63178 Federal Register / Vol. 79, No. 204 / Wednesday, October 22, 2014 / Notices 

1Notice of United States Postal Service of Prices 

Under Functionally Equivalent International 

Business Reply Service Competitive Contract 3 

Negotiated Service Agreement, October 15, 2014 

(Notice). 

The Postal Service states that the 

intended effective date of Modification 

One is December 1, 2014; asserts that it 

is providing more than the 45 days 

advance notice required under 39 CFR 

3010.41; and identifies the parties to 

Modification One as the United States 

Postal Service and Korea Post, the postal 

operator for Korea. Id. at 3–4. 

Reporting requirements. In lieu of the 

detailed data collection plan required by 

rule 3010.43, the Postal Service 

proposes to report information on 

Modification One through the Annual 

Compliance Report. Id at 6. The Postal 

Service also invokes, with respect to 

service performance measurement 

reporting under rule 3055.3(a)(3), the 

standing exception in Order No. 996 for 

all agreements filed in the Foreign 

Postal Operators 1 product grouping. Id. 

Consistency with applicable statutory 

criteria. The Postal Service recites the 

three criteria for Commission review in 

39 U.S.C. 3622 and asserts that it 

addresses the two it considers pertinent 

to this filing (concerning whether the 

modification improves the Postal 

Service’s net financial position (or 

enhances the performance of 

operational functions) and will not 

cause unreasonable harm to the 

marketplace). The Postal Service asserts 

that the third criterion (available on 

public and reasonable terms to similarly 

situated mailers) is not applicable. Id. at 

6–7. 

Functional equivalence. The Postal 

Service addresses reasons why it 

considers the modification functionally 

equivalent to the baseline China Post 

Agreement, notwithstanding 

acknowledgement and identification of 

similarities and differences. Id. at 8–10. 

The Postal Service asserts that it does 

not consider that the specified 

differences detract from the conclusion 

that Modification One is functionally 

equivalent to the baseline China Post 

Agreement. Id. at 10. 

IV. Commission Action 

The Commission, in conformance 

with rule 3010.44, establishes Docket 

No. R2015–1 to consider issues raised 

by the Notice. The Commission invites 

comments from interested persons on 

whether Modification One is consistent 

with 39 U.S.C. 3622 and the 

requirements of 39 CFR part 3040. 

Comments are due no later than October 

24, 2014. The public portions of this 

filing can be accessed via the 

Commission’s Web site (http://

www.prc.gov). Information on how to 

obtain access to non-public material 

appears in 39 CFR part 3007. 

The Commission appoints John P. 

Klingenberg to serve as Public 

Representative in this docket. 

V. Ordering Paragraphs 

It is ordered: 

1. The Commission establishes Docket 

No. R2015–1 for consideration of 

matters raised by the Postal Service’s 

Notice. 

2. Pursuant to 39 U.S.C. 505, John P. 

Klingenberg is appointed to serve as an 

officer of the Commission (Public 

Representative) to represent the 

interests of the general public in this 

proceeding. 

3. Comments by interested persons in 

this proceeding are due no later than 

October 24, 2014. 

4. The Secretary shall arrange for 

publication of this order in the Federal 

Register. 

By the Commission. 

Shoshana M. Grove, 

Secretary. 

[FR Doc. 2014–25056 Filed 10–21–14; 8:45 am] 

BILLING CODE 7710–FW–P 

POSTAL REGULATORY COMMISSION 

[Docket Nos. CP2013–58; Order No. 2215] 

New Postal Product 

AGENCY: Postal Regulatory Commission. 

ACTION: Notice. 

SUMMARY: The Commission is noticing a 

recent Postal Service filing concerning 

the contingency prices pursuant to an 

existing International Business Reply 

Service (IBRS) Competitive 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 23, 

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 15, 2014, the Postal 

Service filed notice that it has 

established contingency prices pursuant 

to an existing, albeit expired, 

International Business Reply Service 

(IBRS) Competitive Contract 3 

negotiated service agreement.1

In support of its Notice, the Postal 

Service includes four attachments: A 

redacted copy of the notice to the 

customer of the contingency prices 

(Attachment 1), a certification of 

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

(Attachment 2), a redacted copy of 

Governors’ Decision No. 08–24 

(Attachment 3), and an application for 

non-public treatment of certain 

materials (Attachment 4). It also 

includes supporting financial 

workpapers. 

The Postal Service intends for the 

contingency prices in Attachment 1 to 

become effective November 1, 2014. Id. 

at 3; Id. Attachment 1 at 1. 

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 23, 2014. The 

public portions of the filing can be 

accessed via the Commission’s Web site 

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

The Commission appoints Cassie 

D’Souza to serve as Public 

Representative in this docket. 

III. Ordering Paragraphs 

It is ordered: 

1. The Commission reopens Docket 

No. CP2013–58 for consideration of the 

matters raised by the Postal Service’s 

Notice. 

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

D’Souza 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 by interested persons in 

these proceedings are due no later than 

October 23, 2014. 

4. The Secretary shall arrange for 

publication of this order in the Federal 

Register. 

