From: G Biros [ghbiros@hotmail.com]
Sent: Thursday, January 29, 2004 11:04 AM
To: rule-comments@sec.gov
Subject: New Confirmation and Point of Sale Disclosure Requirements

Thank you for seeking feedback from small investors regarding the mutual 
fund industry.  

With respect to the rules, I believe it important that:

- investment advisers for mutual funds adopt codes of ethics.  Transparency 
should be inherent in all their dealings with investors.

- Yes, 75% of board of directors for mutual fund companies should be 
independent

- Full disclosures of all costs and fees by investment advisers and the 
mutual fund company is critical, including comparison costs of other like 
funds.  This should occur at the point of sale and at the completion of 
the sale.

- Disclosures of conflict of interest.  I have a real problem with "no 
load" funds that have a 12(b)1 fee that, I believe, goes to the broker 
to sell the funds.

Thanks!


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