Subject: File No. S7-03-04
From: Robert MacDonald

June 14, 2006

As an investor in open end mutual funds, I urge the SEC to re-instate the independent board member rule. When the commission initially issued this ruling, I felt that we shareholders would finally get a small measure of control over the funds that we own instead of having control entirely in the hands of the fund management team. I was disappointed when the court invalidated it on a technicality. Now that the commission has an opportunity to vote in favor of the mutual fund shareholders, I urge you to do so.