A 5283  - June 25, 2001
P&S 4853

TO: ALL PARTICIPANTS

ATTENTION: MANAGER MUTUAL FUNDS OPERATIONS, MANAGER DATA PROCESSING, MANAGER CASHIERS, MANAGER P&S DEPARTMENT

SUBJECT: CHANGES TO MUTUAL FUND PROFILE SERVICE - PHASE I (DAILY PRICE & RATE FILE)

National Securities Clearing Corporation (NSCC) introduced the Mutual Fund Profile Service - Phase I (MFPS-I) in 1997. This facility allows participants with a mainframe connection to access daily prices (NAVs -Net Asset Values) and rate information directly from fund companies and service providers.

Sometimes called the Price & Rate file, this feature can be accessed once per day, multiple times per day or interactively. In addition, MFPS-I has several format types to chose from, ISO or non-ISO, fixed or variable record layouts.

Beginning on September 24, 2001, NSCC plans to change the Price & Rate file to include, a Cumulative Rate (typically used for accrual funds), a security Symbol and a security Symbol Indicator (Proposed or NASD). Please see Appendix A for a summary of record layouts changes.

Participants may test the modification with a partner in our PSE (Participant Services Environment). The PSE will be available for testing on September 10, 2001. Participants can call the Mutual Fund Hotline at (212) 855-8877 or the PTG (Participant Testing Group) on 212-855-5630 directly.

Actual data fields in MFPS-I can be found in our record layouts by accessing our (formats.nscc.com) web site. Our User Guide for this service is located on our mutual fund web site (fundserv.nscc.com)

Any questions or concerns regarding this Important Notice can be directed to the Mutual Fund Hotline (212-855-8877) or the undersigned at 212-855-5674.

Randy Solomon, Director
Mutual Funds Marketing

a. Field 35B: Security Issue

Current format:

ISINb12a [4 * 35x]

New format:

ISINb12a [35x] or [/TS/1a/8a] [3 * 35x]

If the first line of security description starts with /TS/, it indicates a Symbol line. In this case, /TS/ must be followed by Symbol Indicator, followed by /, followed by Security Symbol.

Symbol Indicator values:

N = NASD P = Proposed

 

b. Field 04A: Effective Date

Current format:

PRCE/yyyymmdd = Price effective date DDRD/yyyymmdd = Daily rate effective date

New format:

PRCE/yyyymmdd = Price effective date DDRD/yyyymmdd = Daily rate effective date CUDR/yyyymmdd = Cumulative rate effective date

c. Field IT: Information Type

Current values:

PRCO = Price PRCC = Price correction DIVO = Daily rate DIVC = Daily rate correction

New values:

PRCO = Price PRCC = Price correction DIVO = Daily rate DIVC = Daily rate correction CUMO = Cumulative rate CUMC = Cumulative rate correction

  d. Field 35H: Amount

e. Field DD: Dividend Day Count

These fields have not been changed, but they can now specify cumulative rate by using the new available values of the preceding fields.

Fields Added:

a. Security Issue Symbol Indicator  b. Security Issue Symbol  c. Dividend Rate Rejection Indicator  d. Cumulative Rate Correction Indicator  e. Cumulative Rate  f. Cumulative Rate Day Count  g. Cumulative Rate Rejection Indicator

(Record 1, start 6, end 6, length 1) (Record 1, start 68, end 75, length 8) (Record 2, start 30, end 30, length 1) (Record 2, start 31, end 31, length 1) (Record 2, start 32, end 44, length 13) (Record 2, start 45, end 47, length 3) (Record 2, start 48, end 48, length 1)

3. Non-ISO Variable Length - Record Type 030

Fields Added

a. Security Issue Symbol Indicator  b. Security Issue Symbol  c. Dividend Rate Rejection Indicator  d. Cumulative Rate Correction Indicator  e. Cumulative Rate  f. Cumulative Rate Day Count  g. Cumulative Rate Rejection Indicator

(Start 10, end 10, length 1) (Start 72, end 79, length 8) (Start 107, end 107, length 1) (Start 108, end 108, length 1) (Start 109, end 121, length 13) (Start 122, end 124, length 3) (Start 125, end 125, length 1)

Reject codes added:

0400 - Security Issue Symbol Indicator missing/invalid

0401 - Security Issue Symbol missing/invalid

0402 - Cumulative Rate Correction Indicator missing/invalid

0403 - Cumulative Rate missing/invalid

0404 - Cumulative Rate Day Count missing/invalid

0405 - Duplicate Cumulative Rate

0406 - Cumulative Rate not found