Subject: File No. S7-06-04
From: Howard R Schaefer

March 15, 2004

The proposed rule is long overdue. It is essential that this information be provided in a timely manner BEFORE the investor makes the investment so that comparisons between choices can be made based on all availiable informastion dealing with the costs and expenses of the investment.
In the alternative to a more timely disclosure allowing the investor to weigh his investment, I propose consideration of a rule to allow the investor 3 days to review the material information and then make a decision as to whether to go through or to cancel the transaction with full return of any monies invested. A three day rule would be fair to the investor.
Thank you.