Subject: File No. S7-06-04
From: Gilbert M Chinitz

May 8, 2004

Many people for example most of my past and present co-employees are unaware that all mutual funds charge annual fees. They think that if a fund is no-load that means that there are no other fund expenses that are paid by fund holders.
Consequently, funds should be ordered to make clear their annual expense charges, plus how they compare to all other funds of the same or similar type, including Vanguard funds.