Subject: File No. S7-03-13
From: Myra Page

July 19, 2013

Elizabeth M. Murphy
U.S. Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-1090

Dear Elizabeth Murphy:

I strongly believe the $1 per share valuation expectation for clients who hold money market funds should be sustained. However, I recognize that the risk is real that holdings within the funds might not pay. Funds already have the option of supporting their $1 value from the firm itself. To further mitigate the issue, I believe a gating system that would allow a fund to limit payouts for up to 30 days could be a reasonable additional solution. A fund that took that action would alert both clients and the market to the risk from that provider and act as a deterrant to the provider from including riskier assets in their funds or lose business.


Myra Page