From: Marv Redman []
Sent: April 27, 2004
Subject: File No. S7-06-03

My personal opinion is that the mutual fund industry needs a complete overhaul to better serve the interests of the invester rather than the fund managers. Currently the funds get paid regardless of the their performance because of the fees they collect based on the value of the fund, I believe they should only be paid on a basis of the profits they generate. If I lose money on the investment that they are charged with overseeing, then they shouldn't be hitting me with any fees. Of course, this would never work, too many people smarter than me would lose too much money.

Staying with the current way of doing business, I do think that all costs do need to be explained to an invester beforehand, especially the fees paid by the fund to the seller.

Thank you
Marv Redman