Subject: File No. s7-12-18
From: Sara Karlidag

June 6, 2018


1. How do you pick funds? What information do you want to know when you make an investment in a fund? What publications or websites do you review? What tools, online or otherwise, do you use? Do you look at the SECs website?
I review fund results and expenses located via the company's website as well as utilize resources and tools on the company's website. I do not look at the SEC's website for fund information.

2. Do you read current fund disclosure documents? Do you understand them? Is there information you do not receive from the fund that you would like to get?
Yes, I read the current fund disclosure documents but I do not understand all of the information presented. No, there is not additional information that I would like to receive from a fund that I would like to invest into.

3. How well do current fund disclosures (such as a summary prospectus, prospectus, or shareholder report) help you pick an investment? Is it easy to compare different funds? Are there technology-based tools that could make fund comparisons easier? What helpful features do those tools have?
The current fund disclosures are very helpful in providing detailed information about returns, expenses, examples, etc. However, I feel that the tools on a company's website is more user-friendly in helping me choose a fund and compare funds. These tools easily allow me to compare several funds at once in an easy to read chart and help me review key elements of each fund. Other tools can be used with my advisor in creating hypotheticals or creating a custom portfolio to meet my current needs.

4. Do you use the advice of a financial professional? Does a financial professional's help affect whether and how you use fund disclosures?
I use the advice of a financial professional on occasion but not always. I usually rely on myself and the company's website for information and tools.


5. How do you prefer to receive communications about fund investments? For example, do you prefer mail delivery, email, website availability, mobile applications, or a combination?
I prefer an email notification to view the documents on the website. Website availability only since the documents would be too difficult to read on my phone/device. I do not want to receive anything in the mail.

6. What types of fund information do you prefer to access electronically? What types of fund information do you prefer to receive in paper? Are there other wayssuch as by video or audio, you would like to receive fund information?
I prefer all fund information to be accessed electronically. I do not want anything in paper. A video presentation would also be helpful if someone can explain the information so that investors could understand the fund information better.

7. How can the SEC better use technology and communication tools to help investors focus on important fund information?
Eliminate the need for paper disclosures as they are harmful to our environment, killing trees, and contributing to landfills. The SEC needs to be on the cutting edge of technology and allow everything to be electronically disclosed as well as upload onto the website with interactive tools.


8. Is there too much technical writing in fund disclosure? Would you prefer more tables, charts, and graphs? Would these graphic displayes be in addition to, or in place of, text-heavy disclosures?
No. There is sufficient tables, charts, and graphs displayed to understand the fund information.

9. Do you prefer to receive shorter 'Summary' disclosures, with additional information available online or upon request?
Yes, I prefer to receive shorter summary disclosures with additional information available online as an option.

10. Should fund disclosures be more personalized? For example, should disclosures show the amount of fees you paid or your actual investment returns? If so, how?
Yes, I would like to see disclosures personalized to show fees and returns as it applies to my own investments as a side-by-side comparison chart with the average rate of return/fees on a fund. That way, I can quickly and easily compare the differences.


11. Do fund disclosures make the fund's strategies and the level of risk clear? How can funds improve these disclosures? Would a risk rating, such as a numerical or graphical measure of risk, be helpful?
Yes they are very clear. No risk rating or graph is needed.

12. Fund fees and expenses can significantly affect a fund's investment returns over time. Do you think funds clearly disclose their fees and expenses? How could funds improve the disclosure of fees and expenses? Would a comparison of your funds fees against other funds fees help?
Yes, but I would like to see a comparison chart available online to ensure that I am getting charged a fair amount. A chart comparing against other funds' fees would help and be more convenient.

13. Do you consider the past performance of a fund when making an investment decision? How could we improve the presentation of performance information?
Yes I do. The historical returns chart in the prospectus is helpful as well as reviewing charts available on the company's website.


14. Aside from this questionnaire, are there other ways the SEC can engage with investors, like you, on key topics? Is there anything else you would like to tell us?
Condense all fund disclosures/information so that the language is easy and simple to read. Charts and graphs are easy to read for us. Comparison tools are always helpful and needed. The SEC should reach out to all investors and seek continuous feedback on a quarterly basis so that improvements can be made constantly.