Subject: File No. S7-09-04
From: Scott Garnett

March 18, 2004

I own funds that charge 12b1 fees. For these fees I get extra service and advice. If I want to stop paying these fees I can buy funds that do not charge 12b1 fees. The free market system has given me these choices. It should be my choice and not the governmets. There are currently plenty of choices for investors. More regulation in this area is not needed.