Subject: File No. S7-06-04
From: Joseph A Dolben

March 30, 2004

There shouldnt be any question that full and fair fee and expense disclosure should be part of any presentation soliciting investments in a fund or investment plan.

Full disclosure ought to include information regarding distribution of fee and fund expenses in particular, the compensation to brokers working with the investor.

In fact, it is amazing to me that the requirement doesnt already exist. Clearly broker compensation will have some bearing on which products get the most emphasis in the sales process while at the same time reducing the performance of the investment. How can an investor make an informed decision without knowledge of this type of information?