A#	5894
P&S #:	5464
DATE:	September 10, 2004
TO:	ALL PARTICIPANTS
ATTENTION:	MANAGER, PURCHASES AND SALES DEPARTMENT; CASHIER; FUND/SERV PARTICIPANTS; ACATS PARTICIPANTS; MUNICIPAL BOND COMPARISON PARTICIPANTS
FROM:	Pablo Cubi, Membership Administration
SUBJECT:	CHANGES IN THE LIST OF PARTICIPANTS

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·        The following firms will retire from all services, as detailed below:

Last Trade Date, September 10, 2004:

Quasar Distributors, LLC/Builders Fixed Income                                                                  No.     6693

Last Trade Date, September 14, 2004:

Ultimus Fund Distributors, LLC/Watchdog Investment Trust                                                 No.     6534

·        An additional number has been assigned to T.O. Richardson Securities, Inc. (#5480) for the purpose of utilizing the Fund/SERV, ACATS Fund/SERV and Networking services, as detailed below:

First Trade Date, September 13, 2004:

T.O. Richardson Securities, Inc./Builders Fixed Income                                                        No.     6693

Networking Code:                                                                                                                          CZ

Contact: Katie Russo

Phone:   (860) 677-8578

·        The following firm will begin participation in the Commission Settlement service, as detailed below:

First Trade Date, September 10, 2004:

Bisys Fund Services, LP/STI Classic Funds                                                                          No.     4920

·        The following firm will change its name only, as detailed below:

Effective, First Trade Date, September 13, 2004:

From: The Equitable Life Assurance Society of the U.S.                                                       No.     4535

To:     AXA Equitable Life Insurance Company                                                                    No.     4535

·                    Kindly update the NSCC Directory dated July 9, 2004 (for OTC Executed-By-List and Municipal Bond Comparison System) as detailed below:

	Clearing Broker Identifiers		Executing Broker Identifiers
	Alpha	Numeric	Alpha		Numeric
Delete Last Trade Date, September 10, 2004:
Meadowbrook Securities, Inc.	WSPD	0030	CRAN
Harrison Securities, Inc.	WSPD	0030	HARR
Investex Securities Group, Inc.	WSPD	0030	INVX
Add First Trade Date, September 9, 2004:
David Adams Capital Markets LLC		0235	DACM
Add First Trade Date, September 14, 2004:
Minnesota Valley Investments	MSRO	0727	MVII
Clearing Broker Change, Effective First Trade Date, September 10, 2004:
From: Pursuit Partners, LLC	ABNA	0425		PURS
To:     Pursuit Partners, LLC	MLCO	0161		PURS

·                    Kindly update the NSCC Directory dated July 9, 2004 (for OTC Executed-By List) as detailed below:

	Clearing Broker Identifiers		Executing Broker Identifiers
	Alpha	Numeric	Alpha	Numeric
Add First Trade Date, September 13, 2004:
Wedbush Morgan Securities, Inc.	WEDB	0103	WEDZ

·                    Kindly update the NSCC Directory dated July 9, 2004 (for Municipal Bond Comparison) as detailed below:

	Clearing Broker Identifiers		Executing Broker Identifiers
	Alpha	Numeric	Alpha	Numeric
Clearing Broker Change, Effective First Trade Date, September 13, 2004:
From: Stark, Salter & Smith	PERS	0443	SPSR
To:     Stark, Salter & Smith	SWST	0279	SPSR

If you have any questions regarding this notice, please contact Frank DeRiso at (212) 855-4941 or Miriam Santiago at (212) 855-4947.