Subject: File #S7-18-96, Fund Profiles ... Date: 4/9/97 1:46 PM Jonathan G. Katz, Security and Exchange Commission, Washington, DC I applaud the SEC's current effort to streamline information for potential investors and current fund owners. In reviewing the nine key questions that this document would contain (goals, strategies, risks, fees, key personnel, purchase and sales rules, distributions, and other services) I have a number of comments. 1. There should be a standard form covering all the items that are finally elected so that direct comparisons can be made between different funds. For example the description of fees and other expenses should always be, say, the fourth item in the list of disclosure items. This would make it easy to compare two funds from different mutual fund families. 2. The list of key questions should include some measures of performance such as the one and three year total return. 3. Fees and other expenses should include sales load, annual distribution fees, and annual expenses expressed as a percent, 4. The list of advisors and managers should describe their tenure with the fund; also, the number of years that the fund has been in existence should also be noted. 5. If there has been any change in the funds stated goals, strategy or conditions for purchase or sale, this information should be included as a footnote. I realize that you will be getting a lot of contributions to your fund profile. Having had the task of streamlining complex material in the past, I realize that your task is a difficult one as well as being thankless. Nevertheless, a little bit more information rather than a little bit less would probably provide the investor public with a more serviceable report. If you decide to use the "focus group" technique to fine tune the fund profile, I would be happy to be included as a typical investor and user. Sincerely, Robert Villanueva 8003 Sugarbush Drive Spring Hill, FL 34606 352-688-5278