California Municipal Investors, Inc. 6380 Wilshire Boulevard, Ste. 1600 Los Angeles, California 90048

TO: ALL NASD MEMBERS

ATTN: Operations Officer, Cashier,, Fail-Control Department

On January 31, 1984, the United States District Court for the Central District of California appointed a SIPC trustee for the above captioned firm.

Members may use the "immediate close-out" procedures as provided in Section 59(i) of the NASD's Uniform Practice Code to close-out open OTC contracts. Also, MSRB Rule G-12 (h)(iv) provides that members may use the above procedures to close-out transactions in municipal securities.

Questions regarding the firm should be directed to:

SIPC Trustee

Theodore B. Stolman, Esquire
Stutman, Treister & Glatt
3701 Wilshire Boulevard
Los Angeles, California 90010
Telephone: (213) 659-2700