[Federal Register Volume 60, Number 106 (Friday, June 2, 1995)]
[Notices]
[Page 28815]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-13535]



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SECURITIES AND EXCHANGE COMMISSION

Under Review by Office of Management and Budget

Agency Clearance Officer: Michael E. Bartell, (202) 942-8800
Upon Written Request, Copy Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, Washington, DC 
20549
Extension:

Rule 23c-3, File No. 270-373

    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 (the ``SEC'') has submitted for extension of OMB approval 
Rule 23c-3 under the Investment Company Act of 1940 [17 CFR 270.23c-3].
    Rule 23c-3 permits closed-end management investment companies to 
make periodic repurchase offers to shareholders at net asset value. 
These repurchases are exempt from the disclosure and filing 
requirements of the tender offer rules under the Securities Exchange 
Act of 1934. Rule 23c-3 requires closed-end funds making repurchase 
offers to give shareholders before each offer a notification containing 
specified information, to file three copies of the notification with 
the Commission, to describe the fund's repurchase policy and the 
results of recent repurchase offers in the annual report to 
shareholders, and to cause fund directors to adopt and maintain written 
procedures designed to preserve a sufficiently liquid investment 
portfolio. An estimated 10 respondents together incur 320 burden hours 
annually to comply with the requirements, under new estimates 
reflecting a program change and an adjustment.
    In addition, closed-end funds relying on the rule must file copies 
of advertisements and other sales literature with the Commission unless 
already filed with the National Association of Securities Dealers 
(NASD). Respondents generally incur no burden hours to comply with this 
requirement because each fund's principal underwriter must comply with 
separate NASD rules requiring the filing of such materials with the 
NASD.
    Direct general comments to the OMB Clearance 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 SEC rules or forms to Michael E. Bartell, Associate 
Executive Director, Office of Information Technology, Securities and 
Exchange Commission, 450 Fifth Street, NW., Washington, DC 20549 and to 
OMB Clearance Officer for the Securities and Exchange Commission, 
Office of Information and Regulatory Affairs, Paperwork Reduction Act 
Number 3235-0422, Office of Management and Budget, Room 3208, New 
Executive Office Building, Washington, DC 20543.

    Dated: May 22, 1995.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 95-13535 Filed 6-1-95; 8:45 am]
BILLING CODE 8010-01-M