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

By industry regulation, we cannot accept orders to execute trades via e-mail. In addition, by corporate policy, we cannot accept time-sensitive information via e-mail. If you would like to execute a trade or if you have time-sensitive information for me, please call my office at (404) 240-7676 or (800) 331-9712.

Caution: Electronic mail sent through the Internet is not secure and could be intercepted by a third party. For your protection, avoid sending identifying information such as account, Social Security or card numbers to us or others. This e-mail is subject to third party review. The information herein is deemed reliable but cannot be guaranteed by Raymond James & Associates. Past performance does not guarantee future results. All prices, quotes and estimates are not guaranteed and are subject to change.