Subject: File No. S7-06-04
From: David L Singer

March 16, 2004

As a retiree, I depend upon social security plus my investments for my security. Thus knowing fully what I am paying for what I get is of great importance to me. Broker sponsored mutual funds may perfectly well be an excellent product I would buy despite their load and/or fees, but what possible argument could there be agains truthful disclosure of these expenses ?