The
Corporate
Fund Accumulation
Program,
Inc.
Semi-Annual Report
June 30, 1994
This report is not authorized for use as an offer of sale or a
solicitation of an offer to buy shares of the Program unless
accompanied or preceded by the Program's current prospectus. Past
performance results shown in this report should not be considered a
representation of future performance. Investment return and
principal value of shares will fluctuate so that shares, when
redeemed, may be worth more or less than their original cost.
The Corporate Fund
Accumulation Program, Inc.
Box 9011
Princeton, NJ 08543-9011
To Our Shareholders:
For the six-month period ended June 30, 1994, The Corporate Fund
Accumulation Program, Inc. provided a total investment return of
- -6.01%, based on a change in per share net asset value from $21.55
to $19.73, and assuming reinvestment of $0.540 per share income
dividends.
<PAGE>
The Environment
A sharp change in investor sentiment occurred during the six-month
period ended June 30, 1994. Following a series of better-than-
expected economic results, the Federal Reserve Board began to pursue
a less accommodative monetary policy, raising short-term interest
rates a total of four times from February through June month-end.
The expectation of increasing inflationary pressures and higher
interest rates initially heightened investor concerns and increased
financial market volatility during the period. However, as the
period drew to a close, it was the weakness of the US dollar in
foreign exchange markets that dominated the financial news and
prolonged stock and bond market declines.
The US dollar's weakness relative to other major currencies reflects
the deteriorating US trade deficit and widening net long-term
capital outflows. In 1993, an expanding US economy and recession in
other industrial countries led to a higher level of imports and
weaker export growth, widening the US trade deficit further. In
addition, global investors favored non-US dollar denominated assets
throughout 1993, which further depressed the dollar's value. This
trend has not improved significantly thus far in 1994 since foreign
inflows into US capital markets continue to decline, although US
investors are investing outside of the United States to a lesser
degree.
Over the longer term, if the economies of the United States' major
trading partners expand (improving the prospects for US export
growth), the outlook for the US dollar is likely to improve. In the
near term, central banks have attempted to reverse the dollar's
decline through currency market intervention. These efforts have met
with limited success thus far, giving rise to concern that the
Federal Reserve Board will be forced to continue to raise short-term
interest rates to attract investment capital back to the United
States and bolster the dollar's value. However, further interest
rate increases may jeopardize the US economic expansion. In the
weeks ahead, investors will continue to assess economic data and
inflationary trends as they focus on the US dollar in order to gauge
whether further increases in short-term interest rates are imminent.
Portfolio Matters
During the first half of 1994 interest rates rose at the fastest
pace in a decade. This was largely the result of the Federal Reserve
Board's tightening short-term interest rates four times during the
period. While the rate of inflation remained contained, other
factors contributed to the jump in interest rates. These included
the collapse of trade talks with Japan, which led to a drop in the
value of the US dollar to a historic low in relation to the yen. The
market also responded to the uncertainty surrounding the growing
tension on the Korean peninsula, the Whitewater situation and the
assassination of a Mexican presidential candidate. During the June
period, the long-term US Treasury interest rate rose from 6.41% to
7.61%.
<PAGE>
During the six-month period ended June 30, 1994, we shortened the
average maturity of the portfolio from 9.43 years to 7.14 years, and
we reduced the duration from 5.88 years to 4.61 years. This was
accomplished through the sale of long-term maturity issues of
electric utility companies which we believe will be coming under
competitive pressure. We also reduced our holdings of banks and
thrift institutions. We invested the proceeds in consumer financial
services and foreign sovereign credits. In addition, we increased
cash and liquid holdings as well. This cautious strategy reflected
our concern that interest rates would continue to rise.
In Conclusion
We appreciate your ongoing interest in The Corporate Fund
Accumulation Program, Inc., and we look forward to sharing our
investment strategy with you in our upcoming annual report to
shareholders.
Sincerely,
(Arthur Zeikel)
Arthur Zeikel
President
(Jay C. Harbeck)
Jay C. Harbeck
Vice President and Portfolio Manager
August 1, 1994
<PAGE>
<TABLE>
The Corporate Fund Accumulation Program, Inc.
