Subject: File No. S7-15-10
From: William B Beery, IV

October 21, 2010

On Oct. 20, Morningstar submitted a comment letter to the SEC in response to its 12b-1 fee reform proposal, Mutual Fund Distribution Fees, File No. S7-15-10.

I have read this comment letter on the Morningstar website and agree with their opinion.

They (Morningstar) do not go far enough in pointing out the damaging effects of limiting certain fees without completely categorizing all fees to avoid the diversion of fees from category to category.

Regulators need to review the entire potential impact of their regulations on the consumer and the vendor.

The SEC, even under current leadership, has a shaky record of selecting effective carrots and sticks in order to balance the power of investors (particularly individuals such as myself) and institutional investment vendors.

I am not looking for a free ride or a bunch of paper shipped to me by my mutual funds (what happens now) in the hopes that they can cite the disclosures in court. I just want a fair chance to figure out who is likely to make me money and who will not.