Notice to Members 97-38

SOES Tier Levels Set To Change July 1, 1997

Published Date:

June 01, 1997

SUGGESTED ROUTING

Legal & Compliance
Operations
Systems
Trading

Executive Summary

Effective July 1, 1997, tier sizes for 592 Nasdaq National Market^® securities will be revised in accordance with NASD^® Rule 4710(g).

For more information, please contact Nasdaq^® Market Operations at (203) 378-0284.

Description

Under Rule 4710, the maximum Small Order Execution System^SM (SOES^SM) order size for a Nasdaq National Market security is 1,000, 500, or 200 shares depending on the trading characteristics of the security. The Nasdaq Workstation II^TM indicates the maximum SOES order size for each Nasdaq National Market security in its bid/offer quotation display. The indicator "NM10," "NM5," or "NM2" is displayed to the right of the security name, corresponding to a maximum SOES order size of 1,000, 500, or 200 shares, respectively.

The criteria for establishing SOES tier sizes are as follows:

A 1,000-share tier size was applied to those Nasdaq National Market securities that had an average daily non-block volume of 3,000 shares or more a day, a bid price that was less than or equal to $100, and three or more market makers.

A 500-share tier size was applied to those Nasdaq National Market securities that had an average daily non-block volume of 1,000 shares or more a day, a bid price that was less than or equal to $150, and two or more market makers.

A 200-share tier size was applied to those Nasdaq National Market securities that had an average daily non-block volume of less than 1,000 shares a day, a bid price that was less than or equal to $250, and less than two market makers.

In accordance with Rule 4710, Nasdaq periodically reviews the SOES tier size applicable to each Nasdaq National Market security to determine if the trading characteristics of the issue have changed so as to warrant a tier size adjustment. Such a review was conducted using data as of March 31, 1997, pursuant to the aforementioned standards. The SOES tier-size changes called for by this review are being implemented with three exceptions.

First, issues were not permitted to move more than one tier-size level. For example, if an issue was previously categorized in the 1,000-share tier, it would not be permitted to move to the 200-share tier, even if the formula calculated that such a move was warranted. The issue could move only one level to the 500-share tier as a result of any single review. In adopting this policy, the NASD was attempting to maintain adequate public investor access to the market for issues in which the tier-size level decreased and to help ensure the ongoing participation of market makers in SOES for issues in which the tier-size level increased.

Second, for securities priced below $1 where the reranking called for a reduction in tier size, the tier size was not reduced.

Third, for the top 50 Nasdaq securities based on market capitalization, the SOES tier sizes were not reduced regardless of whether the reranking called for a tier-size reduction.

In addition, with respect to initial public offerings (IPOs), the SOES tier-size reranking procedures provide that a security must first be traded on Nasdaq for at least 45 days before it is eligible to be reclassified.

Thus, IPOs listed on Nasdaq within the 45 days prior to March 31, 1997, were not subjected to the SOES tier-size review.

Following is a listing of the 592 Nasdaq National Market issues that will require a SOES tier-level change on July 1, 1997.

Nasdaq National Market SOES Tier-Size Changes
All Issues In Alphabetical Order By Security Name
(Effective July 1, 1997)

