THE MAXUS FUNDS
Dear Shareholder:
For all of 1996, each of The Maxus Funds turned in excellent performance
relative to their respective index. This performance was achieved despite a very
protective and cautionary feeling among the Maxus portfolio managers as a group,
and Alan Miller and myself in particular.
Investors, in general, seem to share this cautionary feeling, but their
interpretation of risk and volatility seems to split between two very distinct
perspectives. Equipped with a full barrage of facts regarding stock and bond
market history, market indicators, Federal Reserve reports and money flow
charts, each group seems to display a very different attitude toward today's
relatively high prices and the course of the market over the next several years.
The first and most cautious group is comprised of those individuals who believe
that today's valuations are much too high and that it is only a matter of time
before prices decline and large sums of money will be lost. They point to
historically low dividend yields on common stocks, market multiples which exceed
20 times the earning forecast, an economy which is growing less than 3 percent
annually, large federal deficits and high taxes. The individuals in this group
tend to be somewhat older and often recall the experience of the bear market of
1973-74, and the many years it took to recover.
The younger investor, on the other hand, tends to fall into the second group.
Not lacking in knowledge with regard to the level of stock and bond prices, they
lack only the experience of a real bear market and the psychological impact such
an experience would have on their attitude toward investing. While admitting
that market valuations are high, they purport to hold a long term perspective
and look at market corrections in the most positive way. They point to the
market crash of 1987, and view that event as an extraordinary buying
opportunity.
These two groups comprise the vast majority of today's investors, and define the
boundaries of the conventional wisdom. Whichever perspective you may hold, there
is one fact that has prevailed throughout market history - in the end, the
market never accommodates the majority. Based upon this presumption, then, both
perspectives are apt to be wrong, and the real winners will be those who are
able to understand the significance of past events in the light of the changing
investment environment.
The starting point through which we might construct a new scenario begins with
just plain common sense. There are only two major components in the formula
which determines the general level of stock prices - interest rates and
corporate earnings, and of course, the prospects for each.
<PAGE>
As we begin 1997, the 500 largest American corporations, which comprise the S&P
500 Index, are carrying a market valuation equal to 22 times their latest 12
months reported earnings. A market multiple of 22 times is just another way of
saying that investors who own large capitalization companies are receiving an
after-tax return of just 4.54% (100 divided by 22). Both logic and market
history gives rise to two potential scenarios.
The first is that interest rates will decline significantly. Since yields in the
bond market compete directly for stock market dollars, lower bond yields will
tend to support stock prices at current levels. If interest rates do not decline
significantly (and I do not believe they will), then we must look to the
prospects regarding the second potential scenario.
The second is that corporate earnings will increase significantly. The consensus
forecast for corporate earnings in 1997 indicate that they will rise by
approximately 5% to 10% from their 1996 level, and there seems to be no clear
signal for the prospects in 1998. In fact, there is ample evidence to suggest
that earnings may actually decline in 1998, and may even disappoint forecasters
in 1997.
So, why would investors pay these high prices for stocks, if the prospects for
interest rates and corporate earnings do not support their optimism? The simple
answer, of course, is that they simply do not care -- everyone is much too
excited to even think about leaving the party before the band stops playing. The
conventional market wisdom, however, suggests that this is not the case;
investors are aware and sensitive to today's high valuations.
One possible resolution is evolution. The study of American economic history is
based upon business cycle analysis, and the business cycle, with its very
distinct peaks and troughs, can be roughly transposed over stock market cycles
in which earnings, interest rates and the market price to earnings ratio always
move over a wide range. If investors are acting rationally, then, there must be
a fundamental change this time around, and that change just may be the business
cycle itself.
The ending of the cold war and the emerging economies have opened the global
marketplace for the first time in our history. Within this marketplace, the
major American companies have become the predominant players. The result has
been a consistent and growing demand for products and services. Moreover, as
technology increasingly holds the key to rapid global growth, American
technology has become the standard to which all developed economies aspire. The
result has been a drastic transformation of the American business cycle, which
may now be depicted as a straight line with an upward bias.
