From: Richard J. Gregory
Sent: June 14, 2006
Subject: File No. S7-03-04

As a retiree heavily invested in open end mutual funds I strongly urge the SEC board to act swiftly in favor of demanding that mutual fund companies board of directors be composed of at least 75 % independent representatives to look after and advocate for the interests of us share holders. I was dismayed that this rule was recently over turned on a technicality...THIS RULE IS NEEDED TO PROTECT THE PUBLIC, NOW!!!

Thank you.

Richard J. Gregory