June 2, 2021
I support the streamlined shareholder report proposal. Below are more specific thoughts.
1. Semiannual reports do not need to be mailed. They do not contain much of the important information that is in an annual report.
2. The expense presentation in the annual report is too complex. It should be simplified.
3. Fee table- I like the shortened fee table and believe it is also more accurate as the current line items are not entirely honest. For instance, a significant portion of management fees actually pays for distribution in the form of revenue sharing payments.
4. Fund of fund expenses should be broadened to pick up non-40 Act funds, such as the various Bitcoin trusts. It does not seem fair or an honest representation of fees to not pick up these funds.
Thanks.
Tom