CFA submitted a comment letter in general support of an SEC rule proposal to require delivery of brief, plain English shareholder reports for mutual funds while requiring more detailed information to be made available online. The proposal also includes clearer fee and risk disclosures in fund prospectuses and new limits to prevent misleading cost claims in fund advertisements. While CFA called for some relatively modest changes, and additional investor testing to refine the Commission’s report, the letter praised the Commission for its “thoughtful, investor-focused proposal to modernize the disclosure framework for investment funds.”