[Federal Register Volume 65, Number 58 (Friday, March 24, 2000)]
[Notices]
[Pages 15928-15929]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-7306]


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

SECURITIES AND EXCHANGE COMMISSION


Submission for OMB Review; Comment Request

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'') has submitted to the Office of Management 
and Budget requests for extension on the previously approved 
collections of information discussed below.

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

    Rule 498 (17 CFR 230.498) 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 a 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 
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.
    The collection of information under Rule 498 is voluntary. The 
information provided by Rule 498 is not kept confidential.

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 burden 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 collection of information under Rule 30a-1 is mandatory. The 
information provided by Rule 30a-1 is not kept confidential.
    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.
    The Commission may not conduct or sponsor, and a person is not 
required to respond to, a collection of information

[[Page 15929]]

unless it displays a currently valid OMB control number.
    General comments regarding the above information should be directed 
to the following persons: (i) Desk Officer for the Securities and 
Exchange Commission, Office of Information and Regulatory Affairs, 
Office of Management and Budget, Room 10102, New Executive Office 
Building, Washington, DC 20503; and (ii) Michael E. Bartell, Associate 
Executive Director, Office of Information Technology, Securities and 
Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549. 
Comments must be submitted to OMB within 30 days of this notice.

    Dated: March 20, 2000.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-7306 Filed 3-23-00; 8:45 am]
BILLING CODE 8010-01-M