WASHINGTON - The corporate structure that the mutual fund industry says is a key to its effectiveness - the system which permits independent mutual fund directors to serve on numerous boards in the same fund complex - appears unlikely to change any time soon.

SEC Chairman Arthur Levitt said Wednesday that the number of boards on which a fund director serves is, "not a matter for rulemaking or regulation." In addition, Levitt said during a two-day conference here that he saw no, "correlation between compensation and independence" when it comes to fund directors.

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