From: bnlem@juno.com
Sent: Sunday, January 25, 2004 3:29 PM
To: rule-comments@sec.gov
Subject: New Confirmation and Point of Sale Disclosure Requirements


Brian Lem
727 Herndon Woods Ct.
Herndon, VA  20170-5137
bnlem@juno.com
(703) 264-4820

January 25, 2004

Dear Mr. Katz:

I have read several articles in The Washington Post that address the 
SEC's proposals to improve disclosure requirements to mutual fund 
investors.  I would like to recommend that the SEC mandate a "truth 
in investing" model similar to the Truth in Lending provisions that 
apply to consumer and installment loans.  

Under the truth in investing model, all mutual fund companies must 
disclose the gross one-, three- and five-year average return on 
investiments, as well as those returns after subtracting all applicable 
fees.  A separate section will disclose all relevant fees and their 
nuances, such as front-load or rear-load sales commission, the 12-1b 
marketing fees, and the average administrative expenses.  These pieces 
of information will allow investors to make informed choices.  

Lastly, I also recommend that the mutual funds disclose any potential 
conflicts of interest amongst its Board of Directors.  While the 
conflicts may not violate any regulations, the disclosures will allow 
investors to make their own decisions, rather than learning about these 
conflicts after a controversy has occurred.


Sincerely,


Brian Lem