A#	5908
P&S #:	5478
DATE:	October 1, 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 29, 2004:

      Bear Stearns & Co., Inc./Offshore Funds                                                                             No.     5422

Last Trade Date, September 30, 2004:

Ultimus Fund Distributors, LLC/Amstar Investment Trust                                                      No.     4848

ND Capital, Inc./FWBT                                                                                                      No      5657

Last Trade Date, October 1, 2004:

      Bidwell & Company                                                                                                            No.     0441

·         The following firm will begin participation in the Fund/SERV, Networking and Commission Settlement services, as detailed below:

First Trade Date, October 1, 2004:

Integrity Funds Distributor, Inc.                                                                                            No.     5657

Networking Code:                                                                                                                          NH

Contact: Toben Taft

Phone:   (701) 857-0231

·         The following firm will begin participation in the Fund/SERV, Networking and Commission Settlement services, as detailed below:

      First Trade Date, October 4, 2004:

Citistreet Equities, LLC                                                                                                        No.     4865

Networking Code:                                                                                                                          GE

Contact: William Minogue

Phone:   (732) 514-2976

·        An additional number has been assigned to JPMorgan Chase Bank (#0902) for the purpose of utilizing the Fund/SERV, Networking and Commission Settlement Services, as detailed below:

First Trade Date, October 15, 2004:

JPMorgan Chase Bank/TIAA-CREF                                                                                   No.     2006

Networking Code:                                                                                                                          H7

Contact: James K. Bartley

Phone:   (718) 242-9892

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

First Trade Date, October 1, 2004:

Interactive Brokers, LLC                                                                                                     No.     0017

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

First Trade Date, September 28, 2004:

SEI Investments Distribution Company/Old Mutual Advisor Funds                                       No.     6537

First Trade Date, September 29, 2004:

      SEI Investments Distribution Company/CNI Charter Funds                                                  No.     6667

·        The following participant of the Depository Trust Company will begin participation in the ACATS service, as detailed below:

First Trade Date, October 1, 2004:

PNC Bank, NA                                                                                                                   No.     2616

·        The following firms will change their names only, as detailed below:

Effective, First Trade Date, October 1, 2004:

      From: Helfant Group, Inc.                                                                                                    No.     0535

      To:      Jefferies Execution Services, Inc.                                                                               No.     0535

      From: Helfant Service Bureau                                                                                               No.     0536    To:      Jefferies Execution Services, Inc./Service Bureau                                                                        No.     0536

Effective, First Trade Date, October 4, 2004:

From: Hold Brothers On-Line Investment Services, Inc.                                                       No.     0784

To:     Hold Brothers On-Line Investment Services, LLC                                                      No.     0784

·         The following firm will no longer participate in the ACATS Fund/SERV service, as detailed below:

Last Trade Date, September 30, 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
Delete Last Trade Date, October 1, 2004:
Trusted Securities Advisors	NFSC	0226	TADV
Add First Trade Date, September 29, 2004:
Costa Financial Services Inc.		0235	ACOS
Clark Dodge & Co., Inc.		0235	CLRK
JPC Capital Partners, Inc.	BHCS	0632	CPFN
Dillon Scott Securities, Inc.	CCLS	0265	DILL
Partners Investment Network, Inc.		0235	DJRC
Higgins Capital Management, Inc.		0235	HIGG
Union Capital Company		0235	IVOL
Jones, Byrd, & Attkisson, Inc.		0235	JBAI
KW Securities Corporation		0235	KWSC
Superior Financial Services, Inc.		0235	SFSI
S.G. Long & Company		0235	SGLC
Wilbanks Securities, Inc.		0235	WILB
Add First Trade Date, October 1, 2004:
Neonet Securities, Inc.	MLCO	0161	NNET
Northland Securities, Inc.	PERS	0443	NORT
Franklin Ross, Inc.	CCLS	0265	ROSS
Stockcross Financial Services, Inc.	NFSC	0226	STOS
Clearing Broker Change, Effective First Trade Date, September 29, 2004:
From: Baker & Co., Incorporated	RAGN	0733	BCOM
To:     Baker & Co., Incorporated		0235	BCOM
From: Garden State Securities, Inc.	RAGN	0733	GRST
To:     Garden State Securities, Inc.		0235	GRST
From: Ivy Securities, Inc.	RAGN	0733	IVYS
To:     Ivy Securities, Inc.		0235	IVYS
From: National Securities Corporation	FCCP	0141	NATL
To:     National Securities Corporation	BHCS	0632	NATL
From: Nelson Securities, Inc.	RAGN	0733	NELS
To:     Nelson Securities, Inc.		0235	NELS
From: NYPPE, LLC	RAGN	0733	NYPP
To:     NYPPE, LLC		0235	NYPP
From: Geoffrey Richards Securities Corp.	RAGN	0733	TAIG
To:     Geoffrey Richards Securities Corp.		0235	TAIG
	Clearing Broker Identifiers		Executing Broker Identifiers
	Alpha	Numeric	Alpha	Numeric
Clearing Broker Change, Effective First Trade Date, October 1, 2004:
From: Keystone Securities, LLC	ABNA	0425	KEYS
To:     Keystone Securities, LLC	MLCO	0161	KEYS
From: Spyglass Trading L.P.	ABNA	0425	SPGL
To:     Spyglass Trading L.P.	PRST	0551	SPGL
Clearing Broker Change, Effective First Trade Date, October 6, 2004:
From: Bishop, Rosen & Co., Inc.	WSPD	0030	BISH
To:     Bishop, Rosen & Co., Inc.	FCCP	0141	BISH
From: Capital Growth Financial, LLC	WSPD	0030	CGFL
To:     Capital Growth Financial, LLC	FCCP	0141	CGFL
From: Gabelli & Company, Inc	WSPD	0030	GABE
To:     Gabelli & Company, Inc.	FCCP	0141	GABE
From: Merriman Curhan Ford & Co.	BSSC	0352	MERI
To:     Merriman Curhan Ford & Co.	JEFF	0019	MERI
From: Gilford Securities Incorporated	WSPD	0030	RGIL
To:     Gilford Securities Incorporated	FCCP	0141	RGIL

·                    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 29, 2004:
Morgan Peabody, Inc.	WEDB	0131		RHCI
Add First Trade Date, September 28, 2004:
Triune Capital Advisors, LLC	SALI	0750		TRUN
Add First Trade Date, September 29, 2004:
First American Municipals, Inc.		0235		FAMI
Add First Trade Date, October 1, 2004:
Tradelink Securities, LLC	SGCL	5118		TRLN
Clearing Broker Change, Effective First Trade Date, September 29, 2004:
From: National Securities Corporation	FCCP	0141		NAID
To:     National Securities Corporation	BHCS	0632		NAID
	Clearing Broker Identifiers		Executing Broker Identifiers
	Alpha	Numeric	Alpha		Numeric
Clearing Broker Change, Effective First Trade Date, October 6, 2004:
From: E*Trade Professional Trading, LLC	SWST	0279		ETPT
To:     E*Trade Professional Trading, LLC	ETRS	0385		ETPT

·                    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 29, 2004:
National Securities Corporation	BHCS	0632	NAID
Clearing Broker Change, Effective First Trade Date, September 29, 2004:
From: First American Municipals, Inc.	RAGN	0733	FAMI
To:     First American Municipals, Inc.		0235	FAMI

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