Subject: File No. 265-28
From: Richard M Smithers

May 18, 2016

Subject: "Can't We Just Find Out What We Are Paying?"

I fully support the recent proposal to provide consumers with dollars-and-cents disclosure on their mutual fund account statements, as laid out in a recent recommendation from the SEC's Investor Advisory Committee.

I know this is a first step, but ultimately I would like to see similar disclosure statements from brokerage firms. For example, Morgan Stanley-Smith Barney should be compelled to provide complete dollar-and-cents disclosure in my monthly account statements of all expenses I incurred including mutual funds expenses, transaction fees, advisor fees etc.

I thank you for the opportunity to comment on this much ignored subject. I do not expect much to come of this due to the very strong lobbyists for the financial services industry in this country. However, one can always hope and dream.