Subject: File No. S7-06-04
From: Dorsey Stebbins

January 07, 2005

Secretary Jonathan Katz

Dear Secretary Katz,

As an investor advocate, I commend the Commission for its bold step to require brokers to provide pre-sale disclosure of costs and conflicts of interest when they sell mutual funds. However, I am concerned that certain aspects of the proposal, including the proposed timing, content, and format of the disclosures, need improvement.

Thanks for considering my concerns.


Mr. Dorsey Stebbins