Conforming Amendments to Commission Rules and Forms, 90579-90592 [2024-26387]

Agencies

• SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 89, Number 222 (Monday, November 18, 2024)]
[Rules and Regulations]
[Pages 90579-90592]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-26387]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 200, 230, 274, and 275

[Release Nos. 33-11325; 34-101540; IA-6767; IC-35377]


Conforming Amendments to Commission Rules and Forms

AGENCY: Securities and Exchange Commission.

ACTION: Final rule.

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SUMMARY: The Securities and Exchange Commission (``Commission'') is 
adopting amendments to correct certain errors in various rules and 
forms under the Securities Act of 1933, the Securities Exchange Act of 
1934, the Investment Company Act of 1940, and the Investment Advisers 
Act of 1940. The Commission is also amending a rule that displays 
control numbers assigned to information collection requirements by the 
Office of Management and Budget pursuant to the Paperwork Reduction 
Act.

DATES: This rule is effective November 18, 2024.

FOR FURTHER INFORMATION CONTACT: Greg Scopino, Senior Counsel; Blair 
Burnett, Branch Chief; or Brian McLaughlin Johnson, Assistant Director, 
Investment Company Regulation Office, at (202) 551-6792, Division of 
Investment Management, Securities and Exchange Commission, 100 F Street 
NE, Washington, DC 20549-8549.

SUPPLEMENTARY INFORMATION: The Commission is amending the following 
rules and forms:
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    \1\ 15 U.S.C. 77a et seq. The Securities Act is available at 
https://www.govinfo.gov/content/pkg/COMPS-1884/pdf/COMPS-1884.pdf.
    \2\ Rule 482 is available at https://www.ecfr.gov/current/title-17/chapter-II/part-230#230.482.
    \3\ 15 U.S.C. 80a-1 et seq. Unless otherwise noted, all 
references to statutory sections are to the Investment Company Act, 
and all references to rules under the Investment Company Act are to 
title 17, part 270 of the Code of Federal Regulations [17 CFR part 
270]. The Investment Company Act is available at https://www.govinfo.gov/content/pkg/COMPS-1879/pdf/COMPS-1879.pdf.
    \4\ A reference copy of Form N-1A is available at https://www.sec.gov/files/form-n-1a.pdf.
    \5\ A reference copy of Form N-2 is available at https://www.sec.gov/files/formn-2.pdf.
    \6\ 15 U.S.C. 78a et seq. The Exchange Act is available at 
https://www.govinfo.gov/content/pkg/COMPS-1885/pdf/COMPS-1885.pdf.
    \7\ A reference copy of Form N-CSR is available at https://www.sec.gov/files/formn-csr.pdf.
    \8\ A reference copy of Form N-MFP is available at https://www.sec.gov/files/formn-mfp.pdf.
    \9\ 15 U.S.C. 80b-1 et seq. The Investment Advisers Act is 
available at https://www.govinfo.gov/content/pkg/COMPS-1878/pdf/COMPS-1878.pdf.
    \10\ Rule 204-2 is available at https://www.ecfr.gov/current/title-17/chapter-II/part-275/section-275.204-2.
    \11\ 17 CFR 200.800 is available at https://www.ecfr.gov/current/title-17/chapter-II/part-200/subpart-N.

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------------------------------------------------------------------------
Commission reference                                  CFR citation
                                                      (17 CFR)
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Securities Act of 1933            Rule 482 \2\......  Sec.   230.482.
 (``Securities Act'') \1\.
Securities Act and Investment     Form N-1A \4\.....  Sec.  Sec.
 Company Act of 1940 (``Act'' or                       239.15A and
 ``Investment Company Act'') \3\.                      274.11A.
                                  Form N-2 \5\......  Sec.  Sec.
                                                       239.14 and
                                                       274.11a-1.
Securities Exchange Act of 1934   Form N-CSR \7\....  Sec.  Sec.
 (``Exchange Act'') \6\ and                            249.331 and
 Investment Company Act.                               274.128.
Investment Company Act..........  Form N-MFP \8\....  Sec.   274.201.
Investment Advisers Act of 1940   Rule 204-2 \10\...  Sec.   275.204-2.
 (``Investment Advisers Act'')
 \9\.
                                  OMB control         Sec.   200.800.
                                   numbers \11\.
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Table of Contents

I. Discussion
    A. Form N-MFP
    B. Rule 482(b)(4)
    C. Form N-1A
    D. Form N-2
    E. Form N-CSR
    F. Rule 204-2(j)(4)
    G. OMB Control Numbers
II. Procedural and Other matters
III. Economic Analysis
    A. Form N-MFP
    B. Rule 482(b)(4)
    C. Other Amendments
IV. Paperwork Reduction Act
Statutory Authority

I. Discussion

    The Commission is adopting amendments to correct errors in certain 
Commission rules and forms. Specifically, the amendments correct errors 
in the formula for calculating yield data reported on Form N-MFP, which 
requires money market funds to report portfolio and other information 
to the Commission each month. The amendments also make conforming 
changes to the risk disclosure statement in rule 482, which requires 
certain information to be included in mutual fund advertisements and 
sales literature. The amendments also conform certain provisions of 
Form N-1A and Form N-2, forms used by open-end management investment 
companies (``open-end funds'') and closed-end funds, respectively, to 
register under the Investment Company Act and to offer their shares 
under the Securities Act. These amendments reflect recent rule changes 
requiring open-end funds to transmit more concise annual and semi-
annual reports to shareholders. Further, the amendments correct 
outdated cross-

[[Page 90580]]

references and redesignate the numbering of certain paragraphs within 
Form N-CSR, a reporting form used by funds to file shareholder reports 
under the Investment Company Act and the Exchange Act. The amendments 
also correct an erroneous cross-reference in rule 204-2, which 
prescribes recordkeeping requirements for investment advisers. Finally, 
the amendments insert inadvertently omitted Office of Management and 
Budget (``OMB'') control numbers in 17 CFR 200.800, which is a rule 
that displays control numbers OMB has assigned to existing information 
collection requirements pursuant to the Paperwork Reduction Act.
    Although the amendments are effective immediately, to the extent 
that registrants need additional time to conform to the amendments, 
they may take up to 90 days after the effective date to comply.\12\ 
Given the nature of the amendments, a 90-day compliance period gives 
registrants adequate time to review these amendments and, if necessary, 
update their practices to reflect the corrections.
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    \12\ See also infra section I.C (stating that funds may include 
the updates to Item 10(a)(1)(iii) of Form N-1A in their next annual 
prospectus update following the adoption of the amendments to Form 
N-1A).
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A. Form N-MFP

    The Commission is adopting amendments to correct errors in Form N-
MFP. Money market funds use Form N-MFP to report portfolio and other 
information to the Commission each month. Among the items required by 
Form N-MFP is the reporting of a money market fund's 7-day annualized 
gross and net yields. The form requires money market funds to report 7-
day gross yield at the series level and 7-day net yield at the class 
level.\13\ These standardized metrics give investors the ability to 
view the yield information of a money market fund over a recent time 
period, allowing investors to make better informed decisions and, in 
the aggregate, provide the Commission with useful data for identifying 
and monitoring trends in the money market fund sector.
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    \13\ See Items A.19 and B.8 of Form N-MFP.
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    In 2023, the Commission adopted a rulemaking that changed the 
frequency at which funds are required to report the 7-day yield 
information in their monthly reports on Form N-MFP to require 7-day 
gross and net yield data for each business day of the month (instead of 
only the 7 days ended on the last day of the month).\14\
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    \14\ See Money Market Fund Reforms; Form PF Reporting 
Requirements for Large Liquidity Fund Advisers; Technical Amendments 
to Form N-CSR and Form N-1A, Investment Company Act Release No. 
34959 (July 12, 2023) [88 FR 51404 (Aug. 3, 2023)] (``Money Market 
Fund Reform Adopting Release''), available at https://www.federalregister.gov/documents/2023/08/03/2023-15124/money-market-fund-reforms-form-pf-reporting-requirements-for-large-liquidity-fund-advisers-technical.
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    In making this frequency-related change, the phrase ``business 
days'' was erroneously inserted into the yield calculation formula in a 
way that inadvertently altered the calculation period from 7 calendar 
days to 7 business days. A 7-business day period is internally 
inconsistent with the remainder of the yield calculation formula, which 
uses a scaling factor intended to annualize yields calculated over 7 
calendar days. If used with a 7-business day period, it would result in 
the reporting of inflated annual yields on Form N-MFP.\15\ Based on a 
review of a sample of recent Form N-MFP filings, Commission staff has 
not observed any evidence of an increase in reported yield figures 
relative to yields reported in prior periods, suggesting that money 
market funds' yield calculations do not reflect the error.\16\ In 
addition, in amending Form N-MFP in 2023, the phrase ``immediately 
preceding'' was inadvertently inserted into the yield calculation 
formula, such that the reporting day would not be included in the 
calculation. The amendments correct these errors, ensuring that Form N-
MFP continues to reflect the longstanding method money market funds 
have used to calculate and report yield figures (measured over seven 
calendar days) to the Commission in Form N-MFP and in other contexts, 
including prospectuses, advertisements, and sales literature.\17\
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    \15\ The yield calculation formula in Items A.19 and B.8 (by 
reference to Item 26(a)(1) of Form N-1A) includes a scaling factor 
of 365/7, which operates to annualize yields calculated over a 
period of 7 calendar days. Due to the inclusion of weekends and 
holidays, however, 7 business days span a longer calendar period 
than 7 calendar days. Accordingly, yields calculated over 7 business 
days but annualized over 7 calendar days would result in inflated 
annual yields. See infra footnote 45.
    \16\ See infra footnote 45 and accompanying text.
    \17\ See Item 26(a) of Form N-1A (requiring money market funds 
to base yield calculations on the 7 days ended on the date of the 
most recent balance sheet included in the registration statement); 
Item 24(a) of Form N-4 (at 17 CFR 239.17b and 274.11c) (requiring a 
prospectus for an account or sub-account that holds itself out as a 
money market account or sub-account to be calculated based on the 7 
days ended on the date of the most recent balance sheet of the 
registrant included in the registration statement); paragraph (e)(1) 
of 17 CFR 230.482 (requiring that any quotation of a money market 
fund's yield in an advertisement be based on the methods of 
computation prescribed in Form N-1A or Form N-4); paragraph 
(b)(1)(ii) of 17 CFR 270.34b-1 (requiring a money market fund's 
sales literature that includes any quotation of yield or similar 
quotations purporting to demonstrate the income earned or 
distributions made by the fund to be accompanied by a quotation of 
current yield based on the computation method prescribed in Form N-
1A or Form N-4).
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B. Rule 482(b)(4)

