Subject: File No. S7-06-04
From: Pamela S. Lanyon

March 18, 2004

I am completely opposed to your eliminating 12B-1 fees in the financial services industry. I believe the public will not be served if 12B-1s are eliminated because many brokers will just go to shifting people from fund to fund and get paid anyway. The brokers that are honest and operate their businesses with integrity will not be able to offer the service and care to clients in the same any longer. Hence, the public will suffer. I believe that congress and/or the SEC would be doing a grave injustice to the public if 12B-1 fees are eliminated or lowered. However, I fully understand the need for greater disclosure. Any impact on the 12B-1 fees I believe would have a devastating impact on the financial services industry and thereby the investing public. If you get rid of 12B-1 fees, front end loads may simple go higher. I know that if 12B-1 fees are eliminated many people will lose their jobs, I know, I am one of them