From: Steve Gallizioli []
Sent: Monday, April 26, 2004 7:11 PM
Subject: File No. S7-11-04

This is to protest the proposal by SEC to impose a mandatory 2% redemption fee on any withdrawls from mutual funds taking place within five days of a deposit. Such a redemption fee has the potential to do more harm to investors than it will help. A redemption fee cannot discriminate between overly active trading and genuine need. Investors who have an exected need for their monies will end up paying for a solution designed to punish abusive trading. I urge you to abandon this proposal.

Steve Gallizioli