Subject: File No. S7-03-04
From: Marcella LaBelle

September 10, 2006

As an ordinary investor whose financial security is very much dependent on years of hard-earned savings invested in mutual funds, I couldn't agree more with John Bogle's position on the independence of mutual fund chairmen and directors. I simply don't see how investors can trust directors who are not independent to negotiate the best management fees for their shareholders. As far as I'm concerned, the independent chairman rule is crucial to reinstilling that trust. How can an executive of an investment adviser who serves as a fund director NOT have a direct conflict of interest? Why should shareholders be subject to such questionable governance?