Subject: File No. S7-06-04
From: Denis N Calvert

March 16, 2004

I believe that anyone who is purchasing an investment account,be provided with all information, fees and costs associated with that purchase.
My wife and I are Vanguard investors. However we have a 401k in my name, which will be transferred to Vanguard, and a 457 in Barbaras name. Componies, like Vanguard, disclose such information. A investor knows what the cost and fees will be for a given value of the investment.
Denis N. Calvert