Subject: File No.
From: Janice A Kaplan

October 28, 2010

RE: File Number S7-15-10

I support new SEC rule 12B-2, which would continue the 25 basis points fee that is used to ensure investors receive ongoing service and advise. I strongly object to the SEC permitting mutual funds to issue a new class of shares at net asset value that would allow broker-dealers to set their own sales charges and commission amount.

As fees are lowered, it will no longer be feasible for registered representatives to continue to provide the level of individualized advice to our clients. It is my concern that only upper-income investors who can afford assets-under managements arrangements or higher cost will continue to receive personalized investmens.
Investors with smaller funds account will be forced to self to self-direct their accounts if they wish to continue to own mutual funds because their advisors will no longer be able to afford to spend time to guide and advise then.

The people the SEC are trying to protect the most, middle and lower markets investors, will be hurt the most. They are the clients that need the the most guidance and services.
Sincerely, Janice Kaplan, CLTC