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Appendix A

TELEPHONE FOCUS GROUP SCREENER (Plain English)
Introduction: Hello, I’m _____________ with the research firm of Abt SRBI Inc. We
are assisting the Securities and Exchange Commission (SEC) with research about
investors in the U.S.
IF ASKED: (EACH INTERVIEWER WILL HAVE THIS INFORMATION)
If respondents ask how their name was obtained, tell them their phone number was
randomly selected from lists of telephone numbers in the local calling area.
This collection of information has been approved by the U.S. Office of Management and
Budget (OMB). The OMB Clearance Number is ____-____. If you like, I can give you a
name and address where you can send comments and questions about the proposed focus
group.
(SEC Contact Information Here)
1. Do you own any stocks, bonds, or mutual funds that are not part of a 401(k) plan or other
employer-sponsored retirement program?
1
2
8
9

Yes
No
Don’t know
Refused

CONTINUE
THANK AND TERMINATE
THANK AND TERMINATE
THANK AND TERMINATE

2. Do you own any … (READ LIST)
a
b
c

Stocks
Bonds
Mutual Funds

Yes
1
1
1

No
2
2
2

DK
8
8
8

RF
9
9
9

3. Which of the following statements best describes your approach to investing in stocks, bonds,
and/or mutual funds?
1
2

I make most of my own investment decisions, or
My financial advisor makes most of my investment decisions

4. Not including those in a 401(k) plan or other employer-sponsored retirement
program, how often do you buy and sell stocks, bonds or mutual funds? Would you
say it is … (READ LIST)
1
2
3
4
8
9

Daily
Weekly
Monthly
Yearly or Less
(VOL) Don’t know
(VOL) Refused

5. Does anyone in your immediate family work in the market research or survey research
industry?
1
2
3

Yes
No
DK/REF

THANK AND TERMINATE
CONTINUE
THANK AND TERMINATE

6. Have you ever participated in a focus group before? (IF ASKED: A FOCUS GROUP IS
A GROUP DISCUSSION ON A SPECIFIC TOPIC LED BY A MODERATOR AND
USUALLY HELD IN A FORMAL RESEARCH FACILITY.)
1
2

Yes
No

CONTINUE
GO TO QUESTION 8.

7. Was this participation in the last 12 months?
1
2

Yes
No

THANK AND TERMINATE
CONTINUE

8. Gender (RECORD. TRY TO GET A MIX)
[ ]
[ ]

Male
Female

Recruit 1 group of Average Investors: Q2a, b, or c = 1 AND Q3a = 2
Recruit 1 group of Active Investors: Q2a, b, or c = 1 AND Q3a = 1
EXTEND INVITATION TO ELIGIBLE RESPONDENTS: We would like to invite you
to attend an informal group discussion with about 10 other people to discuss making
investment decisions. We are not trying to sell you anything and you will only be asked to
express your opinions. This discussion will last approximately two hours and will be held at
(INSERT LOCATION) beginning at 7:00 PM. You will receive $75.00/$100 for
participating in this important research study.

9. Can you attend?
1 Yes
2 No

CONTINUE
THANK YOU AND HAVE A NICE EVENING (DAY)

IF YES, SAY: Thank you for agreeing to participate. We will be mailing you a letter and
calling you the day before the discussion to confirm the time and location. Could you please
give me your:
Name: _________________________
Address: _______________________
_______________________
Phone # (home) ___________________

(zip) ________
(work) ____________________

Email: ___________________________________________

If you have any questions about the group, please feel free to call Abt SRBI at the following
toll-free number: 1-888-772-4269.
We look forward to seeing you at the group discussion and appreciate your willingness to
take part in this important research study.
Thank you and have a nice evening (day).

MODERATOR’S GUIDE
MANDATORY DISCLOSURE DOCUMENTS FOCUS GROUPS

INTRODUCTION
Introduction of the moderator.
Explanation of the nature of the general study – to provide input to the Securities and
Exchange Commission (SEC) about certain mandatory disclosure documents.
Explanation of the purpose of the focus group approach -- to explore in a semi-structured
manner what people think about the issues.
•

The group discussion of the issues often generates deeper insights than individual
one-on-one interviews.

•

A topic oriented discussion of issues allows the participants, who know more
about the issues than the researchers, to identify the important dimensions that
might be lost in a structured interview setting.

•

It’s interactive so that the participants can talk back to us -- ask us what we mean,
tell us when a question doesn’t make any sense, or means different things to
different people.

BASIC GROUND RULES:
•

Certain collections of information, such as focus groups, require approval from
the Office of Management and Budget. The approval number for this project is
_____-_____.

•

To ensure your privacy, our contract with this facility forbids them to tell us
anything about you except your first name.

•

We are audio-taping the meeting for use in preparing a report about findings.
These tapes, along with the transcript of this session, will be given to the SEC.
Your identity, and information that would identify you to anyone outside of this
study, will not be disclosed without your consent, except as provided by law.

•

Because we are taping this meeting, I ask that you speak loudly and clearly. If I
think you are speaking too softly to be heard on the tape, I will ask you to speak
up.

•

Please speak just one at a time so everyone has a chance to participate.

•

Don’t engage in side conversations -- we need for everyone to hear what the
others are saying and for everything that’s said to be heard easily on the tape.

•

Sometimes I’ll go around the table and ask everyone for their input. At other
times, I will just throw a topic open for general discussion.

•

Participation -- we need to get a full range of opinions, and we need everyone’s
participation. You are here to talk. I am here to listen.

•

No evaluation -- there are no right and wrong answers. We expect differences in
how people see things, and we need to know about these differences.

•

Feel free to disagree or question each other. The purpose of a group session is
that we learn things in group interchanges that we don’t get out of one-on-one
discussions. If someone says something you disagree with, please let us know.

•

Some observers are present behind the one-way mirror. They want to hear what
you have to say about the topics we’ll discuss, but we don’t want you to feel
constrained by their presence.

•

If you have a cellular phone, please turn it off. We don’t want the group to be
disturbed and we also need your full attention during the session

•

The session will last about two hours.

INTRODUCTION OF PARTICIPANTS
Let’s go around the table. Please introduce yourself (first name only).
How many of you have been in a focus group before?

DECIDING ABOUT INVESTMENTS
In approximately how many companies do you own stock outside of a 401(k) plan or
other employer-sponsored retirement program?
What types of information are you looking for as you do your investment research?
Does the type of information you are looking for differ between investments in specific
companies and mutual funds? (RECORD ON A FLIP CHART).
When you are making an investment decision about stocks or mutual funds, from what
sources do you get information? Which of these sources are most important? About how
long do you spend with each of these sources in making a decision about an investment?

How important is the internet as a source of information about investment decisions? In
what ways do you utilize the internet in making investment decisions? What types of
websites do you utilize?
ANNUAL REPORTS
(Several of you already mentioned Annual Reports). Do any of you (others) also use
Annual Reports to obtain information about potential investments? I’m asking about
Annual Reports for specific companies, rather than for mutual funds, at this point.
What sorts of information do you look for in an Annual Report? What types of
information have you looked for in an Annual Report but not found?
Now I want to pass out an example of an Annual Report. Please take about 10 minutes to
look through this and then I have some questions that I want to ask you about it.
How helpful is an Annual Report like this in making an investment decision? What did
you find particularly helpful? What was not helpful? What seemed to be missing that
you would expect to find?
Was there anything that you found difficult to understand? What made it difficult to
understand?
(If not already mentioned) How about the language used in the report? Was there
anything that was unclear or could be explained better?
How trustworthy do you consider the information in this Annual Report? What makes it
trustworthy? Anything that you think makes it untrustworthy?
Are there any other comments about the Annual Report?
MUTUAL FUND SHAREHOLDER REPORTS
(Short Intro): Mutual funds are required to send reports to shareholders twice a year.
When you receive reports for funds in which you are already invested, do you generally
read them?
If so, which of the following types of information do you look for? Which are of the
most importance? (ROTATE)
Financial statements
List of securities held by the fund
Compensation paid to directors and officers
Information about the fund’s directors and officers, such as their names, titles,
and experience
o Explanation of how the fund performed
o
o
o
o

