Conforming Amendments to Commission Rules and Forms — SEC — US

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.
2Rule 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. 4A reference copy of Form N–1A is available at https://www.sec.gov/files/form-n-1a.pdf. 5A 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. 7A reference copy of Form N–CSR is available at https://www.sec.gov/files/formn-csr.pdf. 8A 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. 10Rule 204–2 is available at https://www.ecfr.gov/ current/title-17/chapter-II/part-275/section275.204-2. 11 17 CFR 200.800 is available at https:// www.ecfr.gov/current/title-17/chapter-II/part-200/ subpart-N. 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. 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:
Commission reference CFR citation
(17 CFR)
Securities Act of 1933 (‘‘Securities Act’’) 1 .............................................. Rule 482 2 ...................................... § 230.482. Securities Act and Investment Company Act of 1940 (‘‘Act’’ or ‘‘Investment Company Act’’) 3. Form N–1A4 .................................. §§ 239.15A and 274.11A. Form N–2 5 .................................... §§ 239.14 and 274.11a–1. Securities Exchange Act of 1934 (‘‘Exchange Act’’) 6 and Investment Company Act. Form N–CSR 7 ............................... §§ 249.331 and 274.128. Investment Company Act ........................................................................ Form N–MFP8 ............................... § 274.201. Investment Advisers Act of 1940 (‘‘Investment Advisers Act’’) 9 ............ Rule 204–2 10 ................................ § 275.204–2. OMB control numbers 11 ................ § 200.800.
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 semiannual reports to shareholders. Further,

12See 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). 13See Items A.19 and B.8 of Form N–MFP. 14See 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-pfreporting-requirements-for-large-liquidity-fundadvisers-technical. 15The 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. 16See infra footnote 45 and accompanying text. 17See 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 subaccount 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). 18See 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. 19See rule 482(a). 20See rule 482(b). 21See Item 4(b)(1)(ii) of Form N–1A. 22See 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- 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. 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. 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 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 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 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

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-reformamendments-to-form-pf. 23For 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. 24See 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-formutual-funds-and-exchange-traded-funds-feeinformation-in. 25See 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 semiannual report to shareholders, as applicable, and providing the period covered by the relevant annual or semi-annual report.’’). 26See Form N–CSR Item 11 (Statement Regarding Basis for Approval of Investment Advisory Contract). 27As 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.’’ 28See 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). 29See Tailored Shareholder Reports Adopting Release at amendatory instruction 17.g. 30Listing 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/listingstandards-for-recovery-of-erroneously-awardedcompensation. 31These references appear in paragraphs (c) and (f) of Item 2. 32See 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.’’). 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
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 semiannual 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. D. Form N–2 We are amending Instruction 8.a to Item 24 of Form N–2 to correct a crossreference 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. 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. 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

33See 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/investmentcompany-reporting-modernization. 34 5 U.S.C. 553(b)–(c). 35 5 U.S.C. 553(b)(3)(B). 36See 5 U.S.C. 553(b). 37See 5 U.S.C. 553(d). 38See 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). 39See 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). 40Section 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. 41See supra section II. 42See 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. 43The 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. 44See supra section I. 45The 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 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). 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 nonresident 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. 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. 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
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. 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. 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 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

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. 46See supra footnote 17. 47See supra footnote 45 (explaining why applying the incorrect formula could create misleading yield results). 48See supra section I.A. See also supra footnote 45. 49The amendment will update risk statement language that also applies to sales literature under rule 34b–1. See supra footnote 18. 50Specifically, 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. 51See supra footnote 22 (describing corresponding statements). 52See supra section I.B. 53Pursuant 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. 54See supra section I.C. 55See supra footnote 28 and accompanying text. 56See id. and accompanying text. 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. 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. 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 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.
C. Other Amendments
The amendments make several ministerial changes to correct missing or erroneous paragraph numbers, crossreferences, 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 Openend 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. 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

