SEC Mulls Streamlined Semi-Annuals
From Wall Street Journal
The SEC's Division of Investment Management is looking at "streamlining" the semi-annual reports for fund companies. The Journal attributes the revalation to Paul Roye, director of the investment-management division. One question the SEC is asking is whether investors want to see the entire portfolio of a fund. Instead, funds may be required to offer charts, graphs, and a performance attribution analysis (complete fund holdings would still be available by request). Meanwhile, the Web site FundDemocracy.com run by Mercer Bullard (a former SEC official) is calling for monthly disclosure of fund holdings on the Web.

Stay patient after a merger
From Boston Globe
Charles Jaffe recommends that fund investors stay patient when faced with a major event at the holding company level of their fund. He offers Janus and the Stillwell Financial spinoff as an example. The question in that case was whether Tom Bailey would stay with Janus or flee with the fund company's talent. Patient investors should be reassuered that he will stay and that the funds will not materially change. Jaffe recommends watching key employees (Ralph Wanger in the Liberty/Wanger deal) and items such as expense ratios and loads before making a decision to stay or flee an aquired fund.

Fund keeps its heart in S.F.
From San Francisco Chronicle
The Bay Area is getting its very own mutual fund next Wednesday. The Golden Gate Fund is being run by Larkspur, California-based investment advisory firm, Collins & Co. and managed by Bruce Raabe and Brian Eisenbarth. Both managers are fund novices. The fund will pursue a blend strategy leaning towards growth. The fund, which has annual expenses of 1.95 percent of assets, can only be sold in California and will be distributed mainly through www.goldengatefund.com. Amazingly enough, the fund will not be alone in its objective. The $ billion Franklin California Growth fund can invest anywhere in the state but 22 of its largest 25 holdings were headquartered in the Bay Area. 

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