News & Resources

Tailored Shareholder Report Final Rule


  • To enable investors to identify and access key information clearly and concisely
  • To provide a layered disclosure framework that highlights information investors most frequently seek while still providing the extended disclosure required by the regulation

Affected entities

  • Open-end funds and ETFs filing on Form N-1A
  • Excludes CEFs and BDCs filing on Form N-2
  • Fee and expense advertising changes applicable to all registered funds

Key components

  1. Updated annual and semi-annual report: Tailored Shareholder Report (TSR)
  2. TSR Content
  3. Structured Data (iXBRL Tagging) for TSRs
  4. Updated Form N-CSR
  5. Changes to Rule 30e-3 and Accessibility

Additional components

  • Defining a broad-based securities market index
  • Fee and expense information in advertising
  • Form N-1A amendments

Key Components

Updated Reports, Tailored Shareholder Report (TSR)


  • TSR will be the new annual and semi-annual report
  • 2–4-page document highlighting key fund information
  • No limit to the number of pages, however, intended to be concise
  • One fund and one share class included per TSR
  • Multiple funds or multiple share classes cannot be combined
  • Content must appear in the order instructed by Item 27A of Form N-1A and only include information permitted by the new Item 27A
  • Not required to be audited
  • Must be filed on the SEC EDGAR system

TSR Content


  • General information
    • Fund name, Class name, Ticker
    • Report label
    • Legend disclosing where additional information can be accessed
    • Statement regarding material changes
  • Expense table identifying costs associated with a $10,000 investment (presented as both a percentage and dollar amount)
  • Management’s “summary” of key factors impacting fund performance (graphic representation and bullets encouraged)
  • Line graph or average annual returns table specific to share class comparing to appropriate broad-based securities market index (included in both TSR and AR)
  • Graphical representation of holdings (table or graphic)
  • Key fund statistics:
    • Net assets
    • Total number of holdings
    • Portfolio turnover rate
    • Total advisory fees paid
  • Changes or disagreements with accountants
  • Material changes (identified in prominent statement on cover page):
    • Fund name
    • Investment objectives
    • Principal investment strategies or risks
    • Annual operating expenses, shareholder fees, or maximum account fees
    • Investment adviser(s) or subadviser(s)
    • Optional additional material changes
  • Availability of additional information

Structured data for TSR

  • TSR items will require inline XBRL tagging for submission on the SEC EDGAR system
  • N-CSR items will not require inline XBRL tagging for submission on the SEC EDGAR system

Updated Form N-CSR


  • Filed for multiple funds and share classes
  • Integrates TSRs as Item 1 on Form N-CSR, including inline XBRL tagging
  • Financial statements are included under Item 7
  • Financial statements for the annual report period must be audited, consistent with current requirements
  • Must be posted to fund website by day 60
  • Must be filed on EDGAR by day 70
  • Must be available to be printed and mailed upon request

Content Moved from Legacy Annual and Semi-Annual Report to Form N-CSR

  • Financial statements (Item 7.a)
    • Schedule of Investments, Statement of Assets and Liabilities, Statement of Operations, Changes in Net Assets
  • Financial highlights (Item 7.c)
  • Results of any shareholder vote during period (Item 9)
  • Remuneration paid to directors, officers, and others (Item 10)
  • Approval of investment advisory agreement (Item 11)

Additional Notes:

  • Manager’s discussion and analysis (condensed and only exists in TSR)
  • Expense table (condensed and only exists in TSR)
  • Management table (removed from shareholder report and Form N-CSR)
  • Liquidity risk management disclosure (removed from shareholder report and Form N-CSR)

Rule 30e-3 and Accessibility

30e-3 Changes

  1. Open-end funds and ETFs will no longer be allowed to rely on rule 30e-3 to provide notice of the availability of the shareholder report
  2. Closed-end funds will still be allowed to rely on rule 30e-3

Printing and mailing

  • Shareholders will only receive a TSR for each series and class in which they invest
  • While TSRs must be created for a single share class per fund, they can be delivered together
  • Same as existing requirements, TSRs must be delivered by day 60 and filed by day 70
  • Funds must still fulfill any paper requests for the full Form N-CSR

Online availability

  • TSRs and Form N-CSR must be posted on the fund website 60 days after period end
  • TSRs must link to the applicable semi- or annual Form N-CSR via “one-click”
  • TSRs are encouraged to be visually engaging and easy to navigate on the fund website
  • First and third quarter portfolio holdings are now required to be posted on a fund website 60 days after period end (previously only a requirement if utilizing rule 30e-3)
  • Electronic material is requirement of all to be ADA accessible

Additional Components

Defining a broad-based securities market index

  • A primary index must reflect the overall applicable market
  • A more narrowly focused index may be used, but only as a secondary index

Fee and expense information in advertising

  • Applicable to all investment companies and BDCs if including fee related fee or expense information
  • Advertisements must include the maximum amount of any sales load or nonrecurring fee and total annual expenses without a fee waiver or expense reimbursement
  • Fee information must be current as of last prospectus or annual report

Form N-1A amendments

  • Funds are permitted to disclose statice dates such as birth year or year service began instead of age or years of services of fund officers, directors and portfolio managers
  • Option (not requirement) to include Financial Highlights as incorporated by reference to Form N-CSR pending a disclosure statement on the cover and providing Form N-CSR to any new investors