30 Day Notice

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Federal Register / Vol. 87, No. 108 / Monday, June 6, 2022 / Notices

Filing Date: The application was filed
on March 25, 2022.
Applicant’s Address: mark.winget@
nuveen.com.
Nuveen Michigan Quality Municipal
Income Fund [File No. 811–06383]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. The applicant has
transferred its assets to Nuveen AMTFree Quality Municipal Income Fund,
and on March 1, 2021 made a final
distribution to its shareholders based on
net asset value. Expenses of $818,490
incurred in connection with the
reorganization were paid by the
applicant and the acquiring fund.
Filing Date: The application was filed
on March 25, 2022.
Applicant’s Address: mark.winget@
nuveen.com.
Nuveen Municipal 2021 Target Term
Fund [File No. 811–23102]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. On February 26,
2021, and March 1, 2021, applicant
made liquidating distributions to its
shareholders based on net asset value.
Expenses of $5,890 incurred in
connection with the liquidation were
paid by the applicant.
Filing Dates: The application was
filed on March 25, 2022, and amended
on May 17, 2022.
Applicant’s Address: mark.winget@
nuveen.com.
Nuveen New Jersey Municipal Value
Fund [File No. 811–22274]

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Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. The applicant has
transferred its assets to Nuveen AMTFree Municipal Value Fund, and on
April 1, 2021 made a final distribution
to its shareholders based on net asset
value. Expenses of $536,317 incurred in
connection with the reorganization were
paid by the applicant, Nuveen
Pennsylvania Municipal Value Fund,
and the acquiring fund.
Filing Date: The application was filed
on March 25, 2022.
Applicant’s Address: mark.winget@
nuveen.com.
Nuveen New York Municipal Value
Fund 2 [File No. 811–22271]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. The applicant has
transferred its assets to Nuveen New

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York Municipal Value Fund, and on
May 3, 2021 made a final distribution to
its shareholders based on net asset
value. Expenses of $556,207 incurred in
connection with the reorganization were
paid by the applicant and the acquiring
fund.
Filing Date: The application was filed
on March 25, 2022.
Applicant’s Address: mark.winget@
nuveen.com.
Nuveen Pennsylvania Municipal Value
Fund [File No. 811–22273]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. The applicant has
transferred its assets to Nuveen AMTFree Municipal Value Fund, and on
April 1, 2021 made a final distribution
to its shareholders based on net asset
value. Expenses of $536,317 incurred in
connection with the reorganization were
paid by the applicant, Nuveen New
Jersey Municipal Value Fund, and the
acquiring fund.
Filing Date: The application was filed
on March 25, 2022.
Applicant’s Address: mark.winget@
nuveen.com.
Putnam American Government Income
Fund [File No. 811–04178]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. The applicant has
transferred its assets to Putnam
Mortgage Securities Fund, and on April
18, 2018 made a final distribution to its
shareholders based on net asset value.
Expenses of $376,203 incurred in
connection with the reorganization were
paid by the applicant and the acquiring
fund.
Filing Date: The application was filed
on April 29, 2022.
Applicant’s Address:
[email protected].
Putnam Global Natural Resources Fund
[File No. 811–03061]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. The applicant has
transferred its assets to Putnam Focused
Equity Fund, and on June 19, 2019
made a final distribution to its
shareholders based on net asset value.
Expenses of $298,621 incurred in
connection with the reorganization were
paid by the applicant and the
applicant’s investment adviser.
Filing Date: The application was filed
on April 29, 2022.
Applicant’s Address:
[email protected].

