From: Ellis Green, Raymond James & Associates [ellis.green@raymondjames.com]
Sent: December 23, 2003
To: rule-comments@sec.gov
Subject: File No. S7-12-03


I've been in the investment business now for over 20 years, and have invested millions of client dollars into mutual funds. While I absolutely agree that investment returns are reported net of all fees, expenses, brokerage costs, etc... it is been a mystery to me why the actual subject of transactions cost has always been excluded from the fund's expense ratio. I applaud and support the SEC's examination of this subject, and hope to see this information made available in an easy to understand format soon.

Sincerely,

ELLIS GREEN, CIMA
Senior Vice President
Raymond James & Associates
3348 Peachtree Rd, NW
Tower Place 200, Suite 1250
Atlanta, GA 30326
(404) 240-7676 (800) 331-9712
(404) 365-9322 Fax
ellis.green@raymondjames.com
http://www.raymondjames.com/EllisGreen/