Michael J. Langdon
30 Harbor Crest Court #114
Boston, MA 02125

February 3, 2004

Jonathan G. Katz, Secretary
Securities and Exchange Commission
450 Fifth Street NW
Washington, DC 2054900609

Re: S7-26-03

Dear Mr. Katz:

As a small investor I feel that it is important to have my opinion heard regarding any proposed legislation that will impact me or investors like me. I am of the opinion that restricting the right of an investor to sell a mutual fund position at-will should be the absolute last resort. For this reason I find aspects of the "Disclosure Regarding Market Timing and Selective Disclosure of Portfolio Holdings" proposal to be encouraging. It makes all the sense in the world to require a mutual fund to create a stated policy defining the level of trading activity that will be permitted. If these rules are uniformly enforced for all shareholders it would become the responsibility of the investor to find funds with timing policies that they are comfortable with. This solution preserves the right of an investor to sell shares at-will while providing a method of protecting all shareholders from the effects of those that would be allowed to operate outside of the stated guidelines. The best part about this proposal is that it allows the market to determine the level of trading restriction that is most desirable as investors will seek funds that provide the level protection that they warrant to be sufficient. If all investors are made aware of the framework and are playing by the same rules there is no need for the SEC to require funds to have investors hold positions for a minimum period or be subject to penalties.


Michael J. Langdon