Subject: File No. S7-06-04
From: John R Tonsager

February 9, 2004

I would like to see as much transparency as possible in any investment transactions. Only if all costs and expenses are disclosed and out in the open is it possible to make an informed investment decision.

In the past the markets were used by only a small percentage of the public but with 401K and ROTH IRAs available to more and more of the population and depended upon for retirement income it has become more important to have full disclosure of all expenses up front, before any transactions are made.

John R Tonsager
Chapter President