[Federal Register Volume 65, Number 13 (Thursday, January 20, 2000)]
[Notices]
[Pages 3260-3261]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-1284]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION


Proposed Collection; Comment Request

AGENCY:
Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Filings and Information Services, Washington, DC 
20549.
Extension:
    Rule 498, File No. 270-435, OMB Control No. 3235-0488
    Rule 30a-1, File No. 270-210, OMB Control No. 3235-0219

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange 
Commission (``Commission'') is soliciting comments on the collections 
of information summarized below. The Commission plans to submit these 
existing collections of information to the Office of Management and 
Budget for extension and approval.

Rule 498 Under the Securities Act of 1933, Profiles for Certain 
Open-End Management Investment Companies

    Rule 498 permits open-end management investment companies (or a 
series of an investment company organized as a series company, which 
offers one or more series of shares representing interests in separate 
investment portfolios) (``funds'') to provide investors with a 
``profile'' that contains a summary of key information about a fund, 
including the fund's investment objectives, strategies, risks and 
performance, and fees in standardized format. The profile provides 
investors the option of buying fund shares based on the information in 
the profile or reviewing the fund's prospectus before making an 
investment decision. Investors purchasing shares based on a profile 
receive the fund's prospectus prior to or with confirmation of their 
investment in the fund.
    Consistent with the filing requirement of a fund's prospectus, a 
profile must be filed with the Commission thirty days before first use. 
Such a filing allows the Commission to review the profile for

[[Page 3261]]

compliance with Rule 498. Compliance with the rule's standardized 
format assists investors in evaluating and comparing funds.
    It is estimated that approximately 176 initial profiles and 129 
updated profiles are filed with the Commission annually. The Commission 
estimates that each profile contains on average 1.25 portfolios, 
resulting in 220 portfolios filed annually on initial profiles and 161 
portfolios filed annually on updated profiles. The number of burden 
hours for preparing and filing an initial profile per portfolio is 25. 
The number of burden hours for preparing and filing an updated profile 
per portfolio is 10. The total burden hours for preparing and filing 
initial and updated profiles under Rule 498 is 7,110, representing a 
decrease of 6,640 hours from the prior estimate of 13,750. The 
reduction in burden hours is attributable to the lower number of 
profiles actually prepared and filed as compared to the previous 
estimates.

Rule 30a-1  Under the Investment Company Act of 1940, Annual 
Reports

    Rule 30a-1 (17 CFR 270.30a-1) requires that investment companies 
registered under the Investment Company Act file annual and periodic 
reports with the Commission and send to the Commission copies of their 
reports to shareholders. These requirements are designed to ensure that 
the Commission has enough information in its files to effectively 
monitor the operations of each company and to provide investors with 
the kind of current information that is necessary to detect problems in 
the operations of the company.\1\
---------------------------------------------------------------------------

    \1\ Annual and periodic reports to the Commission become part of 
its public files and, therefore, are available for use by 
prospective investors and shareholders.
---------------------------------------------------------------------------

    There is no burden associated with complying with Rule 30a-1. The 
respondent's reporting burdens and cost burden under Rule 30a-1 is 
associated with Form N-SAR. Those burdens and costs are discussed in 
the submission for Form N-SAR.
    The estimates of average burden hours 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 
Commission rules and forms.
    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility, (b) the accuracy of the agency's estimate of 
the burden of the collection of information; (c) ways to enhance the 
quality, utility, ad clarity of the information collected; and (d) ways 
to minimize the burden of the collection of information on respondents, 
including through the use of automated collection techniques or other 
forms of information technology. Consideration will be given to 
comments and suggestions submitted in writing within 60 days of this 
publication.
    Please direct your written comments to Michael E. Bartell, 
Associate Executive Director, Office of Information Technology, 
Securities and Exchange Commission, 450 Fifth Street, NW, Washington, 
DC 20549.

    Dated: January 11, 2000.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-1284 Filed 1-19-00; 8:45 am]
BILLING CODE 8010-01-M