From: BolandDave@aol.com
Sent: Wednesday, December 04, 2002 10:59 AM
To: rule-comments@sec.gov
Subject: File No. S7-38-02

Investors absolutely have right to know how their shares/proxies are voted by 
mutual funds' managers. It's our money NOT theirs. 
 I don't believe for a second that fund managers represent shareholders' 
interests in their voting. If they did, they would take out full-page ads 
announcing how they voted and why. 

Even worse, the large holdings by mutual funds and pension funds make the 
voices of individual investors largely irrelevant in proxy voting. I vote on 
my 200 shares of a company. Fidelity votes on 20 Million shares of the same 
company (with some of MY money in "their" shares) and steadfastly refuses to 
tell me how those shares were voted. Outrageous! These fund manages approved 
all of the ridiculous pay packages, stock options and perqs that have come to 
represent the excesses of the 90's and they have the stones to suggest that 
investors should continue to trust them.

If confidence is ever going to be restored to the equities (talk about a 
misnomer!) market, investors must have a whole lot more disclosure from ALL 
market participants.

Dave Boland
Washington Crossing, PA