Subject: File No. S7-06-04
From: Karen S Morgan

February 26, 2004

The administrative/management fees for a Class B mutual fund drop from 1 percent to .25 percent after approximately 8 years when the class automatically changes to D.

This is when the fund value drops 50 percent or more creating a very expensive lesson for me that has reduced the overall return on my retirement funds in my IRA accounts to about 1 percent per year for the last 25 years.

I am already retired and live solely on what is left of these meager funds.

Your forms do not address this issue.