I believe closed end mutual funds should continue to have annual meetings and annual elections of directors or trustees. This is a basic level of protection for investors. Directors will be prone to forget their fiduciary responsibilities to share owners unless there are annual meetings and annual elections and the risk of a contested election where they could lose their position. I have invested in closed end funds for nearly 30 years on behalf of clients and my observation is closed-end fund investment advisors and their directors will put their own interest ahead of share owners, despite their fiduciary responsibilities. The fear of a contested election, and the fear of losing their position is more likely to keep them honest. An annual meeting also provides tan opportunity for shareowners to make proposals which can be voted on at annual meetings. This gives share owners an opportunity to voice their concerns to fellow share owners. Joshua Massey IA