From: Michael J. Penn
Sent: July 19, 2006
Subject: File No. S7-03-04

The SEC indicated in June, 2006, that it was re-opening the comment period for the rule requiring 75% of mutual fund board members to be independent, including the chairman.

I agree with both John Bogle and Warren Buffett that mutual fund directors have been lap-dogs rather than guard-dogs on far too many occasions; to that end, I would like to add my support -- as a single investor who uses and relies upon mutual funds for growth and protection of capital -- for the rule requiring that 75% of mutual fund board members, including the chairman, be independent of the management companies running the funds.

Thank you for the chance to add my support to the many voices supporting the 75% rule.


Michael J. Penn
Libertyville, IL