Subject: File No. S7-06-04
From: Wayne Stogner

March 24, 2004

I support the proposed rule. With all the corporate greed, scandals, and fiduciary malfeasance that has been in the news the retail customer has little basis to feel confident that he or she is getting a fair shake in transactions with brokers/mutual funds. In my experience, the finincial industry is much more likely to hide misconduct adn profiteering in obfuscation, than to openly state outright untruths. Consequently, I tend to accord greater reliance on clear and unequivocal statements, such as in the proposal, than on complex statements the meaning of which is subject to interpretation.

While previous efforts to require meaningful disclosure are laudable, and some even helpful, current mutual fund disclosures are still woefully difficult to comprehend. By requiring the fees separately stated and identified, a customer will at least know the up front charges inconnection with the transaction. The rule should also prohibit the addition of information which might serve to obfuscate rather than clairfy the charges.