A 5348 - November 6, 2001

(Revised)

A 5348
P&S 4918
November 6, 2001
TO: ALL PARTICIPANTS
ATTENTION: MANAGING PARTNER / OFFICER, P&S MANAGER, CASHIER, FUND/SERV PARTICIPANTS
SUBJECT: VETERANS DAY HOLIDAY SCHEDULE - REVISED

New York Banks will be closed on Monday, November 12, 2001 in observance of Veterans Day. The New York and American Stock Exchanges and the Nasdaq System will be open for trading on Monday, November 12, 2001.

The following changes in NSCC’s Operations and schedules will be in effect:

EQUITY COMPARISON (LISTED AND OTC) AND FIXED INCOME TRANSACTION SYSTEM – FITS:

SUBMISSION OF TRADE DATA

TRADE DATE	NIGHT OF COMPARISON REGULAR WAY INPUT	T+1 ADJUST MENTS	T+2 & OLDER ADJUSTMENTS	T+3 & OLDER ADJUSTMENTS	SETTLEMENT DATE
Nov. 6	Nov. 6	Nov. 7	Nov. 8	N/A	Nov. 9
Nov. 7	Nov. 7	Nov. 8	Nov. 9	Nov.12	Nov. 13
Nov. 8	Nov. 8	Nov. 9	Nov. 12	Nov. 13	Nov. 14
Nov. 9	Nov. 9	Nov.12	Nov. 13	Nov. 14	Nov. 15*
Nov. 12	Nov. 12	Nov. 13	Nov. 14	N/A	Nov. 15*
Nov. 13	Nov. 13	Nov. 14	Nov. 15	N/A	Nov. 16

*Double Day Settlement

BALANCE ORDERS
A double-day settlement will result on November 15, 2001. Non-CNS trades of November 9, 2001 and November 12, 2001 will be displayed on the Consolidated Trade Summary and netted for settlement on November 15, 2001.

Balance Orders will not be available for distribution on the morning of the Holiday.

NOTE: Municipal Bond Deliver instructions for settlement date November 13, 2001, which would normally settle in PDQ, should be delivered via DTC’s PTS Terminal.

CNS
No settlement will occur on November 12, 2001. The following changes will be made to CNS output schedules:

Consolidated Trade Summary (Including machine-readable output):

T, AND T+1 TRADES SETTLING ON	T+2 AND OLDER TRADES SETTLING ON	AVAILABLE ON
Nov. 9	Nov. 8	Nov. 8 Normal
Nov. 12(No Settlement)	---	---
Nov. 13	Nov. 9	Nov. 9 Normal
---	---	Nov. 12 None**
Nov. 14	Nov. 13	Nov. 13 Normal***
Nov. 15	Nov. 14	Nov. 14 Normal

** A Consolidated Trade Summary will not be available on the morning of the Holiday.

*** Indicates one-day items for trades of November 9, 2001, and November 12, 2001, settling on November 13, 2001.

Projection Report (Including machine-readable output):

Projection for Settlement Date	Available On
Nov. 9	Nov. 8 Normal
Nov. 12 (No Settlement)	---
Nov. 13	Nov. 9 One Day Early
---	Nov. 12 None****
Nov. 14	Nov. 13 Normal

****A Projection Report will not be available on the morning of the holiday.

Exemption and Priority Input:

To Control Settlement Of
Nov. 9
Nov. 12 (No Settlement)
Nov. 13
---
Nov. 14
Member Should Submit On:
Nov. 8 Normal
---
Nov. 9 One Day Early
Nov. 12 None
Nov. 13 Normal

Accounting Summary (Including machine-readable output):

Settlement Date
Nov. 9
Nov. 12(No Settlement)
Nov. 13
Available On
Nov. 9^th Normal
---
Nov. 13^th

DIVIDENDS
Record Dates – Securities with a published record date of November 12, 2001 will be changed to November 9, 2001. Since no CNS activity will occur on the 12^th , closing positions for these two dates will be identical.

