Subject: File No. S7-16-15
From: Seymour Sacks
Affiliation: President, Sacks Equalization Model Inc

November 5, 2015

"Comments attached"

Copyrighted material redacted. Author cites:
Livingston, Miles, and Rakowski, David A. "Mutual Fund Liquidity and Fiduciary Conflicts of Interest" Journal of Applied Finance, June 2013 Vol. 23, No. 2, pp. 95-103. Available at http://www.sacksmodel.com/wp-content/uploads/2014/02/journalofappliedfinance.pdf