Subject: File No. S7-15-10
From: Joe Ghaffari, Ed.D.

September 24, 2010

I would like to know why the mutual funds don't show the dollar value of fees they charge from their clients on an annual basis. We as consumers recieve a bill for all the purchases and services we recieve, except in the case of mutual funds. I understand that mutual funds have worked with congress to get this exemption.
If you are pursuing meaningful reforms, this issue should recieve priority. Transperancy is a good policy for mutual funds and their customers.
I appreciate your attention and look forward to an answer.

Thank you. Joe Ghaffari