From: LNGallery1@aol.com
Sent: Wednesday, February 18, 2004 11:38 AM
To: rule-comments@sec.gov
Subject: S7-12-03 

There should be full disclosure by brokers up front abut their commissions from selling 
mutual funds. I had a broker, Larry Malamut from Merrill Lynch (Northfield, NJ) who never 
disclosed his fees or the fact that there was an ongoing charge for maintaining an account 
in the fund. He made it seem like there were no costs involved at all. When I asked about 
these practices they denied them, then told me Merrill Lynch was going to charge me a fee 
if I wanted to get out of the accounts.
 Other brokers I've used have not disclosed what they would be getting from the sales of 
mutual funds either.
L.Novick