Subject: File No. S7-06-04
From: Dave Kasper

March 25, 2004

The proposals are OK and useful. However both Congress and the SEC are missing two important issues:

Why wont mutual funds disclose their holdings more often than a quarterly proxy? Ihe Internet makes posting a funds holdings more often both practical and useful. For instance, I hold 15 of my portfolio in Microsoft and while looking at my funds holdings in real time, I realize that I actually own about 20 in Microsoft. Now I can make asset allocation decisions in a more reasonable fashion.

I would like to see information on compensation of the funds managers. For instance, is he/she making six or seven figure compensation while continually losing money? Financial web sites and newspapers expose the fund managers getting the best returns. However, they fail to compare mangers on a return/compensation basis - which is a productivity measure