FOR IMMEDIATE RELEASE                                     2000-96

    Kenneth J. Berman, Associate Director of the Division of
               Investment Management, To Leave SEC
                    After 12 Years of Service

     Washington, DC, July 12, 2000 -- Kenneth J. Berman,
Associate Director of the Securities and Exchange Commission's
Division of Investment Management, today announced that he will
leave the Commission in August to become a partner with the law
firm of Debevoise & Plimpton.  Mr. Berman will become part of the
firm's investment management practice and will be based in the
firm's Washington, DC office.

     SEC Chairman Arthur Levitt said, "Ken has been a dedicated
member of the SEC's Division of Investment Management for the
past twelve years.  His ability to adapt investment company
regulation to today's capital markets, while preserving the
interests of investors, has been invaluable.  His legal skills,
common sense and understanding of the business issues facing
investment managers have earned the respect of his colleagues at
the Commission and in the industry."

     SEC Investment Management Director Paul Roye said, "Ken's
departure is a substantial loss to the Commission and to me
personally.  Ken's legal skills, experience and desire to protect
investors have greatly enhanced the Investment Management
program.  He also played a key role in the Division's
administration of the Public Utility Holding Company Act of 1935.
The Division will miss greatly his counsel, his professionalism
and his sense of humor."

     Mr. Berman joined the Securities and Exchange Commission
staff in 1988 after several years of private practice.  Prior to
becoming Associate Director in 1997, Mr. Berman was Assistant
Director of the Division's Office of Regulatory Policy and Deputy
Office Chief of the Division's Office of Disclosure and
Investment Adviser Regulation.

     As Associate Director, Mr. Berman was responsible for
supervising a broad range of activities relating to investment
company regulation and the administration of the Public Utility
Holding Company Act of 1935.  While at the SEC, Mr. Berman played
key roles in a number of initiatives, including the
implementation of amendments to the Investment Company Act of
1940 enacted as part of the National Securities Markets
Improvement Act of 1996, the formulation of Commission rules
concerning private investment companies, and various matters
related to money market fund regulation.  Mr. Berman received the
Commission's Law and Public Policy Award (in 1994 and 1997) and
the Regulatory Simplification Award for his work on various
Commission initiatives.

     Mr. Berman said, "There is no greater place to serve the
public than the SEC.  I have had the opportunity to work on
fascinating legal and regulatory issues with some of the best,
brightest and most dedicated people anywhere.  I thank Chairman
Levitt and Paul Roye for their confidence and support."

     Mr. Berman, 45, received his J.D. from the University of
Chicago Law School and his B.A. from Dickinson College.

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