<PAGE>
This report is transmitted to the shareholders of The Zweig Fund, Inc. for
their information. This is not a prospectus, circular or representation intend-
ed for use in the purchase of shares of the Fund or any securities mentioned in
this report.
[LOGO OF THE ZWEIG FUND]
QUARTERLY REPORT
MARCH 31, 1996
<PAGE>
May 15, 1997
Dear Shareholder:
The Zweig Fund's net asset value increased 1.4% during the three months
ended March 31, 1997, including the $0.28 distribution paid on January 10,
1997. During the same period, the Standard & Poor's 500 Index gained 2.7%,
including dividends. Maintaining our risk-averse policy, the Fund's exposure
during the first quarter averaged approximately 61%.
In evaluating our performance, it is important to note that, according to
Lipper Analytical Services, the average domestic diversified stock mutual fund
took a pounding in the quarter, losing about 2%. This was the worst showing
since the first quarter of 1994.
The S & P's 500 Index outperformed nearly 90% of all actively managed stock
funds but its results masked a more difficult market. The gains were
concentrated in a small number of large stocks that carry more weight than
small ones in calculating the results.
While I wish we had done a bit better, I am glad that we beat the average
domestic stock fund by more than 3 percentage points in the quarter. That's
because we kept our exposure down. When the market dropped, the impact on our
Fund was rather small. This was in line with our aim of earning reasonable
returns over the long run while avoiding big losses when the market falls
apart.
DISTRIBUTION DECLARED
On March 17, 1997, the Fund announced a distribution of $0.29 per share
payable April 25, 1997, to shareholders of record on April 11, 1997. Including
this distribution, our total payout since the Fund's inception is $11.62.
MARKET OUTLOOK
At this writing we are roughly 67% invested, which is consistent with my
overall neutral position on the market.
My indicators present a mixed picture. Our monetary model, which had been
relatively neutral, is now moderately bearish. This reflects the corrections
in the bond market and in financial stocks, particularly banks. However, my
sentiment indicators, which were really poor in January and early February,
now are not so bad. Factors such as the put/call ratio and advisory sentiment,
which is showing much more pessimism, are plusses. On the negative side, the
asset-to-cash ratios at mutual funds is the lowest in about twenty years. With
momentum not great at this time, it all adds up to my neutral stance on the
market.
As I see it, the economy is not totally overheated but it is not lukewarm
either. The most troubling aspect is the tight labor market. Rising wages
could increase inflationary pressures. Also, capacity utilization is quite
high and the inventory to sales ratio is at a record low. We have also seen
steady increases in monetary growth. These are all factors in the recent
tightening by the Fed in an effort to preempt a resurgence of inflation.
This was an initial tightening and I always say, "Don't Fight the Fed."
Normally the market tends to work its way higher for a week or two after an
initial tightening but that's not what happened this time. There was a
correction of over 4% in three days after the move, but I attribute this to
some very strong economic numbers that came out on those particular days.
My research indicates that when the market gets off to a bad start following
an initial hike, it is usually followed by a rally. But when you go about
three months down the road the odds are that the market will be lower. It is
not always lower--I'm talking about probabilities. So we will see what
happens.
I am not even trying to guess what the Fed will do about further hikes.
Majority opinion is
<PAGE>
leaning toward another boost or two. This indicates that much of this feeling
has already been absorbed by the market--and we have already seen almost a 10%
correction. So I can't get too bearish at this moment. For that to happen, I
would have to see rates go higher.
Summing up, market positives include the fact that a lot of pessimism has
been built up in recent weeks on the correction, giving the market a really
good shot at a rally. The main weaknesses are the poor performance of the bond
market and, more recently, the financial stocks. Lurking in the background is
the long-term factor that the market is clearly overvalued--and that's not
good. Given the poor monetary conditions and the valuation situation, I can't
get too bullish. So I am sort of in the middle with a neutral position. Of
course I will remain flexible and react in a disciplined manner to changing
market conditions.
PORTFOLIO COMPOSITION
To implement my basic allocation strategy, the majority of our stocks
continue to be acquired or sold on the basis of a proprietary computer-driven
model that is weighted toward a value approach with secondary emphasis on
growth. Various criteria are employed to evaluate and rank the most liquid
stocks with the highest dividend yields.
