From: E. Briggs
Sent: June 14, 2006
To: rule-comments@sec.gov
Subject: File No. S7-03-04


My wife and I own open end mutual funds in our retirement portfolios. We support the actions of the 2004 SEC amendments and desire that they be reinstated. At no or a minimum additional management cost they protect the integrity of the fund and it's shareholder value.

SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 270

[Release No. IC-27395; File No. S7-03-04]

The amendments, first proposed on January 15, 2004, would impose two conditions on investment companies ("funds") relying on certain exemptive rules. First, fund boards would have to be comprised of at least 75 percent independent directors. Second, the boards would have to be chaired by an independent director. In addition to the costs of the two conditions, commenters may address any issue related to the underlying purpose of the two conditions, which is the protection of funds and fund shareholders. As required by section 2(c) of the Investment Company Act, the Commission specifically seeks comment on whether the proposed rule amendments will promote efficiency, competition, and capital formation.