Form N-1a - United States Securities And Exchange Commission Page 42
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544.
If the Fund holds itself out as distributing income that is exempt from federal, state, or local income taxation, in calculating
yield and effective yield (but not tax equivalent yield or tax equivalent effective yield), reduce the yield quoted by the effect
of any income taxes on the shareholder receiving dividends, using the maximum rate for individual income taxation. For
example, if the Fund holds itself out as distributing income exempt from federal taxation and the income taxes of State A,
but invests in some securities of State B, it must reduce its yield by the effect of state income taxes that must be paid by the
residents of State A on that portion of the income attributable to the securities of State B.
(b) Other Funds. Performance information included in the prospectus should be calculated according to paragraphs (b)(1) – (6).
(1)
Average Annual Total Return Quotation. For the 1-, 5-, and 10-year periods ended on the date of the most recent balance
sheet included in the registration statement (or for the periods the Fund has been in operation), calculate the Fund’s average
annual total return by finding the average annual compounded rates of return over the 1-, 5-, and 10-year periods (or for the
periods of the Fund’s operations) that would equate the initial amount invested to the ending redeemable value, according
to the following formula:
P(1+T)
= ERV
n
Where:
P
=
a hypothetical initial payment of $1,000.
T
=
average annual total return.
n
=
number of years.
ERV =
ending redeemable value of a hypothetical $1,000 payment made at the beginning of the 1-, 5-, or
10-year periods at the end of the 1-, 5-, or 10-year periods (or fractional portion).
Instructions
1.
Assume the maximum sales load (or other charges deducted from payments) is deducted from the initial $1,000
payment.
2.
Assume all distributions by the Fund are reinvested at the price stated in the prospectus (including any sales load
imposed upon reinvestment of dividends) on the reinvestment dates during the period.
3.
Include all recurring fees that are charged to all shareholder accounts. For any account fees that vary with the size of
the account, assume an account size equal to the Fund’s mean (or median) account size. Reflect, as appropriate,
any recurring fees charged to shareholder accounts that are paid other than by redemption of the Fund’s shares.
4.
Determine the ending redeemable value by assuming a complete redemption at the end of the 1-, 5-, or 10-year
periods and the deduction of all nonrecurring charges deducted at the end of each period. If shareholders are assessed
a deferred sales load, assume the maximum deferred sales load is deducted at the times, in the amounts, and under the
terms disclosed in the prospectus.
5.
State the average annual total return quotation to the nearest hundredth of one percent.
6.
Total return information in the prospectus need only be current to the end of the Fund’s most recent fiscal year.
(2)
Average Annual Total Return (After Taxes on Distributions) Quotation. For the 1-, 5-, and 10-year periods ended on
the date of the most recent balance sheet included in the registration statement (or for the periods the Fund has been in
operation), calculate the Fund’s average annual total return (after taxes on distributions) by finding the average annual
compounded rates of return over the 1-, 5-, and 10-year periods (or for the periods of the Fund’s operations) that would
equate the initial amount invested to the ending value, according to the following formula:
P(1+T)
= ATV
n
D
Where:
P
=
a hypothetical initial payment of $1,000.
T
=
average annual total return (after taxes on distributions).
n
=
number of years.
ATV =
ending value of a hypothetical $1,000 payment made at the beginning of the 1-, 5-, or 10-year periods
D
at the end of the 1-, 5-, or 10-year periods (or fractional portion), after taxes on fund distributions but
not after taxes on redemption.
Instructions
1.
Assume the maximum sales load (or other charges deducted from payments) is deducted from the initial $1,000
payment.
2.
Assume all distributions by the Fund, less the taxes due on such distributions, are reinvested at the price stated in the
prospectus (including any sales load imposed upon reinvestment of dividends) on the reinvestment dates during the
period.
35
SEC 2052 (10/16)
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