Subject: File No. S7-15-10
From: Warren Kennett
Affiliation: Financial Advisor

July 26, 2010

I completely oppose the changes in mutual fund 12b-1 fees. I sincerely feel that these fees are fair and reasonable. Every business has a cost of doing business and servicing their customers. I strongly oppose our government or any regulatory agency controlling the fees of any industry. Financial Advisors have been under tremendous pressure over the past few years as a result of this recession. I have personally spent long days advising and servicing my clients through this difficult period. In good times or bad, we have every right to be compensated for our hard work. I sincerely feel that the significant reduction in our fees being proposed will adversely affect all customers. Our country has a high unemployment rate and many Americans need jobs. I do not see how this across the board reduction in revenue to our nation's financial institutions can lead to anything but layoffs in our industry. And if I or any other financial advisor make less money, then I have less money to spend which has a negative impact on consumer spending. I sincerely feel that I have earned every penny of any fee I have received for my services. I remain very dedicated to my customers as do most all advisors. It is only fair that we continue to be paid for those services. The current 12b-1 fees are fair and reasonable. I strongly oppose this proposal.