On October 13, 2016, the Securities and Exchange Commission (“SEC”) adopted significant reforms under the Investment Company Act of 1940, as amended (“1940 Act”), that impose extensive new disclosure and reporting obligations on most registered investment companies (“funds”) (collectively, the “Reporting Rules”). Over the last twenty years, the fund industry has seen the introduction and growth of new products, such as exchange-traded funds (“ETFs”), target date funds, and non-traditional bond funds, as well as the use of increasingly complex strategies and practices, including an increase in the use of derivatives by some funds. According to the Adopting Release for the Reporting Rules, the SEC believes that information that funds are currently required to report lags the evolution of the fund industry. The SEC has also begun to leverage technology by using structured and interactive data formats that allow it to collect and analyze information reported by funds more efficiently and effectively. The Reporting Rules are intended to bring fund reporting up to date with these developments.