2860 Federal Register / Vol. 61, No. 19 / Monday, January 29, 1996 / Notices

24See Securities Exchange Act Release No. 33288

(December 3, 1993), 58 FR 65221 (December 13,

1993) (order approving File No. SR–PHLX–93–07).

25The Commission continues to believe that

proposals to increase position and exercise limits

must be justified and evaluated separately. After

reviewing the proposed exercise limits, the

Commission has concluded that the exercise limit

increase does not raise manipulation problems or

increase concerns over market disruption in the

underlying currencies.

26 15 U.S.C. § 78s(b)(2) (1982).

27 17 CFR 200.30–3(a)(12) (1995).

1This date is derived from the SEC’s

computerized data retrieval system.

the proposed increase is warranted. The

Commission recognizes, as it has stated

in the past, that there are no ideal limits

in the sense that options positions of

any given size can be stated

conclusively to be free of any

manipulative concerns.24 The PHLX

and the Commission, however, have

relied largely on the absence of

discernible manipulation or disruption

problems under the current limit as an

indicator that additional increase can be

safely considered. The Commission

believes for these reasons that the

proposed liberalization of existing FCO

position and exercise limits is

appropriate.25

In addition, the Commission believes

that the PHLX’s surveillance programs

will be adequate to detect and deter

position and exercise limit violations by

market participants as well as detect

and deter attempted manipulative

activity and other trading abuses.

The Commission finds good cause for

approving Amendment No. 3 to the

proposed rule change prior to the

thirtieth day after the date of

publication of the notice thereof in the

Federal Register. Specifically,

Amendment No. 3 clarifies the

Exchange’s proposal by indicating that

the proposed rule change does not alter

the aggregation principles contained in

PHLX Rule 1001. In addition,

Amendment No. 3 provides that the

position and exercise limits for options

on the Italian lira and the Spanish

peseta will continue to be 100,000

contracts. This clarification was

necessary because at the time the

proposal was originally submitted the

PHLX did not have approval to trade

those FCOs. In addition, the

Commission believes that the 100,000

contract limit for options on the Italian

lira and the Spanish peseta should

remain unchanged at this time because

the PHLX trades only customized

options on those currencies and the

market for those currencies may not be

as deep and liquid as the market for

other FCOs traded by the PHLX. Based

on the above, the Commission finds

good cause to accelerate approval of

Amendment No. 3.

Solicitation of Comments

Interested persons are invited to

submit written data, views and

arguments concerning Amendment No.

3. 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. Copies of such filing

will also be available for inspection and

copying at the principal office of the

above-mentioned self-regulatory

organization. All submissions should

refer to the file number in the caption

above and should be submitted by

February 8, 1996.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,26 that the

proposed rule change (SR–PHLX–95–

13), as amended, is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.27

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–1471 Filed 1–26–96; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–21693; File No. 811–2155]

Select Capital Growth Fund, Inc.

January 22, 1996.

AGENCY: U.S. Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for an

order under the Investment Company

Act of 1940 (the ‘‘1940 Act’’).

APPLICANT: Select Capital Growth Fund,

Inc. (‘‘Select Capital’’).

RELEVANT 1940 ACT SECTION: Order

requested under Section 8(f) of the 1940

Act.

SUMMARY OF APPLICATION: Application

seeks an order declaring that it has

ceased to be an investment company.

FILING DATE: The application was filed

on September 19, 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 Secretary of

the SEC 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

February 16, 1996, 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 Secretary of the SEC.

ADDRESSES: Secretary, SEC, 450 Fifth

Street, NW., Washington, DC 20549;

Applicant, 20 Washington Avenue

South, Minneapolis, Minnesota 55401.

FOR FURTHER INFORMATION CONTACT:

Joseph G. Mari, Senior Special Counsel,

or Patrice M. Pitts, Special Counsel,

Division of Investment Management

(Office of Insurance Products), at (202)

942–0670.

SUPPLEMENTARY INFORMATION: Following

is a summary of the application. The

complete application is available for a

fee from the Pubic Reference Branch of

the SEC.

Applicant’s Representations

1. Select Capital is organized as a

Minnesota corporation, and is registered

under the 1940 Act as an open-end

diversified management investment

company. On December 28, 1970,1

Applicant filed a registration statement

under Section 8(b) of the 1940 Act, and

a registration statement on Form S–5

under the Securities Act of 1933

registering an unlimited number of

shares of common stock, having no

designated par value (File No. 2–39128).

The Form S–5 registration statement

became effective on August 13, 1971,

and the initial public offering

commenced on August 16, 1971.

2. Applicant’s only security holders

were Northwestern National Life

Insurance Company (‘‘NWNL’’) and subaccounts of NWNL Select Variable

Account and Select*Life Variable

Account (the ‘‘Variable Accounts’’).

3. On November 1, 1994, Applicant’s

board of directors unanimously (i)

approved the substitution of shares of

the Growth Portfolio of the Variable

Insurance Products Fund (the ‘‘Fidelity

Growth Portfolio’’) for shares of

Applicant held by the Variable
Federal Register / Vol. 61, No. 19 / Monday, January 29, 1996 / Notices 2861

1This date is derived from the SEC’s

computerized data retrieval system.

Accounts (the ‘‘Substitution’’), and (ii)

resolved that, contingent on shareholder

approval of the Substitution and receipt

of approval of the Substitution by the

SEC, Applicant be liquidated and

dissolved pursuant to Minnesota law.

On December 21, 1994, the beneficial

owners of the shares of common stock

of Applicant approved the Substitution.

