UNITED STATES OF AMERICA
                                      Before the
                         SECURITIES AND EXCHANGE COMMISSION


          ADMINISTRATIVE PROCEEDING
          File No. 3-9383

          SECURITIES ACT OF 1933
          Release No. 7521 / March 30, 1998

          SECURITIES EXCHANGE ACT OF 1934
          Release No. 39817 / March 30, 1998

          INVESTMENT ADVISERS ACT OF 1940
          Release No.  1712 / March 30, 1998

          INVESTMENT COMPANY ACT OF 1940
          Release No. 23090 / March 30, 1998

          ______________________________
          )
          )
          )    ORDER AMENDING
          In the Matter of)ORDER INSTITUTING PUBLIC
          )PROCEEDINGS, MAKING FINDINGS,
          )IMPOSING REMEDIAL SANCTIONS,
          MITCHELL HUTCHINS ASSET)AND ISSUING CEASE-AND-DESIST
          MANAGEMENT INC.,)ORDER
          )
          )
          Respondent.)
          )
          )
          ______________________________)

                                          I.

          The Commission deems it appropriate and in the public interest to
          amend  its  Order  Instituting Public Administrative Proceedings,
          Making Findings, Imposing  Remedial Sanctions, and Issuing Cease-
          and-Desist Order ("Order"),  issued  September  2,  1997, in this
          matter.[1]  Sections V.D.1. and 2. of the Order provided  for the
          retention of an Independent Consultant by Respondent and required
          the  Independent  Consultant to submit a report within six months
          of the issuance of the Order.

          Upon a showing of good  cause,  the  Commission has determined to
          extend  to  June  30,  1998,  the  time  for  submission  of  the
          Independent  Consultant's report.  Further,  the  Commission  has
          determined to  delegate  to  the  staff  of  the  Commission  the
          authority  to  extend  the time for submission of the Independent
          Consultant's report by up  to  an  additional  sixty  days upon a
          showing of good cause for such an additional extension.

          By the Commission.



          Jonathan G. Katz
          Secretary

          **FOOTNOTES**

              [1]:Securities  Act  of  1933  Release  No.  7444, Securities
          Exchange Act of 1934 Release No. 39001, Investment  Advisers  Act
          of  1940 Release No. 1654, Investment Company Act of 1940 Release
          No. 22805 (September 2, 1997).