Document ID: SEC-2006-0128-0001
Agency: sec
Document Type: Notice
Title: Agency information collection activities; proposals, submissions, and approvals
Posted Date: 2006-02-01T05:00Z

[Federal Register: February 1, 2006 (Volume 71, Number 21)]
[Notices]               
[Page 5387-5388]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr01fe06-159]                         

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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 498; File No. 270-435; OMB Control No. 3235-0488.

    Notice is hereby given that, pursuant to the Paperwork Reduction 
Act of 1995 (``Act'') [44 U.S.C. 3501 et seq.], the Securities and 
Exchange Commission (``Commission'') has submitted to the Office of 
Management and Budget requests for extension of the previously approved 
collections of information discussed below.

Rule 498 Under the Securities Act of 1933, Profiles for Certain Open-
end Management Investment Companies

    Rule 498 of the Securities Act of 1933 [17 CFR 230.498] permits 
open-end management investment companies (or a series of an investment 
company organized as a series company, which offers one or more series 
of shares representing interests in separate investment portfolios) 
(``funds'') to

[[Page 5388]]

provide investors with a ``profile'' that contains a summary of key 
information about a fund, including the fund's investment objectives, 
strategies, risks and performance, and fees, in a standardized format. 
The profile provides investors the option of buying fund shares based 
on the information in the profile or reviewing the fund's prospectus 
before making an investment decision. Investors purchasing shares based 
on a profile receive the fund's prospectus prior to or with 
confirmation of their investment in the fund.
    Consistent with the filing requirement of a fund's prospectus, a 
profile must be filed with the Commission thirty days before first use. 
Such a filing allows the Commission to review the profile for 
compliance with Rule 498. Compliance with the rule's standardized 
format assists investors in evaluating and comparing funds.
    It is estimated that approximately 1 initial profile and 252 
updated profiles are filed with the Commission annually. The Commission 
estimates that each profile contains on average 1.25 portfolios, 
resulting in 1.25 portfolios filed annually on initial profiles and 315 
portfolios filed annually on updated profiles. The number of burden 
hours for preparing and filing an initial profile per portfolio is 25. 
The number of burden hours for preparing and filing an updated profile 
per portfolio is 10. The total burden hours for preparing and filing 
initial and updated profiles under Rule 498 is 3,181, representing a 
decrease of 1,269 hours from the prior estimate of 4,450. The reduction 
in burden hours is attributable to the lower number of profiles 
actually prepared and filed as compared to the previous estimates.
    The estimates of average burden hours are made solely for the 
purposes of the Act and are not derived from a comprehensive or even 
representative survey or study of the cost of Commission rules and 
forms.
    The collection of information under Rule 498 is voluntary. The 
information provided by Rule 498 is not 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.
    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, Room 10102, New Executive Office 
Building, Washington, DC 20503 or e-mail to: 
David_Rostker@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief 

Information Officer, Office of Information Technology, Securities and 
Exchange Commission, 100 F Street, NE., Washington, DC 20549. Comments 
must be submitted to OMB within 30 days of this notice.

    Dated: January 24, 2006.
Nancy M. Morris,
Secretary.
 [FR Doc. E6-1323 Filed 1-31-06; 8:45 am]

BILLING CODE 8010-01-P