FOR IMMEDIATE RELEASE                                    2001-3
                                
               SEC Chairman Arthur Levitt Praises
Former Chairman Ruder's Efforts to Educate Mutual Fund Directors

     Washington, DC, January 5, 2001 - Securities and Exhange
Commission Chairman Arthur Levitt today praised former SEC
chairman David Ruder and the Mutual Fund Director's Education
Council for their efforts to educate mutual fund directors.  The
Council announced its Second Annual Policy Conference:  "Crucial
Issues for Investment Company Directors -- 2001," which is
scheduled for January 11-12 at the Wyndham City Center in
Washington, DC.  A number of senior SEC officials will speak at
the conference.

     Chairman Levitt said, "I commend Chairman Ruder and the
Education Council for their efforts to educate mutual fund
directors, particularly independent directors.  Consistent with
his efforts while Chairman of the Commission, Chairman Ruder
continues to focus on the needs of investors.  The Education
Council is an important tool to empower mutual fund directors in
their critical role as watchdogs for fund shareholders."

     The role of independent directors of mutual funds is an
important issue for the Commission.  On January 3, 2001, the
Commission announced its approval of a comprehensive rulemaking
package that significantly strengthened the role of mutual fund
directors.  The rulemaking package is posted on the Commission's
website at:
     
          http://www.sec.gov/rules/final/34-43786.htm.

     Information regarding the Second Annual Policy Conference,
including a schedule of SEC speakers, can be obtained by
contacting R.A. Pete Wentz, Planning Director, Northwestern
University School of Law, at (312) 503-1828.

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