Subject: File No. S7-06-04
From: Robert Huxley

March 23, 2004

The draft rule proposal appears to contain everything investors might want to know about mutual fund purchases, but probably would not much care if they did.

I think the challenge is to pick the right information to highlight for investors, before their eyes start to glaze over from information overload. I would want to know how much of my money is actually being invested and how much is going for expenses. I do not really care who shares in the expenses and to what extent. If there is a conflict of interest, just say so. That is enough for me to act on if I wish to.