FOR IMMEDIATE RELEASE                                  99-19


  SEC Releases Agenda for Independent Fund Directors Roundtable


     Washington, DC, February 16, 1999 -- The Securities and
Exchange Commission today released the agenda for the Independent
Investment Company Directors Roundtable that it will host on
February 23 - 24, 1999.

     The roundtable will explore the critical watchdog role that
independent directors play in protecting the interests of fund
shareholders.


                  SEC Roundtable on the Role of
            Independent Investment Company Directors
                             Agenda
                                
                      February 23-24, 1999


Tuesday, February 23, 1999

     9:00 a.m. - 9:20 a.m.  Introductory Remarks
     9:20 a.m. - 9:45 a.m.  Overview - Role of the Independent
                            Director
    9:45 a.m. - 11:15 a.m.  Negotiating Fees and Expenses
   11:15 a.m. - 11:30 a.m.  Break
   11:30 a.m. - 12:45 p.m.  Fund Distribution Arrangements
    12:45 p.m. - 2:00 p.m.  Break
     2:00 p.m. - 3:45 p.m.  Fund Portfolio Brokerage
     3:45 p.m. - 4:00 p.m.  Break
     4:00 p.m. - 5:00 p.m.  Valuation of Fund Portfolio
                            Securities &  Portfolio Liquidity


Wednesday, February 24, 1999

    9:00 a.m. - 10:00 a.m.  Fund Disclosure & Communications
   10:00 a.m. - 11:00 a.m.  Role of Directors in Acquisitions of
                            Investment Advisers and
                            Reorganizations of Funds
   11:00 a.m. - 11:10 a.m.  Break
   11:10 a.m. - 12:30 p.m.  Issues for Independent Directors of
                            Closed-End Funds, Variable Insurance
                            Products Funds and Bank-Related
                            Funds
    12:30 p.m. - 1:45 p.m.  Break
     1:45 p.m. - 3:15 p.m.  Enhancing the Effectiveness of
                            Independent Directors (Part I)
     3:15 p.m. - 3:30 p.m.  Break
     3:30 p.m. - 5:00 p.m.  Enhancing the Effectiveness of
                            Independent  Directors (Part II)
     5:00 p.m. - 5:05 p.m.  Closing Remarks

                             #  #  #