Although we have reduced our exposure in utilities, oil and oil services,
financial services, and the automotive field, these industries remain among
our leading sectors. Other top categories include metals and manufacturing,
where we have increased our holdings. We have lightened our positions in the
retail and telecommunications areas, but these groups still occupy prominent
positions in our portfolio.
Our leading individual holdings include USX-Marathon, Chrysler, Salomon,
Telefonos de Mexico, Ford, General Motors, RJR/Nabisco, Elf Aquitaine, Dayton
Hudson, and American Stores.
Among the above positions, we have increased our holdings in Salomon,
Telefonos de Mexico, RJR/Nabisco, and Elf Aquitaine and reduced our positions
in General Motors and American Stores.
We have sold our positions in Texaco and Merrill Lynch and cut back in
Telefonica de Espana, BankAmerica, Rohm & Haas, and NYNEX.
As mentioned in the last annual report, our portfolio also includes a number
of closed end funds that are selling at significant discounts from their net
asset values. When the market again places a premium on valuation, as it has
done historically, discounts should narrow and more closely reflect the net
asset values. This would enhance the profitability of these holdings.
TRANSFER AGENT CHANGE
Please be advised that the Board of Directors, at their meeting on May 15,
1997, appointed State Street Bank and Trust as Transfer Agent, Registrar and
Dividend Disbursing Agent for The Zweig Fund, Inc. effective September 1,
1997. State Street has capably served as Transfer Agent for The Zweig Series
Trust for many years and will now also assume these responsibilities for our
other closed-end fund, The Zweig Total Return Fund, Inc. Both funds will enjoy
some cost savings from this consolidation and shareholders will now have the
convenience of the same address and toll-free phone number for all Zweig
Funds.
No action is required on your part as a result of this change. We will
notify shareholders of the new address and toll-free phone number in our June
30, 1997 shareholder report.
Sincerely,
/s/ Martin E. Zweig
Martin E. Zweig, Ph.D.
Chairman
2
<PAGE>
THE ZWEIG FUND, INC.
STATEMENT OF NET ASSETS
MARCH 31, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
--------- -----------
<S> <C> <C>
Common Stocks 59.48%
Aerospace & Defense 0.88%
Gencorp, Inc. ......................................... 42,600 $ 809,400
General Motors Corp., Class H.......................... 80,000 4,340,000
-----------
5,149,400
-----------
Apparel Manufacturer 0.17%
Russell Corp. ......................................... 27,800 993,850
-----------
Automotive 3.86%
Borg-Warner Automotive Corp. .......................... 29,500 1,257,438
Chrysler Corp. ........................................ 247,200 7,416,000
Ford Motor Corp. ...................................... 197,200 6,187,150
General Motors Corp. .................................. 110,300 6,107,862
Volvo AB, ADR.......................................... 57,500 1,495,000
-----------
22,463,450
-----------
Banks 1.53%
Ahmanson, (H.F.) & Co. ................................ 109,500 3,996,750
BankAmerica Corp. ..................................... 36,100 3,637,075
Charter One Financial, Inc. ........................... 29,700 1,303,088
-----------
8,936,913
-----------
Chemicals 1.34%
Dexter Corp. .......................................... 36,700 1,105,588
du Pont (E.I.) de Nemours & Co. ....................... 48,300 1,919,925
Olin Corp. ............................................ 56,600 4,237,925
Rohm & Haas Co. ....................................... 29,600 518,000
-----------
7,781,438
-----------
Construction & Farm Equipment 0.54%
Caterpillar Inc. ...................................... 39,500 3,169,875
-----------
Consumer Durables 0.73%
Goodyear Tire & Rubber Co. ............................ 73,700 3,850,825
Huffy Corp. ........................................... 28,500 391,875
-----------
4,242,700
-----------
Consumer Products 0.30%
American Greetings Corp. .............................. 54,800 1,750,175
-----------
Containers & Packaging 0.07%
Sea Containers Ltd., Class A........................... 25,200 390,600
-----------
Finance & Financial Services 3.84%
Bear, Stearns & Co., Inc. ............................. 168,336 4,418,820
Edwards, (A.G.) & Sons, Inc. .......................... 123,100 3,785,325
Fremont General Corp. ................................. 57,550 1,618,594
GATX Corp. ............................................ 14,400 703,800
Orion Capital Corp. ................................... 29,000 1,790,750
</TABLE>
3
<PAGE>
THE ZWEIG FUND, INC.
