WHERE IS THE INFORMATION STORED IN BLACK-HOLES

It is shown that many modes of the gravitational field exist only insi de the horizon of an extreme black hole in string theory. At least in certain cases the number of such modes is sufficient to account for th e Bekenstein-Hawking entropy. These modes are associated with sources which carry Ramond-Ramond charge, and so may be viewed as the strong-c oupling Limit of D-branes. Although these sources naturally live at th e singularity, they are well defined and generate modes which extend o ut to the horizon. This suggests that the information in an extreme bl ack hole is not localized near the singularity or the horizon, but ext ends between them.