54590 Federal Register / Vol. 70, No. 178 / Thursday, September 15, 2005 / Notices 

appropriate arrangements can be made. 

Electronic recordings will be permitted. 

Further information regarding this 

meeting can be obtained by contacting 

the Designated Federal Official between 

7:30 a.m. and 4:15 p.m. (ET). Persons 

planning to attend this meeting are 

urged to contact the above named 

individual at least two working days 

prior to the meeting to be advised of any 

potential changes to the agenda. 

Dated: September 8, 2005. 

Michael L. Scott, 

Branch Chief, ACRS/ACNW. 

[FR Doc. E5–5021 Filed 9–14–05; 8:45 am] 

BILLING CODE 7590–01–P 

PENSION BENEFIT GUARANTY 

CORPORATION 

Required Interest Rate Assumption for 

Determining Variable-Rate Premium; 

Interest Assumptions for 

Multiemployer Plan Valuations 

Following Mass Withdrawal 

AGENCY: Pension Benefit Guaranty 

Corporation. 

ACTION: Notice of interest rates and 

assumptions. 

SUMMARY: This notice informs the public 

of the interest rates and assumptions to 

be used under certain Pension Benefit 

Guaranty Corporation regulations. These 

rates and assumptions are published 

elsewhere (or can be derived from rates 

published elsewhere), but are collected 

and published in this notice for the 

convenience of the public. Interest rates 

are also published on the PBGC’s Web 

site (http://www.pbgc.gov). 

DATES: The required interest rate for 

determining the variable-rate premium 

under part 4006 applies to premium 

payment years beginning in September 

2005. The interest assumptions for 

performing multiemployer plan 

valuations following mass withdrawal 

under part 4281 apply to valuation dates 

occurring in October 2005. 

FOR FURTHER INFORMATION CONTACT: 

Catherine B. Klion, Attorney, Legislative 

and Regulatory Department, Pension 

Benefit Guaranty Corporation, 1200 K 

Street, NW., Washington, DC 20005, 

202–326–4024. (TTY/TDD users may 

call the Federal relay service toll-free at 

1–800–877–8339 and ask to be 

connected to 202–326–4024.) 

SUPPLEMENTARY INFORMATION:

Variable-Rate Premiums 

Section 4006(a)(3)(E)(iii)(II) of the 

Employee Retirement Income Security 

Act of 1974 (ERISA) and § 4006.4(b)(1) 

of the PBGC’s regulation on Premium 

Rates (29 CFR part 4006) prescribe use 

of an assumed interest rate (the 

‘‘required interest rate’’) in determining 

a single-employer plan’s variable-rate 

premium. Pursuant to the Pension 

Funding Equity Act of 2004, for 

premium payment years beginning in 

2004 or 2005, the required interest rate 

is the ‘‘applicable percentage’’

(currently 85 percent) of the annual rate 

of interest determined by the Secretary 

of the Treasury on amounts invested 

conservatively in long-term investment 

grade corporate bonds for the month 

preceding the beginning of the plan year 

for which premiums are being paid. 

Thus, the required interest rate to be 

used in determining variable-rate 

premiums for premium payment years 

beginning in September 2005 is 4.61 

percent (i.e., 85 percent of the 5.42 

percent composite corporate bond rate 

for August 2005 as determined by the 

Treasury). 

The following table lists the required 

interest rates to be used in determining 

variable-rate premiums for premium 

payment years beginning between 

October 2004 and September 2005. 

For premium payment years 

beginning in: 

The interest 

rate is: 

October 2004 ........................ 4.79 

November 2004 .................... 4.73 

December 2004 .................... 4.75 

January 2005 ........................ 4.73 

February 2005 ...................... 4.66 

March 2005 ........................... 4.56 

April 2005 ............................. 4.78 

May 2005 .............................. 4.72 

June 2005 ............................. 4.60 

July 2005 .............................. 4.47 

August 2005 ......................... 4.56 

September 2005 ................... 4.61 

Multiemployer Plan Valuations 

Following Mass Withdrawal 

The PBGC’s regulation on Duties of 

Plan Sponsor Following Mass 

Withdrawal (29 CFR part 4281) 

prescribes the use of interest 

assumptions under the PBGC’s 

regulation on Allocation of Assets in 

Single-Employer Plans (29 CFR part 

4044). The interest assumptions 

applicable to valuation dates in October 

2005 under part 4044 are contained in 

an amendment to part 4044 published 

elsewhere in today’s Federal Register. 

Tables showing the assumptions 

applicable to prior periods are codified 

in appendix B to 29 CFR part 4044. 

Issued in Washington, DC, on this 9th day 

of September 2005. 

Vincent K. Snowbarger, 

Deputy Executive Director, Pension Benefit 

Guaranty Corporation. 

[FR Doc. 05–18327 Filed 9–14–05; 8:45 am] 

BILLING CODE 7708–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

27060; 812–13134] 

Marshall Funds, Inc., et al.; Notice of 

Application 

September 8, 2005. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice of application for an 

order under the Investment Company 

Act of 1940 (the ‘‘Act’’) under: (i) 

Section 6(c) of the Act granting an 

exemption from sections 18(f) and 21(b) 

of the Act; (ii) section 12(d)(1)(J) of the 

Act granting an exemption from sections 

12(d)(1)(A) and (B) of the Act; (iii) 

sections 6(c) and 17(b) of the Act 

granting an exemption from sections 

17(a)(1) and 17(a)(3) of the Act; and (iv) 

section 17(d) of the Act and rule 17d-1 

under the Act to permit certain joint 

transactions. 

Summary of Application: Applicants 

request an order that would permit 

certain registered open-end management 

investment companies to participate in 

a joint lending and borrowing facility. 

Applicants: Marshall Funds, Inc., M&I 

Investment Management Corp. (‘‘M&I 

Investment Management’’), and 

Marshall & Ilsley Trust Company, N.A. 

(‘‘M&I Trust’’). 

Filing Dates: The application was 

filed on November 3, 2004, and 

amended on September 8, 2005. 

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 

Commission’s Secretary 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 October 4, 2005, and 

should be accompanied by proof of 

service on the applicants, 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 

Commission’s Secretary.