Advanced Series Trust, et al.; Notice of Application, 47634-47635 [E8-18802]

Download as PDF 47634 Federal Register / Vol. 73, No. 158 / Thursday, August 14, 2008 / Notices sroberts on PROD1PC70 with NOTICES cover letters or messages in the message area of the e-mail; information that might appear in any cover letter should be included directly in the submission. To the extent possible, any data attachments to the submission should be included in the same file as the submission itself, and not as separate files. Petitions will be available for public inspection by appointment with the staff of the USTR Public Reading Room, except for information granted ‘‘business confidential’’ status pursuant to 15 CFR 2003.6. If the submission contains business confidential information that the submitter wishes to protect from public disclosure, the confidential submission must be marked ‘‘BUSINESS CONFIDENTIAL’’ at the top and bottom of every page of the document. In addition, the submission must be accompanied by a nonconfidential version that indicates, with asterisks, where confidential information was redacted or deleted. The top and bottom of each page of the non-confidential version must be marked either ‘‘PUBLIC VERSION’’ or ‘‘NON-CONFIDENTIAL’’. Business confidential comments that are submitted without the required markings or that are not accompanied by a properly marked non-confidential version as set forth above may not be accepted or may be treated as public documents. The file name of any document containing business confidential information attached to an e-mail transmission should begin with the characters ‘‘BC-’’, and the file name of the public version should begin with the characters ‘‘P-’’. The ‘‘P-’’ or ‘‘BC-’’ should be followed by the name of the person or party submitting the petition. The e-mail address for submissions is FR0716@ustr.eop.gov. Public versions of all documents relating to this review will be available for review shortly after the due date by appointment in the USTR Public Reading Room, 1724 F Street, NW., Washington, DC. Availability of documents may be ascertained, and appointments may be made from 9:30 a.m. to noon and 1 p.m. to 4 p.m., Monday through Friday, by calling (202) 395–6186. Carmen Suro-Bredie, Chairman, Trade Policy Staff Committee. [FR Doc. E8–18861 Filed 8–13–08; 8:45 am] BILLING CODE 3190–W8–P VerDate Aug<31>2005 15:57 Aug 13, 2008 Jkt 214001 SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 28355; 812–13537] Advanced Series Trust, et al.; Notice of Application August 8, 2008. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice of an application under section 6(c) of the Investment Company Act of 1940 (the ‘‘Act’’) for an exemption from rule 12d1–2(a) under the Act. AGENCY: Applicants request an order to permit registered open-end management investment companies relying on rule 12d1–2 under the Act to invest in certain financial instruments. APPLICANTS: Advanced Series Trust (the ‘‘AST Trust’’), The Prudential Series Fund (the ‘‘PSF Trust’’ and, together with the AST Trust, the ‘‘Trusts’’), AST Investment Services, Inc. (‘‘AST’’), Prudential Investments LLC (‘‘PI’’), Prudential Annuities Distributors, Inc. (‘‘PAD’’), and Prudential Investment Management Services LLC (‘‘PIMS’’). FILING DATES: The application was filed on June 2, 2008. Applicants have agreed to file an amendment during the notice period, the substance of which is reflected in this notice. 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 September 2, 2008 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 may request notification of a hearing by writing to the Commission’s Secretary. ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549– 1090; Applicants, c/o John P. Schwartz, Prudential Investments LLC, Gateway Center Three, 100 Mulberry Street, Fourth Floor, Newark, New Jersey 07102–4061. FOR FURTHER INFORMATION CONTACT: Stephen P. Smith, Research Specialist, at (202) 551–6819 or Julia Kim Gilmer, SUMMARY OF APPLICATION: PO 00000 Frm 00056 Fmt 4703 Sfmt 4703 Branch Chief, at (202) 551–6871 (Division of Investment Management, Office of Investment Company Regulation). SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application may be obtained for a fee at the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549–1520 (telephone (202) 551–5850). Applicants’ Representations 1. The AST Trust is organized as a Massachusetts business trust and the PSF Trust is organized as a Delaware statutory trust. The Trusts are registered under the Act as open-end management investment companies. Applicants request the exemption to the extent necessary to permit any existing or future registered open-end management investment company or series thereof advised by AST or PI or an entity controlling, controlled by, or under common control with AST or PI and which invests in other registered openend management investment companies in reliance on section 12(d)(1)(G) of the Act, and which is also eligible to invest in securities (as defined in section 2(a)(36) of the Act) in reliance on rule 12d1–2 under the Act (together with the Trusts and their series, the ‘‘Applicant Funds’’), to also invest, to the extent consistent with its investment objective, policies, strategies and limitations, in financial instruments that may not be securities within the meaning of section 2(a)(36) of the Act (‘‘Other Investments’’). 2. AST and PI serve as the investment advisers for the Applicant Funds that are organized as series of the AST Trust, while PI serves as the sole investment adviser for the Applicant Funds that are organized as series of the PSF Trust. AST is organized as a Connecticut corporation while PI is organized as a New York limited liability company. Each of AST and PI is a wholly owned, indirect subsidiary of Prudential Financial Inc. and a registered investment adviser under the Investment Advisers Act of 1940, as amended. PAD, a Delaware corporation, and PIMS, a Delaware limited liability company, each a registered brokerdealer under the Securities Exchange Act of 1934, as amended (the ‘‘Exchange Act’’), serve as co-distributors for the AST Trust. PIMS serves as the sole distributor for the PSF Trust. 