Schedule of Investments June 30, 1994
<CAPTION>
S&P Moody's Face Value
Rating Rating Amount Issue Cost (Note 1a)
US Government Obligations
<S> <S> <S> <C> <S> <C> <C>
US Government Federal National Mortgage Association:
Obligations-- NR Aaa $ 500,000 7.65% due 4/29/2004 $ 493,919 $ 485,522
9.6% NR Aaa 500,000 7.55% due 6/10/2004 499,301 485,625
US Treasury Notes:
NR Aaa 1,500,000 8.25% due 7/15/1998 1,668,552 1,575,000
NR Aaa 2,500,000 8.75% due 8/15/2000 2,935,734 2,705,075
NR Aaa 500,000 8.50% due 11/15/2000 537,487 534,843
NR Aaa 2,500,000 7.25% due 5/15/2004 2,506,271 2,485,925
NR Aaa 750,000 7.125% due 2/15/2023 717,817 701,719
------------ ------------
9,359,081 8,973,709
Total US Government Obligations--9.6% 9,359,081 8,973,709
<CAPTION>
Industry Corporate Bonds & Notes
<S> <S> <S> <C> <S> <C> <C>
Banks & A- A3 2,000,000 Boatmen's Bancshares, Inc., 4.34% due
Thrifts--13.2% 6/14/1995 2,000,000 2,000,000
A A1 3,000,000 Comerica Bank, Medium-Term Note, 4.61%
due 5/26/1997 2,997,542 2,986,440
A- A3 465,000 First Union Corporation, 8.125% due
6/24/2002 520,248 465,442
A- A3 3,000,000 Huntington Bancshares, 7.625% due
1/15/2003 3,056,577 2,924,070
A+ A2 2,000,000 Norwest Corp., 6.625% due 3/15/2003 2,012,702 1,844,560
AA+ Aa2 1,000,000 Wachovia Bank, 6.55% due 6/09/1997 999,279 993,780
A A2 1,000,000 World Savings & Loan Association, 9.90%
due 7/01/2000 1,027,134 1,089,020
------------ ------------
12,613,482 12,303,312
Financial-- A A3 1,000,000 Dean Witter & Discover Co., 6.50% due
Other--6.5% 11/01/2005 988,817 878,530
AAA Aaa 2,000,000 General Electric Capital Corp., 4.51% due
5/09/1996 2,000,000 2,000,000
BBB+ A3 2,000,000 Paine Webber Group Inc., 9.25% due
12/15/2001 2,308,762 2,091,020
A+ A3 1,000,000 Torchmark Corp., 9.625% due 5/01/1998 990,951 1,065,780
------------ ------------
6,288,530 6,035,330
Financial A A2 1,000,000 Ford Motor Credit Co., 7.75% due
Services-- 11/15/2002 996,854 986,480
Captive--1.1%
<PAGE>
Financial A+ A1 2,000,000 American General Finance Corp., 7.45% due
Services-- 7/01/2002 2,042,070 1,942,520
Consumer-- AA- A1 1,000,000 Associates Corp. of North America, 8.80%
7.5% due 8/01/1998 1,114,097 1,046,970
CIT Group Holdings, Inc.:
A+ A1 2,000,000 4.80% due 8/31/1995 2,000,000 2,000,000
A+ A1 1,000,000 4.85% due 9/15/1995 1,001,205 1,000,630
A+ A2 1,000,000 Transamerica Finance Corp., 6.80% due
3/15/1999 999,744 971,330
------------ ------------
7,157,116 6,961,450
</TABLE>
<TABLE>
The Corporate Fund Accumulation Program, Inc.
