From: George Creel [gecreel@earthlink.net]
Sent: Monday, March 08, 2004 7:45 AM
To: rule-comments@sec.gov
Subject: S7-03-04: 

Gentlemen:
 
I have long believed fund boards should not be chaired by investment advisors.  I 
believe it is too easy for the advisor to hide fees when the investment advisor is 
in charge of the fund.  The conflict-of-interest is too bare to continue.  It is 
particularly odious when combined with 'stacked' boards.  

I urge the SEC in its rule-making capacity to require independently-chaired fund 
boards.  Those individuals who hold both fund chairmanships and are investment 
advisors have too many conflicts of interest:  Who can you trust?  Nobody.  (Well, 
maybe John Vogle.)  It is for that reason that I have avoided mutual funds with 
the exception of  funds from the Vanguard Group.    Since the departure of John 
Vogle, I've been wary of them, too.

Sincerely,

George E. Creel
3412 Oleander Drive
Hernando Beach, FL 34607