Subject: File No. S7-06-04
From: Cheryl E. Smith

April 11, 2005

Dear Sirs;

Please follow through with the proposed mandate for a point of purchase disclosure that would reveal all mutual fund costs. I am a teacher with the Vancouver School District in Washington state. It is an uphill battle to decipher our 403B plan options. While trying to consider the best fund with the lowest cost, I am unable to:

* choose from the all the leading mutual fund groups at institutional expense ratios without paying commissions

* see a diversification claculator

* see a comprehensive comparison guide

Let alone, ferret out all the costs.

Yes, please, mandate a point of purchase disclosure. At least that would be one step in the right direction.


Cheryl E. Smith