For posterity, here's a summary of what's in z/VM 5.4:

- System z10 processor instruction exploitation
- z/VM-mode LPAR support
- System ID verification on the SHUTDOWN command
- DAT table performance enhancements
- Dynamic LPAR memory upgrade
- Dynamic virtual machine memory upgrade
- Virtual CPU SHARE redistribution

- Guest FCP dump
- DCSS addressing above 2 GB

- OSA-Express3 Multi-Port support
- Usability enhancements for QUERY VSWITCH
- CMS command to issue SNMP traps
- Telnet IPv6 support
- TCP/IP OSD Layer 2 support 
- VM TCP/IP Path MTU discovery

- LDAP upgrade to z/OS 1.10 level
- RACF LDAP change logging and password/phrase enveloping
- RACF installation defaults to DES encryption of passwords (Who loves 
ya?)
- CMS-based SSL server with improved certificate management (available 
later this year)

- Linux-on-z/VM installation using the Hardware Management Console (HMC)
- z/VM system management API (SMAPI) enhancements
- Performance Toolkit and DirMaint support enhancements
- LE, C/C++, and Binder upgrades

Alan Altmark
z/VM Development
IBM Endicott

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