Federal Register / Vol. 60, No. 74 / Tuesday, April 18, 1995 / Notices 19427

33 15 U.S.C. 78s(b) (2) (1988).

34 17 CFR 200.30–3 (a) (12) (1994).

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

Section, 450 Fifth Street, N.W.,

Washington, D.C. Copies of such filing

will also be available for inspection and

copying at the principle office of the

Phlx. All submissions should refer to

the File No. SR–Phlx–95–07 and should

be submitted by May 9, 1995.

It Is Therefore Ordered, pursuant to

section 19(b)(2) of the Act,33 that the

proposed rule change (SR–Phlx–95–07),

as amended, is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.34

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–9458 Filed 4–17–95; 8:45 am]

BILLING CODE 8010-011-M

[Release No. 34–35597; File No. SR–NYSE–

95–11]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

the New York Stock Exchange, Inc.

Relating to Adoption of Rule 440A

(‘‘Telephone Solicitation—

Recordkeeping’’) and an Interpretation

with Respect to Proposed Rule 440A

April 12, 1995.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’), 15 U.S.C. § 78s(b)(1), notice is

hereby given that on March 22, 1995,

the New York Stock Exchange, Inc.

(‘‘NYSE’’ or ‘‘Exchange’’) filed with the

Securities and Exchange Commission

(‘‘Commission’’ or ‘‘SEC’’) the proposed

rule change as described in Items I, II

and III below, which Items have been

prepared by the self-regulatory

organization. The Commission is

publishing this notice to solicit

comments on the proposed rule change

from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The NYSE is herewith filing a

proposed rule change to adopt new Rule

440A (‘‘Telephone Solicitation—

Recordkeeping’’) and to add an

interpretation with respect to the

meaning and administration of

proposed Rule 440A.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

self-regulatory organization included

statements concerning the purpose of

and basis for the proposed rule change

and discussed any comments it received

on the proposed rule change. The text

of these statements may be examined at

the places specified in Item IV below.

The self-regulatory organization has

prepared summaries, set forth in

Sections A, B, and C below, of the most

significant aspects of such statements.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The purpose of the proposed rule

change is to:

(1) Adopt a rule requiring members

and member organizations that engage

in telephone solicitations to maintain a

centralized list of persons who do not

wish to receive telephone solicitations;

and

(2) Set forth an interpretation

concerning the meaning and

administration of proposed Rule 440A

with respect to compliance with Federal

Communications Commission (‘‘FCC’’)

and SEC rules relating to telemarketing

practices. It is intended that the

interpretation will be published as an

Interpretation Memorandum for

inclusion in the Exchange Interpretation

Handbook.

In 1994, an industry Task Force,

comprised of representatives from the

Exchange, and other industry regulatory

and self-regulatory organizations, was

formed to review broker-dealer

telemarketing practices and compliance

with the Telephone Consumer

Protection Act of 1991 (‘‘TCPA’’) and

the FCC rules and regulations

implementing that law. The TCPA and

FCC rules address telemarketing

practices and the rights of telephone

customers. One of those requirements is

that businesses (which includes brokerdealers) that make telephone

solicitations to residential telephone

subscribers must institute written

policies and have procedures in place

for maintaining ‘‘do-not-call’’ lists.

The industry Task Force is

considering several initiatives relating

to broker-dealers that engage in

telephone solicitation or ‘‘cold-calling’’

activities. One such initiative is

proposed Rule 440A which requires

members and member organizations to

make and maintain a centralized list of

persons who have informed the member

or member organization that they do not

want to receive telephone solicitations.

It is anticipated that such a rule will

also be adopted by other self-regulatory

organization participants of the Task

Force.

The proposed interpretation to Rule

440A reminds members and member

organizations that they are subject to

compliance with the requirements of the

relevant rules of the FCC and SEC

relating to telemarketing practices and

the rights of telephone consumers.

2. Statutory Basis

The proposed rule change is

consistent with the requirements of

Section 6(b)(5) of the Act, which

requires that the rules of the Exchange

be designed to prevent fraudulent and

manipulative acts and practices, to

promote just and equitable principles of

trade, and, in general, to protect

investors and the public interest, in that

it addresses the practices of Exchange

members and member organizations

who make telemarketing calls and the

protection of customers who have

indicated a desire not to receive such

calls.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any burden on competition that is not

necessary or appropriate in furtherance

of the purposes of the Act.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received from

Members, Participants or Others

The Exchange has neither solicited

nor received written comments on the

proposed rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 days of the publication of

this notice in the Federal Register or

within such other period (i) as the

Commission may designate up to 90

days of such date if it finds such longer

period to be appropriate and publishes

its reasons for so finding or (ii) as to

which the self-regulatory organization

consents, the Commission will:

(A) By order approve the proposed

rule change, or

(B) Institute proceedings to determine

whether the proposed rule change

should be disapproved.
19428 Federal Register / Vol. 60, No. 74 / Tuesday, April 18, 1995 / Notices

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, N.W.,

Washington, D.C. 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 at

the Commission’s Public Reference

Section, 450 Fifth Street, N.W.,

Washington, D.C. 20549. Copies of such

filing will also be available for

inspection and copying at the principal

office of the NYSE. All submissions

should refer to File No. SR–NYSE–95–

11 and should be submitted by May 9,

1995.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–9526 Filed 4–17–95; 8:45 am]

BILLING CODE 8010–01–M

[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’’).

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 openend 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

[Rel. No. IC–21003; No. 812–9164]

Neuberger & Berman Advisers

Management Trust, et al.

April 12, 1995.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’ or ‘‘Commission’’).

ACTION: Notice of Application for an

Order under the Investment Company

Act of 1940 (‘‘1940 Act’’).

APPLICANTS: Neuberger & Berman

Advisers Management Trust (‘‘Trust’’),

Advisers Managers Trust (‘’Managers

Trust’’), Neuberger & Berman

Management Incorporated (‘‘Investment

Adviser’’), and Certain Life Insurance