Value Fund 
Series of World Funds acquired all applicant's assets and goodwill, 
except for $65,000 in cash applicant retained to pay its expenses 
related to the Plan and other liabilities, in exchange for a number of 
shares of common stock of the series based on the relative net asset 
values of such series and applicant. World Funds then distributed to 
applicant's shareholders 730,811,301 shares of the series pro rata 
based on the series's net asset value per share of $10.25.
    6. The Receiver retained $65,000 to pay applicant's final costs, 
expenses, debts, and liabilities. The Receiver has been paying these 
expenses as they come due and anticipates that such expenses will 
exhaust the funds withheld.
    7. Applicant has no security holders, assets, or other liabilities. 
Applicant is not a party to any litigation or administrative proceeding 
other than those described above. Applicant is not engaged and does not 
propose to engage in any business activity other than those necessary 
for the winding up of its affairs.
    8. On December 16, 1994, the Court authorized the dissolution of 
applicant. Applicant filed a Certificate of Dissolution with the 
Secretary of State of Delaware on December 29, 1994.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Margaret M. McFarland,
Deputy Secretary.
[FR Doc. 95-9520 Filed 4-17-95; 8:45 am]
BILLING CODE 8010-01-M