Subject: File No. S7-06-04
From: William C. Alsover Affiliation: Centennial Securities Company

April 1, 2005

Fees and expenses are an important part of the selection process, but not the only part. These proposals focus entirely on the costs, with no guidance or disclosure regarding the risks and returns associated with mutual funds.

The costs to all firms, particularly small firms, will be extremely high, and likely will cause a reduction in the selection of funds offered. Less selection to investors is not the intent of these rules, but I believe it will be one of the outcomes.

Sincerely,

William C. Alsover
Centennial Securities Company
-------------------------------------------
www.centennialsec.com
Centennial Securities Company, LLC
Main Office
3075 Charlevoix Drive, SE
Grand Rapids, MI 49546
(616) 942-7680

-------------------------------------------
from: Bill Alsover
mailto:Bill@centennialsec.com
-------------------------------------------
The information in this e-mail, and any attachment therein, is
confidential and for use by the addressee only. If you are not
the intended recipient, please return the e-mail to the sender
and delete it from your computer.
Although Centennial Securities Company attempts to sweep
e-mail and attachments for viruses, it does not guarantee that
either are virus-free and accepts no liability for any damage
sustained as a result of viruses.