Subject: File No. S7-06-04
From: carroll b cox

March 17, 2004

-Require the broker-dealer to present the information in straight forward fashion, without lengthy explanations, justifications, references, footnotes, etc. that tend to obfuscate or mislead the reader. For example, refer to any mutual fund prospectus that is supposed to be read in its entirety before investing. O r refer to many annual reports with their references to footnotes and detailed discriptions of what was stated in the body of the report and that appeared clear without further elaboration.