On December 21, 1994, NWNL

approved a plan of liquidation and

dissolution (the ‘‘Plan’’) for Applicant.

4. On May 1, 1995, pursuant to an

SEC staff no-action position letter, dated

April 10, 1995 (Ref. No. IP–1–95), shares

of Applicant held by the Variable

Accounts where redeemed by NWNL,

leaving NWNL as the sole security

holder of Applicant. The proceeds of

that redemption were used to purchase

shares of the Growth Portfolio. On May

23, 1995, NWNL, as the sole security

holder of Applicant, approved a

proposal to liquidate and dissolve

Applicant pursuant to the Plan.

Applicant completed its liquidation and

distributed its remaining assets ($100) to

NWNL on May 24, 1995.

5. Applicant has no assets or security

holders. Applicant is not a party to any

litigation or administrative proceeding

and is not now engaged, nor does it

intend to engage, in any business

activities other than those necessary for

the winding-up of its affairs.

6. Applicant has not, within the past

18 months, transferred any of its assets

to a separate trust, the beneficiaries of

which were or are security holders

Applicant.

7. The only outstanding debts

Applicant, for which Applicant has not

received final invoices, are

approximately $15,000 in 1994 audit

fees and fees for tax preparation

services. Northstar Investment

Management Corporation (‘‘Northstar’’),

Applicant’s investment adviser, has

agreed to pay these fees on behalf of

Applicant, pursuant to the

reimbursement arrangement contained

in the investment advisory agreement

between Applicant and Northstar.

8. The only expenses associated with

the liquidation of Applicant are

brokerage commissions, legal and fund

accounting services fees, and certain

filing fees. These fees are expected to

aggregate approximately $10,000,

$2,500, and $70, respectively. NWNL

and Northstar will pay all such

expenses.

9. Applicant represents that it will

continue to file all reports required by

Rules 30a–1 and 30b–1 under the 1940

Act until the requested order is granted.

10. Applicant intends to file Articles

of Dissolution with the State of

Minnesota to terminate its existence as

a Minnesota corporation.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–1477 Filed 1–26–96; 8:45 am]

BILLING CODE 8010–01–M

[Rel. No. IC–21694; File No. 811–4487]

Select Managed Fund, Inc.

January 22, 1996.

AGENCY: U.S. Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for an

order under the Investment Company

Act of 1940 (the ‘‘1940 Act’’).

APPLICANT: Select Managed Fund, Inc.

(‘‘Select Managed’’).

RELEVANT 1940 ACT SECTION: Order

requested under Section 8(f) of the 1940

Act.

SUMMARY OF APPLICATION: Applicant

seeks an order declaring that it has

ceased to be an investment company.

FILING DATE: The application was filed

on September 19, 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 Secretary of

the SEC 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

February 16, 1996, 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 writers 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 Secretary of the SEC.

ADDRESSES: Secretary, SEC, 450 Fifth

Street, NW., Washington, DC 20549;

Applicant, 20 Washington Avenue

South, Minneapolis, Minnesota 55401.

FOR FURTHER INFORMATION CONTACT:

Joseph G. Mari, Senior Special Counsel,

or Patrice M. Pitts, Special Counsel,

Division of Investment Management

(Office of Insurance Products), 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 SEC.

Applicant’s Representations

1. Select Managed is organized as a

Minnesota corporation, and is registered

under the 1940 Act as an open-end

diversified management investment

company. On October 9, 1985,1

Applicant filed a registration statement

under Section 8(b) of the 1940 Act, and

a registration statement on Form N–1A

under the Securities Act of 1933

registering an unlimited number of

shares of common stock, having no

designated par value (File No. 33–765).

The Form N–1A registration statement

became effective and the initial public

offering commenced on March 3, 1986.

2. Applicant’s only security holders

were Northwestern National Life

Insurance Company (‘‘NWNL’’) and subaccounts of NWNL Select Variable

Account and Select*Life Variable

Account (the ‘‘Variable Accounts’’).

3. On November 1, 1994, Applicant’s

board of directors unanimously (i)

approved the substitution of shares of

the Growth Portfolio of the Variable

Insurance Products Fund (the ‘‘Fidelity

Growth Portfolio’’) for shares of

Applicant held by the Variable

Accounts (the ‘‘Substitution’’), and (ii)

resolved that, contingent on shareholder

approval of the Substitution and receipt

of approval of the Substitution by the

SEC, Applicant be liquidated and

dissolved pursuant to Minnesota law.

On December 21, 1994, the beneficial

owners of the shares of common stock

of Applicant approved the Substitution.

On December 21, 1994, NWNL

approved a plan of liquidation and

dissolution (the ‘‘Plan’’) for Applicant.

4. On May 1 1995, pursuant to an SEC

staff no-action position letter, dated

April 10, 1995 (Ref. No. IP–1–95), shares

of Applicant held by the Variable

Accounts were redeemed by NWNL,

leaving NWNL as the sole security

holder of Applicant. The proceeds of

that redemption were used to purchase

shares of the Asset Manager Portfolio of

the Variable Insurance Products Fund II.

On May 23, 1995, NWNL, as the sole

security holder of Applicant, approved

a proposal to liquidate and dissolve

Applicant pursuant to the Plan.

Applicant completed its liquidation and

distributed its remaining assets ($100) to

NWNL on May 24, 1995.

5. Applicant has no assets or security

holders. Applicant is not a party to any

litigation or administrative proceeding

and is not now engaged, nor does it

intend to engage, in any business

activities other than those necessary for

the winding-up of its affairs.