Tailored shareholder reports for every share class: seven agents draft and tie out each figure to its page, and the treasurer asks, approves and signs
Every share-class report tied to the financial statements, ready with 15 days to spare.
See one case, screen by screen ↓Tailored shareholder reports are the concise annual and semiannual reports that the SEC's tailored shareholder reports final rule (Release 33-11125, the TSR rule) has required since July 24, 2024 for each share class of a US open-end mutual fund or ETF, other than money market funds. Tailored Shareholder Reports drafts each share class's report and its Form N-CSR items with seven agents that recompute every expense example, tie every figure to its page in the financial statements, find material fund changes, validate Inline XBRL and answer questions with the page cited. Fund administration proposes fixes, counsel rules on changes, and the fund treasurer approves and certifies.
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Since July 24, 2024, every US open-end mutual fund and ETF other than a money market fund sends a concise annual and semiannual shareholder report for each share class. Each report shows the costs of a $10,000 investment, performance against a broad-based index, key fund statistics, a holdings graphic and material fund changes. It is tagged in Inline XBRL, posted online by day 60 and filed on Form N-CSR by day 70, with the full financial statements in Items 7–11. A 74-fund complex makes 400 of these reports a cycle. Each one is the same fund report with a handful of class figures changed, and those figures are where it breaks.
Fund administration fills a data template per fund and class in spreadsheets fed from the fund accounting system. Financial reporting re-ties every figure to the statements on printed proofs. Counsel reads every prospectus supplement and set of board minutes for the year to find the changes, and sub-advisers outside the US often send their commentary in their own language. The SEC staff's first-cycle review (ADI 2024-14) found funds multiplying the cost percentage by $10,000 instead of the average account value, comparing against indexes that are not broad-based and leaving out material changes. A fix after filing means an N-CSR/A that refiles the complete tagged report.
Estimated staff days for one annual cycle of a mid-size fund family, by hand and with the solution. The steps overlap inside the 60-day window.
Seven agents draft, recompute, tie out and check every share-class report; administration proposes, the treasurer approves.
Quillfield Funds files three registrants for the fiscal year ended August 31, 2026: 74 funds, 400 share-class reports. It is Thursday, October 15 — day 45. The agents worked overnight; here is how the treasurer works with them, asks, approves and sees the evidence, screen by screen, in the working solution.
Ian's home shows the clock: reports online by day 60, Friday, October 30, in 15 days; N-CSRs by day 70, Monday, November 9. Of 400 share-class reports, 236 are approved and 84 are ready for him. 17 breaks are open, 3 past their SLA. Overnight, the agents drafted every report and checked 8,649 figures twice.
Recalc agent, 6:52 a.m.: “Municipal Income Class C shows $167; it should be $164 — the worksheet used period-end net assets.”
Ian asks beside the agents' overnight thread. The Filing coordinator answers with links: 5 open breaks — the Municipal Income expense example, a Municipal Income material change, two holdings graphics in California and New York Municipal, and a Tax-Exempt Intermediate report that runs long. Marco Delgado prepared the package at 7:05 a.m.
“Release needs you and a second signer.”
Quillfield Municipal Income Fund opens as the shareholder will read it, in Item 27A order: four classes, 49 figures, 48 tied. With Differences only switched on, everything the classes share is dimmed, and the difference ledger proves each difference follows from the class terms — Class C costs 0.75 points more than Class A because its distribution and service (12b-1) fee is 1.00% instead of 0.25%. Every figure carries a tick: the 1.64% beside Class C opens Financial Highlights — Class C, page 47, a read-only copy of the N-CSR Item 7 statements, with the line the agents used highlighted.
“9 differences from Class A, 1 not explained.” Expected +$74 from the ratio on the average account; the draft differs by +$77.
The Recalc agent rebuilds the expense example the way the SEC staff describes it: Class C expenses of $3,112,486 over average daily net assets of $189,786,951 (365 daily values) is 1.64%; the average account value is ($10,000 + $10,042) ÷ 2 = $10,021; 1.64% × $10,021 = $164. The worksheet had divided by period-end net assets of $186,215,904 — 1.67%, $167. The Tie-out agent checks on its own, finds 1.64% on page 47 and agrees: 2 of 2 agents.
Tie-out agent: “I did not see the Recalc agent's working before I checked. I agree: $164.”
Priya Natarajan, the fund administration analyst who owns the Municipal Trust, proposed $164 at 8:12 a.m. As the checker, Ian confirms the reason code — Calculation method, average net assets — adds an optional note and signs. Had Priya tried to approve her own fix, the button would have been locked.
“Approved as Ian Brooks · Fund Treasurer · Principal Financial Officer · 9:42 a.m. ET · recorded on the audit trail”
The fix is applied to the Class C report, Form N-CSR Item 1, the fund website PDF for QMNCX, the Inline XBRL fact ExpensesPaidAmt and the difference ledger. The Recalc agent swept all 74 funds and 400 classes for the same worksheet method and found two more: High Yield Bond Class C ($177 → $174) and Global Real Estate Class C ($192 → $188). Open breaks fall from 17 to 16.
