Subject: File No. S7-06-04
From: Mark Reynolds

April 4, 2005

Jonathan G. Katz
Secretary, Securities and Exchange Commission
Securities and Exchange Commission
450 Fifth Street, NW
Washington, DC 20549-0609

Jonathan Katz:

This is an unnecessary measure. Full disclosure of fees and costs is made in the prospectus for any securities product.

The people of America need the process of investing and saving their money made less cumbersome so they will do more of it on their own. The necessary controls and disclosures are in place already. The last thing the American people need is another piece of paper at the point of sale.

Thank you.


Mark Reynolds