Section 13(k) of the Exchange Act prohibits SEC reporting companies from making personal loans to their directors and officers. Paragraph (b)(6) of newly redesignated Item 12; v. Instructions 6, 8, and 10 to newly redesignated Item 12(b)(7) each time it appears; vi. Draft regulations 3 – 6 would amend the CA 06 so as to require a company’… These filings contain background information about the shareholders who file them as well as their investment intentions, providing investors and the company with information about accumulations of securities that may potentially change or influence company management and policies. The Commission estimates that more than 70% of all non-money market funds may realize at least some cost savings, through reduced printing and mailing expenses, by use of a summary portfolio holdings schedule in their shareholder reports.111 Similar benefits would be available to all money market funds, which will be exempt from the requirement to include the schedule of investments in securities of unaffiliated issuers in their reports to shareholders. 107 This is based on the Commission staff's estimate that more than 70% of funds had more than 50 securities in their portfolios, according to the staff's analysis of data from the Morningstar Principia Pro database. Compliance with the disclosure requirements of Form N-Q will be mandatory. a. the audited financial statements required by Regulation S-X for the periods specified by Regulation S-X, modified to permit the omission of the statements and schedules that may be omitted from Part B of the registration statement by Instruction 2 above and as permitted by Instruction 7 below; a. the financial statements required by Regulation S-X for the period commencing either with (1) the beginning of the company's fiscal year (or date of organization, if newly organized); or (2) a date not later than the date after the close of the period included in the last report conforming with the requirements of Rule 30e-1 and the most recent preceding fiscal year, modified to permit the omission of the statements and schedules that may be omitted from Part B of the registration statement by Instruction 2 above and as permitted by Instruction 7 below; 6. The Commission does not furnish blank copies of this form to be filled in for filing. 13. 2. (a) Each report filed on Form N-CSR (§§249.331 and 274.128 of this chapter) or Form N-Q (§§ 249.332 and 274.130 of this chapter) by a registered management investment company must include certifications in the form specified in Item 11(a)(2) of Form N-CSR or Item 3 of Form N-Q, as applicable, and such certifications must be filed as an exhibit to such report. 603, was published in the release proposing these amendments. Paragraph (b)(9)(iii) of newly redesignated Item 12. r. In Instruction to paragraph (a) of newly redesignated Item 17, revising the reference "Item 18(a)" to read "Item 17(a)"; s. In Instruction 4 to paragraph (c) of newly redesignated Item 17 and paragraph (k) of newly redesignated Item 22, revising the reference "Item 22" to read "Item 21"; t. In Instruction 1 to paragraph (c) of newly redesignated Item 19, revising the references "Item 8(b)(2)", "Item 15(d)", and "Item 30" to read "Item 7(b)(2)", "Item 14(d)", and "Item 29", respectively; u. Form N-1A (referenced in §§ 239.15A and 274.11A) is amended by: a. (i) the audited financial statements required by Regulation S-X for the periods specified by Regulation S-X, as modified by Instruction 2 above and as permitted by Instruction 7 below; (i) the financial statements required by Regulation S-X for the period commencing either with (A) the beginning of the separate account's fiscal year (or date of organization, if newly organized); or (B) a date not later than the date after the close of the period included in the last report conforming with the requirements of Rule 30e-1 and the most recent preceding fiscal year, as modified by Instruction 2 above and as permitted by Instruction 7 below; 6. (5) Management Information. 80a-29(e)] and Rule 30e-1 [17 CFR 270.30e-1] thereunder (and a Registrant that has elected to be regulated as a business development company may so incorporate into Items 4.2, 8.6.c, or 23 of this form the information contained in its annual report under the Securities Exchange Act of 1934 [15 U.S.C. Adding a sentence to the end of footnote 1 to the table; and. We estimate that the cost of providing this individualized cost disclosure would greatly exceed the cost of our amendments. In paragraph (b) of newly redesignated Item 26, revising the reference "Item 20" to read "Item 19"; v. In Instruction 2 to paragraph (c) of newly redesignated Item 26, revising the reference "Item 20(c)" to read "Item 19(c)"; w. In Instruction 1 to newly redesignated Item 28, revising the reference "Item 15" to read "Item 14"; and. We estimated the number of shareholder reports by multiplying the number of accounts by 2 to reflect the requirement that each fund must deliver an annual and a semi-annual report to each account-holder, and then reducing that number by 10% to reflect an estimated 10% savings in the number of reports that must be delivered to shareholders due to householding rules, arriving at 451.8 million shareholder reports annually (251 million shareholder accounts x 2 reports per year x .9 reduction due to householding). 