A 4775 - May 29, 1998
P&S 4338

TO: ALL PARTICIPANTS

ATTENTION:  MANAGER, PURCHASES AND SALES DEPARTMENT; CASHIER; FUND/SERV PARTICIPANTS

SUBJECT: CHANGES IN THE LIST OF PARTICIPANTS

• An additional number has been assigned to Spear, Leeds & Kellogg (#0501) for the purpose of using the Municipal Bond Comparison system, When-Issued and Regular Way CNS, as detailed below:
  

First Trade Date June 8, 1998
Spear Leeds & Kellogg No. 5227

• The following firm will retire from Trade Comparison ONLY as detailed below:
  

Last Trade Date June 9, 1998
Ohio Company (The) No. 0196
OTC Alpha Identifier: OHIO
Listed Alpha Identifier: OHO

• The following firm will retire from OTC trade comparison ONLY, as detailed below:
  

Last Trade Date May 29, 1998:
Cantor Fitzgerald Partners No. 0584
OTC Alpha Identifier: ESBI

• An additional number has been assigned to Cantor Fitzgerald & Co. (#0696) for the purpose of participating in OTC, Corporate and Municipal Bond, When-Issued CNS, Regular Way CNS comparison systems, Envelope Settlement Services and RECAPS as detailed below:
  

First Trade Date June 1, 1998
Cantor Fitzgerald & Co./CF Partners No. 0464
OTC Alpha Identifier: ESBI
Envelope Settlement Location (Y=New York)

• The following Pacific Stock Exchange Specialist Post will retire from all services as detailed below:
  

Last Trade Date May 26, 1998:
P39 - Paine Webber Specialists, Inc. No. 5385

• The following Pacific Stock Exchange Specialist Posts will change their names as detailed below:
  

First Trade Date May 27, 1998:
From: P83 - Paine Webber Specialists, Inc. No. 5352
To: P83 - Delta Dividend Group Inc. - Specialists No. 5352
From: P64 - Paine Webber Specialists, Inc. No. 5311
To: P64 - Delta Dividend Group Inc. - Specialists No. 5311
From: P90 - Paine Webber Specialists, Inc. No. 5386
To: P90 - Delta Dividend Group Inc. - Specialists No. 5386
From: P36 - Paine Webber Specialists, Inc. No. 5351
To: P36 - Rubicon Securities, Inc. - Specialists No. 5351

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

Last Settlement Date May 29, 1998:
Prudential Securities, Inc. No. 5805

• The following firm will begin participation in the Fund/Serv and Networking systems and Fund/Serv Commission Settlement service as detailed below:
  

First Trade Date June 27, 1998:
Prudential Investment Management Services, L.L.C. No. 5805
Networking Code: PM
Contact: Francis Odubekun
Phone: (973) 802-8254

• Additional numbers have been assigned to Countrywide Investments, Inc. (#5588) for the purpose of using the Fund/Serv and Networking systems as detailed below:
  

First Trade Date June 1, 1998:
Countrywide Investments, Inc./Atlanta/Sosnoff Fund No. 5432
Networking Code: T3
Contact: Pat Dagenbach
Phone: (513) 629-2975

First Trade Date June 1, 1998:
Countrywide Investments, Inc./Gannett, Welsh & Kotler Funds No. 5431
Networking Code: T2
Contact: Pat Dagenbach
Phone: (513) 629-2975

• An additional number has been assigned to BISYS Fund Services, L.P. (#5564) for the purpose of using the Fund/Serv and Networking systems as detailed below:
  

First Trade Date June 1, 1998:
BISYS Fund Services, L.P./ Pride Value Fund No. 5433
Networking Code: T6
Contact: Seth Lewis
Phone: (614) 470-8463

• An additional number has been assigned to First Fund Distributors, Inc. (#5693) for the purpose of using the Fund/Serv and Networking systems as detailed below:
  

First Trade Date June 2, 1998:
First Fund Distributors, Inc./Heritage West Dividend Capture Income Fund No. 5430
Networking Code: T1
Contact: Susanna Woodward
Phone: (602) 952-8520

• The following firms will retire from all services as detailed below:
  

Last Trade Date May 29, 1998:
Counsellors Securities, Inc. No. 5808

Last Trade Date May 29, 1998:
Counsellors Securities, Inc./BEA Funds No. 4906

• Additional numbers have been assigned to Provident Distributors, Inc. (#5808) for the purpose of using the Fund/Serv and Networking systems as detailed below:
  

First Trade Date June 1, 1998:
Provident Distributors, Inc./RBB Funds No. 5808
Networking Code: CE
Contact: Phil Rinnander
Phone: (610) 260-6533

First Trade Date June 1, 1998:
Provident Distributors, Inc./BEA Funds No. 4906
Networking Code: VW
Contact: Phil Rinnander
Phone: (610) 260-6533

• An additional number has been assigned to Merrill Lynch Funds Distributor, Inc. (#4918) for the purpose of using the Fund/Serv system as detailed below:
  

First Trade Date June 3, 1998:
Merrill Lynch Funds Distributor, Inc./Offshore, Brown Brothers
Harriman & Co Funds No. 5701
Contact: Coleen Daly
Phone: (904) 928-5263

• The following firms have changed their names as detailed below:
  

Effective Immediately:
From: Vista Broker Dealer Services, Inc. No. 5803
To: Vista Fund Distributors, Inc. No. 5803
From: Chubb Securities Corporation No. 0211
To: Jefferson Pilot Securities Corporation No. 0211

• In NSCC's Important Notice dated May 15, 1998, A #4771 and P&S #4334 NSCC reported that LeGroupe Option Retraite Inc./CDS No. 5054 would begin effecting the clearance and settlement of transactions on June 1, 1998. NSCC has been informed by the Canadian Depository for Securities Limited that the trade date has been postponed until further notice.

UPDATE
OTC EXECUTED-BY LIST
MUNICIPAL BOND COMPARISON DIRECTORY

o Kindly update the OTC Executed-By List and the Municipal Bond Comparison Directory dated January 2, 1998 as detailed below:

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

The following firms have submitted Executed Networking Agreements during the week of May 29, 1998:
US Bancorp Investments, Inc.

If you have any questions, please call William Reilly at (212) 412-8620 or Lisa Siebold at (212) 412-8591.

Jan Meola
Director, Membership