A 4831 - September 18, 1998
P&S 4395

TO: ALL PARTICIPANTS

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

SUBJECT: CHANGES IN THE LIST OF PARTICIPANTS

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

Last Settlement Date, September 11, 1998:

BISYS Fund Services, L.P. No. 5564

• The following firms will have a change in name only, as detailed below:

First Trade Date, September 14, 1998:
From: SEI Financial Services Company No. 5820
To: SEI Investments Distribution Company No. 5820

From: SEI Financial Services Co./One R. Group (The) No. 5599
To: SEI Investments Distribution Co./One R. Group (The) No. 5599

From: SEI Financial Services Co./Expedition Funds No. 5718
To: SEI Investments Distribution Co./Expedition Funds No. 5718

From: SEI Financial Services Co./Pillar Funds (The) No. 5838
To: SEI Investments Distribution Co./Pillar Funds (The) No. 5838

From: SEI Financial Services Co./First American Funds No. 5869
To: SEI Investments Distribution Co./First American Funds No. 5869

From: SEI Financial Services Co./SEI Trust for PBHG Advisor Funds No. 5434
To: SEI Investments Distribution /SEI Trust for PBHG Advisor Funds No. 5434

From: SEI Financial Services Co./Arbor Funds No. 5548
To: SEI Investments Distribution Co./Arbor Funds No. 5548

From: SEI Financial Services Co./Marquis Funds No. 5651
To: SEI Investments Distribution Co./Marquis Funds No. 5651

From: SEI Financial Services Co./First Hawaiian Fund No. 5606
To: SEI Investments Distribution Co./First Hawaiian Fund No. 5606

From: SEI Financial Services Co./Crest Fund No. 5654
To: SEI Investments Distribution Co./Crest Fund No. 5654

From: SEI Financial Services Co./Monitor Funds No. 5832
To: SEI Investments Distribution Co./Monitor Funds No. 5832

From: SEI Financial Services Co./Asset Allocation Funds No. 5562
To: SEI Investments Distribution Co./Asset Allocation Funds No. 5562

From: SEI Financial Services Co./Turner Funds No. 5592
To: SEI Investments Distribution Co./Turner Funds No. 5592

From: SEI Financial Services Co./Morgan Grenfell Funds No. 5608
To: SEI Investments Distribution Co./Morgan Grenfell Funds No. 5608

From: SEI Financial Services Co./FMB Funds No. 5565
To: SEI Investments Distribution Co./FMB Funds No. 5565

From: SEI Financial Services Co./1784 Funds No. 5607
To: SEI Investments Distribution Co./1784 Funds No. 5607

From: SEI Financial Services Co./Ark Funds No. 5655
To: SEI Investments Distribution Co./Ark Funds No. 5655

From: SEI Financial Services Co./Santa Barbara Group of Funds No. 4877
To: SEI Investments Distribution Co./Santa Barbara Group of Funds No. 4877

From: SEI Financial Services Co./Armada No. 5879
To: SEI Investments Distribution Co./Armada No. 5879

From: SEI Financial Services Co./Asset Allocation Funds No. 5562
To: SEI Investments Distribution Co./Asset Allocation Funds No. 5562

From: SEI Financial Services Co./SEI Offshore Funds No. 4976
To: SEI Investments Distribution Co./SEI Offshore Funds No. 4976

From: SEI Financial Services Co./SEI Institutional No. 5717
To: SEI Investments Distribution Co./SEI Institutional No. 5717

From: SEI Financial Services Co./Advisors Inner Circle Fund No. 5763
To: SEI Investments Distribution Co./Advisors Inner Circle Fund No. 5763

From: SEI Financial Services Co./Oak Associates Fund No. 5761
To: SEI Investments Distribution Co./Oak Associates Fund No. 5761

From: SEI Financial Services Co./Investment Fund No. 5731
To: SEI Investments Distribution Co./Investment Fund No. 5731

First Trade Date, September 15, 1998:
From: Midland Walwyn Capital Corp. No. 0345
To: Merrill Lynch Canada Inc. No. 0345

From: Midland Walwyn Capital Inc./CDS No. 5015
To: Merrill Lynch Canada Inc./CDS No. 5015

• An additional number has been assigned to SEI Investments Distribution Company (#5820) for the purpose of using the Fund/Serv Commission Settlement service and the Fund/Serv and Networking systems as detailed below:

First Trade Date September 14, 1998:

SEI Investments Distribution Company/Parkstone Funds No. 5564
Networking Code: WI
Contact: Beth Pietrzak
Phone: (610) 676-2324

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

Last Settlement Date, September 15, 1998:
H. Kawano & Co., Inc. No. 0338
Note: Inquiries to: Mr. Mel Kawano
H. Kawano & Co., Inc.
626 Wilhsire Boulevard
Los Angeles, CA 90017
(808) 538-3681

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

Effective Immediately:
Raymond James & Associates, Inc./Puerto Rico Funds No. 5547
CUNA Brokerage Services Inc./Members Mutual Funds No. 4987

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

First Trade Date, September 17, 1998:
From: Empire Financial Group, Inc. No. 0297
To: Advantage Trading Group, Inc./Correspondent Clearing No. 0297

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

First Trade Date, September 18, 1998:
Discover Brokerage Direct Inc. No. 5147
Networking Code: Y1
Contact: Tom Robb
Phone: (801) 352-4220

• Kindly update the OTC Executed-By List and the Municipal Bond Comparison Directory dated July 3, 1998 as detailed below:

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

• Kindly update the Municipal Bond Comparison Directory dated July 3, 1998 as detailed below:

The following firms have remitted Executed Retirement Account Transfer Agreements during the week of September 18, 1998:

SEI Investments Distribution Co./Arbor Funds - #5548
SEI Investments Distribution Co./Asset Allocation Funds - #5562
SEI Investments Distribution Co./Turner Funds - #5592
SEI Investments Distribution Co./Morgan Grenfell FD - #5608
SEI Investments Distribution Co./Invest Fund - #5731
SEI Investments Distribution Co./Oak Associates Fund - #5761
SEI Investments Distribution Co./Advisors Inner Circle FDS - #5763
SEI Investments Distribution Co./First Amer Funds - #5869
Van Eck Securities Corporation - #5524
Van Eck Securities Corporation/Cubb Funds - #5709

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