Key Components of the Tailored Shareholder Report Rule

Entities Affected

Includes open-end funds and ETFs filing on Form N-1A
Excludes closed-end funds and BDCs filing on Form N-2 (specific to TSR)

Updated annual and semi-annual report: Tailored Shareholder Report

One fund and one share class included per TSR
Includes key information from the legacy shareholder report and material change disclosure
Filed on the SEC’s EDGAR system
Requires iXBRL tagging
Must be posted on a fund website by day 60, meeting linking and ADA requirements
Must be printed and mailed, or delivered electronically, to shareholders (in lieu of Rule 30e-3)

Updated Form N-CSR

Multiple TSRs can be included per N-CSR
Includes the financial statements and schedules from the legacy shareholder report
Must be posted on a fund website by day 60
Must be printed and mailed, or delivered electronically, to shareholders upon request

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