From: Jim McGovern
Sent: June 15, 2007
Subject: File No. 4-538

As a registered representative for 23 years, I have always felt I have provided a tremendous service to my pre-retiree clients by providing fairly priced mutual funds and receiving a service fee of 25 basis points for ongoing services. I have explained the ongoing service fees to my clients and they have always felt that this is the best deal in town. Most of their other friends are paying four times that cost by participating in wrap accounts in which they pay their fees year after year at 1% or more . Since I am providing a retirement planning service, I now spend most of my time consulting and much less time finding new clients. I can afford to do this because my practice can generate the necessary income to support my family thru the so called 12b-1 fees. This to me is the equivalent of working 25 years for a fortune 500 company and retiring with a pension to provide for my needs in old age. How do you think I feel now when I am being told the 12b-1 fees are possibly going to be abolished because they no longer look like the marketing fee that they were supposed to be. It is completely beyond me to understand the reasoning behind this movement. Every individual who plans for their financial future knows they need to work with a financial professional to accomplish their financial goals in the future. With the fast moving markets, changing tax laws and the uncertain fate of social security where does a person turn to help. They turn to their financial advisor and ask very serious questions and the advisor helps knowing he is going to receive the 12b-1 fee for this service. Why would anyone want to jeopardize this relationship knowing very well the government will not be able to provide this service to the taxpayers. if these people have no one to turn to and then make poor decisions. Who will get stuck paying for their mistakes? This will add a hugh burden to government services and loss of taxpayer revenue due to a corresponding drop in retiree income. If these fees are changed and removed, it will be necessary to transfer these funds we manage to a wrap account and charge two to three times what we receive now to accomplish the same level of service. Why do we have to change something that is so simple yet so useful. It is so obvious the decision to rescind 12b-1 fees is so wrong that I feel the SEC is capable of making such a senseless decision. Thank you for your time.

Jim McGovern
Financial Integrity Group, Inc.
8420 W. Bryn Mawr, Suite 615
Chicago, IL 60631