Subject: File No. S7-16-15
From: Ronald S Eliason
Affiliation: none

October 8, 2015

I believe the classification of assets in a mutual fund as to their liquidity is an idea worth trying. I also like the idea of passing some cost on to large investors in the fund for large withdrawals which can adversely affect other share holders although some funds already penalize shareholders for short term withdrawals. I am not sure how you would determine the fair cost. Also I would guess most fund shareholders realize the impact upon them when large amounts of shares are redeemed. Its the nature of the mutual fund structure. Thanks for the opportunity to comment.