78m(a) or 78o(d)) shall satisfy its requirement to file such reports by the filing, in accordance with the rules and procedures specified therefor, of reports on Form N-CSR (§§249.331 and 274.128 of this chapter) and Form N-Q (§§ 249.332 and 274.130 of this chapter). In addition, the amendments will require a registered management investment company to include a tabular or graphic presentation of its portfolio holdings in its reports to shareholders. While the first example, based on the actual return of the fund, will enable investors to estimate readily the actual dollar cost that they paid over the reporting period, it cannot effectively serve as a vehicle for comparison of fund expenses, because the fund's return will necessarily affect the expenses incurred. Schedule IV - Investments - securities sold short. The Energy Improvement and Extension Act of 2008, P.L. Investors rely upon MDFP to explain the investment operations and performance of a mutual fund, which is as significant for investors in a fund as management's discussion and analysis of financial condition and results of operations is for investors in an operating company. (b) Reflect, as appropriate, any recurring fees charged to shareholder accounts that are paid other than by redemption of the Fund's shares. “significant shareholder” under UMIR and NI 55-104. If the fund lists the common stock as "Miscellaneous securities," it must still separately list the preferred stock and bonds because the aggregate value of all three issues exceeds one percent of net asset value. (b) Include the narrative explanations in the order indicated. Requiring a complete presentation of investments other than securities of unaffiliated issuers in shareholder reports is important in order to provide investors with an understanding of the risks and potential conflicts of interest associated with the fund's portfolio. 3. For example, a Fund that does not charge loads need not include the statement that the Example does not reflect loads or that costs would be higher if loads were included. We believe that such a mechanism is unnecessary because the 60-day delay in the quarterly disclosure will adequately protect funds from predatory trading practices. By increasing the frequency of reporting, engaging in these activities becomes more expensive in terms of returns. Therefore, we expect fewer funds to engage in these activities. For example, categories such as market capitalization and industry sector might be less relevant for investors in an international or global equity fund than categories showing the distribution of the fund's holdings across regions or countries. The likely respondents to the information collection in Form N-3 are separate accounts, organized as management investment companies and offering variable annuities, registering with the Commission. Second, others have argued that permitting funds to include a summary portfolio schedule in lieu of a complete portfolio schedule in their shareholder reports would enable investors to focus on a fund's principal holdings and thereby better evaluate the fund's risk profile and investment strategy.33 At the same time, the fund's full portfolio schedule would remain available, upon request, to those investors who find this information useful. As explained in the Proposing Release, certain provisions of the amendments contain "collection of information" requirements within the meaning of the Paperwork Reduction Act of 1995 [44 U.S.C. Scale. Instructions for Confidential Treatment Requests, Form 13F [17 CFR 249.325]. 17 A management investment company is an investment company other than a unit investment trust or face-amount certificate company. 80a-8, 80a-29, 80a-30, and 80a-37]. The schedule prescribed by, § 210.12-13 shall be filed in support of caption 3 of each balance sheet. However, if any security that is included in "Miscellaneous securities" would otherwise be required to be included in a group of securities that is listed in the aggregate as a single issue, the remaining securities of that group must nonetheless be listed as required by notes 3 and 4 even if the remaining securities alone would not otherwise be required to be listed in this manner (e.g., because the combined value of the security listed in "Miscellaneous securities" and the remaining securities of the same issuer exceeds one percent of net asset value, but the value of the remaining securities alone does not exceed one percent of net asset value). Other commenters, however, reasoned that providing a complete presentation of these investments is important to investors and gives them a better understanding of the nature of the fund's investments, its hedging strategies, its use of leverage, and any potential conflicts of interest in the management of the fund. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. 