Subject: File No. S7-06-04
From: Michael P Baker

March 15, 2004

I looked over these documents. This is long overdue for the industry. I have a couple of questions about the forms. The examples listed are for funds with front or back-end loads. What about no-load mutual funds? Are these included in the legislation? Will it be required that the annual fees and expenses for these funds be disclosed prior to a purchase? Will the online brokerage firms such as Ameritrade and Etrade be required to disclose this information prior to accepting an online trade request? Thank you

Michael Baker