34330 Federal Register / Vol. 87, No. 108 / Monday, June 6, 2022 / Notices 

1 15 U.S.C. 80a–1 et seq. 

2 15 U.S.C. 80a–29(b). 

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] 

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 

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: 

timothy.cormier@ropesgray.com. 

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: 

timothy.cormier@ropesgray.com. 

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: 

timothy.cormier@ropesgray.com. 

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 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 87, No. 108 / Monday, June 6, 2022 / Notices 34331 

3 17 CFR 270.2a–7. 

4 17 CFR 274.201. 

5 17 CFR 270.30b1–7. 

6This 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. 

7This 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. 

8The 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. 

9We 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. 

10This estimate is based on the following 

calculation: 12 filings per year × 13 burden hours 

per filing = 156 burden hours per year. 

11This 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. 

12These 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. 

13The 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. 

14This estimate is based on the following 

calculation: 12 filings per year × 9 burden hours per 

filing = 108 burden hours per year. 

15This 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. 

16These 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. 

17This 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. 

18This estimate is based on the following 

calculation: $6,319,950 (in-house filers) + 

$6,319,950 (filers using a service provider) = 

$14,385,475. 

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 

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 

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 


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34332 Federal Register / Vol. 87, No. 108 / Monday, June 6, 2022 / Notices 

19This 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. 

1Prevention 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)). 

2Personal 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)). 

4Rule 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 

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). 

5A ‘‘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). 

6Rule 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 

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: PRA_Mailbox@sec.gov. 

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 

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 

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 

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) 


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