Federal Register 30-Day Notice

31714

Federal Register / Vol. 90, No. 133 / Tuesday, July 15, 2025 / Notices

www.prc.gov. Those who cannot submit
comments electronically should contact
the person identified in the FOR FURTHER
INFORMATION CONTACT section by
telephone for advice on filing
alternatives.
FOR FURTHER INFORMATION CONTACT:
David A. Trissell, General Counsel, at
202–789–6820.
SUPPLEMENTARY INFORMATION:
Table of Contents

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I. Introduction
II. Public Proceeding(s)
III. Summary Proceeding(s)

I. Introduction
Pursuant to 39 CFR 3041.405, the
Commission gives notice that the Postal
Service filed request(s) for the
Commission to consider matters related
to Competitive negotiated service
agreement(s). The request(s) may
propose the addition of a negotiated
service agreement from the Competitive
product list or the modification of an
existing product currently appearing on
the Competitive product list.
The public portions of the Postal
Service’s request(s) can be accessed via
the Commission’s website (http://
www.prc.gov). Non-public portions of
the Postal Service’s request(s), if any,
can be accessed through compliance
with the requirements of 39 CFR
3011.301.1
Section II identifies the docket
number(s) associated with each Postal
Service request, if any, that will be
reviewed in a public proceeding as
defined by 39 CFR 3010.101(p), the title
of each such request, the request’s
acceptance date, and the authority cited
by the Postal Service for each request.
For each such request, the Commission
appoints an officer of the Commission to
represent the interests of the general
public in the proceeding, pursuant to 39
U.S.C. 505 and 39 CFR 3000.114 (Public
Representative). The Public
Representative does not represent any
individual person, entity or particular
point of view, and, when Commission
attorneys are appointed, no attorneyclient relationship is established.
Section II also establishes comment
deadline(s) pertaining to each such
request.
The Commission invites comments on
whether the Postal Service’s request(s)
identified in Section II, if any, are
consistent with the policies of title 39.
Applicable statutory and regulatory
requirements include 39 U.S.C. 3632, 39
1 See Docket No. RM2018–3, Order Adopting
Final Rules Relating to Non-Public Information,
June 27, 2018, Attachment A at 19–22 (Order No.
4679).

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U.S.C. 3633, 39 U.S.C. 3642, 39 CFR
part 3035, and 39 CFR part 3041.
Comment deadline(s) for each such
request, if any, appear in Section II.
Section III identifies the docket
number(s) associated with each Postal
Service request, if any, to add a
standardized distinct product to the
Competitive product list or to amend a
standardized distinct product, the title
of each such request, the request’s
acceptance date, and the authority cited
by the Postal Service for each request.
Standardized distinct products are
negotiated service agreements that are
variations of one or more Competitive
products, and for which financial
models, minimum rates, and
classification criteria have undergone
advance Commission review. See 39
CFR 3041.110(n); 39 CFR 3041.205(a).
Such requests are reviewed in summary
proceedings pursuant to 39 CFR
3041.325(c)(2) and 39 CFR
3041.505(f)(1). Pursuant to 39 CFR
3041.405(c)-(d), the Commission does
not appoint a Public Representative or
request public comment in proceedings
to review such requests.
II. Public Proceeding(s)
1. Docket No(s).: CP2024–306; Filing
Title: USPS Request Concerning
Amendment One to Priority Mail
Express, Priority Mail & USPS Ground
Advantage Contract 66, with Materials
Filed Under Seal; Filing Acceptance
Date: July 9, 2025; Filing Authority: 39
CFR 3035.105 and 39 CFR 3041.505;
Public Representative: Gregory Stanton;
Comments Due: July 17, 2025.
2. Docket No(s).: MC2025–1564 and
K2025–1558; Filing Title: USPS Request
to Add Priority Mail Contract 904 to the
Competitive Product List and Notice of
Filing Materials Under Seal; Filing
Acceptance Date: July 9, 2025; Filing
Authority: 39 U.S.C. 3642, 39 CFR
3035.105, and 39 CFR 3041.310; Public
Representative: Elsie Lee-Robbins;
Comments Due: July 17, 2025.
3. Docket No(s).: MC2025–1567 and
K2025–1560; Filing Title: USPS Request
to Add Priority Mail Contract 906 to the
Competitive Product List and Notice of
Filing Materials Under Seal; Filing
Acceptance Date: July 9, 2025; Filing
Authority: 39 U.S.C. 3642, 39 CFR
3035.105, and 39 CFR 3041.310; Public
Representative: Evan Wise; Comments
Due: July 17, 2025.
III. Summary Proceeding(s)
None. See Section II for public
proceedings.

