Subject: File No. S7-06-04
From: George M. Gilchrist
Affiliation: Registered Representative, Great American Advisors, Inc.

April 4, 2005

While it is imperative upon each registered representative as they present possible investment choices for a client to consider to make proper disclosure of share class differences,advantages, and disadvantages, it is also vital for the client to take proper responsibility for their purchase decisions. In the evolving world in which we live in which there seems to be an attitude by many that somehow, government or someone can insure that everyone is informed of all possible information and that the unknowing client is somehow protected for all possible harm is misplaced. Individual clients must shoulder some responsibility for learning about the investments that they are about to make. To assume that by creating an additional level of detailed paperwork and forms that this will somehow prevent problems is being naive.

Adding more forms and paperwork to the existing stack may produce the unintended effect of causing many customers to even be less interested in reading the every increasing amount of detail. These forms and detail will cost broker dealers, the fund companies and eventually the customer. Thank you.