Subject: File No. S7-06-04
From: Rod Sato

March 22, 2004

I am in favor of measures to require broker-dealers to disclose more information about costs and conflicts of interest to investors who purchase or sell interests in mutual funds, 529 plans, and certain other securities, such as variable annuities. In addition, I support any/all measure that make it a requirement to disclose all Mutual Fund Fees and sources that make up these Fees. There have been numerous public news unveiling black hole costs, such soft money paid to Services for investment financial research, that are included but not required to be recorded in fund-fees.