Subject: File No. S7-03-04
From: Robert J Rickard

June 14, 2006

As a long time investor, I am amazed at the lack of authority afforded to shareholders. While this proposal, attempts to put some independence on the Board of Directors, I cannot believe that this little advance could be opposed by members of a commission that gives the appearance of advancing the health of the securities industry. While we cannot place a name up for a directorate, this proposal would at least advance the cause of the real owners of the shares held by the funds and start to put some power in other than the management - where it rightly belongs. I strongly urge you to pass the proposal to require a majority of independent representation on the boards.