STATEMENT OF NET ASSETS--(CONTINUED)
MARCH 31, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
--------- -----------
<S> <C> <C>
Finance & Financial Services (Continued)
PaineWebber Group, Inc. ............................... 69,200 $ 1,954,900
Salomon, Inc. ......................................... 141,900 7,077,262
Selective Insurance Group, Inc......................... 24,000 996,000
-----------
22,345,451
-----------
Food & Beverage 0.93%
Adolph Coors Co., Class B.............................. 80,000 1,700,000
Chiquita Brands International, Inc..................... 177,800 2,778,125
Fleming Companies, Inc................................. 53,600 938,000
-----------
5,416,125
-----------
Home Builder & Materials 0.28%
Kaufman & Broad Home Corp. ............................ 98,600 1,306,450
Ryland Group Inc....................................... 26,200 307,850
-----------
1,614,300
-----------
Investment Companies 4.11%
Adams Express Co....................................... 35,600 720,900
Blackrock 2001 Term Trust, Inc. ....................... 52,600 420,800
Blackrock Strategic Term Trust, Inc. .................. 52,600 414,225
Brazil Fund, Inc. ..................................... 91,800 2,260,575
China Fund, Inc. ...................................... 31,300 414,725
Clemente Global Growth Fund, Inc. ..................... 23,400 193,050
Czech Republic Fund, Inc. ............................. 9,000 121,500
Emerging Germany Fund, Inc. ........................... 54,200 474,250
Emerging Markets Infrastructure, Inc. ................. 40,500 475,875
Emerging Markets Telecommunications Fund, Inc. ........ 22,700 363,200
Emerging Mexico Fund, Inc. ............................ 47,200 359,900
France Growth Fund, Inc. .............................. 55,700 619,662
G.T. Global Developing Fund, Inc. ..................... 64,800 769,500
G.T. Global Eastern Europe Fund, Inc. ................. 25,400 384,175
Gabelli Equity Trust, Inc. ............................ 115,000 1,078,125
Gabelli Global Multimedia Trust, Inc. ................. 97,100 667,562
Indonesia Fund, Inc. .................................. 15,700 155,038
Jakarta Growth Fund, Inc. ............................. 12,000 106,500
Jardine Fleming India Fund, Inc. ...................... 26,700 200,250
Mexico Fund, Inc....................................... 80,600 1,319,825
Morgan Stanley Russia & New Europe Fund, Inc. ......... 15,000 358,125
New Germany Fund, Inc. ................................ 133,800 1,873,200
Portgugal Fund, Inc. .................................. 22,700 337,663
R.O.C. Taiwan Fund..................................... 67,800 805,125
Royce Value Trust, Inc. ............................... 144,155 1,693,821
Schroder Asian Growth Fund, Inc. ...................... 28,900 339,575
Scudder New Asia Fund, Inc. ........................... 32,100 397,238
Southern Africa Fund, Inc. ............................ 34,400 567,600
Spain Fund, Inc. ...................................... 40,700 462,962
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
---------- -----------
<S> <C> <C>
Investment Companies (Continued)
Swiss Helvetia Fund, Inc. ............................ 75,200 $ 1,551,000
Taiwan Fund, Inc. .................................... 60,300 1,484,888
Templeton China World Fund, Inc. ..................... 50,600 632,500
Templeton Dragon Fund, Inc. .......................... 91,000 1,319,500
Templeton Vietnam Opportunities Fund, Inc. ........... 34,500 388,125
Turkish Investment Fund, Inc. ........................ 29,900 183,137
-----------
23,914,096
-----------
Industrial Services 0.20%
Ogden Corp. .......................................... 55,300 1,168,213
-----------
Leisure 1.11%
Brunswick Corp. ...................................... 96,500 2,593,437
Fleetwood Enterprises, Inc. .......................... 100,800 2,520,000
