Subject: File No.

February 29, 2004

Thank you for your letter of 12 FEB 04. I carefully read the enclosed draft forms and found them a nice first step towards full disclosure of all fees.

I would sugegst that ALL terms be explained--currently, a
number of them are not defined.

I would suggest that all fees be explicit over the course of the investment. I see the opportunity for deferred or reoccuring fees to slip through the cracks if the draft forms are adopted.

The letter mentioned that the