Subject: File No. S7-09-20
From: Frank Tempor
Affiliation: Investor

August 10, 2020

1. Overall, would the sample shareholder report be useful in monitoring your fund investments? If not, how would you change it?
Yes.

2. Rate the sections of the sample shareholder report. Please indicate whether you find each section useful or not useful. Please consider explaining your responses in the comments.
a. What was your cost for the period? : Useful :
b. How did the Fund perform last year? What affected the Funds performance? : Useful :
c. How did the Fund perform over the past 10 years? : Useful :
d. What are some key Fund statistics? : Useful :
e. What did the Fund invest in? : Useful :
f. How has the Fund changed? : Useful : Very important
g. How does the Fund ensure that it has money available to pay me when I exit the Fund? : :
h. Where can I find additional information about the Fund? : :

3. The section titled What was your cost for the period? includes an example of what it costs to hold fund shares this year.
a. Is the table clear? Yes

b. Is it helpful to see costs paid both in dollars and as a percentage of your investment? Yes

c. Is it clear how the total returns of the fund minus the costs paid result in the ending account value? Yes

4. The section titled How did the Fund perform last year? What affected the Funds performance? includes narrative and graphic presentations
a. There is a narrative description of the funds past performance in the Performance Highlights section. Does the narrative description help you understand the key drivers of fund performance? Yes

b. There is a graphic presentation of key drivers of the funds past performance in the Performance Attribution section. Does the graphic presentation help you understand why the fund performed as it did over the past year? Yes

c. There is a line graph representing the funds performance in dollars over the past 10 years. Does this graph help you understand how the fund performed over that time period? Yes

d. There is an Average Total Returns Table showing the funds performance as a percentage over the past 1, 5, and 10 years. Does this table help you understand how the fund performed over those time periods? Yes

e. Is it helpful to see the funds performance both in dollars and as a percentage? Yes

Is there any information that could be presented more clearly in the How did the Fund perform last year? section?

5. The sample shareholder report includes key statistics about the funds size, number of investments, and annual portfolio turnover. Do these statistics provide meaningful information regarding the fund, for example, to help put the funds performance and investments into context? Yes

6. The section titled What did the Fund invest in? includes charts describing the types of investments made by the fund. Do these charts help you understand how the fund is investing your money? Yes

7. The section titled How has the Fund changed? describes important changes to the fund within the last fiscal year. What types of changes are most important to you?
The big changes. Though I want to know them in real-time, not 7 months later.

8. Is there any information in the sample shareholder report that is difficult to understand, confusing, too technical, or that could be presented more clearly?

9. Is there additional information that we should require in the shareholder report? This could include the funds full financial statements, the results of any shareholder votes and/or how much the fund paid to directors, officers, and others. Is there any information in the sample shareholder report that should be highlighted more?

12. How would you prefer to receive or read a document like the sample shareholder report?
In an email

13. Do you have any additional suggestions for improving the shareholder report?
The importance of some of these items varies based on the type of fund

Also, why doesnt my annual report and prospectus fees ever match?