Symbol	Company Name	Old Tier Level	New Tier Level
TDDDF	3DLABS INC LTD	200	500
TDXT	3DX TECHNOLOGIES INC	200	500
A
AFCX	A F C CABLE SYS INC	1000	500
ALZAW	A L Z A CP WTS	500	1000
ASVI	A S V INC	500	1000
ARONA	AARON RENTS INC CL-A	500	1000
ASTM	AASTROM BIOSCIENCES	200	500
ABDR	ABACUS DIRECT CP	500	1000
AANB	ABIGAIL ADAMS NATL	1000	500
ABRI	ABRAMS INDS INC	200	500
ACLY	ACCELER8 TECH CORP	200	500
ACLR	ACCENT COLOR SCIENCE	200	500
ACCB	ACCESS BEYOND INC	200	500
ADECY	ADECCO SA ADR	500	200
ADVP	ADVANCE PARADIGM INC	500	1000
AASI	ADVANCED AERO CL A	200	500
AASIW	ADVANCED AERO WT A	200	500
AASIZ	ADVANCED AERO WT B	200	500
ADIC	ADVANCED DIG INFO CP	500	1000
AFCI	ADVANCED FIBRE >#/td>	500	1000
ADVH	ADVANCED HEALTH CORP	500	1000
ARTT	ADVANCED RADIO TELE	500	1000
AFED	AFSALA BANCORP INC	500	1000
ATAC	AFTERMARKET TECH CP	200	500
ALGO	ALGOS PHARMACEUTICAL	500	1000
ALLE	ALLEGIANT BNCP INC	500	200
ALFC	ALLIED LIFE FINL CP	500	1000
ALLN	ALLIN COMMUNICATIONS	500	1000
ASFN	ALLSTATE FINL CP	500	1000
ALET	ALOETTE COSMETICS	1000	500
ALYN	ALYN CORP	500	1000
AMBC	AMER BNCP OHIO	200	500
AMCE	AMER CLAIMS EVALUAT	1000	500
AUGIW	AMER UN GLOBAL WT	500	200
ABFI	AMERICAN BUS FIN SVC	200	500
AMCN	AMERICAN COIN MERCH	500	1000
AMCI	AMERICAN MEDSERV CP	500	1000
AMRS	AMERUS LIFE HLDGS	200	500
AMSN	AMSCAN HLDGS INC	200	500
ANCO	ANACOMP INC	500	1000
ADCC	ANDEAN DEV CORP	500	1000
ADCCW	ANDEAN DEV CORP WTS	500	1000
ANDR	ANDERSEN GROUP INC	500	200
ASIGF	ANSALDO SIGNAL NV	200	500
AICX	APPLIED IMAGING CORP	500	1000
AQLA	AQUILA BIOPHARMACEUT	500	1000
ARSD	ARABIAN SHIELD DEV	1000	500
ARMXF	ARAMEX INTL LTD	200	500
ARQL	ARQULE INC	500	1000
ARTW	ART S WAY MFG CO INC	500	200
GOAL	ASCENT ENTER GROUP	500	1000
ATRC	ATRIA COMMUNITIES	500	1000
ATRI	ATRION CP	500	1000
AURM	AURUM SOFTWARE INC	500	1000
ABND	AUTOBOND ACCEPT CP	500	1000
AIII	AUTOLOGIC INFO INTL	1000	500
AVIR	AVIRON	500	1000
AWRD	AWARD SOFTWARE INTL	500	1000
AXYS	AXSYS TECHS INC	200	500
B
BFEN	B F ENTERPRISES INC	200	500
BHIKF	B H I CORP	1000	500
BWINB	BALDWIN LYONS CL B	1000	500
BPAO	BALDWIN PIANO ORGAN	1000	500
BGLVW	BALLY'S GRAND INC WT	500	200
BTEK	BALTEK CP	500	200
BANF	BANCFIRST CP	500	1000
BCIS	BANCINSURANCE CP	500	1000
BKCT	BANCORP CONN INC	1000	500
BMCCP	BANDO MCGLOC PFD A	200	500
BCOM	BANK OF COMMERCE(CA)	500	1000
BKLA	BANK OF LOS ANGELES	200	500
BBHF	BARBERS HAIRSTYLING	200	500
BNTT	BARNETT INC	500	1000
BNHNA	BENIHANA INC A	1000	500
BGAS	BERKSHIRE GAS CO	500	1000
BEVB	BEVERLY BANCORP INC	500	1000
BCORY	BIACORE INTL AB ADR	200	500
BFFC	BIG FOOT FIN CORP	200	500
BEERF	BIG ROCK BREWERY LTD	1000	500
BLSC	BIO LOGIC SYS CP	1000	500
BIORY	BIORA AB ADR	200	500
BSTE	BIOSITE DIAGNOSTIC	200	500
BTRN	BIOTRANSPLANT INC	1000	500
BMAN	BIRMAN MANAGED CARE	200	500
