From: Maribel Israel [maribel.israel@towersperrin.com]
Sent: Monday, January 26, 2004 8:04 PM
To: rule-comments@sec.gov
Subject: New Confirmation and Point of Sale Disclosure Requirements

Dear Sir or Madam:

I applaud the SEC's efforts to propose new guidelines for mutual fund
companies and the sale of fund shares.  The ability to receive full
disclosure regarding any and all expenses individual investors pay to
mutual fund companies and investment advisers will be very helpful in our
decision-making processes and make us better informed.  The Department of
Labor developed a table assisting plan sponsors in evaluating their
retirement plan's overall plan expenses.  I respectfully suggest that the
SEC consider establishing similar data tables (such as the DOL's) be
required disclosure to individual investors.

One of the SEC proposals requires companies give investors information that
would help them see how their particular mutual fund's costs and payments
compare with those of similar funds.  I respectfully suggest that the SEC
specify that such disclosures of mutual fund expenses be made on funds of
the same asset class.  That is, the comparison of expenses should be made
of like funds not dissimilar fund types otherwise investors would not be
making apples-to-apples comparisons.

Another of the SEC proposals requires investment advisers for mutual funds
would have to adopt codes of ethics.  I wonder how effective the
enforcement of such policies will be.  It would be helpful if the SEC could
specify the penalties or other punitive damages an investment adviser or
mutual fund company would incur if certain ethical practices are not
followed.  Otherwise, it seems to me that an investor is still assuming
good faith compliance.

Regards,

Maribel Z. Israel
411 Fieldstone Drive
Richmond, CA  94806
personal e-mail address:  maribel@israel-family.org