Subject: File No. S7-06-04
From: Nancy M Warner

February 23, 2004

Yes, I certainly feel investors should have a clear listing of mutual fees of all kinds. Currenetly, it takes an auditor to try to locate all the fees within a funds statement. Also, it currently takes a much longer time to locate all the separate fees hidden within the statement. I usually avoid mutual funds because of all the hidden fees and illegal transactions from too many funds. I also feel most ceos are too highly paid.