    We are amending rule 482 to correct outdated cross-references and 
conform the risk statements that money market funds must include in 
their advertisements and sales literature to the risk statements that 
money market funds must include in their prospectuses.\18\ Rule 482 
applies to advertisements or other sales materials with respect to 
securities of an investment company registered under the Investment 
Company Act that is selling or proposing to sell its securities 
pursuant to a registration statement that has been filed under the 
Investment Company Act.\19\ This rule describes the information that is 
required to be included in an advertisement, including a disclosure 
statement that must be used on money market fund advertisements.\20\
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    \18\ See amended rule 482(b)(4). The regulations at 17 CFR 
270.34b-1 (rule 34b-1) cross reference paragraph (b)(4) of rule 482, 
so the amendments will update the risk statements that money market 
funds must include in sales literature under rule 34b-1 as well. For 
purposes of this release, we use the term ``advertisement'' to 
include both rule 482 advertisements and rule 34b-1 sales 
literature, unless otherwise specified.
    \19\ See rule 482(a).
    \20\ See rule 482(b).
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    In the Money Market Fund Reform Adopting Release, the Commission 
amended the risk statements that money market funds must include in 
their prospectuses to align with the changes to money market fund 
regulations adopted in that release (e.g., the removal of provisions 
allowing temporary suspensions of redemptions and changes to the 
liquidity fee framework). However, rule 482 was not included in the 
amendments and the statements that rule 482 currently requires are 
inconsistent with the recently amended regulatory framework for money 
market funds.\21\ Further, the risk statements that money market funds 
were required to include in prospectuses and advertisements have 
otherwise always been identical and the risk statements should not 
differ based on whether an investor is reviewing a prospectus or an 
advertisement.\22\
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    \21\ See Item 4(b)(1)(ii) of Form N-1A.
    \22\ See Revisions to Rules Regulating Money Market Funds, 
Investment Company Act Release No. 18005 (Feb. 20, 1991) [56 FR 8113 
(Feb. 27, 1991)], at text accompanying n.88, available at https://archives.federalregister.gov/issue_slice/1991/2/27/8112-8130.pdf#page=2; New Disclosure Option for Open-End Management 
Investment Companies, Investment Company Act Release No. 23065 (Mar. 
13, 1998) [63 FR 13968 (Mar. 23, 1998)], at n.72 and accompanying 
text, available at https://www.govinfo.gov/content/pkg/FR-1998-03-23/pdf/98-7071.pdf; Registration Form Used by Open-End Management 
Investment Companies, Investment Company Act Release No. 23064 (Mar. 
13, 1998) [63 FR 13916 (Mar. 23, 1998)], at paragraph accompanying 
n.41, available at https://www.govinfo.gov/content/pkg/FR-1998-03-23/pdf/98-7070.pdf; Money Market Fund Reform; Amendments to Form PF, 
Investment Company Act Release No. 31166 (July 23, 2014) [79 FR 
47736 (Aug. 14, 2024)], at section III.E.1.a., available at https://www.federalregister.gov/documents/2014/08/14/2014-17747/money-market-fund-reform-amendments-to-form-pf.

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[[Page 90581]]

    As a result, rule 482 includes outdated references to concepts that 
have been removed or significantly modified in underlying money market 
fund regulations (e.g., allowing temporary suspensions of redemptions). 
The amendments to rule 482 would correct this error, make certain other 
conforming edits to further align the language of the risk statements 
with the risk statements that money market funds must include in their 
prospectuses, and correct inaccurate cross references to money market 
fund rules.\23\
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    \23\ For example, the amendments correct errors in cross 
references to the definitions of government money market fund and 
retail money market fund located in 17 CFR 270.2a-7 (rule 2a-7), as 
well as cross references to the location of liquidity fee provisions 
in that rule.
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C. Form N-1A

    We are amending a provision of Form N-1A to correct a cross 
reference, reflecting changes made in the Tailored Shareholder Reports 
Adopting Release.\24\ Specifically, we are amending Item 10(a)(1)(iii) 
of Form N-1A. This item requires open-end funds to include prospectus 
disclosure stating that a discussion regarding the basis for the board 
of directors approving any advisory contract of the fund is available 
in the fund's annual or semi-annual report to shareholders, as 
applicable.\25\ In the Tailored Shareholder Reports Adopting Release, 
however, the Commission adopted amendments requiring discussion 
regarding the basis for the board's approval of the advisory contract 
to be included on Form N-CSR rather than in the annual or semi-annual 
report.\26\ We are accordingly amending Item 10(a)(1)(iii) to reference 
that this disclosure now appears in the fund's reports on Form N-
CSR.\27\ Because this change simply updates a cross reference, funds 
may include the updated language in their next annual prospectus update 
following the adoption of the amendments to Form N-1A and we anticipate 
funds would update this disclosure at that time. In the interim period 
before funds make this update, an investor who wants to review the 
discussion regarding the basis for the board's approval of the advisory 
contract would look in the fund's shareholder report (which is 
referenced in the current prospectus disclosure requirement).\28\ While 
this discussion will no longer appear in the fund's shareholder report, 
the report will include a link to additional information about the 
fund, which includes the discussion regarding the basis for the board's 
approval of the advisory contract.
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    \24\ See Tailored Shareholder Reports for Mutual Funds and 
Exchange-Traded Funds; Fee Information in Investment Company 
Advertisements, Investment Company Act Release No. 34731 (Oct. 26, 
2022) [87 FR 72758 (Nov. 25, 2022)] (``Tailored Shareholder Reports 
Adopting Release''), available at https://www.federalregister.gov/documents/2022/11/25/2022-23756/tailored-shareholder-reports-for-mutual-funds-and-exchange-traded-funds-fee-information-in.
    \25\ See Item 10(a)(1)(iii) of Form N-1A (``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.'').
    \26\ See Form N-CSR Item 11 (Statement Regarding Basis for 
Approval of Investment Advisory Contract).
    \27\ As amended, Item 10(a)(1)(iii) will read: ``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 reports filed on Form N-CSR, and 
providing the period covered by the most recent Form N-CSR report 
that includes this discussion.''
    \28\ See Item 27A(b)(4) of Form N-1A (shareholder report cover 
page must include a website address where additional information 
about the fund, as required under 17 CFR 270.30e-1 (rule 30e-1), is 
available); rule 30e-1(b)(2) under the Investment Company Act 
(content requirements for additional information that an open-end 
fund must make available on a website, including the discussion 
regarding the basis for the board's approval of the advisory 
contract).
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D. Form N-2

    We are amending Instruction 8.a to Item 24 of Form N-2 to correct a 
cross-reference to a provision of Form N-CSR that became outdated when 
the Commission adopted amendments to Form N-CSR in the Tailored 
Shareholder Reports Adopting Release. Instruction 8.a refers to Item 7 
of Form N-CSR (``Disclosure of Proxy Voting Policies and Procedures for 
Closed-End Management Investment Companies''), which was redesignated 
as Item 12 (but not otherwise changed) in the Tailored Shareholder 
Reports Adopting Release.\29\ We are therefore amending the reference 
in Item 7 in Instruction 8.a to refer instead to Item 12.
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    \29\ See Tailored Shareholder Reports Adopting Release at 
amendatory instruction 17.g.
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E. Form N-CSR

    We are amending Items 2, 16, and 19 of Form N-CSR to correct 
outdated cross-references, remove unnecessary instructions, and 
redesignate the numbering of certain paragraphs. In the Recovery of 
Erroneously Awarded Compensation Adopting Release, the Commission added 
a new Item 18 (``Recovery of Erroneously Awarded Compensation'') to 
Form N-CSR and redesignated then-current Item 18 (``Exhibits'') as Item 
19.\30\ References in Item 2 of Form N-CSR, however, erroneously still 
refer to Item 18.\31\ We are therefore amending Item 2 to refer to Item 
19 instead of Item 18.
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    \30\ Listing Standards for Recovery of Erroneously Awarded 
Compensation, Investment Company Act Release No. 34732 (Oct. 26, 
2022) [87 FR 73076 (Nov. 28, 2022)] (``Recovery of Erroneously 
Awarded Compensation Adopting Release''), available at https://www.federalregister.gov/documents/2022/11/28/2022-23757/listing-standards-for-recovery-of-erroneously-awarded-compensation.
    \31\ These references appear in paragraphs (c) and (f) of Item 
2.
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    In the Recovery of Erroneously Awarded Compensation Adopting 
Release, the Commission also added new paragraph (a)(2) to newly 
designated Item 19 (``Exhibits'') and redesignated paragraph (a)(2) of 
newly redesignated Item 19 as paragraph (a)(3). Subsequent paragraphs 
were not renumbered, however, resulting in two paragraphs designated 
(a)(3). The amendments would correct this error by redesignating 
existing paragraphs (a)(3) and (a)(4) of newly redesignated Item 19 as 
paragraphs (a)(4) and (a)(5). We are also correcting the title for the 
instructions to Item 19, which currently erroneously references Item 
13. In addition, we are removing the instruction to paragraph (b) of 
Item 16 and the instruction to paragraph (a)(3) of Item 19 on Form N-
CSR.\32\ These instructions were included in Form N-CSR pursuant to the 
2016 investment company reporting modernization

