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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Joan Osland Graffius who wrote (88708)	1/21/2001 12:13:36 PM
From: Knighty Tin	Respond to of 132070

Joan, One of the biggest bugaboos of bad mutual fund managers is that they give their customers fat tax bills during years when they lose money. But, then again, many of those funds were sold, incorrectly, as "yield" products with the capital gains distributions considered yields. The cap gains can be yields when they are derived from options strategies, but for a straight equity fund, it is better to describe them as one time windfalls. So many managers have to meet a cap gains payout goal that they sell their winners and hold their losers.