From: Mike Heller [mike6heller@earthlink.net]
Sent: Monday, March 29, 2004 12:01 AM
To: rule-comments@sec.gov
Subject: Comments - File S7-12-04

As an individual investor, I wanted to offer a few comments in this matter.

I believe that disclosing the structure and method of compensation for portfolio
managers would be very useful.

Regarding the practice of "managing by committee," the proposal to disclose all
the members of the group is fine as far as it goes, but I have yet to see a team
that doesn't have a quarterback or a committee that doesn't have a chairman --
let's also have them disclose who the primary person, or perhaps two people, on
the committee is.

Regards,
	Mike Heller
	330 Jacaranda Drive
	Danville, CA 94506