National Securities Clearing Corporation ("NSCC" or "the Corporation") has filed a rule change with the Securities and Exchange Commission ("SEC") pursuant to paragraph (A) of Section 19(b)(3) of the Securities Exchange Act of 1934.

The purpose of the proposed rule change is to:

1. expand the types of entities which may become Data Services Only ("DSO") Members to include, in addition to the categories itemized in Rule 2 for regular Members (banks, broker/dealers, investment companies, clearing agencies, insurance companies/entities), the types of additional entities that are allowed to use Mutual Fund services (e.g., registered investment advisors and TPA Members);

2. make the Mutual Fund Service, "Profile", available to DSO Members; and

3. consolidate many of the existing provisions relevant to DSO Members in one rule for ease of reference.

The full text of the rule change as well as the above NSCC Important Notice may be obtained by visiting our web site at www.nscc.com. Written comments on the proposed rule filing may be addressed to Lisa T. Siebold, Assistant Secretary, National Securities Clearing Corporation, 55 Water Street, New York, New York 10041, and your comments will be forwarded to the SEC. You may also address your written comments to the Secretary of the Commission, Securities and Exchange Commission, 450 Fifth Street NW, Washington, D.C. 20549. We request that you provide NSCC with a copy of your comments.

Questions regarding this notice may be directed to Carol Jameson at (212) 855-3213.

Karen L. Saperstein
Managing Director and General Counsel