From: Ernie and Laura Gulovsen [eandl@tcsn.net]
Sent: Saturday, January 10, 2004 10:22 PM
To: rule-comments@sec.gov
Subject: hidden expenses (s7-29-03)

We are senior citizens who would like to add our voice for full disclosure in 
mutual funds.  We can't count how many times we were told such and such funds 
earnings were 8% last year but suddendly we find ourselves only getting about 
2 or 3 %-the reason, the high cost of the various fees we were not aware of 
when we invested.    Our stockbrocker is, of course, oppossed to any tinkering 
of the way business has been done in the past but we feel you owe it to the 
average investor to make some much needed changes,  

Sincerely,  

Ernie and Laura Gulovsen, 
157 Madera Ave., 
Ventura, CA 93003 
(805)642-6544