From: Stephen Maddox [stephen.maddox@worldnet.att.net] Sent: Thursday, May 06, 2004 2:49 PM To: rule-comments@sec.gov Subject: rule-S7-09-04 This pertains to the possible removal of 12B-1 fees that Reps are now paid for doing all the counseling and help we provide our clients .I am opposed to the elimination of these, as clients come to us for help not only at the initial investment time but rather for the continued service we provide our clients. We spend about 50% of our time just servicing the existing clients which bought these investments from us several years ago. We help with the allocation and selection of the funds, exchanges,redemptions,required minimum distributions, transfer to spouse upon death and to the children upon final death of the owner, lots of hand holding during crisis such as the crash in 1987, Iraq war in 1990, the terrorist attack on 9/11 and many other events. We DO NOT charge the clients anything because we get a 12B-1 fee. With out this 12B-1 fee most Reps will be forced to move to Advisory accounts where the clients will actually pay more than they are now. I hope you will consider the good things this has done for the clients and cost effectiveness. Are we moving backwards rather than forewards? When 12B-1 fees first came out ,we were told that now we could do what was right for the client and his children when they inherit the funds by not moving to other products just to make a commission. The 12B-1 fees have helped us to do just that. I would like to see the disclosure of the 12B-1 fees more for the investor.Please consider the good things these fees have allowed the honest broker to do for his clients. My clients are provided any type service they may need done in regard to the investments they have with me, and I do it all for FREE because I get a 12B-1 fee. It makes no difference if they bought the investment today or 10 years ago. Please consider the good things we do for our clients to receive the 12B-1 fee.Sincerly Steve Maddox SunAmerica Securities