Date:    06/29/2000  5:19 PM

Subject: File No. S7-09-00

The mutual fund industry should be forced to reveal 'after-tax returns'. As 
every accoutant knows, taxes can change everything.
Instead of trying to estimate every combination possible, the industry 
should estimate the worst possible tax. Vanguard does this to a satisfying 
degree.
     
By the way, the Motley Fool sent me.
     
Etanisla I. Lopez-Ortiz