Subject: File No. S7-06-04
From: James J. Willmott

March 24, 2004

I favor of the proposed disclosure rules and forms. My personal experience and that of several friends indicates that insufficent information is available from some brokers to allow evaluation of the true cost of purchasing and owning some mutual funds.

Further, the reporting process should be simple and easily automated to avoid onerous compliance cost that will eventually be borne by shareholders.