Document ID: SEC-2008-1496-0001
Agency: sec
Document Type: Notice
Title: Agency Information Collection Activities; Proposals, Submissions, and Approvals
Posted Date: 2008-10-31T04:00Z

[Federal Register: October 31, 2008 (Volume 73, Number 212)]
[Notices]               
[Page 64992-64993]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr31oc08-111]                         

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SECURITIES AND EXCHANGE COMMISSION

 
Proposed Collection; Comment Request

Upon Written Request, Copies Available From: Securities and Exchange 
Commission, Office of Investor Education and Advocacy, Washington, DC 
20549-0213.

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.) the Securities and Exchange Commission 
(the ``Commission'') is soliciting comments on the collection of 
information summarized below. The Commission plans to submit this 
existing collection of information to the Office of Management and 
Budget for extension and approval.
    The title of the collection of information is ``Form N-PX (17 CFR 
274.129) under the Investment Company Act of 1940 (15 U.S.C. 80a-1 et 
seq.) (``Investment Company Act''), Annual Report of Proxy Voting 
Record.'' Rule 30b1-4 (17 CFR 270.30b1-4) under the Investment Company 
Act of 1940 requires every registered management investment company, 
other than a small business investment company (``Fund''), to file 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. 
Funds also use Form N-PX to inform the Commission that certain of their 
portfolios do not hold any equity

[[Page 64993]]

securities and have no proxy record to file.
    The Commission requires the dissemination of this information in 
order to meet the filing and disclosure requirements of the Investment 
Company Act and to enable Funds to provide investors with the 
information necessary to evaluate an investment in the Fund. The 
information filed with the Commission also permits the verification of 
compliance with securities law requirements and assures the public 
availability and dissemination of the information. Requiring a Fund to 
file its annual reports on Form N-PX has the advantages of making each 
Fund's proxy voting record available within a relatively short period 
of time after the proxy voting season, and of providing disclosure of 
all Funds' proxy voting records over a uniform period of time.
    There are approximately 3,800 Funds registered with the Commission, 
representing approximately 9,400 Fund portfolios, which are required to 
file Form N-PX.\1\ The 9,400 portfolios are comprised of 6,200 
portfolios holding equity securities and 3,200 portfolios holding no 
equity securities. The staff estimates that portfolios holding no 
equity securities require approximately a 0.17 hour burden per response 
and those holding equity securities require 14.4 hours per response. 
The overall estimated annual burden is therefore 89,824 hours ((6,200 
responses x 14.4 hours per response for equity holding portfolios) + 
(3,200 responses x 0.17 hours per response for non-equity holding 
portfolios)).
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    \1\ The estimate of 3,800 Funds is based on the number of 
management investment companies currently registered with the 
Commission. We estimate, based on data from the Investment Company 
Institute and other sources, that there are approximately 5,700 Fund 
portfolios that invest primarily in equity securities, 500 
``hybrid'' or bond portfolios that may hold some equity securities, 
2,400 bond Funds that hold no equity securities, and 800 money 
market Funds, for a total of 9,400 portfolios required to file Form 
N-PX.
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    Written comments are invited on: (a) Whether the proposed 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information will 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the collection of information; (c) ways to enhance the 
quality, utility, and clarity of the information collected; and (d) 
ways to minimize the burden of the collection of information on 
respondents, including through the use of automated collection 
techniques or other forms of information technology. Consideration will 
be given to comments and suggestions submitted in writing within 60 
days of this publication.
    Please direct your written comments to Lewis W. Walker, Acting 
Director/CIO, Securities and Exchange Commission, c/o Shirley 
Martinson, 6432 General Green Way, Alexandria, VA 22312; or send an e-
mail to: PRA_Mailbox@sec.gov.

    Dated: October 22, 2008.
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-25865 Filed 10-30-08; 8:45 am]

BILLING CODE 8011-01-P