From: Ellen K. Timberlake
Sent: March 31, 2005
Subject: File No. S7-06-04

Good afternoon--

I received the attached action notice from the local chapter of NAIFA encouraging me to write opposing this new requirement of simplified fee disclosures. Unfortunately for NAIFA, I am IN FAVOR of this proposal. A prospectus is complicated and intimidating to most people. For that reason they often miss reviewing the cost and fee information because, from their view, it simply blends in with the rest of the gobbledygook.

If it were presented separately the rep would have to review it separately with the client. This would lead to more understanding on the part of the clients, and keep a check on reps who continue to "misrepresent by omission" when they sell something. To say "It was in the prospectus; you should've known" is unfair to the average client because it leaves them too much on their own, completely overwhelmed by complicated information.

Those of us in the business who actually serve the clients' interest before our own profit line welcome any kind of disclosure requirement that keeps the public from getting "taken in" by unscrupulous reps because they didn't know the questions to ask before it was too late.

Ellen K. Timberlake
Registered Rep