Subject: File No. AM-1
From: Satya Thallam
Affiliation: Director of Financial Services Policy, American Action Forum

May 15, 2014

We appreciate the opportunity to comment on the Office of Financial Research (OFR) report: Asset Management and Financial Stability (September 2013). We commend the Securities and Exchange Commission for soliciting comments on this important report. Herein we attempt to quantify some of the likely costs to investment funds and their investors using publicly available data. We note that the original OFR report did not attempt to explicitly address potential costs of investment fund designation.