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Putnam Global Utilities Fund [File No.
811–05989]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. The applicant has
transferred its assets to Putnam Focused
International Equity Fund, and on June
12, 2019 made a final distribution to its
shareholders based on net asset value.
Expenses of $628,990 incurred in
connection with the reorganization were
paid by the applicant and the
applicant’s investment adviser, and the
acquiring fund.
Filing Date: The application was filed
on April 29, 2022.
Applicant’s Address:
[email protected].
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–11870 Filed 6–3–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–604, OMB Control No.
3235–0657]

Submission for OMB Review;
Comment Request; Extension: Form
N–MFP and Rule 30b1–7
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.
Section 30(b) of the Investment
Company Act of 1940 (‘‘Investment
Company Act’’) 1 provides that ‘‘[e]very
registered investment company shall file
with the Commission . . . such
information, documents, and reports
(other than financial statements), as the
Commission may require to keep
reasonably current the information and
documents contained in the registration
statement of such company. . . .’’ 2 Rule
30b1–7 under the Investment Company
Act, entitled ‘‘Monthly Report for
Money Market Funds,’’ provides that
every registered investment company, or
1 15
2 15

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U.S.C. 80a–1 et seq.
U.S.C. 80a–29(b).

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Federal Register / Vol. 87, No. 108 / Monday, June 6, 2022 / Notices
series thereof, that is regulated as a
money market funds under rule 2a–7 3
must file with the Commission a
monthly report of portfolio holdings on
Form N–MFP 4 no later than the fifth
business day of each month.5 Form N–
MFP sets forth the specific disclosure
items that money market funds must
provide. Filers must submit this report
electronically using the Commission’s
electronic filing system (‘‘EDGAR’’) in
Extensible Markup Language (‘‘XML’’).
Compliance with rule 30b1–7 is
mandatory for any fund that holds itself
out as a money market fund in reliance
on rule 2a–7. Responses to the
disclosure requirements 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.
The following estimates of average
burden hours and costs are made solely
for purposes of the Paperwork
Reduction Act and are not derived from
a comprehensive or even representative
survey or study of the cost of
Commission rules and forms.
The Commission calculates there are
currently 353 6 money market funds that
report information on Form N–MFP,
with approximately 8 7 of them being
new money market funds that are filing
reports on Form N–MFP for the first
time.
We estimate that 35% of money
market funds (or 124 money market
funds, broken down into 121 existing
funds and 3 new funds) 8 license a
software solution and file reports on
Form N–MFP in house; we further
estimate that each fund that files reports
on Form N–MFP in house requires an
average of approximately 47 burden
hours to compile (including review of
the information), tag, and electronically
file the Form N–MFP for the first time
and an average of approximately 13
3 17

CFR 270.2a–7.
CFR 274.201.
5 17 CFR 270.30b1–7.
6 This calculation is based on staff review of
reports on Form N–MFP filed with the Commission
for the month ended December 31, 2021 and
includes both feeder and non-feeder money market
funds.
7 This estimate is based on staff review of reports
on Form N–MFP filed with the Commission for
2019 (16 new funds), 2020 (5 new funds) and 2021
(2 new funds). Averaging those numbers over three
years provides an estimate of 8 new funds per year.
8 The estimate is based on the following
calculation: (353 money market funds × 35% = 124
money market funds. Of that amount, we estimate
that 2 are new money market funds (8 new money
market funds each year × 35% = 2.8 funds, rounded
to 3). Therefore, 124 money market funds¥3 new
money market funds = 121 existing money market
funds.

