Subject: File No. S7-11-04
From: Rick Grant

August 2, 2004

Protecting long term investors' interest with the redemption fee on short term trading is a great idea. A five day owning period is not asking a lot if you are an investor.This sets up open end mutual funds for the long term investor. The short term trader is more of a gambler than an investor. This individual has closed end funds, SPIDERS, VIPERS, and ishares at their disposal. Don't burden the long term investor with the costs these people impose on mutual fund operations. The short term trader will pay more for their gambling tactics through brokerage fees for closed end fund type of investments, thus shifting the expense to them for their impatient behavior.

Rick Grant