Subject: File No. S7-03-04
From: Michael Karr

June 23, 2006

Between my wife and myself we currently own 27 individual stocks and interests in 9 mutual funds. This is our total retirement fund as neither of us have any company pensions.

It frustrates and disgusts me as to how much corporate executives and Boards of Directors are compensated today, and how abusive they are of individual investors such as ourselves. Many outside directors are paid $100,000 or more annually, and are then given bonuses if they attend meetings. And when I review proxy statements I find that there are many interlocking directorates among the Board members. Makes you believe that "the good old boys club" is still alive and well.

The more independent the SEC can make Directors, and exclude common directorships, and have the Chairman of the Board be an outside director, and make bonuses and salaries tied directly to the market price of the stock/fund.....then perhaps there will be a little more for individual investors such as myself to enjoy in their retirement years. Corporate executives and Board Members seem to forget that they serve for the benefit of the investors, not vice versa.