BITS	BITSTREAM INC	500	1000
BOSA	BOSTON ACOUSTICS INC	500	1000
BBII	BOSTON BIOMEDICA INC	500	1000
BWLN	BOWLIN OUTDOOR ADVER	200	500
BOXXA	BOX ENERGY CP CL A	500	200
BOYD	BOYD BROS TRANS INC	200	500
BRID	BRIDGFORD FOODS CP	500	1000
BBIOY	BRITISH BIO-TECH ADR	1000	500
BTIC	BRUNSWICK TECHS INC	200	500
BLGMY	BUFFELSFONTEIN ADR	500	1000
BPFB	BUSINESS & PRO BANK	500	1000
C
CBCG	C B COMM REAL ESTATE	200	500
CNIT	C E N I T BNCP INC	500	1000
CERB	C E R B C O INC	500	1000
CFCI	C F C INTL INC	500	1000
CNBF	C N B FINANCIAL CP	200	500
COLTY	C O L T TELECOM ADR	200	500
CUNO	C U N O INC	500	1000
CVTX	C V THERAPEUTICS INC	200	500
CALGL	CAL FED SEC LIT INT	500	1000
CALM	CAL-MAINE FOODS INC	200	500
CAFI	CAMCO FINANCIAL CP	500	1000
CNDL	CANDLEWOOD HOTEL CO	500	1000
CAII	CAPITAL ASSOC	1000	500
CCBG	CAPITAL CITY BANK GR	200	500
CCOW	CAPITAL CP OF WEST	200	500
CRBO	CARBO CERAMICS INC	1000	500
CBNJW	CARNEGIE BANCORP WTS	1000	500
CFNC	CAROLINA FINCORP INC	200	500
FLWR	CELEBRITY INC	1000	500
CNDS	CELLNET DATA SYSTEMS	500	1000
CSBC	CENTRAL &STHN HLD GA	500	1000
CSBI	CENTURY SOUTH BKS	1000	500
CERS	CERUS CORP	200	500
CFBXL	CFB CAPITAL I CUM	200	500
CHNL	CHANNELL COML CORP	500	1000
CHFC	CHEMICAL FIN CP	500	1000
CNBA	CHESTER BANCORP INC	500	1000
CNRMF	CINRAM LIMITED	500	200
CINS	CIRCLE INCOME SHARES	500	1000
CICS	CITIZENS BKSH INC	500	1000
CHCO	CITY HOLDING CO	500	1000
CLSR	CLOSURE MEDICAL CORP	500	1000
CDEN	COAST DENTAL SVCS	200	500
MOKA	COFFEE PEOPLE INC	500	1000
CWTR	COLDWATER CREEK INC	200	500
CBMD	COLUMBIA BANCORP MD	500	1000
CLBK	COMMERCIAL BANKSHRS	500	1000
CTWS	CONN WATER SVCS INC	500	1000
CFWY	CONS FREIGHTWAYS CP	500	1000
CFIN	CONSUMERS FIN CP	500	200
SNSR	CONTROL DEVICES INC	500	1000
CSCQW	CORRECTIONAL SVCS WT	500	200
CLTR	COULTER PHARM INC	200	500
CRRC	COURIER CP	1000	500
CMSS	CREDIT MGMT SOLU	200	500
CRYSF	CRYSTAL SYSTEMS SOL	200	500
CBST	CUBIST PHARMACEUTCLS	500	1000
CYBR	CYBERMEDIA INC	500	1000
CYMI	CYMER INC	500	1000
D
DAOU	D A O U SYSTEMS INC	200	500
DBTO	D B T ONLINE INC	500	1000
DNAP	D N A P HLDG CP	500	1000
DATX	DATA TRANSLATION	200	500
DTAM	DATAMARK HOLDING INC	200	500
DOCP	DELAWARE OTSEGO CP	500	1000
DLIA	DELIA*S INC	200	500
DCBI	DELPHOS CITIZENS BCP	200	500
DCBK	DESERT COMMUNITY BK	200	500
DCRNW	DIACRIN INC WT	500	1000
DHMS	DIAMOND HOME SVCS	500	1000
DITI	DIATIDE INC	1000	500
DDRX	DIEDRICH COFFEE	500	1000
DIGX	DIGEX INC	500	1000
DIGL	DIGITAL LIGHTWAVE	200	500
DPNR	DIGNITY PARTNERS INC	1000	500
DOCX	DOCUMENT SCI CP	500	1000
DEZI	DONNELLY ENT SOLUTIO	500	1000
SOLLY	DR SOLOMON'S GRP ADR	200	500
DROOY	DURBAN ROODEPOOR ADR	500	1000
DXCPN	DYNEX CAPITAL PFD C	500	1000
E
ELTKF	E L T E K LTD	200	500
ELXS	E L X S I CP	1000	500
EMCI	E M C INSURANCE GP	500	1000
