Subject: File No. S7-06-04
From: Richard Fenner

February 14, 2004

I find the information you provide in the draft to be sufficiently clear. All investors should be aware of the relevant charges and biases the broker might have. However, for most of my friends, neighbors and relatives an additional verbal summary might be helpful. At the very least, there should be a place for the customers acknowledgement that he understands the tems of the agreement.

Richard Fenner
member AAII, New York City chapter