64234 Federal Register / Vol. 79, No. 208 / Tuesday, October 28, 2014 / Notices 

1Request of the United States Postal Service to 

Add Priority Mail Express & Priority Mail Contract 

16 to Competitive Product List and Notice of Filing 

(Under Seal) of Unredacted Governors’ Decision, 

Contract, and Supporting Data, October 21, 2014 

(Request). 

1Notice of United States Postal Service of Change 

in Prices Pursuant to Amendment to Parcel Select 

& Parcel Return Service Contract 3, October 20, 

2014 (Notice). 

DATES: Comments are due: October 29, 

2014. 

ADDRESSES: Submit comments 

electronically via the Commission’s 

Filing Online system at http://

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 

I. Introduction 

II. Notice of Commission Action 

III. Ordering Paragraphs 

I. Introduction 

In accordance with 39 U.S.C. 3642 

and 39 CFR 3020.30 et seq., the Postal 

Service filed a formal request and 

associated supporting information to 

add Priority Mail Express & Priority 

Mail Contract 16 to the competitive 

product list.1

The Postal Service 

contemporaneously filed a redacted 

contract related to the proposed new 

product under 39 U.S.C. 3632(b)(3) and 

39 CFR 3015.5. Id. Attachment B. 

To support its Request, the Postal 

Service filed a copy of the contract, a 

copy of the Governors’ Decision 

authorizing the product, proposed 

changes to the Mail Classification 

Schedule, a Statement of Supporting 

Justification, a certification of 

compliance with 39 U.S.C. 3633(a), and 

an application for non-public treatment 

of certain materials. It also filed 

supporting financial workpapers. 

II. Notice of Commission Action 

The Commission establishes Docket 

Nos. MC2015–2 and CP2015–4 to 

consider the Request pertaining to the 

proposed Priority Mail Express & 

Priority Mail Contract 16 product and 

the related contract, respectively. 

The Commission invites comments on 

whether the Postal Service’s filings in 

the captioned dockets are consistent 

with the policies of 39 U.S.C. 3632, 

3633, or 3642, 39 CFR part 3015, and 39 

CFR part 3020, subpart B. Comments are 

due no later than October 29, 2014. The 

public portions of these filings can be 

accessed via the Commission’s Web site 

(http://www.prc.gov). 

The Commission appoints Curtis E. 

Kidd to serve as Public Representative 

in these dockets. 

III. Ordering Paragraphs 

It is ordered: 

1. The Commission establishes Docket 

Nos. MC2015–2 and CP2015–4 to 

consider the matters raised in each 

docket. 

2. Pursuant to 39 U.S.C. 505, Curtis E. 

Kidd is appointed to serve as an officer 

of the Commission to represent the 

interests of the general public in these 

proceedings (Public Representative). 

3. Comments are due no later than 

October 29, 2014. 

4. The Secretary shall arrange for 

publication of this order in the Federal 

Register. 

By the Commission. 

Shoshana M. Grove, 

Secretary. 

[FR Doc. 2014–25496 Filed 10–27–14; 8:45 am] 

BILLING CODE 7710–FW–P 

POSTAL REGULATORY COMMISSION 

[Docket Nos. CP2012–22; Order No. 2219] 

Amendment to Postal Product 

AGENCY: Postal Regulatory Commission. 

ACTION: Notice. 

SUMMARY: The Commission is noticing a 

recent Postal Service filing concerning 

amending the existing Parcel Select & 

Parcel Return Service Contract 3 

negotiated service agreement. This 

notice informs the public of the filing, 

invites public comment, and takes other 

administrative steps. 

DATES: Comments are due: October 29, 

2014. 

ADDRESSES: Submit comments 

electronically via the Commission’s 

Filing Online system at http://

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 

I. Introduction 

II. Notice of Filings 

III. Ordering Paragraphs 

I. Introduction 

On October 20, 2014, the Postal 

Service filed notice that it has agreed to 

an Amendment to the existing Parcel 

Select & Parcel Return Service Contract 

3 negotiated service agreement 

approved in this docket.1 In support of 

its Notice, the Postal Service includes a 

redacted copy of the Amendment and a 

certification of compliance with 39 

U.S.C. 3633(a), as required by 39 CFR 

3015.5. 

