Subject: File No. S7-15-10
From: Brian Mailey
Affiliation: Financial Advisor

August 10, 2010

Once again the SEC has confirmed to the public and our industry that it does not fully understand the business for which it regulates. Financial Advisors including myself do many things for clients for which we do not receive financial compensation. Mutual Funds have been a great way for clients of any size to build a diverse professionally managed portfolio. C class shares have been a great way for financial advisors to receive compensation while providing investment advise and flexibility to a clients portfolio. The 12b-1 fee is not a sales charge It is a management fee to compensate responsible advisors for their hard work and dedication to their clients financial well being. Shame on the SEC for not recognizing the dedication of those of us who live in the trenches while trying to provide honest, timely,intelligent advise to our clients. Should our compensation for that advise have an expiration date? A change in the 12b-1 will force financial advisors and their firms to seek other forms of compensation, and believe me they will. In fact, they already are. In the end, the client will have been better served had they simply paid the 12b-1 fee and recorded it as their financial advisors compensation. A C class mutual fund is far and away one of the best investments for the client that the industry has produced. Wake up SEC officials