Subject: File No. S7-06-04
From: Bruce K.L. Willard, CMA

March 31, 2004

I am definitely in favor of the SEC requiring brokers to disclose much more information about costs and potential conflicts of interests. Brokers should have to disclose in detail specific information regarding fees and expenses. In particular, they should have to disclose how much they will make as well as how their firm will benefit from the purchase.

Though not related to the above, I also think that the SEC provision allowing collection of marketing 12.b.1. fees from mutual fund sharedholders should be abolished. It is obviously being very much abused by the majority of those fund companies who collect them.