Subject: File No. S7-06-04
From: Gerald J Duffy

March 14, 2004

I saw nothing in any of the SEC proposed forms that indicate how a mutual fund company has made it physically impossible for any holder of a given fund to do either of the following:

1. Late trading, i.e., wherein a customer of the mutual fund uses yesterdays price to buy shares of the fund after todays market close.

2. Trade timing, wherein a customer of a mutual fund is allowed to trade rapidly in and out of a fund with impunity.

I would consider any SEC forms to be suspect if they did not include evidence of these two prohibitions. Mutual fund customers need to know that a mutual fund family will not tolerate such behavior by any mutual fund customer and perhaps the public should also be told how a mutual fund family will prohibit both of these obvious attempts to rob other mutual fund customers of their assets. We need these two prohibitions to be spelled out so that the US Justice Dept. can provide long prison terms for anyone who tries to perpetrate larceny of anothers assets.