Date:    06/28/2000  1:57 PM

Subject: "File No. S7-09-00"

     
I urge you to adopt the proposed rule on mutual fund disclosure of after-tax 
returns.  The twin reports, before and after the maximum level of federal 
taxes, will usefully indicate to investors the entire range of potential 
returns.
     
Regards,
     
Jay Smith
Arlington, VA