Form N-1a - United States Securities And Exchange Commission Page 20
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54(2)
A statement as to when calculations of net asset value are made and that the price at which a purchase or redemption is
effected is based on the next calculation of net asset value after the order is placed.
(3)
A statement identifying in a general manner any national holidays when shares will not be priced and specifying any
additional local or regional holidays when the Fund shares will not be priced.
Instructions
1.
In responding to this Item, a Fund may use a list of specific days or any other means that effectively communicates
the information (e.g., explaining that shares will not be priced on the days on which the New York Stock Exchange is
closed for trading).
2.
If the Fund has portfolio securities that are primarily listed on foreign exchanges that trade on weekends or other days
when the Fund does not price its shares, disclose that the net asset value of the Fund’s shares may change on days
when shareholders will not be able to purchase or redeem the Fund’s shares.
(b) Purchase of Fund Shares. Describe the procedures for purchasing the Fund’s shares.
(c) Redemption of Fund Shares. Describe the procedures for redeeming the Fund’s shares, including:
(1)
Any restrictions on redemptions.
(2)
Any redemption charges, including how these charges will be collected and under what circumstances the charges will be
waived.
(3)
If the Fund has reserved the right to redeem in kind.
(4)
Any procedure that a shareholder can use to sell the Fund’s shares to the Fund or its underwriter through a broker-dealer,
noting any charges that may be imposed for such service.
Instruction. The specific fees paid through the broker-dealer for such service need not be disclosed.
(5)
The circumstances, if any, under which the Fund may redeem shares automatically without action by the shareholder in
accounts below a certain number or value of shares.
(6)
The circumstances, if any, under which the Fund may delay honoring a request for redemption for a certain time after a
shareholder’s investment (e.g., whether a Fund does not process redemptions until clearance of the check for the initial
investment).
(7)
Any restrictions on, or costs associated with, transferring shares held in street name accounts.
(d) Dividends and Distributions. Describe the Fund’s policy with respect to dividends and distributions, including any options that
shareholders may have as to the receipt of dividends and distributions.
(e) Frequent Purchases and Redemptions of Fund Shares.
(1)
Describe the risks, if any, that frequent purchases and redemptions of Fund shares by Fund shareholders may present for
other shareholders of the Fund.
(2)
State whether or not the Fund’s board of directors has adopted policies and procedures with respect to frequent purchases
and redemptions of Fund shares by Fund shareholders.
(3)
If the Fund’s board of directors has not adopted any such policies and procedures, provide a statement of the specific basis for
the view of the board that it is appropriate for the Fund not to have such policies and procedures.
(4)
If the Fund’s board of directors has adopted any such policies and procedures, describe those policies and procedures,
including:
(i)
Whether or not the Fund discourages frequent purchases and redemptions of Fund shares by Fund shareholders;
(ii)
Whether or not the Fund accommodates frequent purchases and redemptions of Fund shares by Fund shareholders;
and
(iii) Any policies and procedures of the Fund for deterring frequent purchases and redemptions of Fund shares by
Fund shareholders, including any restrictions imposed by the Fund to prevent or minimize frequent purchases and
redemptions. Describe each of these policies, procedures, and restrictions with specificity. Indicate whether each of these
restrictions applies uniformly in all cases or whether the restriction will not be imposed under certain circumstances,
including whether each of these restrictions applies to trades that occur through omnibus accounts at intermediaries, such
as investment advisers, broker-dealers, transfer agents, third party administrators, and insurance companies. Describe with
specificity the circumstances under which any restriction will not be imposed. Include a description of the following
restrictions, if applicable:
(A) Any restrictions on the volume or number of purchases, redemptions, or exchanges that a shareholder may make
within a given time period;
(B) Any exchange fee or redemption fee;
13
SEC 2052 (10/16)
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