Subject: File No. S7-03-04
From: James A Almond

July 13, 2006

Investment company directors currently appear to be managing for the benefit of the investment company rather than for the fund owners. This is evidenced by the high fees for which the fund owners receive no economy of scale. There are also hidden fees in the form of excessive transaction costs which are passed on to the fund owners over and above the stated fees. If the directors were truly representing the fund owners, these activities would not be tolerated.

I would like to see the 75% outside directors implemented. The funds cite the costs but they would be miniscule compared to the gouging we fund owners are taking through the two examples above.