From: Mark A. Reed
Sent: March 29, 2005
Subject: File No. S7-06-04

Dear Rules Committee,

I oppose the rule change. This is only part of the picture and it can appear costs are higher and in fact the lower can reflect a lower value and higher risk to the client. There is nothing lower than none and many day traders experienced failure. The fee becomes the only measuring device and the internal value and performance is lost.

I have been in business 30 years and this limited extraction or focus on one dimension of a product is not in the interest of the consumer but just adds an additional and repetitive since this is in the prospectus to monitor and regulate.

Mark A. Reed
Cascade Insurance
200 Hawthorne Ave. SE, Ste. D-480
Salem, OR 97301