Chairman's Letter of Transmittal The Honorable George Bush President, U.S. Senate Washington, D.C. 20510 The Honorable Thomas P. O'Neill, Jr. Gentlemen: On behalf of the Securities and Exchange Commission, I have the honor to transmit to you the Forty-Seventh Annual Report of the Commission covering the fiscal year October 1, 1980 to September 30, 1981, in accordance with the provisions of Section 23(b) of the Securities Exchange Act of 1934, as amended; Section 23 of the Public Utility Holding Company Act of 1935; Section 46(a) of the Investment Company Act of 1940; Section 216 of the Investment Advisers Act of 1940; Section 3 of the Act of June 29, 1949 amending the Bretton Woods Agreement Act; Section 11(b) of the Inter-American Development Bank Act; and Section 11(b) of the Asian Development Bank Act. Principal Staff Officers George G. Kundahl, Executive Director Lee B. Spencer, Director, Division of Corporation Finance William C. Wood, Associate Director Theodore A. Levine, Associate Director Douglas Scarff, Director, Division of Market Regulation Edward A. Kwalwasser, Associate Director Joel H. Goldberg, Director, Division of Investment Management Richard W. Grant, Associate Director Aaron Levy, Director, Division of Corporate Regulation Grant Guthrie, Associate Director Edward F. Greene, General Counsel Paul Gonson, Solicitor Michael K. Wolensky, Associate General Counsel John T. Shinkle, Associate General Counsel Andrew L. Rothman, Director, Office of Public Affairs A. Clarence Sampson, Chief Accountant LeGrand C. Kirby, Deputy Chief Accountant Jeffry L. Davis, Acting Director, Directorate of Economic and Policy Analysis |