EPIX	E P I X MEDICAL INC	200	500
EDSE	E S E L C O INC	200	500
EGLB	EAGLE BANCGROUP INC	500	1000
EUSA	EAGLE USA AIRFREIGHT	500	1000
ELNK	EARTHLINK NETWORK	200	500
ECSGY	ECSOFT GROUP PLC ADR	200	500
EDMC	EDUCATION MGMT CORP	500	1000
EIDSY	EIDOS PLC ADR	200	500
EMITF	ELBIT MED IMAGING	200	500
ESLTF	ELBIT SYSTEMS LTD	200	500
ELGT	ELECTRIC & GAS TECH	200	500
ELSE	ELECTRO SENSORS INC	500	200
ESCP	ELECTROSCOPE INC	1000	500
ELET	ELLETT BROTHERS INC	1000	500
ELRWF	ELRON ELEC INDS WTS	500	200
EIRE	EMERALD ISLE BANCORP	500	1000
EMER	EMERGENT GROUP INC	500	1000
EFBC	EMPIRE FED BANCORP	200	500
ENML	ENAMELON INC	500	1000
EONE	ENVIRONMENT ONE CP	500	1000
EPTO	EPITOPE INC	200	500
ERGB	ERGOBILT INC	200	500
ESCA	ESCALADE INC	500	1000
F
FCNB	F C N B CP	500	1000
FDPC	F D P CP	500	1000
FLAG	F L A G FINANCIAL CP	500	1000
FMCO	F M S FINANCIAL CP	500	200
FPBN	F P BANCORP INC	500	1000
FCPY	FACTORY CARD OUTLET	200	500
FAXX	FAXSAV INC	500	1000
ROMN	FILM ROMAN INC	500	1000
FSAT	FIN SVCS ACQ CORP	500	1000
FSATW	FIN SVCS ACQ CP WT A	500	1000
FMST	FINISHMASTER INC	1000	500
FATS	FIREARMS TRAINING	200	500
FAHC	FIRST AMER HEALTH	1000	500
FBSI	FIRST BANCSHARES INC	200	500
FBNKP	FIRST BKS CUM PFD C	200	500
FTFN	FIRST FIN CP (RI)	500	1000
FSPG	FIRST HOME BNCP INC	200	500
FKFS	FIRST KEYSTONE FIN	500	1000
FMAR	FIRST MARINER BNCP	200	500
FRME	FIRST MERCHANTS CP	500	1000
FNGB	FIRST NORTHERN CAP	500	1000
FBNKO	FIRST PFD CAP TR PFD	200	500
FSNJ	FIRST SAV BK OF NJ	500	1000
FSTH	FIRST SO BCSHS INC	1000	500
FVNB	FIRST VICTORIA NATL	200	500
FVHI	FIRST VIRTUAL HLDGS	200	500
FFDP	FIRSTFED BANCSHARES	500	1000
FFSW	FIRSTFEDERAL FINL	500	1000
FAME	FLAMEMASTER CP THE	200	500
FLCHF	FLETCHER'S FINE FOOD	200	500
PUCK	FLORIDA PANTHERS HLD	500	1000
FNBF	FNB FINANCIAL SVC CP	200	500
FORR	FORRESTER RESEARCH	200	500
FBHC	FORT BEND HLDG CORP	500	200
FRTG	FORTRESS GROUP INC	500	1000
FPWR	FOUNTAIN PWRB IND	500	1000
FOUR	FOUR MEDIA COMPANY	200	500
FTNB	FULTON BANCORP INC	500	1000
G
GGEN	GALAGEN INC	1000	500
GOYL	GARGOYLES INC	500	1000
GENBB	GENESEE CP B	500	200
GEOC	GEOTEL COMMUN CP	200	500
GIGA	GIGA TRONICS INC	1000	500
GFCO	GLENWAY FIN CP	200	500
GLDB	GOLD BANC CORP INC	200	500
GLTB	GOLETA NATL BANK	200	500
GNCNF	GORAN CAPITAL INC	500	1000
GRDL	GRADALL INDS INC	500	1000
GPFI	GRAND PREMIER FIN	500	1000
GFNL	GRANITE FINANCIAL	500	1000
GTRN	GREAT TRAIN STORE CO	500	1000
GWALY	GREAT WALL ADR	500	200
GBBK	GREATER BAY BANCORP	500	1000
GMCR	GREEN MT COFFEE INC	500	1000
H
HFFC	H F FINANCIAL CP	1000	500
HPSC	H P S C INC	500	1000
HNBC	HARLEYSVILLE NATL CP	1000	500
HGMCY	HARMONY GOLD MNG ADR	500	1000
HFGI	HARRINGTON FIN GRP	1000	500
HVFD	HAVERFIELD CP	500	1000
HAYS	HAYES WHEELS INTL	500	1000
HPWR	HEALTH POWER INC	1000	500
