Date:    06/29/2000  8:48 AM

Subject: After Tax Returns

Ladies and Gentlemen,
     
Mutual fund companies in bold print advertise their pretax 1 year, 5 
year and 10 year total returns.  To more accurately reflect these 
returns to their tax paying fund holders the mutual fund companies 
should provide a table showing the after tax returns.   The table could 
be simple showing the impact of various rates of taxation, such as 
annual rates of 25, 30, 35, and 40 percent.   Under the current system 
the only investors who get usable information are those who don't pay 
taxes.
     
Michael O'Day
34 Brookside Avenue
Berkeley, CA 94705