Subject: File No. s7-12-18
From: Duane Lee

December 3, 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?
Risk andReturn
Manager Tenure
I subscribe to Morningstar

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 would like to know how much each officer and boardmember has invested in the fund

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?
I ignore them all and use the Morningstar information

4. Do you use the advice of a financial professional? Does a financial professional's help affect whether and how you use fund disclosures?
Do all my own investing


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?
most of what I receive is in pa-we form and that is what I prefer

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?
Prefer paper for all

7. How can the SEC better use technology and communication tools to help investors focus on important fund information?
Require pass through of proxy voting to end-investor


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?
A picture is worth a 1000 words is especially true in areas like this

9. Do you prefer to receive shorter 'Summary' disclosures, with additional information available online or upon request?
Want full information in paper so I can underline and writes on material

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?
Showing the fees I paid and how many shares are allocated to my holdings would be fantastic
Why should a fund close to new investors be allowed to continue to charge 12-b(1) fees


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?
Risk adjusted return measures would be very helpful

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?
Showing how a fund ranks by quartile regarding fund fees would be very useful

13. Do you consider the past performance of a fund when making an investment decision? How could we improve the presentation of performance information?
This is my primary consideration, but long term not month or quarter


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?
I would like you to consider requiring pass through voting of proxies to end investor
Currently Vanguard and others own huge blocks of stock and they outsource to ISS or Glass Lewis much of the proxy decisions
Why should two firms determine the outcome of a supposed shareholder vote
I have never once in 44 years of investing had a fund ask me how I wanted my shares voted on important issues and then I find out they voted exactly opposite how I would have voted
Why do you allow two firms to determine the outcome of the voting for over 500 companies in America