On June 5, 2018, the SEC announced adoption of rule 30e-3 under the Investment Company Act of 1940, which creates an optional “notice and access” method for delivering shareholder reports. The rule allows mutual funds and certain other registered investment companies to deliver shareholder reports by making them publicly accessible on a website, free of charge, and sending investors paper notices of the reports’ availability by mail. Investors will still have the option to receive the full reports in paper form without charge. Also on June 5, 2018, the SEC invited public comment on both: (1) additional ways to improve fund disclosure by modernizing the design, delivery and content of fund information and (2) the framework for certain processing fees that broker-dealers and other intermediaries charge funds for delivering shareholder reports and other materials to investors. The adoption of rule 30e-3 and the requests for comments are part of a long-term project led by the SEC’s Division of Investment Management to modernize fund disclosures for the benefit of investors.