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This Notice will be published in the
Federal Register.
Erica A. Barker,
Secretary.
[FR Doc. 2025–13199 Filed 7–14–25; 8:45 am]
BILLING CODE 7710–FW–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0561]

Submission for OMB Review;
Comment Request; Extension: Rule
12d3–1
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for extension of the
previously approved collection of
information discussed below.
Rule 12d3–1 (17 CFR 270.12d3–1)
under the Investment Company Act of
1940 (15 U.S.C. 80a–1 et seq.)
(‘‘Investment Company Act’’) permits a
fund to invest up to five percent of its
assets in securities of an issuer deriving
more than fifteen percent of its gross
revenues from securities-related
businesses (subject to certain
limitations), notwithstanding the
general prohibition in Section 12(d)(3)
of the Investment Company Act of a
registered investment company (‘‘fund’’)
and companies controlled by the fund
purchasing securities issued by a
registered investment adviser, broker,
dealer, or underwriter (‘‘securitiesrelated businesses’’).
A fund may, however, rely on an
exemption in rule 12d3–1 to acquire
securities issued by its subadvisers in
circumstances in which the subadviser
would have little ability to take
advantage of the fund, because it is not
in a position to direct the fund’s
securities purchases. This exemption in
rule 12d3–1 is available if: (i) the
subadviser is not, and is not an affiliated
person of, an investment adviser that
provides advice with respect to the
portion of the fund that is acquiring the
securities; and (ii) the advisory contracts
of the subadviser, and any subadviser
that is advising the purchasing portion
of the fund, prohibit them from
consulting with each other concerning
securities transactions of the fund, and

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khammond on DSK9W7S144PROD with NOTICES

Federal Register / Vol. 90, No. 133 / Tuesday, July 15, 2025 / Notices
limit their responsibility in providing
advice to providing advice with respect
to discrete portions of the fund’s
portfolio.1
Based on an analysis of fund filings,
Commission staff estimates that
approximately 49 funds enter into such
new subadvisory agreements each year,
and that it will require approximately 3
attorney hours to draft and execute
additional clauses in new subadvisory
contracts in order for funds and
subadvisers to be able to rely on the
exemptions in rule 12d3–1. Because
these additional clauses are identical to
the clauses that a fund would need to
insert in their subadvisory contracts to
rely on rules 10f–3 (17 CFR 270.10f–3),
17a–10 (17 CFR 270.17a–10), and
17e–1 (17 CFR 270.17e–1), and because
we believe that funds that use one such
rule generally use all of these rules, we
apportion this 3 hour time burden
equally to all four rules. Therefore, we
estimate that the burden allocated to
rule 12d3–1 for this contract change
would be 0.75 hours. Assuming that all
49 funds that enter into new
subadvisory contracts each year make
the modification to their contract
required by the rule, we estimate that
the rule’s contract modification
requirement will result in 37 burden
hours annually, with an associated time
cost of approximately $18,907.
Complying with this collection of
information requirement is necessary to
rely on rule 12d3–1. An agency may not
conduct or sponsor, and a person is not
required to respond to, a collection of
information unless it displays a
currently valid control number.
Responses will not be kept confidential.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid OMB
Control Number.
Written comments are invited on: (a)
whether this collection of information is
necessary for the proper performance of
the functions of the agency, including
whether the information will have
practical utility; (b) the accuracy of the
agency’s estimate of the burden imposed
by the collection of information; (c)
ways to enhance the quality, utility, and
clarity of the information collected; and
(d) ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202504-3235-006
1 See

17 CFR 270.270.12d3–1(c)(3).

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or send an email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice by
August 15, 2025.
Dated: July 11, 2025.
Sherry Haywood,
Assistant Secretary.
[FR Doc. 2025–13242 Filed 7–14–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
35675; File No. 812–15776]

First Trust Real Assets Fund, et al.
July 11, 2025.