Royal Caribbean Cruises, Ltd. ........................ 44,300 1,351,150
-----------
6,464,587
-----------
Manufacturing 3.37%
Brown Group, Inc. .................................... 59,000 980,875
Cummins Engine Co., Inc. ............................. 71,900 3,684,875
Excel Industries, Inc. ............................... 34,100 694,788
Herman Miller, Inc. .................................. 46,300 3,159,975
Ingersoll-Rand Co. ................................... 20,400 889,950
Johnson Controls, Inc ................................ 27,900 2,245,950
PACCAR Inc. .......................................... 32,800 2,189,400
Simpson Industries, Inc. ............................. 34,200 337,725
Standard Products Co. ................................ 26,300 611,475
Timken Co. ........................................... 37,800 2,022,300
TRW, Inc. ............................................ 54,400 2,815,200
-----------
19,632,513
-----------
Metals & Mining 3.80%
ASARCO, Inc. ......................................... 114,300 3,214,687
British Steel, Plc, ADS............................... 148,800 3,961,800
Cleveland-Cliffs, Inc. ............................... 14,700 621,075
Cyprus Amax Minerals Co. ............................. 65,000 1,543,750
De Beers Consolidated Mines, ADR...................... 7,400 261,775
Oregon Steel Mills, Inc. ............................. 150,700 2,618,412
Phelps Dodge Corp. ................................... 53,500 3,912,188
Quanex Corp. ......................................... 49,500 1,243,688
USX-US Steel Group, Inc. ............................. 178,000 4,739,250
-----------
22,116,625
-----------
Oil & Oil Services 8.19%
Ashland Oil Inc. ..................................... 58,500 2,366,700
Elf Aquitaine, S.A., ADR.............................. 120,400 5,929,700
</TABLE>
5
<PAGE>
THE ZWEIG FUND, INC.
STATEMENT OF NET ASSETS--(CONTINUED)
MARCH 31, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
--------- -----------
<S> <C> <C>
Oil & Oil Services (Continued)
Helmerich & Payne, Inc. ............................. 49,400 $ 2,284,750
Kerr-McGee Corp. .................................... 75,400 4,665,375
Murphy Oil Corp. .................................... 56,900 2,674,300
Occidental Petroleum Corp. .......................... 126,400 3,112,600
Pennzoil Co. ........................................ 63,500 3,286,125
Phillips Petroleum Co. .............................. 104,300 4,263,262
Repsol S.A., ADR..................................... 32,500 1,324,375
Sun Co., Inc. ....................................... 31,300 817,712
Texaco Inc. ......................................... 36,600 4,007,700
USX-Marathon Group, Inc. ............................ 276,100 7,696,288
Valero Energy Corp. ................................. 40,500 1,473,187
YPF Sociedad Anonima, ADR............................ 143,000 3,789,500
-----------
47,691,574
-----------
Paper & Forest Products 1.34%
Bowater, Inc. ....................................... 83,000 3,226,625
International Paper Co. ............................. 54,700 2,126,463
James River Corp. of Virginia........................ 25,700 748,512
Pope & Talbot Inc. .................................. 29,100 400,125
Westvaco Corp. ...................................... 50,950 1,280,119
-----------
7,781,844
-----------
Retail Trade & Services 3.10%
American Stores Co. ................................. 110,900 4,935,050
Dayton Hudson Corp. ................................. 139,600 5,828,300
Mercantile Stores, Inc. ............................. 41,800 1,938,475
Ross Stores, Inc. ................................... 74,600 1,892,975
Shopko Stores, Inc. ................................. 44,200 663,000
Supervalu, Inc. ..................................... 93,600 2,784,600
-----------
18,042,400
-----------
Technology 2.79%
