Short explanation of the change in burden

Short Explanation of Change in Burden for Rule 0-2 and Form ADV-NR
We estimate that Form ADV-NR will receive 27 additional annual responses due to an
analysis of registered investment advisers and exempt reporting advisers who filed Form ADVNR in 2013. This will result in an increase in the total burden hours for all respondents from an
estimated 20 hours per year to an estimated 47 hours per year.