Rule 498 under the Securities Act of 1933. Summary Prospectus for Open-End Management Investment Companies

ICR 201111-3235-028

OMB: 3235-0648

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2011-11-21
Supporting Statement A
2011-11-21
ICR Details
3235-0648 201111-3235-028
Historical Active 200901-3235-011
SEC IM-270-574
Rule 498 under the Securities Act of 1933. Summary Prospectus for Open-End Management Investment Companies
Extension without change of a currently approved collection   No
Regular
Approved with change 01/24/2012
Retrieve Notice of Action (NOA) 11/21/2011
Burden reclassified as change due to agency estimate.
  Inventory as of this Action Requested Previously Approved
01/31/2015 36 Months From Approved 03/31/2012
6,250 0 7,002
9,375 0 63,014
99,375,000 0 106,200,000

Rule 498 would permit the obligation under the Securities Act to deliver a statutory prospectus with respect to mutual fund securities to be satisfied by sending or giving a Summary Prospectus and providing the statutory prospectus online. In addition, the new rule would require a fund to send the statutory prospectus in paper or by e-mail upon request. The Summary Prospectus would be required to contain the key information that is included in the new summary section of the statutory prospectus.

US Code: 15 USC 80a-24(g) Name of Law: Investment Company Act of 1940
   US Code: 15 USC 77j Name of Law: Securities Act of 1933
  
None

Not associated with rulemaking

  76 FR 54814 09/02/2011
76 FR 69307 11/08/2011
No

1
IC Title Form No. Form Name
Rule 498 under the Securities Act of 1933. Summary Prospectus for Open-End Management Investment Companies

  Total Approved Previously Approved Change Due to New Statute Change Due to Agency Discretion Change Due to Adjustment in Estimate Change Due to Potential Violation of the PRA
Annual Number of Responses 6,250 7,002 0 0 -752 0
Annual Time Burden (Hours) 9,375 63,014 0 0 -53,639 0
Annual Cost Burden (Dollars) 99,375,000 106,200,000 0 0 -6,825,000 0
No
Yes
Using Information Technology
The Commission previously estimated an annual time burden of approximately 63,014 hours for voluntarily complying with rule 498. This number was based on the average burden over a three-year period, assumed that 80% of the estimated 8,752 portfolios in existence at the time would file a summary prospectus ("Summary Prospectus") and post the required disclosure documents on a website, and included an estimated one-time hour burden of 23 hours for initial compliance with the rule and an ongoing hour burden of 1.5 hours per portfolio. The Commission now estimates that approximately 6,250 portfolios are using a Summary Prospectus, resulting in annual internal hour burden of approximately 9,375 hours. The net decrease of 53,639 hours in annual time burden from the previous submission reflects the decrease in the estimated number of portfolios filing a Summary Prospectus, no longer reflects the hours associated with initially complying with the requirements of the rule, and is not based on the average burden over a three-year period. With respect to the total annual external cost burden, the Commission previously estimated a cost burden of approximately $106,200,000, or approximately $15,200 per portfolio. The Commission now estimates a total annual external cost burden of approximately $99,375,000, or approximately $15,900 per portfolio. This represents a net decrease in the total annual external cost burden of approximately $6,825,000, which is due to a decrease in the estimated number of portfolios using a Summary Prospectus, and an increase in the estimated external cost burden per portfolio to account for the effects of inflation since 2008.

No
No
No
No
No
Uncollected
David Joire 202 551-6866

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
11/21/2011


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