10598 Federal Register / Vol. 62, No. 45 / Friday, March 7, 1997 / Notices

Commission, 450 5th Street, N.W.

Washington, DC 20549.

Dated: February 28, 1997.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–5673 Filed 3–6–97; 8:45 am]

BILLING CODE 8010–01–M

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.

Revision: Rule 17a–4, SEC File No.

270–198, OMB Control No. 3235–0279.

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 approval of revision on the

following rule:

Rule 17a–4 (17 CFR 240.17a–4)

requires exchange members, brokers and

dealers to preserve for prescribed

periods of time certain records required

to be made by Rule 17a–3. In addition,

Rule 17a–4 requires the preservation of

records required to made by other

Commission rules and other kinds of

records which firms make or receive in

the ordinary course of business. These

include, but are not limited to, bank

statements, cancelled checks, bills

receivable and payable, originals of

communications, and descriptions of

various transactions. Rule 17a–4 now

permits broker-dealers to employ, under

certain conditions, electronic storage

media to maintain records required to

be maintained under Rules 17a–3 and

17a–4.

There are approximately 8,500 brokerdealers. Based on conversations with

members of the securities industry and

based on the Commission’s experience

in this area, it is estimated that the

average amount of time necessary to

preserve the books and records as

required by Rule 17a–4 is one hour per

broker per working days. Therefore,

because there are approximately 250

business days per year, the total

compliance burden for 8,500

respondents is 2,125,000 hours. In

addition, the average amount of time

necessary to comply with the final

amendments will be 15 minutes per

year. Accordingly, the total burden of

compliance will be increased by 2,125

hours per year to 2,127,125.

The Commission estimates that

typical employee of a broker-dealer

charged with ensuring compliance with

Commission regulation receives annual

compensation of $100,000. This

compensation is the equivalent of

$48.08 per hour ($100,000 divided by

2,080 payroll hours per year). Since the

rule amendment would require an

additional 2,125 hours per year to

comply, at $48.08 per hour, the total

cost of compliance for these

respondents would be $102,170.

General comments regarding the

estimated burden hours should be

directed to the Desk Officer for the

Securities and Exchange Commission at

the address below. Any comments

concerning the accuracy of the

estimated average burden hours for

compliance with Commission rules and

forms should be directed to Michael E.

Bartell, Associate Executive Director,

Office of Information Technology,

Securities and Exchange Commission,

450 Fifth Street, NW., Washington, DC

20549 and Desk Officer for the

Securities and Exchange Commission,

Office of Information and Regulatory

Affairs, Office of Management and

Budget, Room 3208, New Executive

Office Building, Washington, DC 20503.

Dated: February 26, 1997.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–5592 Filed 3–6–97; 8:45 am]

BILLING CODE 8010–01–M

[Investment Company Act Release No.

22536; 811–3993]

CharterCapital Blue Chip Growth Fund,

Inc.; Notice of Application

March 3, 1997.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for

deregistration under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANT: CharterCapital Blue Chip

Growth Fund, Inc. (formerly, ADTEK

Fund, Inc.).

RELEVANT ACT SECTION: Order requested

under section 8(f) of the Act.

SUMMARY OF APPLICATION: Applicant

requests an order declaring that it has

ceased to be an investment company.

FILING DATE: The application was filed

on October 24, 1996 and amended on

January 6, 1997 and February 26, 1997.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the SEC orders a hearing.

Interested persons may request a

hearing by writing to the SEC’s

Secretary and serving applicant with a

copy of the request, personally or by

mail. Hearing requests should be

received by the SEC by 5:30 p.m. on

March 28, 1997, and should be

accompanied by proof of service on the

applicant, in the form of an affidavit or,

for lawyers, a certificate of service.

Hearing requests should state the nature

of the writer’s interest, the reason for the

request, and the issues contested.

Persons may request notification of a

hearing by writing to the SEC’s

Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth

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

Applicant, 4920 West Vliet Street,

Milwaukee, Wisconsin 53208.

FOR FURTHER INFORMATION CONTACT:

Kathleen L. Knisely, Staff Attorney, at

(202) 942–0517 (Division of Investment

Management, Office of Investment

Company Regulation).

SUPPLEMENTARY INFORMATION: The

following is a summary of the

application. The complete application

may be obtained for a fee from the SEC’s

Public Reference Branch.

Applicant’s Representations

1. Applicant is an open-end

diversified investment management

company organized as a Wisconsin

corporation. On March 21, 1984,

applicant filed a Notification of

Registration on Form N–8A pursuant to

section 8(a) of the Act and a registration

statement on Form N–1A pursuant to

section 8(b) of the Act. The registration

statement became effective on July 16,

1984 and the initial public offering

commenced immediately thereafter.

2. On January 27, 1996, the board of

directors of applicant approved the

dissolution of applicant pursuant to a

plan of liquidation. The board of

directors believed that applicant had not

achieved, and was unlikely to achieve,

the necessary asset size for applicant to

be a viable investment alternative given

the effect of its size on its expense ratio.

3. Applicant advised its shareholders

of the decision of its board of directors

to dissolve applicant in its annual report

to shareholders for the fiscal year which

ended December 31, 1995. Commencing

May 31, 1996, applicant sent follow-up

letters indicating to shareholders that

applicant intended to dissolve. Shortly

thereafter, applicant’s shareholders

began to voluntarily redeem shares of

applicant.

4. As of June 30, 1996, applicant’s

total assets amounted to $899,974 on an

unaudited basis. As of that date,

applicant had 56,336 shares outstanding

and a net asset value of $15.79.

Applicant sold the equity portfolio

securities held by it through unaffiliated

broker-dealers in agency transactions

paying competitive commission rates.