Subject: File No. s7-12-18
From: Mike Woods

September 2, 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 work with my broker to pick fund investments. These investments are long term.

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 read the summaries, see what current holdings are, see what fund objectives are etc...

Yes, I understand the disclosures

The disclosures are way too much.

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?
Its all boiler plate, and legalize text, so no those arent helpfull. I use different broker shops technology to assist, along with my broker.

4. Do you use the advice of a financial professional? Does a financial professional's help affect whether and how you use fund disclosures?
Yes I use my broker. No the disclosures are stand alone.


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?
Email and mobile.

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?
No paper, just digital.

7. How can the SEC better use technology and communication tools to help investors focus on important fund information?
Cut down on the idiot disclosures. For example, I know that the investment involved risk and that I can lose my investment. If someone doesnt know that they should not be investing.

Simplify the accounting disclosures. Nobody understands (not even those who prepare them) derivatives and fair value and the new rev rec standard, nor will they understand CECL.


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?
Yes. Graphs would be better.

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

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, currently I believe the fees are cloaked and hard to determine.


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. Less disclosures. The SEC should not evaluate risk, let others do it.

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?
No. Clearer disclosures simpler to understand.

13. Do you consider the past performance of a fund when making an investment decision? How could we improve the presentation of performance information?


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?
Simplify the disclosures.