Subject: File No. S7-08-15

July 20, 2015

I’m hopeful you will strongly consider not adopting the changes in proposed Rule 30e-3.  According to you own 2012 study by Siegel + Gale 71% of American investors prefer to read their annual reports in paper format.  The same study asserted that printed materials yield higher content comprehension than online materials.

Rule 30e-3 would also impede access for many investors, especially the elderly, disabled and minorities – all demographics that are less likely to have regular access to the internet.   One study showed that 41% of Americans over the age of 65 do not use the internet, yet, studies show 34% of this population own mutual funds.

This rule would increase the burden on the consumer while providing benefits to the investment companies.  A consumer should have the right to opt out of receiving a paper report.  They should not face the burden of requesting to opt in.

Thank you.

Tim O’Hanlon