Applied Materials, Inc. ............................. 20,800(a) 964,600
Dell Computer Corp. ................................. 36,000(a) 2,434,500
Digital Equipment Corp. ............................. 57,600(a) 1,576,800
Harris Corp. ........................................ 47,700 3,666,938
Intel Corp. ......................................... 22,800 3,172,050
Microsoft Corp. ..................................... 38,700(a) 3,548,306
Philips Electronics N.V. ADR......................... 20,000 890,000
-----------
16,253,194
-----------
Telecommunications 2.70%
BCE, Inc. ........................................... 58,500 2,691,000
NYNEX Corp. ......................................... 30,300 1,382,437
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
NUMBER OF
SHARES VALUE
--------- ------------
<S> <C> <C>
Telecommunications (Continued)
Telefonica de Espana S.A., ADS........................ 65,900 $ 4,728,325
Telefonos de Mexico S.A., ADS......................... 179,700 6,918,450
------------
15,720,212
------------
Tobacco 1.05%
RJR Nabisco Holdings Corp. ........................... 189,200 6,101,700
------------
Transportation 2.46%
Alexander & Baldwin Co. .............................. 10,000 258,750
APL Ltd. ............................................. 42,600 894,600
British Airways Plc, ADR.............................. 18,600 1,955,325
Canadian Pacific Ltd. ................................ 163,100 3,914,400
Consolidated Freightways, Inc. ....................... 94,300 2,557,888
CSX Corp. ............................................ 71,600 3,329,400
J.B. Hunt Transport Services, Inc. ................... 32,700 453,712
KLM Royal Dutch Airlines, N.V., ADR................... 34,200 978,975
------------
14,343,050
------------
Utilities--electric & natural gas 10.79%
Allegheny Power Systems, Inc. ........................ 52,600 1,558,275
American Electric Power Co., Inc. .................... 105,400 4,347,750
Baltimore Gas & Electric Co. ......................... 76,600 2,049,050
CMS Energy Corp. ..................................... 80,000 2,630,000
DQE, Inc. ............................................ 85,950 2,385,113
DTE Energy Co. ....................................... 43,100 1,158,313
Edison International, Inc. ........................... 205,100 4,614,750
Entergy Corp. ........................................ 132,500 3,246,250
GPU, Inc. ............................................ 110,800 3,559,450
Illinova Corp. ....................................... 100,400 2,296,650
Montana Power Co. .................................... 43,200 928,800
New York State Gas & Electric Corp. .................. 102,300 2,212,238
Ohio Edison Co. ...................................... 77,700 1,641,412
PacifiCorp............................................ 87,500 1,870,312
Pacific Gas & Electric Corp. ......................... 87,400 2,053,900
Pinnacle West Capital Corp. .......................... 106,400 3,205,300
PP & L Resources, Inc. ............................... 35,000 708,750
Public Service Enterprises Group, Inc. ............... 152,900 4,013,625
Questar Corp. ........................................ 28,400 1,018,850
Sierra Pacific Resources, Inc. ....................... 59,800 1,756,625
Sonat, Inc. .......................................... 70,400 3,836,800
Texas Utilities Co. .................................. 107,000 3,664,750
Transcanada Pipeline Ltd. ............................ 101,500 1,839,688
Unicom Corp. ......................................... 153,800 2,999,100
United Illuminating Co. .............................. 29,300 765,462
UtiliCorp United, Inc. ............................... 11,400 290,700
Western Resources, Inc. .............................. 72,600 2,178,000
------------
62,829,913
------------
Total Common Stocks................................. 346,314,198
------------
</TABLE>
7
<PAGE>
THE ZWEIG FUND, INC.
