From: Brian Horne
Sent: March 30, 2005
Subject: File No. S7-06-04

Dear SEC:

I am an owner of a small broker dealer headquartered in Utah. I am opposed to the SEC Proposal for New Disclosure Requirements on mutual funds and variable annuities.

The proposal's requirement of new disclosure materials would essentially duplicate requirements already in place regarding the contents and delivery of the mutual fund or variable product's prospectus. The prospectus, which is reviewed by the SEC, already discusses the fees, risks and expenses associated with the product. Requiring a separate, duplicative document would run counter to the efforts of the SEC over the past decade to simplify the contents of prospectuses. Instead, regulatory efforts should be focused on getting consumers to carefully read the prospectus they already receive.

Brian Horne
Investment Management Corp