A 4599 May 16, 1997
P&S 4180

TO: ALL PARTICIPANTS
ATTENTION: MANAGER, PURCHASES AND SALES DEPARTMENT CASHIER FUND/SERV PARTICIPANTS ACATS PARTICIPANTS
SUBJECT: CHANGES IN THE LIST OF PARTICIPANTS

The following firm will begin participation in the Fund/Serv and Networking Systems as detailed below:

Effective Immediately:
Pax World Fund, Inc. - No. 4940
Networking Code XO
Contact: Anita Green
Phone: (800) 767-1729

The following firm will retire from all services as detailed below:

Last Trade Date, May 20, 1997, Last Settlement Date, May 23, 1997:
Smith Barney, Harris Upham - No. 0006
Note: All open contracts which are to be cleared or settled or delivered through or by National Securities Clearing Corporation will be assumed by Smith Barney, Inc. #0418.

Questions may be directed to Mr. Robert Fannon at (212) 615-8319.

The following firm will retire from all services as detailed below:

Last Trade Date, May 27, 1997, Last Settlement Date, May 30, 1997:
Marketing One Securities, Inc. - No. 0497
OTC Alpha Identifier MONE
Note: All open contracts which are to be cleared or settled or delivered through or by National Securities Clearing Corporation will be assumed by Ragen, MacKenzie Incorporated #0733.

*See page 3 for additional information.

An additional number has been assigned to Fund Plan Broker Services, Inc. (#5570) for the purpose of using the Fund/Serv and Networking Systems as detailed below:

Effective Immediately:
Fund Plan Broker Services, Inc./ Beacon Global Advisors Trust - No. 4948
Networking Code XW
Contact: Rocco Cavalieri
Phone: (610) 239-4521

An additional number has been assigned to AMT Capital Services Inc. (#5826) for the purpose of using the Fund/Serv System as detailed below:

Effective Immediately:
AMT Capital Services Inc./ FFTW Funds, Inc. - No. 4926
Contact: Eric Nachimovsky
Phone: (212) 332-5194

An additional number has been assigned to Sunstone Financial Group Inc. (#4929) for the purpose of using the Fund/Serv and Networking Systems as detailed below:

First Trade Date, May 19, 1997:
Sunstone Financial Group Inc./ Garzarelli Funds - No. 4929
Networking Code US
Contact: Randy Pavlick
Phone: (414) 226-2516

The following firm will begin participation in the Municipal Bond When Issued CNS and Regular Way CNS Comparison System as detailed below:

First Trade Date, May 19, 1997:
Payson (H.M.) & Co. - No. 0449

The following firm will retire from all services as detailed below:

Last Settlement Date, May 23, 1997:
First Funds Distributor Inc./ The Target Income Fund - No. 5728

UPDATE
OTC EXECUTED-BY LIST
MUNICIPAL BOND COMPARISON DIRECTORY

Kindly update the OTC Executed-By List and the Municipal Bond Comparison Directory dated January 3, 1997 as detailed below:

Kindly update the OTC Executed-By List as detailed below:

Kindly update the Municipal Bond Comparison Directory dated January 3, 1997 as detailed below:

The following firm have submitted Executed Retirement Account Transfer Agreements during the week of May 12, 1997:

Conseco Equity Sales, Inc. If you have any questions, please call William Reilly at (212) 412-8620 or Jan Meola at (212) 412-8623.

David F. Hoyt
Vice President