[[Page 90582]]

rulemaking to address how registrants should handle certain disclosures 
during the transition period before all registered management 
investment companies were required to file Form N-PORT.\33\ These 
instructions are unnecessary as all registered management investment 
companies are currently required to file Form N-PORT (i.e., the 
transition period for reporting on Form N-PORT has concluded).
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    \32\ See instruction to paragraph (b) of Item 16 of Form N-CSR 
(``Until the date that the registrant has filed its first report on 
Form N-PORT (17 CFR 270.150), the registrant's disclosures required 
by this Item are limited to any change in the registrant's internal 
control over financial reporting that occurred during the 
registrant's last fiscal quarter that has materially affected, or is 
reasonably likely to materially affect, the registrant's internal 
control over financial reporting.''); see also instruction to 
paragraph (a)(3) of Item 19 on Form N-CSR (``Until the date that the 
registrant has filed its first report on Form N-PORT (17 CFR 
270.150), in the certification required by Item 18(a)(3), the 
registrant's certifying officers must certify that they have 
disclosed in the report any change in the registrant's internal 
control over financial reporting that occurred during the 
registrant's most recent fiscal quarter that has materially 
affected, or is reasonably likely to materially affect, the 
registrant's internal control over financial reporting.'').
    \33\ See Investment Company Reporting Modernization, Investment 
Company Act Release No. 32314 (Oct. 13, 2016) [81 FR 81870 (Nov. 18, 
2016)], available at https://www.federalregister.gov/documents/2016/11/18/2016-25349/investment-company-reporting-modernization.
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F. Rule 204-2(j)(4)

    We are amending rule 204-2 under the Investment Advisers Act to 
correct an erroneous cross reference. The corrected cross reference in 
rule 204-2(j)(4) will refer to 17 CFR 270.0-2(b)(2) (rule 0-2(b)(2)) 
for the definition of non-resident investment adviser (and not rule 0-
2(d)(3) under the Investment Advisers Act, which does not exist).

G. OMB Control Numbers

    Finally, we are amending 17 CFR 200.800 to display control numbers 
OMB has assigned to certain existing information collection 
requirements pursuant to the Paperwork Reduction Act that mistakenly 
were not previously listed in that rule.

II. Procedural and Other Matters

    The Administrative Procedure Act (``APA'') generally requires an 
agency to publish notice of a rulemaking in the Federal Register and 
provide an opportunity for public comment.\34\ This requirement does 
not apply, however, if the agency ``for good cause, finds . . . that 
notice and public procedure thereon are impracticable, unnecessary, or 
contrary to the public interest.'' \35\ Given the nature of the 
amendments and the associated minimal exercise of discretion, the 
Commission finds that notice and public comment are unnecessary and 
that there is good cause to implement these amendments in a final rule.
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    \34\ 5 U.S.C. 553(b)-(c).
    \35\ 5 U.S.C. 553(b)(3)(B).
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    The amendments to Form N-MFP correct inadvertent errors that 
created an inconsistency in the yield calculation formula and 
represented a departure from the longstanding method money market funds 
have used to calculate and report yield figures to the Commission. The 
amendments to rule 482 conform the required risk disclosure to the 
recently amended regulatory framework for money market funds. The 
amendments to Form N-1A, Form N-2, Form N-CSR, and rule 204-2 are 
ministerial in nature. They update incorrect or outdated cross 
references, redesignate the numbering of certain paragraphs, or remove 
outdated information. Accordingly, we find good cause that publishing 
the amendments to Form N-MFP, rule 482, Form N-1A, Form N-2, Form N-
CSR, and rule 204-2 for comment is unnecessary. The APA also provides 
that notice of proposed rulemaking is not required for ``rules of 
agency organization, procedure, or practice.'' \36\ The amendments to 
17 CFR 200.800 pertain to agency organization, procedure, or practice, 
and therefore are not subject to the APA's requirement for advance 
notice and opportunity for public comment prior to publication.
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    \36\ See 5 U.S.C. 553(b).
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    The APA generally requires publication of a rule at least 30 days 
before its effective date. This requirement does not apply, however, if 
the agency finds good cause for making the rule effective sooner.\37\ 
For the same reasons we are forgoing notice and comment, we find good 
cause to make the amendments effective upon publication in the Federal 
Register. This finding that notice and public comment are unnecessary 
also satisfies the requirements of the Congressional Review Act, 
allowing the amendments to become effective at such time that the 
Commission determines.\38\ Pursuant to the Congressional Review Act, 
the Office of Information and Regulatory Affairs has designated these 
amendments not a ``major rule,'' as defined by 5 U.S.C. 804(2). The 
amendments also do not require analysis under the Regulatory 
Flexibility Act.\39\
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    \37\ See 5 U.S.C. 553(d).
    \38\ See 5 U.S.C. 808(2), allowing the rule amendments to become 
effective notwithstanding the requirement of 5 U.S.C. 801 (if a 
Federal agency finds that notice and public comment are impractical, 
unnecessary, or contrary to the public interest, a rule shall take 
effect at such time as the Federal agency promulgating the rule 
determines).
    \39\ See 5 U.S.C. 604(a) (requiring a final regulatory 
flexibility analysis only for rules required by the APA or other law 
to undergo notice and comment).
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III. Economic Analysis

    As discussed above, these amendments correct errors in certain 
Commission rules and forms. The Commission is mindful of the economic 
effects, including the benefits and costs, of the adopted amendments. 
The analysis below addresses the likely economic effects of the 
amendments, including the anticipated and estimated benefits and costs 
of the amendments and their likely effects on efficiency, competition, 
and capital formation.\40\ We analyze these effects against a baseline 
that consists of the current regulatory framework and current market 
practices.
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    \40\ Section 2(a) of the Securities Act, section 3(f) of the 
Exchange Act, section 2(c) of the Investment Company Act, and 
section 202(c) of the Investment Advisers Act require us, when 
engaging in rulemaking that requires us to consider or determine 
whether an action is necessary or appropriate in or consistent with 
the public interest, to consider, in addition to the protection of 
investors, whether the action will promote efficiency, competition, 
and capital formation. Section 23(a)(2) of the Exchange Act also 
requires us to consider the effect that the rules will have on 
competition and prohibits us from adopting any rule that would 
impose a burden on competition not necessary or appropriate in 
furtherance of the Exchange Act.
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    The amendments we are adopting are limited in nature.\41\ 
Therefore, many of the economic effects will be minimal or null. Where 
we are unable to quantify those economic effects that may exist, we 
explain why they are impracticable to quantify and we discuss them in 
qualitative terms. Given the nature of the benefits and the minimal 
costs expected to result from these amendments, we do not anticipate 
any changes to efficiency, competition, or capital formation will 
result from these amendments.
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    \41\ See supra section II.
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A. Form N-MFP

    Baseline. Money market funds report their gross and net yields 
using public Form N-MFP filings.\42\ The instructions accompanying 
these yields' calculations were inadvertently changed in a 2023 
rulemaking.\43\ The amendments to Form N-MFP correct this error.\44\
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    \42\ See Form N-MFP Item A.19 for instructions on the 
calculation of 7-day gross yields at the series level, and Item B.8 
for instructions on the calculation of 7-day net yields at the class 
level.
    \43\ The change directed the yield calculations to be based on 
the 7 business days preceding the date for which the yield is 
reported, instead of the 7 calendar days ended on (and including) 
that date. See supra section I.A.
    \44\ See supra section I.
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    We estimate that this amendment to Form N-MFP will apply to 291 
money market funds registered with the Commission as of December 31, 
2023. Commission staff have not observed evidence of reported yield 
changes that would be expected if money market funds had fully 
implemented the erroneous instructions in their calculations of 7-day 
annualized gross and net yields.\45\
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    \45\ The scaling factor of 365/7 provided in the instructions to 
Item A.19 and B.8 (by reference to Item 26(a)(1) of Form N-1A) 
appropriately annualizes yields calculated over a period of 7 
calendar days, but is inconsistent with the longer period of 7 
business days as erroneously amended. Specifically, because 7 
business days encompasses a longer period than 7 calendar days, a 
fund that annualizes its yields using a scaling factor of 365/7 
would overstate its annual yields relative to those yields reported 
prior to the June 11, 2024, compliance date. Commission staff 
reviewed Form N-MFP filings from 29 money market funds that filed 
Form N-MFP in May 2024 (representing 10% of money market funds and 
$620 billion (9.5%) of money market fund net assets) and did not 
observe any evidence of any such changes in yield reporting 
following this compliance date.

