Subject: File No. 265-28
From: Michael D Topal
Affiliation: Assistant Dean for Core Technologies, University of North Carolina at Chapel Hill

May 10, 2016

Dear Committee,

Please investigate ways to make costs clear for investment products such as mutual funds and exchange traded funds. When I see my investment statements, there is never a clear indication of the costs associated with these investments making it difficult to compare options.

Thank you.
Michael