Subject: File No. S7-03-13
From: Jane Augustus

September 1, 2013

Chair White and Commissioners:

I do not agree with this proposal.

Many who use money market funds as core accounts for checking will not understand the implications of this rule.

In addition, I do not like the following money market fund practices and think the SEC should rein in on them:

1. Advisors and sponsors rimbursing money market funds for fees charged to maintain a $1.00 NAV and then reserving the right to recoup the wiaver. This is making future investors subsidize current investors. In addition, a moneyu market fund summary prospectus does not disclose that this arrangement (recoupment) is in place.

2. Many moeny market funds reserve the riught to do a reverse stock split to maintain a $1.00 NAV; or hold back dividends to maintain a $1.00 NAV. This is smoke and mirrors designed to hide the fund's performance.