Date:    06/29/2000  8:33 AM

Subject: File No. S7-09-00
 
To Whom It May Concern,
     
As a small investor, I think that it is really important that mutual funds 
disclose both their pre-tax and after-tax returns.  Knowing this information 
is critical in making an informed choice especially if the funds are to be 
held over a significant period of time in a taxable account.    
     
Sincerely,
     
Miguel A. Ares