STATEMENT OF NET ASSETS--(CONCLUDED)
MARCH 31, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- ------------
<S> <C> <C>
United States Government & Agency Obligations 3.16%
Federal National Mortgage Association, 6.85%,
4/5/2004........................................... $2,765,000 $ 2,739,020
United States Treasury Bills, 5.025%, 5/01/1997..... 2,000,000 1,991,625
United States Treasury Bonds, 10.75%, 5/15/2003..... 4,000,000 4,771,248
United States Treasury Bonds, 7.50%, 11/15/2024..... 800,000 826,500
United States Treasury Notes, 6.875%, 5/15/2006..... 2,400,000 2,386,500
United States Treasury Notes, 6.50%, 10/15/2006..... 5,900,000 5,713,778
------------
Total United States Government & Agency 18,428,671
Obligations...................................... ------------
Short-Term Investments 37.23%
Allied Signal, Inc., 5.32%, 4/2/97.................. 20,000,000 19,997,044
Bell Network Funding Inc., 5.35%, 4/10/97........... 7,500,000 7,489,969
Dow Chemical Co., 6.50%, 4/1/97..................... 20,000,000 20,000,000
Exxon Imperial Co., 5.30%, 4/1/97 .................. 15,000,000 15,000,000
Ford Motor Credit Corp., 5.30%, 4/4/97.............. 12,100,000 12,094,656
General Re Corp., 5.72%, 4/1/97..................... 10,000,000 10,000,000
Goldman Sachs Co., 5.30%, 4/3/97.................... 11,900,000 11,896,496
Lucent Technology Corp., 5.28%, 4/8/97.............. 12,300,000 12,287,372
Merrill Lynch & Co., Inc., 5.38%, 4/4/97............ 16,700,000 16,692,513
Met Life Funding Inc., 5.28%, 4/7/97................ 20,000,000 19,982,400
Motorola Inc., 5.40%, 4/8/97........................ 20,400,000 20,378,580
PepsiCo Inc., 5.28%, 4/7/97 ........................ 10,200,000 10,191,024
Philip Morris Co., 6.10%, 4/2/97.................... 20,800,000 20,796,475
Xerox Credit Corp., 5.57%, 4/22/97.................. 20,000,000 19,935,017
------------
Total Short-Term Investments...................... 216,741,546
------------
Total Investments .................................... 99.88% 581,484,415
Cash And Other Assets, Less Liabilities .............. 0.12 708,851
---------- ------------
Net Assets (Equivalent to $11.32 per share based on 100.00% $582,193,266
51,442,689 shares of capital stock outstanding)...... ========== ============
</TABLE>
- --------
(a) Non-income producing security.
8
<PAGE>
THE ZWEIG FUND, INC.
FINANCIAL HIGHLIGHTS
MARCH 31, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NET ASSET VALUE
TOTAL NET ASSETS PER SHARE
-------------------------- ----------------
<S> <C> <C> <C> <C>
NET ASSET VALUE:
Beginning of period: December
31, 1996....................... $589,080,510 $11.45
Net investment income.......... $ 3,913,389 $ 0.08
Net realized and unrealized
gains on
investments................... 3,603,317 0.07
Dividends from net investment
income and distributions from
net-long and short-term (14,403,950) (0.28)
capital gains................. ------------ -------
Net decrease in net assets/net
asset value.................. (6,887,244) (0.13)
------------ -------
End of period: March 31, 1997... $582,193,266 $11.32
============ =======
</TABLE>
9
<PAGE>
KEY INFORMATION
1-800-237-2336 THE BANK OF NEW YORK:
For questions regarding shareholder accounts
P.O. Box 11258
Church Street Station
New York, NY 10286-1158
(212) 644-2188 THE ZWEIG FUND HOT LINE:
For updates on net
asset value, share
price, major industry
groups and other key
information
1-800-272-2700 ZWEIG SHAREHOLDER RELATIONS:
For general information and literature
REINVESTMENT PLAN
Many of you have questions
about the reinvestment plan. We
urge shareholders who want to
take advantage of this plan and
whose shares are held in "Street
Name" to consult your broker as
soon as possible to determine if
you must change registration in-
to your own name to participate.
----------------
Notice is hereby given in accordance with Section 23(c) of the Investment
Company Act of 1940 that the Fund may from time to time purchase its shares of
common stock in the open market when Fund shares are trading at a discount of
10% or more from their net asset value.
10
<PAGE>
OFFICERS AND DIRECTORS
Martin E. Zweig, Ph.D.
Chairman of the Board and President
Jeffrey Lazar
Vice President and Treasurer
Stuart B. Panish
Vice President and Secretary
Christopher M. Capano
Assistant Vice President
Eugene J. Glaser
Director
Elliot S. Jaffe
Director
Alden C. Olson, Ph.D.
Director
James B. Rogers, Jr.
Director
Anthony M. Santomero, Ph.D.
Director
Robert E. Smith
Director
INVESTMENT ADVISER
Zweig Advisors Inc.
900 Third Avenue
New York, New York 10022
FUND ADMINISTRATOR
Zweig/Glaser Advisers
900 Third Avenue
New York, New York 10022
CUSTODIAN AND TRANSFER AGENT
The Bank of New York
48 Wall Street
New York, New York 10015
LEGAL COUNSEL
Rosenman & Colin LLP
575 Madison Avenue
New York, New York 10022
11
