Subject: File No. S7-06-04
From: Richard I Ulman

March 18, 2004

I am totally in favor of full disclosure by stock brokerages, stock brokers, securities salesmen and mutual funds of any conflicts of interest they may have. I also feel that employees in the securities industry and their relatives should be in the same class as journalists--that they should not be allowed to invest in or own any security that they recommend to their clients.