The Postal Service also filed the 

unredacted Amendment and supporting 

financial information under seal. The 

Postal Service seeks to incorporate by 

reference the Application for NonPublic Treatment originally filed in this 

docket for the protection of information 

that it has filed under seal. Id. 

The Amendment seeks to adjust 

prices and terms contained in the Parcel 

Select & Parcel Return Service Contract 

3 in a manner contemplated in and 

consistent with the original contract’s 

terms, which account for changes in 

costs while maintaining the contract’s 

ability to meet the requirements of 39 

U.S.C. 3633(a). Specifically, the 

Amendment revises the contract terms 

to include certain Parcel Select Service 

destination sectional center facility 

(DSCF) 3-digit and other pieces, 

resulting in a modification of contract 

rates in accordance with the annual 

adjustment calculations (of Table 1a in 

section I.D., and section I.E.). Id. 

Attachment A at 1–3. 

The Postal Service intends for the 

Amendment to become effective one 

business day after the date that the 

Commission completes its review of the 

Notice. Id. The Postal Service asserts 

that the Amendment will not impair the 

ability of the contract to comply with 39 

U.S.C. 3633. Id. Attachment B. 

II. Notice of Filings 

The Commission invites comments on 

whether the changes presented in the 

Postal Service’s Notice are consistent 

with the policies of 39 U.S.C. 3632, 

3633, or 3642, 39 CFR 3015.5, and 39 

CFR part 3020, subpart B. Comments are 

due no later than October 29, 2014. The 

public portions of these filings can be 

accessed via the Commission’s Web site 

(http://www.prc.gov). 

The Commission appoints James F. 

Callow to represent the interests of the 

general public (Public Representative) 

in this docket. 

III. Ordering Paragraphs 

It is ordered: 

1. The Commission reopens Docket 

No. CP2012–22 for consideration of 

matters raised by the Postal Service’s 

Notice. 


asabaliauskas on DSK4SPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 208 / Tuesday, October 28, 2014 / Notices 64235 

1Applicants request relief with respect to any 

existing and any future series of the Trust or any 

other registered open-end management company 

that: (a) Is advised by the Adviser or its successor 

or by a person controlling, controlled by, or under 

common control with the Adviser or its successor 

(each, also an ‘‘Adviser’’); (b) uses the manager of 

managers structure described in the application 

(‘‘Manager of Managers Structure’’); and (c) 

complies with the terms and conditions of the 

requested order (any such series, a ‘‘Fund’’ and 

collectively, the ‘‘Funds’’). The only existing 

registered open-end management investment 

company that currently intends to rely on the 

requested order is named as an applicant, and the 

only series that currently intends to rely on the 

requested order as a Fund is the Angel Oak Flexible 

Income Fund (‘‘Initial Fund’’). For purposes of the 

requested order, ‘‘successor’’ is limited to an entity 

that results from a reorganization into another 

jurisdiction or a change in the type of business 

organization. If the name of any Fund contains the 

name of a Sub-Adviser (as defined below), that 

name will be preceded by the name of the Adviser. 

2 ‘‘Advisory Agreement’’ includes advisory 

agreements with an Adviser for the Initial Fund and 

any future Funds. 

3Each Sub-Adviser will be an investment adviser 

as defined in section 2(a)(20) of the Act and 

registered, or not subject to registration, under the 

Advisers Act. 

2. Pursuant to 39 U.S.C. 505, the 

Commission appoints James F. Callow 

to serve as an officer of the Commission 

(Public Representative) to represent the 

interests of the general public in this 

proceeding. 

3. Comments are due no later than 

October 29, 2014. 

4. The Secretary shall arrange for 

publication of this order in the Federal 

Register. 

By the Commission. 

Shoshana M. Grove, 

Secretary. 

[FR Doc. 2014–25495 Filed 10–27–14; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

31302; 812–14332] 

Angel Oak Funds Trust and Angel Oak 

Capital Advisors, LLC; Notice of 

Application 

October 22, 2014. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice of an application under 

section 6(c) of the Investment Company 

Act of 1940 (‘‘Act’’) for an exemption 

from section 15(a) of the Act and rule 

18f–2 under the Act, as well as from 

certain disclosure requirements. 

