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| Q: |
Does the fee increase take effect for submissions received on or after November 26, 2003? |
| A: |
The fee increase and new filing requirements will affect only those submissions received on or after November 26, 2003, regardless of the filings expiration date or the effective date with the Securities Exchange Commission.
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| Q: |
For mutual funds and unit investment trusts that have classes of the same portfolio that are currently filed separately [due to being in a separate prospectus], will your state expect that the filing that expires earlier combine both classes? |
| A: |
Yes. The filing is at the portfolio level, the classes of each are not important.
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| Q: |
If a class is changing its name, what level does Oregon want to be notified, prospectus or portfolio, or a class is moving from one portfolio to another? Example: We have a prospectus expiring in March 2004, and a class is moving from this prospectus to another, do we have to submit a prospectus reconfiguration? |
| A: |
Amendments concerning the moving of classes or class name changes are not required or necessary. An amendment is required only if a portfolio is changing its name. We are not requiring that you notify us of the class on any filings. This will greatly reduce the amount of time and paperwork involved in processing amendments that are no longer required.
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| Q: |
If we decide not to offer a fund in Oregon and the fund is currently part of a prospectus notice [which also includes other funds], how should we notify you that we want to remove the fund from the notice? |
| A: |
To reduce paperwork, the issuer can simply do nothing with that fund, until the current expiration date of the notice filing. At that time the filing will go to a status of “failure to renew.” If there are any portfolios in the filing that the issuer does want to renew, those portfolios can be renewed and the fund no longer being offered will simply go away.
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| Q: |
We have a current registration that has several funds/portfolios in it. Would we have one fund take on the existing filing and then do an initial filing for the others, or do we set them up with the same information, expiration dates, filing number and then renew all of them separately? |
| A: |
We are not requiring the current prospectus registration to break up the filing with multiple portfolios for simplicity purposes. The current registration may simply be renewed by using the current filing number and expiration date. The only difference will be paying fees based on the number of portfolios [$500.00 per portfolio] in the filing rather than the previous flat fee of $350.00 per filing. It is required that all portfolios be identified in the filing.
Should the issuer desire to break up a current prospectus registration and submit separate filings for each portfolio, you will need to indicate the existing Oregon file number of the filing [portfolio] that will continue. All other portfolio filings previously a part of one filing will now receive new Oregon file numbers as they renew. You can identify the previous Oregon file number on those that are separating to show continuity of any particular notice filing. This only needs to be done the first time you renew. Please reference your new file number the next time a filing is submitted.
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| Q: |
What do we do if we want to add a portfolio to an already existing filing in Oregon? |
| A: |
You will need to file a new Notice Filing and pay the appropriate $500.00 fee per portfolio. This will be best for the industry as you are entitled to, and we must provide, a one-year effective period.
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| Q: |
What do we do when the portfolios of the trust have several classes and each class of the portfolio is included in a different prospectus [Class X’s of all portfolios in one prospectus, Class Y’s of all portfolios in another], and the current Oregon notice filings reflects this?
Example: If Class X of Portfolio B expires in Oregon on January 31,2004 and Class Y of Portfolio B expires on February 28, 2004, when should we file the renewal for Portfolio B since the classes of Portfolio B are part of notices that currently have different expiration dates? |
| A: |
In order to prevent any lapse in effective dates, the portfolio should be renewed prior to the earliest expiration date. In this case, you would renew this portfolio prior to January 31, 2004.
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| Q: |
Will the state issue new file numbers for the filings as they renew? |
| A: |
Yes, but only if the portfolios are separated from a current filing. If the issuer submits the renewal without separating the portfolios, then the state will not issue a new number.
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