Schedule of Investments (continued) June 30, 1994
<CAPTION>
S&P Moody's Face Value
Industry Rating Rating Amount Issue Cost (Note 1a)
Corporate Bonds & Notes (continued)
<S> <S> <S> <C> <S> <C> <C>
Foreign*--4.8% AAA Aaa $ 1,500,000 Japan Finance Corp., 9.125% due
3/13/2000 (b) $ 1,648,277 $ 1,624,185
AAA Aaa 1,000,000 Metropolis of Tokyo (Japan), 8.70% due
10/05/1999 (c) 1,145,485 1,059,070
AA- Aa3 1,000,000 Province of Ontario (Canada), 8.00% due
10/17/2001 (a) 1,070,900 1,018,730
AA A1 1,000,000 Republic of Italy, 6.875% due 9/27/2023
(b) 972,457 815,450
------------ ------------
4,837,119 4,517,435
Industrial-- A+ A1 2,000,000 Bass America, Inc., 8.125% due 3/31/2002 2,065,728 2,030,760
Consumer A+ A2 1,000,000 Dillard Department Stores, Inc., 7.375%
Goods--8.7% due 6/15/1999 1,024,959 990,110
Grand Metropolitan Investment Corp.:
A+ A2 2,000,000 8.625% due 8/15/2001 2,062,883 2,083,000
A+ A2 1,000,000 9.00% due 8/15/2011 1,027,760 1,060,610
A+ A2 1,000,000 Penney (J.C.) Inc., 7.375% due 6/15/2004 994,821 969,530
A A2 1,000,000 Philip Morris Companies, Inc., 7.25% due
1/15/2003 995,496 933,400
------------ ------------
8,171,647 8,067,410
<PAGE>
Industrial-- A A2 1,000,000 Atlantic Richfield Co., 10.375%
Energy--5.7% due 7/15/1995 1,003,199 1,042,750
AA- A1 1,000,000 BP America Inc., 7.875% due 5/15/2002 1,047,811 1,007,870
Burlington Resources, Inc.:
A- A3 2,000,000 9.625% due 6/15/2000 2,321,844 2,173,400
A- A3 1,000,000 9.875% due 6/15/2010 1,276,294 1,131,950
------------ ------------
5,649,148 5,355,970
Industrial-- AA- Aa2 1,000,000 Archer-Daniels-Midland Co., 6.25% due
Other--8.9% 5/15/2003 995,120 905,620
A+ A1 3,000,000 Capital Cities/ABC, Inc., 8.875% due
12/15/2000 3,162,369 3,231,030
A A2 1,000,000 Communication Satellite, 8.125% due
4/01/2004 1,020,348 1,005,880
A A2 1,000,000 Ford Capital B.V., 9.875% due 5/15/2002 1,020,278 1,105,340
AAA Aaa 2,000,000 United Parcel Service of America,
Inc., 8.375% due 4/01/2020 1,918,707 2,053,920
------------ ------------
8,116,822 8,301,790
Supranational-- AAA Aaa 1,000,000 European Investment Bank, 8.875% due
3.9% 3/01/2001 1,179,995 1,075,980
AAA Aaa 2,000,000 International Bank For Reconstruction &
Development, 12.375% due 10/15/2002 2,017,648 2,576,560
------------ ------------
3,197,643 3,652,540
Transportation-- Southwest Airlines Co.:
3.9% A- Baa1 2,500,000 9.40% due 7/01/2001 2,972,687 2,693,725
A- Baa1 1,000,000 7.875% due 9/01/2007 993,491 959,410
------------ ------------
3,966,178 3,653,135
</TABLE>
<TABLE>
The Corporate Fund Accumulation Program, Inc.
Schedule of Investments (concluded) June 30, 1994
<CAPTION>
S&P Moody's Face Value
Industry Rating Rating Amount Issue Cost (Note 1a)
Corporate Bonds & Notes (concluded)
<S> <S> <S> <C> <S> <C> <C>
Utilities-- BBB+ Baa1 $ 500,000 GTE Corporation, 9.10% due 6/01/2003 $ 563,328 $ 533,580
Communica- AA- Aa3 1,000,000 General Telephone of California,
tions--6.8% Inc., 6.75% due 3/15/2004 973,573 930,630
Pacific Bell, Inc.:
AA- Aa3 2,000,000 8.70% due 6/15/2001 2,041,735 2,111,760
AA- Aa3 1,000,000 7.375% due 6/15/2025 1,022,699 889,850
A+ A1 2,000,000 Southwestern Bell Telecommunications,
Inc., 6.125% due 3/01/2000 2,008,407 1,875,740
------------ ------------
6,609,742 6,341,560
<PAGE>
Utilities-- A A2 3,000,000 Georgia Power Co., 6.125% due 9/01/1999 2,970,100 2,845,080
Electric--6.6% A A1 1,000,000 Pacific Gas & Electric Co., 7.875% due
3/01/2002 998,406 1,008,020
A A2 1,000,000 Pennsylvania Power & Light Co., 7.75% due
5/01/2002 1,037,569 996,510
A A2 1,250,000 Virginia Electric & Power Co., 8.00% due
3/01/2004 1,414,300 1,252,800
------------ ------------
6,420,375 6,102,410
Utilities-- AA- A1 3,000,000 Consolidated Natural Gas Co., 8.75% due
Gas--3.4% 6/01/1999 3,185,585 3,150,630
Total Corporate Bonds & Notes--81.0% 77,210,241 75,429,452
<CAPTION>
Short-Term Securities
<S> <C> <S> <C> <C>
Commercial 1,500,000 General Electric Capital Corp., 4.20% due
Paper**--4.3% 7/05/1994 1,499,300 1,499,300
2,500,000 Prudential Funding Corp., 4.20% due
7/07/1994 2,498,250 2,498,250
------------ ------------
3,997,550 3,997,550
Repurchase 3,514,000 Swiss Bank Corp., purchased on 6/30/1994
Agreement***--3.8% to yield 4.25% to 7/01/1994 3,514,000 3,514,000
Total Short-Term Securities--8.1% 7,511,550 7,511,550
Total Investments--98.7% $ 94,080,872 91,914,711
============
Other Assets Less Liabilities--1.3% 1,174,150
------------
Net Assets--100.0% $ 93,088,861
============
<FN>
*Corresponding industry groups for foreign bonds which are denominated in US dollars:
(a) Government entity.
