From: Paul G. Guidry [PGuidry@finassociates.com]
Sent: Friday, February 06, 2004 11:38 AM
To: rule-comments@sec.gov
Subject: S7-27-03


I would like to comment on proposal File S7-27-03 relative to mutual fund reform.  I am 
against the hard close as is currently proposed.  I fell that  this solution will further 
punish the same investors who you are trying to protect.  A hard 4:00 pm close will only 
serve to make it difficult, if not impossible, for the average mutual fund investor to 
execute orders in a timely-manner - especially those whose accounts are held at an 
intermediary and/or for those on the West Coast.  The only people  I can see benefiting 
from a hard 4:00 pm close would be the mutual fund companies themselves, and institutional 
investors.  The fund companies would benefit since investors wishing to not be penalized 
may prefer to hold their accounts directly with the fund companies as opposed to through 
intermediaries.  Since the fund companies must pay intermediaries, every dollar held 
directly at the mutual fund companies and not through an intermediary, will save the fund 
company money.  Institutional investors will have an advantage because they will be able to 
react more quickly to relevant news in a way individuals will not be able to.   Eliminating 
late trading is essential, but I favor the modified 4:00 pm close as the better method and 
fairer to all market participants.

Thank you,

Paul G. Guidry
Investment Advisor
Olsen & Guidry, LLC