2. The rules under Section 16 require these “insiders” to report most of their transactions involving the company's equity securities to the SEC within two business days on Forms 3, 4 or 5. Fund managers and other institutional investment managers exercising investment discretion over $100 million or more in certain equity securities must disclose information about portfolios that they manage on Form 13F within 45 days of the end of each quarter. Taking into account the change in the number of portfolios, the annual hours associated with filing Form N-Q, absent the certification requirement, would be 194,120 hours (9,706 portfolios x 2 reports per year x 10 hours per portfolio). Mutual Funds Integrity and Fee Transparency Act of 2003, H.R. Section 16 also establishes mechanisms for a company to recover "short swing" profits, or profits an insider realizes from a purchase and sale of the company’s security that occur within a six-month period. A registered management investment company that has filed a registration statement with the Commission registering its securities for the first time under the Securities Act of 1933 is relieved of this reporting obligation with respect to any reporting period or portion thereof prior to the date on which that registration statement becomes effective or is withdrawn. (ii)(A) Provide a line graph comparing the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. 604, and relates to the Commission's rule and form amendments under the Securities Act, the Exchange Act, and the Investment Company Act to improve the quality of periodic disclosure provided by funds about their costs, portfolio investments, and past performance. 15932 (Aug. 18, 1987) [52 FR 32018 (Aug. 25, 1987)] (release proposing mutual fund fee table). ; or according to type of instrument, e.g., commercial paper, bankers' acceptances, certificates of deposit. We had proposed to require that the fund select categories and design the format of the tabular or graphic presentation to provide the "most useful information" to investors about the types of investments. 24123 (Nov. 4, 1999) [64 FR 62540, 62543 (Nov. 16, 1999)] (estimating that householding rules would produce a decline in the number of shareholder reports required to be delivered of between 10 and 30 percent) ("Householding Release"). Requiring MDFP in the annual report, as opposed to the fund's prospectus, may benefit shareholders by enabling them to assess information provided in the MDFP together with other "backward looking" information contained in the annual report. The Commission's analysis concluded that these conditions may not often simultaneously hold, although when they do, funds may be adversely impacted. The schedule prescribed by. When a Fund (or financial intermediary through which shares of the Fund may be purchased or sold) receives a request for a description of the policies and procedures that the Fund uses to determine how to vote proxies, the Fund (or financial intermediary) must send the information disclosed in response to Item 12(f) of this Form, within three business days of receipt of the request, by first-class mail or other means designed to ensure equally prompt delivery. (Aug. 8, 2000); Rulemaking Petition by the Financial Planning Association (June 28, 2000); Rulemaking Petition by Fund Democracy, LLC (June 28, 2000). First, the proposed amendments would require a fund to file its complete portfolio schedule as of the end of its first and third fiscal quarters with the Commission on proposed Form N-Q. The remaining 930 issues would be aggregated and listed as a single issue. The titles for the collections of information are: (1) "Form N-1A under the Investment Company Act of 1940 and Securities Act of 1933, Registration Statement of Open-End Management Investment Companies"; (2) "Form N-2 - Registration Statement of Closed-End Management Investment Companies"; (3) "Form N-3 - Registration Statement of Separate Accounts Organized as Management Investment Companies"; (4) "Form N-CSR - Certified Shareholder Report of Registered Management Investment Companies"; (5) "Rule 30e-1 under the Investment Company Act of 1940, Reports to Stockholders of Management Companies"; (6) "Form N-Q - Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company;" and (7) "Rule 30b1-5 under the Investment Company Act of 1940, `Quarterly Report.'" ", A registrant may incorporate by reference information required by the Form. Responses to the disclosure requirements are not confidential. In addition, a prescribed category, such as market capitalization or industry sector, might convey little useful information about a fund that has a principal investment strategy of investing primarily in securities in only one component of that category (e.g., a small capitalization fund). 3507(d) and 5 CFR 1320.11.100 OMB approved these collection requirements. Investment Company Release No. 77e]. As adopted, however, the summary schedule would require a separate listing only for each of the 50 largest holdings and each of the 20 other issues that considered separately exceed the 1% of net asset value threshold. 26068 (June 5, 2003) [68 FR 36636, 36650 (June 18, 2003)] (amending Form N-CSR certification). 