To permit the removal of the longstanding practice of annual election of directors of closed-end funds would be an investor-unfriendly move by the SEC. Further, the Agency would be neglecting a core tenant of its mission — to protect investors — in favor of fund management companies. A diverse funding environment is necessary in efficient capital markets. Approving this move would lead to less capital being placed in closed-end funds as they will be seen as even poorer stewards of investor capital. Hence, the diversity of capital markets in America will diminish. This is a bad proposal, and approving it would be against the interests of the very people the SEC was created to protect.