A 4788 - June 19, 1998
P&S 4350

TO: ALL PARTICIPANTS

ATTENTION:  MANAGER, PURCHASES AND SALES DEPARTMENT; CASHIER; FUND/SERV PARTICIPANTS; ACATS PARTICIPANTS

SUBJECT: CHANGES IN THE LIST OF PARTICIPANTS

• As the result of a merger between Societe Generale Securities Corporation and Cowen & Co., scheduled to occur following the close of business June 30, 1998, these changes will occur:

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

Last Trade Date, June 30, 1998:
Cowen & Co. No. 0286
Listed Alpha Identifier C
OTC Alpha Identifier COWN

Last Trade Date, June 30, 1998:
Societe Generale Securities Corporation No. 0008
Listed Alpha Identifier SGS
OTC Alpha Identifier SGSC

Note: All open contracts which are to be cleared or settled through or by National Securities Clearing Corporation will be assumed by SG Cowen Securities Corporation (#0286).

• The following firm will be admitted to NSCC for the purpose of participating in the Listed and OTC Trade Comparison systems, the Municipal Bond CNS Regular Way and CNS When Issued Comparison systems, ACATS, RECAPS, Envelope Settlement Services, Fund/Serv, Networking and Fund/Serv Commission Settlement systems as detailed below:

First Trade Date, July 1, 1998:
SG Cowen Securities Corporation No. 0286
Listed Alpha Identifier C
OTC Alpha Identifier COWN
Networking Symbol CW
Envelope Location Y (New York)

• The following firm will change its name as detailed below:

Effective Immediately:
From: Peters Securities Company No. 8024
To: Peters Securities Company, L.P. No. 8024

• The following Chicago Stock Exchange Specialist firm will retire from all services as detailed below:

Last Trade Date June 12, 1998:
Cowen & Company No. 3660

 

• The following firm will change its name as detailed below:

Effective Immediately:
From: First Wisconsin National Bank of Milwaukee No. 6772
To: Firstar Bank Milwaukee No. 6772

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

Effective Immediately:
Banco Popular De Puerto Rico/Chase No. 6455
First National Bank of Louisville/Chase No. 6450

• The following firm will change its name as detailed below:

Effective Immediately:
From: First Data Distributors, Inc. No. 4857
To: First Data Distributors, Inc./Galaxy Funds No. 4857

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

Last Trade Date, June 19, 1998:
Oakmark International Fund No. 4852
Oakmark Small Cap Fund No. 4853
Oakmark Balanced Fund No. 4854
Oakmark International Emerging Value Fund No. 4855
Oakmark Select Fund No. 4942
Note: All future transactions should be directed to The Oakmark Fund (#4851) effective with trades of June 22, 1998.

• The following firm will begin participation in the Fund/Serv and Networking systems as detailed below:

First Trade Date June 22, 1998:
Eastcliff Funds, Inc. No. 4900
Networking Code: Q8
Contact: Russ Haagensen
Phone: (414) 287-3357

• The following firms will change their names as detailed below:

First Trade Date, July 1, 1998:
From: Cowen & Co. No. 5887
To: SG Cowen Securities Corp. No. 5887
From: Societe Generale Securities Corporation No. 5581
To: SG Cowen Securities Corp. No. 5581

• The following member of NSCC and the Depository Trust Company will begin participation in the NSCC/DTC Fund/Serv Interface as detailed below:

First Trade Date June 22, 1998:
Spear, Leeds and Kellogg No. 0501
Contact: Paul Carroll
Phone: (212) 433-7544

• The following firm will retire from all services as detailed below:

Last Settlement Date, June 30, 1998:
Buttler Wick Trust Co. No. 5255

Questions regarding open transactions should be directed to:
Mr. Ronald R. Rzonca
Butler Wick Trust Company
100 Federal Plaza East
Youngstown, OH 44503
Tel: (330) 743-7000

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

Last Trade Date June 19, 1998:
First Data Distributors, Inc./Potomac Funds No. 5726
Rodney Square Distributors, Inc./Homestate Group No. 5858

• The following firm will begin participation in the Fund/Serv and Networking systems as detailed below:

First Trade Date June 22, 1998:
Rafferty Capital Markets, Inc. No. 5726
Networking Code: K6
Contact: Thomas Mulrooney
Phone: (914) 381-2080

• An additional number has been assigned to Rafferty Capital Markets, Inc. (#5726) for the purpose of using the Fund/Serv Commission Settlement Service and Fund/Serv and Networking systems as detailed below:

First Trade Date June 22, 1998:
Rafferty Capital Markets, Inc./Homestate Funds No. 5858
Networking Code: FJ
Contact: Thomas Mulrooney
Phone: (914) 381-2080

UPDATE
OTC EXECUTED-BY LIST
MUNICIPAL BOND COMPARISON DIRECTORY

• Kindly update the OTC Executed-By List and the Municipal Bond Comparison Directory dated January 2, 1998 as detailed below:

• Kindly update the OTC Executed-By List as detailed below:

• Kindly update the Municipal Bond Comparison Directory Dated January 2, 1998 as detailed below:

If you have any questions, please call William Reilly at (212) 412-8620 or Lisa Siebold at (212) 412-8591.