(b) Financial institution: Government-owned and guaranteed.
(c) Government entity: Guaranteed by Japan.
** Commercial Paper is traded on a discount basis; the interest rates shown are the
discount rates paid at the time of purchase by the Program.
***Repurchase Agreements are fully collateralized by US Government Obligations.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
The Corporate Fund Accumulation Program, Inc.
Statement of Assets and Liabilities as of June 30, 1994
<S> <C> <C>
Assets:
Investments, at value (identified cost--$94,080,872) (Note 1a) $ 91,914,711
Cash 545
Receivables:
Interest $ 1,509,548
Securities sold 524,370 2,033,918
-------------
Prepaid registration fees and other assets (Note 1d) 17,815
-------------
Total assets 93,966,989
-------------
Liabilities:
Payables:
Securities purchased 543,621
Capital shares redeemed 176,852
Investment adviser (Note 2) 38,584 759,057
-------------
Accrued expenses and other liabilities 119,071
-------------
Total liabilities 878,128
-------------
Net Assets $ 93,088,861
=============
Net Assets Consist of:
Common Stock, $.01 par value, 50,000,000 shares authorized $ 47,180
Paid-in capital in excess of par 97,689,049
Undistributed investment income--net 214,621
Accumulated realized capital losses--net (2,695,828)
Unrealized depreciation on investments--net (2,166,161)
-------------
Net Assets--Equivalent to $19.73 per share based on 4,717,966
shares outstanding $ 93,088,861
=============
</TABLE>
<PAGE>
<TABLE>
The Corporate Fund Accumulation Program, Inc.
Statement of Operations for the Six Months Ended June 30, 1994
<CAPTION>
<S> <C> <C>
Investment Income (Note 1c):
Interest and premium and discount earned $ 3,400,869
Expenses:
Investment advisory fees (Note 2) $ 254,190
Transfer agent fees 175,951
Printing and shareholder reports 34,437
Accounting services (Note 2) 27,631
Professional fees 21,863
Registration fees (Note 1d) 15,987
Custodian fees 7,750
Directors' fees and expenses 7,393
Pricing services 1,647
-------------
Total expenses 546,849
-------------
Investment income--net 2,854,020
Realized & Unrealized Loss on Investments--Net (Notes 1c & 3):
Realized loss on investments--net (2,694,941)
Change in unrealized appreciation/depreciation on investments--net (6,506,799)
-------------
Net Decrease in Net Assets Resulting from Operations $ (6,347,720)
=============
</TABLE>
<TABLE>
The Corporate Fund Accumulation Program, Inc.
