Subject: File No. S7-06-04
From: Marie Chin

February 20, 2004

The brokers should also disclose the Morningstar ratings for the mutual funds that they are selling on the disclosure forms. It would also be desirable for them to disclose performance information such as 1, 5 and 10 year annualized total returns in the event that the investors failed to analyze the mutual funds before they decided make their purchases.