o Graph showing how the fund performed in comparison to a securities index
o Information about fund expenses
o Tables, charts, or graphs which show the types of investments made by the
fund
o Information about accountants
o Information about how the fund board approves contracts with the fund’s
investment adviser
o Other (describe)
Now I want to pass out an example of a fund shareholder report. Please take about 10
minutes to look through this and then I have some questions that I want to ask you about
it.
What information in this report is most helpful to you? What is least helpful? Is there
anything missing that you would like to find?
Do you find this information to be understandable? Is it useful?
What changes would make the report more useful to you?
Have you ever looked at a fund shareholder report online? If so, how did you locate
these reports? How easy were they to find?
Did you find reading reports online to be helpful? What was easy about it? What was
difficult?
Is there any information in the report that you would prefer to receive in paper form? If
so, what kind of information?
Is there any information in the report that you would prefer to receive online? If so, what
kind of information?
Would you prefer to receive all of the information in these reports online, provided that
you could still obtain the information in paper, upon request?
If you could receive all of this information in paper form at any time on request, would
you still prefer to receive some of the information in paper without having to first request
a paper copy? If so, what information?
Are there any other comments about fund shareholder reports?
PROXY STATEMENT
Now I want to ask how many of you have received Proxy Statements in the past.

For those of you have received proxy statements, what do you usually do when you
receive one: do you read it thoroughly, glance over it, or discard it?
For those of you who at least glance at it, what types of information are you looking for?
Do you usually return the proxy? If not, why not?
For those of you who discard Proxy Statements, why do you usually do so?
What sorts of information do you look for in a Proxy Statement? What types of
information have you looked for in an annual report but not found?
Now I want to pass out an example of a Proxy Statement. Please take about five minutes
to look through this and then I have some questions that I want to ask you about it.
Was there anything that you found difficult to understand? What made it difficult to
understand? What it clear what to do?
How about the language used in the Proxy Statement? Was there anything that was
unclear or could be explained better?
How trustworthy do you consider the information in this Proxy Statement? What makes
it trustworthy? Anything that you think makes it untrustworthy?
Any other comments about the Proxy Statement?
SUMMARY
Thinking about our entire discussion tonight, is there anything else you would like to
share with us?
(Moderator excuses himself/herself to go into the client room to ask observers if there is
anything they would like to ask or have clarified). Ask any other questions/clarifications
upon return.
Thank you for coming here tonight and sharing your thoughts and ideas with me. You
have given us a great deal of help. Please check with the hostess on your way out of this
room.
Good night!

Appendix B

TELEPHONE FOCUS GROUP SCREENER (Prospectus)
Introduction: Hello, I’m _____________ with the research firm of Abt SRBI Inc. We
are assisting the Securities and Exchange Commission (SEC) with research about
investors in the U.S.
IF ASKED: (EACH INTERVIEWER WILL HAVE THIS INFORMATION)
If respondents ask how their name was obtained, tell them their phone number was
randomly selected from lists of telephone numbers in the local calling area.
This collection of information has been approved by the U.S. Office of Management and
Budget (OMB). The OMB Clearance Number is ____-____. If you like, I can give you a
name and address where you can send comments and questions about the proposed focus
group.
(SEC Contact Information Here)
1

May I speak with the person, or one of the persons, in your household who is
primarily responsible for making financial decisions for the household?
1 Same rspn
2 New rspn
3 No such rspn
4 Refuse

REPEAT INTRO, SKIP TO 2
SCREEN OUT
THANK AND END, [Soft Refusal]

Have your purchased any mutual funds within the last two years?
1
2
3
4
5

One fund
Multiple funds
Zero funds
Don’t know
Refused

SCREEN OUT
SCREEN OUT
SCREEN OUT

2b (Is / Are) your mutual fund(s) part of a 401K plan, or did you purchase (it / them)
directly?
1
2
3

401(k)
Direct Purchase
Both

SKIP TO 3

2c How did you go about making your most recent mutual fund purchase?
1
2
3
4
5

Bank
Broker / Dealer
Insurance agent
Direct from fund
Other (SPECIFY)

What is the highest level of schooling you have completed? (DO NOT READ)
1
2
3
4
5
6
7
8

Yes
No
DK/RF

SCREEN OUT
SCREEN OUT

Yes
No

GO TO 7

Was this participation in the last 12 months?
1
2

SCREEN OUT
SCREEN OUT

Have you ever participated in a focus group before? (IF ASKED: A FOCUS GROUP IS
A GROUP DISCUSSION ON A SPECIFIC TOPIC LED BY A MODERATOR AND
USUALLY HELD IN A FORMAL RESEARCH FACILITY.)
1
2

SCREEN OUT

Does anyone in your immediate family work in the market research or survey research
industry?
1
2
3

Some High School (No Diploma)
High School Graduate
Some College (No Degree)
Associate Degree (AA)
Bachelor’s Degree (BA, AB, BS, etc.)
Some Graduate or Professional School (No Degree)
Graduate or Professional School Degree (MA, MS, PHD, etc.)
DK/RF

Yes
No

THANK AND TERMINATE
CONTINUE

Gender (RECORD. TRY TO GET A MIX)
[ ]
[ ]

Male
Female

Recruit at least 2 participants from 2b = 1.
Recruit at least 1 participant from each 2c = 1, 2, 3, or 4.

EXTEND INVITATION TO ELIGIBLE RESPONDENTS: We would like to invite you
to attend an informal group discussion with about 10 other people to discuss making
investment decisions. We are not trying to sell you anything and you will only be asked to
express your opinions. This discussion will last approximately two hours and will be held at
(INSERT LOCATION) beginning at 7:00 PM. You will receive $75.00/$100 for
participating in this important research study.

9. Can you attend?
1 Yes
2 No

THANK YOU AND HAVE A NICE EVENING (DAY)

(zip) ________
(work) ____________________

Email: ___________________________________________

MODERATOR’S GUIDE
SUMMARY MUTUAL FUND PROSPECTUS FOCUS GROUPS

INTRODUCTION
Introduction of the moderator.
Explanation of the nature of the general study – to provide input to the Securities and
Exchange Commission (SEC) about a short-form prospectus for mutual funds.
Explanation of the purpose of the focus group approach -- to explore in a semi-structured
manner what people think about the issues.
•

The group discussion of the issues often generates deeper insights than individual
one-on-one interviews.

•

It’s interactive so that the participants can talk back to us -- ask us what we mean,
tell us when a question doesn’t make any sense, or means different things to
different people.

BASIC GROUND RULES:
•

Certain collections of information, such as focus groups, require approval from
the Office of Management and Budget. The approval number for this project is
_____-_____.

•

To ensure your privacy, our contract with this facility forbids them to tell us
anything about you except your first name.

•

Because we are taping this meeting, I ask that you speak loudly and clearly. If I
think you are speaking too softly to be heard on the tape, I will ask you to speak
up.

•

Please speak just one at a time so everyone has a chance to participate.

•

Don’t engage in side conversations -- we need for everyone to hear what the
others are saying and for everything that’s said to be heard easily on the tape.

•

Sometimes I’ll go around the table and ask everyone for their input. At other
times, I will just throw a topic open for general discussion.

•

Participation -- we need to get a full range of opinions, and we need everyone’s
participation. You are here to talk. I am here to listen.

•

No evaluation -- there are no right and wrong answers. We expect differences in
how people see things, and we need to know about these differences.

•

Some observers, including observers from the SEC, are present behind the oneway mirror. They want to hear what you have to say about the topics we’ll
discuss, but we don’t want you to feel constrained by their presence.

•

If you have a cellular phone, please turn it off. We don’t want the group to be
disturbed, and we also need your full attention during the session.