HCFP	HEALTHCARE FIN PTRS	200	500
HECHB	HECHINGER CO CL B	1000	500
HAHIW	HELP AT HOME INC WTS	500	1000
HERS	HERITAGE FINL SVC IL	500	1000
HIBB	HIBBETT SPORTING	500	1000
HPFC	HIGH POINT FINL CORP	200	500
HBNK	HIGHLAND FEDERAL BK	1000	500
HIHOF	HIGHWAY HLDGS LTD	200	500
HIHWF	HIGHWAY HLDGS WTS	200	500
HILI	HILITE INDS INC	1000	500
HIFS	HINGHAM INSTI SAVING	500	200
HLGRF	HOLLINGER INC	1000	500
HBEI	HOME BANCP ELGIN	500	1000
HOMF	HOME FEDERAL BANCORP	500	1000
HMGT	HOMEGATE HOSPITALITY	500	1000
HOTT	HOT TOPIC INC	500	1000
HYDEB	HYDE ATHLETIC INDS B	1000	500
I
IACP	I A CORPORATION I	500	1000
ILOGY	I L O G ADR	200	500
IGYN	IMAGYN MEDICAL INC	500	1000
IBCPP	INDEP BK CP CUM PFD	200	500
IBCP	INDEP BK CP MI	500	1000
IUBC	INDIANA UNITED BNCP	200	500
IGRP	INDUS GROUP INC THE	500	1000
IMIC	INDUSTIR-MATEMATIK	500	1000
IHIIL	INDUSTRIAL HLDG WT C	200	500
ITCC	INDUSTRIAL TRAINING	1000	500
IMRS	INFO MGMT RESOURCES	500	1000
INLD	INLAND CASINO CP	500	200
ISER	INNOSERV TECH INC	1000	500
ILABY	INSTRUMENTATION ADR	500	1000
ILCC	INTEGRATED LIVING	500	1000
IMRI	INTEGRATED MED RES	500	1000
INTC	INTEL CP #1	1000	500
INTD	INTELIDATA TECHS >#/td>	500	1000
ITIG	INTELLIGROUP INC	500	1000
IHCC	INTENSIVA HLTHCR CP	500	1000
INDQB	INTL DAIRY QUEEN B	200	500
INSS	INTL NETWORK SVCS	500	1000
POST	INTL POST LIMITED	1000	500
ISCA	INTL SPEEDWAY CL A	500	1000
ITDS	INTL TELECOM DATA	500	1000
INVN	INVISION TECH INC	500	1000
IPSW	IPSWICH SAV BK	500	1000
IRWNP	IRWIN FIN CUM TR PFD	200	500
ILDCY	ISRAEL DEVEL LTD ADR	200	500
J
JPEI	J P E INC	1000	500
JTAX	JACKSON HEWITT INC	500	1000
JCORZ	JACOR COMM INC WTS	500	1000
JAKK	JAKKS PACIFIC INC	500	1000
JUDG	JUDGE GROUP INC	200	500
K
KPSQ	KAPSON SNR QUARTERS	500	1000
KARR	KARRINGTON HEALTH	1000	500
KAYE	KAYE GROUP INC	500	200
KOGCP	KELLEY OIL & GAS PFD	1000	500
KWIC	KENNEDY-WILSON INTL	500	200
KVCO	KEVCO INC	500	1000
KTTY	KITTY HAWK INC	500	1000
VLCCF	KNIGHTSBRIDGE TANKER	200	500
L
BOOT	LACROSSE FOOTWEAR	500	1000
LMAR	LAMAUR CORP	500	1000
LARK	LANDMARK BSCHS INC	200	500
LANV	LANVISION SYS INC	1000	500
LARS	LARSCOM INC CL A	200	500
LSON	LASON INC	500	1000
LEPI	LEADING EDGE PACKAGI	200	500
LEAP	LEAP GROUP (THE)	500	1000
LTBG	LIGHTBRIDGE INC	500	1000
LMTR	LITHIA MOTORS INC	200	500
LFUSW	LITTELFUSE INC WTS	500	200
LIVE	LIVE ENTERTAIN INC	1000	500
LOFSY	LONDON & OVERSEA ADR	200	500
LEIX	LOWRANCE ELECTRONICS	1000	500
M
MBLF	M B L A FINL CORP	500	200
MDSIF	M D S I MOBILE DATA	200	500
MFBC	M F B CORP	1000	500
MVSI	M V S I INC	500	1000
MVSIW	M V S I INC WTS A	200	500
MACC	MACC PRIVATE EQU INC	500	200
MACD	MACDERMID INC	500	1000
MANC	MANCHESTER EQUIP CO	200	500
MAKL	MARKEL CP	1000	500
MFAC	MARKET FACTS INC	500	1000
MWHX	MARKWEST HYDROCARBON	500	1000
MSDX	MASON-DIXON BCSHS	1000	500
