Federal Register / Vol. 77, No. 4 / Friday, January 6, 2012 / Notices 825 

PROCEDURAL SCHEDULE—Continued 

December 15, 2011 .................................. Deadline for the Postal Service to file any responsive pleading. 

January 23, 2012 ...................................... Deadline for notices to intervene (see 39 CFR 3001.111(b)). 

January 4, 2012 ........................................ Deadline for Petitioners’ Form 61 or initial brief in support of petition (see 39 CFR 3001.115(a) and 

(b)). 

January 24, 2012 ...................................... Deadline for answering brief in support of the Postal Service (see 39 CFR 3001.115(c)). 

February 8, 2012 ...................................... Deadline for reply briefs in response to answering briefs (see 39 CFR 3001.115(d)). 

February 15, 2012 .................................... Deadline for motions by any party requesting oral argument; the Commission will schedule oral argument only when it is a necessary addition to the written filings (see 39 CFR 3001.116). 

March 16, 2012 ......................................... Expiration of the Commission’s 120-day decisional schedule (see 39 U.S.C. 404(d)(5)). 

[FR Doc. 2012–62 Filed 1–5–12; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. IC–29898] 

Notice of Applications for 

Deregistration Under Section 8(f) of the 

Investment Company Act of 1940 

December 30, 2011. 

The following is a notice of 

applications for deregistration under 

section 8(f) of the Investment Company 

Act of 1940 for the month of December 

2011. A copy of each application may be 

obtained via the Commission’s Web site 

by searching for the file number, or an 

applicant using the Company name box, 

at http://www.sec.gov/search/ 

search.htm or by calling (202) 551– 

8090. An order granting each 

application will be issued unless the 

SEC orders a hearing. Interested persons 

may request a hearing on any 

application by writing to the SEC’s 

Secretary at the address below and 

serving the relevant applicant with a 

copy of the request, personally or by 

mail. Hearing requests should be 

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

January 24, 2012, and should be 

accompanied by proof of service on the 

applicant, 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 Secretary, U.S. Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

FOR FURTHER INFORMATION CONTACT: 

Diane L. Titus at (202) 551–6810, SEC, 

Division of Investment Management, 

Office of Investment Company 

Regulation, 100 F Street NE., 

Washington, DC 20549–8010. 

Tax-Free Investments Trust 

[File No. 811–2731] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On April 30, 

2008, applicant transferred its assets to 

Tax-Free Cash Reserve Portfolio, a series 

of Short-Term Investments Trust, based 

on net asset value. Expenses of $29,100 

incurred in connection with the 

reorganization were paid by Invesco 

Advisers, Inc., applicant’s investment 

adviser. 

Filing Dates: The application was 

filed on April 23, 2010 and amended on 

December 2, 2011. 

Applicant’s Address: 11 Greenway 

Plaza, Suite 100, Houston, TX 77046– 

1173. 

Fidelity Capital Fund, Inc. 

[File No. 811–791] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On December 31, 

1979, applicant transferred its assets to 

Fidelity Trend Fund, Inc., based on net 

asset value. Expenses of approximately 

$100,000 incurred in connection with 

the reorganization were paid by 

applicant and the acquiring fund based 

on respective net assets. 

Filing Dates: The application was 

filed on October 17, 2011, and amended 

on December 1, 2011. 

Applicant’s Address: 82 Devonshire 

St., Boston, MA 02109. 

Rochdale High Yield Advances Fund, 

LLC 

[File No. 811–22539] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On June 28, 2011, 

applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $3,500 

incurred in connection with the 

liquidation were paid by Rochdale 

Investment Management, LLC, 

applicant’s investment adviser. 

Filing Dates: The application was 

filed on September 21, 2011 and 

amended on December 16, 2011. 

Applicant’s Address: 570 Lexington 

Ave., New York, NY 10022. 

First Trust Strategic High Income Fund 

[File No. 811–21756] 

First Trust Strategic High Income Fund 

III 

[File No. 811–21994] 

Summary: Each applicant, a closedend investment company, seeks an 

order declaring that it has ceased to be 

an investment company. On October 3, 

2011, applicants transferred their assets 

to First Trust Strategic High Income 

Fund II, based on net asset value. Total 

expenses of approximately $515,500 

incurred in connection with the 

reorganization were paid by applicants 

and the acquiring fund on a pro rata 

basis, based on the net asset value of 

each fund prior to the closing date of the 

reorganization. 

Filing Dates: The applications were 

filed on October 27, 2011 and amended 

on December 16, 2011. 

Applicants’ Address: 120 East Liberty 

Dr., Suite 400, Wheaton, IL 60187. 

CPG FrontPoint Multi-Strategy Fund 

[File No. 811–22324] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On December 1, 

2011, applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $11,000 

incurred in connection with the 

liquidation were paid by applicant. 

Filing Date: The application was filed 

on December 1, 2011. 

Applicant’s Address: c/o Central Park 

Advisers, LLC, 805 Third Ave., 18th 

Floor, New York, NY 10022. 

Arden Sage Multi-Strategy TEI Fund, 

LLC 

[File No. 811–22377] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On September 30, 

2011, applicant transferred its assets to 

Arden Sage Multi-Strategy Fund, LLC (f/ 

k/a Robeco-Sage Multi-Strategy Fund, 

LLC), based on net asset value. Expenses 

of $38,000 incurred in connection with 

the reorganization were paid by Robeco 


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826 Federal Register / Vol. 77, No. 4 / Friday, January 6, 2012 / Notices 

1For the purposes of the requested order, 

‘‘successor’’ is limited to an entity or entities that 

result from a reorganization into another 

jurisdiction or a change in the type of business 

organization. 

