SIFMA provides comments to the Securities and Exchange Commission (SEC) on mutual fund distribution fees, otherwise known as 12b-1 fees, Release Nos. 33-9128; 34-62544; IC-29367; File No. S7-15-10. SIFMA supports the SEC’s efforts to improve clarity and transparency with respect to the fees investors pay when they purchase shares in a mutual fund, and supports the idea of robust competition among intermediaries in the mutual fund market, and choice for clients with regard to payment options for mutual funds. SIFMA notes that certain aspects of the proposal may undermine the desired outcome or, at best, have limited tangible benefits to the majority of mutual fund investors.