MAST	MASTECH CORPORATION	200	500
MTXC	MATRIX CAP CORP	500	1000
MAZL	MAZEL STORES INC	200	500
MGRC	MCGRATH RENT CP	1000	500
MBRK	MEADOWBROOK REHAB A	500	200
MEDJ	MEDI-JECT CORP	500	1000
MDLK	MEDIALINK WORLDWIDE	200	500
MAII	MEDICAL ALLIANCE INC	500	1000
MMGR	MEDICAL MGR CORP	200	500
MDMD	MEDIRISK INC	200	500
MMGC	MEGO MORTGAGE CP	200	500
MBRS	MEMBERWORKS INC	500	1000
MEMCF	MEMCO SOFTWARE LTD	500	1000
MIGI	MERIDIAN INS GP INC	500	1000
MRET	MERIT HOLDING CP	500	1000
MTRS	METRIS COMPANIES INC	500	1000
MISI	METRO INFO SVCS INC	200	500
MTNT	METRO NETWORKS INC	500	1000
MTON	METRO ONE TELECOMM	500	1000
METZ	METZLER GROUP INC	500	1000
MINT	MICRO-INTEGRATION CP	1000	500
MSFTP	MICROSOFT CV PFD	200	500
MVIS	MICROVISION INC	500	1000
MVISW	MICROVISION WTS	500	1000
MAME	MOBILE AMER CP NEW	500	1000
MCRI	MONARCH CASINO	1000	500
MONEP	MONEY STORE PFD	500	1000
MORP	MOORE PRODUCTS CO	200	500
LABL	MULTI COLOR CP	500	1000
N
NCOG	N C O GROUP INC	500	1000
NFOR	N F O RESEARCH INC	500	1000
NSAI	N S A INTL INC	500	1000
NAFI	NATIONAL AUTO FIN CP	200	500
NCBE	NATL CITY BANCSHARES	500	1000
NATI	NATL INSTRUMENTS CP	500	1000
NAIG	NATL INSURANCE GP	500	1000
NPBC	NATL PENN BSCHS INC	500	1000
NSSX	NATL SANITARY SUPPLY	200	500
NAII	NATURAL ALTERNATIVES	200	500
NEOT	NEOTHERAPEUTICS INC	500	1000
NEOTW	NEOTHERAPEUTICS WTS	500	1000
NECSY	NETCOM SYSTEMS ADR	200	500
NECB	NEW ENGLAND COMM A	500	1000
NYBS	NEW YORK BAGEL ENT	500	1000
NMTI	NITINOL MED TECHS	500	1000
NOLD	NOLAND CO	200	500
NPSI	NORTH PITTSBURGH SYS	200	500
NEIB	NORTHEAST IND BNCP	1000	500
NSCF	NORTHSTAR COMPUTER	200	500
NWTL	NORTHWEST TELEPROD	1000	500
NMTXW	NOVAMETRIX MED WTS A	500	200
NGPSF	NOVATEL INC	200	500
NUCM	NUCLEAR METALS INC	200	500
NFLIW	NUTRITION FOR LFE WT	1000	500
O
OTRX	O T R EXPRESS INC	1000	500
OGAR	O'GARA COMPANY (THE)	500	1000
OAKF	OAK HILL FIN INC	500	200
OHSC	OAK HILL SPORTSWEAR	1000	500
OCENY	OCE VAN GRINTEN ADR	200	500
OCWN	OCWEN FINANCIAL CP	500	1000
OEDC	OFFSHORE ENERGY DEV	500	1000
OGLE	OGLEBAY NORTON CO	200	500
OLGR	OILGEAR CO	500	200
OSBC	OLD SECOND BNCP INC	200	500
OMEF	OMEGA FINL CP	500	1000
OMGR	OMNI INSURANCE GP	500	1000
ONCO	ON COMMAND CORP	500	1000
ONDI	ONTRACK DATA INTL	500	1000
OGNB	ORANGE NATL BNCP	200	500
P
PJAM	P J AMERICA INC	500	1000
PBSF	PACIFIC BANK NATL CA	500	1000
PABN	PACIFIC CAPITAL BNCP	200	500
PBFI	PARIS CORP	500	200
PRLX	PARLEX CP	200	500
PATI	PATIENT INFOSYSTEMS	200	500
PRLS	PEERLESS SYSTEMS CP	500	1000
PGTV	PEGASUS COMMUNICATIO	500	1000
PPLS	PEOPLES BK CP OF IND	200	500
PMFI	PERPETUAL MIDWEST	1000	500
PLIT	PETROLITE CP	500	1000
PNTGF	PETROMET RES LTD	200	500
PHXX	PHOENIX INTL LTD	500	1000
PECX	PHOTOELECTRON CORP	200	500
SIGN	PLASTI LINE INC	1000	500
PWAV	POWERWAVE TECHS INC	200	500
