Subject: File No. S7-06-04
From: Walter J Oakley

March 25, 2004

Brokers should be required to fully disclose all fees to their clients. This means, how much it really costs and how much the broker is making on each product they are representing.
These costs should be exibited in clear and consise detail so that an average investor can make an intellegent decision.
Maybe a chart or graph showing costs and returns expected after all costs are factored should also be required.