Subject: File No. 265-28
From: Robert N Bailey
Affiliation: Retired

May 5, 2016

I feel all investment companies and investment individual advisors should be required to submit to the investor on a quarterly, semi-annually, and annual basis the cost of investing in any of the firms funds or cost of any individual management fees/advisory fees in actual dollar amounts and not just in percentages without showing the investor's out of pocket costs for investing with that fund/company/advisor. This should be done regardless of any paper work they may say you agreed to and signed. It is obvious to me from personal experience with a personal financial advisor through my university's 403b fund was hiding the actual dollar amount of charges for his services to me. He was not serving as my fiduciary. Now that I manage my own retirement funds through an investment company, I would also like to know the actual dollar cost of their services and not just the percentage without any total dollar costs being reported.