Form N-1a - United States Securities And Exchange Commission Page 10
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54Instructions
1.
General
(a)
Round all dollar figures to the nearest dollar and all percentages to the nearest hundredth of one percent.
(b)
Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the
explanation contains comparable information to that shown. The narrative explanation regarding sales charge
discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment
required to qualify for a discount as disclosed in the table required by Item 12(a)(1).
(c)
Include the caption “Maximum Account Fees” only if the Fund charges these fees. A Fund may omit other captions if
the Fund does not charge the fees or expenses covered by the captions.
(d)
(i)
If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single
fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the
expenses of both the Feeder and Master Funds.
(ii)
If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in
the same Master Fund, provide a separate response for each Class or Feeder Fund.
(e)
If the Fund is an Exchange-Traded Fund,
(i)
Modify the narrative explanation to state that investors may pay brokerage commissions on their purchases and
sales of Exchange-Traded Fund shares, which are not reflected in the example; and
(ii)
If the Fund issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees
charged for the purchase and redemption of the Fund’s creation units.
2.
Shareholder Fees
(a)
(i)
“Maximum Deferred Sales Charge (Load)” includes the maximum total deferred sales charge (load) payable
upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in
response to Item 12(a), except that, for a sales charge (load) based on net asset value at the time of purchase,
show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in
a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads)
over time or a narrative explanation of the sales charges (loads) (e.g., _____% in the first year after purchase,
declining to _____% in the ______ year and eliminated thereafter).
(ii) If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end
sales charge (load)), the first caption in the table should read “Maximum Sales Charge (Load)” and show
the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge
(load) comprising that figure on separate lines below.
(iii) If a sales charge (load) is imposed on shares purchased with reinvested capital gains distributions or returns of
capital, include the bracketed words in the third caption.
(b)
“Redemption Fee” includes a fee charged for any redemption of the Fund’s shares, but does not include a deferred
sales charge (load) imposed upon redemption, and, if the Fund is a Money Market Fund, does not include a
liquidity fee imposed upon the sale of Fund shares in accordance with rule 2a-7(c)(2).
(c)
“Exchange Fee” includes the maximum fee charged for any exchange or transfer of interest from the Fund to
another fund. The Fund may include in a footnote to the table, if applicable, a tabular presentation of the range of
exchange fees or a narrative explanation of the fees.
(d)
“Maximum Account Fees.” Disclose account fees that may be charged to a typical investor in the Fund; fees that
apply to only a limited number of shareholders based on their particular circumstances need not be disclosed.
Include a caption describing the maximum account fee (e.g., “Maximum Account Maintenance Fee” or
“Maximum Cash Management Fee”). State the maximum annual account fee as either a fixed dollar amount or a
percentage of assets. Include in a parenthetical to the caption the basis on which any percentage is calculated. If an
account fee is charged only to accounts that do not meet a certain threshold (e.g., accounts under $5,000), the Fund
may include the threshold in a parenthetical to the caption or footnote to the table. The Fund may include an
explanation of any non-recurring account fee in a parenthetical to the caption or in a footnote to the table.
3.
Annual Fund Operating Expenses
(a) “Management Fees” include investment advisory fees (including any fees based on the Fund’s performance),
any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the
investment adviser or its affiliates that are not included as “Other Expenses.”
3
SEC 2052 (10/16)
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