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Z-Seven Fund makes announcement.

MESA, Ariz.--(BUSINESS WIRE)--Nov. 25, 1996--Z-Seven Fund Inc. (NASDAQ:ZSEV) (PSE:ZSE) said shareholders of record as of Dec. 20, 1996, will receive a distribution of $2.80 per share for estimated capital gains.

The distribution is to be paid on Dec. 31, 1996. In addition, Z-Seven will pay a remainder distribution in 1997, if necessary, so that 100 percent of the 1996 net investment income and capital gains are distributed.

Z-Seven's new Distribution Reinvestment Program will be in effect for the 1996 distributions. Enrollment, either through Chase Mellon Shareholder Services or individual brokerages, must be completed by Dec. 20, 1996.

Barry Ziskin, president of Z-Seven Fund Inc., commented on his outlook of the markets. "Large capitalization stocks in the U.S. are in the midst of a vigorous rally that we hope will be followed by small capitalization shares here and by markets in Europe. My leading indicator for interest rates suggests that U.S. interest rates may decline further.

"Share prices are clearly overvalued and are likely to become even more so as share prices lag bond prices by an average of nine months. Our N.A.V. has shown growth in eight out of the last nine quarters and 13 out of the last 14 quarters. We believe we are now in the position to finish the year strongly as U.S. secondary shares and European shares catch up to the strong October, November U.S. blue chip rally.

"British interest rates have risen unexpectedly since the end of the third quarter. Over one-third of the overall portfolio was invested in United Kingdom stocks. The recent rise to over 4,000 in the FTSE 100 Index has not been supported by a new high in the broad market since its peak in May.

"These two factors together have resulted in the necessity to gradually reduce and finally eliminate UK positions that no longer meet the criteria. Regardless of macro conditions, we are a bottoms-up value/growth fund.

"Therefore since it is now difficult to find quality companies selling under 10 times earnings, we continue to add UK companies to the portfolio and invest in existing British holdings that meet our stringent investment criteria."

CONTACT: Z-Seven Fund Inc., Mesa

Jordan Barile, 602/897-6214
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Publication:Business Wire
Date:Nov 25, 1996
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