Summary of Application: Applicants 

request an order that would permit 

them to enter into and materially 

amend sub-advisory agreements 

(‘‘Sub-Advisory Agreements’’) 

without shareholder approval and 

that would grant relief from certain 

disclosure requirements. 

Applicants: Angel Oak Funds Trust (the 

‘‘Trust’’) and Angel Oak Capital 

Advisors, LLC (the ‘‘Adviser’’). 

Filing Dates: The application was filed 

July 15, 2014. 

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 

November 17, 2014, 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, U.S. Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

Applicants, One Buckhead Plaza, 3060 

Peachtree Road NW., Suite 500, Atlanta, 

GA 30305. 

FOR FURTHER INFORMATION CONTACT: 

Courtney S. Thornton, Senior Counsel, 

at (202) 551–6812, or David P. Bartels, 

Branch Chief, at (202) 551–6821 

(Division of Investment Management, 

Chief Counsel’s Office). 

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 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 Trust, a Delaware statutory 

trust, is registered under the Act as an 

open-end management investment 

company. The Trust is organized as a 

series trust and currently consists of one 

series.1

2. The Adviser is a limited liability 

company organized under Delaware 

law. The Adviser is, and any future 

Adviser will be, registered as an 

investment adviser under the 

Investment Advisers Act of 1940 

(‘‘Advisers Act’’). The Adviser will 

serve as the investment adviser to the 

Initial Fund pursuant to an investment 

advisory agreement with the Trust (the 

‘‘Advisory Agreement’’).2 The Advisory 

Agreement was or will have been 

approved by a Fund’s board of trustees 

(the ‘‘Board’’), including a majority of 

the trustees who are not ‘‘interested 

persons,’’ as defined in section 2(a)(19) 

of the Act, of the Trust, the Fund, or the 

Adviser (‘‘Independent Trustees’’), and 

by the Fund’s shareholders in the 

manner required by sections 15(a) and 

15(c) of the Act and rule 18f–2 under 

the Act. The terms of the Advisory 

Agreement will comply with section 

15(a) of the Act. Applicants are not 

seeking any exemption from the 

provisions of the Act with respect to the 

Advisory Agreement. 

3. Under the terms of the Advisory 

Agreement, the Adviser will provide a 

Fund with overall investment 

management services and will 

continuously review, supervise and 

administer each Fund’s investment 

program, subject to the supervision of, 

and policies established by the Board. 

For the investment management 

services it will provide to a Fund, the 

Adviser will receive the fee specified in 

the Advisory Agreement from that Fund 

based on the average daily net assets of 

the Fund. 

4. The Advisory Agreement will 

permit the Adviser, subject to the 

approval of the Board, to delegate 

certain responsibilities to one or more 

sub-advisers (‘‘Sub-Advisers’’).3 The 

Adviser currently intends to delegate 

certain day-to-day portfolio 

management responsibilities for all or a 

portion of the assets of a Fund to one 

or more Sub-Advisers, subject to the 

approval of the Board. The Adviser will 

evaluate, allocate assets to, and oversee 

the Sub-Advisers, and will make 

recommendations about their hiring, 

termination and replacement to the 

Board, at all times subject to the 

authority of the Board. The Adviser will 

compensate the Sub-Advisers out of the 

advisory fee paid by the Funds to the 

Adviser under the Advisory Agreement. 

5. Applicants request an order to 

permit the Adviser, subject to Board 

approval, to select certain Sub-Advisers 

to manage all or a portion of the assets 

of a Fund or Funds pursuant to a SubAdvisory Agreement, and materially 

amend existing Sub-Advisory 

Agreements without obtaining 

shareholder approval. The requested 

relief will not extend to any SubAdviser that is an affiliated person, as 

defined in section 2(a)(3) of the Act, of 

the Trust, a Fund, or the Adviser, other 

than by reason of serving as a subadviser to one or more of the Funds 

(‘‘Affiliated Sub-Adviser’’). 


asabaliauskas on DSK4SPTVN1PROD with NOTICES