Federal Register / Vol. 77, No. 76 / Thursday, April 19, 2012 / Notices 23519 

1Based on statistics compiled by Commission 

staff, we estimate that there are approximately 3479 

funds that must comply with the collections of 

information under rule 17g–1 and have made a 

filing within the last 12 months. 

Filings With the Commission 

Upon the execution of a fidelity bond 

or any amendment thereto, a fund must 

file with the Commission within 10 

days a copy of the executed bond or any 

amendment to the bond, the 

independent directors’ resolution 

approving the bond, and a statement as 

to the period for which premiums have 

been paid on the bond. In the case of a 

joint insured bond, a fund must also file 

(i) a statement showing the amount the 

fund would have been required to 

maintain under the rule if it were 

insured under a single insured bond and 

(ii) the agreement between the fund and 

all other insured parties regarding 

recovery under the bond. A fund must 

also notify the Commission in writing 

within five days of any claim or 

settlement on a claim under the fidelity 

bond. 

Notices to Directors 

A fund must notify by registered mail 

each member of its board of directors of 

(i) any cancellation, termination, or 

modification of the fidelity bond at least 

45 days prior to the effective date, and 

(ii) the filing or settlement of any claim 

under the fidelity bond when 

notification is filed with the 

Commission. 

Rule 17g–1’s independent directors’ 

annual review requirements, fidelity 

bond content requirements, joint bond 

agreement requirement and the required 

notices to directors are designed to 

ensure the safety of fund assets against 

losses due to the conduct of persons 

who may obtain access to those assets. 

These requirements also facilitate 

oversight of a fund’s fidelity bond. The 

rule’s required filings with the 

Commission are designed to assist the 

Commission in monitoring funds’ 

compliance with the fidelity bond 

requirements. 

Based on conversations with 

representatives in the fund industry, the 

Commission staff estimates that for each 

of the estimated 3479 active funds,1 the 

average annual paperwork burden 

associated with rule 17g–1’s 

requirements is two hours, one hour 

each for a compliance attorney and the 

board of directors as a whole. The time 

spent by compliance attorney includes 

time spent filing reports with the 

Commission for any fidelity losses (if 

any) as well as paperwork associated 

with any notices to directors, and 

managing any updates to the bond and 

the joint agreement (if one exists). The 

time spent by the board of directors as 

a whole includes any time spent 

initially establishing the bond, as well 

as time spent on annual updates and 

approvals. The Commission staff 

therefore estimates the total ongoing 

paperwork burden hours per year for all 

funds required by rule 17g–1 to be 6958 

hours (3479 funds × 2 hours = 6958 

hours). 

These estimates of average burden 

hours are made solely for the purposes 

of the Paperwork Reduction Act. These 

estimates are not derived from a 

comprehensive or even a representative 

survey or study of Commission rules. 

The collection of information required 

by Rule 17g–1 is mandatory and will not 

be kept confidential. An agency may not 

conduct or sponsor, and a person is not 

required to respond to, a collection of 

information unless it displays a 

currently valid control number. 

The public may view the background 

documentation for this information 

collection at the following Web site, 

www.reginfo.gov. Comments should be 

directed to: (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, 

or by sending an email to: 

Shagufta_Ahmed@omb.eop.gov; and (ii) 

Thomas Bayer, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, 

Alexandria, VA 22312 or send an email 

to: PRA_Mailbox@sec.gov. Comments 

must be submitted to OMB within 30 

days of this notice. 

Dated: April 13, 2012. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–9414 Filed 4–18–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of Investor 

Education and Advocacy, 

Washington, DC 20549–0213. 

Extension: 

Rule 35d–1; SEC File No. 270–491; OMB 

Control No. 3235–0548. 

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 (the 

‘‘Commission’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for extension of the 

previously approved collection of 

information discussed below. 

Rule 35d–1 (17 CFR 270.35d–1) under 

the Investment Company Act of 1940 

(15 U.S.C. 80a–1 et seq.) defines as 

‘‘materially deceptive and misleading’’ 

for purposes of Section 35(d), among 

other things, a name suggesting that a 

registered investment company or series 

thereof (a ‘‘fund’’) focuses its 

investments in a particular type of 

investment or investments, in 

investments in a particular industry or 

group of industries, or in investments in 

a particular country or geographic 

region, unless, among other things, the 

fund adopts a certain investment policy. 

Rule 35d–1 further requires either that 

the investment policy is fundamental or 

that the fund has adopted a policy to 

provide its shareholders with at least 60 

days prior notice of any change in the 

investment policy (‘‘notice to 

shareholders’’). The rule’s notice to 

shareholders provision is intended to 

ensure that when shareholders purchase 

shares in a fund based, at least in part, 

on its name, and with the expectation 

that it will follow the investment policy 

suggested by that name, they will have 

sufficient time to decide whether to 

redeem their shares in the event that the 

fund decides to pursue a different 

investment policy. 

The Commission estimates that there 

are approximately 8,800 open-end and 

closed-end funds that have names that 

are covered by the rule. The 

Commission estimates that of these 

8,800 funds, approximately 29 will 

provide prior notice to shareholders 

pursuant to a policy adopted in 

accordance with this rule per year. The 

Commission estimates that the annual 

burden associated with the notice to 

shareholders requirement of the rule is 

20 hours per response, for an annual 

total of 580 hours per year. 

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 

costs of Commission rules and forms. 

