Subject: File No. S7-03-06
From: Karen Gattegno, CPA
Affiliation: CPA

April 8, 2006

Disclosure of compensation of executives at invesment companies is long overdue. You must address this also.

You could provide options -- for example, the fund could provide disclosure, or the ADV could provide compensation information.

Mutual funds live in the 40s.

The amount of compensation paid, directly or indirectly, by funds, even publicly held funds, is not only excessive, but not disclosed anywhere. The ADV filings are antiquated. Prior year filings can not be accessed.

If you want the independent boards to try to control the situation, you must give them the tools, and the first tool is disclosure of executive compenation.

This should be number 1 on your list.