Date:    06/28/2000  2:36 PM

Subject: File No. S7-09-00

Dear SEC,
     
I am writing regarding your proposed rule on after tax rate of return 
disclosure.  Let me just say that this is a good idea.  As a mutual fund 
investor for many years, I can say from personal experience that a 
standardized method for reporting a relative after tax return would be 
enormously helpful.  You may wish to look at Vanguard Group's excellent 
voluntary reporting standard as an example.
     
One consideration I'd mention, in the interest of limiting the bureaucratic 
effects of any regulation, is that the after tax rates could be "voluntary"; 
to the extent that any rates of return given as "after tax" should include the 
regulation-defined standard number.  Those funds that choose not to report 
such results would therefore be at a competitive disadvantage versus those 
that adopt the standardized "after-tax rate index" defined by the SEC.
     
In summary, anything that the SEC could do to make information on these 
investments available to the individual investor can only help the 
marketplace.  I thank the SEC for the opportunity to express my opinions on 
this matter.
     
Yours sincerely,
     
Todd Gustafson

     
     
     
     
     
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