Subject: File No. S7-03-04
From: Dale Gehring

September 11, 2006

I support SEC regulation S7-03-04 requiring that 75 percent of mutual fund boards be independent and work under an independent chair. Regretfully history has demonstrated that, without and independent board, boards will continue to place the interests of CEOs over the interests of investors. Please implement regulation S7-03-04.

Dale Gehring