From: David Ankrapp [d.ankrapp@comcast.net]
Sent: Friday, December 12, 2003 10:06 PM
To: rule-comments@sec.gov
Subject: S7-27-03:

Hello,
 
I understand the implications of "late trading" that several greedy brokers 
made within the major mutual fund families, but the latest proposals regarding 
"Market Timing" are overkill, and downright ludicrous, and will hurt the 
"smaller" investor who likes to trade in and out of funds, legally, in order 
to optimize his/her returns. My account is only $25,000 but I've built it up 
from an initial $5000 investment over the past two years only because I was 
able to trade in and out of the Fidelity Select funds (over a period of several 
days to several weeks) while paying modest (0.75%) redemption fees. I would 
not have had the opportunity to make these gains without the flexibility of 
"Market Timing" my trades... i.e. using my ability to  technically analyze 
the various economic sectors and then invest my dollars in sectors that are 
yielding the greatest returns over a short period of time, and then having 
the flexibility to transfer my equity to money market or bond funds when the 
returns of the sector funds appear to be heading lower. Trading/investing in 
mutual funds is no different than trading/investing in stocks or commodities/
Futures...Investing is RISKY.... if most folks can't handle the risk of 
investing, then they should be socking their money away in savings accounts 
or CD's. There is no "sure thing" in investing. Don't hurt the smaller 
investor/trader just because of an overzealous response to the media reports 
of the improprieties... use some common sense in coming up with oversight 
plans without killing off mutual funds as an avenue to maximize 
investment/trading gains.
 
Thank you.
 
Dave Ankrapp
Lansing, MI