Subject: File No. S7-06-04
From: Francis X. Daniti

February 29, 2004

I am delighted and totally supportive of the Proposed Mutual Fund Disclosure Forms attached to your February 12, 2004 letter. The forms are clear and I feel that this disclosure should be made available from the broker either in person prior to a sale, by email to the client before making a purchase, or online at the brokers web site if the client desires to research a Mutual Fund prior to purchase. It can be given verbally if the client desires it, but the disclosure must be followed up by a hard or emailed copy. Brokers should not be allowed to only disclose the information after the sale is made.

Thank you.