Telephonics Wednesday, 11/30/05 04:47:15 PM Re: None Post # of 10217 North American Securities Administrators Association: Today,more than 85 million investors,or roughly half of all U.S. Households rely on securities markets to plan and prepare for their financial futures. While security markets are global. securities are sold by professionals who are licensed in every state where they conduct business. Each state has a securities regulator to protects its citizens. The principal focus of state securities regulators is preventing fraud and abuse at the retail point of sale. The membership of the NASAA are the state regulators plus their equivalents from Canada, Puerto Rico and the U.S. Virgin Islands. To learn more visit the organizations web site.