From: Rachel Young [mailto:Ryoung@wrscpa.com]
Sent: Thursday, January 23, 2003 9:16 AM
To: rule-comments@sec.gov
Subject: Mutual fund disclosure


As a CFA and fee-only adviser I am very aware how my clientele are not given 
what they need to make informed decisions. Its even hard for me to get it and 
make sense of fee info. and other fund practices and I am the one advising 
them. The only way to regain investor confidence is make these issues 
transparent. The argument of increased cost is ridiculous, fund and insurance 
companies, their managers, and officers make a killing that can easily be 
pared back to help pay the difference. 

Particularly of concern to me is fee-sharing arrangements, the hiding of 
commissions under the guise of 12b-1 fees, the nearly incomprehensible 
prospectus rarely provided until after sign-ups for purchase, and the fact 
that salespersons do not disclose in dollar amounts what they get from a 
client, fronted from the fund or insurance company, bonuses, soft-dollar 
arrangements, etc. Clients have little clue as to the real cost of their 
investment or how to compare them. Many times when I point it out they are 
shocked and angered.

It is past time for the SEC to act on these issues and expand them to hedge 
funds, annuities, uits, and separately managed accounts.