Subject: File No. S7-15-10
From: Joseph Towson
Affiliation: Financial Advisor, Raymond James Financial Services, Inc.

August 19, 2010

To Whom It May Concern:

Your proposed changes to 12b-1 fees will essentially cause me to terminate longstanding relationships with some one-hundred thirty-one clients, whose account values are less than $25 thousand. This will be painful, since many of these small accounts are friends.

In short, this proposal will eliminate personal advice and service for small investors.

I strongly urge you to leave 12b-1 fees as they now stand.


Mr. Joseph Towson
Financial Advisor
Raymond James Financial Services, Inc.