From: Lorraine Lamey [rlamey@umich.edu]
Sent: March 7, 2004
To: rule-comments@sec.gov
Subject: File No. S7-03-04


To Whom It May Concern:

In Proposed Rule S7-03-04, the SEC proposes:

We propose to require that any fund relying on any of the Exemptive Rules have a board of directors whose independent directors constitute at least seventy-five percent of the board.

I would like to submit my support for this specific measure and the rule in general, as a means to inject further balances and transparencies into the investment arena of mutual funds.

I don't have professional experience to offer, but I have had one personal experience with Fidelity that supports a rule increasing the connection and voice of shareholders. While I have appreciated my investment fund opportunities with Fidelity, my experience of trying to get even one of their fund issue votes explained to me was incredible. Fortunately, I was unemployed at the time, so I could spend the total of two hours and ten transfers it took to talk to someone about what this one proposed action on one fund took. What I found out after all that time was that the daughter of the owner was being appointed to the board of a fund, and that Fidelity saw this as an acceptable approach (for obvious reasons). I'm of mixed feelings on such matters. Mom and Pop shop, or small law firms that engage in family traditions or nepotism seem to me a different matter than an investment firm that has vast numbers of shareholders and amounts of retirement monies at stake.

Thank you for your effort, your service, and the opportunity to comment.

Very truly yours,

Lorraine Lamey