The SEC recently issued a Release, dated February 27, 2004, in which it adopted various rule and form amendments that will:

• Require open-end management investment companies ("mutual funds") to disclose fund expenses borne by shareholders during the reporting period in their annual and semi-annual reports to shareholders;
• Permit registered management investment companies ( i.e., mutual funds and closed-end funds, or "funds") to include a summary portfolio schedule in their reports to shareholders, provided that the complete portfolio schedule is filed with the SEC on Form N-CSR semi-annually and is provided to shareholders upon request, free of charge;
• Exempt money market funds from including a portfolio schedule in their reports to shareholders, provided that this information is filed with the SEC on Form N-CSR and is provided to shareholders upon request, free of charge;
• Require funds' reports to shareholders to include a "tabular or graphic presentation" of the fund's portfolio holdings by "identifiable categories";
• Require a fund to file its complete portfolio schedule as of the end of its first and third fiscal quarters with the SEC on new Form N-Q, which will be filed under the Investment Company Act and the Exchange Act and certified by the fund's principal executive and financial officers; and
• Require a mutual fund to include the "Management's Discussion of Fund Performance" in its annual report to shareholders.

Click on the link below to view the entire bulletin.