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Federal Register / Vol. 79, No. 204 / Wednesday, October 22, 2014 / Notices 63179 

1The only registered closed-end investment 

company that currently intends to rely on the order 

has been named as an applicant. Applicants request 

that the order also apply to each other registered 

closed-end investment company advised or to be 

advised in the future by ALPS or by an entity 

controlling, controlled by, or under common 

control (within the meaning of section 2(a)(9) of the 

Act) with ALPS (including any successor in 

interest) (each such entity, including ALPS, the 

‘‘Adviser’’) that in the future seeks to rely on the 

order (such investment companies, together with 

PGZ, are collectively, the ‘‘Funds’’ and 

individually, a ‘‘Fund’’). Any Fund that relies on 

the order in the future will comply with the terms 

and conditions of the application. A successor in 

interest is limited to entities that result from a 

reorganization into another jurisdiction or a change 

in the type of business organization. 

2Any investment adviser to a Fund will be 

registered under the Advisers Act. 

By the Commission. 

Shoshana M. Grove, 

Secretary. 

[FR Doc. 2014–25014 Filed 10–21–14; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

31290; File No. 812–14295] 

Principal Real Estate Income Fund and 

ALPS Advisors, Inc.; Notice of 

Application 

October 16, 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 19(b) of the Act and rule 

19b–1 under the Act. 

APPLICANTS: Principal Real Estate 

Income Fund (‘‘PGZ’’) and Alps 

Advisors, Inc. (‘‘ALPS’’). 

SUMMARY: Summary of Application: 

Applicants request an order to permit 

certain registered closed-end investment 

companies to make periodic 

distributions of long-term capital gains 

with respect to their outstanding 

common shares as frequently as twelve 

times in any one taxable year, and as 

frequently as distributions are specified 

by or in accordance with the terms of 

any outstanding preferred shares that 

the investment companies may issue. 

DATES: Filing Dates: The application was 

filed on April 2, 2014, and amended on 

August 14, 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 10, 2014 and 

should be accompanied by proof of 

service on 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: ALPS Fund Services, Inc., 

1290 Broadway, Suite 1100, Denver, CO 

80203. 

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 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. PGZ is registered as a closed-end 

management investment company 

organized as a Delaware statutory trust.1

The common shares of PGZ are listed 

and traded on the New York Stock 

Exchange. The investment objective of 

PGZ is high current income, with a 

secondary objective of capital 

appreciation. Applicants represent that, 

under normal market conditions, PGZ 

invests at least 80% of its total assets in 

commercial real estate securities, 

primarily consisting of commercial 

mortgage backed securities and other 

U.S. and non-U.S. real estate-related 

securities (primarily real estate 

investment trusts (‘‘REITs’’)). Although 

PGZ does not currently intend to issue 

preferred shares, applicants state that 

the board of trustees (‘‘Board’’) of PGZ 

may authorize the issuance of preferred 

shares in the future. 

2. The Adviser, a corporation 

organized under the laws of the State of 

Colorado, is registered as an investment 

adviser under the Investment Advisers 

Act of 1940 (the ‘‘Advisers Act’’).2

Principal Real Estate Investors, LLC, a 

limited liability company organized 

under the laws of the State of Delaware, 

is registered as an investment adviser 

under the Advisers Act and is the subadviser to PGZ. Any sub-adviser to a 

Fund will be registered as an investment 

adviser under the Advisers Act or not 

subject to registration. 

3. Applicants state that prior to the 

Fund’s implementing a distribution 

policy (‘‘Distribution Policy’’) in 

reliance on the order, the Board, 

including a majority of the trustees who 

are not ‘‘interested persons’’ of the 

Fund, as defined in section 2(a)(19) of 

the Act (the ‘‘Independent Trustees’’), 

will request, and the Adviser will 

provide, the information as is 

reasonably necessary to make an 

informed determination of whether the 

Board should adopt a proposed 

Distribution Policy. In particular, the 

Board and the Independent Trustees 

will review information regarding the 

purpose and terms of the Distribution 

Policy; the likely effects of the policy on 

the Fund’s long-term total return (in 

relation to market price and its net asset 

value per common share (‘‘NAV’’)); the 

expected relationship between the 

Fund’s distribution rate on its common 

shares under the policy and the Fund’s 

total return (in relation to NAV); 

whether the rate of distribution would 

exceed the Fund’s expected total return 

in relation to its NAV; and any 

reasonably foreseeable material effects 

of the policy on the Fund’s long-term 

total return (in relation to market price 

and NAV). The Independent Trustees 

also will consider what conflicts of 

interest the Adviser and the affiliated 

persons of the Adviser and the Fund 

might have with respect to the adoption 

or implementation of the Distribution 

Policy. Applicants state that only after 

considering the information will the 

Board, including the Independent 

Trustees, approve a Distribution Policy 

and, in connection with the approval, 

will determine that the Distribution 

Policy is consistent with the Fund’s 

investment objectives and in the best 

interests of the Fund’s common 

shareholders. 

1. Applicants state that the purpose of 

a Distribution Policy, generally, would 

be to permit a Fund to distribute over 

the course of each year, through 

periodic distributions in relatively equal 

amounts (plus any required special 

distributions) that are composed of 

payments received from portfolio 

holdings, supplemental amounts 

generally representing capital gains or, 

possibly, returns of capital that may 

represent unrealized capital gains. The 

Fund seeks to establish a distribution 

rate that approximates the Fund’s 

projected total return that can 

reasonably be expected to be generated 

by the Fund over an extended period of 

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