Drexel Burnham will revise its 1985 annual report.

Martha Goldstein, a spokeswoman for the brokerage firm, said Drexel Burnham Lambert is changing the report to remove references to Dennis B. Levine, who was charged by the SEC on May 12 with illegal insider trading. Levine was a managing director in Drexel’s mergers and acquisitions department. Levine is quoted in the report, in which a photograph of him appears. Goldstein said the firm probably will order about 40,000 of the revised reports. Drexel was not implicated in the case, and the SEC alleged that Levine took steps to circumvent Drexel’s own internal controls.