Subject: File No.
From: George Ronald Mercer
Affiliation: Registered Investment Advisor

October 27, 2010

Allowing broker dealers to set the 12b-1 fees will be passed on to the individual brokers making it difficult if not impossible to provide clients with the level of service they need. Markets are getting more and more complicated and investors need support more than ever. They get that service from advisors. Allowing the reduction of 12b-1 fees will decrease the level of servie the advisor can give ultimately leading to less consumer participation in the market. This will impact the economy as a whole