Federal Register / Vol. 62, No. 54 / Thursday, March 20, 1997 / Notices 13405

1Rule 17a-8 provides an exemption from section

17(a) for certain reorganizations among registered

investment companies that may be affiliated

persons, or affiliated persons of an affiliated person,

solely by reason of having a common investment

adviser, common directors, and/or common

officers.

and Procedures Subcommittee regarding

items proposed for consideration by the full

Committee during future meetings.

1:45 P.M.–7:00 P.M.: Preparation of ACRS

Reports (Open)—The Committee will

continue its discussion of proposed ACRS

reports on matters considered during this

meeting, as well as proposed reports

considered during previous meetings on

issues such as shutdown operations risk and

plant-specific safety goals.

Saturday, April 5, 1997

8:30 A.M.–9:00 A.M.: Report of the

Planning and Procedures Subcommittee

(Open/Closed)—The Committee will hear a

report of the Planning and Procedures

Subcommittee on matters related to the

conduct of ACRS business and organizational

and personnel matters relating to the ACRS.

[Note: A portion of this session may be

closed to discuss organizational and

personnel matters that relate solely to the

internal personnel rules and practices of this

Advisory Committee, and information the

release of which would constitute a clearly

unwarranted invasion of personal privacy.]

9:00 A.M.–12:00 P.M.: Preparation of ACRS

Reports (Open)—The Committee will

continue its discussion of proposed ACRS

reports on matters considered during this

meeting, as well as proposed reports

considered during previous meetings on

issues such as shutdown operations risk and

plant-specific safety goals.

12:00 P.M.–1:00 P.M.: Strategic Planning

(Open)—The Committee will continue its

discussion of items of significant importance

to NRC, including rebaselining of the

Committee activities for FY 1997.

1:00 P.M.–1:30 P.M.: Miscellaneous

(Open)—The Committee will discuss matters

related to the conduct of Committee activities

and matters and specific issues that were not

completed during previous meetings, as time

and availability of information permits.

Procedures for the conduct of and

participation in ACRS meetings were

published in the Federal Register on October

1, 1996 (61 FR 51310). In accordance with

these procedures, oral or written statements

may be presented by members of the public,

electronic recordings will be permitted only

during the open portions of the meeting, and

questions may be asked only by members of

the Committee, its consultants, and staff.

Persons desiring to make oral statements

should notify Mr. Sam Duraiswamy, Chief,

Nuclear Reactors Branch, at least five days

before the meeting, if possible, so that

appropriate arrangements can be made to

allow the necessary time during the meeting

for such statements. Use of still, motion

picture, and television cameras during this

meeting may be limited to selected portions

of the meeting as determined by the

Chairman. Information regarding the time to

be set aside for this purpose may be obtained

by contacting the Chief of the Nuclear

Reactors Branch prior to the meeting. In view

of the possibility that the schedule for ACRS

meetings may be adjusted by the Chairman

as necessary to facilitate the conduct of the

meeting, persons planning to attend should

check with the Chief of the Nuclear Reactors

Branch if such rescheduling would result in

major inconvenience.

In accordance with Subsection 10(d) P.L.

92–463, I have determined that it is necessary

to close portions of this meeting noted above

to discuss matters that relate solely to the

internal personnel rules and practices of this

Advisory Committee per 5 U.S.C. 552b(c)(2),

and to discuss information the release of

which would constitute a clearly

unwarranted invasion of personal privacy per

5 U.S.C. 552b(c)(6).

Further information regarding topics to be

discussed, whether the meeting has been

cancelled or rescheduled, the Chairman’s

ruling on requests for the opportunity to

present oral statements and the time allotted

therefor can be obtained by contacting Mr.

Sam Duraiswamy, Chief, Nuclear Reactors

Branch (telephone 301/415–7364), between

7:30 A.M. and 4:15 P.M. EST.

ACRS meeting notices, meeting transcripts,

and letter reports are now available on

FedWorld from the ‘‘NRC MAIN MENU.’’

Direct Dial Access number to FedWorld is

(800) 303–9672 or ftp.fedworld. These

documents and the meeting agenda are also

available for downloading or reviewing on

the internet at http://www.nrc.gov/

ACRSACNW.

Dated: March 17, 1997.

