FOR IMMEDIATE RELEASE                             98-105

          Annette Nazareth Named Acting Director of
            the Division of Investment Management
                              
     Washington, D.C., October 14, 1998 -- Securities and
Exchange Commission Chairman Arthur Levitt today named
Annette Nazareth Acting Director of the Division of
Investment Management.  Ms. Nazareth, currently the Senior
Counsel to the Chairman, will take on the additional role of
Acting Director until a permanent Director is named.  Ms.
Nazareth succeeds Barry Barbash, who departed the Commission
on October 13, 1998 to become a partner with the law firm of
Shearman & Sterling.

     SEC Chairman Arthur Levitt said, "I am pleased that
Annette has agreed to assume this important senior
management position.  In the short time she has been at the
Commission, Annette's private sector management experience
and keen understanding of the markets have become readily
apparent.  The Commission and investors will be well-served
by Annette's acceptance of this interim position."

     Before joining the Commission in September as Senior
Counsel to Chairman Levitt, Ms. Nazareth was Managing
Director and Deputy Head of the Capital Markets legal group
at Salomon Smith Barney.  In this capacity she focused on
the legal issues involving the sales and trading of
securities and derivatives and the origination of municipal,
asset-backed, mortgage-backed and structured products.  From
1994 to 1997 Ms. Nazareth was Senior Vice President at
Lehman Brothers Inc., where she was responsible for the
Fixed Income Trading group of the Legal and Compliance
Department.  From 1986 to 1994 she was Managing Director at
Mabon, Nugent & Co., where she oversaw the legal, compliance
and internal audit functions.  She began her career in 1981
as an Associate at Davis Polk & Wardwell.  Ms. Nazareth is a
Phi Beta Kappa graduate of Brown University and earned her
J.D. at Columbia University School of Law.

     After a permanent Director of the Division of
Investment Management is named, Ms. Nazareth will resume her
full-time duties as Senior Counsel to Chairman Levitt.

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