Subject: File No. S7-15-10
From: Josef Sanders
Affiliation: Professor of Talmud, Yeshiva Darchei Torah of Toronto

October 15, 2010

I am an American citizen who has substantial investments in U.S. mutual funds. I must say I am totally opposed to all 12b-1 fees, because they significantly affect the average investor's earnings, without providing corresponding benefits. The current proposal is without precedent, and will take away billions of dollars of private citizens' money. Thank you.