Subject: File No. S7-06-04
From: Fred Bracilano, Sr

May 9, 2004

As an individual investor I have been using Mutual Funds to invest my IRA Funds as well as those moneys that have come from my IRA accounts. To get the best annual return I have tried to find Mutual Funds that are increasing in value and selling those that seemed to be under performing. Because of all the scandals in Mutual Fund Trading, most of which have been unethical, many Funds have put unduly restrictive rules regarding trading of their funds. A five day or a ten day restriction can be understood, but 60 days to 6 months or even a year with a 2 percent additional cost seems an unfair restriction especially for the small investor.

A Market by definition is a place where sales and exchanges are made. These restrictions do not further the need for an open market which is needed for fairness and equity.

I hope that you will not further restrict the small investor when you set the next order of regulations for Mutual Fund Trading.