From: Ruth Cox [ruthellenc@attglobal.net]
Sent: Thursday, December 04, 2003 1:39 AM
To: rule-comments@sec.gov
Subject: (s7-26-03) proposed rule requiring 4:00 p.m. cutoff for mutual fund orders

    I am writing to protest your proposed rule to require that mutual fund orders 
be received by the mutual fund by 4:00 p.m.  Such a rule would in effect punish 
innocent small investors such as me who invest in mutual funds through employer 
retirement plans - in my case through the State of Montana 457 deferred compensation 
plan.  Currently I can place a trade right before the market closes and be assured 
of that day's price.  However, since I must place my mutual fund trades with the 
administrator of the plan, not with the mutual fund, your proposal will eliminate 
that ability and in effect impose an earlier cutoff time for me than for other 
investors.  That would be unfair.
    I hope you will take this situation into account when drafting your cutoff 
rule.  Surely you can find a way to address the late trading practices without 
penalizing those of us whom you are supposed to be protecting. 
    Thank you for your consideration.
 
    Ruth E. Cox
    721 9th Ave.
    Helena MT 59601