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Fund Shareholder Reporting Initiatives

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  • John M. Baker
    According to a recent report in The Wall Street Journal, the SEC is considering a proposal to streamline annual and semiannual reports to shareholders. One
    Message 1 of 2 , Jul 2, 2000
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      According to a recent report in The Wall Street Journal, the SEC is
      considering a proposal to streamline annual and semiannual reports to
      shareholders. One option would be a report that summarizes top
      holdings and explains, with graphs and charts, how investment results
      were achieved. The schedule of portfolio holdings would be omitted
      from the reports, but funds would still be required to send a full
      list of holdings to any fund owner specifically requesting it. The
      Journal article, which views the proposal with some scepticism, is
      available (at least for now) at

      http://dowjones.wsj.com/i/fin/SB962196296699375380-d-industry-c1-
      fin.html

      As noted in the article, there is also some pressure on funds
      actually to provide more, and more frequent, disclosures to their
      shareholders. Fund Democracy, LLC last week petitioned the SEC to
      adopt rules requiring that funds (1) use names suggesting that they
      invest in a particular type of security only if 85% of their assets
      are invested in that type of security; (2) publicly report their
      portfolio holdings on a monthly basis within 60 days after the end of
      each month, with exceptions granted by the SEC on a case-by-case
      basis; and (3) post portfolio holdings on the Internet in a format
      that is easy to download and analyze, and provide paper copies of
      this information upon request. The Financial Planning Association
      also filed a shorter and more general petition asking the SEC to
      adopt rules designed to improve the disclosure of portfolio holdings
      of mutual funds to shareholders and their investment advisers. Both
      petitions have been posted on the Fund Democracy site at

      http://funddemocracy.com/truth_in_mutual_funds.htm


      John M. Baker JBaker@...
      Stradley, Ronon, Stevens & Young, LLP
      1220 19th Street, N.W., Suite 700, Washington, DC 20036
      (202) 822-9611 Fax (202) 822-0140
      FundLaw Listowner Http://www.egroups.com/group/fundlaw
    • John Baker
      Some additional parties also have filed a petition seeking more fund disclosures of their holdings and less flexibility on fund names. Today the Consumer
      Message 2 of 2 , Aug 9, 2000
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        Some additional parties also have filed a petition seeking more fund
        disclosures of their holdings and less flexibility on fund names.
        Today the Consumer Federation of America and eight other consumer
        groups filed a petition asking the SEC to adopt rules

        --to prohibit the use of names that suggest a mutual fund invests
        in a particular type of security (e.g., government bonds, value
        stocks, growth stocks, junk bonds, etc.) unless the fund invests 85
        percent or more of its assets in that type of security;
        --to require funds to disclose their portfolio holdings on a
        monthly basis within 30 days after the end of each month and on
        random days throughout the year; and
        --to require funds to post the disclosures on the Internet in an
        easily accessible, downloadable format and provide paper copies of
        the information upon request.

        The petition refers to the Fund Democracy petition described below
        and is available from the Fund Democracy web site at

        http://funddemocracy.com/truth_in_mutual_funds.htm


        John M. Baker JBaker@Stradley
        Stradley, Ronon, Stevens & Young, LLP
        1220 19th Street, N.W., Suite 700, Washington, DC 20036
        (202) 822-9611 Fax (202) 822-0140
        FundLaw Listowner Http://www.egroups.com/group/fundlaw


        --- In fundlaw@egroups.com, "John M. Baker" <jbaker@s...> wrote:
        > According to a recent report in The Wall Street Journal, the SEC is
        > considering a proposal to streamline annual and semiannual reports
        to
        > shareholders. One option would be a report that summarizes top
        > holdings and explains, with graphs and charts, how investment
        results
        > were achieved. The schedule of portfolio holdings would be omitted
        > from the reports, but funds would still be required to send a full
        > list of holdings to any fund owner specifically requesting it. The
        > Journal article, which views the proposal with some scepticism, is
        > available (at least for now) at
        >
        > http://dowjones.wsj.com/i/fin/SB962196296699375380-d-industry-c1-
        > fin.html
        >
        > As noted in the article, there is also some pressure on funds
        > actually to provide more, and more frequent, disclosures to their
        > shareholders. Fund Democracy, LLC last week petitioned the SEC to
        > adopt rules requiring that funds (1) use names suggesting that they
        > invest in a particular type of security only if 85% of their assets
        > are invested in that type of security; (2) publicly report their
        > portfolio holdings on a monthly basis within 60 days after the end
        of
        > each month, with exceptions granted by the SEC on a case-by-case
        > basis; and (3) post portfolio holdings on the Internet in a format
        > that is easy to download and analyze, and provide paper copies of
        > this information upon request. The Financial Planning Association
        > also filed a shorter and more general petition asking the SEC to
        > adopt rules designed to improve the disclosure of portfolio
        holdings
        > of mutual funds to shareholders and their investment advisers.
        Both
        > petitions have been posted on the Fund Democracy site at
        >
        > http://funddemocracy.com/truth_in_mutual_funds.htm
        >
        >
        > John M. Baker JBaker@S...
        > Stradley, Ronon, Stevens & Young, LLP
        > 1220 19th Street, N.W., Suite 700, Washington, DC 20036
        > (202) 822-9611 Fax (202) 822-0140
        > FundLaw Listowner Http://www.egroups.com/group/fundlaw
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