Federal Register / Vol. 65, No. 199 / Friday, October 13, 2000 / Notices 60991

The Commission estimates that there

are approximately 3,000 mutual funds,

approximately 545 of which engage in

direct marketing and therefore deliver

their own prospectuses. The

Commission estimates that each directmarketed mutual fund will spend an

average of 20 hours per year complying

with the notice requirement of the rule,

for a total of 10,900 hours. The

Commission estimates that each directmarketed fund will spend 1 hour

complying with the explanation of the

right to revoke requirement of the rule,

for a total of 545 hours. The

Commission estimates that as of yearend 1998, there were approximately 300

broker-dealers that carry customer

accounts and, therefore, may be

required to deliver mutual fund

prospectuses. The Commission

estimates that each affected brokerdealer will spend, on average,

approximately 20 hours complying with

the notice requirement of the rule, for a

total of 6,000 hours. Each broker-dealer

will also spend 1 hour complying with

the annual explanation of the right to

revoke requirement, for a total of 300

hours. Therefore, the total number of

respondents for rule 154 is 845 (5454

mutual funds plus 300 broker-dealers),

and the estimated total hour burden is

17,745 hours (11,445 hours for mutual

funds plus 6,300 hours for brokerdealers).

The estimate of average burden hours

is made solely for the purposes of the

Paperwork Reduction Act, and is not

derived from a comprehensive or even

a representative survey or study of the

costs of Commission rules and forms.

Written comments are invited on: (a)

Whether the collections of information

are necessary for the proper

performance of the functions of the

Commission, including whether the

information has practical utility; (b) the

accuracy of the Commission’s estimate

of the burden of the collections of

information; (c) ways to enhance the

quality, utility, and clarity of the

information collected; and (d) ways to

minimize the burden of the collections

of information on respondents,

including through the use of automated

collection techniques or other forms of

information technology. The

Commission will consider comments

and suggestions submitted in writing

within 60 days after this publication.

Please direct your written comments

to Michael E. Bartell, Associate

Executive Director, Office of

Information Technology, Securities and

Exchange Commission, 450 5th Street,

NW., Washington, DC 20549.

Dated: October 5, 2000.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–26377 Filed 10–12–00; 8:45 am]

BILLING CODE 8010–01–M

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 206(4)–2, SEC File No.

270–217, OMB Control No. 3235–0241.

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 collection of information

discussed below.

Rule 206(4)–2 governs the custody or

possession of funds or securities by

Commission-registered investment

advisers. Rule 206(4)–2 makes it a

fraudulent, deceptive or manipulative

act, practice or course of business for

any investment adviser who has custody

or possession of funds or securities of its

clients to do any act or take any action

with respect to any such funds or

securities unless (1) the securities are

properly segregated and safely kept; (2)

the funds are held in one or more

specially designated client accounts

with the adviser named as trustee; (3)

the adviser promptly notifies the client

as to the place and manner of

safekeeping; (4) the adviser sends a

detailed written statement to each client

at least once every three months; and (5)

at least once each year, on an

unannounced basis, an independent

public accountant verifies by actual

examination the clients’ funds and

securities and files a certificate with the

Commission describing the

examination. The rule does not apply to

an investment adviser that is also

registered as a broker-dealer under the

Securities Exchange Act of 1934,

provided the adviser is in compliance

with Rule 15c3–1 under the Exchange

Act, or, if a member of an exchange, in

compliance with exchange requirements

with respect to financial responsibility

and the segregation of funds or

securities carried for the account of

customers.

The Commission uses the information

required by Rule 206(4)–2 in connection

with its investment adviser examination

program to ensure that advisers are in

compliance with the rule. Clients also

use the information required by

paragraphs (3) and (4) of the rule.

Without the information collected under

the rule, the Commission would be less

efficient and effective in its inspection

program and clients would not have

information valuable for monitoring an

adviser’s handling of their accounts.

The respondents to this information

collection are investment advisers

registered with the Commission (except

those that are also registered as brokerdealers) and that have custody of

clients’ funds or securities. The

Commission estimates that 173 advisers

would be subject to Rule 206(4)–2.

The number of responses under Rule

206(4)–2 will vary considerably

depending on the number of clients for

which an adviser has custody or

possession of funds or securities. It is

estimated that the average number of

responses annually, 250, and the

average time of .5 hours per response,

would remain the same. The total time

burden for each respondent is estimated

to be the same—125 hours. The annual

aggregate burden for all respondents to

the requirements of Rule 206(4)–2 is

estimated to be 21,625 hours.

This collection of information is

found at 17 CFR 275.206(4)–2 and is

mandatory Commission-registered

investment advisers are required to

maintain and preserve certain

information required under Rule

206(4)–2 for five year. The long-term

retention of these records is necessary

for the Commission’s examination

program to ascertain compliance with

the Investment Advisers Act.

The estimated average burden hours

are made solely for the purposes of

Paperwork Reduction Act and are not

derived from a comprehensive or even

representative survey or study of the

cost of Commission rules and forms.

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.

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, New

Executive Office Building, Washington,

DC 20503; and (ii) Michael E. Bartell,

Associate Executive Director, Office of

Information Technology, Securities and

Exchange Commission, 450 5th Street,

NW., Washington, DC 20549. Comments

must be submitted to OMB within 30

days of this notice.

60992 Federal Register / Vol. 65, No. 199 / Friday, October 13, 2000 / Notices

Dated: October 5, 2000.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–26375 Filed 10–12–00; 8:45 am]

BILLING CODE 8010–01–M

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 23c–1, SEC File No. 270–

253, OMB Control No. 3235–0260.

