CHANGES IN THE LIST OF PARTICIPANTS

							A#:                 6065
P&S#:               5635
DATE:               July 8, 2005
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


•   An Additional number has been assigned to Quasar Distributors, LLC (#5869) for the purpose of
    utilizing the Fund/SERV service, as detailed below:
    First Trade Date, July 8, 2005:
    Quasar Distributors, LLC/Julius Baer Offshore Funds                        No. 5698

•   An Additional number has been assigned to Quasar Distributors, LLC (#5869) for the purpose of
    utilizing the Fund/SERV, Networking, Commission Settlement, and ACATS Fund/SERV services,
    as detailed below:
    First Trade Date, July 11, 2005:
    Quasar Distributors LLC/Claymore Trust                                     No. 4985
    Networking Code:                                                                7N
    Contact: Casandra Sauer
    Phone: (414) 347-5766

•   An Additional number has been assigned to Scudder Investor Services, Inc. (#5863) for the purpose
    of utilizing the Fund/SERV, and Networking services, as detailed below:
    First Trade Date, July 11, 2005:
    Scudder Investor Services, Inc./DWS Investment S.A.                           No. 4974
    Networking Code:                                                                   7S
    Contact: Homer Frizzell
    Phone: (212) 454-7251

•   The following firm will begin participation in the Insurance Processing, and Commission Settlement
    services, as detailed below:
    First Trade Date, July 11, 2005:
    Fifth Third Securities, Inc.                                                    No. 0322
 •   The following Data Services Only member will begin participation in the Insurance Processing
     service, as detailed below:
     First Trade Date, July 8, 2005:
     Fidelity and Guaranty Life Insurance Company                               No. 7231

 •   The following firm will no longer participate in the Commission Settlement service as detailed
     below:
     Last Trade Date, July 11, 2005:
     Vanguard Fiduciary Trust Company                                            No. 5972

 •   The following firm will no longer participate in the NYSE/AMEX Listed Comparison, OTC
     Comparison, and Bond services, as detailed below:
     Last Trade Date, July 19, 2005:
     Wayne Hummer Investments LLC                                          No. 0703
     Listed Alpha Identifier                                                   HM
     OTC & Municipal Bond Identifier                                           WAYN

     * For more details regarding “WAYN”, please see page 3 of this notice.

 •   The following firm will no longer participate in the ACATS service as detailed below:
     Last Trade Date, July 22, 2005:
     Wayne Hummer Investments LLC                                                      No. 0703

 •   The following firms will retire from all services, as detailed below:
     Last Trade Date, July 8, 2005:
     Barr Brothers & Co., Inc.                                                       No. 0461

     Last Trade Date, July 11, 2005:
     Dominick & Dominick Securities, Inc./CDS                                        No. 8031

     Last Trade Date, July 12, 2005:
     Deutsche Bank Trust Company Americas                                            No. 0903
     DBTC Americas-Private Bank                                                      No. 2177



 •   Kindly update the NSCC Directory dated April 1, 2005 (for OTC Executed-By-List and
     Municipal Bond Comparison System) as detailed below:
                                                                Clearing Broker     Executing Broker
                                                                   Identifiers         Identifiers
                                                                Alpha     Numeric   Alpha     Numeric
Delete Last Trade Date, July 7, 2005:
Zimbalist Smith Investments LLC                                 BSSC         0352   ZIMS

Delete Last Trade Date, July 8, 2005:
Newby & Co.                                                                  0235   GURU
1st Institutional Securities Trading                           MLCO          0161    IPSB
Post-Lane & Company, LLC                                                     0235   POST


                                                      2
                                                             Clearing Broker        Executing Broker
                                                                Identifiers            Identifiers
                                                             Alpha     Numeric                  Alpha
Add Fast Trade Date, July 20, 2005:
*Wayne Hummer Investments LLC                                FCCP        0141      WAYN

Executing Broker Name Change, Effective First Trade
Date July 11, 2005:
From: SunTrust Securities, Inc.                              NFSC        0226       SSIN
To: SunTrust Investment Services, Inc.                       NFSC        0226       SSIN

Executing Broker Name and Symbol Change, Effective
First Trade Date July 11, 2005:
From: Waxman Securities Inc.                                 NFSC        0226      WAXM
To: Seton Securities Group, Inc.                             NFSC        0226       SSGI

Executing Broker Symbol Change, Effective First
Trade Date July 18, 2005:
From: Automated Trading Desk Brokerage Services, LLC         BSSC        0352       MPBS
To: Automated Trading Desk Brokerage Services, LLC           BSSC        0352       ATDB



 •       Kindly update the NSCC Directory dated April 1, 2005 (for OTC Executed-By List)
         as detailed below:

                                                              Clearing Broker       Executing Broker
                                                                 Identifiers           Identifiers
                                                             Alpha     Numeric      Alpha     Numeric
Delete Last Tade Date July 8, 2005:
Financial World Corporation                                  FSWC        0309      FNWD
Weiss, George & Co. LLC.                                     PRST        0551      WLLC


If you have any questions regarding this notice, please contact CarolAnn Amer at (212) 855-1691 or
Kevin Launer at (212) 855-4132.




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