Subject: File No. S7-06-04
From: Robert L Adams

March 13, 2004

In looking over the proposed forms I did not see a disclosure item concerning Capital Gains taxes. I suggest there be a requirement to show overall results including taxes paid by the fund holder. A standard tax rate of 28 could be assumed for computational purposes.

I believe this type of disclosure would differentiate between Funds which turn the portfolio over rapidly and those that invest more long-term. Taxes are a hidden cost of owning Funds and need to be known by the investor.

While there is a danger of requiring too much information to be reported, I suggest the expense of taxes is a vital comparison tool and should be required.