Subject: File No. S7-06-04
From: Joel J Lifter

March 16, 2004

I have been an active mutual fund investor for 25 years and thought I knew quite a bit about their operation however, from what I have read about these funds over the last several months, I have come to understand that I really did not know much about what goes on behind the scenes. It seems to me that anything that can be done to increase the individual investors visibility of what is being done with our money would be worthwhile, from both the funds standpoint as well as our own. We need to know where our money is going. The mutual fund industry needs to be more forthcoming in terms of how they run their business in order to halt the decline in investor confidence in mutual funds. If this decline is not reversed, the investing public will eventually put its money elsewhere, to the detriment of mutual funds continuing viability as an institution.