91 Paragraph 4(d) of certification exhibit of Item 3 of Form N-Q. I am trying to find similar requirements for reporting to exchanges within EU. The purposes of Forms N-1A, N-2, and N-3 are to meet the registration and disclosure requirements of the Securities Act and the Investment Company Act and to provide investors with information necessary to evaluate an investment in a fund. Unless shown elsewhere in the report as part of the financial statements required by paragraph (b)(1), the aggregate remuneration paid by the Fund during the period covered by the report to: (i) All directors and all members of any advisory board for regular compensation; (ii) Each director and each member of an advisory board for special compensation; (iv) Each person of whom any officer or director of the Fund is an affiliated person. A statement that: (i) the Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q; (ii) the Fund's Forms N-Q are available on the Commission's website at http://www.sec.gov; (iii) the Fund's Forms N-Q may be reviewed and copied at the Commission's Public Reference Room in Washington, DC, and that information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330; and (iv) if the Fund makes the information on Form N-Q available to shareholders on its website or upon request, a description of how the information may be obtained from the Fund. A bond fund could choose to categorize its investments by attributes such as credit quality or maturity or government versus non-government securities.78 Prescribing specific categories to be used, by contrast, might result in presentations that are not particularly relevant for investors in a given fund. Corporate Reporting. Compliance with the disclosure requirements of rule 30e-1 is mandatory. An Initial Regulatory Flexibility Analysis ("IRFA"), which was prepared in accordance with 5 U.S.C. All incorporation by reference must comply with the requirements of this Form and the following rules on incorporation by reference: Rule 10(d) of Regulation S-K under the Securities Act of 1933 (17 CFR 229.10(d)) (general rules on incorporation by reference, which, among other things, prohibit, unless specifically required by this Form, incorporating by reference a document that includes incorporation by reference to another document, and limits incorporation to documents filed within the last 5 years, with certain exceptions); Rule 303 of Regulation S-T (17 CFR 232.303) (specific requirements for electronically filed documents); Rules 12b-23 and 12b-32 under the Exchange Act (17 CFR 240.12b-23 and 12b-32) (additional rules on incorporation by reference for reports filed pursuant to Sections 13 and 15(d) of the Exchange Act); and Rules. Dividends and Distributions. However, we believe that the benefits that will result to shareholders through better information about their funds' costs, portfolio investments, and past performance justify these potential costs. In addition, we believe that requiring quarterly portfolio disclosure, as proposed, may help to address the concerns raised by recent allegations that some mutual fund managers have selectively disclosed their portfolio holdings in order to reward large investors.84. 1. The audited financial statements required, and for the periods specified, by Regulation S-X. The revisions read as follows: Note: The text of Form N-1A does not and this amendment will not appear in the Code of Federal Regulations. We disagree with this commenter's conclusion that MDFP should not be certified. However, one commenter argued that requiring MDFP to be certified by a fund's principal executive and financial officers would have a negative impact on the quality of MDFP, as funds may be reluctant to include subjective, albeit useful, information that does not readily lend itself to meaningful certification. State the following in a footnote: (a) as to each such issue: (1) acquisition date, (2) carrying value per unit of investment at date of related balance sheet, e.g., a percentage of current market value of unrestricted securities of the same issuer, etc., and (3) the cost of such securities; (b) as to each issue acquired during the year preceding the date of the related balance sheet, the carrying value per unit of investment of unrestricted securities of the same issuer at: (1) the day the purchase price was agreed to; and (2) the day on which an enforceable right to acquire such securities was obtained; and (c) the aggregate value of all restricted securities and the percentage which the aggregate value bears to net assets. 57 Note 3 to Schedule VI; Note 2 to Schedule I. Section 270.30d-1 is revised to read as follows: § 270.30d-1 Filing of copies of reports to shareholders. Schedule III - Investments in and advances to affiliates. 99 Investment Company Act Release No. Securities laws and the Pink Sheets may require some level of ongoing disclosure to stockholders. (i) of this Item, provided that: (A) the Registrant states in the report that the Registrant's complete schedule of investments in securities of unaffiliated issuers is available (1) without charge, upon request, by calling a specified toll-free (or collect) telephone number; (2) on the Registrant's website, if applicable; and (3) on the Commission's website at http://www.sec.gov; and (B) whenever the Registrant (or financial intermediary through which shares of the Registrant may be purchased or sold) receives a request for the Registrant's schedule of investments in securities of unaffiliated issuers, the Registrant (or financial intermediary) sends a copy of Schedule I - Investments in securities of unaffiliated issuers within 3 business days of receipt by first-class mail or other means designed to ensure equally prompt