“The Municipal Trust filing now waits on 4 breaks, one of them with counsel (BRK-2294).”
Next in his queue: 84 reports in 16 funds, every figure tied twice and every check passed. Before he can sign, the Filing coordinator hands him a 10% sample — 8 reports — chosen by risk: the largest funds, classes with a break last cycle and classes new this year. He opens and ticks each one, attests, and signs with reason code SM, Sample reviewed — no exceptions.
“I reviewed the sample with no exceptions, and I approve all 84 reports. Every figure is tied to its page in the financial statements.”
The Change watcher read 41 prospectus supplements, 9 sets of board and committee minutes and 6 adviser agreements. For Municipal Income it found the Class C expense limitation lowered from 1.69% to 1.64%, effective December 1, 2025 — on page 1 of the November 24, 2025 supplement, and in the September 17, 2025 board minutes. Helena reads the source beside the proposed wording, which also adds the cover statement to all four class reports, and rules.
“The Change watcher never decides materiality. Accept the wording, edit it, or rule the change not material — each with a reason code.”
Each registrant's Form N-CSR shows its shareholder reports approved, Items 7–11, Inline XBRL facts and errors, who prepared it and the Rule 30a-2 certifications. The annual filings stay locked until their breaks close. The Technology Fund N-CSR/A — a semiannual report whose website link pointed to the home page, refiled complete and fully tagged — is ready: Ian certifies as PFO, Rachel Osei as PEO, then Ian releases it.
The audit trail is append-only and hash-chained: who, what, when, why, the evidence and the agent version, for every person and agent. Ian's approval is the newest decision on it. The evidence pack for the independent auditor bundles the trail, every break with both agents' workings and source pages, signed decisions with reason codes, tie-out workbooks for all 400 reports and the agent and model versions in force. Owen Price in internal audit can read the trail and export the same pack.
Format: ZIP of PDF, CSV and Inline XBRL, with a SHA-256 manifest.
The same cycle of tailored shareholder reports, seen by five of the people who carry it — what the weeks before day 60 looked like, and what they look like now.
Seven agents draft, recompute, tie out and check every share-class report; administration proposes, the treasurer approves.
Pulls the period's data — trial balance, class expenses, average daily net assets, financial highlights, class and index returns, holdings, supplements, minutes and commentary — and checks the period end, class counts and completeness.
Builds each fund's report and every share-class variant in Item 27A order, and writes “what affected performance” from portfolio manager or sub-adviser commentary in any language, every sentence cited.
Recomputes every expense example, cost percentage, total return and growth of $10,000 from raw class expenses, daily net assets and NAVs, and sweeps every fund for the same root cause.
Ties every report figure to its page in the N-CSR financial statements — assets and liabilities, operations, financial highlights, schedule of investments — without reading the Recalc agent's working.
Reads the year's prospectus supplements, board minutes and adviser agreements, and proposes each material fund change with its source page and wording for the report.
Checks Item 27A order and permitted content, the 3-to-4-page expectation, plain English, live website links, Inline XBRL tags against the SEC's open-end fund tag set, and N-CSR item completeness.
Runs the day-60 and day-70 clock, routes each item to a checker who did not prepare it, escalates breaks past SLA, assembles each N-CSR and hands the released package to the filing agent.
Approve, rule, propose. The agents propose; a named person decides.
Ask the agents in plain words beside any report, break or filing. Every answer cites its page, and nothing changes without a person's approval.
Why is Municipal Income Class C $164, not $167?
Class C expenses of $3,112,486 over average daily net assets of $189,786,951 give 1.64%, the ratio on Financial Highlights p. 47. On an average account of $10,021 that is $164. The worksheet used period-end net assets, which gives $167.
What blocks the Municipal Trust filing?
The Municipal Trust N-CSR is blocked by 5 open breaks: BRK-2291 (Municipal Income, expense example), BRK-2294 (Municipal Income, material change), BRK-2288 (California Municipal, holdings graphic), BRK-2299 (New York Municipal, holdings graphic) and BRK-2318 (Tax-Exempt Intermediate, length and format). Marco Delgado prepared the package at 7:05 a.m.; release needs you and a second signer.
Summarize the cycle for the board
400 share-class reports for 74 funds drafted on day 44; 236 approved by day 45; 29 breaks caught before any shareholder saw them (12 resolved); 8,649 figures checked against the financial statements by two agents. Last annual cycle, sign-off was ready on day 58 with 3 amendments afterwards.
Which material changes still need counsel?
Two: the Municipal Income Class C expense limitation cut from 1.69% to 1.64% on Dec 1, 2025, and the end of the Inflation-Protected Bond sub-advisory agreement on Mar 31, 2026. Helena Ward's rulings are due Oct 16.
