From: William H. Belk
Sent: July 9, 2007
To: rule-comments@sec.gov
Subject: File No. 4-538

I wish to advise that the 12b-1 fees are totally legitimate and is an area where agents are compensated for their on going work with their clients portfolios. I think the government needs to keep their hands out of this area. I have been a registered rep for 23 years and work very closely with my clients,

Thank you for your time.