Subject: File No. S7-06-04
From: Frank J Cogdell

March 24, 2004

The point of sale example would be very helpful in determining the objectivity of a broker. Percentage arent as clear an indicator as are absolute costs.

The confirmation examples would help determine the cost of selling a mutual fund prematurely, especially if the sale is being recommended by a broker.

The huge profits and bonuses earned by brokerage firms are proof that they can easily afford the costs of being honest with their clients.