Washington (April 29, 2003) -- Your mutual fund's dismal performance may be due more to taxes than anything else, according to a new study endorsed by the Joint Economic Committee.

The study by Lipper Research demonstrates that "over the long run the largest drag on mutual fund performance is taxes," said Congressman Jim Saxton, vice chairman of the committee. "It also demonstrates that a major component of this drag is the treatment of capital gains distributions. Tax deferral of these gains, to the extent possible, would benefit many millions of investors."

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