[Federal Register Volume 59, Number 172 (Wednesday, September 7, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-21933]


[[Page Unknown]]

[Federal Register: September 7, 1994]


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SECURITIES AND EXCHANGE COMMISSION
 

Forms Under Review by the Office of Management and Budget

    Acting Agency Clearance Officer: David T. Copenhafer, (202) 942-
8800.
    Upon Written Request, Copy Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, 450 Fifth 
Street, NW., Washington, D.C. 20549.

Proposed Amendments

Regulation S-X--File No. 270-3
Form N-1A--File No. 270-21
Form N-2--File No. 270-21
Form N-3--File No. 270-281
Form N-4--File No. 270-282

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1980 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission has submitted for OMB approval amendments to Regulation S-X 
under the Securities Act of 1933 (the ``1933 Act'') and Form N-1A, Form 
N-2, Form N-3, and Form N-4 under the 1933 Act and the Investment 
Company Act of 1940 (the ``1940 Act''). The amendments pertain to the 
disclosure of investment company (``funds'') expenses when such 
expenses are paid by broker-dealers in exchange for the direction of 
the fund's brokerage transactions to the broker-dealer.
    The proposed amendment to Regulation S-X would require funds to 
include in their statements of operations the amount of any expense 
that would have been paid had a broker-dealer not paid the expense, in 
whole or in part, in exchange for fund brokerage. The proposed 
amendments to Form N-1A, Form N-2, Form N-3 and Form N-4 would require 
that this ``total expense'' figure also be set forth in the fee table 
and financial highlights table in fund prospectuses and be used in the 
calculation of fund yield. The change in burden associated with these 
amendments will be reflected in the burdens associated with the various 
forms proposed to be amended.
    It is estimated that 270 funds that file on Form N-1A will each 
incur 3.0 burden hours in addition to the time currently required to 
complete the Form, while 2,430 funds that file on Form N-1A will each 
incur 1.0 additional burden hour. It is estimated that twelve funds 
that file on Form N-2 will each incur 2.5 burden hours in addition to 
the time currently required to complete the Form, while 113 funds that 
file on Form N-2 will each incur 1.0 additional burden hour. It is 
estimated that five funds that file on Form N-3 will each incur 1.5 
burden hours in addition to the time currently required to complete 
Form N-3. Finally, it is estimated that twenty-eight funds that file on 
Form N-4 will each incur 1.5 burden hours in addition to the time 
currently required to complete Form N-4.
    Direct general comments to the Desk Officer for the Securities and 
Exchange Commission at the address below. Direct any comments 
concerning the accuracy of the estimated average burden hours for 
compliance with the Commission rules and forms to David T. Copenhafer, 
Acting Director, Office of Information Technology, Securities and 
Exchange Commission, 450 Fifth Street, NW., Washington, D.C. 20549 and 
Desk Officer for the Securities and Exchange Commission. (Project 
Numbers 3235-0009, 3235-0307, 3235-0026, 3235-0316, and 3235-0318), 
Office of Management and Budget, Room 3208, New Executive Office 
Building, Washington, D.C. 20503.

    Dated: August 29, 1994.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-21933 Filed 9-6-94; 8:45 am]
BILLING CODE 8010-01-M