Author:  <DSullivan@wpp.com> 
Date:    06/29/2000  8:25 AM

Subject: File No. S7-09-00 

     
     
The proposal to have mutual funds disclose " ESTIMATED " after tax yields is 
valid only if:
     
1.   Banks must show " after tax yields " on savings accounts and certificates 
of deposits
2.   Securities brokers must include their commissions when they advertise the 
yields on common and preferred stock, and bonds.
3.   Insurance companies must show the after tax yield on their life 
insurance/securities products.
     
     
Your proposal indicates to me that Americans are poorly educated and ignorant of
financial affairs.  Anyone who doesn't understand that income taxes impact every
form of investment should     keep their money in a mattress.