A 4819 - August 21, 1998
P&S 4383

TO: ALL PARTICIPANTS

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

SUBJECT: CHANGES IN THE LIST OF PARTICIPANTS

• As the result of a merger between Smith Barney Inc., and Salomon Brothers Inc., the following changes will occur:

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

Effective with the close of business on August 31, 1998:
Salomon Brothers, Inc. No. 0274
Listed Alpha Identifier SBH
OTC Alpha Identifier SALB
Note : See page 2 for additional information.

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

Effective September 1, 1998:
From: Smith Barney Inc. No. 0418
To: Salomon Smith Barney Inc. No. 0418
From: Robinson Humphrey/Smith Barney Inc. No. 0417
To: Robinson Humphrey/Salomon Smith Barney No. 0417
From: Smith Barney Inc. No. 5673
To: Salomon Smith Barney Inc. No. 5673
From: Smith Barney Inc./Offshore Funds No. 5544
To: Salomon Smith Barney Inc./SSB Offshore Funds No. 5544

• Salomon Brothers (#0274) will continue to participate in the AMEX, OTC and Municipal Bond Comparison systems, RECAPS, and Envelope Settlement Services as a division of Salomon Smith Barney Inc. as detailed below:

Effective September 1, 1998:
Salomon Smith Barney Inc./Salomon Brothers No. 0274
AMEX Alpha Identifier: SBH
OTC Alpha Identifier SALB
Envelope Settlement Location: Y (New York)

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

 Last Trade Date August 18, 1998:
American Century Investment Services, Inc. No. 5646

Last Trade Date August 21, 1998:
Flagship Funds, Inc. No. 5533

• An additional number has been assigned to Funds Distributor, Inc. (#5815) for the purpose of using the Fund/Serv and Networking systems and ACATS Fund/Serv as detailed below:

First Trade Date, August 19, 1998:
Funds Distributor, Inc./American Century No. 5646
Networking Code: BG
Contact: Mary Nelson
Phone: (617) 557-3357

• An additional number has been assigned to Tocqueville Securities, L.P. (#5456) for the purpose of using the Fund/Serv and Networking systems, Commission Settlement Service and ACATS Fund/Serv as detailed below:

First Trade Date August 20, 1998:
Tocqueville Securities L.P./Trautman Kramer Value Plus Funds No. 5456
Networking Code: Y5
Contact: Kiernan Lyons
Phone: (212) 698-0800

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

First Trade Date, August 24, 1998:
Sterne, Agee & Leach Inc. No. 0750

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

Effective Immediately:
Fowler, Rosenau & Geary, L.L.C. No. 0583
Note: Any inquiries should be directed to:
Ms. Karen Gill
Fowler, Rosenau & Geary, L.L.C.
111 Broadway (19th Fl.)
New York, N.Y. 10006
Tel: (212) 608-0460

• The following firm will begin participation in ACATS Fund/Serv as detailed below:

First Trade Date August 20, 1998:
ICC Distributors, Inc./BT Family of Funds No. 5738

• The following insurance companies will begin participation in the Annuity Processing Service as detailed below:

First Trade Date, August 24, 1998:
Aetna Life Insurance and Annuity Company No. 450
Aetna Life Insurance Company of America No. 4520

  UPDATE
OTC EXECUTED-BY LIST
MUNICIPAL BOND COMPARISON DIRECTORY

• Kindly update the OTC Executed-By List and the Municipal Bond Comparison Directory dated July 3, 1998 as detailed below:

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

The following firms have remitted Executed Networking Agreements during the week of August 21, 1998:

John Nuveen & Co., Incorporated - #5520
Advantage Trading Group, Inc. - #0297

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