Subject: File No. S7-90-00
 
Date:    05/06/2000 8:56 PM
     
     
To Jonathan G. Katz, Secretary, SEC:
     
I am in favor of the SEC requiring mutual funds disclose the tax 
efficiency (after tax data) of their funds as it relates to taxable 
investment accounts.  I opened my first taxable investment account in 
April, 2000, and did not realize that I should  not only have researched 
the fund manager and performance, but also the tax efficiency of the 
fund.  I was surprised to learn that the average fund sacrifices 2.5 
percentage points of its gains to taxes each year.  If fund tax 
efficiency is required and disclosed by mutual fund companies, the 
average investor (like myself), can make a more informed choice and shop 
for low rates just like credit card rates.  Thank you for allowing this 
input.
     
Joan E. Padgitt