There is no evidence pointed to in the Releases that lends support to the need for such disclosure. While traditional proxy type disclosure could well be included in the Annual Report, we see no need for expanded disclosure of the type proposed in public documents. Fund records should include any relevant business or other relations between a trustee and management. These records should include members of the immediate family of the trustee but should not extend to in-laws as proposed. While these fund records could arguably be made available on demand, we believe the risk of discouraging service as a disinterested trustee outweighs any potential value that could be said to be served by mandatory full public disclosure in order to meet the asserted, but unsubstantiated, active public interest in this information.
Most complexes have general toll-free numbers for existing or prospective investors.
Inquiry could be made in this fashion. If it was thought to be appropriate, the direct dial number of the funds' Secretary could be included in the Annual Report. Interested people could use that number. If they really are interested, it would not seem that the cost of the call will discourage their inquiry. Subject to the above comments, we believe that the Proposed Rules are desirable and urge their adoption.