Subject: File No. S7-09-04
From: charles b murdock, m.d.

June 6, 2004

i fully support eliminating 12b-1 fees as these clearly have been misused by brokers/financial planners to provide compensation for selling funds or advice, while this is not the stated objective of the 12b-1 fees. currently several participants in our profit sharing plan are being charged 12b-1 fees on funds that are closed to new investors, with the individual plan members doing pure self-directed investment. no broker has been or will be involved in managing these investments, yet these hard working,self-directed investors are being unfairly taxed with an ongoing 12b-1 fee. i have no problem with brokers or investment advisors being paid for their work , but they should be paid by their clients, not by all fund investors. please eliminate the 12b-1 fees so that innocent self-directed fund investors are not being robbed to pay them.