July 19, 2007

I am a licensed insurance professional and mutual funds salesperson.

In return for providing ongoing service and continuing advice to my clients regarding their investments, I receive trailing compensation much in the same way that insurance agents receive renewal commissions on the life insurance policies they sell. This trailing compensation is typically paid under a written plan adopted pursuant to SEC Rule 12b-1.

My clients value the personal relationship I have with them and have come to expect the very best service I can provide. Although the 12b-1 is a very small fee relative to the actual investment made by my clients, it is an important part of my compensation to be paid for the ongoing service I provide.I believe the elimination of 12b-1 fees would do considerable harm to those investors who need and want ongoing investment planning advice and counsel.

For these reasons, I urge the SEC to reject any proposal to eliminate or restrict the payment of 12b-1 fees to registered representatives for providing continued service to their clients.

Thank you for your consideration of my views on this subject.