53542 Federal Register / Vol. 82, No. 220 / Thursday, November 16, 2017 / Notices 

13 17 CFR 200.30–3(a)(12). 

1The estimate of 2,376 funds is based on the 

number of management investment companies 

currently registered with the Commission. The 

Commission staff estimates that there are 

approximately 6,385 portfolios that invest primarily 

in equity securities, 726 ‘‘hybrid’’ or bond portfolios 

that may hold some equity securities, 2,831 bond 

portfolios that hold no equity securities, and 418 

money market fund portfolios, and 1,458 fund of 

funds, for a total of 11,818 portfolios required to file 

Form N–PX reports. The staff has based its portfolio 

estimates on a number of publications. See 

Investment Company Institute, Trends in Mutual 

Fund Investing (April 2017); Investment Company 

Institute, Closed-End Fund Assets and Net Issuance 

(First Quarter 2017); Investment Company Institute, 

ETF Assets and Net Issuance (April 2017). 

2 (7,111 portfolios that hold equity securities × 7.2 

hours per year) + (3,249 portfolios holding no 

equity securities × 0.17 hours per year) + (1,458 

portfolios holding fund securities × 1 hour per year) 

= 53,210 hours. 

3The hourly wage figure for a compliance 

attorney is from the Securities Industry and 

Financial Markets Association’s Management & 

Professional Salaries in the Securities Industry 

2013, modified by Commission staff to account for 

an 1800-hour work-year and inflation and 

multiplied by5.35 to account for bonuses, firm size, 

employee benefits and overhead. 

4 53,210 hours × $345 per hour = $18,357,288. 

5 (7,111 portfolios holding equity securities × 

$1,000 per year) + (3,249 portfolios holding no 

equity securities × $0 per year) + (1,458 fund of 

funds × $100) = $7,256,800. 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–BatsBYX–2017–28, and 

should be submitted on or before 

December 7, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–24783 Filed 11–15–17; 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: 

Form N–PX; SEC File No. 270–524, OMB 

Control No. 3235–0582 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.) (‘‘Paperwork 

Reduction Act’’), 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 30b1–4 (17 CFR 270.30b1–4) 

under the Investment Company Act of 

1940 (15 U.S.C. 80a–1 et seq.) requires 

every registered management 

investment company, other than a small 

business investment company registered 

on Form N–5 (‘‘funds’’), to file a report 

on Form N–PX not later than August 31 

of each year. Funds use Form N–PX to 

file annual reports with the Commission 

containing their complete proxy voting 

record for the most recent twelve-month 

period ended June 30. 

The Commission estimates that there 

are approximately 2,376 funds 

registered with the Commission, 

representing approximately 11,818 fund 

portfolios that are required to file Form 

N–PX reports. The 11,818 portfolios are 

comprised of approximately 7,111 

portfolios holding equity securities, 

3,249 portfolios holding no equity 

securities, and 1,458 portfolios holding 

fund securities (i.e., fund of funds).1 The 

currently approved burden of Form N– 

PX for portfolios holding equity 

securities is 7.2 hours per response, the 

current burden estimate for funds 

holding no equity securities is 0.17 

hours (10 minutes) per response, and 

the current burden estimate for fund of 

funds is 1 hour per response. Therefore, 

the number of aggregate burden hours, 

when calculated using the current 

number of portfolios, is approximately 

53,210 hours.2 We continue to believe 

that these estimates for Form N–PX’s 

current burden are appropriate. Based 

on the Commission’s estimate of 53,210 

burden hours and an estimated wage 

rate of approximately $345 per hour,3

the total cost to reporting persons of the 

hour burden for filing Form N–PX is 

approximately $18.44 million.4

The estimated cost burden of Form N– 

PX is $1,000 in external costs per 

portfolio holding equity securities that 

is paid to third-party service providers. 

External costs for portfolios holding no 

equity securities have previously been 

estimated to be zero because portfolios 

holding no equity securities generally 

have no proxy votes to report and 

therefore do not require third-party 

service providers to assist with proxy 

voting and preparing reports on Form 

N–PX. The estimated cost burden of 

Form N–PX for fund of funds is 

estimated to be $100 per portfolio 

because fund of funds generally either 

have no proxy votes to report; or if 

proxy votes are reported, they are 

generally limited in the number of 

securities and the number of voting 

matters relative to portfolios holding 

equity securities. Therefore, the 

aggregate cost burden, when calculated 

using the current number of portfolios, 

is approximately $7.3 million in 

external costs.5 We continue to believe 

that these estimates for Form N–PX’s 

current cost burden are appropriate. 

Estimates of average burden hours 

and costs 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. 

Compliance with the collection of 

information requirements of Form N–PX 

is mandatory. Responses to the 

collection of information 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, 

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: November 9, 2017. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–24753 Filed 11–15–17; 8:45 am] 

BILLING CODE 8011–01–P 


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