Particularly in the case of a fund with a large number of holdings, the combination of a summary portfolio schedule and a tabular or graphic asset allocation presentation could be significantly more useful to many investors than the fund's complete portfolio schedule standing alone.
These schedules may be unaudited. We estimate that the increase in hour burden associated with the new requirement for certification of Form N-Q will be 1 hour per registered investment company plus 0. Fund portfolio holdings have been required to be disclosed on Form 13F, aggregated by investment manager, since Sixth, we are modifying the proposed requirements for the summary portfolio schedule to permit certain securities to be identified as "Miscellaneous securities," as is currently permitted in the complete portfolio schedule.
Format of the Summary Schedule As adopted, our amendments to Regulation S-X will require the securities in the summary schedule to be identified by category. After a long history in Unilever, we have decided that the future of the Spreads business now lies outside the Group.
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.
The Commission has given additional consideration to the questions raised in its request for comment and the comments received and has determined to modify the expense example to include figures for ending account value, as well as the fund's expense ratio as a percentage.
Disclosure of Fund Expenses in Shareholder Reports. These commenters raised concerns that this example would make the fee disclosure unnecessarily cumbersome, particularly for multiple class funds.
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.
We now estimate that 3, funds file reports on Form N-CSR, representing 9, portfolios, including 1, money market portfolios. We estimate that the amendments to Forms N-1A, N-2, and N-3 will have no impact on the hour burden for filing registration statements on these forms.
We will support our business with a higher level of leverage, while retaining the benefits of a strong credit rating. In Decemberwe proposed amendments intended to address these concerns, that would require a registered open-end management investment company to include in its shareholder reports disclosure of fund expenses borne by shareholders during the reporting period.
Fifth, if multiple securities of an issuer aggregate to greater than one percent of net asset value, a fund may aggregate and list as a single issue: Third, we are clarifying the treatment of restricted and unrestricted securities of the same issue. In the Proposing Release, we provided an analysis of the costs and benefits of the proposed amendments, and we requested comments.
Disclosure of expenses in a fund's shareholder reports will enable investors to evaluate this information alongside other key information about the fund's operating results, including management's discussion of the fund's performance.
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.
This will decrease the hour burden of complying with rule 30e-1 for these funds by 5 hours per portfolio per filing, or 10, hours 1, portfolios x 5 hours x 2 filings per year. Taking into account the change in the number of portfolios, the annual hours associated with filing Form N-Q, absent the certification requirement, would behours 9, portfolios x 2 reports per year x 10 hours per portfolio.
First, we are adopting our proposed requirement that a fund aggregate and treat as a single issue short-term debt instruments of the same issuer with disclosure indicating the range of interest rates and maturity dates. For example, assume that a fund that invests exclusively in U.
In the proposing release, we requested comment on better approaches to providing disclosure to investors about actual costs paid over the current period, and on possible modifications to the proposed computation methodology to help achieve the objective of permitting investors to estimate the actual costs, in dollars, that they bore over the reporting period.
The expense ratio shown in the footnote to the table will be expressed on an annualized basis and calculated in the manner required in the financial highlights table using the expenses for the fund's most recent fiscal half-year.
We are requiring, as proposed, that with respect to each issue required to be listed, the schedule would show 1 the name of the issuer and title of issue; 2 the balance held at the close of the period i.
The organisation and cost structure for this new unit will be re-designed to reflect the large scale we have in developed markets, while sustaining faster growth in emerging markets.
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