The collection of information under rule 

35d–1 is mandatory. The information 

provided under rule 35d–1 will not be 

kept confidential. An agency may not 

conduct or sponsor, and a person is not 

required to respond to, a collection of 

information unless it displays a 

currently valid OMB control number. 

The public may view the background 

documentation for this information 

collection at the following Web site: 

mstockstill on DSK4VPTVN1PROD with NOTICES

23520 Federal Register / Vol. 77, No. 76 / Thursday, April 19, 2012 / Notices 

1 15 U.S.C. 78m(f). 

2 15 U.S.C. 78a et seq. 

3 17 CFR 240.13f–1. 

www.reginfo.gov. Comments should be 

directed to: (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, 

or by sending an email to: 

Shagufta_Ahmed@omb.eop.gov; and (ii) 

Thomas Bayer, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, 

Alexandria, VA 22312; or send an email 

to: PRA_Mailbox@sec.gov. Comments 

must be submitted to OMB within 30 

days of this notice. 

Dated: April 13, 2012. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–9415 Filed 4–18–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of Investor 

Education and Advocacy, 

Washington, DC 20549–0213. 

Extension: 

Form 13F; SEC File No. 270–22; OMB 

Control No. 3235–0006. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501–3520), the Securities 

and Exchange Commission (the 

‘‘Commission’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

Section 13(f) 1 of the Securities 

Exchange Act of 1934 2 (the ‘‘Exchange 

Act’’) empowers the Commission to: (1) 

adopt rules that create a reporting and 

disclosure system to collect specific 

information; and (2) disseminate such 

information to the public. Rule 13f–1 3

under the Exchange Act requires 

institutional investment managers that 

exercise investment discretion over 

accounts that have in the aggregate a fair 

market value of at least $100,000,000 of 

certain U.S. exchange-traded equity 

securities, as set forth in rule 13f–1(c), 

to file quarterly reports with the 

Commission on Form 13F. 

The information collection 

requirements apply to institutional 

investment managers that meet the $100 

million reporting threshold. Section 

13(f)(6) of the Exchange Act defines an 

‘‘institutional investment manager’’ as 

any person, other than a natural person, 

investing in or buying and selling 

securities for its own account, and any 

person exercising investment discretion 

with respect to the account of any other 

person. Rule 13f–1(b) under the 

Exchange Act defines ‘‘investment 

discretion’’ for purposes of Form 13F 

reporting. 

The reporting system required by 

Section 13(f) of the Exchange Act is 

intended, among other things, to create 

in the Commission a central repository 

of historical and current data about the 

investment activities of institutional 

investment managers, and to improve 

the body of factual data available to 

regulators and the public. 

The Commission staff estimates that 

4,286 respondents make approximately 

17,144 responses under the rule each 

year. The staff estimates that on average, 

Form 13F filers spend 98.8 hours/year 

to prepare and submit the report. In 

addition, the staff estimates that 171 

respondents file approximately 684 

amendments each year. The staff 

estimates that on average, Form 13F 

filers spend 4 hours/year to prepare and 

submit amendments to Form 13F. The 

total annual burden of the rule’s 

requirements for all respondents 

therefore is estimated to be 424,141 

hours ((4,286 filers × 98.8 hours) + (171 

filers × 4 hours)). 

The estimate of average burden hours 

is made solely for the purposes of the 

Paperwork Reduction Act. The estimate 

is not derived from a comprehensive or 

even a representative survey or study of 

the costs of Commission rules. An 

agency may not conduct or sponsor, and 

a person is not required to respond to, 

a collection of information unless it 

displays a currently valid control 

number. 

The public may view the background 

documentation for this information 

collection at the following Web site, 

www.reginfo.gov. Comments should be 

directed to: (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, 

or by sending an email to: 

Shagufta_Ahmed@omb.eop.gov; and (ii) 

Thomas Bayer, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Remi PavlikSimon, 6432 General Green Way, 

Alexandria, VA 22312 or send an email 

to: PRA_Mailbox@sec.gov. Comments 

must be submitted to OMB within 30 

days of this notice. 

Dated: April 13, 2012. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2012–9416 Filed 4–18–12; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request; Copies Available 

From: Securities and Exchange 

Commission, Office of Investor 

Education and Advocacy, 

Washington, DC 20549–0213. 

Extension: 

Form SE; OMB Control No. 3235–0327; 

SEC File No. 270–289. 

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 a 

request for extension of the previously 

approved collections of information 

discussed below. 

Form SE (17 CFR 239.64) is used by 

registrants to file paper copies of 

exhibits, reports or other documents 

that would be difficult or impossible to 

submit electronically. The information 

contained in Form SE is used by the 

Commission to identify paper copies of 

exhibits. Form SE is a public document 

and is filed on occasion. Form SE is 

filed by individuals, companies or other 

entities that are required to file 

documents electronically. 

Approximately 50 registrants file Form 

SE and it takes an estimated 0.10 hours 

per response for a total annual burden 

of 5 hours. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless it displays a currently valid 

control number. 

The public may view the background 

documentation for this information 

collection at the following Web site, 

www.reginfo.gov. Comments should be 

directed to: (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, 

or by sending an email to: 

Shagufta_Ahmed@omb.eop.gov; and (ii) 

Thomas Bayer, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Remi Pavlikmstockstill on DSK4VPTVN1PROD with NOTICES