Subject: File No. S7-15-10
From: Gary Frank

August 4, 2010

I am a middle America advisor. I bought a firm which the valuation was based on 12b1 fees. How will I pay the loan back and service those clients if you cut my revenue by 75%
You are so wrong on this. Lets disclose the fees, call them whatever you want, but if you take that revenue away I will no longer service those accounts and cut staff or significantly increase the clients cost through fee based.