Date:    5/25/97 2:59 PM
     
     
I have been a mutual fund investor for over 10 years and must Agree with Mr. Don
Phillips letter in that I expect to be treated as an owner ,not a consumer.  In 
that light I expect the SEC to govern from this perspective on all matters 
including the Fund Profile issue.  Do not succumb to the complaints of excess 
detail in fund prospectuses [from what I could consider to be "lazy investors] ,
you must help the industry find a way [with the help of many smart industry 
experts] to maintain the detail but make it less "legalese" so the layman can 
comprehend it within a reasonably limited number of pages.  Stand strong on this
point, do NOT replace the existing prospectus with a profile as it does not 
serve us the shareholders.  The Mutual Fund industry must be required to find 
another solution that communicates all that is needed in a better way.  I expect
your support and protection on this issue.  Thank you for your time in reviewing
my input. 


Richard C. Murphy
     
PS.  I only wish we could get employers to be as disclosing on 401K portfolio 
content as the mutual fund industry is in their current data to shareholders.