•

The session will last about two hours.

INTRODUCTION OF PARTICIPANTS
Let’s go around the table. Please introduce yourself (first name only).
How many of you have been in a focus group before?
Could you describe your involvement with mutual funds – do you invest on your own?
Through a retirement plan such as a 401(k) plan or other employer-sponsored retirement
program?
INVESTMENT DECISION-MAKING
What information is important to you when making a decision about investing in mutual
funds?
Have you ever used a mutual fund prospectus? If not, why not?
If you have used a prospectus, what types of information do you look for? What types of
information have you looked for in a prospectus, but not found?

SUMMARY PROSPECTUS VS. STATUTORY PROSPECTUS
Please take a few minutes to review the materials that I am passing out to you. Then I’ll
have some questions to ask you about these materials. Each of you should have a longform prospectus and a short-form prospectus.
How helpful would the long-form prospectus be in making an investment decision?
What did you find particularly helpful? What was not helpful? What seemed to be
missing that you would like to find?
Was there anything that you found difficult to understand in the long-form prospectus?
What made it difficult to understand?
How helpful was the short-form prospectus? What did you find particularly helpful?
What was not helpful? What seemed to be missing that you would like to find?
If you had a choice, which one of these documents would you be more likely to look at to
find out about a fund? Why?
What do you like most about the document you chose? What features do you find most
helpful?
Do you have any other comments about these documents?
CONTENT OF THE SUMMARY PROSPECTUS (INCLUDING PORTFOLIO
HOLDINGS AND FINANCIAL INTERMEDIARY COMPENSATION)
How important is each of the following types of information about a fund in making an
investment decision? Which are of most importance?
[Moderator’s note: Change the order of this list for different focus groups.]
o
o
o
o
o
o
o
o
o
o

Investment objectives and strategies
Risks
Costs
Performance
Top ten portfolio holdings
Fund managers
How to buy and sell shares
Tax consequences
Payment to broker-dealers and other financial intermediaries
Other (ask to specify)

Is there any information in the short-form prospectus that you think is not necessary to
have?

What information in the short-form prospectus is most helpful to you? What information
in the short-form prospectus is least helpful?
I am going to distribute several examples of ways to show information about the stocks
and bonds held by a mutual fund.
[Distribute 4 samples of portfolio disclosure showing: (1) a top-ten portfolio holdings
list; (2) a portfolio allocation list; (3) a portfolio allocation pie chart; and (4) a portfolio
allocation bar chart.]
[Direct participants to top-ten portfolio holdings list.]
Do you think a fund should list its top ten investments in the short-form prospectus? Is
this something you normally would consider helpful in researching a fund?
[Direct participants to portfolio allocation list.]
If information about a fund’s investments would interest you, how much detail do you
think would be helpful to you? Would you rather see a list of the top ten companies the
fund invests in, or the portfolio allocation list shown in this example, or something else?
[Direct participants to compare the second document with the documents showing the pie
chart and the bar chart.]
Would you rather see portfolio allocation information in a list, or in some other format,
such as a pie chart or bar chart?
What do you find helpful or unhelpful about each of these presentations?
Were you aware that payments made to persons who sell mutual funds create conflicts of
interest that may affect the recommendations you receive?
[Direct participants to intermediary compensation disclosure.]
Do you find this information to be understandable? Is it useful?
When would it be most useful for you to receive information about payments made to
your salesperson? (Choose one of the following.)
•
•
•

At the beginning of your relationship with a broker/dealer or other financial
intermediary?
At the point in time when you decide whether to purchase a mutual fund?
Upon confirmation of a mutual fund purchase?

After reading this disclosure [intermediary compensation disclosure], would you want to
find out more about these payments? If so, how would you prefer to do that? By calling
your salesperson? On the Internet? In a written document? Other?

[Direct participants to disclosure relating to sales charge discounts.]
Do you find the information about sales charge discounts understandable? Is it useful?
[Direct participants to disclosure relating to portfolio turnover.]
Do you find the information about the fund’s portfolio turnover understandable? Is it
useful?
MULTIPLE-FUND VS. SINGLE FUND FORMAT
I also want to provide you with two documents that contain information about several
funds.
Please take a moment to look at the documents. What do you think about them? Are
they more or less helpful than the short-form prospectus that describes just one fund?
Is it helpful that information, such as costs and performance, are combined together for
more than one fund? Are there any downsides to combining this information?
If you were looking for a specific type of information regarding one fund, would you find
it more or less difficult to find the information when it is combined with information
about several funds?
Would you prefer receiving this information in a combined document like this, or would
you prefer to receive information about each fund in separate documents like the ones we
looked at earlier? Would you please share the reasons for your preference?
If the information is combined for two funds, five funds, 10 funds, or more than 10 funds,
would your opinion change? Is there a point at which you think the presentation may be
too complex because the information is for too many funds?
Is there a page length that you think would be too long for the presentation of information
in a prospectus? If so, would the information in a prospectus combining information for
more than one fund be too long if it were 10 pages, 25 pages, 50 pages, 75 pages, or 100
pages?
IMPORTANCE OF CURRENT INFORMATION
How current should the performance information be in a prospectus - most recent
calendar year, calendar half-year, calendar quarter, or month? Why?
How current should the portfolio holdings information to be in a prospectus - most recent
calendar year, calendar half-year, calendar quarter, or month? Why?

Is it important to you to obtain current performance or portfolio holdings information in
the prospectus or would it be sufficient if the prospectus directed you to a toll-free
number where automated, current information could be obtained? What about an online
website?
SUMMARY
Thinking about our entire discussion tonight, is there anything else you would like to
share with us?
(Moderator excuses himself/herself to go into the client room to ask observers if there is
anything they would like to ask or have clarified). Asks any other questions/clarifications
upon return.
Thank you for coming here tonight and sharing your thoughts and ideas with me. You
have given us a great deal of help. Please check with the hostess on your way out of this
room.
Good night!

Appendix C

Abt SRBI, Inc.
4218
275 7th Avenue; Suite 2700
NEW YORK, NY 10001

STUDY NUMBER:

SEC Mandatory Disclosure Forms Survey
DY1 = 0, Random Split, 50% of cases;
= 1, Remaining 50% of cases.
INTRODUCTION
Hello, my name is
calling from SRBI, a national public opinion research
organization. We are conducting a short survey for the U.S. Securities and Exchange Commission
(SEC) in Washington, DC. We are interested in the experiences of individual investors of stocks,
bonds and /or mutual funds.

IF ASKED: (EACH INTERVIEWER WILL HAVE THIS INFORMATION)
If respondents ask how their name was obtained, tell them their phone number was
randomly selected from lists of telephone numbers in the local calling area.
This collection of information has been approved by the U.S. Office of Management and
Budget (OMB). The OMB Clearance Number is ____-____. If you like, I can give you a
name and address where you can send comments and questions regarding this survey.
(SEC Contact Information Here)
S1

Does anyone in this household own stocks, bonds or mutual funds?
1
2
3
4
5

SKIP TO Q1
SCREEN OUT
SKIP TO S3
SKIP TO D0

May I speak with (that person / one of those persons)?
1
2
3

Yes, Designated RSPN on line
Yes, Someone else
No
Don’t know
Refused

Yes, Designated RSPN called to phone SKIP TO S4
No, Designated RSPN unavailable
SCHEDULE CALLBACK
Refused
SKIP TO D0

Is there someone else in your household who would know about these types of
investments?
1
2
3

Yes, other rspn called to phone
No
Don’t know

SCREEN OUT
SCHEDULE CALLBACK

Refused

SKIP TO D0

Hello, my name is
calling from SRBI, a national public opinion
research organization. We are conducting a short survey for the U.S. Securities and
Exchange Commission (SEC) in Washington, DC. We are interested in the experiences
of individual investors of stocks, bonds and /or mutual funds.