3. Consistent with its fiduciary obligations under the Act, each Applicant Fund’s board of trustees will review the advisory fees charged by the Applicant Fund’s investment adviser to ensure that they are based on services E:\FR\FM\14AUN1.SGM 14AUN1 Federal Register / Vol. 73, No. 158 / Thursday, August 14, 2008 / Notices sroberts on PROD1PC70 with NOTICES provided that are in addition to, rather than duplicative of, services provided pursuant to the advisory agreement of any investment company in which the Applicant Fund may invest. Applicants’ Legal Analysis 1. Section 12(d)(1)(A) of the Act provides that no registered investment company (‘‘acquiring company’’) may acquire securities of another investment company (‘‘acquired company’’) if such securities represent more than 3% of the acquired company’s outstanding voting stock or more than 5% of the acquiring company’s total assets, or if such securities, together with the securities of other investment companies, represent more than 10% of the acquiring company’s total assets. Section 12(d)(1)(B) of the Act provides that no registered open-end investment company may sell its securities to another investment company if the sale will cause the acquiring company to own more than 3% of the acquired company’s voting stock, or cause more than 10% of the acquired company’s voting stock to be owned by investment companies. 2. Section 12(d)(1)(G) of the Act provides that section 12(d)(1) will not apply to securities of an acquired company purchased by an acquiring company if: (i) The acquired company and acquiring company are part of the same group of investment companies; (ii) the acquiring company holds only securities of acquired companies that are part of the same group of investment companies, government securities, and short-term paper; (iii) the aggregate sales loads and distribution fees of the acquiring company and the acquired company are not excessive under rules adopted pursuant to section 22(b) or section 22(c) of the Act by a securities association registered under section 15A of the Exchange Act or by the Commission; and (iv) the acquired company has a policy that prohibits it from acquiring securities of registered open-end management investment companies or registered unit investment trusts in reliance on section 12(d)(1)(F) or (G) of the Act. 3. Rule 12d1–2 under the Act permits a registered open-end investment company or a registered unit investment trust that relies on section 12(d)(1)(G) of the Act to acquire, in addition to securities issued by another registered investment company in the same group of investment companies, government securities, and short-term paper: (i) Securities issued by an investment company that is not in the same group of investment companies, when the acquisition is in reliance on section VerDate Aug<31>2005 15:57 Aug 13, 2008 Jkt 214001 12(d)(1)(A) or 12(d)(1)(F) of the Act; (ii) securities (other than securities issued by an investment company); and (iii) securities issued by a money market fund, when the investment is made in reliance on rule 12d1–1 under the Act. For the purposes of rule 12d1–2, ‘‘securities’’ means any security as that term is defined in section 2(a)(36) of the Act. 4. Section 6(c) of the Act provides that the Commission may exempt any person, security, or transaction from any provision of the Act, or from any rule under 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. 5. The Applicants state that the proposed arrangement would comply with the provisions of rule 12d1–2 under the Act, but for the fact that the Applicant Funds may invest a portion of their assets in Other Investments. Applicants request an order under section 6(c) of the Act for an exemption from rule 12d1–2(a) to allow the Applicant Funds to invest in Other Investments. The Applicants state that permitting the Applicant Funds to invest in Other Investments as described in the application would not raise any of the concerns that the requirements of section 12(d)(1) of the Act were designed to address. Applicants’ Condition The Applicants agree that any order granting the requested relief will be subject to the following condition: Applicants will comply with all provisions of rule 12d1–2 under the Act, except for paragraph (a)(2), to the extent that it restricts any Applicant Fund from investing in Other Investments as described in the application. For the Commission, by the Division of Investment Management, under delegated authority. Florence E. Harmon, Acting Secretary. [FR Doc. E8–18802 Filed 8–13–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. IC–28354; File No. 812–13532] Prudential Annuities Life Assurance Corporation, et al.; Notice of Application August 8, 2008 Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’). AGENCY: PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 47635 Notice of application for an order under Section 6(c) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’) granting exemptions from the provisions of Sections 2(a)(32), 22(c), and 27(i)(2)(A) of the 1940 Act and Rule 22c–1 thereunder. ACTION: Prudential Annuities Life Assurance Corporation (‘‘PALAC’’), Prudential Annuities Life Assurance Corporation Variable Account B (‘‘Account’’), and Prudential Annuities Distributors, Inc. (‘‘PAD,’’ and collectively with PALAC, and the Account, the ‘‘Applicants’’). SUMMARY OF APPLICATION: Applicants seek an order under Section 6(c) of the 1940 Act to the extent necessary to permit, under specified circumstances, the recapture of credits applied to purchase payments made under the Advanced Series XTra Credit Eight variable annuity contract (‘‘Contract’’), as well as other contracts that PALAC may issue in the future through the Account or any other separate account established in the future by PALAC that support variable annuity contracts that are substantially similar in all material respects to the Contract. FILING DATE: The application was filed on May 7, 2008 and amended on July 15, 2008. 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 Secretary of the Commission 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 September 2, 2008, 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 requester’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 Commission. ADDRESSES: Secretary, SEC, 100 F Street, NE., Washington, DC 20549–1090. Applicants, c/o C. Christopher Sprague, Esq., The Prudential Insurance Company of America, 751 Broad Street, Newark, NJ 07102–2992. FOR FURTHER INFORMATION CONTACT: Michelle Roberts, Staff Attorney, or Joyce M. Pickholz, Branch Chief, Office of Insurance Products, Division of Investment Management, at (202) 551– 6795. APPLICANTS: E:\FR\FM\14AUN1.SGM 14AUN1

