Subject: File No. 265-28
From: George R Westerman, M.D.
Affiliation: CVS

May 5, 2016

A disclosure of the exact amount taken from your equity balance (fund etc.) on each monthly statement would allow direct comparison to the funds' advertised or stated expense ratio. At present, we all have to assume that the correct amount is taken out. Where else do we see so much financial opacity? Your investment statement should be like any other statement or balance sheet.