<PAGE>
For the past five years the stock market has demonstrated remarkable results
with the S&P 500 index averaging over 15% annually. While the market may now be
ahead of the business prospects going forward, there is no strong evidence to
suggest that those prospects will become clearly negative. There does not appear
to be strong inflationary pressure, interest rates appear stable and inventory
levels under control. There is nothing to suggest that a major change in
direction is about to occur.
All major market declines are generally preceded by these changes, i.e. interest
rates rise and/or profits decline, the implication being that the growth and
profitability of American corporations will cycle because of economic
dislocations. While today, the market valuations for major American corporations
are high and definitely ahead of reality, the resolution may be in the prospects
for market appreciation going forward, i.e. instead of 15% or 20% annual
returns, the S&P 500 may produce returns much lower over the next five years.
The most optimistic, and still an essentially logical scenario, is that faced
with the prospects of large capitalization companies struggling to maintain the
forward momentum in their stock price, investors may ultimately move their funds
into the secondary stocks which carry much lower market multiples and which have
not fully participated in the market during the past five years.
Richard A Barone
<PAGE>
THE MAXUS INCOME FUND
The Maxus Income Fund had an excellent year in 1996, producing a total return of
9.20% compared to the Ryan Government Index which returned 2.07%. The Ryan
Government Index is representative of a wide maturity range of investment
quality bonds. Moreover, the Fund displayed a low "beta" (value relationship)
during periods in which bond prices declined.
These results were achieved for a variety of reasons and in a number of market
segments, the most notable of which was the focus on closed-end investment
companies, bonds and preferred shares with short maturities and/or call dates,
and high yielding securities convertible into equities. All of these areas of
concentration appeared to have played an equal role.
Despite the trend toward higher yields and lower bond prices throughout the
year, there appeared to be an offsetting trend toward smaller discounts among a
number of income oriented closed-end investment companies. For example,
investors looking for superior yield were comfortable with the debt of developed
foreign economies, and continued to bid up the price of global closed-end funds
in spite of a stronger dollar.
The portion of the portfolio devoted to convertible securities also performed
well in spite of the fact that my most important consideration in selecting
convertibles is high yield and high quality. Convertible securities which met
these standards were difficult to find, and when the opportunities appeared
during periods of market weakness, I needed to respond immediately.
As we move into 1997, new investment opportunities which meet my strict
requirements seem to be more difficult to find. Moreover, as long as the Federal
Reserve appears to have a bias toward tightening, I have chosen to reduce the
exposure to interest rate risk as much as possible, while continuing to maintain
a high quality portfolio producing high current income.
Richard A Barone
<PAGE>
MAXUS INCOME FUND
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1996
- --------------------------------------------------------------------------------
Shares/Principal Cost Market % of
Amount Value Assets
- --------------------------------------------------------------------------------
COMMON STOCK - REAL ESTATE
10,000 Boykin Lodging 200,000 240,000 0.67%
CLOSED END INCOME FUNDS
50,000 ACM Govt Opportunity 346,125 362,500
70,000 All American Term Trust 887,775 883,750
100,000 American Opportunity Income 554,750 587,500
14,000 American Strategic Income Port II 152,102 152,250
50,000 American Strategic Income Port I 521,125 531,250
