Federal Register / Vol. 80, No. 51 / Tuesday, March 17, 2015 / Notices 13947 

1This estimate is based on the following 

calculations: (1,633 (funds) × 0.05% = 82 funds); 

(82 × 1 (attorney hour) = 82 total attorney hours); 

(82 (funds) × 2 (clerical hours) = 164 total clerical 

hours); (82 (attorney hours) + 164 (clerical hours) 

= 246 total hours). 

2This estimate is based on the following 

calculations: (246 (notice hours) + 408 

(recordkeeping hours) = 654 total hours). 

3This estimate is based on the following 

calculation: (408 funds responding to recordkeeping 

requirement + 82 funds responding to notice 

requirement = 490 total respondents). 

PRA_Mailbox@sec.gov. Comments must 

be submitted to OMB within 30 days of 

this notice. 

Dated: March 10, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–05982 Filed 3–16–15; 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 FOIA Services, 

100 F Street NE., Washington, DC 

20549–2736. 

Extension: 

Rule 11a–3. SEC File No. 270-321, OMB 

Control No. 3235–0358. 

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 11(a) of the Investment 

Company Act of 1940 (‘‘Act’’) (15 U.S.C. 

80a–11(a)) provides that it is unlawful 

for a registered open-end investment 

company (‘‘fund’’) or its underwriter to 

make an offer to the fund’s shareholders 

or the shareholders of any other fund to 

exchange the fund’s securities for 

securities of the same or another fund 

on any basis other than the relative net 

asset values (‘‘NAVs’’) of the respective 

securities to be exchanged, ‘‘unless the 

terms of the offer have first been 

submitted to and approved by the 

Commission or are in accordance with 

such rules and regulations as the 

Commission may have prescribed in 

respect of such offers.’’ Section 11(a) 

was designed to prevent ‘‘switching,’’ 

the practice of inducing shareholders of 

one fund to exchange their shares for 

the shares of another fund for the 

purpose of exacting additional sales 

charges. 

Rule 11a–3 (17 CFR 270.11a–3) under 

the Act of 1940 is an exemptive rule that 

permits open-end investment 

companies (‘‘funds’’), other than 

insurance company separate accounts, 

and funds’ principal underwriters, to 

make certain exchange offers to fund 

shareholders and shareholders of other 

funds in the same group of investment 

companies. The rule requires a fund, 

among other things, (i) to disclose in its 

prospectus and advertising literature the 

amount of any administrative or 

redemption fee imposed on an exchange 

transaction, (ii) if the fund imposes an 

administrative fee on exchange 

transactions, other than a nominal one, 

to maintain and preserve records with 

respect to the actual costs incurred in 

connection with exchanges for at least 

six years, and (iii) give the fund’s 

shareholders a sixty day notice of a 

termination of an exchange offer or any 

material amendment to the terms of an 

exchange offer (unless the only material 

effect of an amendment is to reduce or 

eliminate an administrative fee, sales 

load or redemption fee payable at the 

time of an exchange). 

The rule’s requirements are designed 

to protect investors against abuses 

associated with exchange offers, provide 

fund shareholders with information 

necessary to evaluate exchange offers 

and certain material changes in the 

terms of exchange offers, and enable the 

Commission staff to monitor funds’ use 

of administrative fees charged in 

connection with exchange transactions. 

The staff estimates that there are 

approximately 1,633 active open-end 

investment companies registered with 

the Commission as of March 2014. The 

staff estimates that 25 percent (or 408) 

of these funds impose a non-nominal 

administrative fee on exchange 

transactions. The staff estimates that the 

recordkeeping requirement of the rule 

requires approximately 1 hour annually 

of clerical time per fund, for a total of 

408 hours for all funds. 

The staff estimates that 5 percent of 

these 1,633 funds (or 82) terminate an 

exchange offer or make a material 

change to the terms of their exchange 

offer each year, requiring the fund to 

comply with the notice requirement of 

the rule. The staff estimates that 

complying with the notice requirement 

of the rule requires approximately 1 

hour of attorney time and 2 hours of 

clerical time per fund, for a total of 

approximately 246 hours for all funds to 

comply with the notice requirement.1

The staff estimates that such notices 

will be enclosed with other written 

materials sent to shareholders, such as 

annual shareholder reports or account 

statements, and therefore any burdens 

associated with mailing required notices 

are accounted for in the burdens 

associated with Form N–1A registration 

statements for funds. The recordkeeping 

and notice requirements together 

therefore impose a total burden of 654 

hours on all funds.2 The total number of 

respondents is 490, each responding 

once a year.3 The burdens associated 

with the disclosure requirement of the 

rule are accounted for in the burdens 

associated with the Form N–1A 

registration statement for funds. 

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. 

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) Pamela 

Dyson, Director/Chief Information 

Officer, Securities and Exchange 

Commission, c/o Remi Pavlik-Simon, 

100 F Street NE., Washington, DC 20549 

or send an email to: PRA_Mailbox@

sec.gov. Comments must be submitted to 

OMB within 30 days of this notice. 

Dated: March 10, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–05985 Filed 3–16–15; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Highway Administration 

Notice of Final Federal Agency Actions 

on Proposed Highway in California 

AGENCY: Federal Highway 

Administration (FHWA), DOT. 

ACTION: Notice of Limitation on Claims 

for Judicial Review of Actions by the 

California Department of Transportation 

(Caltrans), pursuant to 23 U.S.C. 327, 

and U.S. Fish and Wildlife Service. 

SUMMARY: The FHWA, on behalf of 

Caltrans, is issuing this notice to 

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