Subject: File No. S7-06-04
From: Brad Langmaid

March 29, 2004

In all the companies in which I hold shares the directors and key managment staff report on the holdings they have in that company and their trades. This is not true in mutual funds and I do not know why.

I would strongly urge that the directors and managers of funds, and the principals of the management company be required to report regularly the investment they have in the funds they manage and any changes in those holdings. This would go a long way in aligning their interests and those of the stockholders.