Subject: File No. S7-06-04
From: John S Davis, CFP

March 24, 2004

The proposed rule would provide investors with information that is essential in helping them to decide whether a mutual fund is appropriate for them and whether they are getting a level of service from their advisor that is commensurate wtih the fees and expenses they are paying. This is information that is now either not disclosed or is hidden.

It has been my experience that only when investors know what they are paying in fees and expenses to their advisors do they have any control over the relationship. As consumers they need and deserve this control. As it stands now, they have no idea what they are paying or are misled about what they are paying and therefore cannot be good consumers.