Date:    06/04/2000  9:45 PM

Subject: Disclosure of Mutual Fund After-Tax Returns 

After-tax returns will be useful, but only a relatively small and decreasing 
percentage of mutual fund investors are in the highest tax bracket.  
     
Those of us in what is currently the 28% bracket are probably the vast majority 
of mutual fund investors.  We need relevant information even more than the rich 
people making so much more money.  Those in the 39.6% bracket are more likely to
hire professional help and are indeed in a much better position to pay for hired
help.
     
Walter J. Reitz
803 Carlton Ave
Lake Wales, FL 33853