Securities and Exchange
Commission (‘‘Commission’’ or ‘‘SEC’’).
ACTION: Notice.
AGENCY:

Notice of application for an order
under sections 17(d) and 57(i) of the
Investment Company Act of 1940 (the
‘‘Act’’) and rule 17d–1 under the Act to
permit certain joint transactions
otherwise prohibited by sections 17(d)
and 57(a)(4) of the Act and rule 17d–1
under the Act.
SUMMARY OF APPLICATION: Applicants
request an order to permit certain
business development companies
(‘‘BDCs’’) and closed-end management
investment companies to co-invest in
portfolio companies with each other and
with certain affiliated investment
entities.
APPLICANTS: First Trust Real Assets
Fund, First Trust Private Credit Fund,
First Trust Private Assets Fund, First
Trust Alternative Opportunities Fund,
Infinity Core Alternative Fund, Destiny
Alternative Fund LLC, First Trust
Hedged Strategies Fund, First Trust
Enhanced Private Credit Fund, First
Trust Capital Management L.P., Vivaldi
Capital Management LP, certain whollyowned subsidiaries as described in
Schedule A to the application, and
certain of their affiliated entities as
described in Schedule B to the
application.
FILING DATES: The application was filed
on May 2, 2025, and amended on June
17, 2025.
HEARING OR NOTIFICATION OF HEARING: An
order granting the requested relief will
be issued unless the Commission orders
a hearing. Interested persons may
request a hearing on any application by
emailing the SEC’s Secretary at
Secretarys-Office@sec.gov and serving
the Applicants with a copy of the
request by email, if an email address is

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31715

listed for the relevant Applicant below,
or personally or by mail, if a physical
address is listed for the relevant
Applicant below. Hearing requests
should be received by the Commission
by 5:30 p.m. on August 5, 2025, and
should be accompanied by proof of
service on the Applicants, in the form
of an affidavit or, for lawyers, a
certificate of service. Pursuant to rule 0–
5 under the Act, hearing requests should
state the nature of the writer’s interest,
any facts bearing upon the desirability
of a hearing on the matter, the reason for
the request, and the issues contested.
Persons who wish to be notified of a
hearing may request notification by
emailing the Commission’s Secretary at
Secretarys-Office@sec.gov.
The Commission:
Secretarys-Office@sec.gov. Applicants:
Marc D. Bassewitz, First Trust Capital
Management L.P., 225 W. Wacker Drive,
21st Floor, Chicago, IL 60606,
mbassewitz@firsttrustcapital.com;
Joshua B. Deringer, Esq., Faegre Drinker
Biddle & Reath LLP, One Logan Square,
Ste. 2000, Philadelphia, PA 19103,
joshua.deringer@faegredrinker.com;
Veena K. Jain, Faegre Drinker Biddle &
Reath LLP, 320 S Canal Street, Ste.
3300, Chicago, IL 60606, veena.jain@
faegredrinker.com.

ADDRESSES:

FOR FURTHER INFORMATION CONTACT:

Adam Large, Senior Special Counsel,
Tom Ahmadifar, Branch Chief, or
Daniele Marchesani, Assistant Chief
Counsel, at (202) 551–6825 (Division of
Investment Management, Chief
Counsel’s Office).
For
Applicants’ representations, legal
analysis, and conditions, please refer to
Applicants’ first amended application,
dated June 17, 2025, which may be
obtained via the Commission’s website
by searching for the file number at the
top of this document, or for an
Applicant using the Company name
search field, on the SEC’s EDGAR
system.
The SEC’s EDGAR system may be
searched at https://www.sec.gov/edgar/
searchedgar/companysearch.html. You
may also call the SEC’s Office of
Investor Education and Advocacy at
(202) 551–8090.

SUPPLEMENTARY INFORMATION:

For the Commission, by the Division of
Investment Management, under delegated
authority.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–13250 Filed 7–14–25; 8:45 am]
BILLING CODE 8011–01–P

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