UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

Washington, DC 20549 

FORM N-RN 

This is a reference copy of Form N-RN. You may not send a completed printout of this form to the SEC to satisfy a filing obligation. You can 

only satisfy an SEC filing obligation by submitting the information required by this form to the SEC in electronic format online at 

https://www.edgarfiling.sec.gov. 
 

 

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UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, D.C. 20549 

FORM N-RN 

CURRENT REPORT FOR REGISTERED MANAGEMENT INVESTMENT 

COMPANIES AND BUSINESS DEVELOPMENT COMPANIES 

Form N-RN is to be used by a registered open-end management investment company or 

series thereof, but not including a fund that is regulated as a money market fund under rule 2a-7 

under the Act (17 CFR 270.2A-7) (a “registered open-end fund”), a registered closed-end 

management investment company (a “registered closed-end fund”), or a closed-end management 

investment company that has elected to be regulated as a business development company (a 

“business development company”), to file current reports with the Commission pursuant to rule 

18f-4(c)(7) and rule 30b1-10 under the Investment Company of 1940 Act [15 U.S.C. 80a] 

(“Act”) (17 CFR 270.18f-4(c)(7); 17 CFR 270.30b1-10). The Commission may use the 

information provided on Form N-RN in its regulatory, disclosure review, inspection, and 

policymaking roles. 

GENERAL INSTRUCTIONS 

A. Rules as to Use of Form N-RN. 

(1) Form N-RN is the reporting form that is to be used for current reports of registered openend funds (not including funds that are regulated as money market funds under rule 2a-7 under 

the Act), registered closed-end funds, and business development companies (together, 

“registrants”) required by, as applicable, section 30(b) of the Act and rule 30b1-10 under the Act, 

as well as rule 18f-4(c)(7) under the Act. The Commission does not intend to make public 

information reported on Form N-RN that is identifiable to any particular registrant, although the 

Commission may use Form N-RN information in an enforcement action. 

(2) Unless otherwise specified, a report on this Form N-RN is required to be filed, as 

applicable, within one business day of the occurrence of the event specified in Parts B – G of this 

form. If the event occurs on a Saturday, Sunday, or holiday on which the Commission is not 

open for business, then the one business day period shall begin to run on, and include, the first 

business day thereafter. 

(3) For registered open-end funds required to comply with rule 22e-4 under the Investment 

Company Act [17 CFR 270.22e-4], complete Parts B – D of this form, as applicable. For 

registrants that are subject to a VaR test under rule 18f-4(c)(2)(i) [17 CFR 270.18f-4(c)(2)(i)], 

complete Parts E – G of this form, as applicable. 

Persons who respond to the collection of information contained in this form are not required to 

respond unless the form displays a currently valid OMB control number. 

SEC 2941 (08/22) 
 

 

B. Application of General Rules and Regulations 

The General Rules and Regulations under the Act contain certain general requirements 

that are applicable to reporting on any form under the Act. These general requirements should be 

carefully read and observed in the preparation and filing of reports on this form, except that any 

provision in the form or in these instructions shall be controlling. 

C. Information to Be Included in Report Filed on Form N-RN 

Upon the occurrence of the event specified in Parts B – G of Form N-RN, as applicable, a 

registrant must file a report on Form N-RN that includes information in response to each of the 

items in Part A of the form, as well as each of the items in the applicable Parts B – G of the 

Form. 

D. Filing of Form N-RN 

A registrant must file Form N-RN in accordance with rule 232.13 of Regulation S-T (17 

CFR Part 232). Form N-RN must be filed electronically using the Commission’s Electronic Data 

Gathering, Analysis and Retrieval System (“EDGAR”). 

E. Paperwork Reduction Act Information 

A registrant is not required to respond to the collection of information contained in Form 

N-RN unless the form displays a currently valid Office of Management and Budget (“OMB”)

control number. Please direct comments concerning the accuracy of the information collection 

burden estimate and any suggestions for reducing the burden to the Secretary, Securities and 

Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed 

this collection of information under the clearance requirements of 44 U.S.C. 3507. 

F. Definitions 

References to sections and rules in this Form N-RN are to the Investment Company Act 

(15 U.S.C 80a), unless otherwise indicated. Terms used in this Form N-RN have the same 

meaning as in the Investment Company Act, rule 22e-4 under the Investment Company Act (for 

Parts B-D of the Form), or rule 18f-4 under the Investment Company Act (for Part E – G of the 

Form), unless otherwise indicated. In addition, as used in this Form N-RN, the term registrant 

means the registrant or a separate series of the registrant, as applicable. 