---------------------------------------------------------------------------

[[Page 90583]]

    Economic Effects. The amendments to Form N-MFP will correct errors 
and ensure that Form N-MFP continues to reflect the longstanding 
calculation method for money market fund yields, including consistency 
in calculation methods across Form N-MFP, prospectuses, advertisements, 
and sales literature.\46\ Investors will benefit to the extent that 
they would have been confused as to the performance of any money market 
funds that incorporate the errors into their yield calculations.\47\ 
The change may also provide a small benefit to money market funds to 
the extent that the erroneous instructions and departure from 
longstanding methods would otherwise complicate their completion of the 
form.
---------------------------------------------------------------------------

    \46\ See supra footnote 17.
    \47\ See supra footnote 45 (explaining why applying the 
incorrect formula could create misleading yield results).
---------------------------------------------------------------------------

    We expect that money market funds will not incur significant costs 
associated with these amendments. As mentioned above, a review of a 
sample of Form N-MFP filings suggests that filers' recent yield 
calculations do not reflect the error.\48\ If there are any money 
market funds that have implemented the erroneous instructions, those 
funds will have to make corrections to their internal processes 
following these amendments. However, we anticipate the one-time costs 
to do so will be minimal as funds are familiar with the correct method 
from Form N-MFP prior to the erroneous amendments going into effect, as 
well as from preparing their prospectuses, advertisements, and sales 
literature.
---------------------------------------------------------------------------

    \48\ See supra section I.A. See also supra footnote 45.
---------------------------------------------------------------------------

B. Rule 482(b)(4)

    Baseline. Advertisements and other sales material for securities of 
a registered investment company that holds itself out to be a money 
market fund must include certain risk disclosures specified in 
paragraph (b)(4) of rule 482, as applicable to the fund.\49\ Currently, 
the disclosures required by rule 482(b)(4) do not reflect recent 
changes to 17 CFR 270.2a-7 (rule 2a-7).\50\ In addition, the required 
wording in these disclosures deviates from the corresponding statements 
that Form N-1A directs money market funds to include in their 
prospectuses, which historically had been aligned.\51\ The amendment to 
rule 482 corrects these errors by aligning the risk disclosure language 
in paragraph (b)(4) to exactly match the corresponding language in Form 
N-1A.\52\
---------------------------------------------------------------------------

    \49\ The amendment will update risk statement language that also 
applies to sales literature under rule 34b-1. See supra footnote 18.
    \50\ Specifically, Rule 482(b)(4) refers to a fund's suspension 
of redemptions or assessment of fees contingent upon the fund's 
available liquidity and regulatory minimums. These references are no 
longer applicable following the Money Market Fund Reform Adopting 
Release. The rule also includes outdated cross references to rule 
2a-7. See supra footnote 23.
    \51\ See supra footnote 22 (describing corresponding 
statements).
    \52\ See supra section I.B.
---------------------------------------------------------------------------

    We estimate that the amendment to rule 482 will apply to 291 money 
market funds registered with the Commission as of December 2023. Money 
market funds will have to update their processes for preparing 
advertisements to incorporate the amended language in rule 482(b)(4), 
to the extent these processes have not already been updated. 
Intermediaries that prepare money market fund advertisements are also 
subject to rule 482(b)(4) and will also have to update their processes, 
if they have not already done so.
    Economic Effects. The amendment will restore the consistency of the 
aforementioned risk disclosures presented by money market funds across 
various channels. This change will principally benefit certain 
prospective investors that may use a fund's advertisement to inform 
their investment decisions. Specifically, these investors will be 
presented with information that accurately describes certain 
requirements of amended rule 2a-7 applicable to the fund, thereby 
eliminating any confusion stemming from potential inconsistencies in 
risk disclosures across these channels.
    Funds and intermediaries will incur a minimal cost associated with 
updating their processes for preparing money market fund advertisements 
as a result of this amendment because the wording changes are not 
extensive, and they may take up to 90 days to make the changes. In 
addition, we anticipate that funds or intermediaries generally will 
update any previously prepared advertisements that are actively in use, 
but that have not been updated to account for amended rule 2a-7.\53\ 
This cost will scale with the number of these money market fund 
advertisements maintained by a fund or intermediary, but we expect the 
costs to funds and intermediaries will be minimal because the wording 
changes are minor and precisely prescribed, and funds and 
intermediaries may take up to 90 days to make the changes.
---------------------------------------------------------------------------

    \53\ Pursuant to the Paperwork Reduction Act analysis, we 
anticipate a one-time internal time burden of half an hour per fund, 
at a cost of $21,243 across 291 money market funds. See infra 
section IV.
---------------------------------------------------------------------------

C. Other Amendments

    The amendments make several ministerial changes to correct missing 
or erroneous paragraph numbers, cross-references, and similar 
administrative text. These changes affect Form N-1A, Form N-CSR, Form 
N-2, rule 204-2(j)(4), and the OMB control numbers listed in 17 CFR 
200.800.
    Form N-1A contains inaccurate language, in Item 10(a)(1)(iii), 
about the location of a discussion regarding the basis for the fund 
board's approval of the fund's advisory contract: it states the basis 
will be in the fund's annual or semi-annual report to fund 
shareholders, but funds are required to include this basis in Form N-
CSR filings rather than in reports.\54\ Open-end funds use Form N-1A to 
register with the Commission and to offer their shares; as of December 
2023, there are 12,153 open-end funds registered with the Commission.
---------------------------------------------------------------------------

    \54\ See supra section I.C.
---------------------------------------------------------------------------

    Correcting the erroneous statement in Form N-1A may benefit certain 
prospective investors that are inclined to review a fund board's basis 
for approving the fund's advisory contract. We are unaware of any data 
that would allow us to estimate the number of prospective investors 
that are inclined to seek out this information or the number of these 
prospective investors that would face difficulty obtaining this 
information in the absence of the technical amendment. However, any 
benefit will be small because investors can find this information 
despite the error.\55\ Similarly, the costs that funds will undertake 
to update the wording on Form N-1A to reference Form N-CSR rather than 
their annual or semi-annual report will be minimal because the wording 
changes are not extensive and because funds will not need to include 
the updated language until their next annual prospectus update 
following the adoption of the amendments to Form N-1A.\56\
---------------------------------------------------------------------------

    \55\ See supra footnote 28 and accompanying text.
    \56\ See id. and accompanying text.

---------------------------------------------------------------------------

[[Page 90584]]

    Form N-CSR contains incorrect cross-references, paragraph 
numbering, and section headings.\57\ As of December 2023, there are 
12,851 registered management investment companies that are registered 
with the Commission and required to file Form N-CSR. Correcting Form N-
CSR will benefit users to the extent they may have been confused by the 
errors. Registered management investment companies will not incur any 
costs as a result of the corrections, which impose no new obligations.
---------------------------------------------------------------------------

    \57\ Item 2 and Item 19 of Form N-CSR contain incorrect cross-
references. In addition, certain paragraphs in Item 19 are 
incorrectly numbered and one of the headings incorrectly refers to 
Item 13 instead of Item 19. Also, instructions to Item 16(b) and 
Item(a)(3) are irrelevant, as they refer to a 2016 rulemaking's pre-
compliance transitionary period that is now concluded. See supra 
section I.E.
---------------------------------------------------------------------------

    Form N-2 contains an incorrect cross-reference.\58\ Closed-end 
funds use Form N-2 to register with the Commission and to offer their 
shares; as of December 2023 there are 683 closed-end funds registered 
with the Commission. There may be a minimal benefit to closed-end funds 
resulting from this change if fewer compliance resources are required 
to correctly complete the form. There will be no cost to closed-end 
funds or other registrants, as the change does not require any action.
---------------------------------------------------------------------------

    \58\ Instruction 8.a to Item 24 of Form N-2 refers to Item 7 of 
Form N-CSR; it should instead refer to Item 12. See supra section 
I.D.
---------------------------------------------------------------------------

    Rule 204-2(j)(4) contains an incorrect cross-reference. Rule 204-
2(j)(4) sets books and records requirements for non-resident advisers; 
as of December 2023, there are 15,478 advisers registered with the 
Commission. There may be minimal benefit to advisers from this 
amendment to the extent that the erroneous cross reference caused 
confusion to some registrants or other individuals.\59\ There will be 
no costs to advisers or other registrants resulting from this change, 
as no new actions will be required of them.
---------------------------------------------------------------------------

    \59\ Rule 204-2(j)(4) incorrectly cross-references the location 
of the definition of ``non-resident advisers.'' The erroneous 
reference does not exist, and the definition appears in the same 
section as the erroneous reference, so any confusion is likely 
small. See supra section I.F.
---------------------------------------------------------------------------

    The table in 17 CFR 200.800 displays current OMB control numbers 
for information collection requirements codified in title 17 of the 
CFR, but OMB control numbers for several rules are absent from this 
display.\60\ This amendment may benefit the public to the extent the 
corrected table improves ease of reference. We expect any benefit to be 
small. The amendment has no costs to registrants or other market 
participants.
---------------------------------------------------------------------------

    \60\ See supra section I.G.
---------------------------------------------------------------------------

IV. Paperwork Reduction Act

    Certain provisions of the rules and form amendments contain 
``collection of information'' requirements within the meaning of the 
Paperwork Reduction Act of 1995 (``PRA'').\61\ Specifically, the 
amendments to rule 482(b)(4) of the Securities Act to revise the 
particular wording of the risk statements that money market funds must 
include in their advertisements modify an existing ``collection of 
information.'' The title for the existing collection of information is 
``Rule 482 under the Securities Act of 1933, Advertising by an 
Investment Company as Satisfying Requirements of section 10'' (OMB 
Control No. 3235-0565). This collection of information will be 
mandatory for money market funds and the information will not be kept 
confidential. An agency may not conduct or sponsor, and a person is not 
required to respond to, a collection of information unless it displays 
a currently valid OMB control number. We are submitting the proposed 
collections of information to the Office of Management and Budget for 
review in accordance with the PRA.
---------------------------------------------------------------------------

    \61\ 44 U.S.C. 3501 et seq.
---------------------------------------------------------------------------

    In our most recent PRA submission for rule 482, we estimated the 
annual aggregate burden to comply with the collection of information 
requirement of rule 482 is 577,847 burden hours with an internal cost 
burden of $213,133,255.\62\ Given that the amendments are one-time 
updates to the wording of the risk statements already required under 
current rule 482(b)(4), we believe that, once affected funds have made 
these one-time changes, the amendments to rule 482(b)(4) will only 
require money market funds to incur the same costs and hour burdens, 
per fund, on an ongoing basis as under current rule 482(b)(4).
---------------------------------------------------------------------------

    \62\ The most recent rule 482 PRA submission was approved in 
2022 (OMB Control No. 3235-0565).
---------------------------------------------------------------------------

    The table below summarizes our PRA initial and ongoing annual 
burden estimates associated with the amendments to rule 482. Some money 
market funds may have already updated the risk statements in their 
advertisements to conform with the required risk statements in their 
prospectus. Accordingly, the PRA estimates likely overestimate the 
costs associated with the final amendments for those funds whose risk 
statements in their advertisements are currently in line with the risk 
statements that the amendments would require.

