Form N-1a - United States Securities And Exchange Commission Page 19
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54Item 10. Management, Organization, and Capital Structure
(a) Management.
(1)
Investment Adviser.
(i)
Provide the name and address of each investment adviser of the Fund, including sub advisers. Describe the investment
adviser’s experience as an investment adviser and the advisory services that it provides to the Fund.
(ii)
Describe the compensation of each investment adviser of the Fund as follows:
(A) If the Fund has operated for a full fiscal year, state the aggregate fee paid to the adviser for the most recent
fiscal year as a percentage of average net assets. If the Fund has not operated for a full fiscal year, state what the
adviser’s fee is as a percentage of average net assets, including any breakpoints.
(B) If the adviser’s fee is not based on a percentage of average net assets (e.g., the adviser receives a performance-
based fee), describe the basis of the adviser’s compensation.
(iii) Include a statement, adjacent to the disclosure required by paragraph (a)(1)(ii) of this Item, that a discussion regarding
the basis for the board of directors approving any investment advisory contract of the Fund is available in the Fund’s
annual or semi-annual report to shareholders, as applicable, and providing the period covered by the relevant annual
or semi-annual report.
Instructions
1.
If the Fund changed advisers during the fiscal year, describe the compensation and the dates of service for each
adviser.
2.
Explain any changes in the basis of computing the adviser’s compensation during the fiscal year.
3.
If a Fund has more than one investment adviser, disclose the aggregate fee paid to all of the advisers, rather than the
fees paid to each adviser, in response to this Item.
(2)
Portfolio Manager. For each Portfolio Manager identified in response to Item 5(b), state the Portfolio Manager’s
business experience during the past 5 years. Include a statement, adjacent to the foregoing disclosure, that the SAI provides
additional information about the Portfolio Manager’s(s’) compensation, other accounts managed by the Portfolio Manager(s),
and the Portfolio Manager’s(s’) ownership of securities in the Fund. If a Portfolio Manager is a member of a committee, team,
or other group of persons associated with the Fund or an investment adviser of the Fund that is jointly and primarily
responsible for the day-to-day management of the Fund’s portfolio, provide a brief description of the person’s role on the
committee, team, or other group (e.g., lead member), including a description of any limitations on the person’s role and the
relationship between the person’s role and the roles of other persons who have responsibility for the day-to-day management
of the Fund’s portfolio.
(3)
Legal Proceedings. Describe any material pending legal proceedings, other than ordinary routine litigation incidental to the
business, to which the Fund or the Fund’s investment adviser or principal underwriter is a party. Include the name of the
court in which the proceedings are pending, the date instituted, the principal parties involved, a description of the factual
basis alleged to underlie the proceeding, and the relief sought. Include similar information as to any legal proceedings
instituted, or known to be contemplated, by a governmental authority.
Instruction. For purposes of this requirement, legal proceedings are material only to the extent that they are likely to have a
material adverse effect on the Fund or the ability of the investment adviser or principal underwriter to perform its contract with the
Fund.
(b) Capital Stock. Disclose any unique or unusual restrictions on the right freely to retain or dispose of the Fund’s shares or material
obligations or potential liabilities associated with holding the Fund’s shares (not including investment risks) that may expose
investors to significant risks.
Item 11. Shareholder Information
(a) Pricing of Fund Shares. Describe the procedures for pricing the Fund’s shares, including:
(1)
An explanation that the price of Fund shares is based on the Fund’s net asset value and the method used to value Fund
shares (Market Price, fair value, or amortized cost); except that if the Fund is an Exchange-Traded Fund, an explanation that
the price of Fund shares is based on Market Price.
Instruction. A Fund (other than a Money Market Fund) must provide a brief explanation of the circumstances under which it will
use fair value pricing and the effects of using fair value pricing. With respect to any portion of a Fund’s assets that are invested in one
or more open-end management investment companies that are registered under the Investment Company Act, the Fund may briefly
explain that the Fund’s net asset value is calculated based upon the net asset values of the registered open-end management investment
companies in which the Fund invests, and that the prospectuses for these companies explain the circumstances under which those
companies will use fair value pricing and the effects of using fair value pricing.
12
SEC 2052 (10/16)
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