Subject: File No. S7-03-13
From: Jon Lyons
Affiliation: Lyons & Bolek LLP

November 4, 2013

Regarding the Securities and Exchange Commission's proposed reforms to money-market funds:

The proposal to limit daily redemptions to $1 million may be too low and unfair for some individual investors, however, the rule should NOT be limited to natural persons. The "natural persons" proposed change recently made by fund companies would only encourage misconduct and would require lots of inforcement. It also would fail to prevent possible runs on money market funds.

A limit (such as $5 million) on the other hand should not be hard to track. Nor would it be time consuming or costly.

- Jon Lyons

Jon C. Lyons
Lyons & Bolek LLP
1575 Adler Circle, Suite G
Portage, IN 46368