[Federal Register Volume 60, Number 146 (Monday, July 31, 1995)]
[Notices]
[Pages 39028-39029]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-18667]



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SECURITIES AND EXCHANGE COMMISSION

Forms Under Review by the 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, 450 Fifth 
Street, N.W., Washington, D.C. 20549
Approval; Amendments to:
    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 third parties in exchange for allocation of fund 
brokerage or use of fund assets.
    The amendment to regulation S-X requires funds to include in their 
statements of operations the amount of any expenses paid by third 
parties in exchange for allocation of fund brokerage or use of fund 
assets. The amendments to Form N-1A, Form N-2, Form N-3 and Form N-4 
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 part, to calculate fund yield. The change in burden associated with 
these amendments will be reflected in the burdens associated with the 
various forms to be amended.
    It is estimated that 300 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, 750 funds that file on Form N-1A will each incur 2.0 
additional burden hours, and 1,950 funds that file on Form N-1A will 
each incur 1.0 additional burden hour. It is estimated that 12 funds 
that file on Form N-2 will each incur 2.5 burden hours in addition to 
the time currently required to 

[[Page 39029]]

complete the Form, 31 funds that file on

Form N-2 will each incur 1.5 additional

burden hours, and 82 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, while 13 funds that file on

Form N-3 will each incur 1.0 additional

burden hour. Finally, it is estimated that

28 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, while 72 funds that file on

Form N-4 will each incur 1.0 additional

burden hour.
    The estimates of burden hours set

forth above are made solely for the

purposes of the Paperwork Reduction

Act and are not derived from a

comprehensive or even representative

survey or study of the cost of SEC rules

and forms.

    General comments may be directed to

the OMB Clearance Officer for the

Securities and Exchange Commission at

the address below. Comments

concerning the accuracy of the

estimated average burden hours for

compliance with Commission rules and

forms should be directed to Michael E.

Bartell, Associate Executive Director,

Securities and Exchange Commission,

450 Fifth Street, N.W., Washington, D.C.

20549, and to the Securities and

Exchange Commission's Clearance

Officer, Office of Information and

Regulatory Affairs, Paperwork

Reduction Act numbers 3235-0009 (for

Regulation S-X), 3235-0307 (for Form

N-1A), 3235-0026 (for Form N-2),

3235-0316 (for Form N-3), and 3235-

0318 (for Form N-4), Office of

Management and Budget, Room 3228,

New Executive Office Building,

Washington, D.C. 20543.

    Dated: July 21, 1995.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95-18667 Filed 7-28-95; 8:45 am]

BILLING CODE 8010-01-M