From: Robert Kleinman
Sent: June 19, 2006
Subject: File No. S7-03-04

I do not agree with your proposed requirement that 75% of mutual fund Board members, including the chairman, be independent of the management company. I am an investment adviser. I select funds based on the overall approach of a management company and the specific approach of an individual fund and fund manager. An example would be my choice of Oakmark Select Fund, managed by Bill Nygren of Harris Associates. I like Harris' value oriented approach and Bill Nygren's application in a specific fund. I don't need to add a bureaucratic layer of expense on top of the review of Bill Nygren done by Harris.

I do believe that the SEC should vigorously enforce rules such as the prohibition of after hours trading of mutual funds to protect fund investors. But I don't think an independent chairman and board needs to be a part of this.

Robert Kleinman
Financial Services
127 Soundview Drive
Port Washington, NY 11050