Subject: File No.
From: Francisco Morales
Affiliation: National Association of Insurance and Financial Advisor

October 27, 2010

Hello there:
Im a licensed Insurance Professional and Register Rep here in the state of Wisconsin. I have been in the business for over 30 years. I appricate the work you have been doing and I support 12b. However I have difficulties agreeing with the part that the SEC is permitting Mutual Funds to issue new classes of shares at net asset value that would allow Broker Dealers to set their sales charges and commission amount. AS I see it, as Broker-Dealers lower their sales and fees in an effort to gain market share, it will be no longer financially feasible for Register Representives to continue to asssist and provide the level of individvalized advice and ongoing service that is currently provided to the middle and lower income class of investors. Only the upper- class income investors who can afford assets-managment arrangments or higher cost/higher service classes of shares will continue to receive personalized investment advice. I beleive the middle and lower income will be hurt the most. Competition is fine and dandy, but not at the expanse of income groups.