Subject: File No. S7-15-10
From: Andrew R Gay, Jr
Affiliation: Financial Advisor

July 26, 2010

Instead of completely revamping the entire system and eliminating another investment option for the consumer,why not require the fund companies to report the actual cost/expense on the quarterly statement (like fee based accounts)? This would require the rouge reps that don't discuss fees and charges to consumers to start doing so. Disclosure is the key. I am afraid of the unintended consequences on the small investor. Thank you.