October 14, 2010
Dear Ms. Murphy,
I am writing to express my concerns over the proposed changes to 12b-1 fees. While they are not necessarrily used for advertising purposes as they were originally intended, they have become a large part of my fee based platform. If the proposed changes are implemented and a cap is put on these fees then I will be forced to switch over client accounts to another type of fee-based account, thus generating unneccesary capital gains for my clients in their taxable accounts, and I will have to eliminate offering servcies for smaller clients that do not have enough funds to open a fee based account. I have no problem with better disclosures to the general public about these C share classes, as I already fully disclose how they work, but STRONGLY urge you not to implement these changes to cap the ongoing nature of C shares as it will hurt the general public.
Thank you for your consideration of this matter.
Bassett, Brosius & Dawson, Inc.