March 10, 2004

Mr. Ralph Bakkensen  
27 Blueberry Hill Road  
Andover, MA  	01810  

Re: S7-03-04

The identity and length of tenure of the specific individuals (not the 
companies) who actually manage the investments made by a mutual fund is 
exceptionally material information. Even though the individual investment 
managers are required to follow the fund's fundamental investment policies and 
usually follow the fund's other investing guidelines, they still have enormous 
discretion in their investing choices. They therefore have huge influence on the 
fund's success. If any of the individual investment managers of a fund changes, 
the fund's historical performance is much less valuable as an indicator of 
future performance. Accordingly, the identity and length of tenure of the 
specific individuals (not the companies) who actually manage the investments 
made by a mutual fund should be required to be disclosed, both in the prospectus 
of each mutual fund AND, if any such individual changes, in a notice to the 
fund's current investors. This requirment should apply whether the individual 
investment managers are direct employees of the fund, or are employees of 
another company that provides their services (whether or not an affiliate of the 
fund), or are consultants, or provide their services in some other capacity.