                                                    Estimates
----------------------------------------------------------------------------------------------------------------
                                       Internal initial     Internal annual                      Internal time
                                         burden hours      burden hours \1\    Wage rate \2\       costs \1\
----------------------------------------------------------------------------------------------------------------
Amended risk statement in                            0.5            \3\ 0.17        \4\ $429                 $73
 advertisement......................
Number of funds.....................  ..................           \5\ x 291  ..............           \5\ x 291
Total estimated burden..............  ..................                  49  ..............              21,243
Current Burden Estimates............  ..................             577,847  ..............         213,133,255
Revised Burden Estimates............  ..................             577,896  ..............         213,154,498
----------------------------------------------------------------------------------------------------------------
\1\ This estimate includes the initial burden and internal time costs estimates amortized over a three-year
  period.
\2\ The estimated wage figures are based on published rates for the professionals described in this chart,
  modified to account for an 1800-hour work-year and inflation. The estimated figures for the proposed burdens
  were multiplied by 5.35 to account for bonuses, firm size, employee benefits, and overhead. See Securities
  Industry and Financial Markets Association's Report on Management & Professional Earnings in the Securities
  Industry 2013.
\3\ This estimate assumes that, after the initial 0.5 hours to amend the fund's risk statement, funds would not
  have an ongoing burden associated with the amendment.
\4\ This represents a blended rate for a compliance attorney ($449) and a senior programmer ($408).
\5\ The number of funds estimate is based on the number of money market funds reporting to the Commission on
  Form N-MFP as of Dec. 2023.

    The amendments to Form N-MFP, Form N-1A, Form N-2, Form N-CSR, and 
rule 204-2 do not make any substantive modifications to any existing 
collection of information requirements or impose any new

[[Page 90585]]

substantive recordkeeping or information collection requirements within 
the meaning of the PRA.\63\ Accordingly, we are not revising any burden 
and cost estimates in connection with these amendments.
---------------------------------------------------------------------------

    \63\ See supra footnote 45 and accompanying text (stating that 
Commission staff review of a recent sample of Form N-MFP filings 
suggests that filers' yield calculations do not reflect the error in 
the Money Market Fund Reform Adopting Release). See also supra 
section I.C (stating that funds may implement the amendments to Form 
N-1A in a fund's next annual prospectus update following the 
adoption of these amendments).
---------------------------------------------------------------------------

Statutory Authority

    The Commission is adopting these amendments under the authority set 
forth in the Securities Act, particularly sections 5, 6, 7, 10, 19, and 
28 thereof [15 U.S.C. 77a et seq.]; the Exchange Act, particularly 
section 23 thereof [15 U.S.C. 78a et seq.]; the Investment Company Act, 
particularly sections 8, 24, 30, and 38 thereof [15 U.S.C. 80a et 
seq.]; the Investment Advisers Act, particularly sections 204 and 211 
thereof [15 U.S.C. 80b-1 et seq]; and 44 U.S.C. 3506, 3507.

List of Subjects

17 CFR Part 200

    Administrative practice and procedure, Organization and functions 
(Government agencies).

17 CFR Part 230

    Reporting and recordkeeping requirements, Securities.

17 CFR Part 274

    Investment companies, Reporting and recordkeeping requirements, 
Securities.

17 CFR Part 275

    Investment advisers, Reporting and recordkeeping requirements.

Text of Rule and Form Amendments

    For reasons set forth in the preamble, the Commission is amending 
title 17, chapter II of the Code of Federal Regulations as follows:

PART 200--ORGANIZATION; CONDUCT AND ETHICS; AND INFORMATION AND 
REQUESTS

0
1. The authority citation for part 200 continues to read as follows:

    Authority:  5 U.S.C. 552, 552a, 552b, and 557; 11 U.S.C. 901 and 
1109(a); 15 U.S.C. 77c, 77e, 77f, 77g, 77h, 77j, 77o, 77q, 77s, 77u, 
77z-3, 77ggg(a), 77hhh, 77sss, 77uuu, 78b, 78c(b), 78d, 78d-1, 78d-
2, 78e, 78f, 78g, 78h, 78i, 78k, 78k-1, 78l, 78m, 78n, 78o, 78o-4, 
78q, 78q-1, 78w, 78t-1, 78u, 78w, 78ll(d), 78mm, 78eee, 80a-8, 80a-
20, 80a-24, 80a-29, 80a-37, 80a-41, 80a-44(a), 80a-44(b), 80b-3, 
80b-4, 80b-5, 80b-9, 80b-10(a), 80b-11, 7202, and 7211 et seq.; 29 
U.S.C. 794; 44 U.S.C. 3506 and 3507; Reorganization Plan No. 10 of 
1950 (15 U.S.C. 78d nt); sec. 8G, Pub. L. 95-452, 92 Stat. 1101 (5 
U.S.C. App.); sec. 913, Pub. L. 111-203, 124 Stat. 1376, 1827; sec. 
3(a), Pub. L. 114-185, 130 Stat. 538; E.O. 11222, 30 FR 6469, 3 CFR, 
1964-1965 Comp., p. 36; E.O. 12356, 47 FR 14874, 3 CFR, 1982 Comp., 
p. 166; E.O. 12600, 52 FR 23781, 3 CFR, 1987 Comp., p. 235; 
Information Security Oversight Office Directive No. 1, 47 FR 27836; 
and 5 CFR 735.104 and 5 CFR parts 2634 and 2635, unless otherwise 
noted.


0
2. Revise and republish Sec.  200.800 to read as follows:


Sec.  200.800 OMB  control numbers assigned pursuant to the Paperwork 
Reduction Act.

    (a) Purpose. This subpart collects and displays the control numbers 
assigned to information collection requirements of the Commission by 
the Office of Management and Budget pursuant to the Paperwork Reduction 
Act of 1980, 44 U.S.C. 3500 et seq. This subpart displays current OMB 
control numbers for those information collection requirements of the 
Commission that are rules and regulations and codified in this title 
either in full text or incorporated by reference with the approval of 
the Director of the Office of the Federal Register.
    (b) Display.

------------------------------------------------------------------------
                                  17 CFR part or section
     Information collection        where identified and     Current OMB
          requirement                   described           control No.
------------------------------------------------------------------------
Regulation S-X.................  Part 210...............       3235-0009
Regulation S-B.................  Part 228...............       3235-0417
Regulation S-K.................  Part 229...............       3235-0071
Rule 139b......................  230.139b...............       3235-0769
Rule 154.......................  230.154................       3235-0495
Rule 155.......................  230.155................       3235-0549
Rule 236.......................  230.236................       3235-0095
Rule 237.......................  230.237................       3235-0528
Regulation A...................  230.251 through 230.263       3235-0286
Regulation C...................  230.400 through 230.494       3235-0074
Rule 425.......................  230.425................       3235-0521
Rule 477.......................  230.477................       3235-0550
Rule 482.......................  230.482................       3235-0565
Rule 489.......................  230.489................       3235-0411
Rule 498.......................  230.498................       3235-0648
Rule 498A......................  230.498A...............       3235-0765
Regulation D...................  230.500 through 230.508       3235-0076
Regulation E...................  230.601 through               3235-0232
                                  230.610a.
Rule 604.......................  230.604................       3235-0232
Rule 605.......................  230.605................       3235-0232
Rule 607.......................  230.607................       3235-0747
Rule 609.......................  230.609................       3235-0233
Rule 701.......................  230.701................       3235-0522
Regulation S...................  230.901 through 230.905       3235-0357
Regulation S-T.................  Part 232...............       3235-0424
Form SB-1......................  239.9..................       3235-0423
Form SB-2......................  239.10.................       3235-0418
Form S-1.......................  239.11.................       3235-0065
Form S-2.......................  239.12.................       3235-0072
Form S-3.......................  239.13.................       3235-0073
Form N-2.......................  239.14.................       3235-0026
Form N-1A......................  239.15A................       3235-0307
Form S-6.......................  239.16.................       3235-0184

[[Page 90586]]

