Subject: File No. S7-06-04
From: HENRY C BAXTER

March 25, 2004

Unfortunately, we have reached a point in our sophisticated society, when we can no longer trust people who present themselves as professionals. This includes stock brokers. I trusted my broker and thought the information they were giving me was good,sound advice. If a stock dropped in price, I was encouraged to buy more at the new lower price. I later learned that was stupid. I thought the analysts were giving honest recommendations to the brokers and the brokerage houses they represented. No one said SELL, or, LETS GO TO CASH FOR A WHILE IN THIS MARKET. I was expecting honest advice and direction from people that I thought were professionals. In my opinion, if YOU dont take the lead, no one will. Once again, the individual investor will the the prey and victim of the people he thinks he can trust. I am not sure how many individual investors are knowledgeable investors, particularly those who invest in Mutual Funds. This is not to say that they are not smart, but, oftentimes, people who do not want to follow the market closely, or learn to read charts and watch price and volume are encouraged to go into Mutual Funds. Where do they go for the advice and direction they need? Of course Back to the broker. And we know you can trust the broker to give you all the information they want you to have, along with their favorites, on which they are receiving some sort of special compensation or consideration. Disclosure of facts will not work, REQUIRED or MANDATED disclosure will certainly help Its a lot more than we have now, and Im thankful that someone is trying. Thanks for the help