Subject: File No. S7-06-04
From: Steve Botnovcan

February 16, 2004

These disclosures are badly needed, but please dont allow Funds to bury the information in their prospectus. The informaiton should be provided on periodic statements. I dont need to read a prospectus to know what other vendors are charging me, I only need to read the bill. Why should this be different?

Use the KISS principle, mutual fund statements for each period should show the gross earnings on the fund holdings, details of fees charged, and the net returned to the account.

Conflicts of Interest should be listed as notes on the same statement.

Nobody has time to really read a prospectus. Make them put this information right up front where we can find it.

Steve Botnovcan
1 Round Hill Ct
Flemington, NJ 08822
908-788-0663