 
Form S-8.......................  239.16b................       3235-0066
Form N-3.......................  239.17a................       3235-0316
Form N-4.......................  239.17b................       3235-0318
Form S-11......................  239.18.................       3235-0067
Form N-14......................  239.23.................       3235-0336
Form N-5.......................  239.24.................       3235-0169
Form S-4.......................  239.25.................       3235-0324
Form F-1.......................  239.31.................       3235-0258
Form F-2.......................  239.32.................       3235-0257
Form F-3.......................  239.33.................       3235-0256
Form F-4.......................  239.34.................       3235-0325
Form F-6.......................  239.36.................       3235-0292
Form F-7.......................  239.37.................       3235-0383
Form F-8.......................  239.38.................       3235-0378
Form F-10......................  239.40.................       3235-0380
Form F-80......................  239.41.................       3235-0404
Form F-X.......................  239.42.................       3235-0379
Form F-N.......................  239.43.................       3235-0411
Form ID........................  239.63.................       3235-0328
Form SE........................  239.64.................       3235-0327
Form TH........................  239.65.................       3235-0425
Form 1-A.......................  239.90.................       3235-0286
Form 2-A.......................  239.91.................       3235-0286
Form 144.......................  239.144................       3235-0101
Form 1-E.......................  239.200................       3235-0232
Form CB........................  239.800................       3235-0518
Rule 6a-1......................  240.6a-1...............       3235-0017
Rule 6a-3......................  240.6a-3...............       3235-0021
Rule 6a-4......................  240.6a-4...............       3235-0554
Rule 6h-1......................  240.6h-1...............       3235-0555
Rule 8c-1......................  240.8c-1...............       3235-0514
Rule 9b-1......................  240.9b-1...............       3235-0480
Rule 10a-1.....................  240.10a-1..............       3235-0475
Rule 10b-10....................  240.10b-10.............       3235-0444
Rule 10b-17....................  240.10b-17.............       3235-0476
Rule 10b-18....................  240.10b-18.............       3235-0474
Rule 10A-1.....................  240.10A-1..............       3235-0468
Rule 11a1-1(T).................  240.11a1-1(T)..........       3235-0478
Rule 12a-5.....................  240.12a-5..............       3235-0079
Regulation 12B.................  240.12b-1 through             3235-0062
                                  240.12b-36.
Rule 12d1-3....................  240.12d1-3.............       3235-0109
Rule 12d2-1....................  240.12d2-1.............       3235-0081
Rule 12d2-2....................  240.12d2-2.............       3235-0080
Rule 12f-1.....................  240.12f-1..............       3235-0128
Rule 13a-16....................  240.13a-16.............       3235-0116
Regulation 13D/G...............  240.13d-1 through             3235-0145
                                  240.13d-7.
Schedule 13D...................  240.13d-101............       3235-0145
Schedule 13G...................  240.13d-102............       3235-0145
Rule 13e-1.....................  240.13e-1..............       3235-0305
Rule 13e-3.....................  240.13e-3..............       3235-0007
Schedule 13E-3.................  240.13e-100............       3235-0007
Schedule 13e-4F................  240.13e-101............       3235-0375
Regulation 14A.................  240.14a-1 through             3235-0059
                                  240.14a-12.
Schedule 14A...................  240.14a-101............       3235-0059
Regulation 14C.................  240.14c-1..............       3235-0057
Schedule 14C...................  240.14c-101............       3235-0057
Regulation 14D.................  240.14d-1 through             3235-0102
                                  240.14d-9.
Schedule TO....................  240.14d-100............       3235-0515
Schedule 14D-1.................  240.14d-101............       3235-0102
Schedule 14D-9.................  240.14d-101............       3235-0102
Schedule 14D-1F................  240.14d-102............       3235-0376
Schedule 14D-9F................  240.14d-103............       3235-0382
Regulation 14E.................  240.14e-1 through             3235-0102
                                  240.14e-2.
Rule 14f-1.....................  240.14f-1..............       3235-0108
Rule 15a-4.....................  240.15a-4..............       3235-0010
Rule 15a-6.....................  240.15a-6..............       3235-0371
Rule 15b1-1....................  240.15b1-1.............       3235-0012
Rule 15b6-1(a).................  240.15b6-1(a)..........       3235-0018
Rule 15c1-5....................  240.15c1-5.............       3235-0471
Rule 15c1-6....................  240.15c1-6.............       3235-0472
Rule 15c1-7....................  240.15c1-7.............       3235-0134
Rule 15c2-1....................  240.15c2-1.............       3235-0485
Rule 15c2-5....................  240.15c2-5.............       3235-0198

[[Page 90587]]

 
Rule 15c2-7....................  240.15c2-7.............       3235-0479
Rule 15c2-8....................  240.15c2-8.............       3235-0481
Rule 15c2-11...................  240.15c2-11............       3235-0202
Rule 15c2-12...................  240.15c2-12............       3235-0372
Rule 15c3-1....................  240.15c3-1.............       3235-0200
Rule 15c3-1(c)(13).............  240.15c3-1(c)(13)......       3235-0499
Appendix F to Rule 15c3-1......  240.15c-1f.............       3235-0496
Rule 15c3-3....................  240.15c3-3.............       3235-0078
Rule 15c3-4....................  240.15c3-4.............       3235-0497
Rule 15d-16....................  240.15d-16.............       3235-0116
Rule 15g-2.....................  240.15g-2..............       3235-0434
Rule 15g-3.....................  240.15g-3..............       3235-0392
Rule 15g-4.....................  240.15g-4..............       3235-0393
Rule 15g-5.....................  240.15g-5..............       3235-0394
Rule 15g-6.....................  240.15g-6..............       3235-0395
Rule 15g-9.....................  240.15g-9..............       3235-0385
Rule 15Aj-1....................  240.15Aj-1.............       3235-0044
Rule 15Ba2-1...................  240.15Ba2-1............       3235-0083
Rule 15Ba2-5...................  240.15Ba2-5............       3235-0088
Rule 15Bc3-1...................  240.15Bc3-1............       3235-0087
Rule 17a-1.....................  240.17a-1..............       3235-0208
Rule 17a-2.....................  240.17a-2..............       3235-0201
Rule 17a-3.....................  240.17a-3..............       3235-0033
Rule 17a-3(a)(16)..............  240.17a-3(a)(16).......       3235-0508
Rule 17a-4.....................  240.17a-4..............       3235-0279
Rule 17a-4(b)(10)..............  240.17a-4(b)(10).......       3235-0506
Rule 17a-5.....................  240.17a-5..............       3235-0123
Rule 17a-5(c)..................  240.17a-5(c)...........       3235-0199
Rule 17a-6.....................  240.17a-6..............       3235-0489
Rule 17a-7.....................  240.17a-7..............       3235-0131
Rule 17a-8.....................  240.17a-8..............       3235-0092
Rule 17a-9T....................  240.17a-9T.............       3235-0524
Rule 17a-10....................  240.17a-10.............       3235-0122
Rule 17a-11....................  240.17a-11.............        32350085
Rule 17a-12....................  240.17a-12.............       3235-0498
Rule 17a-13....................  240.17a-13.............        3235-035
Rule 17a-19....................  240.17a-19.............       3235-0133
Rule 17a-22....................  240.17a-22.............       3235-0196
Rule 17a-25....................  240.17a-25.............       3235-0540
Rule 17f-1(b)..................  240.17f-1(b)...........       3235-0032
Rule 17f-1(c)..................  240.17f-1(c)...........       3235-0037
Rule 17f-1(g)..................  240.17f-1(g)...........       3235-0290
Rule 17f-2(a)..................  240.17f-2(a)...........       3235-0034
Rule 17f-2(c)..................  240.17f-2(c)...........       3235-0029
Rule 17f-2(d)..................  240.17f-2(d)...........       3235-0028
Rule 17f-2(e)..................  240.17f-2(e)...........       3235-0031
Rule 17f-5.....................  240.17f-5..............       3235-0269
Rule 17h-1T....................  240.17h-1T.............       3235-0410
Rule 17h-2T....................  240.17h-2T.............       3235-0410
Rule 17Ab2-1...................  240.17Ab2-1............       3235-0195
Rule 17Ac2-1...................  240.17Ac2-1............       3235-0084
Rule 17Ad-2(c), (d), and (h)...  240.17Ad-2(c), (d), and       3235-0130
                                  (h).
Rule 17Ad-3(b).................  240.17Ad-3(b)..........       3235-0473
Rule 17Ad-4(b) and (c).........  240.17Ad-4(b) and (c)..       3235-0341
Rule 17Ad-6....................  240.17Ad-6.............       3235-0291
Rule 17Ad-7....................  240.17Ad-7.............       3235-0291
Rule 17Ad-10...................  240.17Ad-10............       3235-0273
Rule 17Ad-11...................  240.17Ad-11............       3235-0274
Rule 17Ad-13...................  240.17Ad-13............       3235-0275
Rule 17Ad-15...................  240.17Ad-15............       3235-0409
Rule 17Ad-16...................  240.17Ad-16............       3235-0413
Rule 17Ad-17...................  240.17Ad-17............       3235-0469
Rule 19b-1.....................  240.19b-1..............       3235-0354
Rule 19b-4.....................  240.19b-4..............       3235-0045
Rule 19b-4(e)..................  240.19b-4(e)...........       3235-0504
Rule 19b-5.....................  240.19b-5..............       3235-0507
Rule 19b-7.....................  240.19b-7..............       3235-0553
Rule 19d-1.....................  240.19d-1..............       3235-0206
Rule 19d-2.....................  240.19d-2..............       3235-0205
Rule 19d-3.....................  240.19d-3..............       3235-0204
Rule 19h-1.....................  240.19h-1..............       3235-0259
Rule 24b-1.....................  240.24b-1..............       3235-0194
Rule 101.......................  242.101................       3235-0464

[[Page 90588]]

