Subject: File No. S7-06-04
From: Kevin T. Hughes, Esq.

March 18, 2004

-Although I consider myself a knowledgeable investor, I am constantly amazed at how little other investors know about the fees that they pay in purchasing and owning mutual funds.
I am very much in favor of additional disclosure to the investor in mutual funds. When I first began investing in mutual funds some 20 years ago I did not understand the impact that fees had on your total return. Investors should know how much of their investment is going to work for them and how much is being paid to the selling party.