Date:    06/04/2000  2:36 PM

Subject: S7-09-00

June 4, 2000
     
S7-09-00
File 33-7809
     
Microsoft Word 5.0
     
RE: Disclosure of Mutual Fund After-Tax Returns
     
Common sense dictates using the 28% tax bracket since this is the tax bracket 
of most people.
     
Sincerely,
     
     
     
John J. Donovan