From: James Bierschbach
Sent: March 30, 2005
Subject: File No. S7-06-04

I am a licensed insurance professional and varible products salesperson. I am writing to urge you to withdraw the NASD proposed rule. I feel that the new rule is already addressed in the Mutual Fund and Annuity prospectuses. SEC has already reviewed the fees, risks and expenses associated with the purchase of these products.

It is my opinion the more rules do not keep the industry clean unless you have enough watchdogs to oversee the people who continually violated the rules. The rules currently in place already cover the items in question. Too many rules are like cooks too many spoil the soup.

The return on investment many times outweighs the higher expense cost so what is the purpose of disclosure other than to encourage invester to look only at the expense cost rather than the value of the investment.

James Bierschbach
811 S Broadway Suite B
Minot ND 58701