Subject: File No. S7-06-04
From: Ray J Naples, Sr

February 16, 2004

All fees and commissions should be clearly stated in simple English. Examples and crossover points should be listed which indicate loads and several years of ownership vs no-load and fees for a similar period. Additionally, and most important, how much does it cost the fund mamager to buy and sell stock I understand that these costs have never been disclosed, but are real costs to mutual fund investors.

Thank you.