65,200 Americas Income Trust 438,847 480,850
80,000 Blackrock Income Trust 504,794 510,000
65,000 Blackrock North American Government 612,769 650,000
57,100 Current Income Shares 639,206 649,513
23,900 Fortis Securities 189,348 194,188
43,700 Gabelli Convertible 417,226 404,225
50,000 Kemper Intermediate Government 358,837 362,500
130,000 MFS Govt Mkts Income 866,294 885,625
125,000 Quest for Value Income Shares 1,483,792 1,437,500
--------- ---------
7,972,990 8,091,651 22.65%
CLOSED END GLOBAL INCOME FUNDS
50,000 Dreyfus Strategic Governments 458,625 450,000
26,400 First Commonwealth 288,618 316,800
27,700 Kleinwort Benson Australian 247,153 256,225
103,100 RCM Strategic Global Govt 1,017,460 1,069,662
100,000 Strategic Global Income 1,171,225 1,212,500
52,200 Templeton Global Governments 355,955 365,400
100,000 Templeton Global Income 727,025 725,000
--------- ---------
4,266,061 4,395,587 12.30%
PREFERRED STOCK
5,000 Aetna Cap LLC MIPS 134,675 135,000
10,000 American General Cap LLC MIPS 250,000 258,750
10,000 American Re Capital $2.13 250,000 258,750
10,000 Associated Estates $2.43 251,850 255,000
24,900 BF Goodrich $2.07 627,744 625,612
11,300 Carolina Power $2.14 288,203 296,625
45,000 Conagra Capitol Adj Rate 966,950 1,001,250
10,000 Developers Diversified Rlty $2.37 A 251,850 252,500
10,000 Developers Diversified Rlty $2.36 B 248,100 253,750
15,000 Equity Residential Prop $2.34 379,150 388,125
18,000 Kimco Realty $2.09 423,355 445,500
30,000 McDonalds Corp $2.09 QUIDS 778,363 753,750
10,000 MidAmerican Energy Financing $1.99 250,000 248,750
10,000 NB Capital $1.96 250,000 247,500
15,500 NWPS Capital Financing $2.03 385,367 385,563
14,300 Pacificorp $8.55 QUIDS 361,108 357,500
The accompanying notes are an integral
part of the financial statements.
<PAGE>
MAXUS INCOME FUND
SCHEDULE OF INVESTMENTS
DECEMBER 31, 1996
- --------------------------------------------------------------------------------
Shares/Principal Cost Market % of
Amount Value Assets
- --------------------------------------------------------------------------------
20,000 Public Storage $2.22 499,937 510,000
10,000 RJR Nabisco Hldgs $2.50 254,350 251,250
10,000 Rouse Cap $2.31 QUIDS 249,050 253,750
20,000 Royce Value Trust $2.00 499,350 502,500
10,000 Simon Debartolo Group $2.19 250,000 253,750
32,000 Source Capital $2.40 880,025 916,000
10,000 Southwestern Public $1.96 250,000 248,750
10,000 Sunamerica Cap Tr III 250,000 248,750
10,000 Torchmark Cap L L C MIPS 250,000 262,500
10,000 US West Fin $2.06 250,000 251,250
15,000 Williams Cos $2.40 QUICS 385,275 386,250
---------- ----------
10,114,702 10,248,675 28.69%
CONVERTIBLE PREFERRED
10,000 Armco Inc $3.625 427,475 432,500
10,000 Chiquita Brands Intl $2.88 420,850 430,000
38,000 Oasis Residential $2.25 953,336 983,250
21,000 Phoenix Duff & Phelps $1.50 514,068 525,000
5,000 Resource Mortgage C 150,000 152,500
10,000 Sea Containers $4.00 448,100 455,000
15,000 USX $3.25 703,775 665,625
10,000 WHX $3.75 424,637 373,750
47,000 Wellsford Residential $1.75 899,672 975,250
--------- ---------
4,941,913 4,992,870 13.97%
CORPORATE BONDS
455,000 Unisys Senior Notes 10.625%, 10-1-99 455,175 470,783
300,000 RJR Nabisco 9.25%, 8-15-13 276,119 304,125
------- -------
731,294 774,908 2.17%
CONVERTIBLE BONDS
1,000,000 Royce Value Trust Inc 5.75%, 6-30-04 974,006 1,010,000
350,000 Consolidated Natural Gas 348,862 372,750
7.25%, 12-15-15
223,000 Inco 7.75%, 3-15-16 226,319 234,150
--------- ---------
1,549,187 1,616,900 4.53%
U.S. GOVERNMENT SECURITIES
2,000,000 US Treasury 7.5%, 1-31-97 2,004,285 2,002,500
2,000,000 US Treasury 5.375%, 5-31-98 1,985,475 1,989,062
--------- ---------
3,989,760 3,991,562 11.17%
Total Investments 33,765,907 34,352,158 96.15%
Other Assets Less Liabilities 1,375,746 3.85%
Net Assets - Equivalent to $10.78 per share on
3,314,206 shares of capital stock outstanding 35,727,907 100.00%
==========
The accompanying notes are an integral
part of the financial statements.