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4 17

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burden hours for subsequent filings.9
Therefore, we estimate the per fund
average annual hour burden is 156
hours 10 for existing funds and 190
hours 11 for new money market funds.
Based on an estimate of 121 existing
funds and 3 new funds each year, we
estimate that filing reports on Form N–
MFP in house takes 19,446 hours and
costs funds, in aggregate, $6,319,950 per
year.12
We estimate that 65% of money
market funds (or 229 money market
funds, broken down into 224 existing
funds and 5 new funds) 13 retain the
services of a third party to provide data
aggregation and validation services as
part of the preparation and filing of
reports on Form N–MFP on the fund’s
behalf; we further estimate that each
fund requires an average of
approximately 26 burden hours to
compile and review the information
with the service provider prior to
electronically filing the report for the
first time and an average of
9 We understand that the required information is
currently maintained by money market funds
pursuant to other regulatory requirements or in the
ordinary course of business. Accordingly, for the
purposes of our analysis, we do not ascribe any
time to producing the required information.
10 This estimate is based on the following
calculation: 12 filings per year × 13 burden hours
per filing = 156 burden hours per year.
11 This estimate is based on the following
calculation: (First month’s initial filing × 47 burden
hours) + (11 subsequent month filings × 13 burden
hours per filing) = 190 burden hours per year.
12 These estimates are based on the following
calculations: existing funds: (156 hours × blended
hourly rate of $325 for a financial reporting
manager ($318 per hour), senior accountant ($327
per hour), senior database administrator ($373 per
hour), senior portfolio manager ($360 per hour) and
compliance manager ($339 per hour)) = $50,700.
The blended hourly rate was calculated as ($318 +
$237 + $373 + $360 + $339/5 = $325. There are 121
existing money market funds who use in house
solutions × 156 hours with an internal time cost of
$50,700 per fund = 18,876 hours with an internal
time cost of $6,134,700.
New money market funds: (190 hours × blended
hourly rate of $325 for a financial reporting
manager ($318 per hour), senior accountant ($237
per hour), senior database administrator ($373 per
hour), senior portfolio manager ($360 per hour) and
compliance manager ($339 per hour)) = $61,750.
The blended hourly rate was calculated as ($318 +
$237 + $373 + $360 + $339/5 = $325. Three new
money market funds × 190 hours with an internal
time cost of $61,750 per fund = 570 hours with an
internal time cost of $185,250.
Aggregate annual hourly burden for all funds
filing reports on Form N–MFP in house: 18,876
hours + 570 hours = 19,446 hours.
Aggregate annual costs for all funds filing reports
on Form N–MFP in house: $6,134,700 + $185,250
= $6,319,950.
13 The estimate is based on the following
calculation: (353 money market funds × 65% = 229
money market funds. Of that amount, we estimate
that 5 are new money market funds (8 new money
market funds each year × 65% = 5.2 funds, rounded
to 5). Therefore, 229 money market funds ¥ 5 new
money market funds = 224 existing money market
funds.

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34331

approximately 9 burden hours for
subsequent filings. Therefore, we
estimate the per fund average annual
hour burden is 108 hours 14 for existing
funds and 125 hours 15 for new money
market funds. Based on an estimate of
224 existing funds and 5 new funds
each year, we estimate that filing reports
on Form N–MFP using a service
provider takes 24,817 hours and costs
funds, in aggregate, $8,065,525 per
year.16 In sum, we estimate that filing
reports on Form N–MFP imposes a total
annual hour burden of 44,263 hours,17
at an aggregate cost of $14,385,475 on
all money market funds.18
Cost burden is the cost of goods and
services purchased in connection with
complying with the collection of
information requirements of rule 30b1–
7 and Form N–MFP. The cost burden
does not include the cost of the hour
burden discussed above.
Based on discussions with industry
participants, we estimate that money
market funds that file reports on Form
N–MFP in house license a third-party
software solution to assist in filing their
reports at an average cost of $3,900 per
14 This estimate is based on the following
calculation: 12 filings per year × 9 burden hours per
filing = 108 burden hours per year.
15 This estimate is based on the following
calculation: (First month’s initial filing × 26 burden
hours) + (11 subsequent month filings × 9 burden
hours per filing) = 125 burden hours per year.
16 These estimates are based on the following
calculations: Existing funds: (108 hours × blended
hourly rate of $325 for a financial reporting
manager ($318 per hour), senior accountant ($237
per hour), senior database administrator ($373 per
hour), senior portfolio manager ($360 per hour) and
compliance manager ($339 per hour)) = $35,100.
The blended hourly rate was calculated as ($318 +
$237 + $373 + $360 + $339/5 = $325. There are 224
existing money market funds who use a third-party
service provider × 148 hours with an internal time
cost of $35,100 per fund = 24,192 hours with an
internal time cost of $7,862,400.
New money market funds: (125 hours × blended
hourly rate of $325 for a financial reporting
manager ($318 per hour), senior accountant ($237
per hour), senior database administrator ($373 per
hour), senior portfolio manager ($360 per hour) and
compliance manager ($339 per hour)) = $40,625.
The blended hourly rate was calculated as ($318 +
$237 + $373 + $360 + $339/5 = $325. Five new
money market funds × 125 hours with an internal
time cost of $40,625 per fund = 625 hours with an
internal time cost of $203,125.
Aggregate annual hourly burden for all funds
filing reports on Form N–MFP using a third party
service provider: 24,192 hours + 625 hours = 24,817
hours.
Aggregate annual costs for all funds filing reports
on Form N–MFP using a third party service
provider: $7,862,400 + $203,125 = $8,065,525.
17 This estimate is based on the following
calculation: 19,446 hours for filers licensing a
software solution and filing in-house + 24,817
hours for filers using a third-party service provider
= 44,263 hours in total.
18 This estimate is based on the following
calculation: $6,319,950 (in-house filers) +
$6,319,950 (filers using a service provider) =
$14,385,475.

