From: Karen B Maughan [kmaughan@cnw.com]
Sent: Wednesday, March 10, 2004 2:35 PM
To: rule-comments@sec.gov
Subject: S7-03-04: 

I believe that the position taken by Mr. John Bogle of Vanguard is the
correct, reasonable position-having separate persons heading the Fund
company and the advisory firm advising the Fund.

Karen Maughan

Karen Maughan
15619 Yokeko Drive
Anacortes, WA 98221
360-299-9114
kmaughan@cnw.com