<PAGE>
MAXUS INCOME FUND
STATEMENT OF ASSETS & LIABILITIES
DECEMBER 31, 1996
Assets:
Investment Securities at Market Value
(Identified Cost - $33,765,907) $34,352,158
Cash 669,312
Receivables:
Investment Securities Sold 671,247
Dividends and Interest 219,185
-----------
Total Assets $35,911,902
Liabilities
Payables:
Investment Securities Purchased $70,168
Shareholder Distributions 33,835
Accrued Expenses 79,995
-------
Total Liabilities 183,998
Net Assets $35,727,904
Net Assets Consist of:
Capital Paid In 36,382,820
Undistributed Net Investment Income 401
Accumulated Realized Gain (Loss) on Investments - Net (1,241,568)
Unrealized Appreciation in Value
of Investments Based on Identified Cost - Net 586,251
-----------
Net Assets, for 3,314,206 Shares Outstanding $35,727,904
Net Asset Value and Redemption Price
Per Share ($35,727,904/3,314,206 shares) $10.78
Offering Price Per Share $10.78
STATEMENT OF OPERATIONS
DECEMBER 31, 1996
Investment Income:
Dividends $2,317,491
Interest 744,557
----------
Total Investment Income $3,062,048
Expenses:
Registration Expense 16,532
Trustee Fees (Note 3) 1,500
Accounting and Pricing 45,749
Custody 15,055
Distribution Plan Expenses 183,112
Audit 10,037
Legal 22,385
Management Fees (Note 2) 365,045
Printing & Other Miscellaneous 39,205
-------
Total Expenses 698,620
Net Investment Income 2,363,428
Realized and Unrealized Gain (Loss) on Investments
Realized Gain (Loss) on Investments 578,147
Unrealized Gain (Loss) from Appreciation
(Depreciation) on Investments 234,686
--------
Net Realized and Unrealized Gain (Loss) on Investments $812,833
Net Increase (Decrease) in Net Assets from Operations $3,176,261
===========
The accompanying notes are an integral
part of the financial statements.
<PAGE>
MAXUS INCOME FUND
STATEMENT OF CHANGES IN NET ASSETS
01/01/96 01/01/95
to to
12/31/96 12/31/95
From Operations
Net Investment Income $2,363,428 $2,506,927
Net Realized Gain (Loss) on Investments 578,147 (673,078)
Net Unrealized Appreciation (Depreciation) 234,686 3,484,108
--------- ---------
Increase (Decrease) in Net Assets from Operations 3,176,261 5,317,957
From Distributions to Shareholders
Net Investment Income (Loss) (2,363,027) (2,513,294)
Net Realized Gain (Loss) from Security Transactions 0 0
----------- -----------
Net Increase (Decrease) from Distributions (2,363,027) (2,513,294)
From Capital Share Transactions:
Proceeds From Sale of 581,063 Shares 6,179,798 8,297,341
Net Asset Value of 176,568 shares issued on
Reinvestment of Dividends 1,878,123 2,098,884
Cost of 990,564 Shares Redeemed (10,530,092) (9,238,866)
------------ -----------
(2,472,171) 1,157,359
Net Increase in Net Assets (1,658,937) 3,962,022
Net Assets at Beginning of Period (including
undistributed net investment income of $3,140
and $9,507, respectively) 37,386,841 33,424,819
Net Assets at End of Period (including undist-
ributed net investment income of $3,541
and $3,140, respectively) $35,727,904 $37,386,841
=========== ===========
FINANCIAL HIGHLIGHTS
Selected data for a share of common stock
outstanding throughout the period:
01/01/96 01/01/95 01/01/94 01/01/93 01/01/92
to to to to to
12/31/96 12/31/95 02/31/94 12/31/93 12/31/92*
Net Asset Value -
Beginning of Period $10.54 $ 9.73 $10.94 $10.88 $10.98
Net Investment Income 0.70 0.72 0.74 0.68 0.42
Net Gains or Losses on Securities
(realized and unrealized) 0.24 0.81 (1.22) 0.22 (0.01)
---- ---- ------ ---- ------
Total from Investment Operations 0.94 1.53 (0.48) 0.90 0.41
Dividends
(from net investment income) (0.70) (0.72) (0.73) (0.68) (0.42)
Distributions
(from capital gains) 0.00 0.00 0.00 (0.16) (0.09)
Return of Capital 0.00 0.00 0.00 0.00 0.00
------ ------ ------ ------ ------
Total Distributions (0.70) (0.72) (0.73) (0.84) (0.51)
Net Asset Value -
End of Period $10.78 $10.54 $9.73 $10.94 $10.88
Total Return 9.20% 16.15% (4.39)% 8.74% 7.89%
Ratios/Supplemental Data
Net Assets -
End of Period (Thousands) 35,728 37,387 33,425 36,147 28,591
Ratio of Expenses to
Average Net Assets 1.92% 1.90% 1.81% 1.90% 1.94%
Ratio of Net Income to
Average Net Assets 6.50% 7.01% 7.10% 6.06% 7.18%
Portfolio Turnover Rate 78% 121% 138% 88% 91%
*Weighted Average Used
The accompanying notes are an integral
part of the financial statements.
