Subject: File No. 265-28
From: Jeff Adler

May 5, 2016

There is absolutely no reason why, in this day and age, that the actual dollar amounts that an investor pays to their fund cannot be disclosed in DOLLAR terms, on an annual statement. I am quite sure that the fund companies already generate internal reports showing how profitable a particular investor is in dollar terms to the fund company.

I believe that when the public actually sees, in stark black and white, the actual dollars being siphoned from their accounts, they will take a much more pro-active roll in seeking out lower cost funds.