

[Federal Register: September 6, 2007 (Volume 72, Number 172)]
[Notices]               
[Page 51271]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr06se07-101]                         

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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 Investor Education and Advocacy, Washington, DC 
20549-0213.

Extension: Form N-1A; SEC File No. 270-21; OMB Control No. 3235-
0307.

    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 
(``OMB'') a request for extension of the previously approved collection 
of information discussed below.
    Form N-1A (17 CFR 239.15A and 274.11A) is the form used by open-end 
management investment companies (``funds'') \1\ under the Investment 
Company Act of 1940 (15 U.S.C. 80a-1 et seq.) (``Investment Company 
Act'') and/or to register their securities under the Securities Act of 
1933 (15 U.S.C. 77a et seq.) (``Securities Act''). Section 5 of the 
Securities Act (15 U.S.C. 77e) requires the filing of a registration 
statement prior to the offer of securities to the public and that the 
statement be effective before any securities are sold, and Section 8 of 
the Investment Company Act (15 U.S.C. 80a-8) requires a fund to 
register as an investment company. Form N-1A also permits funds to 
provide investors with a prospectus and a statement of additional 
information (``SAI'') covering essential information about the fund 
when it makes an initial or additional offering of its securities. 
Section 5(b) of the Securities Act requires that investors be provided 
with a prospectus containing the information required in a registration 
statement prior to the sale or at the time of confirmation or delivery 
of the securities. The form also may be used by the Commission in its 
regulatory review, inspection, and policy-making roles.
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    \1\ Management investment companies typically issue shares 
representing an undivided proportionate interest in a changing pool 
of securities, and include open-end and closed-end companies. See T. 
Lemke, G. Lins, A. Smith III, REGULATION OF INVESTMENT COMPANIES, 
Vol. I, ch. 4, Sec.  4.04, at 4-5 (2002). An open-end company is a 
management company that is offering for sale or has outstanding any 
redeemable securities of which it is the issuer. A closed-end 
company is any management company other than an open-end company. 
See Section 5 of the Investment Company Act (15 U.S.C. 80a-5). Open-
end companies generally offer and sell new shares to the public on a 
continuous basis. Closed-end companies generally engage in 
traditional underwritten offerings of a fixed number of shares and, 
in most cases, do not offer their shares to the public on a 
continuous basis.
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    The Commission estimates that there are 77 initial registration 
statements and 2,320 post-effective amendments to initial registration 
statements filed on Form N-1A annually and that the average number of 
portfolios referenced in each initial filing and post-effective 
amendment is 4.9. The Commission further estimates that the hour burden 
for preparing and filing a post-effective amendment on Form N-1A is 111 
hours per portfolio. The total annual hour burden for preparing and 
filing post-effective amendments is 1,261,848 hours (2,320 post-
effective amendments x 4.9 portfolios x 111 hours per portfolio). The 
estimated annual hour burden for preparing and filing initial 
registration statements is 313,336 hours (77 initial registration 
statements x 4.9 portfolios x 830.47 hours per portfolio). The total 
annual hour burden for Form N-1A, therefore, is estimated to be 
1,575,184 hours (1,261,848 hours + 313,336 hours).
    The information collection requirements imposed by Form N-1A are 
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 control number.
    Please direct general comments regarding the above information to 
the following persons: (i) Desk Officer for the Securities and Exchange 
Commission, Office of Management and Budget, Room 10102, New Executive 
Office Building, Washington, DC 20503 or e-mail to: 
Alexander_T._Hunt@omb.eop.gov; and (ii) R. Corey Booth, Director/Chief Information 

Officer, 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. Comments must be submitted to OMB within 30 days 

of this notice.

    August 27, 2007.
Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-17575 Filed 9-5-07; 8:45 am]

BILLING CODE 8010-01-P