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34332

Federal Register / Vol. 87, No. 108 / Monday, June 6, 2022 / Notices

fund per year. In addition, we estimate
that money market funds that use a
service provider to prepare and file
reports on Form N–MFP pay an average
fee of $9,300 per fund per year. In sum,
we estimate that all money market funds
incur on average, in the aggregate,
external annual costs of $2,613,300.19
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice by July 6, 2022 to (i)
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov and (ii) David Bottom,
Director/Chief Information Officer,
Securities and Exchange Commission, c/
o John Pezzullo, 100 F Street NE,
Washington, DC 20549, or by sending an
email to: [email protected].
Dated: May 31, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022–12018 Filed 6–3–22; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–239, OMB Control No.
3235–0224]

Submission for OMB Review;
Comment Request; Extension: Rule
17j–1
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736

lotter on DSK11XQN23PROD with NOTICES1

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3520), the Securities
and Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Conflicts of interest between
investment company personnel (such as
portfolio managers) and their funds can
19 This estimate is based on the following
calculation: (124 money market funds (121 existing
funds + 3 new funds) that file reports on Form N–
MFP in house × $3,900 per fund, per year) + (229
money market funds (224 existing funds + 5 new
funds) that file reports on Form N–MFP using a
service provider × $9,300 per fund, per year) =
$2,613,300.

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arise when these persons buy and sell
securities for their own accounts
(‘‘personal investment activities’’).
These conflicts arise because fund
personnel have the opportunity to profit
from information about fund
transactions, often to the detriment of
fund investors. Beginning in the early
1960s, Congress and the Securities and
Exchange Commission (‘‘Commission’’)
sought to devise a regulatory scheme to
effectively address these potential
conflicts. These efforts culminated in
the addition of section 17(j) to the
Investment Company Act of 1940 (the
‘‘Investment Company Act’’) (15 U.S.C.
80a–17(j)) in 1970 and the adoption by
the Commission of rule 17j–1 (17 CFR
270.17j–1) in 1980.1 The Commission
proposed amendments to rule 17j–1 in
1995 in response to recommendations
made in the first detailed study of fund
policies concerning personal investment
activities by the Commission’s Division
of Investment Management since rule
17j–1 was adopted. Amendments to rule
17j–1, which were adopted in 1999,
enhanced fund oversight of personal
investment activities and the board’s
role in carrying out that oversight.2
Additional amendments to rule 17j–1
were made in 2004, conforming rule
17j–1 to rule 204A–1 under the
Investment Advisers Act of 1940 (15
U.S.C. 80b), avoiding duplicative
reporting, and modifying certain
definitions and time restrictions.3
Section 17(j) makes it unlawful for
persons affiliated with a registered
investment company (‘‘fund’’) or with
the fund’s investment adviser or
principal underwriter (each a ‘‘17j–1
organization’’), in connection with the
purchase or sale of securities held or to
be acquired by the investment company,
to engage in any fraudulent, deceptive,
or manipulative act or practice in
contravention of the Commission’s rules
and regulations. Section 17(j) also
authorizes the Commission to
promulgate rules requiring 17j–1
organizations to adopt codes of ethics.
In order to implement section 17(j),
rule 17j–1 imposes certain requirements
on 17j–1 organizations and ‘‘Access
Persons’’ 4 of those organizations. The
1 Prevention of Certain Unlawful Activities with
Respect to Registered Investment Companies,
Investment Company Act Release No. 11421 (Oct.
31, 1980) (45 FR 73915 (Nov. 7, 1980)).
2 Personal Investment Activities of Investment
Company Personnel, Investment Company Act
Release No. 23958 (Aug. 20, 1999) (64 FR 46821
(Aug. 27, 1999)).
3 Investment Adviser Codes of Ethics, Investment
Advisers Act Release No. 2256 (Jul. 2, 2004) (69 FR
41696 (Jul. 9, 2004)).
4 Rule 17j–1(a)(1) defines an ‘‘access person’’ as
‘‘Any Advisory Person of a Fund or of a Fund’s
investment adviser. If an investment adviser’s

