Subject: File No. S7-06-04
From: Cecil P. Eschete

March 12, 2004

Thank you for this opportunity to comment. I have been an investor for many years.mostly mutual fundsI have often wondered how much am I not being told and what would I change if I knew more?

Please do all you can to maximize disclosure to the investor. The very Idea of witholding information from the investor arouses suspicion. In todays market we need to do all we can to bolster investor confidence by being open and straight forward in all aspects of the trade.