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. 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. 59Rule 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. 60See supra section I.G. 61 44 U.S.C. 3501 et seq. 62The most recent rule 482 PRA submission was approved in 2022 (OMB Control No. 3235–0565). Form N–CSR contains incorrect crossreferences, 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. Form N–2 contains an incorrect crossreference.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. Rule 204–2(j)(4) contains an incorrect cross-reference. Rule 204–2(j)(4) sets books and records requirements for nonresident 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. 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.
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. 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). 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 burden hours Internal annual burden hours 1 Wage rate 2 Internal time costs 1 Amended risk statement in advertisement .............................. 0.5 3 0.17 4 $429 $73 Number of funds ...................................................................... ................................ 5 × 291 ........................ 5 × 291 Total estimated burden ............................................................ ................................ 49 ........................ 21,243 Current Burden Estimates ....................................................... ................................ 577,847 ........................ 213,133,255 Revised Burden Estimates ...................................................... ................................ 577,896 ........................ 213,154,498 1This estimate includes the initial burden and internal time costs estimates amortized over a three-year period. 2The 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. 3This 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. 4This represents a blended rate for a compliance attorney ($449) and a senior programmer ($408). 5The 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

63See 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). 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. 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

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.
1. Revise and republish § 200.800 to
  read as follows:
  § 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. Information collection requirement 17 CFR part or section where identified and described Current OMB 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 230.610a ......................................................... 3235–0232 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

Information collection requirement 17 CFR part or section where identified and described Current OMB control No.
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 240.12b–36 ................................................. 3235–0062 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 240.13d–7 ................................................... 3235–0145
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 240.14a–12 ................................................. 3235–0059
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 240.14d–9 ................................................... 3235–0102
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 240.14e–2 ................................................... 3235–0102 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

Information collection requirement 17 CFR part or section where identified and described Current OMB control No.
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 (h) ....................................................... 3235–0130 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

Information collection requirement 17 CFR part or section where identified and described Current OMB control No.
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 260.7a–37 ................................................... 3235–0132 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

Information collection requirement 17 CFR part or section where identified and described Current OMB control No.
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 Company Act of 1940 ............... 270.8b–1 through 270.8b–32 ..................................................... 3235–0176
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 Data ....................................... Part 274 ..................................................................................... 3235–0642 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

Information collection requirement 17 CFR part or section where identified and described Current OMB control No.
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

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).

1. Amend § 230.482 by revising
  paragraph (b)(4) to read as follows:
  § 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 § 270.2a–7(a)(14) of this
chapter, or a retail money market fund,
as defined in § 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 § 270.2a–7(a)(14) of this
chapter, or a retail money market fund,
as defined in § 270.2a–7(a)(21) of this
chapter, and that is subject to the
requirements of § 270.2a–7(c)(2)(i) of this chapter (or is not subject to the requirements of § 270.2a–7(c)(2)(i) of this chapter pursuant to § 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 § 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

out to be a money market fund, that is a government money market fund, as defined in § 270.2a–7(a)(14) of this
chapter, that is not subject to the
requirements of § 270.2a–7(c)(2)(i) of this chapter pursuant to § 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 § 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 § 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

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.
1. Amend Form N–1A (referenced in
  §§ 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.
1. Amend Form N–2 (referenced in
  §§ 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.
1. Revise Form N–CSR (referenced in
  §§ 249.331 and 274.128) by:
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)’’;
b. In Item 16, removing the instruction
to paragraph (b); and
c. In Item 19:
i. Removing the instruction to
paragraph (a)(3);
ii. Redesignating the instructions to
Item 13 as instructions to Item 19; and
iii. Redesignating Items 19(a)(3) and
(4) as Items 19(a)(4) and (5), respectively.
1. Amend Form N–MFP (referenced in
  § 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
1. 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.

1. Amend § 275.204–2 by revising
  paragraph (j)(4) to read as follows:
  § 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 § 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

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 lllllllllll

b. Date lllllllllllllllll

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 (§ 274.11A of this chapter) except based on the 7 days ended on that business day. a. 7-day net yield llllllllllll b. Date lllllllllllllllll

[FR Doc. 2024–26387 Filed 11–15–24; 8:45 am]
BILLING CODE 8011–01–P

Lineage: No known changes