 
Rule 102.......................  242.102................       3235-0467
Rule 103.......................  242.103................       3235-0466
Rule 104.......................  242.104................       3235-0465
Rule 301.......................  242.301................       3235-0509
Rule 302.......................  242.302................       3235-0510
Rule 303.......................  242.303................       3235-0505
Rule 604.......................  242.604................       3235-0462
Rule 605.......................  242.605................       3235-0542
Rule 606.......................  242.606................       3235-0541
Rule 607.......................  242.607................       3235-0435
Rule 608.......................  242.608................       3235-0500
Rule 609.......................  242.609................       3235-0043
Rule 611.......................  242.611................       3235-0600
Regulation S-P.................  Part 248...............       3235-0537
Rule 248.30....................  248.30.................       3235-0610
Regulation S-ID................  248.201................       3235-0692
Form 1.........................  249.1..................       3235-0017
Form 1-N.......................  249.10.................       3235-0554
Form 25........................  249.25.................       3235-0080
Form 26........................  249.26.................       3235-0079
Form 3.........................  249.103................       3235-0104
Form 4.........................  249.104................       3235-0287
Form 5.........................  249.105................       3235-0362
Form 8-A.......................  249.208a...............       3235-0056
Form 10........................  249.210................       3235-0064
Form 10-SB.....................  249.210b...............       3235-0419
Form 18........................  249.218................       3235-0121
Form 20-F......................  249.220f...............       3235-0288
Form 40-F......................  249.240f...............       3235-0381
Form 6-K.......................  249.306................       3235-0116
Form 8-K.......................  249.308................       3235-0060
Form 10-Q......................  249.308a...............       3235-0070
Form 10-QSB....................  249.308b...............       3235-0416
Form 10-K......................  249.310................       3235-0063
Form 10-KSB....................  249.310b...............       3235-0420
Form 11-K......................  249.311................       3235-0082
Form 18-K......................  249.318................       3235-0120
Form 12B-25....................  249.322................       3235-0058
Form 15........................  249.323................       3235-0167
Form 13F.......................  249.325................       3235-0006
Form SE........................  249.444................       3235-0327
Form ID........................  249.446................       3235-0328
Form DF........................  249.448................       3235-0482
Form BD........................  249.501................       3235-0012
Form BDW.......................  249.501a...............       3235-0018
Form BD-N......................  249.501b...............       3235-0556
Form X-17A-5...................  249.617................       3235-0123
Form X-17A-19..................  249.635................       3235-0133
Form ATS.......................  249.637................       3235-0509
Form ATS-R.....................  249.638................       3235-0509
Form CRS.......................  249.640................       3235-0766
Form X-15AJ-1..................  249.802................       3235-0044
Form X-15AJ-2..................  249.803................       3235-0044
Form 19b-4.....................  249.819................       3235-0045
Form 19b-4(e)..................  249.820................       3235-0504
Form Pilot.....................  249.821................       3235-0507
Form SIP.......................  249.1001...............       3235-0043
Form MSD.......................  249.1100...............       3235-0083
Form MSDW......................  249.1110...............       3235-0087
Form X-17F-1A..................  249.1200...............       3235-0037
Form TA-1......................  249b.100...............       3235-0084
Form TA-W......................  249b.101...............       3235-0151
Form TA-2......................  249b.102...............       3235-0337
Form CA-1......................  249b.200...............       3235-0195
Rules 7a-15 through 7a-37......  260.7a-15 through             3235-0132
                                  260.7a-37.
Form T-1.......................  269.1..................       3235-0110
Form T-2.......................  269.2..................       3235-0111
Form T-3.......................  269.3..................       3235-0105
Form T-4.......................  269.4..................       3235-0107
Form ID........................  269.7..................       3235-0328
Form SE........................  269.8..................       3235-0327
Form T-6.......................  269.9..................       3235-0391
Rule 0-1.......................  270.0-1................       3235-0531

[[Page 90589]]

 
Rule 0-2.......................  270.0-2................       3235-0636
Rule 0-4.......................  270.0-4................       3235-0633
Rule 0-5.......................  270.0-5................       3235-0780
Rule 2a-5......................  270.2a-5...............       3235-0779
Rule 2a-7......................  270.2a-7...............       3235-0268
Rule 2a19-1....................  270.2a19-1.............       3235-0332
Rule 3a-4......................  270.3a-4...............       3235-0459
Rule 3a-8......................  270.3a-8...............       3235-0574
Rule 6c-7......................  270.6c-7...............       3235-0276
Rule 6e-2......................  270.6e-2...............       3235-0177
Rule 6c-11.....................  270.6c-11..............       3235-0764
Rule 7d-1......................  270.7d-1...............       3235-0311
Rule 7d-2......................  270.7d-2...............       3235-0527
Section 8(b) of the Investment   270.8b-1 through 270.8b-      3235-0176
 Company Act of 1940.             32.
Rule 10f-3.....................  270.10f-3..............       3235-0226
Rule 11a-2.....................  270.11a-2..............       3235-0272
Rule 11a-3.....................  270.11a-3..............       3235-0358
Rule 12b-1.....................  270.12b-1..............       3235-0212
Rule 12d1-1....................  270.12d1-1.............       3235-0584
Rule 12d1-4....................  270.12d1-4.............       3235-0639
Rule 12d3-1....................  270.12d3-1.............       3235-0561
Rule 17a-6.....................  270.17a-6..............       3235-0564
Rule 17a-7.....................  270.17a-7..............       3235-0214
Rule 17a-8.....................  270.17a-8..............       3235-0235
Rule 17a-10....................  270.17a-10.............       3235-0563
Rule 17d-1.....................  270.17d-1..............       3235-0562
Rule 17e-1.....................  270.17e-1..............       3235-0217
Rule 17f-1.....................  270.17f-1..............       3235-0222
Rule 17f-2.....................  270.17f-2..............       3235-0223
Rule 17f-4.....................  270.17f-4..............       3235-0225
Rule 17f-6.....................  270.17f-6..............       3235-0447
Rule 17f-7.....................  270.17f-7..............       3235-0529
Rule 17g-1(g)..................  270.17g-1(g)...........       3235-0213
Rule 17j-1.....................  270.17j-1..............       3235-0224
Rule 18f-1.....................  270.18f-1..............       3235-0211
Rule 18f-3.....................  270.18f-3..............       3235-0441
Rule 18f-4.....................  270.18f-4..............       3235-0776
Rule 19a-1.....................  270.19a-1..............       3235-0216
Rule 20a-1.....................  270.20a-1..............       3235-0158
Rule 22c-1.....................  270.22c-1..............       3235-0734
Rule 22c-2.....................  270.22c-2..............       3235-0620
Rule 22d-1.....................  270.22d-1..............       3235-0310
Rule 22e-3.....................  270.22e-3..............       3235-0658
Rule 22e-4.....................  270.22e-4..............       3235-0737
Rule 23c-1.....................  270.23c-1..............       3235-0260
Rule 23c-3.....................  270.23c-3..............       3235-0422
Rule 27e-1.....................  270.27e-1..............       3235-0545
Rule 30b2-1....................  270.30b2-1.............       3235-0220
Rule 30e-2.....................  270.30e-2..............       3235-0494
Rule 30e-1.....................  270.30e-1..............       3235-0025
Rule 30e-3.....................  270.30e-3..............       3235-0758
Rule 31a-1.....................  270.31a-1..............       3235-0178
Rule 31a-2.....................  270.31a-2..............       3235-0179
Rule 31a-4.....................  270.31a-4..............       3235-0783
Rule 32a-4.....................  270.32a-4..............       3235-0530
Rule 34b-1.....................  270.34b-1..............       3235-0346
Rule 35d-1.....................  270.35d-1..............       3235-0548
Rule 38a-1.....................  270.38a-1..............       3235-0586
Investment Company Interactive   Part 274...............       3235-0642
 Data.
Form N-5.......................  274.5..................       3235-0169
Form N-8A......................  274.10.................       3235-0175
Form N-2.......................  274.11a-1..............       3235-0026
Form N-3.......................  274.11b................       3235-0316
Form N-4.......................  274.11c................       3235-0318
Form N-6.......................  274.11d................       3235-0503
Form N-8B-2....................  274.12.................       3235-0186
Form N-8B-4....................  274.14.................       3235-0247
Form N-6F......................  274.15.................       3235-0238
Form 24F-2.....................  274.24.................       3235-0456
Form N-18F-1...................  274.51.................       3235-0211
Form N-54A.....................  274.53.................       3235-0237
Form N-54C.....................  274.54.................       3235-0236
Form N-CEN.....................  274.101................       3235-0729

[[Page 90590]]

 
Form N-27E-1...................  274.127e-1.............       3235-0545
Form N-27F-1...................  274.127f-1.............       3235-0546
Form N-CSR.....................  274.128................       3235-0570
Form N-PX......................  274.129................       3235-0582
Form N-PORT....................  274.150................       3235-0730
Form N-17D-1...................  274.200................       3235-0229
Form N-MFP.....................  274.201................       3235-0657
Form N-8F......................  274.218................       3235-0157
Form N-17F-1...................  274.219................       3235-0359
Form N-17F-2...................  274.220................       3235-0360
Form N-23c-3...................  274.221................       3235-0422
Form N-CR......................  274.222................       3235-0705
Form N-RN......................  274.223................       3235-0754
Form ID........................  274.402................       3235-0328
Form SE........................  274.403................       3235-0327
Rule 0-2.......................  275.0-2................       3235-0240
Rule 203-3.....................  275.203-3..............       3235-0538
Rule 203A-2(d).................  275.203A-2(d)..........       3235-0689
Rule 203A-2(e).................  275.203A-2(e)..........       3235-0559
Rule 204-2.....................  275.204-2..............       3235-0278
Rule 204-3.....................  275.204-3..............       3235-0047
Rule 204-5.....................  275.204-5..............       3235-0767
Rule 204A-1....................  275.204A-1.............       3235-0596
Rule 206(3)-2..................  275.206(3)-2...........       3235-0243
Rule 206(4)-1..................  275.206(4)-1...........       3235-0784
Rule 206(4)-2..................  275.206(4)-2...........       3235-0241
Rule 206(4)-3..................  275.206(4)-3...........       3235-0242
Rule 206(4)-6..................  275.206(4)-6...........       3235-0571
Rule 206(4)-7..................  275.206(4)-7...........       3235-0585
Form ADV.......................  279.1..................       3235-0049
Schedule I to Form ADV.........  279.1..................       3235-0490
Form ADV-W.....................  279.2..................       3235-0313
Form ADV-H.....................  279.3..................       3235-0538
Form 4-R.......................  279.4..................       3235-0240
Form 5-R.......................  279.5..................       3235-0240
Form 6-R.......................  279.6..................       3235-0240
Form 7-R.......................  279.7..................       3235-0240
Form ADV-E.....................  279.8..................       3235-0361
Form PF........................  279.9..................       3235-0679
------------------------------------------------------------------------

PART 230--GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933

0
3. The authority citation for part 230 continues to read, in part, as 
follows:

    Authority:  15 U.S.C. 77b, 77b note, 77c, 77d, 77f, 77g, 77h, 
77j, 77r, 77s, 77z-3, 77sss, 78c, 78d, 78j, 78l, 78m, 78n, 78o, 78o-
7 note, 78t, 78w, 78ll(d), 78mm, 80a-8, 80a-24, 80a-28, 80a-29, 80a-
30, and 80a-37, and Pub. L. 112-106, sec. 201(a), sec. 401, 126 
Stat. 313 (2012), unless otherwise noted.
* * * * *
    Sections 230.400 to 230.499 issued under secs. 6, 8, 10, 19, 48 
Stat. 78, 79, 81, and 85, as amended (15 U.S.C. 77f, 77h, 77j, 77s).
* * * * *

0
4. Amend Sec.  230.482 by revising paragraph (b)(4) to read as follows:


Sec.  230.482  Advertising by an investment company as satisfying 
requirements of section 10.

