Subject: File No. S7-06-04
From: William H Wages, Jr.

March 11, 2004

Plain language disclosure of fees and total costs to an investor are needed. What are my total costs to invest in your fund on an annual basis in dollars?

Insure funds not allow market timing for anyone if that is what they advertise.

Eliminate 12-b fees on all funds. They have been a dismal failure.

I do not feel front-end or back-end loads are wrong if they are disclosed to an investor and not hidden or buried in gobblegook.

Require fund managers and directors to disclose quarterly if they are invested in the funds and I dont mean a token amount. If you dont eat your own cooking why should I?


Bill Wages