Subject: File No. S7-06-04
From: David A Lieberman

March 25, 2004

There is no question in my mind that brokers should disclose the fee they collect for selling mutual funds to the prospective purchaser. Note that a real estate broker will disclose such information to the home owner before making an agreement to sell a house. I appreciate that my example involves a seller and not a buyer, but the disclosure point is the same.