August 10, 2015
I want to express my opposition to the proposed rule, Investment Company Reporting Modernization (File No. S7-08-15). As I understand, the proposed rule would permit funds to provide shareholder reports and quarterly
portfolio holdings available only online. This is simply not an adequate way of providing this critical information. As an investor, I need to physically review this material and it should be provided in print format. Numerous studies, including a SEC report, have shown that investors prefer paper format rather than online versions. A prime benefit is that readers obtain a better understanding and comprehension from paper format compared to online materials.
Additionally, investors should retain the right to opt-out of paper delivery rather than defaulting to an opt-in format. Most investors would much rather have paper copies not to mention the many other investors that have limited access or knowledge to obtain this informaiton online.