Toward Normative Transparency of Disclosure in a Revised Mutual Fund Total Cost Construct

The first goal is to review types of transparency — relative versus absolute and positive versus normative, transparency of the SEC total expense ratio, stewardship and transparency, the aftermath of the fund scandal, the movement toward normative transparency, and future transparency. The concept of normative transparency of disclosure refers to the degree of mutual fund voluntary and proactive disclosure and also new and revised legal and regulatory disclosure required for shareholders to be able to make information-efficient fund investment decisions.The second goal is to apply normative transparency of disclosure to a more complete and more empirically based mutual fund Total Cost Construct (formerly New The Journal Total Expense Ratio). The Total Cost Construct (and selected Supplements) include previous and numerous newly identified fund “cost-item” categories, subcategories, components, and subcomponents. Further, the Total Cost Construct and selected Supplements include numerous newly identified (but yet partial) fund sample cost estimates of cost-item categories, subcategories, components, and subcomponents, all defined as percentages of total net assets (% TNA). The Total Cost Construct will continue to evolve as additional and/or revised cost-items are identified, and/or additional fund sample cost estimates of cost-items are identified