From: CGSCLU@aol.com
Sent: Friday, May 14, 2004 9:08 AM
To: rule-comments@sec.gov; CGSCLU@aol.com
Subject: (no subject)

RE:"File No. S7-09-04"

Gentlemen:

I read you may be considering doing away with 12-b1 fees in mutual funds. I sell 
to 401-k retirement plans with minimum assets of one million dollars. I sell all 
mutual funds at NAV, or with no up front or back end sales charges. I do not 
charge fees. The only way I am compensated is through 12-b1 fees that are charged 
by the mutual funds. my business is extremely labor intensive as I provide service 
to each of the individuals in the 401-k plans. I will be unable to service these 
accounts if I do not receive service fees generated by 12-b1 fees.

Please consider this matter carefully as the impact to me and thousands of other 
brokers like me will be negatively impacted.
Sincerely,
Greg Stewart


Greg Stewart, ChFC,REBC 
1430 Triad Center Dr.-J
St. Peters,Mo. 63376
phone 636-477-0300
fax 636-477-0306
cell 314-503-6200