PBKC	PREMIER BKSHS	500	1000
PRWW	PREMIER RESEARCH	200	500
PENG	PRIMA ENERGY CP	500	1000
PSAB	PRIME BNCP INC	500	1000
PRMX	PRIMEX TECHS INC	200	500
PRTL	PRIMUS TELECOM GROUP	500	1000
PNBC	PRINCETON NATL BNCP	200	500
PRTW	PRINTWARE INC	500	1000
PRCM	PROCOM TECH INC	200	500
PICM	PROFESSIONALS INS CO	500	1000
PSDS	PROSOURCE INC	500	1000
PSFI	PS FINANCIAL INC	200	500
PULS	PULSE BANCORP INC	200	500
PUMA	PUMA TECHNOLOGY INC	200	500
Q
QEPC	Q E P CO INC	500	1000
QLIX	QUALIX GROUP INC	200	500
R
RGFC	R & G FINANCIAL CORP	500	1000
RMHT	R M H TELESERVICE	500	1000
RADS	RADIANT SYSTEMS INC	200	500
RAIL	RAILAMERICA INC	500	1000
RLLYW	RALLY'S HAMBURGER WT	500	1000
RAVE	RANKIN AUTO GP	200	500
RARB	RARITAN BANCORP INC	500	200
RFTN	REFLECTONE INC	500	1000
RELV	RELIV INTL INC	500	1000
RSVC	RENTAL SERVICE CORP	500	1000
RIDG	RIDGEVIEW INC	500	1000
RIMG	RIMAGE CP	500	1000
GRLL	ROADHOUSE GRILL INC	200	500
RSHX	ROCKSHOX INC	500	1000
RSTI	ROFIN-SINAR TECHS	500	1000
RWAV	ROGUE WAVE SOFTWARE	200	500
RSLN	ROSLYN BANCORP INC	200	500
RBPAA	ROYAL BSCHS OF PA A	500	1000
RGLD	ROYAL GOLD INC	500	1000
ROYL	ROYALE ENERGY INC	500	1000
S
SEEC	S E E C INC	500	1000
SLAB	SAGE LABS INC	500	200
SCAI	SANCHEZ COMPUTER ASS	500	1000
SABB	SANTA BARBARA BNCP	500	1000
SAVB	SAVANNAH BNCP INC	500	200
SMIT	SCHMITT INDS (OR)	500	1000
SAVO	SCHULTZ SAV O STORES	500	1000
STIZ	SCIENTIFIC TECH INC	1000	500
SCOT	SCOTT AND STRINGFELL	200	500
SEAC	SEA CHANGE INTL INC	500	1000
SEMD	SEA M E D CORP	200	500
SEAM	SEAMAN FURNITURE CO	500	200
SEWY	SEAWAY FOOD TOWN INC	500	1000
SBHC	SECURITY BK HLDG CO	500	1000
SNFCA	SECURITY NATL FINL A	200	500
SELAY	SELECT APPT PLC ADR	200	500
SLCTY	SELECT SOFTWARE ADR	500	1000
SENEB	SENECA FOODS CP B	200	500
SERX	SERVICE EXPERTS INC	500	1000
SFXBW	SFX BROADCASTING WTS	1000	500
SGNS	SIGNATURE INNS INC	200	500
SGNSP	SIGNATURE INNS PFD A	200	500
SLGN	SILGAN HOLDINGS INC	200	500
SFNCA	SIMMONS FIRST NATL A	1000	500
SMCI	SIMULATION SCIENCES	500	1000
SKYM	SKYMALL INC	200	500
SWLDY	SMALLWORLDWIDE ADR	500	1000
SMTK	SMARTALK TELESVCS	500	1000
SOMR	SOMERSET GP INC THE	200	500
SSFC	SOUTH STREET FIN CP	500	1000
SMBC	SOUTHERN MO BNCP INC	500	1000
SWBT	SOUTHWEST BANCP TX	200	500
SWBI	SOUTHWEST BANCSHARES	200	500
OKSB	SOUTHWEST BNCP INC	500	1000
SCNI	SPECIALTY CARE NETWK	200	500
CTLG	SPECIALTY CATALOG CP	500	1000
SPLH	SPLASH TECH HLDGS	500	1000
STAF	STAFFMARK INC	500	1000
STGE	STAGE STORES INC	500	1000
SFSW	STATE FINL SVCS CL A	200	500
STLD	STEEL DYNAMICS INC	200	500
STNRF	STEINER LEISURE LTD	500	1000
SRCL	STERICYCLE INC	500	1000
SWBC	STERLING WEST BNCP	200	500
EASY	STORM TECH INC	500	1000
STYL	STYLING TECH CORP	200	500
SBCN	SUBURBAN BNCP	500	1000
SOSC	SUBURBAN OSTOMY SUPP	500	1000
