Subject: File No. S7-12-18
From: Mimi Solo

July 16, 2018

File No. S7-12-18
Does the information you get from mutual funds or other funds really work for you?

Name: Mimi Solo


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 use Fidelity's website. it has a pretty good screener that I find very useful.

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?
I get them. I do not look at them.

I get to many, they are to long, and they do not destill what I want to know.

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?
It is not easy. I use a screener.

4. Do you use the advice of a financial professional? Does a financial professional's help affect whether and how you use fund disclosures?
No. They are crooks and cheats and charge way to much for results that are no better than a semi-informed investor can earn on their own.


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?
By e-mail, with the content in the email.

It is like paying my bills. I have it when they tell me my bill is available. Give me the number I owe in the email. If it does not look right, then I can dig deeper.

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 ways—such as by video or audio, you would like to receive fund information?
Performance should be available electronically. One reason I do not use prospectuses si that the information is old. Someotimes performance information is as much as 2 years old.

7. How can the SEC better use technology and communication tools to help investors focus on important fund information?
Put information in a standard format so tools like fund screeners can use the information.

Also, provide simpler metrics and compare funds against other funds.


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?
... but 10 charts on a page is not the answer either.

9. Do you prefer to receive shorter 'Summary' disclosures, with additional information available online or upon request?
God, YES

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?
don't personalize. Just keep things on an even basis such as price per $1,000.


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?
They are to long. Shorten it. A risk rating would be very helpful.... as long as funds use the same criteria consistently.

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?
I think the Fidelity screener is clear and I can compare to other funds.

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. How else can you measure the performance of an actively managed fund and differentiate between advisers?


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?
Don't listen to academics... they are loons.

Don't use focus groups or round tables... only certain types of people sign up for those.

Allow pilot programs, and provide a principles based approach to disclosure so that the industry can innovate.