Subject: File No. S7-03-04
From: Brian Cohen

March 11, 2004

I believe that an outside governing body is unnecessary and goes beyond practical governance. Fidelity is a private company which I choose to place my investments in because of the trust I have developed with the company. I believe the SEC is doing enough presently to ensure that mutual fund companies are not taking advantage of investors and are holding firm in keeping with investors best interests. At least with Fidelity, which is the only mutual fund company I have had experience with, all of the pieces that make a solid company are there. The communication, disclosures, the customer service and availability of information and services are top notch. If additional regulation is required, it should come from outside the mutual fund companies, not from within. The SEC should make it clear to all investors how any regulation of the mutual fund industry will provide greater benenfit when someone like myself is already very satisfied with the results.

Thank you.