Jonathan GFrom: Drew [vze3ccv8@verizon.net]
Sent: Sunday, May 09, 2004 4:14 PM
To: rule-comments@sec.gov
Subject: S7-11-04

Jonathan G. Katz
Secretary
Securities & Exchange Commission
450 Fifth Street, NW
Washington DC 20549-0609

RE: File S7-11-04

Gentlemen:

By way of identification, I am a Registered Investment Advisor who handles mom 
and pop accounts. My main investment vehicle is the use of mutual funds.

After due consideration, I’d like to summarize my view on this matter.

  a.. The proposed 2% redemption fee penalizes the small investor. 
  b.. The small investor is not the cause of the current scandal. 
  c.. The 2% fee is arbitrary and not supported by any accepted study. 
  d.. Mutual Funds already have the ability to curb abusive trading.  
  e.. The proposed 2% redemption fee becomes a hidden tax on the small 
investor who is not well versed in these matters. 
  f.. The proposed 2% redemption fee does not address the root cause of the 
current mutual fund problem. 
 
Based on the above, I am opposed to a mandatory 2% fee.

Very truly yours,


Andrew Ferraro, CFP
Drew Planners Inc.
237 Mamaroneck Ave
White Plains NY 10605
914-683-0900
Email: planners@bestweb.net