From: Roy Holtz
Sent: March 30, 2005
Subject: File No. S7-06-04

I am a licensed registered representative and a Certified Financial Planner. In regard to the proposed rule by the SEC to provide customers with new disclosures regarding the fees and costs associated with the purchase of mutual funds and variable products...I am opposed. The prospectus already spells out the charges and risks associated with investing in mutual funds. Why burden reps and clients with yet another redundant document?

A disclosure that only discusses an investment's fees and expenses will lead people to focus on the investment's costs rather than its overall returns. After all, which is the better investment -- one with low costs and a net annual return of 2 percent, or an investment with twice the expenses and a net annual return of 6 percent?

Roy Holtz, CFP