IF ASKED: (EACH INTERVIEWER WILL HAVE THIS INFORMATION)
If respondents ask how their name was obtained, tell them their phone number
was randomly selected from lists of telephone numbers in the local calling area.
This collection of information has been approved by the U.S. Office of
Management and Budget (OMB). The OMB Clearance Number is ____-____. If
you like, I can give you a name and address where you can send comments and
questions regarding these time estimates or suggestions for making this process
simpler.
(SEC Contact Information Here)
Do you own any stocks, bonds or mutual funds that are not part of a 401(k) plan or other
employer-sponsored retirement program?
1
2
3
4
Q1

Yes, Designated RSPN on line
No
Don’t know
Refused

We would like to ask you a few questions to learn more about investor’s experiences with
the disclosure documents they might receive. The interview is voluntary and only takes
10 minutes or less to complete. Any information you provide will be kept private and
will only be reported in aggregate with others who participate. May we begin?
1
2
3

Yes
No time
Refused

SCHEDULE CALLBACK
THANK AND END, [Soft Refusal]

Not counting holdings in a 401(k) plan or other employer-sponsored retirement program,
please tell me which of the following you own. Do you own … (READ LIST –
MULTIPLE RECORD)

a
b
c

DY2

SCREEN OUT
SCHEDULE CALLBACK
SKIP TO D0

=
=
=
=
=

Stocks
Bonds
Mutual Funds

1,
2,
3,
4,
5,

Yes
1
1
1

No
2
2
2

DK
3
3
3

IF Q2a = 1 AND Q2b > 1 AND Q2c > 1;
IF Q2a > 1 AND Q2b = 1 AND Q2c > 1;
IF Q2a > 1 AND Q2b > 1 AND Q2c = 1;
IF Q2a = 1 AND Q2b = 1 AND Q2c > 1;
IF Q2a = 1 AND Q2b > 1 AND Q2c = 1;

RF
4
4
4

= 6, IF Q2a = 1 AND Q2b = 1 AND Q2c = 1;
= 7, IF Q2a > 1 AND Q2b = 1 AND Q2c = 1;
= 8, IF Q2a > 1 AND Q2b > 1 AND Q2c > 1.

What are the main sources of information that you use to guide decisions to buy stocks,
bonds or mutual funds? (DO NOT READ - MULTIPLE RECORD)
Probe: Anything Else?
1
2
3
4
5
6
7
8
9
10

Friends / family
Financial Advisor / Broker
Annual Report
Prospectus
Proxy Statement
Magazines
Newsletters
Other (SPECIFY)
Don’t know
Refused

SEE SKIP LOGIC PRIOR TO Q4
SEE SKIP LOGIC PRIOR TO Q4

IF ONLY 1 RESPONSE TO Q3, GO TO Q3b;
IF MORE THAN 1 RESPONSE TO Q3, SKIP TO Q3c;
Q3b

Do you access this information via the internet?
1
2
3
4

Yes
No
Don’t Know
Refuse

SEE SKIP LOGIC PRIOR TO Q4
SEE SKIP LOGIC PRIOR TO Q4
SEE SKIP LOGIC PRIOR TO Q4

Q3c. Where do you go on the internet for your investment information? (DO NOT
READ - MULTIPLE RECORD).
1
2
3
4
5
6
7
8
Q3d

Individual company website
Specific Fund or group of Funds website
SEC website
Other government agency website
Private (non-government) financial investment information website
Other (SPECIFY)
Don’t Know
Refuse

Which of these sources is most important to you in making an investment
decision? (DO NOT READ – RECORD ONLY ONE)
1
2
3
4
5
6
7
8
9

Friends / family
Financial Advisor / Broker
Annual Report
Prospectus
Proxy Statement
Magazines
Newsletters
Other (SPECIFY)
Don’t know

10
Q3e

Refused

Which of these sources of information, if any, do you access via the internet?
(DO NOT READ – MULTIPLE RECORD)
1
2
3
4
5
6
7
8
9

Annual Report
Prospectus
Proxy Statement
Magazines
Newsletters
Other (SPECIFY)
None
Don’t know
Refused

IF DY2 = 1: GO TO Q4, AFTER Q29 SKIP TO Q55;
IF DY2 = 2: GO TO Q4, AFTER Q16 SKIP TO Q55;
IF DY2 = 3: SKIP TO Q30;
IF DY2 = 4: GO TO Q4, AFTER Q29 SKIP TO Q55;
IF DY2 = 5 AND DY 1 = 0: GO TO Q4, AFTER Q29 SKIP TO Q55;
IF DY2 = 5 AND DY 1 = 1: SKIP TO Q30;
IF DY2 = 6 AND DY 1 = 0: GO TO Q4, AFTER Q29 SKIP TO Q55;
IF DY2 = 6 AND DY 1 = 1: SKIP TO Q30;
IF DY2 = 7 AND DY 1 = 0: GO TO Q4, AFTER Q16 SKIP TO Q55;
IF DY2 = 7 AND DY 1 = 1: SKIP TO Q30;
IF DY2 = 8: SKIP TO Q55.

ANNUAL REPORT
Q4

An annual report contains a business summary, risk factors, legal proceedings, financial
statements, executive compensation, and management’s discussion and analysis of a
company. Have you ever received an annual report from a company for which you own
stocks or bonds?
1
2
3

Yes
No
Don’t know

SKIP TO Q5
IF DY2 = 4 or 6 SKIP TO Q17, ELSE SKIP TO

Refused

IF DY2 = 4 or 6 SKIP TO Q17, ELSE SKIP TO

Q4b

Have you ever obtained an Annual Report for a company in which you were
considering investing?

Q55
Q55

1
2
Q55
3
Q55
4
Q55
Q5

Yes
No

IF DY2 = 4 or 6 SKIP TO Q17, ELSE SKIP TO

Don’t know

IF DY2 = 4 or 6 SKIP TO Q17, ELSE SKIP TO

Refused

IF DY2 = 4 or 6 SKIP TO Q17, ELSE SKIP TO

When have you most recently received or obtained an Annual Report? Your best
estimate is fine.
1
2
3
4

Within 1 year
Longer than 1 year
Don’t know
Refused

Q6
How often do you read Annual Reports when you receive them? Would it be * (READ
LIST)
1
2

Always
Very frequently

IF Q5 = 1 GO TO Q6b, ELSE SKIP TO Q7
IF Q5 = 1 GO TO Q6b, ELSE SKIP TO Q7

3
4
5
6
7

Frequently
Rarely
Very rarely, or
Never
(VOL) Refused

Q6b

How many Annual Reports have you read in the last year? Your best estimate is
fine.
1
2
3
4

IF Q5 = 1 GO TO Q6b, ELSE SKIP TO Q7
SKIP TO Q6c
SKIP TO Q6c
SKIP TO Q6c
SKIP TO Q12

None
_________ (1 – 20, 20+ = 20)
Don't know
Refused

SKIP TO Q7
SKIP TO Q7
SKIP TO Q7
SKIP TO Q7

Q6c

Could you please tell me why you choose not to read Annual Reports?
(CAPTURE OPEN END)
1
2
3

Q6d

What do you typically do with Annual Reports when you receive them? (DO
NOT READ)
1
2
3
4
5

Retain them for future use
Dispose of them
Other (SPECIFY)
Don't know
Refused

IF Q6 = 6, SKIP TO Q12
IF Q6 = 6, SKIP TO Q12
IF Q6 = 6, SKIP TO Q12
IF Q6 = 6, SKIP TO Q12
IF Q6 = 6, SKIP TO Q12

On average, how much time do you spend reading Annual Reports when you receive
them? (DO NOT READ)
1
2
3
4
5
6
7
8

________________
Don't know
Refused

None
Some time less than 3 minutes
Between 3 and 9 minutes
Between 10 and 29 minutes
Between 30 and 59 minutes
1 hour or more
Don't know
Refused

What information do you typically look for when you read an Annual Report? (DO NOT
READ - MULTIPLE RESPONSE)
Probe: Anything Else?
1
2
3
4
5
6
7
8
9