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rule prohibits fraudulent, deceptive or
manipulative acts by persons affiliated
with a 17j–1 organization in connection
with their personal securities
transactions in securities held or to be
acquired by the fund. The rule requires
each 17j–1 organization, unless it is a
money market fund or a fund that does
not invest in Covered Securities,5 to: (i)
adopt a written codes of ethics, (ii)
submit the code and any material
changes to the code, along with a
certification that it has adopted
procedures reasonably necessary to
prevent Access Persons from violating
the code of ethics, to the fund board for
approval, (iii) use reasonable diligence
and institute procedures reasonably
necessary to prevent violations of the
code, (iv) submit a written report to the
fund describing any issues arising under
the code and procedures and certifying
that the 17j–1 entity has adopted
procedures reasonably necessary to
prevent Access Persons form violating
the code, (v) identify Access Persons
and notify them of their reporting
obligations, and (vi) maintain and make
available to the Commission for review
certain records related to the code of
ethics and transaction reporting by
Access Persons.
The rule requires each Access Person
of a fund (other than a money market
fund or a fund that does not invest in
Covered Securities) and of an
investment adviser or principal
underwriter of the fund, who is not
subject to an exception,6 to file: (i)
primary business is advising Funds or other
advisory clients, all of the investment adviser’s
directors, officers, and general partners are
presumed to be Access Persons of any Fund advised
by the investment adviser. All of a Fund’s directors,
officers, and general partners are presumed to be
Access Persons of the Fund.’’ The definition of
Access Person also includes ‘‘Any director, officer
or general partner of a principal underwriter who,
in the ordinary course of business, makes,
participates in or obtains information regarding, the
purchase or sale of Covered Securities by the Fund
for which the principal underwriter acts, or whose
functions or duties in the ordinary course of
business relate to the making of any
recommendation to the Fund regarding the
purchase or sale of Covered Securities.’’ Rule 17j–
1(a)(1).
5 A ‘‘Covered Security’’ is any security that falls
within the definition in section 2(a)(36) of the Act,
except for direct obligations of the U.S.
Government, bankers’ acceptances, bank certificates
of deposit, commercial paper and high quality
short-term debt instruments, including repurchase
agreements, and shares issued by open-end funds.
Rule 17j–1(a)(4).
6 Rule 17j–1(d)(2) contains the following
exceptions: (i) an Access Person need not file a
report for transactions effected for, and securities
held in, any account over which the Access Person
does not have control; (ii) an independent director
of the fund, who would otherwise be required to
report solely by reason of being a fund director and
who does not have information with respect to the
fund’s transactions in a particular security, does not

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