13 screens from the working solution, on its sample data. Pick one to see it large.
A gap over tolerance becomes a break. The administrator edits, the treasurer approves, and every change is versioned. The SEC staff's common issues from ADI 2024-14 are checked one by one.
| Setting | Default | Choose from |
|---|---|---|
| Costs of a $10,000 investment | ± $1 | Cost percentage × average account value, nearest dollar; semiannual: dollars over the period, percentage annualized |
| Costs paid as a percentage | ± 0.01 points | Net of waivers; equals the financial highlights ratio |
| Average annual total returns | ± 0.01 points | NAV-based; ETFs never show market price returns |
| Holdings graphic | 100.0% ± 0.1 | Basis stated; credit quality method explained |
| Key fund statistics | Exact | Equal to the statements; portfolio statistics under fund statistics |
| Length | 4 pages warn · 5 pages break | About 3 to 4 pages expected |
| Index values | Final only | Final values for the period end; broad-based index first |
| Batch approval sample | 10% of the batch, at least 5 | Largest funds, last cycle's breaks, new classes first; one report per fund; the checker ticks each one |
Every figure is labelled: a target the solution is built to, an estimate, a typical published result, or a proven one.
“demo” = seen in the working solution, on its sample fund data · “target” = the design goal, measured in the live solution · “estimated” = our estimate · “typical” = published figures (SEC Release 33-11125, Tailored Shareholder Reports, compliance July 24, 2024; Form N-1A Item 27A; Rule 30e-1 and Form N-CSR — day 60 and day 70; SEC Division of Investment Management, ADI 2024-14, November 6, 2024; SEC paperwork estimate for Rule 30e-1, April 2026 notice — about 107 internal hours per open-end fund per year). People, funds, registrants, sub-advisers and indexes named on this page are fictional — characters and sample data in the working solution.
Tailored shareholder reports are the concise annual and semiannual reports that the SEC's tailored shareholder reports final rule (Release 33-11125, the TSR rule) has required since July 24, 2024 for each share class of a US open-end mutual fund or ETF, other than money market funds. Tailored Shareholder Reports drafts each share class's report and its Form N-CSR items with seven agents that recompute every expense example, tie every figure to its page in the financial statements, find material fund changes, validate Inline XBRL and answer questions with the page cited. Fund administration proposes fixes, counsel rules on changes, and the fund treasurer approves and certifies.
Under Form N-1A Item 27A, each share class's report shows the costs of a hypothetical $10,000 investment, performance against a broad-based index, key fund statistics, a holdings graphic and material fund changes, in the order the item sets. The whole report is tagged in Inline XBRL, and the full financial statements move to Form N-CSR Items 7–11. The solution checks order, permitted content, length, links and tags on every report.
Shareholder reports go to shareholders and online within 60 days of the period end under Rule 30e-1, and Form N-CSR is filed within 70 days. For the August 31, 2026 year end in the demo, that is Friday, October 30 and Monday, November 9. The Filing coordinator runs both clocks and names the breaks that block each registrant's filing.
The cost percentage is multiplied by the average account value on a $10,000 investment, not by $10,000, and rounded to the dollar — a mistake the SEC staff called out in ADI 2024-14. The Recalc agent rebuilds it from raw class expenses and average daily net assets, and the Tie-out agent checks the ratio against the financial highlights on its own. A gap over $1 becomes a break with both workings.
Yes. Every element of the report is tagged, and an N-CSR/A amendment refiles the complete tagged report. The Format and tagging agent validates tags against the SEC's open-end fund tag set and opens a break for errors, such as an expense ratio tagged at the wrong scale or an untagged index column.
The Change watcher reads the year's prospectus supplements, board and committee minutes and adviser agreements, and proposes each candidate change with its source page and wording for the report. In the demo it read 41 supplements, 9 sets of minutes and 6 adviser agreements and proposed 9 candidates. Counsel decides what is material.
Yes. The agents draft and propose; they never change a report without a person's approval, decide materiality, shorten narrative, approve, post or file. Fund administration proposes each fix and the treasurer approves it with a reason code; the maker cannot approve their own work. Clean reports are approved in a signed batch only after the treasurer ticks every report in a risk-based sample, and each N-CSR needs the PFO and PEO certifications and the treasurer's release.
The Agentic Solution Engine builds and deploys it from your requirements and documents — your report templates, tolerances, roles and a sample of past share-class reports and financial statements — and it goes live once every quality gate has passed. We will walk you through it on your own reports first.
Quarterly packs out by business day 3, not day 10, each figure tied to the book of record.
1-min demoFactsheet AutomationFactsheets out on business day 3, not day 10, with every figure and disclaimer checked.
1-min demoPortfolio Commentary GenerationEvery sentence tied to its attribution figure, and PMs review in minutes, not hours.
1-min demoWe'll run Tailored Shareholder Reports on a sample of your own past share-class reports and financial statements.