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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 18
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<PAGE> PAGE 22
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043 000400 0
044 000400 0
045 000400 N
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062 C000400 0.0
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062 E000400 0.0
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<PAGE> PAGE 23
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067 000400 N
068 A000400 N
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070 A010400 N
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070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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SIGNATURE RODD M. BAXTER
TITLE SECRETARY
SG COWEN OPPORTUNITY FUND
TRANSACTIONS EFFECTED PURSUANT TO RULE 10f-3
QUARTER ENDED: 12/31/98
Name of Security: Ticket Master Online
Registration under Securities Act of
1933? 10f-3(a)(1)(i) Yes
Time of Acquisition 10f-3(a)(2)
- - Date Acquired Trade: 12/2/98 Settle: 12/8/98
- - Date First Offered 12/2/98
Reasonableness of Spread [10f-3(b)]
- - Offering Price Per Share $14.00
- - Amount of Spread: Gross Spread $.98
Selling Concession $.55
- - Spread (%) 3.9%
Evidence of Reasonableness of Spread
(contemporaneous similar offering)
- - Name of Issue Xoom, Inc.
- - Date of Offering 12/8/98
- - Spread 4.2%
Issuer in Continuous Operation at
Least Three Years? [10f-3(c)] Yes
Amount Purchased by Fund [10f-3(d)]
- - Total Shares Offered 7 Million
- - Purchase Price per Share $14.00
- - Total Shares Purchased 1,000
- - Total Purchase Price $14,000
- - Percentage of Offering Purchased Less than 0.1%
- - Any Shares Purchased by Other Funds
in Family? No
Percentage of Fund Assets Invested
[10f-3(e)] Less than 1%
From Whom Purchased [10f-3(f)]
- - Selling Dealers(s) Nations Montgomery
- - Syndicate Manager(s) Nations Montgomery
SG COWEN OPPORTUNITY FUND
TRANSACTIONS EFFECTED PURSUANT TO RULE 10f-3
QUARTER ENDED: 12/31/98
Name of Security: Infinity Broadcasting
Registration under Securities Act of
1933? 10f-3(a)(1)(i) Yes
Time of Acquisition 10f-3(a)(2)
- - Date Acquired Trade: 12/9/98 Settle: 12/15/98
- - Date First Offered 12/9/98
Reasonableness of Spread [10f-3(b)]
- - Offering Price Per Share $20.50
- - Amount of Spread: Gross Spread $.82
Selling Concession $.50
- - Spread (%) 2.43%
Evidence of Reasonableness of Spread
(contemporaneous similar offering)
- - Name of Issue Ticket Master Online
- - Date of Offering 12/8/98
- - Spread 3.9%
Issuer in Continuous Operation at
Least Three Years? [10f-3(c)] Yes
Amount Purchased by Fund [10f-3(d)]
- - Total Shares Offered 40 Million shares
- - Purchase Price per Share $20.50
- - Total Shares Purchased 1,000
- - Total Purchase Price $20,500
- - Percentage of Offering Purchased Less than 0.1%
- - Any Shares Purchased by Other Funds
in Family? No
Percentage of Fund Assets Invested
[10f-3(e)] Less than 1%
From Whom Purchased [10f-3(f)]
- - Selling Dealers(s) Merrill Lynch
- - Syndicate Manager(s) Merrill Lynch
SG COWEN OPPORTUNITY FUND
TRANSACTIONS EFFECTED PURSUANT TO RULE 10f-3
QUARTER ENDED: 6/30/99
Name of Security: Raveswood Winery Inc.
Registration under Securities Act of
1933? 10f-3(a)(1)(i) Yes
Time of Acquisition 10f-3(a)(2)
- - Date Acquired Trade: 4/9/99 Settle: 4/14/99
- - Date First Offered 4/9/99
Reasonableness of Spread [10f-3(b)]
- - Offering Price Per Share $10.50
- - Amount of Spread: Gross Spread $.42
Selling Concession $.105
- - Spread (%) 1%
Evidence of Reasonableness of Spread
(contemporaneous similar offering)
- - Name of Issue Hugoton Royalty Trust
- - Date of Offering 4/8/99
- - Spread 4%
Issuer in Continuous Operation at
Least Three Years? [10f-3(c)] Yes
Amount Purchased by Fund [10f-3(d)]
- - Total Shares Offered 1 Million
- - Purchase Price per Share $10.50
- - Total Shares Purchased 7,000
- - - Total Purchase Price $73,500
- - Percentage of Offering Purchased Less than 0.8%
- - Any Shares Purchased by Other Funds No
in Family?
