From: Glenn Young [younggg@cox.net]
Sent: Tuesday, March 09, 2004 5:02 PM
To: rule-comments@sec.gov
Subject: S7-03-04: 

Importance: High

Dear Sirs,

Regarding IC-26323, (governance of mutual funds), I would like to make the
following comment:  

In order to avoid conflicts of interest, the Chairman of a mutual fund
should NEVER be a member of the investment advisory board.  Advisory board
members are tasked with maximizing profit to their companies.  The Chairman
of the mutual fund is tasked with maximizing profit to the fund owners.
Since the fund owners are not the advisory board, a conflict is clear here.


To preserve public confidence in the financial system, to avoid
improprieties (and the appearance of such improprieties), and to do what is
obviously the just and ethical thing, I encourage the SEC to pass and
vigorously enforce IC-26323.

Sincerely, Glenn Young