From: Christine Zarycky [christineesq@yahoo.com]
Sent: Thursday, March 18, 2004 2:35 PM
To: rule-comments@sec.gov
Subject: File No. S7-11-04

Do not punish investors for using ANY METHODS to
manage risk in their portfolios.

Crooks in the mutual fund companies engaged in
excessive trading in direct contravention to terms of
the prospectus, and now investors will have to pay
huge fees in order to protect their portfolios?

Punish the mutual fund companies and NOT INVESTORS.
Provide harsh and strict penalties to be levied
against the mutual funds and NOT the INVESTOR.

Todays markets are fraught with risk and there are so
much fraudulent activities that go unnoticed and
unpunished.  The few frauds that are uncovered go
relatively unpunished.  

STOP making investors pay for the fraud committed by
the few.

Christine Zarycky
1994 Sheffield Road
Birmingham, MI  48009



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