My question is for Ms. Walmsley.
This isn't the first time we've heard a presentation on this issue of taxation of funds. For the benefit of my colleagues, I was wondering if you could just elaborate: is it not the case that if an investor were to purchase, say, five securities and their choice would be to go to either a bank, a brokerage, or a mutual fund for the same five securities, they would be taxed differently if they purchased them from a fund as opposed to a bank or a brokerage?