From: Tom Stefaniak
Sent: March 31, 2005
Subject: File No. S7-06-04

I would like to take this opportunity to share my concerns with this “Point of Sales Disclosure” policy that the SEC is considering.

If I understand this proposed rule, I would need to provide even more of the disclosures than I already do. I was under the impression that the mutual fund prospectus is the disclosure literature that investors to rely on when investing. It seems this new Point of Sales Disclosure will double (if not more) my paperwork I will need to complete with every client. Many times even when no sale is made! I thought the goal of having investment professional was to help their clients reach their financial goals, not complete more government paperwork!

I understand the need to inform the investors as to what they are buying and what it costs, but that is what a prospectus is for.

We are a small financial planning office trying to do the best for my clients; these additional proposed requirements would take me out of the business of helping my client and into the business of filling out more duplicate government forms.

I ask that you not proceed with the Point of Sale Disclosure policy.

Tom Stefaniak, CFP
Pinnacle Wealth Management