Sent: Tuesday, March 16, 2004 10:50 AM
Subject: OPPOSED TO YOUR PROPOSAL TO DEMAND "INDEPENDENT" CHAIRPERSONS
OF MUTUAL FUNDS



Dear SEC Commisioners,

I have worked in the investment management industry for almost 40 years and
have observed a variety of styles and practices.  Fidelity Management is one
of the shining lights of goal congruence with their investors.  They have
superior ethics, superior people and have had superior results over time.  I
have personal capital with them and had the pleasure of working there some
37 years ago while attending graduate school.  I recently read Ned Johnson's
letter that was published in the 2/17/04 Wall Street Journal and attached it
for your convenience.  I agree with him totally.  Your ill conceived and
uninformed proposal goes against all logical observation of responsible
governance and stewardship.  It will, in my opinion, most likely result in
exactly the opposite result than that which you intend.  I suggest that you
drop it immediately.

Sincerely,

Phil Lamoreaux

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Mr. Johnson's article appeared as an editorial in The
Wall Street Journal on Tuesday, February 17, 2004.