delivery. These costs also could include expenses for computer time, legal and accounting fees, information technology staff, and additional computer and telephone equipment. First, some have argued that investors would benefit if funds were required to disclose their complete portfolio schedules more frequently than semi-annually. Section 270.30a-2 is amended by revising the section heading and paragraph (a) to read as follows: §270.30a-2 Certification of Form N-CSR and Form N-Q. Compliance with the disclosure requirements of Forms N-1A, N-2, and N-3 is mandatory. These changes are designed to help investors understand ongoing fund costs and make better cost comparisons among funds. Form N-Q is a combined reporting form that is to be used for reports of registered management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), under Section 30(b) of the Investment Company Act of 1940 (the "Act") and Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act"), filed pursuant to Rule 30b1-5 under the Act (17 CFR 270.30b1-5). For each category identified pursuant to note 1, group all issues that are neither separately listed nor included in a group of securities that is listed in the aggregate as a single issue in a sub-category labeled "Other securities," and provide the information for Columns C and D. Any securities that would be required to be listed separately or included in a group of securities that is listed in the aggregate as a single issue may be listed in one amount as "Miscellaneous securities," provided the securities so listed are eligible to be, and are, categorized as "Miscellaneous securities" in the registrant's Schedule of Investments in Securities of Unaffiliated Issuers required under §210.12-12. 36 See Section IV., "Cost/Benefit Analysis," infra. … * Print the name and title of each signing officer under his or her signature. Any of these forms of portfolio manipulation enhance the appearance of the portfolio at the expense of portfolio returns. We are adopting, with modifications to address commenters' concerns, amendments that will permit a fund to include in its reports to shareholders a summary portfolio schedule, in lieu of a complete portfolio schedule. In addition to filing the proxy statement, companies should confirm that the proxy card, the Notice of Internet Availability of Proxy Materials (if applicable) and any other written communication materials used in connection with the annual meeting solicitation are filed with the SEC. Indicate by an appropriate symbol each issue of securities held in connection with open put or call option contracts or loans for short sales. These commenters reasoned that inclusion of these investments in a summary schedule would serve to focus investors' attention on the fund's most significant investments in these areas. The Investment Company Act and rules thereunder require each fund to transmit a report to its shareholders semi-annually, within 60 days of the end of the period for which the shareholder report is made, and to file the report with the Commission no later than 10 days after it is transmitted to shareholders.19 Shareholder reports are one of the principal means by which funds provide periodic information to their investors. These commenters generally supported the Commission's proposals to improve the periodic disclosure provided to investors, although some expressed concerns regarding portions of the proposals or suggested changes. The methodology for calculation of the expense disclosure that we are adopting is similar to that required for the expense example in the fee table of the mutual fund prospectus and, with one exception, is unchanged from our proposal.37 We are modifying the proposal to base the expense figures on costs associated with an investment of $1,000, as opposed to $10,000. This request is still pending. 101 The total number of portfolios is comprised of 8,938 portfolios of mutual funds registered on Form N-1A, 733 portfolios of closed-end funds registered on Form N-2, and 35 sub-accounts of managed separate accounts registered on Form N-3. However, unlike Sections 12(b) and 12(g) of the exchange Act, Section 15 does not subject an … 123 See Investment Company Institute, Mutual Fund Fact Book, supra note 112, at 63 (estimating number of shareholder accounts in mutual funds). Reporting and recordkeeping requirements, Securities. In effect, shareholders will be able to evaluate the costs they pay against the services they receive. The information concerning changes in and disagreements with accountants and on accounting and financial disclosure required by Item 304 of Regulation S-K [17 CFR 229.304]. As a result, we are adopting a standard that should allow funds sufficient flexibility, while encouraging development of tabular or graphic presentations that clearly depict the types of investments made by a fund. The likely respondents to the information collection in Form N-2 are closed-end funds registering with the Commission. 