From: David J. Graham
Sent: March 31, 2005
Subject: File No. S7-06-04

It truly is getting to be ridiculous concerning the direction that the SEC is taking in it's fight to save consumers from their own stupidity! It's one thing to help the Industry police itself from the "bad apples" that any profession has, but completely another when the SEC feels that it has to "wet nurse" John Q. Public with every transaction that he takes!!!

I am completely against additional "new" Disclosures concerning Mutual Funds and Variable Annuities.

David J. Graham
Health & Estate Advisors, Inc.