Subject: File No. S7-06-04
From: Thomas M Herman

April 22, 2004

My broker, Scottrade, does not indicate the short term redemption fees for funds on trade confirmations. The net amount includes these redemption fees the fees are reported in the Prospectus, but they are not listed on the trade confirmation anywhere. This is a deceptive practice in that if the prospectus changes, such that short term redemption fees are recently applied, an investor may not notice this charge since it is not listed in the trade confirmation.