Sec Form N3 - Registration Statement Under The Securities Act Of 1933 And/or Registration Statement Under The Investment Company Act Of 1940 Page 9
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54due to economies of scale or breakpoints in a fee arrangement for a separate account whose assets have increased is an example of
a change that should not be treated as a change requiring restatement.
(f)
(i)
If there were expense reimbursement or fee waiver arrangements that reduced any operating expenses and will
continue to reduce them in the current fiscal year: a) revise the appropriate caption by adding “After Expense
Reimbursements” or some similar phrase; b) state the amount of the actual expenses incurred, (i.e., net of the
amount reimbursed or waived); and c) disclose in the narrative following the table the amount the expenses
would have been absent the reimbursement or waiver.
(ii)
If there are expense reimbursement or waiver arrangements that are expected to reduce any operating expense
or the estimate of “Other Expenses,” a new Registrant should, a) revise the appropriate caption by adding
“After Expense Reimbursements” or some similar phrase; b) state the amount of actual expenses expected to be
incurred or the actual estimate (i.e., net of the amount expected to be reimbursed or waived); and c) disclose in
the narrative following the table what the expenses (or estimates) would have been absent the reimbursement or
waiver.
(g)
(i)
If the Registrant invests in shares of one or more Acquired Funds, add a subcaption to the “Annual Expenses”
portion of the table directly above the subcaption titled “Total Annual Expenses.” Title the additional subcaption:
“Acquired Fund Fees and Expenses.” Disclose in the subcaption fees and expenses incurred indirectly by the
Registrant as a result of investment in shares of one or more Acquired Funds. For purposes of this Item, an
“Acquired Fund” means any company in which the Fund invests that (i) is an investment company or (ii) would
be an investment company under section 3(a) of the 1940 Act (15 U.S.C. 80a3(a)) but for the exceptions to that
definition provided for in sections 3(c)(1) and 3(c)(7) of the 1940 Act (15 U.S.C. 80a3(c)(1) and 80a-3(c)(7)).
If a Registrant uses another term in response to other requirements of this Form to refer to Acquired Funds, it
may include that term in parentheses following the subcaption title. In the event the fees and expenses incurred
indirectly by the Registrant as a result of investment in shares of one or more Acquired Funds do not exceed
0.01 percent (one basis point) of average net assets of the Registrant, the Registrant may include these fees and
expenses under the subcaption “Other Expenses” in lieu of this disclosure requirement.
(ii)
Determine the “Acquired Fund Fees and Expenses” according to the following formula:
AFFE = [(F
/FY)*AI
* D
]+[(F
/FY)*AI
* D
]+[(F
/FY)*AI
* D
] + Transaction Fees + Incentive Allocations
1
1
1
2
2
2
3
3
3
Average Net Assets of the Registrant
Where:
AFFE
=
Acquired Fund fees and expenses;
F
, F
, F
, . . .
=
Total annual operating expense ratio for each Acquired Fund;
1
2
3
FY
=
Number of days in the relevant fiscal year;
AI
, AI
, AI
, . . .
=
Average invested balance in each Acquired Fund;
1
2
3
D
, D
, D
, . . .
=
Number of days invested in each Acquired Fund;
1
2
3
“Transaction Fees”
=
The total amount of sales loads, redemption fees, or other transaction fees paid by the
Fund in connection with acquiring or disposing of shares in any Acquired Funds during
the most recent fiscal year.
(iii) Calculate the average net assets of the Registrant for the most recent fiscal year, as provided in Item 4(a) (see
Instruction 10 to Item 4(a)).
(iv) The total annual operating expense ratio used for purposes of this calculation (F
) is the annualized ratio of
1
operating expenses to average net assets for the Acquired Fund’s most recent fiscal period as disclosed in the
Acquired Fund’s most recent shareholder report. If the ratio of expenses to average net assets is not included
in the most recent shareholder report or the Acquired Fund is a newly formed fund that has not provided a
shareholder report, then the ratio of expenses to average net assets of the Acquired Fund is the ratio of total
annual operating expenses to average annual net assets of the Acquired Fund for its most recent fiscal period
as disclosed in the most recent communication from the Acquired Fund to the Registrant. For purposes of this
instruction, Acquired Fund expenses include increases resulting from brokerage service and expense offset
arrangements and reductions resulting from fee waivers or reimbursements by the Acquired Funds’ investment
advisers or sponsors.
(v) To determine the average invested balance (AI
), the numerator is the sum of the amount initially invested in an
1
Acquired Fund during the most recent fiscal year (if the investment was held at the end of the previous fiscal
year, use the amount invested as of the end of the previous fiscal year) and the amounts invested in the Acquired
Fund no less frequently than monthly during the period the investment is held by the Registrant (if the investment
was held through the end of the fiscal year, use each month-end through and including the fiscal year-end). Divide
the numerator by the number of measurement points included in the calculation of the numerator (i.e., if an
investment is made during the fiscal year and held for 3 succeeding months, the denominator would be 4).
4
SEC 2124 (5/15)
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