Business Summary
Executive Compensation
Financial Statements
Legal Proceedings
Management Discussion / Analysis
Risk Factors
Other (Specify) ______________
Don’t know
Refused

When you read an Annual Report, how difficult is it to find information you need? In
general, would you say it is … (READ LIST)
1
2
3
4
5

Very difficult
Somewhat difficult, or
Not at all difficult
(VOL) Don’t know
(VOL) Refused

Q10

How difficult is it to understand the language used in Annual Reports? In general, would
you say it is … (READ LIST)
1
2
3
4
5

Q11

With regards to the amount of information contained in an Annual Report, in general,
would you say there is … (READ LIST)
1
2
3
4
5

Q12

Very difficult
Somewhat difficult, or
Not at all difficult
(VOL) Don’t know
(VOL) Refused

Too much
The right amount, or
Not enough
(VOL) Don’t know
(VOL) Refused

I’m going to read a series of phrases about Annual Reports. For each phrase, please tell
me the extent to which you agree or disagree with the description of it. Annual reports …
(READ LIST – ROTATE: OPTIONS ARE COMPLETELY AGREE, SOMEWHAT
AGREE, NEITHER AGREE NOR DISAGREE, SOMEWHAT DISAGREE, AND
COMPLETELY DISAGREE)

a. are user friendly.
b. highlight important information.
c. are well organized.
d. contain too much legal jargon.
e. are clear and concise.
f. are missing key information.
g. are written in language I understand.
Q13

SA
2
2
2
2
2
2
2

N
3
3
3
3
3
3
3

SD
4
4
4
4
4
4
4

CD
5
5
5
5
5
5
5

DK
6
6
6
6
6
6
6

RF
7
7
7
7
7
7
7

How much of the information that you need to make good investment decisions is usually
contained in an Annual Report? Would you say … (READ LIST)
1
2
3
4
5
6

Q14

CA
1
1
1
1
1
1
1

All
Most
Some
None
(VOL) Don’t know
(VOL) Refused

SKIP TO Q15

SKIP TO Q15
SKIP TO Q15

What critical information is usually missing from the Annual Reports you’ve read?
(RECORD UP TO THREE ANSWERS)
1
2
3
4

___________________
Nothing
Don’t know
Refused

SKIP TO Q15
SKIP TO Q15
SKIP TO Q15

Q14b

From what source, or sources, do you typically get this information? (DO NOT
READ - MULTIPLE RESPONSE)
Probe: Anywhere else?
1
2
3
4
5
6
7
8
9
10

Financial Advisor / Broker
Friends / Family
Magazines
Newsletters
Prospectus
Proxy Statement
Other (SPECIFY)
Nowhere / don’t get that information
Don’t know
Refused

IF ONLY 1 RESPONSE TO Q14b, GO TO Q14c;
IF MORE THAN 1 RESPONSE TO Q14b, SKIP TO Q14d;
DK / RF SKIP TO Q15.
Q14c

Do you access this information via the internet?
1
2
3
4

Q14d

SKIP Q15
SKIP Q15
SKIP Q15
SKIP Q15

Which of these sources of information, if any, do you access via the internet?
(DO NOT READ – MULTIPLE RECORD)
1
2
3
4
5
6
7
8
9

Q15

Yes
No
Don’t Know
Refuse

Annual Report
Prospectus
Proxy Statement
Magazines
Newsletters
Other (SPECIFY)
None
Don’t know
Refused

How satisfied are you with Annual Reports as a guide to making investment decisions?
Would you say you are … (READ LIST)
1
2
3
4
5
6

Completely satisfied
Very satisfied
Somewhat satisfied, or
Not at all satisfied
(VOL) Don’t know
(VOL) Refused

Q16

I’m going to read you a list of different methods by which the information contained in
an Annual Report could be made available. On a scale of 1 to 10, please tell me how
likely you’d be to use each method, where 1 is not at all likely, and 10 is certainly likely.
(READ LIST – ROTATE)
1
2
3
4
5
6

An internet web site
An e-mail
A digital disc
A paper copy
A toll free number
(VOL) Refused

PROXY STATEMENT
Q17

Proxy Statements contain a summary of voting procedures, company directors, director
compensation, and executive compensation. Have you ever received a Proxy Statement
from a company in which you own stock?
1
2
3
4

Q18

SKIP TO Q55
SKIP TO Q55
SKIP TO Q55

When have you most recently received a Proxy Statement? Your best estimate is fine.
1
2
3
4

Q19

Yes
No
Don’t know
Refused

Within 1 year
Longer than 1 year
Don’t know
Refused

How often do you read Proxy Statements when you receive them? Would it be …
(READ LIST)
1
2
3
4
5
6
4

Always
Very frequently
Frequently
Rarely
Very rarely
Never
(VOL) Refused

Q19b

How many Proxy Statements have you read in the last year? Your best estimate
is fine.
1
2
3
4

Q19c

IF Q18 = 1 GO TO Q19b, ELSE SKIP TO Q20
IF Q18 = 1 GO TO Q19b, ELSE SKIP TO Q20
IF Q18 = 1 GO TO Q19b, ELSE SKIP TO Q20
SKIP TO Q19c
SKIP TO Q19c
SKIP TO Q19c
SKIP TO Q25

None
_________ (1 – 20, 20+ = 20)
Don’t know
Refused

SKIP TO Q20
SKIP TO Q20
SKIP TO Q20
SKIP TO Q20

Could you please tell me why you choose not to read Proxy Statements?
(CAPTURE OPEN END)

1
2
3

________________
Don’t Know
Refused

Q19d

What do you typically do with Proxy Statements when you receive them? (DO
NOT READ)
1
2
3
4
5

Q20

IF Q19 = 6, SKIP TO Q25
IF Q19 = 6, SKIP TO Q25
IF Q19 = 6, SKIP TO Q25
IF Q19 = 6, SKIP TO Q25
IF Q19 = 6, SKIP TO Q25

On average, how much time do you spend reading Proxy Statements when you receive
them? (DO NOT READ)
1
2
3
4
5
6
7
8

Q21

Retain them for future use
Dispose of them
Other (SPECIFY)
Don’t know
Refuse

None
Some time less than 3 minutes
Between 3 and 9 minutes
Between 10 and 29 minutes
Between 30 and 59 minutes
1 hour or more
Don’t know
Refused

What information do you usually look for when you read a Proxy Statement? (DO NOT
READ - MULTIPLE RESPONSE)
Probe: Anything Else?
1
2
3
4
5
6
7
8
9

Q22

When you read a Proxy Statement, how difficult is it to find information you need? In
general, would you say it is … (READ LIST)
1
2
3
4
5

Q23

Background on Directors
Director Compensation
Executive Compensation
Financial Statements
Management Discussion / Analysis
Voting Procedures
Other (Specify) ______________
Don’t know
Refused

Very difficult
Somewhat difficult, or
Not at all difficult
(VOL) Don’t know
(VOL) Refused

How difficult is it to understand the language used in a Proxy Statement? In general,
would you say it is … (READ LIST)
1
2
3

Very difficult
Somewhat difficult, or
Not at all difficult

4
5

(VOL) Don’t know
(VOL) Refused

Q24

With regards to the amount of information contained in a Proxy Statement, in general,
would you say there is … (READ LIST)
1
2
3
4
5

Q25

too much information
the right amount of information, or
not enough information
(VOL) Don’t know
(VOL) Refused

I’m going to read a series of phrases about Proxy Statements. For each phrase, please tell
me the extent to which you agree or disagree with the description of it. Proxy statements
… (READ LIST – ROTATE: OPTIONS ARE COMPLETELY AGREE, SOMEWHAT
AGREE, NEITHER AGREE NOR DISAGREE, SOMEWHAT DISAGREE, AND
COMPLETELY DISAGREE)

