Subject: File No. S7-06-04
From: Bobby D Barrett

February 20, 2004

The forms as proposed deliver information in a format that I can understand and would like. One of my concerns is that this information, or any other, accomplishes all that is hoped. It seems that we forever continue to pile-on paper-work requirements, yet things go on business as usual. And, of course, as the requirements and work-load increases to furnish additional information, someone has to pay for it. And that is....the one who is buying the funds...which, in a way, defeats our purpose. I think, in order for ANY data requirements to be effective it has to be furnished to the client in enough time to really digest and evaluate it. If I have been convinced to buy a fund, then it is sort of irrelevant what data is given me, or when. If I truly need to meditate upon the data, and compare it to other potential investments, I would need this information at least a day before I have to make a decision. Handing me this data 30 minutes before the button is pushed to solidify the transaction probably is not accomplishing what we strive for here.

While you are asking specifically about what monies will be paid in relation to selling funds, and what incentives are there, my other concern is the one I addressed within the last four years to your office, and others. That is, the ramifications of what I call fund valuation changes. In my case I had purchased a fund which had been valued by a particular methodology for all its history. I bought in, and WHAM, within TWO months, the value of my capital investment started on a smoothe curve down-ward, month-by-month, until I had lost a goodly percent of the original investment. Reason: The methodology for valuing the fund was CHANGED from what it had always been, which I think is a punch below -the- belt for I purchased the fund based on the fact that the valuation method had historically been stable and based on a particular method. I think I got ripped All that anybody could tell me is...get a lawyer. Well, that is not an option for retirees like myself. Many of us do not have the funds to spend a lot on lawyers. So, we just get the h--- out of the market.

Thank you for the opportunity to respond.

Bobby D. Barrett
Rockwall, TX