Subject: File No. 265-28
From: Warren B Keyser, Jr.

May 6, 2016

I like the idea of showing costs of mutual funds in dollar terms rather than percentages.

As the committee's recommendations point out, investors tend to overlook the importance of a 1% vs 2% vs .5% expense figure.

In no other instance is my account charged for expense items and I am expected to figure out the dollar amount I am paying based on obtuse tables available in a multi-page report.