Percentage of Fund Assets Invested
[10f-3(e)] Less than 1%
From Whom Purchased [10f-3(f)]
- - Selling Dealers(s) WR. Hambrecht
- - Syndicate Manager(s) WR. Hambrecht
SG COWEN OPPORTUNITY FUND
TRANSACTIONS EFFECTED PURSUANT TO RULE 10f-3
QUARTER ENDED: 6/30/99
Name of Security: Marine Drilling Co., Inc.
Registration under Securities Act of
1933? 10f-3(a)(1)(i) Yes
Time of Acquisition 10f-3(a)(2)
- - Date Acquired Trade: 5/20/99 Settle: 5/26/99
- - Date First Offered 5/20/99
Reasonableness of Spread [10f-3(b)]
- - Offering Price Per Share $12.50
- - Amount of Spread: Gross Spread $.625
Selling Concession $.38
- - Spread (%) 3.04%
Evidence of Reasonableness of Spread
(contemporaneous similar offering)
- - Name of Issue Hospitality Properties Trust
- - Date of Offering 5/5/99
- - Gross Spread 2.98%
Issuer in Continuous Operation at
Least Three Years? [10f-3(c)] Yes
Amount Purchased by Fund [10f-3(d)]
- - Total Shares Offered 4.6 Million
- - Purchase Price per Share $12.50
- - Total Shares Purchased 19,000
- - - Total Purchase Price $237,500
- - Percentage of Offering Purchased Less than 0.5%
- - Any Shares Purchased by Other Funds
in Family? No
Percentage of Fund Assets Invested
[10f-3(e)] Less than 1%
From Whom Purchased [10f-3(f)]
- - Selling Dealers(s) Smith Barney/Sanders Morris/
Howard Weill
- - Syndicate Manager(s) Smith Barney
SG COWEN OPPORTUNITY FUND
TRANSACTIONS EFFECTED PURSUANT TO RULE 10f-3
QUARTER ENDED: 6/30/99
Name of Security: Hugoton Royalty Trust
Registration under Securities Act of
1933? 10f-3(a)(1)(i) Yes
Time of Acquisition 10f-3(a)(2)
- - Date Acquired Trade: 4/8/99 Settle: 4/14/99
- - Date First Offered 4/8/99
Reasonableness of Spread [10f-3(b)]
- - Offering Price Per Share $9.50
- - Amount of Spread: Gross Spread $.665
Selling Concession $.385
- - Spread (%) 4%
Evidence of Reasonableness of Spread
(contemporaneous similar offering)
- - Name of Issue Value America Inc.
- - Date of Offering 4/8/99
- - Gross Spread 1.61 $23 Price
Issuer in Continuous Operation at
Least Three Years? [10f-3(c)] Yes
Amount Purchased by Fund [10f-3(d)]
- - Total Shares Offered 15 Million
- - Purchase Price per Share $9.50
- - Total Shares Purchased 10,000
- - - Total Purchase Price $95,000
- - Percentage of Offering Purchased Less than 0.1%
- - Any Shares Purchased by Other Funds
in Family? No
Percentage of Fund Assets Invested
[10f-3(e)] Less than 1%
From Whom Purchased [10f-3(f)]
- - Selling Dealers(s) Bear Sterns
- - Syndicate Manager(s) Goldman Sachs
SG COWEN OPPORTUNITY FUND
TRANSACTIONS EFFECTED PURSUANT TO RULE 10f-3
QUARTER ENDED: 6/30/99
Name of Security: Career Builders, Inc.
Registration under Securities Act of
1933? 10f-3(a)(1)(i) Yes
Time of Acquisition 10f-3(a)(2)
- - Date Acquired Trade: 5/11/99 Settle: 5/17/99
- - Date First Offered 5/11/99
Reasonableness of Spread [10f-3(b)]
- - Offering Price Per Share $13.00
- - Amount of Spread: Gross Spread .91
Selling Concession .55
- - Spread (%) 4.2%
Evidence of Reasonableness of Spread
(contemporaneous similar offering)
- - Name of Issue Maker Communications
- - Date of Offering 5/11/99
- - Gross Spread .91 $13 Stock Price
Issuer in Continuous Operation at
Least Three Years? [10f-3(c)] Yes
Amount Purchased by Fund [10f-3(d)]
- - Total Shares Offered 4.5 Million
- - Purchase Price per Share $13.00
- - Total Shares Purchased 1,000
- - - Total Purchase Price $13,000
- - Percentage of Offering Purchased Less than 0.1%
- - Any Shares Purchased by Other Funds
in Family? No
Percentage of Fund Assets Invested
[10f-3(e)] Less than 1%
From Whom Purchased [10f-3(f)]
- - Selling Dealers(s) Robertson Stephens
- - Syndicate Manager(s) Credit Suisse First Boston
SG COWEN OPPORTUNITY FUND
TRANSACTIONS EFFECTED PURSUANT TO RULE 10f-3
QUARTER ENDED: 12/31/98
Name of Security: Xoom, Inc.
