**Strong investor opposition to the SEC’s May 2026 proposal for optional semiannual reporting has anchored trader consensus around an 83.5% implied probability that the mandatory quarterly requirement will remain intact.** Hundreds of thousands of comment letters, more than 97% negative, highlighted risks to transparency, elevated volatility, and potential insider-trading concerns, with groups such as the Managed Funds Association and the SEC’s own Investor Advisory Committee voicing strong resistance. The proposal would create a new Form 10-S but still requires a final Commission vote after the comment period, a step that faces procedural delays and possible modifications. With resolution set for December 31, 2026, the tight timeline and entrenched pushback make near-term adoption unlikely, consistent with market-implied odds that price in continued quarterly filings.