8106 Federal Register / Vol. 60, No. 28 / Friday, February 10, 1995 / Notices

1 Investment Company Act Release Nos. 19315

(March 5, 1993) (Notice) and 19367 (March 30,

1993) (order).

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–3327 Filed 2–9–95; 8:45 am]

BILLING CODE 8010–01–M

[Investment Company Act Release No.

20882; 812–9356]

Nicholas-Applegate Mutual Funds, et

al.; Notice of Application

February 6, 1995.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of Application for

Exemption under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANTS: Nicholas-Applegate Mutual

Funds (the ‘‘Trust’’), NicholasApplegate Capital Management (the

‘‘Adviser’’), and Nicholas-Applegate

Securities (the ‘‘Distributor’’).

RELEVANT ACT SECTIONS: Order requested

to amend a prior order under section

6(c) that granted an exemption from

sections 2(a)(32), 2(a)(35), 22(c), and

22(d), and rule 22c–1.

SUMMARY OF APPLICATION: Applicants

seek to amend an order permitting them

to assess a contingent deferred sales

charge (‘‘CDSC’’) on certain redemptions

of shares of certain series of the Trust.

The amended order would permit

applicants to impose a CDSC on

redemptions of shares of certain other

series of the Trust not covered by the

previous order.

FILING DATES: The application was filed

on December 9, 1994, and amended on

February 3, 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 applicants with a

copy of the request, personally or by

mail. Hearing requests should be

received by the SEC by 5:30 p.m. on

March 6, 1995, 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 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.

Applicants, 600 West Broadway, 30th

Floor, San Diego, California 92101.

FOR FURTHER INFORMATION CONTACT:

James J. Dwyer, Staff Attorney, at (202)

942–0581, or C. David Messman, Branch

Chief, at (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.

Applicants’ Representations

1. The Trust and Nicholas-Applegate

Investment Trust (the ‘‘Master Trust’’)

are open-end management investment

companies organized as Delaware

business trusts. Under a ‘‘master-feeder’’

structure, each of the Trust’s portfolios

invests all of its assets in a

corresponding series of the Master

Trust. The Adviser is a registered

investment adviser that serves as

investment adviser to the Master Trust.

The Distributor serves as principal

underwriter of the shares of the

portfolios of the Trust.

2. On March 30, 1993, the SEC issued

an order (the ‘‘Existing Order’’) 1

permitting certain existing portfolios of

the Trust (the ‘‘Portfolios’’) to impose a

CDSC on certain redemptions and waive

the CDSC under certain circumstances.

The application for the Existing Order

sought, and accordingly the Existing

Order granted, relief on behalf of the

Trust only with respect to the Trust’s

Portfolio A Series, Portfolio B Series,

and Money Market Portfolio. The

Existing Order also applied to all other

open-end management investment

companies or series thereof that invest

substantially all of their assets in a

registered investment company for

which the Adviser serves in the future

as investment adviser and that are in the

same ‘‘group of investment companies’’

as the Portfolios, as defined in rule 11a–

3 under the Act, the shares of which

will be distributed on substantially the

same basis as those of the Portfolios.

3. Applicants seek to amend the

Existing Order to permit other portfolios

of the Trust (the ‘‘Portfolio C Series’’) to

impose a CDSC. Shares of the Portfolio

C Series would be offered at net asset

value without a front-end sales load.

The shares would be offered under a

distribution plan and shareholder

service plan, each adopted pursuant to

rule 12b–1 under the Act. Under the

distribution plan, each Portfolio C

Series may pay the Distributor an

amount equal to .75% of the average

daily net assets of the series to

compensate the Distributor for selling

the shares of the series. Under the

shareholder service plan, each series

pays the Distributor an annual fee of up

to .25% of the series’ average daily net

assets as reimbursement for certain

expenses incurred in connection with

shareholder services provided by the

Distributor.

