FOR IMMEDIATE RELEASE                                  97-82


HEIDI STAM, ASSOCIATE DIRECTOR OF THE DIVISION OF INVESTMENT
          MANAGEMENT, TO LEAVE THE SEC FOR VANGUARD

     Washington, D.C., September 29, 1997 -- Heidi Stam,
Associate Director of Legal and Disclosure Issues in the
Division of Investment Management will leave the Commission
next month.  Ms. Stam will join The Vanguard Group as a
Principal in charge of securities regulation, a newly
created position.  She will report to Gregory Barton,
recently named Managing Director and General Counsel.

     Ms. Stam joined the Securities and Exchange Commission
staff in 1987 after six years of private practice.  Since
her arrival at the Commission, she has been promoted to
positions of increasing responsibility within the Division
of Investment Management.  Prior to becoming Associate
Director, Ms. Stam was Senior Adviser to the Director, Chief
of Staff for the Division and Assistant Chief Counsel.

     Most recently, Ms. Stam has been instrumental in
developing rule proposals for the Commission to improve
mutual fund prospectuses and launch a new summary prospectus
called a fund profile.  She has also overseen the Division's
regulation of variable insurance products.  Ms. Stam
received her B.A. from Tufts University, her J.D. from the
American University's Washington College of Law and her LL.M
from Harvard Law School.

     Barry Barbash, Director of Investment Management, said,
"Everyone at the Commission will miss Heidi tremendously,
especially the Division of Investment Management.  Her
perseverance and insightfulness will be a model for each of
us as we move forward with proposals that Heidi has overseen
since their infancy. As she leaves after more than ten years
of experience in the Division, we know she will be
successful in all of her undertakings."

     Arthur Levitt, Chairman of the Securities and Exchange
Commission, said, "Throughout her tenure with the SEC, Heidi
has dedicated herself to improving the protections of
individual investors.  Her commitment to encouraging
disclosure to facilitate communication between companies and
investors is unparalleled.  I know she will continue this
commitment and we wish her the best."

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