Agencies

[Federal Register Volume 73, Number 158 (Thursday, August 14, 2008)]
[Notices]
[Pages 47634-47635]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-18802]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 28355; 812-13537]


Advanced Series Trust, et al.; Notice of Application

August 8, 2008.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application under section 6(c) of the Investment 
Company Act of 1940 (the ``Act'') for an exemption from rule 12d1-2(a) 
under the Act.

-----------------------------------------------------------------------

Summary of Application: Applicants request an order to permit 
registered open-end management investment companies relying on rule 
12d1-2 under the Act to invest in certain financial instruments.

Applicants: Advanced Series Trust (the ``AST Trust''), The Prudential 
Series Fund (the ``PSF Trust'' and, together with the AST Trust, the 
``Trusts''), AST Investment Services, Inc. (``AST''), Prudential 
Investments LLC (``PI''), Prudential Annuities Distributors, Inc. 
(``PAD''), and Prudential Investment Management Services LLC 
(``PIMS'').

Filing Dates: The application was filed on June 2, 2008. Applicants 
have agreed to file an amendment during the notice period, the 
substance of which is reflected in this notice.

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 September 2, 2008 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 may request notification of a hearing by writing to 
the Commission's Secretary.

ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F 
Street, NE., Washington, DC 20549-1090; Applicants, c/o John P. 
Schwartz, Prudential Investments LLC, Gateway Center Three, 100 
Mulberry Street, Fourth Floor, Newark, New Jersey 07102-4061.

FOR FURTHER INFORMATION CONTACT:  Stephen P. Smith, Research 
Specialist, at (202) 551-6819 or Julia Kim Gilmer, Branch Chief, at 
(202) 551-6871 (Division of Investment Management, Office of Investment 
Company Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the 
application. The complete application may be obtained for a fee at the 
Commission's Public Reference Room, 100 F Street, NE., Washington, DC 
20549-1520 (telephone (202) 551-5850).

