Subject: File No. S7-11-04
From: Caroline Hale

March 18, 2004

I am an individual investor and feel that the proposed fee for existing a position in a fund only rewards the very people that enabled other big investors to manipulate the system and punishing the small investors who did not benefit from the scam. I suggest that enforcement of the rules and punishing those agencies that trade beyond the hours allowed is the more appropriate remedy.
Please reconsider and do not punish the small investor further.