Subject: File No. S7-25-99
From: S Corr
Affiliation: none

January 6, 2005

Re: Fee/Commission disclosures
When I purchase a mutual fund or stock, the fee that the broker/brokerage firm receives should be clearly noted as either commission or fee and NOT as a MARKUP. This should be the case even if purchasing a B share, where the mutual fund makes a payment to the broker each year.
Also, regarding annual fees, statements should indicate clearly what the annual charge will be and how it is calculated. This information should not be in a footnote. For example, I just got a statement today and found an 80 dollar annual account fee. It does not indicate how that was calculated and I was not notified by letter that a fee would be charged and what it would likely be given my balance at the time of the notice. Indeed, it was probably conveniently buried in the monthly newsletter that comes with my statements.
Mandatory disclosures would make investors happier by vastly improving transparency.
Thank you for all the good work you are doing...