From: Steve Socha
Sent: March 31, 2005
Subject: File No. S7-06-04

Dear Mr. Katz,

I'm writing regarding the SEC's Point of Sale & Confirmation Disclosures & believe the overall affect will be negative for investors. As an independent representative, I believe my clients receive an "unbiased" offering, that meets their needs. The above referenced proposal, may limit the amount of mutual funds & variable annuities that would be available to my clientele. The proposal could affect in excess of 100 clients. Further, a concern is that the proposal may lead investors to search out only the lowest cost investments, without factoring in other considerations. The cost & complexity to implement & maintain compliance on the proposal are futher concerns that affect our industry & the clientele we service. Please consider focusing on a "user friendly" prospectus, in assisting clients in their investment decisions. Thank you for your time! Steven D. Socha

Registered Representative
Linsco/Private Ledger, Member NASD/SIPC