From: Jack Dreyer [mailto:jdreyer@wi.rr.com]
Sent: Tuesday, January 14, 2003 5:33 PM
To: chairmanoffice@sec.gov
Subject: Mutual Funds - Discloser of Proxy Votes


Gentlemen,
 
I know that the public comment period is now closed on this proposed 
rule.  However, when the two largest Mutual Funds companies use the 
Wall Street Journal to promote their own protective views the public 
also need the opportunity to offer a comment on their statements.  I 
did offer my comments during the public comment time period, which 
the first time I have ever done something like this, however the Mutual 
Funds industry operates almost in total secrecy and there needs to be 
much more transparency in all of our financial industries.
 
In the January 14 WSJ the CEO's for both Vanguard & Fidelity jointly 
offered their opinions on the possible proposal from your department 
on mutual funds providing to their investors the information on how 
they vote my proxy on corporate issues.  Messrs. Brennan & Johnson open 
their statement with the absolute false statement that "while it seems 
a well-intended effort to restore investor confidence in corporate America 
and promote accountability, the proposal 's untended consequences could 
undermine the best interests of the 95 million mutual-funded shareholders 
in the US".  They go on "these clients count on us to make the wisest 
investment choices we can" and they go on further, "they expect us to vote 
the proxies of shares held in our funds and to vote in their best interests"  
IF THIS IS REALLY THEIR CHARTER WHERE HAVE THEY BEEN IN THE LAST 36 MONTHS 
AND WHAT HAVE THEY BEEN DOING WITH MY MONEY.  I pay these people a fee to 
manage my money and in the last three years they have collected that fee 
every time.  I have counted on them to make the "wisest investment choice 
for me" and I have lost money for 3 years.  Now I understand that the 
market is a RISK that is why I "count on them to make the wisest investment 
choices they can".   They operate only for their own investments and their 
protection packages.  I am not talking about the losses from the high 
profile companies but the thousands of companies that every year have to 
"RE-STATE THEIR NUMBERS" or cover the up the crooked accounting that has 
been discovered.  Where is the MUTUAL FUNDS INDUSTRY when it comes to 
"these clients count on us to make the wisest investment choices we can" 
and they go on further, "they expect us to vote the proxies of shares 
held in our funds and to vote in their best interests" ? 
 
Please make this rule  in favor to the INVESTOR and go further in your 
investigation of the Mutual Funds Industry.  What other company, corporation, 
bank or investment company ONLY HAS TO TELL YOU ONCE A YEAR WHERE THEY ARE 
INVESTING YOUR MONEY.  Have not the Mutual Fund companies invested in 
computers to run their funds and invest my money.  They know at the END 
OF EACH DAY WHAT THEY ARE INVESTED IN AND WHAT COMPANIES MY MONEY IS 
INVESTED IN.  It is time for me to know the same information at least 
ONCE A MONTH. 
 
I charge you to add transparency to the Mutual Funds Industry.  They have 
asked that the companies that they invest my money in to be more transparent.  
I ASK THEM TO DO THE SAME.  I need your help.
 
Thank you,
Jack Dreyer
jdreyer@wi.rr.com