Statements of Changes in Net Assets
<CAPTION>
For the Six For the
Months Ended Year Ended
June 30, December 31,
Increase (Decrease) in Net Assets: 1994 1993
<S> <C> <C>
Operations:
Investment income--net $ 2,854,020 $ 5,922,490
Realized gain (loss) on investments--net (2,694,941) 4,633,533
Change in unrealized appreciation/depreciation on investments--net (6,506,799) 915,986
------------- -------------
Net increase (decrease) in net assets resulting from operations (6,347,720) 11,472,009
------------- -------------
Dividends & Distributions to Shareholders (Note 1e):
Investment income--net (2,657,095) (5,905,595)
Realized gain on investments--net -- (4,763,714)
------------- -------------
Net decrease in net assets resulting from dividends and
distributions to shareholders (2,657,095) (10,669,309)
------------- -------------
<PAGE>
Capital Share Transactions (Note 4):
Net increase (decrease) in net assets derived from capital share
transactions (13,273,439) 23,672,843
------------- -------------
Net Assets:
Total increase (decrease) in net assets (22,278,254) 24,475,543
Beginning of period 115,367,115 90,891,572
------------- -------------
End of period* $ 93,088,861 $ 115,367,115
============= =============
<FN>
*Undistributed investment income--net $ 214,621 $ 17,696
============= =============
See Notes to Financial Statements.
</TABLE>
<TABLE>
The Corporate Fund Accumulation Program, Inc.
Financial Highlights
<CAPTION>
For the
The following per share data and ratios have been derived Six Months
from information provided in the financial statements. Ended
June 30, For the Year Ended December 31,
Increase (Decrease) in Net Asset Value: 1994 1993 1992 1991 1990
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period $ 21.55 $ 21.22 $ 21.76 $ 20.24 $ 20.54
--------- --------- --------- --------- ---------
Investment income--net .59 1.31 1.46 1.52 1.67
Realized and unrealized gain (loss) on investments--net (1.87) 1.24 (.03) 1.51 (.28)
--------- --------- --------- --------- ---------
Total from investment operations (1.28) 2.55 1.43 3.03 1.39
--------- --------- --------- --------- ---------
Less dividends and distributions:
Investment income--net (.54) (1.29) (1.47) (1.51) (1.69)
Realized gain on investments--net -- (.93) (.50) -- --
--------- --------- --------- --------- ---------
Total dividends and distributions (.54) (2.22) (1.97) (1.51) (1.69)
--------- --------- --------- --------- ---------
Net asset value, end of period $ 19.73 $ 21.55 $ 21.22 $ 21.76 $ 20.24
========= ========= ========= ========= =========
<PAGE>
Total Investment Return:
Based on net asset value per share (6.01%)++ 12.20% 6.88% 15.60% 7.19%
========= ========= ========= ========= =========
Ratios to Average Net Assets:
Expenses 1.08%* 1.08% 1.12% 1.16% 1.29%
========= ========= ========= ========= =========
Investment income--net 5.61%* 5.74% 6.72% 7.25% 8.18%
========= ========= ========= ========= =========
Supplemental Data:
Net assets, end of period (in thousands) $ 93,089 $ 115,367 $ 90,892 $ 82,663 $ 76,298
========= ========= ========= ========= =========
Portfolio turnover 51% 132% 65% 87% 107%
========= ========= ========= ========= =========
<FN>
*Annualized.
++Aggregate total investment return.
See Notes to Financial Statements.
</TABLE>
The Corporate Fund Accumulation Program, Inc.
Notes to Financial Statements
1. Significant Accounting Policies:
The Corporate Fund Accumulation Program, Inc. (the "Program") is
registered under the Management Investment Company Act of 1940 as a
diversified, open-end management investment company. The following
is a summary of significant accounting policies followed by the
Program.
(a) Valuation of securities--Portfolio securities are valued by the
Program's pricing agent, Interactive Data Services, Inc. These
values are not bids or actual last sale prices but are estimates of
the price at which the pricing agent believes the Program could sell
such portfolio securities. The Board of Directors has examined the
methods to be used by the Program's pricing agent in estimating the
value of portfolio securities and believes that such methods will
reasonably and fairly approximate the price at which portfolio
securities may be sold and will result in a good faith determination
of the fair value of such securities. Short-term securities are
valued at amortized cost, which approximates market value.
<PAGE>
(b) Income taxes--It is the Program's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its
taxable income to its shareholders. Therefore, no Federal income tax
provision is required.
(c) Security transactions and investment income--Security
transactions are recorded on the dates the transactions are entered
into (the trade dates). Interest income (including amortization of
premium and discount) is recognized on the accrual basis. Realized
gains and losses on security transactions are determined on the
identified cost basis.
(d) Prepaid registration fees--Prepaid registration fees are charged
to expense as the related shares are issued.
(e) Dividends to shareholders--Dividends from net investment income
are declared and paid monthly. Distributions of capital gains are
recorded on the ex-dividend dates.
