From: Joe Van Voast
Sent: March 31, 2005
Subject: File No. S7-06-04

Hey, guys!

What's with all the to-do about this stuff! Stop trying to reinvent the wheel! You've already have a prospectus. Why don't you use it?

Seems like you are saying to the customer is, "Forget the prospectus, here is the really important stuff. Don't worry about all the risk described in the prospectus...we're more concerned about you losing a half-percent on fees!"

Have you bought a car recently? I have. And they threw so damned many federal, state and local disclosure forms at me that we all just laughed, shook our heads and scribbled signatures on them.

Joe Van Voast