From: K.D.Hill [Khill1476@aol.com]
Sent: February 26, 2004
To: rule-comments@sec.gov
Subject: File No. S7-03-04

I support the proposed changes that would provide for at the very least 90% of the funds' board be made up of persons independent of the fund manager/advisors. Moreover, the chair of the board should always be held by an independent member. This independent group of board members should further consist of a committee that exclusively monitours the funds fees and operating cost. Additionally, should be in a position to negotiate appropriate changes with the fund managers as required.

K.D.Hill, Wayne PA., USA