Subject: File No. S7-03-04
From: Peter W Melitz

June 14, 2006

To Whom

As a major holder of mutual funds, it had always disturbed me to see the list of fund directors for one of my fund families so obviously loaded with "friends of the management". (Also, the excessive amount of money they were paid when all the fund boards on which they sat were added together.)

I had been hopeful that having a three-fourth majority of independent directors would better represent my interests in such matters as reducing fund fees as a fund grows, eliminating marketing fees, better (or some) transparency as to the operating fund managers' compensatio, etc., etc..

Please direct SEC resources to overturning the District Court's contradicting position in this matter.

Thank you

P W Melitz