From: Ron Cornell [mailto:ron_nancycornell@hotmail.com]
Sent: Thursday, June 24, 2004 4:35 PM
To: imocc@sec.gov
Subject: Mutual Fund Independent Chairman Rule


The new rule requiring every Mutual Fund to have an Independent Chairmen is wrong 
in our opinion.

If we invest in a Fidelity Fund, which we do, we don't want an outsider Fund 
manager or non affiliated Fidelity person in charge.  We will change our Fund if 
we become dissatisfied with the way the Fund is handled or if we don't like the 
results.  We are perfectly capable of changing if we want and have done so in the 
past.  The SEC has enough regulation of the industry without this.

We fully agree with The Wall Street Journal Opinion piece by James K. Glassman 
entitled Mutual Fund Folly dated 6/24/2004 and did before he wrote it.  We just 
didn't believe that Chairman Donaldson would vote for it.  Let the market do the 
voting.  

We would like to see this rule rescinded.

My wife and myself have no connection with the mutual fund industry.

Ron & Nancy Cornell

Salt Lake City, UT