//Tailored Shareholder Report Final Rule
Tailored Shareholder Report Final Rule 2023-01-30T15:06:34-05:00

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.


  • 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


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


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


  1. Updated Report, Tailored Shareholder Report (TSR)

  2. TSR Content

    1. General information:
      • Fund name, Class name, Ticker
      • Report label
      • Legend disclosing where additional information can be accessed
      • Statement regarding material changes
    2. Expense table identifying costs associated with a $10,000 investment (presented as both a percentage and dollar amount)
    3. Management’s “summary” of key factors impacting fund performance (graphic representation and bullets encouraged)
    4. 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)
    5. Graphical representation of holdings (table or graphic)
    6. Key fund statistics:
      • Net assets
      • Total number of holdings
      • Portfolio turnover rate
      • Total advisory fees paid
    7. Changes or disagreements with accountants
    8. 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
  3. Structured Data for TSR
  4. Updated Form N-CSR

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

    Additional Notes:

  5. Rule 30e-3 and Accessibility
    30e-3 CHANGES



    • 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.


  • Defining a broad-based securities market index
  • Fee and expense information in advertising
  • 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.

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