Registration under Securities Act of
1933? 10f-3(a)(1)(i) Yes
Time of Acquisition 10f-3(a)(2)
- - Date Acquired Trade: 12/8/98 Settle: 12/14/98
- - Date First Offered 12/8/98
Reasonableness of Spread [10f-3(b)]
- - Offering Price Per Share $14.00
- - Amount of Spread: Gross Spread $.98
Selling Concession $.59
- - Spread (%) 4.2%
Evidence of Reasonableness of Spread
(contemporaneous similar offering)
- - Name of Issue Ticket Master Online
- - Date of Offering 12/2/98
- - Spread 3.9%
Issuer in Continuous Operation at
Least Three Years? [10f-3(c)] Yes
Amount Purchased by Fund [10f-3(d)]
- - Total Shares Offered 4 Million
- - Purchase Price per Share $14.00
- - Total Shares Purchased 1,000
- - - Total Purchase Price $14,000
- - Percentage of Offering Purchased Less than 0.1%
- - Any Shares Purchased by Other Funds
in Family? No
Percentage of Fund Assets Invested
[10f-3(e)] Less than 1%
From Whom Purchased [10f-3(f)]
- - Selling Dealers(s) Bear Stearns
- - Syndicate Manager(s) Bear Stearns
SG COWEN FUNDS, INC. EXHIBIT 77K
CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
.
1. On May 5, 1999, based upon the recommendation of the Audit
Committee of the Registrant's Board of Directors, and in accordance
with Section 32 of the Investment Company Act of 1940, as amended,
and the rules thereunder, the Board of Directors determined not to
retain Ernst & Young LLP, as the Registrant's independent accountants
and voted to appoint KPMG LLP as the Registrant's independent
accountants for the fiscal year ending November 30 , 1999.
2. During the Registrant's two most recent fiscal years ending
November 30, 1998, Ernst & Young reports on the Registrant's financial
statements contained no adverse opinion or disclaimer of opinion,
nor were they qualified or modified as to uncertainty, audit scope, or
accounting principles.
3. During the Registrant's two most recent fiscal years ended
November 30, 1998 there were no disagreements with Ernst & Young LLP
on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which
disagreements if not resolved to the satisfaction of Ernst & Young
LLP, would have caused it to make reference to the subject matter
of the disagreement in connection with its report.
4. During the Registrant's two most recent fiscal years, there
have been no "reportable events" as such term is described in Item
304(a)(1)(v) of Regulation S-K with respect to Ernst & Young LLP.
5. On May 5, 1999, the Registrant engaged KPMG LLP as its
principal accountants to audit the Registrant's financial statements.
During the Registrant's two most recent years through May 5, 1999,
the Registrant has not consulted with KPMG LLP on items which (i)
concerned the application of accounting principles to a specified
transaction, wither completed or proposed, or the type of audit
opinion that might be rendered on the Registrant's financial
statements or (ii) concerned the subject matter of a disagreement
or reportable event with Ernst & Young LLP.
6. The Registrant has requested Ernst & Young LLP to furnish it
with a lettr addressed to the Securities and Exchange Commission
stating whether Ernst & Young LLP agrees with the statements
contained in the second, third and fourth paragraphs above. A
copy of the letter from Ernst & Young LLP to the Securities
and Exchange Commission is filed as Annex I hereto.
(On Ernst & Young LLP letterhead)
July 7, 1999
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read statements numbered two, three and four in the attached
letter from the SG Cowen Income Plus Growth Fund, Inc., the
SG Cowen Funds, Inc. and the SG Cowen Series Funds, Inc. which
we understand will bbe filed with the Commission, pursuant to
Item 77K of Form N-SARs, as an annex to the Funds' Form N-SAR
report for the six months ended May 31, 1999. We agree with
the the statements referenced above concerning our Firm in such
Form N-SAR.
Very truly yours.
/s/Ernst & Young LLP
_____________________
Ernst & Young LLP
