Subject: File No. 265-28
From: Daniel Purcell

May 9, 2016

I recently read on the Morningstar web site the Recommendation of the Investor Advisory Committee Regarding Mutual Fund Cost Disclosure (April 14, 2016) and I agree wholeheartedly with it's thrust. As an individual (retiree) investor I would very much benefit from a report on each of my mutual funds on a regular basis spelling out in specific dollar terms exactly what fees were assessed over that period of time. Yes, I myself can multiply the stated expense ratio times the average fund balance for that period and obtain an approximation, but I would much prefer that the fund company provide the information explicitly as an affirmation of their exact billings. This way an investor can make far better informed choices as to where to allocate their financial resources.