Subject: File No. S7-06-04
From: John J Michalski, Jr

March 25, 2004

Dear Mr. Katz,
I fully support the proposed changes, but find it odd that Municipal Bond trades are not included in your list of investment products requirng disclosure of costs and fees. It is probably the most obvious area of trades cloaked in secrecy that only benefits brokerage houses.
Thank you for your efforts on behalf of individual investors.