Beginning in July 2024, a new U.S. Securities and Exchange Commission (SEC) rule requires that all mutual funds and exchange-traded funds (ETFs) create summary versions of their annual and semiannual reports. * These summary reports—called Tailored Shareholder Reports (TSRs) replace the long-form reports (and notices) made available to investors today. They’re intended to make the content crisper, more straightforward and clearer to understand.
What this means for you, as a mutual fund 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 explore your funds. TSRs will be delivered twice annually for each share class of every fund you own. In other words, if you have one fund that has two share classes, you’ll receive two reports, one per share class.
No action from you is necessary:
- If you currently receive reports via eDelivery, you’ll receive TSRs the same way.
- If you currently receive full printed reports or notice postcards (called “notices of internet availability”) via mail, TSRs will be mailed to you.
- If you prefer not to receive TSRs in printed form, log in to your accountOpens in a new window and update your communication preference for Prospectus and Confirmations to eDelivery.
For interested shareholders, more detailed information (such as the fund’s complete financial statements) will be available on Form N-CSR (Certified Shareholder Report), which can be found on the fund’s website and is available to shareholders upon request.