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 a

request for extension of the previously

approved collection of information

discussed below.

Rule 23c–1 under the Investment

Company Act of 1940, among other

things, permits a closed-end fund to

repurchase its securities for cash if in

addition to the other requirements set

forth in the rule: (i) payment of the

purchase price is accompanied or

preceded by a written confirmation of

the purchase; (ii) the asset coverage per

unit of the security to be purchased is

disclosed to the seller or his agent; and

(iii) if the security is a stock, the fund

has, within the preceding six months,

informed stockholders of its intention to

purchase stock. The Commission staff

estimates that approximately 19 closedend funds rely on Rule 23c–1 annually

to undertake approximately 115

repurchases of their securities. The

Commission staff estimates that, on

average, a fund spends approximately

2.5 hours on complying with the

paperwork requirements listed above

each time it undertakes a security

repurchase under the rule. The total

annual burden of the rule’s paperwork

requirements thus is estimated to be

287.5 hours.

In addition, the fund must file with

the Commission, during the first ten

days of the calendar month following

any month in which a purchase

permitted by Rule 23c–1 occurs, two

copies of a report of purchases made

during the month, together with a copy

of any written solicitation to purchase

securities given by or on behalf of the

fund to 10 or more persons. The burden

associated with filing Form N–23C–1,

the form for this report, has been

addressed in the submission for that

form.

The estimate of average burden hours

is made solely for the purposes of the

Paperwork Reduction Act, and is not

derived from a comprehensive or even

a representative survey or study of the

costs of Commission rules and forms.

Complying with the collection of

information requirements of the rule is

mandatory. The filings that the rule

requires to be made with the

Commission are available to the public.

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.

Please direct general comments

regarding the above information to the

following persons: (i) Desk Officer for

the Securities and Exchange

Commission, Office of Information and

Regulatory Affairs, Office of

Management and Budget, New

Executive Office Building, Washington,

D.C. 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: October 6, 2000.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–26378 Filed 10–12–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Rel. No. IC–24679; File No. 812–12026]

WM Variable Trust, et al., Notice of

Application

October 5, 2000.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’ or ‘‘Commission’’).

ACTION: Notice of Application for an

order of exemption under Section 6(c) of

the Investment Company Act of 1940

(‘‘the Act’’) for exemptions from the

provisions of Sections 9(a), 13(a), 15(a)

and 15(b) of the Act and Rules 6e2(b)(15) and 6e-3(T)(b)(15) thereunder.

Summary of Application: WM

Variable Trust (the ‘‘Trust’’) and WM

Advisors, Inc. (the ‘‘Adviser’’)

(collectively, ‘‘Applicants’’) seek an

Order exempting them from Sections

9(a), 13(a), 15(a), and 15(b) of the Act

and Rules 6e-2(b)(15) and 6e-3(T)(b)(15)

thereunder to permit shares of the Trust

and any other investment company that

is designed for fund insurance products

and for which the Adviser or its

affiliates many serve as investment

manager, investment adviser,

investment sub-adviser, administrator,

manager, principal underwriter or

sponsor (‘‘Future Trusts’’) to be sold to

and held by (1) variable annuity and

variable life insurance separate accounts

of both affiliated and unaffiliated life

insurance companies; (2) qualified

pension and retirement plans outside of

the separate account context; and (3) the

Trust’s or Future Trust’s investment

adviser (representing seed money

investments in the Trust or Future

Trust).

Applicants: WM Variable Trust (the

‘‘Trust’’) and WM Advisors, Inc. (the

‘‘Adviser’’) are, collectively, referred to

herein as the ‘‘Applicants.’’

Filing Date: The Application was filed

on March 15, 2000, and amended on

July 26, 2000 and September 27, 2000.

Hearing or Notification of Hearing: An

order granting the application will be

issued unless the Commission orders a

hearing. Interested persons may request

a hearing on the application by writing

to the Secretary of the SEC and serving

Applicants with a copy of the request,

in person or by mail. Hearing requests

must be received by the Commission by

5:30 p.m. on October 30, 2000, and

accompanied by proof of service on the

Applicants in the form of an affidavit or,

for lawyers, a certificate of service.

Hearing requests should state the nature

of the interest, the reason for the

request, and the issues contested.

Persons may request notification of the

date of a hearing by writing to the

Secretary of the SEC.

ADDRESSES: Secretary, Securities and

Exchange Commission, 450 Fifth Street,

N.W., Washington, D.C. 20549.

Applicants, c/o John T. West, WM

Advisors, Inc., 1201 Third Avenue,

22nd Floor, Seattle, WA 98101.

FOR FURTHER INFORMATION CONTACT:

Rebecca A. Marquigny, Senior Counsel,

or Keith Carpenter, Branch Chief, Office

of Insurance Products, Divison of

Investment Management, at (202) 942–

0670.

SUPPLEMENTARY INFORMATION: Following

is a summary of the application; the

complete application is available for a

fee from the SEC’s Public Reference

Branch.

Applicants’ Representations

1. The Trust is a business trust

organized under the laws of

Massachusetts on January 29, 1993. On

March 20, 1998, the Trust’s name was

changed from Sierra Variable Trust to

WM Variable Trust. The Trust filed its

registration under the Act as an openVerDate 11<MAY>2000 20:10 Oct 12, 2000 Jkt 194001 PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 E:\FR\FM\13OCN1.SGM pfrm08 PsN: 13OCN1