S7-11-04:From: Mike Sheridan [Mhsheridan@FBMC-BENEFITS.com]
Sent: Tuesday, March 16, 2004 8:53 AM
To: 'rule-comments@sec.gov'
Subject: S7-11-04: 

The proposed rule should not apply to mutual funds held in IRS qualified 
retirement accounts such as 401k  if the funds were held by a qualified trustee 
such as a bank. Participants in these plans rarely trade their accounts but 
there are occasional instances where a participant may rebalance their holdings 
and then change their mind, possibly within the suggested five day period, and 
should not be subject to the redemption charge.

While applauding the Commission's efforts to end market timing practices, it 
seems unfair to subject retirement plan investors to potential penalties and 
punish these non-abusers, in order to punish the real abusers.

I hope that the proposed regulations will be modified to exempt participants in 
401k plans whose funds are held by qualified Trustees.

Michael H. Sheridan 
President, Vista Management Company 
NASD, Broker - Dealer