4. If the shares of a Portfolio C CDSC

are redeemed within specified periods

after their purchase date, the

redemption proceeds will be reduced by

a percentage of the lesser of the value

of the shares redeemed or the total cost

of such shares. The percentage will vary

depending on the period the shares

were held, as set forth in the applicable

prospectus. The Distributor will retain

the CDSC as compensation for dealer

commissions paid with respect to sales

of shares of the series and to recover a

portion of the sales and marketing

expenses incurred in marketing such

shares. Applicants may in the future

reduce the CDSC percentage, shorten

the applicable holding period, or

temporarily or permanently discontinue

the CDSC.

5. No CDSC will be imposed on

exchanges of shares of a Portfolio C

Series for shares of other Portfolio C

Series or for shares of the Trust’s Money

Market Portfolio Series. No CDSC will

be imposed on the amount which

represents a capital appreciation of

shares, reinvestment of dividends, or

capital gains distributions. In

determining whether a CDSC is

applicable, it will be assumed that a

redemption is made first of shares not

subject to the CDSC, including shares

derived from reinvestment of dividends

or capital gains distributions, and then

of other shares in the order of purchase.

6. Applicants request relief to permit

each investment company or series

thereof that would assess a CDSC under

the requested order to waive or reduce

the CDSC in certain circumstances. Any

waiver or reduction will comply with

the conditions in paragraphs (a) through

(d) of rule 22d–1. In addition, applicants

will comply with rule 11a–3 with

respect to any exchanges of shares.

7. The Distributor will refund out of

its own assets any CDSC paid in

connection with a redemption of shares

of a Portfolio C Series upon

reinvestment in a Portfolio C Series

within 90 days of such redemption.

Applicants’ Legal Analysis

Section 6(c) provides that the SEC

may exempt any transactions from any

transactions from any provision of the

Act if such exemption is necessary or

appropriate in the public interest and

consistent with the protection of

investors and the purposes fairly

intended by the policy and provisions of

the Act. For the reasons set forth in the
Federal Register / Vol. 60, No. 28 / Friday, February 10, 1995 / Notices 8107

application for the Existing Order,

applicants believe that the requested

exemption satisfies the standards set

forth in section 6(c).

Applicants’ Condition

Applicants will comply with the

provisions of proposed rule 6c–10 under

the Act, Investment Company Act

Release No. 16619 (Nov. 2, 1988), as

such rule is currently proposed and as

it may be reproposed, adopted or

amended.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–3371 Filed 2–9–95; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster Loan Area #2762]

North Carolina; Declaration of Disaster

Loan Area

Buncombe County and the contiguous

Counties of Haywood, Henderson,

Madison, McDowell, Rutherford,

Transylvania, and Yancey in the State of

North Carolina constitute a disaster area

as a result of damages caused by severe

storms and flooding which occurred on

January 14 and 15, 1995. Applications

for loans for physical damage may be

filed until the close of business on April

3, 1995 and for economic injury until

the close of business on November 2,

1995 at the address listed below:

U.S. Small Business Administration,

Disaster Area 2 Office, One Baltimore

Place, Suite 300, Atlanta, GA 30308

or other locally announced locations.

The interest rates are:

Percent

For Physical Damage:

Homeowners with credit available elsewhere ...................... 8.000

Homeowners without credit

available elsewhere ............... 4.000

Businesses with credit available

elsewhere .............................. 8.000

Businesses and non-profit organizations without credit available elsewhere ...................... 4.000

Others (including non-profit organizations) with credit available elsewhere ...................... 7.125

For Economic Injury:

Businesses and small agricultural cooperatives without

credit available elsewhere ..... 4.000

The number assigned to this disaster

for physical damage is 276206 and for

economic injury the number is 844200.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: February 2, 1995.

Philip Lader,

Administrator.