<PAGE>
MAXUS INCOME FUND
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1996
1.) Significant Accounting Policies
The Fund is a diversified, open-end management investment company,
organized as a Trust under the laws of the State of Ohio by a Declaration
of Trust dated October 31, 1984. Significant accounting policies of the
Fund are presented below:
SECURITY VALUATION:
The Fund intends to invest in a wide variety of equity and debt securities.
The investments in securities are carried at market value. The market
quotation used for common stocks, including those listed on the NASDAQ
National Market System, is the last sale price on the date on which the
valuation is made or, in the absence of sales, at the closing bid price.
Over-the-counter securities will be valued on the basis of the bid price at
the close of each business day. Short-term investments are valued at
amortized cost, which approximates market. Securities for which market
quotations are not readily available will be valued at fair value as
determined in good faith pursuant to procedures established by the Board of
Directors.
SECURITY TRANSACTION TIMING
Security transactions are recorded on the dates transactions are entered
into (the trade dates). Dividend income and distributions to shareholders
are recorded on the ex-dividend date. Interest income is recorded as
earned. The Fund uses the identified cost basis in computing gain or loss
on sale of investment securities. Discounts and premiums on securities
purchased are amortized over the life of the respective securities.
INCOME TAXES:
It is the Fund's policy to distribute annually, prior to the end of the
calendar year, dividends sufficient to satisfy excise tax requirements of
the Internal Revenue Service. This Internal Revenue Service requirement may
cause an excess of distributions over the book year-end accumulated income.
In addition, it is the Fund's policy to distribute annually, after the end
of the calendar year, any remaining net investment income and net realized
capital gains.
ESTIMATES:
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those
estimates.
2.) Investment Advisory Agreement
The Fund has entered into an investment advisory and administration
agreement with Maxus Asset Management, Inc., a wholly owned subsidiary of
Resource Management Inc. The Investment Advisor receives from the Fund as
compensation for its services to the Fund an annual fee of 1% on the first
$150,000,000 of the Fund's net assets, and 0.75% of the Fund's net assets
in excess of $150,000,000. The Investment Advisor agrees to reimburse its
fee to the Fund in the amount by which the Fund expenses exceed 2% of
average annual net assets.
3.) Related Party Transactions
Resource Management, Inc. has three wholly owned subsidiaries which provide
services to the Fund. These subsidiaries are Maxus Asset Management Inc,
Maxus Securities Corp, and Maxus Information Systems Inc. Maxus Asset
Management was paid $365,045 in investment advisory fees during the twelve
months ended December 31, 1996. Maxus Securities, who served as the
national distributor of the Fund's shares, was reimbursed $183,112 for
distribution expenses. Maxus Information Systems, who provides accounting
and shareholder services, received fees totaling $45,749 for services
rendered to the Fund for the twelve months ended December 31, 1996. Maxus
Securities is a registered broker-dealer. Maxus Securities effected
substantially all of the investment portfolio transactions for the Fund.
For this service Maxus Securities received commissions of $217,516 for the
twelve months ending December 31, 1996.
