Subject: File No. S7-25-99
From: Bryan K. Shevak
Affiliation: Certified Financial Planner

August 23, 2004

Please withdraw not amend the proposed changes to the investment company act of 1940. It is blatantly unfair to exempt investment companies like Merrill Lynch etc. from registration. They promote ADVCE every day of the every kind of media. To say that they do not provide advice but only brokerage services is to be 100 completely WRONG