Date:    06/29/2000  2:52 PM

Subject: File No. S7-09-00

     
To Whom It May Concern,
     
As a mutual fund participant, I would like for mutual funds to be required 
to disclose 
after-tax returns based on standardized formulas comparable to the formula 
currently 
used to calculate before-tax average annual total returns and require funds 
that 
include after-tax returns in advertisements and other sales materials to 
include 
standardized after-tax returns. The current reporting before taxes is a 
dishonest way 
of getting potential investors to invest their money with a certain fund. It 
may have a 
great pre-tax return but with taxes it is not nearly as high. Also included 
and in bold 
is the turnover ratio. This has a lot to do with taxes and should be easy to 
locate in 
the prospectus.
     
Thank you for you time.
     
Jeff Garrett