From: PRyan101@aol.com
Sent: Sunday, January 19, 2003 4:21 PM
To: rule-comments@sec.gov
Subject: Mutual Funds (s7-51-02)
Dear Commissioner:

I am still having problems with why this industry can't be more user 
friendly. In the late 1990's the markets performed at levels which 
were not sustainable. Today the mutual funds industry uses this return 
data to market their performance. 

Unfortunately, these marketing plans are only geared toward lining the 
pockets of the managers and not current share holders. The stewardship 
of a portfolio is paramount to shareholders receiving a decent return. 
Too often we see the fund managers fighting progress in the name of cost. 

Disclosure is the cheapest form of lobbing...let the content of the 
portfolio, and the returns do the talking and open-up the fund so the 
transparency shines thru.

God bless America,
Peter Ryan