Subject: proposed profile prospectus Date: 5/19/97 11:31 AM As new retirees who depend for our income entirely on investments in mutual funds, and as paratial owners of those mutual funds in which we invest, we want to express our deep concern about the proposed rulemaking which would enable funds to provide a profile prospectus instead of a prospectus which fully discoses to owners and prospective owners the operations of such funds. Even under current regulations permit some information to be available only request in statements of additional information fund management in most cases acts in a proprietary manner, and as if dthe fund management company were the manager of the fund. In our experience idt is sometimes very difficult to get such statements of additonal information. And certainly the annual and other reports of most funds provide poor disclosure for the owner investor. We would have no objection to a plain english prospectus summary being provided with every prospectus. But it is our belief that the full prospectus and indeed the statement of additonal information should be provided each investor-owner or prospective investor owner. Any rulemaking by the SEC in this area must protect owner investors. Indeed as funds have beacome much larger in recent years, and many new funds have emerged, it seems fund management has become less open to owners, less forthcoming, and more like the owners themselvles. The advent of new funds, which would would thinkk would intruduce competion for open disclosure, has, in our judgment not done so. Mathew and Margaret Ahmann