Subject: File No. S7-06-04
From: Ross C Fogle

May 11, 2004

Disclose fees? What an amazing concept. I wonder how many of us wouldnt have gotten burned by the Mutual Fund Timing fiasco if we had known what kind of fees were normal and what werent. I was invested in Putnams funds via Bank One and have LOST tens of thousands of dollars. My fund has been in negative growth for a few years - why?