The SEC voted to adopt changes to modernize and enhance the reporting and disclosure of information by registered investment companies and to enhance liquidity risk management by open-end funds, including mutual funds and ETFs. Registered funds will be required to file a monthly portfolio reporting form (Form N-PORT) and an annual reporting form (Form N-CEN) that will require census-type information. The rules also will require enhanced and standardized disclosures in financial statements and will add new disclosures in fund registration statements relating to a fund’s securities lending activities. Finally, the rules will also promote effective liquidity risk management across the open-end fund industry and will enhance disclosure regarding fund liquidity and redemption practices.