[FR Doc. 95–3346 Filed 2–9–95; 8:45 am]

BILLING CODE 8025–01–M

DEPARTMENT OF STATE

[Public Notice 2160]

United States International

Telecommunications Advisory

Committee (ITAC)—Ad Hoc on APEC;

Meeting

The Department of State announces

that the United States International

Telecommunications Advisory

Committee (ITAC) Ad Hoc on APEC

Activities will meet March 2, 1995, in

Room 1107, 1:30 to 4 p.m., at the

Department of State, 2201 C Street NW.,

Washington, DC.

The meeting will review results of the

APEC–OCED–PECC Symposium on

Information Infrastructure and the

meeting of the APEC Working Group on

Telecommunications, which will be

held February 20–24, in Vancouver.

Specific topics to be discussed include:

Asia-Pacific Information Infrastructure

(APII); guidelines on equipment

harmonization and trade in

international value-added network

services; mutual recognition of telecoms

equipment test data; APEC

telecommunications training programs;

and handling of international property

rights (IPR) in the APEC arena. The Ad

Hoc will also commence preparations

for the APEC Telecommunications

Ministerial meeting. Questions

regarding the agenda or Ad Hoc

Activities in general may be directed to

Gary DeVight, Department of State (202–

647–3234).

Members of the general public may

attend the meetings and join in the

discussions, subject to the instructions

of the chair and seating availability. In

this regard, entry to the building is

controlled. All persons planning to

attend should advise the Department by

leaving a message on 202–647–0201, no

later than two days before the meeting.

Enter through the main lobby on C

Street. A picture ID will be required for

admittance.

Dated: January 31, 1995.

Richard E. Shrum,

ITAC Executive Secretary.

[FR Doc. 95–3409 Filed 2–9–95; 8:45 am]

BILLING CODE 4710–45–M

[Public Notice 2161]

United States International

Telecommunications Advisory

Committee (ITAC); Meeting

The Department of State announces

that the United States International

Telecommunications Advisory

Committee (ITAC) will meet March 2,

1995, in Room 1107, 10 a.m. to 1 p.m.,

at the Department of State, 2201 ‘‘C’’

Street, NW., Washington, DC.

The purpose of ITAC is to advise the

Department on policy, technical and

operational matters and to provide

strategic planning recommendations,

with respect to international

telecommunications and information

issues. To assist in preparations for

related international meetings, the

Department has established two ITAC

Ad Hoc groups to deal respectively with

activities of the Working Group on

Telecommunications (TEL) of the AsiaPacific Economic Cooperation (APEC),

and the Committee for Information,

Computer and Communications Policy

(ICCP) of the Organization for Economic

Development and Cooperation (OECD).

The Ad Hoc on APEC will meet after the

ITAC meeting (see separate notice for

details).

The agenda of the ITAC meeting will

include: (1) Report of ITAC’s Ad Hoc on

Refinement of ITU Sectors, and related

developments; (2) review of the ITU

Radio and Telecommunications

Standards Advisory Groups (RAG/

TSAG) results, January 1995; (3) status

of and U.S. participation in other ITU

Advisory Groups; (4) recommendations

on agenda topics for the first ITU Policy

Forum, scheduled for Fall of 1996 (Note:

State Department will submit

preliminary U.S. views on the Policy

Forum agenda to the ITU Secretary

General by March 15); (5) further

development of an ITAC Work Program

and Priorities for the 1995–96 time

period; and (6) discussion of the new

ITAC Ad Hocs dealing with APEC and

OCED preparatory activities for

upcoming meetings (to be taken up as

the last item of the ITAC meeting).

Questions regarding the agenda or ITAC

activities in general may be directed to

Richard Shrum, Department of State

(phone 202–647–0050).

Members of the general public may

attend the meetings and join in the

discussions, subject to the instructions

of the chair and seating availability. In

this regard, entry to the building is

controlled. All persons planning to

attend should advise the Department by

leaving a message on 202–647–0201, no

later than two days before the meeting.

Enter through the main lobby on C