Subject: File No. S7-08-15

August 3, 2015

It is my understanding the SEC is thinking about changing the default method to receive shareholder information from paper to electronic copies.  I firmly believe that Paper is still the preferred method of transmission for investors.  Electronic copies get lost in the email stream that we never have time to read, but paper copies are long lasting, especially in annual reports and should remain the default method for delivery. 

According to SEC’s own study conducted by Siegel + Gale in 2012, 71 percent of American investors said they prefer to read annual reports in paper format rather than online versions and a large number of respondents also asserted that printed materials yield higher content comprehension than online materials.1

Rule 30e-3 would impede access for many investors, especially the elderly, those with disabilities, and minority Americans – all demographics that are less likely to have regular Internet access.

Thank-you for considering my opinion.


Ed Phelps
Project Manager - BART/MACT