Subject: File No. S7-06-04
From: David Phillips

March 11, 2004

There is a need for complete disclosure of all costs, fees, commissions and the like to the broker and the firm selling mutual funds, Unit Investment Trusts, 529 Plans and the like. In addition, all potentential or actual conflicts of interest should be defined and disclosed to investors. It would be helpful to have some type of cost to own illustration over a specfied period of time to facilitate comparisons.

Confidence has been undermined by the mutual fund scandals and vigorous enforcement of existing rules need to be made and well publicized.

Thank you.