FOR IMMEDIATE RELEASE                             98-85


         Kenneth V. Domingues Named Chief Accountant of
              the Division of Investment Management
                                
     Washington, D.C., September 14, 1998 -- The Securities and
Exchange Commission today announced the selection of Kenneth V.
Domingues as Chief Accountant in the Commission's Division of
Investment Management.  As Chief Accountant, Mr. Domingues's
primary responsibility will be the development and execution of
the accounting and auditing policies, programs, and procedures of
the Commission that pertain to investment companies.  Mr.
Domingues is expected to join the Commission in October.

     Barry Barbash, Director of the Division of Investment
Management, said, "Ken brings a wealth of experience to the
Commission, and will help the Division keep up with the
tremendous growth and innovation of the fund industry.  We are
particularly pleased that Ken has come out of retirement to share
his knowledge and expertise with his colleagues and to serve
investors and his country."

     From 1986 to his retirement in 1997, Mr. Domingues, 66,
served in a variety of capacities, including chief financial
officer and treasurer at Franklin Resources, Inc., an investment
management firm based in San Mateo, California.  Prior to joining
Franklin, Mr. Domingues was an audit partner with the accounting
firm of Coopers & Lybrand, where he served for 26 years.

     Mr. Domingues earned his BS in accounting from the
University of San Francisco and is a Certified Public Accountant.
                                
                             #  #  #