From: Mike and Barbara Hurley
Sent: June 23, 2006
Subject: File No. S7-03-04

I was glad to see the SEC to issue a rule to compel mutual fund companies to require that 75% of their board members to be independent. This will go a long way to realign the mutual fund for the benefit of its members. Hopefully with some teeth in insuring the fiduciary duties of those board members themselves. The cost of such efforts to be paid out of fees charged by the mutual fund is a legitimate expense. Please donít let the court challenge induce the SEC to back down. Mike & Barbara Hurley (heavily into funds)