* * * * *
    (b) * * *
    (4) Money market funds. (i) An advertisement for an investment 
company that holds itself out to be a money market fund, that is not a 
government money market fund, as defined in Sec.  270.2a-7(a)(14) of 
this chapter, or a retail money market fund, as defined in Sec.  
270.2a-7(a)(21) of this chapter, must include the following statement:

    You could lose money by investing in the Fund. Because the share 
price of the Fund will fluctuate, when you sell your shares they may 
be worth more or less than what you originally paid for them. The 
Fund may impose a fee upon sale of your shares. The Fund generally 
must impose a fee when net sales of Fund shares exceed certain 
levels. An investment in the Fund is not a bank account and is not 
insured or guaranteed by the Federal Deposit Insurance Corporation 
or any other government agency. The Fund's sponsor is not required 
to reimburse the Fund for losses, and you should not expect that the 
sponsor will provide financial support to the Fund at any time, 
including during periods of market stress.

    (ii) An advertisement for an investment company that holds itself 
out to be a money market fund, that is a government money market fund, 
as defined in Sec.  270.2a-7(a)(14) of this chapter, or a retail money 
market fund, as defined in Sec.  270.2a-7(a)(21) of this chapter, and 
that is subject to the requirements of Sec.  270.2a-7(c)(2)(i) of this 
chapter (or is not subject to the requirements of Sec.  270.2a-
7(c)(2)(i) of this chapter pursuant to Sec.  270.2a-7(c)(2)(i)(B) of 
this chapter, but has chosen to rely on the ability to impose liquidity 
fees consistent with the requirements of Sec.  270.2a-7(c)(2)(i)), must 
include the following statement:

    You could lose money by investing in the Fund. Although the Fund 
seeks to preserve the value of your investment at $1.00 per share, 
it cannot guarantee it will do so. The Fund may impose a fee upon 
sale of your shares. An investment in the Fund is not a bank account 
and is not insured or guaranteed by the Federal Deposit Insurance 
Corporation or any other government agency. The Fund's sponsor is 
not required to reimburse the Fund for losses, and you should not 
expect that the sponsor will provide financial support to the Fund 
at any time, including during periods of market stress.

    (iii) An advertisement for an investment company that holds itself

[[Page 90591]]

out to be a money market fund, that is a government money market fund, 
as defined in Sec.  270.2a-7(a)(14) of this chapter, that is not 
subject to the requirements of Sec.  270.2a-7(c)(2)(i) of this chapter 
pursuant to Sec.  270.2a-7(c)(2)(i)(B) of this chapter, and that has 
not chosen to rely on the ability to impose liquidity fees consistent 
with the requirements of Sec.  270.2a-7(c)(2)(i), must include the 
following statement:

    You could lose money by investing in the Fund. Although the Fund 
seeks to preserve the value of your investment at $1.00 per share, 
it cannot guarantee it will do so. An investment in the Fund is not 
a bank account and is not insured or guaranteed by the Federal 
Deposit Insurance Corporation or any other government agency. The 
Fund's sponsor is not required to reimburse the Fund for losses, and 
you should not expect that the sponsor will provide financial 
support to the Fund at any time, including during periods of market 
stress.

    Note 3 to paragraph (b)(4). If an affiliated person, promoter, 
or principal underwriter of the Fund, or an affiliated person of 
such a person, has contractually committed to provide financial 
support to the Fund, the statement may omit the last sentence (``The 
Fund's sponsor is not required to reimburse the Fund for losses, and 
you should not expect that the sponsor will provide financial 
support to the Fund at any time, including during periods of market 
stress.'') for the term of the agreement. For purposes of this note, 
the term ``financial support'' includes any capital contribution, 
purchase of a security from the Fund in reliance on Sec.  270.17a-9 
of this chapter, purchase of any defaulted or devalued security at 
par, execution of letter of credit or letter of indemnity, capital 
support agreement (whether or not the Fund ultimately received 
support), performance guarantee, or any other similar action 
reasonably intended to increase or stabilize the value or liquidity 
of the fund's portfolio; however, the term ``financial support'' 
excludes any routine waiver of fees or reimbursement of fund 
expenses, routine inter-fund lending, routine inter-fund purchases 
of fund shares, or any action that would qualify as financial 
support as defined in this note, that the board of directors has 
otherwise determined not to be reasonably intended to increase or 
stabilize the value or liquidity of the fund's portfolio.

* * * * *

PART 274--FORMS PRESCRIBED UNDER THE INVESTMENT COMPANY ACT OF 1940

0
5. The authority citation for part 274 continues to read as follows:

    Authority: 15 U.S.C. 77f, 77g, 77h, 77j, 77s, 78c(b), 78l, 78m, 
78n, 78n-1, 78o(d), 80a-8, 80a-24, 80a-26, 80a-29, and sec. 939A, 
Pub. L. 111-203, 124 Stat. 1376, unless otherwise noted.


0
6. Amend Form N-1A (referenced in Sec. Sec.  239.15A and 274.11A) by 
revising Item 10.

    Note:  Form N-1A is attached as Appendix A to this document. 
Form N-1A will not appear in the Code of Federal Regulations.


0
7. Amend Form N-2 (referenced in Sec. Sec.  239.14 and 274.11a-1) by 
revising Instruction 8.a to Item 24.

    Note:  Form N-2 is attached as Appendix B to this document. Form 
N-2 will not appear in the Code of Federal Regulations.


0
8. Revise Form N-CSR (referenced in Sec. Sec.  249.331 and 274.128) by:
0
a. In Items 2(c) and (f), removing the text ``Item 18(a)(1)'' and 
adding, in its place, the text ``Item 19(a)(1)'';
0
b. In Item 16, removing the instruction to paragraph (b); and
0
c. In Item 19:
0
i. Removing the instruction to paragraph (a)(3);
0
ii. Redesignating the instructions to Item 13 as instructions to Item 
19; and
0
iii. Redesignating Items 19(a)(3) and (4) as Items 19(a)(4) and (5), 
respectively.

0
9. Amend Form N-MFP (referenced in Sec.  274.201) by revising Items 
A.19 and B.8.

    Note:  Form N-MFP is attached as Appendix C to this document. 
Form N-MFP will not appear in the Code of Federal Regulations.

PART 275--RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940

0
10. The authority citation for part 275 continues to read, in part, as 
follows:

    Authority: 15 U.S.C. 80b-2(a)(11)(G), 80b-2(a)(11)(H), 80b-
2(a)(17), 80b-3, 80b-4, 80b-4a, 80b-6(4), 80b-6a, 80b-11, 
1681w(a)(1), 6801-6809, and 6825, unless otherwise noted.
* * * * *
    Section 275.204-2 is also issued under 15 U.S.C. 80b-6.
* * * * *

0
11. Amend Sec.  275.204-2 by revising paragraph (j)(4) to read as 
follows:


Sec.  275.204-2  Books and records to be maintained by investment 
advisers.

* * * * *
    (j) * * *
    (4) For purposes of this paragraph (j) the term non-resident 
investment adviser shall have the same meaning set out in Sec.  275.0-
2(b)(2).
* * * * *

    By the Commission.

    Dated: November 7, 2024.
Vanessa A. Countryman,
Secretary.

    Note: The following appendices will not appear in the Code of 
Federal Regulations.

Appendix A--Form N-1A

Form N-1A

* * * * *

Item 10. Management, Organization, and Capital Structure

    (a) * * *
    (1) * * *
    (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 reports 
filed on Form N-CSR, and providing the period covered by the most 
recent Form N-CSR report that includes this discussion.
* * * * *

Appendix B--Form N-2

Form N-2

* * * * *

Item 24. Financial Statements

* * * * *

Instructions

* * * * *
    8. a. When a Registrant (or financial intermediary through which 
shares of the Registrant may be purchased or sold) receives a 
request for a description of the policies and procedures that the 
Registrant uses to determine how to vote proxies, the Registrant (or 
financial intermediary) must send the information most recently 
disclosed in response to Item 18.16 of this Form or Item 12 of Form 
N-CSR within 3 business days of receipt of the request, by first-
class mail or other means designed to ensure equally prompt 
delivery.
* * * * *

Appendix C--Form N-MFP

Form N-MFP

* * * * *
    Item A.19. 7-day gross yield. For each business day, based on 
the 7 days ended on that business day, calculate the fund's yield by 
determining the net change, exclusive of capital changes and income 
other than investment income, in the value of a hypothetical pre-
existing account having a balance of one share at the beginning of 
the period and dividing the difference by the value of the account 
at the beginning of the base period to obtain the base period 
return, and then multiplying the base period return by (365/7) with 
the resulting yield figure carried to at least the nearest hundredth 
of one percent. The 7-day gross yield should not reflect a deduction 
of shareholder fees and fund operating expenses. For master funds 
and feeder funds, report the 7-day gross yield at the master-fund 
level.

a. 7-day gross yield---------------------------------------------------

[[Page 90592]]

b. Date----------------------------------------------------------------
* * * * *
    Item B.8. 7-day net yield for each business day of the month 
reported, as calculated under Item 26(a)(1) of Form N-1A (Sec.  
274.11A of this chapter) except based on the 7 days ended on that 
business day.
a. 7-day net yield-----------------------------------------------------
b. Date----------------------------------------------------------------
* * * * *
[FR Doc. 2024-26387 Filed 11-15-24; 8:45 am]
BILLING CODE 8011-01-P