From: Richard Stewart [nutrinet@adelphia.net]
Sent: Monday, February 16, 2004 7:26 PM
To: rule-comments@sec.gov
Subject: s7-28-03:

While I generally agree with the terms of this proposal, the amount of money in question, 
while not small (e.g. $350) is somewhat trivial in light of the investment (e.g. $50K) less 
than .75%.  So there should not be too much burben associated with the proposed changes.  

I believe the most significan change, other than forcing the disclosure, would be to 
specify the format of the prospectus so that the information is available upfront and not 
buried somewhere in the back pages. A format of the sort that shows how much it costs to 
make this investment and close it over a five year period including all known fees, costs 
and estimated taxes for say a 6% appreciation per year in a 30 % tax bracket, for example, 
which would give the average investor something concrete to compare apples to apples among 
funds.  Sort of like the true (APR cost of a car loan.)

Thank you for the opportunity to comment.
Richard Stewart