Subject: File No. S7-03-04
From: David Meldrum
Affiliation: Officer, U.S. military reserves (and veteran - OIF, OEF and Noble Eagle)

June 15, 2006

As a long time individual investor in open mutual funds, I fully support governance by predominately independent directors. Conceptually, it should provide a "balance" that champions the investors. Functionally, it should prevent some fund management teams and fund families from "drinking their own bath water" or worse.
Please enact the proposal for independent directors.