Subject: File No. S7-06-04
From: Paul B. Francis

March 12, 2004

Between 1987 and 1989, my wife and I were victimized by a financial advisor that we hired at that time. He charged a fee based on percentage of assets in management. He probably also received large commissions on sales of mutual funds and other products. If we had seen a disclosure divulging this information at the time, we might have been much more wary of his motives and might not have accepted his proposals, which resulted in the loss of considerable wealth at the time that we ended the relationship.