SA
2
2
2
2
2
2
2

N
3
3
3
3
3
3
3

SD
4
4
4
4
4
4
4

CD
5
5
5
5
5
5
5

DK
6
6
6
6
6
6
6

RF
7
7
7
7
7
7
7

How much of the information that you need to make good voting decisions is usually
contained in a Proxy Statement? Would you say … (READ LIST)
1
2
3
4
5
6

Q27

CA
1
1
1
1
1
1
1

All
Most
Some
None
(VOL) Don’t know
(VOL) Refused

SKIP TO Q28

SKIP TO Q28
SKIP TO Q28

What critical information is usually missing from the Proxy Statements you’ve read?
(RECORD UP TO THREE ANSWERS)
1
2
3
4

___________________
Nothing
Don’t know
Refused

Q27b

From what source do you typically get this information? (DO NOT READ MULTIPLE RESPONSE)
Probe: Anywhere else?
1
2
3

Friends / family
Financial Advisor
Magazines

SKIP TO Q28
SKIP TO Q28
SKIP TO Q28

4
5
6
7
8
9
10

Newsletters
Prospectus
Proxy Statement
Other (SPECIFY)
Nowhere / don’t get that information
Don’t know
Refused

IF ONLY 1 RESPONSE TO Q27b, GO TO Q27c;
IF MORE THAN 1 RESPONSE TO Q27b, SKIP TO Q27d;
IF DK / RF, SKIP TO Q28.
Q27c

Do you access this information via the internet?
1
2
3
4

Q27d

Magazines
Newsletters
Prospectus
Proxy Statement
Other (SPECIFY)
None
Don’t know
Refused

In general, how satisfied are you with Proxy Statements as a guide to making votes by
proxy? Would you say you are … (READ LIST)
1
2
3
4
5
6

Q29

SKIP TO Q28
SKIP TO Q28
SKIP TO Q28
SKIP TO Q28

Which of these sources of information, if any, do you access via the internet?
(DO NOT READ – MULTIPLE RECORD)
1
2
3
4
5
6
7
8

Q28

Yes
No
Don’t Know
Refuse

Completely satisfied
Very satisfied
Somewhat satisfied, or
Not at all satisfied
(VOL) Don’t know
(VOL) Refused

I’m going to read you a list of different methods by which the information contained in
Proxy Statements could be made available. On a scale of 1 to 10, please tell me how
likely you’d be to use each method, where 1 is not at all likely, and 10 is certainly likely.
(READ LIST – ROTATE)
1
2
3
4
5
6

An internet web site
An e-mail
A digital disc
A paper copy
A toll free number
(VOL) Refused

PROSPECTUS
Q30

A prospectus is a Mutual Fund's primary selling document and contains information, such
as the fund's investment objectives or goals, principal strategies for achieving those goals,
principal risks of investing in the fund, fees and expenses, and past performance. The
prospectus also identifies the Mutual Fund's managers and advisers and describes its
organization and how to purchase and redeem shares. Have you ever received a
Prospectus for a Mutual Fund in which you have invested?
1
2
3
4

Yes
No
Don’t know
Refused

Q30b

Have you ever obtained a Prospectus for a Mutual Fund in which you were
considering investing?
1
2
3
4

Q31

SKIP TO Q43
SKIP TO Q43

SKIP TO Q43
SKIP TO Q43
SKIP TO Q43

When have you most recently (received / obtained) a Prospectus? Your best estimate is
fine.
1
2
3
4

Q32

Yes
No
Don’t know
Refused

SKIP TO Q31

Within 1 year
Longer than 1 year
Don’t know
Refused

How often do you read a Prospectus when you receive one? Would it be … (READ
LIST)

1
TO Q33
2
TO Q33
3
TO Q33
4
5
6
7
Q32b

Always

IF Q31 = 1 GO TO Q32b, ELSE SKIP

Very frequently

IF Q31 = 1 GO TO Q32b, ELSE SKIP

Frequently

IF Q31 = 1 GO TO Q32b, ELSE SKIP

Rarely
Very rarely
Never
(VOL) Refused

SKIP TO Q32c
SKIP TO Q32c
SKIP TO Q32c
SKIP TO Q38

How many times in the last year have you read a Prospectus? Your best estimate
is fine.
1
2
3
4

None
_________ (1 – 20, 20+ = 20)
Don’t know
Refused

SKIP TO Q33
SKIP TO Q33
SKIP TO Q33
SKIP TO Q33

Q32c

Could you please tell me why you do not make more use of Prospectuses?
(CAPTURE OPEN END)
1
2
3

________________
Don’t Know
Refused

Q32d

What do you typically do with Prospectuses when you receive them? (DO NOT
READ)
1
2
3
4
5

Q33

IF Q32 = 6, SKIP TO Q38
IF Q32 = 6, SKIP TO Q38
IF Q32 = 6, SKIP TO Q38
IF Q32 = 6, SKIP TO Q38
IF Q32 = 6, SKIP TO Q38

On average, how much time do you spend reading a Prospectus when you receive it?
(DO NOT READ)
1
2
3
4
5
6
7
8

Q34

Retain them for future use
Dispose of them
Other (SPECIFY)
Don’t know
Refuse

None
Some time less than 3 minutes
Between 3 and 9 minutes
Between 10 and 29 minutes
Between 30 and 59 minutes
1 hour or more
Don’t know
Refused

What information do you typically look for when you read a Prospectus? (DO NOT
READ - MULTIPLE RESPONSE)
Probe: Anything Else?
1
2
3
4
5
6
7
8
9
10
11
12

Q35

Investment objectives and strategies
Risks
Costs
Performance
Top ten portfolio holdings
Fund managers
How to buy/sell shares
Tax consequences
Payments to broker/dealers and other intermediaries
Other (Specify) ______________
Don’t know
Refused

When you read a Prospectus, how difficult is it to find information you need? In general,
would you say it is … (READ LIST)
1
2
3
4
5

Very difficult
Somewhat difficult, or
Not at all difficult
(VOL) Don’t know
(VOL) Refused

Q36

How difficult is it to understand the language used in a Prospectus? In general, would
you say it is … (READ LIST)
1
2
3
4
5

Q37

With regards to the amount of information contained in a Prospectus, in general would
you say there is … (READ LIST)
1
2
3
4
5

Q38

Very difficult
Somewhat difficult, or
Not at all difficult
(VOL) Don’t know
(VOL) Refused

Too much
The right amount, or
Not enough
(VOL) Don’t know
(VOL) Refused

I’m going to read a series of phrases about a Prospectus. For each phrase, please tell me
the extent to which you agree or disagree with the description of it. Prospectuses …
(READ LIST – ROTATE: OPTIONS ARE COMPLETELY AGREE, SOMEWHAT
AGREE, NEITHER AGREE NOR DISAGREE, SOMEWHAT DISAGREE, AND
COMPLETELY DISAGREE)

SA
2
2
2
2
2
2
2

N
3
3
3
3
3
3
3

SD
4
4
4
4
4
4
4

CD
5
5
5
5
5
5
5

DK
6
6
6
6
6
6
6

RF
7
7
7
7
7
7
7

How much of the information that you need to make good investment decisions is usually
contained in a Prospectus? Would you say … (READ LIST)
1
2
3
4
5
6

Q40

CA
1
1
1
1
1
1
1

All
Most
Some
None
(VOL) Don’t know
(VOL) Refused

SKIP TO Q43

SKIP TO Q43
SKIP TO Q43

What critical information is usually missing from a Prospectus? (RECORD UP TO
THREE ANSWERS)
1
2
4
5

___________________
Nothing
Don’t know
Refused

SKIP TO Q43
SKIP TO Q43
SKIP TO Q43

Q40b

From what source do you typically obtain this information? (DO NOT READ MULTIPLE RESPONSE)
Probe: Anywhere else?
1
2
3
4
5
6
7
8
9
10

