Subject: File No. S7-06-04
From: thomas butler, md

March 22, 2004

Of course we need more transparency in the explanation of fees and charges by mutual funds. I am a successful investor with a degree in economics and an MD degree and have trouble obtaining a clear understanding of fees and charges as currently disclosed.It is particularly reprehensible that brokers may obtain rewards and prizes for steering clients to particular funds.
Thomas Butler, MD