Subject: File No. S7-06-04
From: Larry M. Schmitt, President
Affiliation: Southwest Insurance Agency

March 22, 2005

Mr. Katz,

I honestly believe that clients will, if this rule is enacted, rely more on the one page summary as EVERYTHING they really need to know about their variable product purchase. Why look at the prospectus, when you only need to review the one-pager?

Then, as history has shown us, this one-pager will grow over a period of time because it (being the document the client relies on for their main source of information) will contain an insufficient amount of disclosures. Given some time, this growing document will become "Prospectus II".

Why not just fix the first prospectus?

Thank you for your time,

Larry M. Schmitt, President
Southwest Insurance Agency
Southwest Securities, Inc. (Member NYSE, SIPC)
SWS Financial Services (Member NASD, SIPC)

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