2Section 2(a)(48) of the 1940 Act defines a 

business development company to be any closedend investment company that operates for the 

purposes of making investment in securities 

described in sections 55(a)(1) through 55(a)(3) of the 

Act, makes available significant managerial 

assistance with respect to the issuers of such 

securities and has elected to be subject to the 

provisions of section 55 through 65 of the 1940 Act. 

3Subparagraph (d)(1) of rule 12d3–1 defines 

‘‘securities related activities’’ to mean a person’s 

activities as a broker, dealer, underwriter, registered 

investment adviser or investment adviser to a 

registered investment company. 

Investment Management, Inc., 

applicant’s former investment adviser. 

Filing Date: The application was filed 

on November 30, 2011. 

Applicant’s Address: 375 Park Ave., 

32nd floor, New York, NY 10152. 

Arden Sage Multi-Strategy TEI Master 

Fund, LLC 

[File No. 811–22222] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. On September 30, 

2011, applicant transferred its assets to 

Arden Sage Multi-Strategy Master Fund, 

LLC (f/k/a Robeco-Sage Multi-Strategy 

Master Fund, LLC), based on net asset 

value. Expenses of $38,000 incurred in 

connection with the reorganization were 

paid by Robeco Investment 

Management, Inc., applicant’s former 

investment adviser. 

Filing Date: The application was filed 

on November 30, 2011. 

Applicant’s Address: 375 Park Ave., 

32nd floor, New York, NY 10152. 

Keystone High Yield Priority Value 

Fund 

[File No. 811–6149] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. Applicant has 

never made a public offering of its 

securities and does not propose to make 

a public offering or engage in business 

of any kind. 

Filing Date: The application was filed 

on December 7, 2011. 

Applicant’s Address: 200 Berkeley St., 

Boston, MA 02116. 

For the Commission, by the Division of 

Investment Management, pursuant to 

delegated authority. 

Elizabeth M. Murphy, 

Secretary. 

[FR Doc. 2012–46 Filed 1–5–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

29896; 812–13781] 

Cantilever Capital, LLC and Cantilever 

Group, LLC; Notice of Application 

December 29, 2011. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTIONS: Notice of application for an 

order under section 6(c) of the 

Investment Company Act of 1940 (the 

‘‘Act’’) granting an exemption from 

section 12(d)(3) of the Act. 

APPLICANTS: Cantilever Capital, LLC 

(‘‘Cantilever’’ or the ‘‘Company’’) and 

Cantilever Group, LLC (the ‘‘Adviser’’). 

SUMMARY OF APPLICATION: Cantilever, or 

any successor to Cantilever, and the 

Adviser, or any successor to the Adviser 

(each, an ‘‘Applicant’’ and collectively, 

the ‘‘Applicants’’) seek an order under 

section 6(c) of the Act to permit 

Cantilever to acquire the securities of 

various investment managers that each 

derives more than 15% of its gross 

revenues from securities related 

activities as defined in rule 12d3–1(d)(1) 

under the Act, in excess of the 

limitations in rule 12d3–1(b).1

DATES: Filing Dates: The application was 

filed on June 8, 2010, and amended on 

October 18, 2010, and December 5, 

2011. 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 requested relief 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 January 23, 2012, and 

should 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 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 

Commission’s Secretary. 

ADDRESSES: Secretary, Securities and 

Exchange Commission, 100 F Street NE. 

Washington, DC 20549–1090. 

Applicants, c/o Mr. David Ballard, 

Cantilever Capital, LLC, 137 Rowayton 

Ave., Third Floor, Rowayton, CT 06853. 

FOR FURTHER INFORMATION CONTACT: Jean 

E. Minarick, Senior Counsel, at (202) 

551–6811, or Janet M. Grossnickle, 

Assistant Director, at (202) 551–6821 

(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 via the Commission’s 

Web site by searching for the file 

number, or for an applicant using the 

Company name box, at http://www.sec.

gov/search/search.htm, or by calling 

(202) 551–8090. 

Applicants’ Representations 

1. The Company, a Delaware limited 

liability company, intends to operate as 

a non-diversified, closed-end 

management investment company 

under the Act. The Company intends to 

elect to be treated as a business 

development company under section 54 

of the Act on or before June 30, 2014.2

The Adviser is a Delaware limited 

liability company organized to manage 

the Company, which will be the sole 

client of the Adviser, and will not 

engage in any other business. Cantilever 

will invest more than 70% of the total 

value of its assets in securities of private 

companies engaged exclusively in the 

investment management business (each, 

an ‘‘Investment Manager’’), with the 

exception that certain Investment 

Managers may, through affiliates (as 

defined below) or subsidiaries, also 

provide limited broker-dealer services 

in connection with distribution of their 

investment products or as part of a 

wealth management business. 

Applicants expect that more than 15% 

of the revenues of each Investment 

Manager will be from ‘‘securities related 

activities’’ as defined in rule 12d3– 

1(d)(1) under the Act.3

2. Applicants will offer to make 

available to the Investment Managers, 

and if desired by the Investment 

Managers provide, managerial services 

including distribution and marketing 

advice; guidance on industry best 

practices; advice on planning, strategy 

and product development; geographic 

expansion and mergers and 

acquisitions, joint ventures, and liftouts; 

advice on operations, accounting, legal, 

capital structure, human resources and 

compensation, general management and 

industry networking. Neither the 

Applicants nor their affiliates will 

provide any managerial assistance that 

includes any activity involving any 

Investment Manager’s investment 

process or investment decisions. 

3. The Company will provide debt 

capital to Investment Managers, 


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