Subject: File No.
From: Steven Schildt
Affiliation: Financial Representative

October 29, 2010

In reference to File Number S7-15-10, I find the idea of mutual funds allowing broker dealers to eliminate or greatly reduce sales charges to be competitive to be a bad idea. If people want free or net asset value, they can go online now and invest direct to fund. Why turn the market on its head and wipe out the middle class investor? Why would a financial rep work for free? People get what they pay for. If they want free, they will get no service. A race to the bottom on sales charges and free service eliminates the middle class investor business.