From: Ana Salinas
Sent: August 10, 2006
Subject: File No. S7-03-04

SEC Chairman Christopher Cox

Dear SEC Chairman Cox,

I am very pleased that the SEC has proposed a rule which would require that boards of mutual funds have an independent chairperson and at least 75% independent directors.

For too long, small investors such as I have been aware of the excessive payment plans for mutual fund executives. Yet, as small investors with no voice, we have been unable to curtail these excesses. Hopefully the new rule that you have proposed will finally provide the protection of mutual funds that small investors deserve.


Ana Salinas