Annual Report
Friends / family
Financial Advisor
Magazines
Newsletters
Proxy Statement
Other (SPECIFY)
Nowhere / don’t get that information
Don’t know
Refused

IF ONLY 1 RESPONSE TO Q40b, GO TO Q40c;
IF MORE THAN 1 RESPONSE TO Q40b, SKIP TO Q40d;
DK / RF SKIP TO Q41.
Q40c

Do you access this information via the internet?
1
2
3
4

Q40d

SKIP TO Q43
SKIP TO Q43
SKIP TO Q43
SKIP TO Q43

Which of these sources of information, if any, do you access via the internet?
(DO NOT READ – MULTIPLE RECORD)
1
2
3
4
5
6
7
8
9

Q41

Yes
No
Don’t Know
Refuse

Friends / family
Financial Advisor
Magazines
Newsletters
Prospectus
Proxy Statement
Other (SPECIFY)
Don’t know
Refused

In general, how satisfied are you with a Prospectus as a guide to making investment
decisions? Would you say you are … (READ LIST)
1
2
3
4
5
6

Completely satisfied
Very satisfied
Somewhat satisfied, or
Not at all satisfied
(VOL) Don’t know
(VOL) Refused

SHARE HOLDER REPORTS
Q42

Mutual fund Shareholder Reports provide investors with periodic information regarding
the funds they invest in, including financial statements, fund expenses, and portfolio
holdings. Have you ever received a Shareholder Report for a mutual fund in which you
have invested?
1
2
3
4

Yes
No
Don’t know
Refused

Q42b

Have you ever obtained a Shareholder Report for a mutual fund in which you
were considering investing?
1
2
3
4

Q43

SKIP TO Q55
SKIP TO Q55

SKIP TO Q55
SKIP TO Q55
SKIP TO Q55

When have you most recently received or obtained a Shareholder Report from a mutual
fund? Your best estimate is fine.
1
2
3
4

Q44

Yes
No
Don’t know
Refused

SKIP TO Q43

Within 1 year
Longer than 1 year
Don’t know
Refused

How often do you read Shareholder Reports when you receive them? Would it be …
(READ LIST)

1
TO Q45
2
TO Q45
3
TO Q45
4
5
6
7
Q44b

Always

IF Q43 = 1 GO TO Q44b, ELSE SKIP

Very frequently

IF Q43 = 1 GO TO Q44b, ELSE SKIP

Frequently

IF Q43 = 1 GO TO Q44b, ELSE SKIP

Rarely
Very rarely
Never
(VOL) Refused

SKIP TO Q44c
SKIP TO Q44c
SKIP TO Q44c
SKIP TO Q50

How many Shareholder Reports have you read in the last year? Your best
estimate is fine.
1
2
3
4

None
_________ (1 – 20, 20+ = 20)
Don’t know
Refused

SKIP TO Q45
SKIP TO Q45
SKIP TO Q45
SKIP TO Q45

Q44c

Could you please tell me why you do not make more use of Shareholder Reports?
(CAPTURE OPEN END)
1
2
3

Q44d

What do you typically do with Shareholder Reports when you receive them? (DO
NOT READ)
1
2
3
4
5

Q45

Retain them for future use
Dispose of them
Other (SPECIFY)
Don’t know
Refuse

IF Q44 = 6, SKIP TO Q50
IF Q44 = 6, SKIP TO Q50
IF Q44 = 6, SKIP TO Q50
IF Q44 = 6, SKIP TO Q50
IF Q44 = 6, SKIP TO Q50

On average, how much time do you spend reading Shareholder Reports when you receive
them? (DO NOT READ)
1
2
3
4
5
6
7
8

Q46

________________
Don’t know
Refused

None
Some time less than 3 minutes
Between 3 and 9 minutes
Between 10 and 29 minutes
Between 30 and 59 minutes
1 hour or more
Don’t know
Refused

What information do you typically look for when you read a Shareholder Report? (DO
NOT READ - MULTIPLE RESPONSE)
Probe: Anything Else?
1
2
3
4
5
6
7
8
9
10

Q47

Financial statements
List of fund holdings
Director/officer information
Fund performance information
Fund expense information
Information about accountants
Investment advisory contract information
Other (Specify)
Don’t know
Refused

When you read a Shareholder Report, how difficult is it to find the information that you
need? In general, would you say it is … (READ LIST)
1
2
3
4

Very difficult
Somewhat difficult, or
Not at all difficult
(VOL) Don’t know

(VOL) Refused

Q48

How difficult is it to understand the language used in Shareholder Reports? In general,
would you say it is … (READ LIST)
1
2
3
4
5

Q49

With regards to the amount of information contained in a Shareholder Report, in general,
would you say there is … (READ LIST)
1
2
3
4
5

Q50

Very difficult
Somewhat difficult, or
Not at all difficult
(VOL) Don’t know
(VOL) Refused

Too much
The right amount, or
Not enough
(VOL) Don’t know
(VOL) Refused

I’m going to read a series of phrases about Shareholder Reports. For each phrase, please
tell me the extent to which you agree or disagree with the description of it. Shareholder
reports … (READ LIST – ROTATE: OPTIONS ARE COMPLETELY AGREE,
SOMEWHAT AGREE, NEITHER AGREE NOR DISAGREE, SOMEWHAT
DISAGREE, AND COMPLETELY DISAGREE)

SA
2
2
2
2
2
2
2

N
3
3
3
3
3
3
3

SD
4
4
4
4
4
4
4

CD
5
5
5
5
5
5
5

DK
6
6
6
6
6
6
6

RF
7
7
7
7
7
7
7

How much of the information that you need to make good investment decisions is usually
contained in a Shareholder Report? Would you say … (READ LIST)
1
2
3
4
5
6

Q52

CA
1
1
1
1
1
1
1

All
Most
Some
None
(VOL) Don’t know
(VOL) Refused

SKIP TO Q53

SKIP TO Q53
SKIP TO Q53

What critical information is usually missing from the Shareholder Reports you’ve read?
(RECORD UP TO THREE ANSWERS)
1
2
3
4

___________________
Nothing
Don’t know
Refused

SKIP TO Q53
SKIP TO Q53
SKIP TO Q53

Q52b

From what source, or sources, do you typically get this information? (DO NOT
READ - MULTIPLE RESPONSE)
Probe: Anywhere else?
1
2
3
4
5
6
7
8
9
10

Financial Advisor
Friends / Family
Magazines
Newsletters
Prospectus
Proxy Statement
Other (SPECIFY)
Nowhere / don’t get that information
Don’t know
Refused

IF ONLY 1 RESPONSE TO Q52b, GO TO Q52c;
IF MORE THAN 1 RESPONSE TO Q52b, SKIP TO Q52d;
DK / RF SKIP TO Q53.
Q52c

Do you access this information via the internet?
1
2
3
4

Q52d

SKIP Q53
SKIP Q53
SKIP Q53
SKIP Q53

Which of these sources of information, if any, do you access via the internet?
(DO NOT READ – MULTIPLE RECORD)
1
2
3
4
5
6
7
8
9

Q53

Yes
No
Don’t Know
Refuse

Annual Report
Prospectus
Proxy Statement
Magazines
Newsletters
Other (SPECIFY)
None
Don’t know
Refused

How satisfied are you with mutual fund Shareholder Reports in keeping you up-to-date
regarding your investments? Would you say you are … (READ LIST)
1
2
3
4
5
6

Completely satisfied
Very satisfied
Somewhat satisfied, or
Not at all satisfied
(VOL) Don’t know
(VOL) Refused

Q54

I’m going to read you a list of different methods by which the information contained in a
Shareholder Report could be made available. On a scale of 1 to 10, please tell me how
likely you’d be to use each method, where 1 is not at all likely, and 10 is certainly likely.
(READ LIST – ROTATE)
1
2
3
4
5
6

An internet web site
An e-mail
A digital disc
A paper copy
A toll free number
(VOL) Refused

