From: PRyan101@aol.com
Sent: Friday, December 13, 2002 2:34 PM
To: rule-comments@sec.gov
Subject: Mutual Funds (s7-51-02
Dear Commissioner:

I was very pleased to read that the SEC has proposed the following rules:
       o- Funds would have to disclose holdings four times a year.
       o- Funds would have to say how much they collect in fees
       o- Funds don't have to include a listing of all stocks or bonds in portfolio

The mutual fund industry holds 6.2T in assets. While the above will help some in 
meeting the transparency objective, it falls short in several areas. In particular 
the area of governance. 
       o- Emphasize the use of plain English, same type for all pages, net return 
           computation. 
       o- How were shares voted at each company
       o- What letters of protest were sent by the fund to object to a companies 
           practices.
       o- How are the fund managers paid?
       o- List the top 20 fund managers and their compensation, shares in fund owned.
       o- Are fund managers required to own shares?
       o- List the top 20 paid research houses used.
       o- Quarterly earnings report per share should also include:
             Value of share at beginning of quarter
             Cost deducted for....
             Value at the end of quarter
             Net gain or loss for a share

Please give consideration to the above.
Thank you,

P Ryan
Palm City, Fl.