2. Investment Advisory Agreement and
Transactions with Affiliates:
The Program has entered into an Investment Advisory Agreement with
Fund Asset Management, L.P. ("FAM"). The general partner of FAM is
Princeton Services, Inc., an indirect wholly-owned subsidiary of
Merrill Lynch & Co. ("ML & Co."). The limited partners are ML & Co.
and Fund Asset Management, Inc. ("FAMI"), which is also an indirect
wholly-owned subsidiary of ML & Co.
FAM is responsible for the management of the Program's portfolio and
provides the necessary personnel, facilities, equipment and certain
other services necessary to the operations of the Program. For such
services, the Program pays a monthly fee of 0.50%, on an annual
basis, of the value of the Program's average daily net assets. The
Investment Advisory Agreement obligates FAM to reimburse the Program
to the extent the Program's expenses (excluding interest, taxes,
brokerage fees and extraordinary items) exceed 2.5% of the Program's
first $30 million of average daily net assets, 2.0% of the next $70
million of average daily net assets, and 1.5% of the average daily
net assets in excess thereof. No fee payment will be made to the
Adviser during any fiscal year which would cause such expenses to
exceed the foregoing expense limitations applicable at the time of
such payment.
The Corporate Fund Accumulation Program, Inc.
Notes to Financial Statements (concluded)
<PAGE>
FAM has entered into an Administrative Agreement with Merrill Lynch,
Pierce, Fenner & Smith Inc. ("MLPF&S"), Prudential Securities, Inc.,
Dean Witter Reynolds Inc., and Smith Barney Shearson Inc. (the
"Administrators"), whereby the Administrators perform certain
administrative duties on behalf of FAM.
The Administrators receive a monthly fee from FAM equal to 0.20%, on
an annual basis, of the Program's average daily net assets and have
agreed to reimburse FAM for a portion of the reimbursement of
expenses to the Program as described above, required to be made by
FAM.
Accounting services are provided to the Program by FAM at cost.
Certain officers and/or directors of the Program are officers and/or
directors of FAMI, MLPF&S, and/or ML & Co.
3. Investments:
Purchases and sales of investments, excluding short-term securities,
for the six months ended June 30, 1994 were $48,021,248 and
$56,820,821, respectively.
Net realized and unrealized losses as of June 30, 1994 were as
follows:
Realized Unrealized
Losses Losses
Long-Term Investments $(2,694,941) $(2,166,161)
----------- -----------
Total $(2,694,941) $(2,166,161)
=========== ===========
As of June 30, 1994, net unrealized depreciation for Federal income
tax purposes aggregated $2,166,161, of which $1,156,721 related to
appreciated securities and $3,322,882 related to depreciated
securities. The aggregate cost of investments at June 30, 1994 for
Federal income tax purposes was $94,080,872.
4. Capital Share Transactions:
Transactions in capital shares were as follows:
For the Six Months Ended Dollar
June 30, 1994 Shares Amount
Shares sold 636,876 $ 13,144,135
Shares issued to shareholders
in reinvestment of dividends 135,659 2,794,011
------------ ------------
Total issued 772,535 15,938,146
Shares redeemed (1,407,532) (29,211,585)
------------ ------------
Net decrease (634,997) $(13,273,439)
============ ============
<PAGE>
For the Year Ended Dollar
December 31, 1993 Shares Amount
Shares sold 3,558,780 $ 79,734,098
Shares issued to shareholders
in reinvestment of dividends
and distributions 458,843 10,088,643
------------ ------------
Total issued 4,017,623 89,822,741
Shares redeemed (2,948,852) (66,149,898)
------------ ------------
Net increase 1,068,771 $ 23,672,843
============ ============
The Corporate Fund Accumulation Program, Inc.
Officers and Directors
Arthur Zeikel--President and Director
Ronald W. Forbes--Director
Cynthia A. Montgomery--Director
Charles C. Reilly--Director
Kevin A. Ryan--Director
Richard R. West--Director
Terry K. Glenn--Executive Vice President
N. John Hewitt--Senior Vice President
Donald C. Burke--Vice President
Jay C. Harbeck--Vice President
Gerald M. Richard--Treasurer
Susan B. Baker--Secretary
Custodian and Transfer Agent
The Bank of New York
110 Washington Street
New York, New York 10286
