Subject: File No. S7-06-04
From: Bob Brewer

March 24, 2004

A great improvement and very valuable information in a quite understandable format, even for relatively unsophisticated investors.

The next step is to reveal in excrutiating detail how the actual funds compensate their managers and what else they spend their fees on marketing expenses, payments to brokers, etc.

Unfortunately, you will never get to enact any of these proposals due to immense lobbying from the mutual fund industry. The best we can hope for is a useless, watered down disclosure that will help little but be hailed by the industry as proof that nothing further needs to be done.

Sorry for the cynicism, but wait and see if Im right.