From: HARLANHHOBGOOD@cs.com
Sent: Thursday, June 12, 2003 2:49 PM
To: rule-comments@sec.gov
Subject: (s7-36-02) Oversight of Mutual Funds and Exeuctive Compensation

It is essential that the SEC take a more active role in setting appropriate 
rules regarding shareholder access and in governance of mutual funds.  I 
currently own several Fidelity Funds.  I find that I am denied access to 
information regarding the compensation of the fund managers.  Moreover, the 
current trustees of the funds (board of directors) are interlocking among the 
funds with the same trustees serving on the boards of up to 250 funds.  Their 
individual compensation as director/trustees is not given in annual reports. 

I urge the SEC to establilsh new oversight and access rules on mutual funds.  
1) require all funds to publish in their annual reports executive compensation 
information and whereever possible a board-committee to which shareholders may 
correspond regarding these compensation levels; 2) an open nomination process 
for trustees or board members for all funds and a complete disclosure of the 
relations of each trustee or board member to other funds in the family of funds.  
The current interlocking trustee system stinks as does the system for their 
compensation.  Reform is urgent.  Finally, we need to have some say in the 
position that our funds take regarding the corporations in which we are invested.  
Here again, we have no way of protesting the executive compensation levels that 
are now in play. 

Perhaps it is time to establish an SEC office of obmudsman for mutual fund 
investors to access for investigation and reports on mutual fund governance 
and management. 

Will you also please investigate the Exeuctive Compensation at Dynegy.  Their 
annual report shows compensation levels that bear absolutely no relationship 
to the performance of the company and moreover are so exorbitant that they 
should be outlawed.