Subject: File No. S7-25-99
From: Katherine D'Urso

September 16, 2004

An an investor, who invests to protect my future and my family, I am shocked and concerned that brokers do not need to disclose that they are commission earning brokers holding themselves out as financial planners. The conflict of interest is obvious. With all that has happened to punish the small investor for having any confidence or trust in our financial markets, this continued support for brokers' income at investors' expense is appalling. Please reconsider.