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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Securities Act of 1933
Release  7337 / September 26, 1996

Securities Exchange Act of 1934
Release 37729 / September 26, 1996

Investment Advisers Act of 1940
Release  1581 / September 26, 1996

Investment Company Act of 1940
Release 22250 / September 26, 1996

Administrative Proceedings
File 3-9100
IN THE MATTER OF MICHAEL C. ROBERTSON AND M.C. ROBERTSON &
ASSOCIATES, INC.

     The Commission announced on September 26, 1996, public
administrative proceedings were instituted against Michael C.
Robertson ("Robertson") and M.C. Robertson & Associates, Inc.
("MCR & Associates") alleging willful violations of Section 17(a)
of the Securities Act of 1933, Section 10(b) of the Securities
Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections
206(1) and (2) of the Investment Advisers Act of 1940.  Robertson
was, through June 1994, the investment adviser to the Employees'
Retirement Fund for the City of Fort Worth ("Fort Worth ERF"), a
municipal retirement system providing disability and retirement
benefits to Fort Worth city employees, and is the investment
adviser to the Oklahoma Police Pension Retirement System
("Oklahoma Police PRS"), a pension system benefiting Oklahoma law
enforcement personnel.

     The Order Instituting Proceedings alleges that from in or
about July 1989 through June 1994, Robertson and MCR & Associates
made materially false and misleading statements and omissions
regarding his receipt of compensation from broker-dealers and
mutual funds in connection with his activities as an investment
adviser.  The Order alleges that Robertson and MCR & Associates
received approximately $721,460.93 in undisclosed service fees
paid by three mutual funds in the Fort Worth ERF's portfolio. 
The Order further alleges that, from October 1991 through July
1994, Robertson and MCR & Associates received undisclosed
commission payments totalling $13,863.72 in connection with the
Fort Worth ERF commission recapture program.  Finally, the Order
alleges that, from December 1991 through July 1994, Robertson and
MCR & Associates received undisclosed commission payments
totalling $48,205.12 in connection the Oklahoma Police PRS
commission recapture program.
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     A hearing will be scheduled to determine whether the
allegations are true, and if so, whether disgorgement, plus
prejudgment interest, civil penalties, a cease-and-desist order,
or other remedial sanctions are appropriate.