Form N2 (United States Securities And Exchange Commission) Page 6
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41Part A: The Prospectus
The purpose of the prospectus is to provide essential information about the Registrant in a way that will help
investors make informed decisions about whether to purchase the securities being offered. THE INFORMATION IN
THE PROSPECTUS SHOULD BE CLEAR, CONCISE, AND UNDERSTANDABLE. AVOID THE USE OF
TECHNICAL OR LEGAL TERMS, COMPLEX LANGUAGE, OR EXCESSIVE DETAIL.
Responses to the items of Part A should be as simple and direct as possible and should include only information needed
to understand the fundamental characteristics of the Registrant. Descriptions of practices that are required by law gener-
ally should not include detailed discussions of the law itself. No response is required for inapplicable items.
Part B: Statement of Additional Information
The items in Part B call for additional information about the Registrant that may be of interest to some investors. Part B
also allows the Registrant to augment discussions of matters described in the prospectus with additional information the
Registrant believes may be of interest to some investors. If information is included in the prospectus, it need not be
repeated in the SAI, and a Registrant need not prepare a SAI or refer to it in the prospectus (or provide the undertaking
required by Item 34.6) if all of the information required to be in the SAI is included in the prospectus. A registrant
placing information in Part B should not repeat information that is in the prospectus, except where necessary to make
Part B understandable.
Information in the SAI need not be included in the prospectus or be sent to investors with the prospectus provided that:
(1) the cover page of the prospectus states that the SAI is available upon oral or written request and without charge
and includes a telephone number for use by prospective investors; (2) the prospectus contains either a toll-free number
or a self-addressed card for return of the request by first class mail or other means designed to ensure equally prompt
delivery. If the request is made prior to delivery of a confirmation with respect to a security offered by the prospectus,
the SAI must be sent in a manner reasonably calculated for it to arrive prior to the confirmation. The SAI may be sent
to the address to which the prospectus was delivered, unless the requester provides an alternate address for delivery of
the SAI.
General Instructions for Parts A and B
1. The information in the prospectus and the SAI should be organized to make it easy to understand the
organization and operation of the Registrant. The information need not be in any particular order, with the
exception that Items 1, 2, 3, and 4 must appear in order in the prospectus and may not be preceded or separated
by any other information.
2. The prospectus or the SAI may contain more information than called for by this form, provided the
information is not incomplete, inaccurate, or misleading and does not, because of its nature, quantity, or
manner of presentation, obscure or impede understanding of required information.
3. The requirements for dating the prospectus apply equally to dating the SAI for purposes of Rule 423 under the
1933 Act [17 CFR 230.423]. The SAI should be made available at the same time that the prospectus becomes
available for purposes of Rules 430 and 460 under the 1933 Act [17 CFR 230.430 and 230.460].
4. The prospectus should not be presented in fold-out or road-map type fashion.
5. Instructions for charts, graphs, and sales literature:
a. A registration statement may include any chart, graph, or table that is not misleading; however, only the
fee table and the table of contents (required by Rule 481(c) under the 1933 Act [17 CFR 230.481(c)]), may
precede the financial highlights specified in Item 4.
b. If “sales literature” is included in the prospectus, (1) it should not significantly lengthen the prospectus
nor obscure essential disclosure, and (2) members of the National Association of Securities Dealers, Inc.
(“NASD”) are not relieved of the filing and other requirements of the NASD for investment company sales
literature. (See Securities Act Release No. 5359, Jan. 26, 1973 [38 FR 7220 (Mar. 19, 1973)].)
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SEC 1716 (4/15)
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