Subject: File No. S7-06-04
From: Wayne R. Phillips, Jr.

March 19, 2004

I believe that a complete breakdown of all buyers costs, fees, and charges for buying, selling, and maintaining securities should be available to that buyer, whether asked for or not. I see these as being both legal and moral responsibilities of the security agent. To do otherwise casts a shadow of doubt on the agent-seller. Maintenance/running fees should of course be available prior to sale.