2290 Federal Register / Vol. 63, No. 9 / Wednesday, January 14, 1998 / Notices

Analysis Branch, Budget Analysis and

Systems Division, Office of Management

and Budget, 725 17th Street, N.W.,

Washington, DC 20503; telephone: (202)

395–6104 or FAX (202) 395–7230.

Franklin D. Raines,

Director.

[FR Doc. 98–818 Filed 1–13–98; 8:45 am]

BILLING CODE 3110–01–P

POSTAL RATE COMMISSION

Sunshine Act Meetings

NAME OF AGENCY: Postal Rate

Commission.

TIME AND DATE: 10:30 a.m., January 29,

1998.

PLACE: Commission Conference Room,

1333 H Street, NW, Suite 3003,

Washington, DC 20268–0001.

STATUS: Closed.

MATTERS TO BE CONSIDERED: Issues in

Docket No. MC97–5.

CONTACT PERSON FOR MORE INFORMATION:

Stephen L. Sharfman, General Counsel,

Postal Rate Commission, Suite 300,

1333 H Street, NW, Washington, DC

20268–0001, (202) 789–6820.

Dated: January 9, 1998.

Margaret P. Crenshaw,

Secretary.

[FR Doc. 98–1044 Filed 1–12–98; 11:45 am]

BILLING CODE 7710–FW–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. IC–22994; File No. 815–10822]

PIMCO Variable Insurance Trust, et al.;

Notice of Application

January 7, 1998.

AGENCY: Securities and Exchange

Commission (the ‘‘SEC’’ or the

‘‘Commission’’).

ACTION: Notice of application for an

order under Section 6(c) of the

Investment Company Act of 1940 (the

‘‘1940 Act’’) granting exemptive relief

from Sections 9(a), 13(a), 15(a) and 15(b)

of the 1940 Act and Rules 6e–2(b)(15)

and 6e–3(T)(b)(15) thereunder.

SUMMARY OF APPLICATION: Applicants

seek an order to permit shares of PIMCO

Variable Insurance Trust and any

similar investment companies for which

Pacific Investment Management

Company or any of its affiliates may in

the future serve as manager, investment

adviser, administrator, principal

underwriter or sponsor (Pacific

Management Investment Company and

such affiliates referred to collectively as

the ‘‘Manager’’) to be sold to and held

by: (1) Separate accounts funding

variable annuity and variable life

insurance contracts issued by both

affiliated and unaffiliated life insurance

companies; and (2) qualified pension

and retirement plan outside of the

separate account context (‘‘Qualified

Plans’’ or ‘‘Plans’’).

APPLICANTS: PIMCO Variable Insurance

Trust (‘‘Trust’’) and Pacific Investment

Management Company (‘‘Pacific’’).

FILING DATES: The application was filed

on October 17, 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 on this application by writing

to the Secretary of the SEC and serving

Applications with a copy of the request,

in person or by mail. Hearing requests

must be received by the Commission by

5:30 p.m. on February 2, 1998, and must

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 interest, the reason for

the request and the issues contested.

Persons may request notification of the

date of a hearing by writing to the

Secretary of the SEC.

ADDRESSES: Secretary, SEC, 450 Fifth

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

Applicants, c/o R. Wesley Burns, Pacific

Investment Management Company, 840

Newport Center Drive, Newport Beach,

California 92660.

FOR FURTHER INFORMATION CONTACT:

Edward P. Macdonald, Senior Counsel,

or Kevin M. Kirchoff, Branch Chief,

Office of Insurance Products, Division of

Investment Management, at (202) 942–

0670.

SUPPLEMENTARY INFORMATION: The

following is a summary of the

application. The complete application is

available for a fee from the Public

Reference Branch of the SEC, 450 Fifth

Street, N.W., Washington, D.C. (tel.

(202) 942–8090).

Applicants’ Representation

1. The Trust is organized as a

Delaware business trust and is

registered under the 1940 Act as an

open-end management investment

company. It currently consists of ten

separate investment portfolios

(‘‘Portfolios’’), each with its own

investment objective or objectives and

policies.

2. Pacific, a partnership registered as

an investment adviser under the

Investment Advisers Act of 1940, is the

investment adviser of each Portfolio.

3. The Trust will offer shares of its

Portfolios to separate accounts of

insurance companies to serve as the

investment medium for variable annuity

contracts and variable life insurance

policies, as well as to qualified pension

and retirement accounts and other

appropriate investors.

4. The Trust and any other similar

investment companies that Pacific or

any of its affiliates may manage or serve

as investment adviser, administrator,

principal underwriter or sponsor for in

the future (the Trust and such similar

investment companies are collectively

referred to herein as the ‘‘Funds’’)

would offer shares to separate accounts

that are registered under the 1940 Act as

unit investment trusts (‘‘Separate

Accounts’’) and that serve as investment

vehicles for variable insurance contracts

issued by affiliated and unaffiliated life

insurance companies. Variable

insurance contracts may include

variable annuity contracts, variable life

insurance contracts and variable group

life insurance contracts. Separate

accounts to which the shares of the

Funds would in the future be offered

also include separate accounts that are

not registered as investment companies

under the 1940 Act pursuant to the

exceptions from registration in Sections

3(c)(1) and 3(c)(11) of the 1940 Act. In

addition, the Funds may offer shares to

separate accounts serving as investment

vehicles for other types of insurance

products, which may include variable

annuity contracts, scheduled premium

variable life insurance contracts, single

premium variable life insurance

contracts, modified single premium

variable life insurance contracts, and

flexible premium variable life insurance

contracts. (All insurance contracts

referenced in this paragraph are

collectively referred to herein as

‘‘Variable Contracts.’’ Insurance

companies whose separate account or

accounts would own shares of the

Funds are referred to herein as

‘‘participating insurance companies.’’)

5. The Funds also intend to offer

shares directly to Qualified Plans

described in Treasury Regulation

§ 1.817–6(f)(3)(iii).

Applicants’ Legal Analysis

1. Applicants request that the

Commission issue an order under

Section 6(c) of the 1940 Act granting

exemptive relief from Sections 9(a),

13(a), 15(a) and 15(b) thereof, and Rules

6e–2(b)(15) and 6e–3(T)(b)(15)

thereunder, to the extent necessary to:

(a) permit ‘‘mixed’’ and ‘‘shared’’

funding as defined below; and (b) allow

shares of the Funds to be sold to and

held by Qualified Plans.