27 Mutual Fund Cost Calculator (last modified July 24, 2000), http://www.sec.gov/investor/tools/mfcc/mfcc-int.htm. 78l, 78m, 78o(d), and 78w(a)]; and sections 8, 24(a), 30, 31, and 38 of the Investment Company Act [15 U.S.C. Until the earlier of June 30, 2005, or the date that the registrant has filed its first report on Form N-Q (17 CFR 249.332; 17 CFR 274.130), the registrant must disclose, pursuant to paragraph (b) of this Item, any change in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Although they are management investment companies, SBICs are not currently required to deliver reports to shareholders containing financial statements, and hence are not required to deliver schedules of investments to their shareholders. For purposes of the Paperwork Reduction Act, we have estimated that the disclosure requirements will add 3 hours per portfolio to the burden of completing each annual and semi-annual report to shareholders, or 58,236 hours total (3 hours per portfolio x 2 reports per year x 9,706 portfolios of funds required to provide reports to shareholders). The amendments to Forms N-1A, N-2, and N-3 relate solely to the contents of shareholder reports for funds registered on these forms, and the additional burden hours imposed by these amendments are reflected in the collection of information requirements for shareholder reports required by rule 30e-1 under the Investment Company Act. 61 Note 4 to Schedule VI. Short-term debt instruments (i.e., debt instruments whose maturities or expiration dates at the time of acquisition are one year or less) of the same issuer may be aggregated, in which case the range of interest rates and maturity dates shall be indicated. Rule 30b1-5 under the Investment Company Act is being adopted pursuant to Section 30(b)(1) of the Investment Company Act [15 U.S.C. 20 Section 30(e) of the Investment Company Act [15 U.S.C. If any securities are listed as "Miscellaneous securities" pursuant to note 5 or "Other securities" pursuant to note 4, briefly explain in a footnote what those terms represent. 2. We disagree. This represents an estimate that is 1,010 hours lower that the 71,950 hours estimate in the Proposing Release. Quarterly Filing of Complete Portfolio Schedule. However, since funds will be required to deliver the complete portfolio schedule within three days and free of charge to all investors who request it, we expect these costs to be minimal. (b) The name of each person who signs the report shall be typed or printed beneath his or her signature. These requirements will allow investors, and their advisers or other investment professionals, to better monitor the extent to which the portfolios of the funds that investors hold overlap, and hence should promote more informed asset allocation decisions. See Report of Senate Comm. Every semi-annual report to shareholders required by rule 30e-1 must contain the following (which need not be audited): (1) Financial Statements. Reporting to exchanges within EU Availability of enhanced portfolio information at a reduced cost 13D the. 142,498 hours extent that portfolio managers currently engage in these activities becomes expensive! 3 of certification exhibit of Item 3 of Form N-2 ; Item of. I am trying to find similar requirements for reporting to exchanges within EU Flexibility Analysis ( SBICs... Reference into its registration Statement which the fund 's distribution policy resulted in of. 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Indicate by an appropriate symbol each issue of securities held in connection with open put or option. Adopting, as proposed, the effects of the report filed with the Commission is. 4 ) changes in and Disagreements with Accountants 8 to schedule I at time... File Proxy card, Notice of Internet Availability and other soliciting materials with the disclosure requirements of Form.. Are designed to help investors understand ongoing fund costs and make better cost comparisons among funds they would investors! 210.12-12C is added to read as follows: authority: 15 U.S.C to in. Could use ratings of only one NRSRO appropriate to modify the reporting period as set forth.... Meaning set forth in, your costs would have been filed under the Investment Company provided on Form?... ( 2003 ) ( 1 ) of § 210.6-10 is revised to as. Not appear in the Release Proposing these amendments securities laws and the format ( e.g., paper! Have reviewed this report on Form 10-K What is an Investment Company Act [ CFR. Fund shareholders regarding their investments in securities of unaffiliated issuers mailing costs, portfolio investments and... Period ; f. adding `` and '' at the 2018 … “ significant shareholder ” under UMIR and NI.! Be substantial since the Proposing Release, supra note 16, 68 FR 74732 Dec.., but do not reflect the reinvestment of dividends on securities in the order indicated be similar that. 17, 2003 ) ; mutual fund Investor Protection Act of 1940 of. His or her signature significant investments portfolio managers currently engage in these activities, assume a 10,000... Encourage investors to focus on a fund 's required minimum Initial Investment if that amount exceeds $ account! Section 5 of the number of portfolios that will file Form N-Q ; 17 CFR -..., S. 1971, 108th Cong part 274 - forms prescribed under the Investment Company [! By § 210.12-14 shall be typed or printed signatures Section following the to... ( the “ Overview ” ) 274.11A ) is amended by: a, e.g., paper. Irfa '' ) has been prepared in accordance with 5 U.S.C ) the name of each balance....

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