INVESTMENT LITERACY
Now I would like to ask a few questions about your attitudes toward investments in general. For
each of the following statements, plrease tell me which answer best describes the way that you
feel?
Q55

When you buy a company’s stock, you … (READ LIST)
1
2
3
4
5

Q56

When you buy a company’s bond, you … (READ LIST)
1
2
3
4
5

Q57

own a part of the company,
have lent money to the company, or
can vote on shareholder resolutions.
(VOL) Don’t know
(VOL) Refused

The principal difference between mutual fund share classes is … (READ LIST)
1
2
3
4
5

Q58

own a part of the company.
have lent money to the company, or
are liable for the company’s debts
(VOL) Don’t know
(VOL) Refused

the investments they make,
the fees they charge, or
the advisors in charge.
(VOL) Don’t know
(VOL) Refused

Which of the following types of bonds are the safest? (READ LIST)
1
2
3
4
5

a U.S. Treasury bond
A municipal bond, or
A corporate bond.
(VOL) Don’t know
(VOL) Refused

Q59

Please tell me if the following statement is true or false. In general, investments that have
a higher risk are expected to provide higher returns over time.
1
2
3
4

Q60

In general, if interest rates go down, the bond prices … (READ LIST)
1
2
3
4
5

Q61

5 percent,
10 percent,
15 percent,
20 percent, or
25 percent.
(VOL) Don’t know
(VOL) Refused

Over the last 20 years in the U.S., the best average returns have been generated by …
(READ LIST)
1
2
3
4
5
6
7

Q63

go down,
go up, or
stay the same.
(VOL) Don’t know
(VOL) Refused

Which of the following is the most reasonable annual return that you would expect from
a broadly diversified U.S. stock mutual fund over the long run? Would you expect …
(READ LIST)
1
2
3
4
5
6
7

Q62

True
False
Don’t know
Refused

stocks,
bonds,
CDs,
money market accounts, or
precious metals
(VOL) Don’t know
(VOL) Refused

Which of the following organizations insures you against your losses in the stock market?
(READ LIST)
1
2
3
4
5
5
6

The Federal Deposit Insurance Corporation (FDIC),
The Financial Industry Regulatory Authority (FINRA),
The Securities and Exchange Commission (SEC), or
The Securities Investor Protection Corporation (SIPC)
None of the above
(VOL) Don’t know
(VOL) Refused

Q64

If a company files for bankruptcy, which of the following securities is most at risk of
becoming virtually worthless? (READ LIST)
1
2
3
4
5

The company’s preferred stock,
the company’s common stock, or
the company’s bonds.
(VOL) Don’t know
(VOL) Refused

INVESTMENT DEMOGRAPHICS
Q65

Not including those in a 401(k) plan or other employer-sponsored retirement program,
how often do you buy and sell stocks, bonds or mutual funds? Would you say it is …
(READ LIST)
1
2
3
4
5
6

Q66

Not including those in a 401(k) plan or other employer-sponsored retirement program,
what is the total value of your stocks, bonds, and mutual funds? Would you say it is …
(READ LIST)
1
2
3
4
5
6
7

Q67

Less than $50,000
From $50,000 to $100,000
From $100,000 to $200,000
From $200,000 to $500,000
$500,000 or More
(VOL) Don’t know
(VOL) Refused

Do you have a financial advisor or a broker?
1
2
3
4

Q68

Daily
Weekly
Monthly
Yearly or Less
(VOL) Don’t know
(VOL) Refused

Yes
No
Don’t know
Refuse

SKIP TO Q69
SKIP TO Q69
SKIP TO Q69

How much does your financial advisor influence your decision to buy or sell stocks,
bonds or mutual funds? Would you say … (READ LIST)
1
2
3
4
5
6

Completely
A lot
A little, or
Not at all
(VOL) Don’t know
(VOL) Refuse

Q69

Do you have access to the internet?
1
2
3
4
5

Q70

Yes, at home
Yes, at work
Both
No internet access
Refuse

How much do you rely on information from the internet to make decisions to buy or sell
stocks, bonds, or mutual funds? Would you say … (READ LIST)
1
2
3
4
5
6

Completely
A lot
A little, or
Not at all
(VOL) Don’t know
(VOL) Refuse

Q70b

How much of this internet information comes from Blogs? Would you say …
(READ LIST)
1
2
3
4
5
6

Q71

none,
less than half,
more than half, or
all.
(VOL) Don’t know
(VOL) Refuse

Aside from the stocks bonds and mutual funds we’ve been discussing, what other types
of investments do you have? (DO NOT READ – MULTIPLE RESPONSE)
1
2
3
4
5
6
7

Q72

SKIP TO Q71
SKIP TO Q71
SKIP TO Q71

Real Estate
Employer sponsored 401k or retirement account
IRA
CD
Other (SPECIFY)
Don’t know
Refuse

Have you ever lost money on an investment where you were missing critical information
that would have allowed you to avoid the loss?
1
2
3
4

Yes
No
(VOL) Don’t know
(VOL) Refused

Q72b

What was the nature of this investment?
1
2

___________________
Don’t know

SKIP TO Q73
SKIP TO Q73
SKIP TO Q73

Refused

Q72c

What information would have allowed you to avoid the loss?
1
2
3

Q73

___________________
Don’t know
Refused

Have you ever lost money on an investment because you were given misleading
information?
1
2
3
4

Yes
No
(VOL) Don’t know
(VOL) Refused

Q73b

What was the nature of this investment?
1
2
3

Q73c

SKIP TO Q74
SKIP TO Q74
SKIP TO Q74

___________________
Don’t know
Refused

What was it about the information you were given that was misleading?
1
2
3

___________________
Don’t know
Refused

HOUSEHOLD DEMOGRAPHICS
D0
May I just ask you two or three questions for statistical purposes, it will take less than a
minute?
1
2

Yes
No

SKIP TO Q74
THANK AND END

Now we just have a few more general questions to ask for statistical purposes and then we will be
done.
Q74

How many people are there in your household including yourself?
1
2
3

Q75

_________ (number 1 to 9, 9=9+)
Don’t know
Refused

How old are you?
1
2
3

_________ (number, 18 to 97, 97=97+)
Don’t know
Refused

IF D0 = 1 SKIP TO Q81

Q76

Are you of Hispanic or Latino origin?
1
2
3
4

Yes
No
Don’t know
Refused

Q77

Which of the following racial categories describes you? You may select more than one.
(READ LIST – MULTIPLE RECORD)
1
2
3
4
5
6
7
8

Q78

What is the highest level of schooling you have completed? (DO NOT READ)
1
2
3
4
5
6
7
8
9

Q79

Including everyone living in your household, which of the following categories best
describes your total household income before taxes in 2007? Was your total household
income … (READ LIST)
1
2
3
4
5
6
7
8
9
10

Q80

American Indian or Alaska Native
Asian
Black or African American
Native Hawaiian or Other Pacific Islander
White
(VOL) Hispanic / Latino
(VOL) Other (SPECIFY)
(VOL) Refused

$20,000 or Less
Between $20,000 and $39,000
Between $40,000 and $79,000
Between $80,000 and $99,000
Between $100,000 and $149,000
Between $150,000 and $200,000
Between $200,000 and $500,000
$500,000 or more
(VOL) Don’t know
(VOL Refused

Gender from observation (Ask if necessary)
1
2

Male
Female

IF D0 = 1 ASK Q81, ELSE SKIP TO THANK YOU
Q81

Was your total household income in 2007 less than $40,000?
1
2

Yes
No

SKIP TO Q81c

Q81b

Was your total household income in 2007 more than $20,000?
1
2

Q81c

Yes
No

SKIP TO THANK YOU
SKIP TO THANK YOU

Was your total household income in 2007, $100,000 or more?
1
2

Yes
No

That completes the survey.
Thank you very much for your time and cooperation.

File Type	application/pdf
File Title	Appendix A
Author	mccreeryJ
File Modified	2008-03-10
File Created	2008-03-10