From: Ellis Green, Raymond James & Associates []
Sent: December 23, 2003
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.


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