o The following firms will begin participation in the NSCC Commission Settlement service as detailed below:

Effective Immediately:

Linsco/Private Ledger Corporation No. 0075
Executive Investors Corporation No. 5844

o The following firm will begin participation in the Municipal Bond Comparison system as detailed below:

First Trade Date July 14, 1998:

The Bank of New York/Bond Net Division No. 5279

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

Last Trade Date July 13, 1998:

Rodney Square Distributors, Inc./The Olstein Funds No. 5775

o The following Municipal Comparison Only firms will retire from all services as detailed below:

Effective Immediately:

First National Bank in Albuquerque (The)/BONY No. 6527
Chicago Corporation (The)/BONY No. 6012
Valley Fidelity Bank & Trust Company/BONY No. 6526

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

First Trade Date July 14, 1998:

Olstein Associates, Inc. No. 5775
Networking Code: OS
Contact: Michael Luper
Phone: (914) 701-7584

o An additional number has been assigned to Vista Fund Distributors, Inc. (#5803) for the purpose of using the Fund/Serv and Networking systems and NSCC Commission Settlement service as detailed below:

First Trade Date, July 20, 1998:

Vista Fund Distributors, Inc./CFD Distributors, Inc. No. 5435
Networking Code: U2
Contact: Dan Benkoil
Phone: (212) 552-4797

o An additional number has been assigned to Smith Hayes Financial Services Corp. (#5708) for the purpose of using the Fund/Serv and Networking systems as detailed below:

First Trade Date, July 20, 1998:

Smith Hayes Financial Services Corp./Colorado Bondshares No. 5708
Networking Code: K1
Contact: Colleen Hector
Phone: (402) 476-3000

o The following firms will change their names as detailed below:

From: Liberty Financial Investments, Inc. No. 5501
To: Liberty Funds Distributor, Inc. No. 5501

From: Liberty Financial Investments, Inc./Stein Roe No Load Funds No. 5556
To: Liberty Funds Distributor, Inc./Stein Roe No Load Funds No. 5556

o The following firm will begin participation in the Networking system as detailed below:

Effective, July 20, 1998:

MML Investor Services, Inc. No. 0255
Networking Code: IM

o An additional number has been assigned to Countrywide Investments, Inc. (#5588) for the purpose of using the Fund/Serv and Networking systems as detailed below:

First Trade Date, July 21, 1998:

Countrywide Investments, Inc./James Advantage Funds No. 5613
Networking Code: Q3
Contact: Pat Dagenbach
Phone: (513) 629-2975

o The following firms will begin participation in the Fund/Serv and Networking systems as detailed below:

Dreyfus Brokerage Services, Inc. No. 0272
Networking Code: X2
Contact: Nicholas Fung
Phone: (310) 276-0200 ext. 9392

First Trade Date July 21, 1998:

Renaissance Capital Greenwich Funds No. 5454
Networking Code: X3
Contact: Kathy Smith
Phone: (203) 622-2978

Transamerica Securities Sales Corporation No. 5446
Networking Code: W2
Contact: Chris Shaw
Phone: (213) 742-3295

First Trade Date July 27, 1998:

Smith, Moore & Co. No. 0494
Networking Code: X5
Contact: Fred M. Cotsworth
Phone: (313) 421-5225

o An additional number has been assigned to SEI Financial Services Company (#5820) for the purpose of using the Fund/Serv and Networking systems as detailed below:

First Trade Date July 20, 1998:

SEI Financial Services Co./SEI Trust for PBHG Advisor Funds No. 5434
Networking Code: T9
Contact: Mark Hoopes
Phone: (610) 676-2362

o An additional number has been assigned to First Data Distributors, Inc. (#4857) for the purpose of using the Fund/Serv and Networking systems as detailed below:

First Trade Date July 20, 1998:

First Data Distributors, Inc./Rembrandt Funds No. 5878
Networking Code: RW
Contact: Eileen Gilfedder
Phone: (508) 871-3725

o An additional number has been assigned to Provident Distributors, Inc. (#5882) for the purpose of using the Fund/Serv and Networking systems as detailed below:

First Trade Date July 20, 1998:

Provident Distributors, Inc./Columbia Funds No. 4938
Networking Code: ZI
Contact: Phil Rinnander
Phone: (610) 260-6533

o The following insurance companies will begin participation in the Annuities Processing Services as detailed below:

Canada Life Insurance Company of America No. 4509
Canada Life Insurance Company of New York No. 4510

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

Last Trade Date, July 17, 1998:

SEI Financial Services Co./Rembrandt Funds No. 5878
Columbia Financial Center, Inc. No. 4938

o The following members of the Stock Clearing Corporation of Philadelphia will retire from all services as detailed below:

Effective Immediately:

Devine (Walter J.) & Co./SCCP No. 8128
Devine (Walter J.) & Co. 26-3/SCCP No. 8136

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:

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

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

Jan Meola
Vice President, Membership