Andrew L. Bates,

Advisory Committee Management Officer.

[FR Doc. 97–7058 Filed 3–19–97; 8:45 am]

BILLING CODE 7590–01–P

SECURITIES AND EXCHANGE

COMMISSION

[Investment Company Act Release No.

22564; 811–5959]

ACM Managed Multi-Market Trust, Inc.;

Notice of Application

March 14, 1997.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for an

order under the Investment Company

Act of 1940 (the ‘‘Act’’).

APPLICANT: ACM Managed Multi-Market

Trust, Inc.

RELEVANT ACT SECTION: Section 8(f).

SUMMARY OF APPLICATION: Applicant

seeks an order declaring that it has

ceased to be an investment company.

FILING DATES: The application was filed

on July 26, 1996 and was amended on

February 6, 1997.

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

April 8, 1997, 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 may request notification of a

hearing by writing to the SEC’s

Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth

Street, N.W., Washington, D.C. 20549.

Applicant, 1345 Avenue of the

Americas, New York, New York 10105.

FOR FURTHER INFORMATION CONTACT:

Elaine M. Boggs, Senior Counsel, at

(202) 942–0572 (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 closed-end

management investment company that

is organized as a corporation under the

laws of Maryland, Applicant registered

under the Act and filed a registration

statement on Form N–2 on November

17, 1989. Applicant’s registration

statement was declared effective on

January 19, 1990, and applicant

commenced a public offering of its

shares shortly thereafter.

2. On December 7, 1994, applicant’s

board of directors considered and

approved a sale of substantially all of

the assets and liabilities of applicant to

the Alliance Multi-Market Strategy

Trust, Inc. (the ‘‘Acquiring Fund’’). The

board of directors made the findings

required by rule 17a-8 under the Act,

i.e., that the reorganization was in the

best interest of applicant and that there

would be no dilution, by virtue of the

proposed exchange, in the value of

shares held at that time by applicant’s

shareholders.1 In determining that

applicant should enter into the

reorganization, the directors considered,

among other things, the investment

objectives, policies, and restrictions of

applicant and the Acquiring Fund.

3. On January 20, 1995, a proxy

statement was filed with the SEC and

applicant mailed proxy materials to its

shareholders approximately a month

later. On April 21, 1995, applicant’s

shareholders approved the

reorganization.
13406 Federal Register / Vol. 62, No. 54 / Thursday, March 20, 1997 / Notices

4. On May 5, 1995, applicant

transferred its assets and liabilities to

the Acquiring Fund in exchange for

shares of the Acquiring Fund on the

basis of the relative net asset values per

share of applicant and the Acquiring

Fund. Applicant’s net assets on such

date amounted to $76,655,258.68, or

$7.68 per shares. The shares of the

Acquiring Fund received by applicant

were distributed to applicant’s

shareholders based on the relative net

assert values per share of the two funds.

No brokerage fees were paid in

connection with the reorganization.

5. Expenses of approximately

$144,000 incurred in connection with

the reorganization were paid by

applicant. The expenses consisted of

legal fees of approximately $77,500,

printing costs of approximately $43,000,

taxes of approximately $10,000, and

accounting costs of approximately

$13,500. Applicant states that legal and

printing costs similar to those actually

incurred would have been borne by

applicant had the reorganization not

occurred as applicant had a policy that,

under prevailing market conditions,

likely would have required applicant to

seek shareholder consent to convert

applicant into an open-end fund.

6. Applicant states that subsequent to

the filing of the Form N–8F, it will file

articles of dissolution with the State of

Maryland to terminate applicant’s legal

existence.

7. There are no securityholders to

whom distributions in complete

liquidation of their interests have not

been made. Applicant has retained no

assets. Applicant has no debts or other

liabilities that remain outstanding.

Applicant is not a party to any litigation

or administrative proceeding.

8. Applicant is not now engaged, nor

does it propose to engage, in any

business activities other than those

necessary for the winding up of its

affairs.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–7050 Filed 3–19–97; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–22567; File No. 812–10454]

Citicorp Life Insurance Company, et al.

March 14, 1997.

AGENCY: The Securities and Exchange

Commission (the ‘‘Commission’’).

