Date:    06/06/2000  1:18 AM

Subject: S7-09-00

     
I agree with this rule as proposed.  Although many individuals may feel that 
rates of return for each tax bracket should be shown, this would result in a 
table that would be too confusing and cumbersome for many investors.  Most 
investors complain that they are unable to understand much of the information 
shown in a prospectus right now.  
     
In addition, this would be too costly for funds to compute several after tax 
returns.  Congress could always add more tax brackets which would make the 
table even more confusing.  Prior to the 1986 tax reform act this country had 
as many as eleven tax brackets.  Requiring after tax returns at the maximum 
tax rate combined with the before tax rate of "0" should allow investors of 
reasonable intelligence to interpolate between the two for their own tax 
bracket.  In addition use of the maximum tax rate is partly mitigated by the 
fact that state taxes are not considered.  I agree that considering state 
taxes would be far to complex and costly for the funds to show.
     
     
Victor Mitchell, CPA
25 Lincroft Avenue
Old Bridge, NJ 08857