Municipal Fund Securities Limited Principal Examination (Series 51) Available on January 2, 2003

Brokers, dealers and municipal securities dealers (“dealers”) that effect transactions in municipal fund securities, including 529 college savings plans, are reminded that the new Municipal Fund Securities Limited Principal Examination (Series 51) becomes available on January 2, 2003.  The examination will be administered through NASD’s PROCTOR system.  Information regarding the administration of the examination may be obtained from NASD’s web site at http://www.nasdr.com/2630.asp.  In addition, appointments to take the examination may be made by contacting Prometric at (800) 578-6273 or by visiting Prometric’s registration web site at http://www.2test.com/ptc/PTCHome.jsp.  Dealers are reminded that general securities principals and investment company/variable contracts limited principals who wish to continue serving as municipal fund securities limited principals must take and pass the Series 51 examination by March 31, 2003.

December 20, 2002