From: Wrbhb@aol.com
Sent: Monday, January 12, 2004 4:07 PM
To: rule-comments@sec.gov
Subject: S7-26-03 Frequent Trading

My investments are primarily with mutual finds. If I make an investment and then 
decide to cancel it for what ever reason I object to a surcharge being made over 
my normal transaction costs. I can make endless transactions with my checking 
account with no surcharges. The same should be true of investment trading. The 
transaction costs themselves should limit the frequency of trades, no additional 
amount is warranted.