From: W.H. Richardson
Sent: March 31, 2005
Subject: File No. S7-06-04

Mutual fund and variable annuity prospectuses cover the fees and expenses associated with the purchase of these products. If we continue to draw attention to the expenses without pointing out the benefits at the point of sale it would seem to create confusion for the consumer. Instead, the SEC should focus its efforts on getting consumers to carefully read the prospectus they receive.

New additional requirements are unnecessary and will provide no meaningful additional protection to consumers. I urge NASD to withdraw the proposed rule.

Thank you for your consideration.

WH Richardson, CLU
Registered Representative
FSU Insurance