A#	5901
P&S #:	5471
DATE:	September 24, 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 22, 2004:

PFPC Distributors, Inc./Pictet Funds                                                                                    No.     4961

Last Trade Date, September 24, 2004:

Bisys Fund Services, LP/Kensington Funds                                                                          No.     6639

·        An additional number has been assigned to Quasar Distributors, LLC (#5869) for the purpose of utilizing the Fund/SERV, ACATS Fund/SERV, Networking and Commission Settlement services, as detailed below:

First Trade Date, September 27, 2004:

Quasar Distributors, LLC/Kensington Funds                                                                        No.     6639

Networking Code:                                                                                                                          8E

Contact: Casandra Sauer

Phone:   (414) 287-3936

·        An additional number has been assigned to SEI Investments Distribution Co. (#5820) for the purpose of utilizing the Fund/SERV and, Networking services, as detailed below:

First Trade Date, September 27, 2004:

SEI Investments Distribution Co./Old Mutual Advisors Funds                                               No.     6537

Networking Code:                                                                                                                          HB

Contact: Angela Sleyster

Phone:   (816) 843-4042

·        The following firm will begin participation in the ACATS Fund/SERV service, as detailed below:

First Trade Date, September 23, 2004:

Morgan Stanley & Co., Incorporated                                                                                   No.     5857

·                    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
Add First Trade Date, September 21, 2004:
WCM Partners, LLC		0235	PART
Add First Trade Date, September 22, 2004:
Golden Beneficial Securities	PFSI	0234	GOBE
Add First Trade Date, October 1, 2004:
Bluffview Securities, L.P.	BSSC	0352	BSLP

·                    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
Delete Last Trade Date, September 22, 2004:
Delta Asset Management Company, LLC	PFSI	0234	DLTA
Sunstate Equity Trading, Inc.	PFSI	0234	SUNE
Add First Trade Date, September 27, 2004:
Evergreen Associates	SALI	0750	EVGN
Executing Broker Symbol Change, Effective First Trade Date September 27, 2004:
From: Hudson Securities, Inc.	SILK	0501	WIEN
To:     Hudson Securities, Inc.	SILK	0501	HDSN

·                    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
Add First Trade Date, September 22, 2004:
Susquehanna Fixed Income, LP	PRST	0551	SUSF

*Note:  Correction to NSCC Important Notice date September 17, 2004 (A #5899, P&S #5469) – Please be advised that MPID “STYO” will not be clearing through Pershing LLC (#0443) as previously reported.  “STYO” will continue to clear through Wachovia Securities, LLC (#0030).

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