Due Bill Redemption Dates – Securities carrying a due bill redemption date November 12, 2001 will be changed to November 9, 2001. Again, closing positions for the two dates will be the same.

Payable Dates – Dividends payable on November 12, 2001 will be paid on November 13, 2001.

CENTRAL DELIVERY, SETTLEMTENT AND TRANSFER:
NSCC will not provide Delivery, Settlement or Transfer Services on Monday, November 12, 2001.

INTER-CITY DELIVERIES:
On Friday, November 9, 2001 deliveries will be accepted for settlement Tuesday, November 13, 2001.

No IESS activity will settle on November 12, 2001.

STOCK BORROW PROGRAM:
Stock Borrow availability information will be accepted on Friday, November 9, 2001 for settlement Tuesday, November 13, 2001. Settlement date on the input should be November 13, 2001.

AUTOMATED CUSTOMER ACCOUNT TRANSFER (ACAT):
ACAT activity processed on Thursday, November 8, 2001, which would normally settle Monday, November 12, 2001 will settle on Tuesday, November 13, 2001.

Acat activity processed on Friday, November 9, 2001, which would normally settle Monday, November 12, 2001, will be combined with ACAT activity of Friday, November 9, 2001 for settlement Wednesday, November 14, 2001.

ACCELERATIONS-

ACATS system will REJECT any acceleration transaction on the day PRIOR TO THE HOLIDAY. Participants will receive a reject reason of "missed cycle"

Accelerations will be accepted on the holiday only for transfers validated (assets submitted ) on the holiday.

TRANSFERS WITH A BANK CONTRA PARTY-

On the Bank Holiday, the ACATS system will reject all transactions where one side is a BANK participant.

On Friday, November 9, 2001, (the day prior to the holiday), there will be no settle prep status on the end of day output.

Please refer to NSCC Important Notice # A5159 / P&S # 4719 dated October 2, 2001, for additional ACAT processing information.

ACAT-FUND/SERV INTERFACE:
ACAT-FUND/SERV Interface activity processed on Monday, November 12, 2001 will settle on Tuesday, November 13, 2001.

MUTUTAL FUND COMMISSION SETTLEMENT:
No Mutual Fund Commission Settlement will occur on Monday, November 12, 2001. Activity submitted on Friday, November 9, 2001 and Saturday, November 10, 2001 will settle on Tuesday, November 13, 2001.

FUND/SERV:
No settlement of FUND/SERV activity will occur on Monday, November 12,2001. Activity submitted on Friday, November 9, 2001 will settle on Tuesday, November 13, 2001.

T+1 SETTLEMENT
TRADE DATE
Nov. 8
Nov. 9
Nov.12 FILE
AVAILABLE ON
Nov. 9
Nov. 13
Nov. 13 SETTLEMENT
DATE
Nov. 9
Nov. 13
Nov. 13

T+3 SETTLEMENT
TRADE DATE
Nov. 7
Nov. 8
Nov. 9***
Nov.12
Nov.13 FILE
AVAILABLE ON
Nov. 12
Nov. 13
Nov. 14
Nov. 14
Nov. 15 SETTLEMENT
DATE
Nov. 13
Nov. 14
Nov. 15**
Nov. 15**
Nov. 16

** Double Day Settlement

***No T+3 file available on Friday, November 9, 2001.

NETWORKING:
Networking activity will be accepted on Monday, November 12, 2001, however, no Networking Dividend Cash Settlement will occur on Tuesday, November 13, 2001.

INSURANCE PROCESSING SERVICE (IPS):
On, Monday, November 12, 2001, all edits will be accepted and processed. Output will be produced for all non-money settlement jobs.

No IPS money settlement will occur on Monday, November 12, 2001. Activity submitted on Monday, November 12, 2001 will settle on Tuesday, November 13, 2001. (No output for Commissions, Applications and Subsequent Premiums, Licensing and Appointments).

Any questions regarding this notice should be directed to your Relationship Manager at (212) 855-4155 or myself at 212-855-1608.

Kevin Brennan
Director, Operations