From: [] Sent: Tuesday, June 01, 2004 5:17 PM Subject: 12b-1 distribution fees s7-09-04

I am the president of a family investment partnership with large mutual fund investments. Generally we purchase mutual fund investments and hold them for many years. We purchase directly from the fund distributor. We are opposed to 12b-1 fees because we get virtually nothing in return. Investors should decide whether or not these fees are justified not the fund distributor. If investors require intermediary advice, they should pay the intermediary directly. Peter R. Kemmerer, Mesa Verde, Inc, Cranbury, NJ