Re: Profile Prospectus for mutual funds
     
Dear Sir:
     
I would like to urge you to have the new profile prospectus include some  
information about the capital gains distribution for tax purposes.  Pre-tax  
performance is close to meaningless for most mutual fund investors.   
Adding this information to the prospectus could be done at minimal  
information gathering cost, and would present a more accurate picture of  
the fund's performance to investors.
     
I would also like to suggest to include a simple measure of fund turnover.  
 However, this is not as important as my first suggestions.
     
Sincerely,
     
Ivo Welch
Associate Professor of Finance
UCLA
     
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Ivo Welch			ivo.welch@anderson.ucla.edu 
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