From: Sheila Fehrenbach [sheila.fehrenbach@verizon.net]
Sent: March 7, 2004
To: rule-comments@sec.gov
Subject: File No. S7-03-04

I am in favor of an increase in the perectage of independent fund directors and the need for the chairman to come from the outsider group. Fees are too high and the current arrangement lacks any incentive to decrease them. Natural market forces are not in effect.