From: Loch Phillipps
Sent: August 10, 2006
Subject: File No. S7-03-04

SEC Chairman Christopher Cox

Dear SEC Chairman Cox,

Exorbitant executive compensation, not the pay of the average worker, is the most egregious assault on the interests of the shareholder and this is almost never on the table for discussion in any meaningful way. Stop this charade.

The Investment Company Act requires that mutual funds be managed in the interests of their shareholders. Requiring independent directors and chairpersons will help ensure this safeguard for the small investor, to make sure the little person gets a fair shake.


Loch Phillipps