ACTION: Notice of application for an

order pursuant to the Investment

Company Act of 1940 (‘‘1940 Act’’).

APPLICANTS: Citicorp Life Insurance

Company (‘‘Citicorp Life’’), First

Citicorp Life Insurance Company (‘‘First

Citicorp Life,’’ together with Citicorp

Life, the ‘‘Companies’’), Citicorp Life

Variable Annuity Separate Account

(‘‘Citicorp Life Account’’) and First

Citicorp Life Variable Annuity Separate

Account (‘‘First Citicorp Life Account,’’

together with the Citicorp Life Account,

the ‘‘Accounts’’).

RELEVANT 1940 ACT SECTIONS: Order

requested under Section 26(b).

SUMMARY OF THE APPLICATION:

Applicants seek an order to permit the

substitution of shares of certain

portfolios of the Fidelity Variable

Insurance Products Fund (‘‘Fidelity

VIP’’) and the AIM Variable Insurance

Funds, Inc. for shares of portfolios of the

Landmark VIP Funds currently held by

the Accounts to support individual

flexible premium deferred variable

annuity contracts (collectively, the

‘‘Contracts’’) issued by the Companies.

FILING DATES: The application was filed

on December 5, 1996, and amended on

March 3, 1997.

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 Commission and serving Applicants

with a copy of the request, personally or

by mail. Hearing requests should be

received by the Commission by 5:30

p.m. on April 8, 1997, and should be

accompanied by proof of service on

Applicants 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,

NW., Washington, DC 20549.

Applicants, c/o Richard M. Zuckerman,

Esq., Citicorp Life Insurance Company,

800 Silver Lake Boulevard, Dover,

Delaware 19901.

FOR FURTHER INFORMATION CONTACT:

Ethan D. Corey, Senior Counsel, or

Kevin M. Kirchoff, Branch Chief, 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 Commission.

Applicants’ Representations

1. Citicorp Life is a stock life

insurance company organized under the

laws of the State of Arizona in 1971.

Citicorp Life is a wholly owned

subsidiary of Citibank Delaware which

is a wholly owned subsidiary of Citicorp

Holdings, Inc. In turn, Citicorp

Holdings, Inc. is a wholly owned

subsidiary of Citicorp. Citicorp Life is

the depositor and sponsor of the

Citicorp Life Account.

2. First Citicorp Life is a stock life

insurance company organized under the

laws of the State of New York in 1978.

First Citicorp Life is a wholly owned

subsidiary of Citicorp Life. First Citicorp

Life is the depositor and sponsor of the

First Citicorp Life Accounts.

3. The board of directors of Citicorp

Life established the Citicorp Life

Account on July 6, 1994. The Citicorp

Life Account is registered under the

1940 Act as a unit investment trust (File

No. 811–8628). Initially, the Citicorp

Life Account invested exclusively in

shares of the following portfolios: (1)

The U.S. Government, Equity, Balanced

and International Equity Funds of the

Landmark VIP Funds; (2) the Growth

Portfolio of the Variable Insurance

Products Fund; (3) the AIM V.I. Capital

Appreciation Fund of AIM Variable

Insurance Funds, Inc.; and (4) the World

Government and Money Market Series

of the MFS Variable Insurance Trust.

4. The board of directors of First

Citicorp Life established the First

Citicorp Life Account on July 6, 1994.

The First Citicorp Life Account is

registered under the 1940 Act as a unit

investment trust (File No. 811–8732).

Since inception, the First Citicorp Life

Account invested in the same

investment portfolios as those initially

available under the Citicorp Life

Account.

5. The Landmark VIP Funds was

organized as a Massachusetts business

trust on August 22, 1991. It is registered

under the 1940 Act as an open-end

management investment company (File

No. 811–6401). The Landmark VIP

Funds is a series investment company

that is currently comprised of four

investment portfolios: the Landmark

VIP U.S. Government Fund, the

Landmark VIP Balanced Fund, the

Landmark VIP Equity Fund and the

Landmark VIP International Equity

Fund (collectively, the ‘‘Removed

Funds’’). Citibank, N.A., a whollyowned subsidiary of Citicorp, is the

investment adviser to the Landmark VIP

Funds.

6. The Landmark VIP U.S.

Government Fund seeks to earn current

income and preserve capital by