Subject: File No. S7-06-04
From: Todd D Carlson

March 26, 2004

For the Reps that disclose all the fees to the customer regarding 12b-1 fees and how we are compensated on an ongoing basis for having their money under management, I think taking the 12b-1 fee away would be a grave mistake. What would be the incentive to keep working with the client and what would the client think if the rep was not being paid to manage their money. I would be a little concerned if I had my money with someone who used to get paid a little bit each year and then they were getting nothing. Noone works for free. I dont mind disclosing all the details but to try and take them away would at first sound good to the investor and then they would realize that they would end up with noone working for them for free and they need the service and advice. That would not be a good situation. Just because a few people seem to know it all does not consitute the bulk of the people in this world who do not know all that much about investing. You take away 12b-1 fees all together and not pay the rep something for their ongoing service would be a grave mistake. Do you know anyone who goes to work and gets paid the first day and then continues to come in and service the same client year after year and never is compensated again. This needs some carefull consideration. I think that a great deal of people that need the help would be left to do it themselves and their would be many more financial disasters for individuals in the future, because their emotions would get in the way, and allow them to make mistakes. thank you for your time, this is a very important subject.