Subject: File No. S7-11-04
From: Mark Moffitt, MBA

March 18, 2004

You have got to be kidding.

Are you penalizing the individual investor for institutional buy/sell done after hours that cost investors? How about this: If you are caught cheating the system by buying or selling after the close or allowing buying/selling in your funds you are kicked out of the industry for life and you get you left nut cut off.

Why not let funds decide for themselves if they will impose a penalty and why dont you focus on matters that really impact the market, like any employee of a fund trading on information about their funds.

Give me a break.....