Sent: Sunday, March 21, 2004 7:26 PM
Subject: S7-06-04:

In my opinion as an informed individual investor and member of AAII 
this is another example of government bureaucracy run amuck.  You add 
layer upon layer of rules which must be complied with and this in 
itself adds cost burdens to the fund companies and advisors.  You will 
never be able to create enough rules and disclosures to protect 
ignorant and uninformed investors from their own stupidity so why 
burden the system with yet another layer of bureaucracy.

If the SEC finds that some practice is so unethical that it should be 
outlawed then change the law and enforce the law.  But please don't 
burden an already over-regulated industry with more rules and 
paperwork.  The investors that are too lazy to understand these issues 
will also be too lazy to read and interpret yet more reports and 
documents being sent to them.  The investors who understand these 
issues don't need to be told.

Ronald Engelsman
Secretary of the Orange County Chapter of AAII
289 Calle da Gama
Anaheim, CA 92807-3905

714-998-2696