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UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, D.C. 20549 

FORM N-RN 

CURRENT REPORT 

FOR 

REGISTERED MANAGEMENT INVESTMENT COMPANIES 

AND BUSINESS DEVELOPMENT COMPANIES 

PART A. General Information 

Item A.1. Report for [mm/dd/yyyy]. 

Item A.2. Name of Registrant. 

Item A.3. CIK Number of registrant. 

Item A.4. Name of Series, if applicable. 

Item A.5. EDGAR Series Identifier, if applicable. 

Item A.6. Securities Act File Number, if applicable. 

Item A.7. Provide the name, e-mail address, and telephone number of the person authorized 

to receive information and respond to questions about this Form N-RN. 

PART B. Above 15% Illiquid Investments 

If more than 15 percent of the registrant’s net assets are, or become, illiquid investments 

that are assets as defined in rule 22e-4, then report the following information: 

Item B.1. Date(s) on which the registrant’s illiquid investments that are assets exceeded 15 

percent of its net assets. 

Item B.2. The current percentage of the registrant’s net assets that are illiquid investments 

that are assets. 

Item B.3. Identification of illiquid investments. For each investment that is an asset that is 

held by the registrant that is considered illiquid, disclose (1) the name of the 

issuer, the title of the issue or description of the investment, the CUSIP (if any), 

and at least one other identifier, if available (e.g., ISIN, Ticker, or other unique 

identifier (if ticker and ISIN are not available)) (indicate the type of identifier 

used), and (2) the percentage of the fund’s net assets attributable to that 

investment. 

PART C. At or Below 15% Illiquid Investments 

If a registrant that has filed Part B of Form N-RN determines that its holdings in illiquid 

investments that are assets have changed to be less than or equal to 15 percent of the registrant’s 

net assets, then report the following information: 

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Item C.1. Date(s) on which the registrant’s illiquid investments that are assets fell to or 

below 15 percent of net assets. 

Item C.2. The current percentage of the registrant’s net assets that are illiquid investments 

that are assets. 

PART D. Assets that Are Highly Liquid Investments Below the Highly Liquid Investment 

Minimum 

If a registrant’s holdings in assets that are highly liquid investments fall below its highly 

liquid investment minimum for more than 7 consecutive calendar days, then report the following 

information: 

Item D.1. Date(s) on which the registrant’s holdings of assets that are highly liquid 

investments fell below the fund’s highly liquid investment minimum. 

PART E. Relative VaR Test Breaches 

If a registrant is subject to the relative VaR test under rule 18f-4(c)(2)(i) [17 CFR 

270.18f-4(c)(2)(i)], and the fund determines that it is not in compliance with the relative VaR test 

and has not come back into compliance within 5 business days after such determination, provide: 

Item E.1. The dates on which the VaR of the registrant’s portfolio exceeded 200% or 250% 

(as applicable under rule 18f-4 [17 CFR 270.18f-4]) of the VaR of its designated 

reference portfolio. 

Item E.2. The VaR of the registrant’s portfolio on the dates each exceedance occurred. 

Item E.3. The VaR of the registrant’s designated reference portfolio on the dates each 

exceedance occurred. 

Item E.4. As applicable, either the name of the registrant’s designated index, or a statement 

that the registrant’s designated reference portfolio is the registrant’s securities 

portfolio. 

Item E.5. As applicable, the index identifier for the registrant’s designated index.

PART F. Absolute VaR Test Breaches 

If a registrant is subject to the absolute VaR test under rule 18f-4(c)(2)(i) [17 CFR 

270.18f-4(c)(2)(i)], and the fund determines that it is not in compliance with the absolute VaR 

test and has not come back into compliance within 5 business days after such determination, 

provide: 

Item F.1. The dates on which the VaR of the registrant’s portfolio exceeded 20% or 25% 

(as applicable under rule 18f-4 [17 CFR 270.18f-4]) of the value of the 

registrant’s net assets. 

Item F.2. The VaR of the registrant’s portfolio on the dates each exceedance occurred. 

Item F.3. The value of the registrant’s net assets on the dates each exceedance occurred. 

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PART G. Compliance with VaR Test 

If a registrant that has filed Part E or Part F of Form N-RN has come back into 

compliance with either the relative VaR test or the absolute VaR test, as applicable, then report 

the following information: 

Item G.1. Dates on which the VaR of the registrant’s portfolio exceeded applicable VaR

limit described in Item E.1 or Item F.1. 

Item G.2. The current VaR of the registrant’s portfolio. 

PART H. Explanatory Notes (if any) 

A registrant may provide any information it believes would be helpful in understanding 

the information reported in response to any Item of this Form. 

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