From: William Penhallegon [w4stx@juno.com]
Sent: March 7, 2004
To: rule-comments@sec.gov
Subject: File No. S7-03-04

I am in favor of these proposals to help prevent the abuses we have seen in the recent fund industry scandals from occurring in the future. Obviously the existing regulations did not prevent abuses from happening in the past so additional protection is needed for the protection of the shareholders.

William Penhallegon