From: Ashok Sabherwal [ashok55117@yahoo.com]
Sent: Wednesday, January 28, 2004 1:18 PM
To: rulecomments@sec.gov
Subject: New Confirmation & Point of Sale Disclosure Requirements

Dear Sir,

I congratulate you on the work you are now putting in
to straighten out the mutual fund industry.

It is not clear, from what I have read in the
financial press, that you are addressing a basic fund
requirement - their quarterly statements to their
customers be meaningful!

I have contacted fund management at Vanguard, T Rowe
Price, TIAA -CREF etc; they all send quarterly
statements as if you had a checking account with them!
No fund performance information, no account
performance information. The fact that they all do it,
seems to point to some SEC regulation etc that they
are all getting away with.

IRA investments, mutual fund stock/bond  investments 
are long term investments; entitled to long term
treatment of the fund statements and other reporting
requirements. I request that this be looked into and
the needed changes implemented ASAP  - let us see some
results of your work and soon!

This, of course, is in addition to the cost info
disclosure etc that I believe you are already looking
into.

I will be glad to respond to any further questions you
may have on the required format of the quarterly fund
statements to customers. Thank you.

Ashok Sabherwal











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