Subject: File No. S7-12-10
From: Edward J Spall
Affiliation: retired engineer

July 8, 2010

I had a substantial amount of my retirement savings in targeted funds in 2006,7 and 8. These funds were 2008 to 20015 dated funds. In all cases it turned out (unknown to me) they all were heavily invested in equities. Please make sure that these targeted fund companies are required to prominently show their portfolio categories by year in any advertisements, and that they are required to notify all holders in writing whenever they want to make any change in these allocations. I also think it would make sense to have a government guideline model portfolio progression that is widely recognized as sensible and display any deviation that a given targeted fund portfolio timing makes from the guideline. Since almost all employers have shifted the responsibility for retirement planning to the employee, and since most employees lack the skills to manage their assets in such a way as to provide for a decent retirement income, we desperately need these reforms.