December 4, 2002From: pat giles [patg@union878.com]
Sent: Wednesday, December 04, 2002 8:02 PM
To: Jonathan G. Katz
Subject: Microsoft Word 2002

December 4, 2002

Mr. Jonathan G. Katz, Secretary,
Securities and Exchange Commission
450 Fifth Street, NW
Washington DC 20549

Re:       File No. S7-36-02

Dear Mr. Katz:

On behalf of the thirteen hundred members of Hotel Employees 
Restaurant Employees Local 878, I am writing to express strong 
support for the Securities and Exchange Commission’s recent 
proposal, S7-36-02, Disclosure of Proxy Voting Policies and 
Proxy Voting Records by Registered Management Investment 
Companies.  Most importantly, I strongly support those provisions 
that would require mutual funds to disclose their actual votes cast.

Mutual funds hold large stakes in virtually every public company 
(mutual funds own 21% of U.S. corporate equity), their proxy voting 
power can be decisive in protecting the workers’ retirement savings 
from the consequences of weak corporate governance.

Mutual funds have a fiduciary duty to vote proxies in the best 
interests of their investors.  The SEC’s proposed rule would give 
investors the information they need to ensure that their mutual 
funds take this fiduciary responsibility seriously.

I thank you for the opportunity to comment on this proposal on 
behalf of Hotel Employees Restaurant Employees Local 878 of 
Anchorage Alaska.

Sincerely,

 
Patricia Giles
Secretary/Financial Treasurer