Applicants' Representations

    1. The AST Trust is organized as a Massachusetts business trust and 
the PSF Trust is organized as a Delaware statutory trust. The Trusts 
are registered under the Act as open-end management investment 
companies. Applicants request the exemption to the extent necessary to 
permit any existing or future registered open-end management investment 
company or series thereof advised by AST or PI or an entity 
controlling, controlled by, or under common control with AST or PI and 
which invests in other registered open-end management investment 
companies in reliance on section 12(d)(1)(G) of the Act, and which is 
also eligible to invest in securities (as defined in section 2(a)(36) 
of the Act) in reliance on rule 12d1-2 under the Act (together with the 
Trusts and their series, the ``Applicant Funds''), to also invest, to 
the extent consistent with its investment objective, policies, 
strategies and limitations, in financial instruments that may not be 
securities within the meaning of section 2(a)(36) of the Act (``Other 
Investments'').
    2. AST and PI serve as the investment advisers for the Applicant 
Funds that are organized as series of the AST Trust, while PI serves as 
the sole investment adviser for the Applicant Funds that are organized 
as series of the PSF Trust. AST is organized as a Connecticut 
corporation while PI is organized as a New York limited liability 
company. Each of AST and PI is a wholly owned, indirect subsidiary of 
Prudential Financial Inc. and a registered investment adviser under the 
Investment Advisers Act of 1940, as amended. PAD, a Delaware 
corporation, and PIMS, a Delaware limited liability company, each a 
registered broker-dealer under the Securities Exchange Act of 1934, as 
amended (the ``Exchange Act''), serve as co-distributors for the AST 
Trust. PIMS serves as the sole distributor for the PSF Trust.
    3. Consistent with its fiduciary obligations under the Act, each 
Applicant Fund's board of trustees will review the advisory fees 
charged by the Applicant Fund's investment adviser to ensure that they 
are based on services

[[Page 47635]]

provided that are in addition to, rather than duplicative of, services 
provided pursuant to the advisory agreement of any investment company 
in which the Applicant Fund may invest.

Applicants' Legal Analysis

    1. Section 12(d)(1)(A) of the Act provides that no registered 
investment company (``acquiring company'') may acquire securities of 
another investment company (``acquired company'') if such securities 
represent more than 3% of the acquired company's outstanding voting 
stock or more than 5% of the acquiring company's total assets, or if 
such securities, together with the securities of other investment 
companies, represent more than 10% of the acquiring company's total 
assets. Section 12(d)(1)(B) of the Act provides that no registered 
open-end investment company may sell its securities to another 
investment company if the sale will cause the acquiring company to own 
more than 3% of the acquired company's voting stock, or cause more than 
10% of the acquired company's voting stock to be owned by investment 
companies.
    2. Section 12(d)(1)(G) of the Act provides that section 12(d)(1) 
will not apply to securities of an acquired company purchased by an 
acquiring company if: (i) The acquired company and acquiring company 
are part of the same group of investment companies; (ii) the acquiring 
company holds only securities of acquired companies that are part of 
the same group of investment companies, government securities, and 
short-term paper; (iii) the aggregate sales loads and distribution fees 
of the acquiring company and the acquired company are not excessive 
under rules adopted pursuant to section 22(b) or section 22(c) of the 
Act by a securities association registered under section 15A of the 
Exchange Act or by the Commission; and (iv) the acquired company has a 
policy that prohibits it from acquiring securities of registered open-
end management investment companies or registered unit investment 
trusts in reliance on section 12(d)(1)(F) or (G) of the Act.
    3. Rule 12d1-2 under the Act permits a registered open-end 
investment company or a registered unit investment trust that relies on 
section 12(d)(1)(G) of the Act to acquire, in addition to securities 
issued by another registered investment company in the same group of 
investment companies, government securities, and short-term paper: (i) 
Securities issued by an investment company that is not in the same 
group of investment companies, when the acquisition is in reliance on 
section 12(d)(1)(A) or 12(d)(1)(F) of the Act; (ii) securities (other 
than securities issued by an investment company); and (iii) securities 
issued by a money market fund, when the investment is made in reliance 
on rule 12d1-1 under the Act. For the purposes of rule 12d1-2, 
``securities'' means any security as that term is defined in section 
2(a)(36) of the Act.
    4. Section 6(c) of the Act provides that the Commission may exempt 
any person, security, or transaction from any provision of the Act, or 
from any rule under 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.
    5. The Applicants state that the proposed arrangement would comply 
with the provisions of rule 12d1-2 under the Act, but for the fact that 
the Applicant Funds may invest a portion of their assets in Other 
Investments. Applicants request an order under section 6(c) of the Act 
for an exemption from rule 12d1-2(a) to allow the Applicant Funds to 
invest in Other Investments. The Applicants state that permitting the 
Applicant Funds to invest in Other Investments as described in the 
application would not raise any of the concerns that the requirements 
of section 12(d)(1) of the Act were designed to address.

Applicants' Condition

    The Applicants agree that any order granting the requested relief 
will be subject to the following condition:
    Applicants will comply with all provisions of rule 12d1-2 under the 
Act, except for paragraph (a)(2), to the extent that it restricts any 
Applicant Fund from investing in Other Investments as described in the 
application.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-18802 Filed 8-13-08; 8:45 am]
BILLING CODE 8010-01-P