A 4823 - August 28, 1998
P&S 4387

TO: ALL PARTICIPANTS

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

SUBJECT: CHANGES IN THE LIST OF PARTICIPANTS

REMINDER:

• 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

REMINDER:

• 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
OTC Alpha Identifier SALB
AMEX Alpha Identifier: SBH
Envelope Settlement Location: Y (New York)

• The following firm will change its name as detailed below:

Effective September 1, 1998:
From: BancAmerica Robertson Stephens - Account #2 No. 5235
OTC Alpha Identifier: BASI
To: BancAmerica Securities, Inc. No. 5235
OTC Alpha Identifier: BASI

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

Last Trade Date August 31, 1998:
BancAmerica Robertson Stephens No. 0755
Note: All open contracts which are to be cleared or settled or delivered through or by National Securities Clearing Corporation have been assumed by BancBoston Securities Inc. Inquiries should be directed to Mr. Jim Anderson (415) 676-2678.

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

First Trade Date September 1, 1998:
BancBoston Securities, Inc. No. 0222
Municipal Bond Executing Symbol: BOSI

• An additional number has been assigned to BancBoston Securities, Inc. (#0222) for the purpose of utilizing the Listed, OTC, Municipal and Corporate Bond Comparison systems, Fund/Serv system, ACATS, RECAPS and Envelope Settlement Services as detailed below:

First Trade Date, September 1, 1998:
BancBoston Robertson Stephens No. 0755
Listed Alpha Identifier: RSC
OTC & Municipal Alpha Identifier: RSSF
Envelope Receive Location: Y (New York)
Networking Code: YE
Contact: Jim Anderson
Phone: (415) 676-2678

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

Last Trade Date, September 8, 1998:
BT Alex Brown Incorporated - Fixed Income - NY No. 6729
Note: We have been informed by BT Alex Brown, (#0573) that all outstanding trades of #6729 will be transferred to the primary account (#0573). Effective trade date September 9, 1998 business formerly processed through #6729 will be processed through #0573, including BT Alex Brown's high yield bond business. Any questions should be directed to Josie Hall, (410) 308-6543 or Dawn Forbes (410) 308-6530.

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

Last Trade Date, August 25, 1998:
Midland Walwyn Capital Corp No. 0790
Listed Alpha Identifier: MID
OTC Alpha Identifier: MIDD
Note: See Below for Additional Information.

• An additional number has been assigned to Merrill Lynch, Pierce, Fenner & Smith Incorporated (#0161) for the purpose of participation in the OTC Comparison system, RECAPS, and the Envelope Settlement Services as detailed below:

Effective First Trade Date, August 26, 1998:
Merrill Lynch Canada No. 0790
OTC Alpha Identifier MIDD
Envelope Settlement Location: Y (New York)

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

Effective Immediately:
Funds Distributor, Inc./Swiss Key Fund No. 5593

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

Effective Immediately:
From: AMT Capital Services Inc. No. 5826
To: AMT Capital Securities L.L.C. No. 5826
From: AMT Capital Services Inc./Harding, Loevner Funds No. 4981
To: AMT Capital Securities L.L.C./Harding, Loevner Funds No. 4981
From: AMT Capital Services Inc,./FFTW Funds, Inc. No. 4926
To: AMT Capital Securities L.L.C../FFTW Funds, Inc. No. 4926

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

Effective Immediately:
Kawano (H.) & Co., Inc. No. 0338
OTC Alpha Identifier: KWNO

• The following firm will retire from the Networking system as detailed below:

Last Trade Date August 26, 1998:
Matrix Capital Bank No. 5952

• 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, September 1, 1998:
BISYS Fund Services, L.P./AKJ Funds No. 5461
Networking Code: Y6
Contact: Scott Roseberry
Phone: (614) 470-8862

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

First Trade Date, September 1, 1998:
Funds Distributor, Inc./Merrimac Series No. 5457
Contact: Mary Nelson
Phone: (617) 557-3344

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

First Trade Date August 27, 1998:
From: P63 - Redwood Trading L.P. - Specialists No. 5353
To: P63 - Wedbush Morgan Securities Inc. - Specialists No. 5353
From: P72 - MPAC Capital Partners L.P. - Specialists No. 5343
To: P72 - Wedbush Morgan Securities Inc. - Specialists No. 5343

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

Effective Immediately:
First Fund Distributor/ Ridgeway Helem Millenium Fund No. 4936

• An additional number had been assigned to Syndicated Capital Inc. (#5680) for the purpose of using the Fund/Serv system as detailed below:

Effective Immediately:
Syndicated Capital Inc./ Millenium Funds No. 4936

• The following firm will retire from the Listed Trade Comparison System as detailed below:

Last Trade Date August 31, 1998:
ING Baring Furman Selz LLC No. 0425
Listed Alpha Identifier IBS

• The following firm will retire from ACATS as detailed below:

Effective Immediately:
CIBC Oppenheimer Corp./WG No. 0208

• 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:

• Kindly update the Municipal Bond Comparison Directory dated July 3, 1998 as detailed below:

The following firms have remitted Executed Networking Agreements during the week of August 28, 1998:

Brown & Company Securities Corp. - #0785
Richards, Merrill & Peterson, Inc. - #8192

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