A 4791 - June 26, 1998
P&S 4353

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 ING Barings (U.S.) Securities Inc., and Furman Selz LLC, scheduled to occur following the close of business June 30, 1998, the following changes will occur:

The following firm will change its name as detailed below:

First Trade Date, July 1, 1998:
From: ING Barings (U.S.) Securities Inc. No. 0425
To: ING Baring Furman Selz LLC No. 0425

The following firm will retire from the OTC Comparison system as detailed below:

Last Trade Date, June 30, 1998:
ING Barings (U.S.) Securities Inc. No. 0425
OTC Alpha Identifier: INGC

• 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:

First Trade Date, July 1, 1998:
From: Societe Generale Securities Corporation No. 5581
To: SG Cowen Securities Corp./SOCGEN Funds No. 5581

• The following firm will change its name and Listed and OTC Alpha Identifiers as detailed below:

Effective June 29, 1998:
From: SBC Warburg Dillon Read, Inc. No. 0642
Listed Alpha Identifier SWB
OTC Alpha Identifier SBCW

To: Warburg Dillon Read, L.L.C. No. 0642
Listed Alpha Identifier WAR
OTC Alpha Identifier WARR

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

Effective June 29, 1998:
From: SBC Warburg Dillon Read Inc./Proprietary No. 0677
To: Warburg Dillon Read, L.L.C./Proprietary No. 0677

• The following firm will retire from Trade Comparison as detailed below:

Last Trade Date June 26, 1998:
UBS Securities, L.L.C. No. 0542
Listed Alpha Identifier UBS
OTC Alpha Identifier UBSS

• The following firm will begin participation in the OTC Comparison system, RECAPS and Envelope Settlement services as detailed below:

First Trade Date June 24, 1998:
Carr Futures, Inc. No. 0446
OTC Alpha Identifier: CFUT
Envelope Settlement Location: Y (New York)

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

Last Trade Date June 25, 1998:
BISYS Fund Services, L.P./Life Cycle Funds No. 5739

Last Trade Date, June 30, 1998:
Cowen & Co. No. 5887

• An additional number has been assigned to Funds Distributor Inc. (#5815) for the purpose of using the Fund/Serv and Networking systems as detailed below:

First Trade Date, July 1, 1998:
Funds Distributor Inc./SG Cowen Funds No. 5887
Networking Symbol CN
Contact: Mary Nelson
Phone: (617) 557-3344

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

First Trade Date July 1, 1998:
First Premier Bank No. 2557

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

Effective Immediately:
IBJ Schroder Bank & Trust Co. No. 0945

• The following Pacific Stock Exchange Specialist Posts will change their names as detailed below:

First Trade Date June 26, 1998:
From: P13 - Crowell, Weedon & Co. - Specialists No. 5316
To: P13 - Wedbush Morgan Securities, Inc. - Specialists No. 5316

From: P19 - Crowell, Weedon & Co. - Specialists No. 5317
To: P 19 - Wedbush Morgan Securities, Inc. - Specialists No. 5317

• An additional number has been assigned to Ameriprime Financial Securities, Inc. (#4917) for the purpose of using the Fund/Serv system as detailed below:

First Trade Date July 1, 1998:
Ameriprime Financial Securities, Inc./Unified Fund No. 5441
Contact: Ken Trumpfheller
Phone: (817) 431-2197

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

Last Trade Date June 26, 1998:
BISYS Fund Services, L.P./Offitbank Funds No. 4985

• An additional number has been assigned to Provident Distributors, Inc. (#5882) for the purpose of using the Fund/Serv and Networking systems as detailed below:

First Trade Date June 27, 1998:
Provident Distributors, Inc./Offitbank Funds No. 4985
Networking Code: D8
Contact: Phil Rinnander
Telephone: (610) 260-6533

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

First Trade Date June 29, 1998:
Security Trust Company No. 0068
Networking Code: U1
Contact: Mike Flinn
Phone: (602) 955-8373 (x104)

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

Effective June 29, 1998:
Burke, Christiansen and Lewis Securities, Inc. No. 0480
Networking Code: V6
Contact: Linda .Pedrigi
Phone: (800) 621-0392

• The following firm will begin participation in the Fund/Serv Commission Settlement service as detailed below:

Effective July 1, 1998:
Arnhold and S. Bleichroeder, Inc. No. 5525

• 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:

The following firms have submitted Executed Retirement Account Transfer Agreements during the week of June 26, 1998:
Funds Distributor Inc./The Montgomery Funds
SEI Financial Services Company/PBHG Funds

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

Jan Meola
Vice President, Membership