File No. SR-NCSS-2003-21From: Akers, Suzanne [SAkers@frk.com] Sent: Thursday, December 18, 2003 1:50 PM To: 'rule-comments@sec.gov' Cc: Venner, Jason; Strazza, Kent Subject: File No. SR-NCSS-2003-21 Dear Mr. Secretary: Our firm, Franklin Resources, Inc., is writing the SEC in support of the rule amendment filed by the National Securities Clearing Corporation (SR-NSCC-2003-21). In response to a request by our national trade organization, The Money Management Institute (MMI), we would like to express our general support of the comments filed by the MMI last week. Because we believe the envisioned Separately Managed Account Service will bring improved operating efficiencies to investors and our firms, we ask that you approve the NSCC filing as promptly as possible. Sincerely yours, Suzanne S. Akers Vice President/Managing Director Franklin Templeton Private Client Group phone 650-312-3113 / fax 650-341-4322 / cell 650-888-4469