From: Rachel Young [Ryoung@wrscpa.com]
Sent: Monday, November 25, 2002 5:44 PM
To: rule-comments@sec.gov
Subject: Disclosure and other practices (s7-36-02)

As an investment adviser, I believe it is critical to provide the public 
with more information on how proxy votes are made, how managers are compensated, 
who manages the assets (not just "team"), fee sharing arrangements, and holdings 
on more than a quarterly basis. There is no real reason that can weigh more heavily 
than the need to build investor confidence in the markets, our financial institutions, 
and in those that manage their money. This can only be done with greater transparency. 
How can you expect someone to make a sound investment decision when the information 
they need to do so is hidden from them?

These requirements should extend to hedge funds and annuities. Too many of those 
who seek my advice have been shocked to find out what they have invested in (by me 
exposing the minute print in prospectus) and how little they can ultimately know 
about the securities they own. It makes my job all the more difficult when I cannot 
have that information either as one in charge of another person's assets, and it 
certainly doesn't help me rebuild shatter confidences.

Sincerely,

A CFA and fee-only adviser in AL