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

Forms and Documents

Document Name	Status
3235-0648 30 Day Notice.pdf Supplementary Document	2021-03-19
3235-0648 60 Day Notice.pdf Supplementary Document	2021-03-19
Rule 498 Supporting Statement (2021)(clean).pdf Supporting Statement A	2020-12-28

IC Document Collections

IC ID	Document Title	Status
187875	Rule 498 under the Securities Act of 1933, Summary Prospectuses for Open-End Management Investment Companies	Modified

ICR Details

OMB Control No: 3235-0648	ICR Reference No: 202012-3235-014
Status: Received in OIRA	Previous ICR Reference No: 202010-3235-001
Agency/Subagency: SEC	Agency Tracking No: IM-270-574
Title: Rule 498 under the Securities Act of 1933, Summary Prospectuses for Open-End Management Investment Companies
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 03/19/2021

	Requested	Previously Approved
Expiration Date	36 Months From Approved	03/31/2021
Responses	10,536	9,057
Time Burden (Hours)	15,804	20,327
Cost Burden (Dollars)	190,754,280	167,458,800

---

Abstract: Rule 498 permits 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 rule requires a fund to send the statutory prospectus in paper or by e-mail upon request. The summary prospectus is required to contain the key information that is included in the summary section of the statutory prospectus.

---

Authorizing Statute(s): US Code: 15 USC 77j Name of Law: Securities Act of 1933
   US Code: 15 USC 80a-24(g) Name of Law: Investment Company Act of 1940
  

Citations for New Statutory Requirements: None

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

---

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 354	01/05/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 14502	03/16/2021
Did the Agency receive public comments on this ICR? No

---

Number of Information Collection (IC) in this ICR: 1

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

---

ICR Summary of Burden

	Total Request	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	10,536	9,057	0	0	1,479	0
Annual Time Burden (Hours)	15,804	20,327	0	0	-4,523	0
Annual Cost Burden (Dollars)	190,754,280	167,458,800	0	0	23,295,480	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The annual total internal hour burden of 15,804 hours represents a decrease of 4,523 hours over the previous estimate of 20,327 hours. The decrease in burden hours reflects the Commission’s belief that funds have largely incurred the temporary rule 498 burdens associated with rule 30e-3 as reflected in the previously-approved PRA submission. In addition, the annual total external cost burden of $190,754,280 represents an increase of $23,295,480 over the previous estimate of $167,458,800. This increase is due to a change in the estimated number of funds that use a Summary Prospectus, coupled with an upward adjustment to the estimated external cost per fund to reflect the effects of inflation.

---

Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

---

Common Form ICR:  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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 03/19/2021

---