<PAGE>
MAXUS INCOME FUND
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1996
At December 31, 1996, Maxus Securities Corp owned 60,000 shares in the
Fund.
Certain officers and/or trustees of the Fund are officers and/or directors
of the Investment Advisor and Administrator. Each director who is not an
"affiliated person" receives an attendance fee of $100 per meeting.
4.) Capital Stock and Distribution
At December 31, 1996 an indefinite number of shares of capital stock ($.10
par value) were authorized, and paid-in capital amounted to $36,382,820.
Transactions in common stock were as follows:
Shares sold 581,063
Shares issued to shareholders in reinvestment of dividends 176,568
--------
757,631
Shares redeemed (990,564)
---------
Net Increase (Decrease) (232,933)
Shares Outstanding:
Beginning of Period 3,547,139
----------
End of Period 3,314,206
==========
Distributions to shareholders are recorded on the ex-dividend date.
Payments in excess of net investment income or of accumulated net realized
gains reported in the financial statements are due primarily to book/tax
differences. Payments due to permanent differences have been charged to
paid in capital. Payments due to temporary differences have been charged to
distributions in excess of net investment income or realized gains.
5.) Purchases and Sales of Securities
During the twelve months ended December 31, 1996, purchases and sales of
investment securities other than U.S. Government obligations and short-term
investments aggregated $31,158,436 and $28,179,368 respectively. Purchases
and sales of U.S. Government obligations aggregated $6,013,437 and
$11,014,883 respectively.
6.) Financial Instruments Disclosure
There are no reportable financial instruments which have any off-balance
sheet risk as of December 31, 1996.
7.) Security Transactions
For Federal income tax purposes, the cost of investments owned at December
31, 1996 was the same as identified cost.
At December 31, 1996, the composition of unrealized appreciation (the
excess of value over tax cost) and depreciation (the excess of tax cost
over value) was as follows:
Appreciation (Depreciation) Net Appreciation (Depreciation)
------------ -------------- -------------------------------
818,858 (232,607) 586,251
<PAGE>
INDEPENDENT AUDITOR'S REPORT
To The Shareholders and
Board of Directors:
Maxus Income Fund
We have audited the accompanying statement of assets and liabilities of Maxus
Income Fund, including the schedule of portfolio investments, as of December 31,
1996, and the related statement of operations for the year then ended, the
statement of changes in net assets for each of the two years in the period then
ended, and financial highlights for each of the five years in the period then
ended. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of investments and cash held by
the custodian as of December 31, 1996, by correspondence with the custodian and
brokers. An audit also included assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Maxus
Income Fund as of December 31, 1996, the results of its operations for the year
then ended, the changes in its net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended, in conformity with generally accepted accounting
principles.
McCurdy & Associates CPA's, Inc.
Westlake, Ohio 44145
January 15, 1997
<PAGE>
THE MAXUS FUNDS
28601 Chagrin Boulevard, Cleveland, Ohio 44122
(216) 292-3434
INVESTMENT ADVISOR
Maxus Asset Management Inc
28601 Chagrin Boulevard
Cleveland, Ohio 44122
BOARD OF TRUSTEES
Richard A. Barone
N. Lee Dietrich
Sanford A. Fox, D.D.S.
Burton D. Morgan
Michael A. Rossi
Robert A. Schenkelberg, Jr.
F. Carl Walter
OFFICERS
Richard A. Barone, Chairman
James C. Onorato, Vice-President
Robert W. Curtin, Secretary
CUSTODIAN
Star Bank, N. A.
425 Walnut Street
P. O. Box 1118
Cincinnati, Ohio 45201-1118
TRANSFER AGENT
Maxus Information Systems Inc
28601 Chagrin Boulevard
Cleveland, Ohio 44122
DISTRIBUTOR
Maxus Securities Corp
28601 Chagrin Boulevard
Cleveland, Ohio 44122
LEGAL COUNSEL
Benesch, Friedlander, Coplan & Aronoff
2300 BP America Building
200 Public Square
Cleveland, Ohio 44114-2378
AUDITOR
McCurdy & Associates CPA's Inc
27955 Clemens Road
Westlake, Ohio 44145
