Subject: File No. S7-11-04
From: Robert S. Oswald

April 30, 2004

Re: File No. S7-11-04

I want to express my opinion against this proposed redemption fee. The costs which will result from this action will be paid by the individual investors, and are not justified given the low incidence of the targeted offence. The strength of our economy will be better served by avoiding additional loads on invested funds.