Beginning in July 2024, Mutual Funds and Exchange Traded Funds (ETFs) will be required to create summary annual and semi-annual reports.* These summary reports, referred to as “Tailored Shareholder Reports”, will replace the long-form reports (and notices) that are delivered to investors today. They are intended to make the content more concise and easier for investors to understand.
What this means for YOU, a shareholder:
These new reports will include summary information, such as simplified fee and expense information, performance details, portfolio holdings, and material changes to help you monitor your funds. Reports will be delivered to you twice annually, for every fund you own.
There is no action needed on your part:
More detailed information (such as complete financial statements) will be available in Form N-CSR (Certified Shareholder Report), which can be found on the fund’s website and will be delivered to shareholders upon request.
* This new SEC rule applies to open-ended funds and ETFs. Closed-end funds and certain other fund types are exempt.