Subject: File No. S7-06-04
From: Robert J Albers, Ph.D.

March 25, 2004

My interest in knowing what Im paying for has, of course, been heightened by recent trends in the Mutual fund industry.

Ive tried to find out all of the fees, and their structure, for a long time, to no avail.

This rule, and the associated forms, are extremely good, and go in the right direction. As you are well aware, there are a tremendous number of very important questions that will remain and are actually highlighted by this effort. For example, a how many tiers of managers and advisors for a particular mutual fund are there, and how much money goes to each 2 can we get someone to put out consumer friendly data so that fund purchases, from different sources, can be compared on some of these hidden costs

I applaud your efforts to force disclosure into this industry. However, the high level of intelligence and analytic capability to figure out how to accomplish this is very difficult to come by. I hope you have enough of this rare commodity on your staff. Go get em