From: D'Cater Joseph
Sent: March 29, 2005
Subject: File No. S7-06-04

D'Cater Joseph
5606 N. Navarro, Ste 203
Victoria, TX 77904

Jonathan G. Katz
Securities and Exchange Commission
450 Fifth Street, NW
Washington, DC 20549-0609

Jonathan Katz:

I suggest that before you pile yet another disclosure form on the public, you consider the desensitization all this paperwork might cause.

To illustrate my point, consider your financial serivices provider's Privacy Policy. Do you have any idea what it says? Shouldn't the government require a one-pager for that as well? What about a one-pager to explain the tax code?

The disclosure requirements contained in the SEC's proposal regarding the sale of mutual funds and variable products are already included in the prospectus and will provide no meaningful additional protection to consumers.

Mutual fund and variable annuity prospectuses already discuss the fees, risks and expenses associated with the purchase of these products. A disclosure that discusses an investment's fees and expenses but omits risks and objectives will lead people to focus only on the investment's costs to the exclusion of relevance to their financial plan.

If I felt this form would provide something that the prospectus does not, I would understand the logic. But this seems like an unnecessary effort.

Thank you for your consideration of my views on this matter.


D'Cater Joseph