SUBK	SUFFOLK BNCP	500	1000
SMMT	SUMMIT DESIGN INC	500	1000
SNHY	SUN HYDRAULICS CORP	200	500
SUPC	SUPERIOR CONSULTANT	500	1000
SPPR	SUPERTEL HOSPITALITY	1000	500
SIGC	SYMONS INTL GROUP	500	1000
SIND	SYNTHETIC INDS INC	500	1000
T
TALX	T A L X CORP	500	1000
TSATA	T C I SAT ENT SER A	200	500
TMAM	T E A M AMERICA CORP	200	500
THNK	T H I N K NEW IDEAS	200	500
TMPW	T M P WORLDWIDE INC	200	500
TTILF	T T I TEAM TELECOM	200	500
THQI	T*HQ INC	500	1000
TMAI	TECHNOLOGY MODELING	500	1000
TCOMP	TELE COMMUN PFD B	500	200
TMPL	TEMPLATE SOFTWARE	200	500
TESOF	TESCO CORP	200	500
TKTM	TICKETMASTER GROUP	200	500
TEXP	TITAN EXPLORATION	200	500
TKIOY	TOKIO MARINE ADR	500	1000
TCIX	TOTAL CONTAINMENT	500	200
TTRRW	TRACOR INC WTS A	1000	500
TCAM	TRANS CP OF AMER INC	500	1000
TRNI	TRANS INDS INC	1000	500
TACT	TRANSACT TECH INC	500	1000
TRII	TRANSCRYPT INTL INC	200	500
TKTX	TRANSKARYOTIC THERAP	500	1000
VIRS	TRIANGLE PHARMACEUTS	500	1000
TMRK	TRIMARK HLDGS INC	500	1000
TISX	TRUSTED INFO SYS >#/td>	500	1000
TWLB	TWINLAB CORP	500	1000
U
UOLP	U O L PUBLISHING INC	200	500
USAK	U S A TRUCK INC	500	1000
USFS	U S FRANCHISE SYS A	500	1000
USLM	U S LIME & MINERALS	1000	500
USPH	U S PHYSICAL THERAPY	500	1000
UNDG	UNIDIGITAL INC	1000	500
UPCPO	UNION PLANTERS PFD E	500	1000
UNBCZ	UNIONBANCAL CP DEP	1000	500
UBMT	UNITED FINANCIAL CP	200	500
UNFI	UNITED NAT FOODS INC	500	1000
UNBJ	UNITED NATL BNCP	500	1000
USTR	UNITED STATIONERS	500	1000
UPEN	UPPER PENINSULA ERGY	1000	500
UROH	UROHEALTH SYSTEMS	200	500
UROQ	UROQUEST MEDICAL CP	500	1000
V
VONE	V-ONE CORP	500	1000
VDRY	VACU DRY CO	500	200
VMSI	VENTANA MED SYSTEMS	500	1000
VRSA	VERSA TECH INC	1000	500
VERS	VERSATILITY INC	200	500
VSAT	VIASAT INC	200	500
VYTL	VIATEL INC	500	1000
VUTKW	VIEW TECH INC WTS	500	1000
VISG	VIISAGE TECH INC	500	1000
VPHM	VIROPHARMA INC	200	500
VTCH	VITECH AMERICA INC	500	1000
VVID	VIVID TECHS INC	200	500
VTEK	VODAVI TECHNOLOGY	1000	500
VOXW	VOXWARE INC	500	1000
W
WALBP	WALBRO CAP TR CV PFD	200	500
WAMUO	WASHINGTON MUT PFD C	500	1000
WTRS	WATERS INSTRUMENTS	500	200
WEFC	WELLS FINANCIAL CP	500	1000
WJCO	WESLEY JESSEN VISION	200	500
WTSC	WEST TELESERVICES CP	200	500
WCBI	WESTCO BANCORP	500	1000
WEHO	WESTWOOD HOMESTEAD	500	1000
WEYS	WEYCO GP INC	200	500
WPNE	WHITE PINE SOFTWARE	500	1000
OATS	WILD OATS MARKETS	500	1000
WLFC	WILLIS LEASE FIN CP	500	1000
WFSG	WILSHIRE FIN SVCS GR	200	500
WGOV	WOODWARD GOVERNOR CO	200	500
WCOMP	WORLDCOM DEP SHS	200	500
X
XION	XIONICS DOC TECHS	500	1000
XLCT	XLCONNECT SOLUTIONS	500	1000
XOMD	XOMED SURG PRODS INC	500	1000
Y
YURI	YURIE SYSTEMS INC	200	500
Z
ZAGIF	Z A G INDS LTD	500	1000
ZSEV	Z SEVEN FUND INC THE	200	500
ZHOM	ZARING HOMES INC	500	1000
ZILA	ZILA INC	500	1000
ZOMX	ZOMAX OPTICAL MEDIA	500	1000