Subject: File No. S7-18-96
Date:    5/26/97 6:54 AM
     
     
If the new disclosure format provides a better summary than what is now 
at the front of a prospectus, then put it there.  What possible 
advantage can there be to making it a separate document?  It can't be 
delivered any faster than a prospectus; it adds one more itme to clutter 
my investment files.  
The only "advantage" I see in the proposed new disclosure option is that 
it keeps the prospectus out of sight until after the sale is made.  As 
an investor I don't see that as an advantage.
While I don't favor this proposal, I do hope you can use some of this 
good work to make the prospectus more readable and useful.
     
                                                William Bruml
                                                Cleveland, Ohio