X0201 3 2003-06-27 0 0000917492 SAFFRON FUND INC NYSE:SZF 0001255866 PEGGE ANDREW C/O LAXEY PARTNERS LIMITED, STANLEY HOUSE, 7-9 MARKET HILL DOUGLAS, ISLE OF MAN X0 IM1 2BF Unknown 1 0 1 0 Common Stock 606326 I (1) (1) Andrew Pegge (the \"Reporting Person\") was appointed to the Board of Directors of the Saffron Fund, Inc. (the \"Fund\") on June 27, 2003. The Reporting Person is a director and the owner of 50% of the issued and outstanding equity interest of Laxey Partners Limited, an Isle of Man company (\"Laxey\"). Laxey serves as the investment manager for (i) The Value Catalyst Fund Limited, a Cayman Islands company (\"Catalyst\"), (ii) Laxey Investors Limited, a British Virgin Islands company (\"LIL\"), (iii) LP Value Limited, a British Virgin Islands company (\"LPV\"), (iv) Laxey Universal Value LP, a Delaware limited partnership (\"LUV\"), and (v) certain unaffiliated third party discretionary accounts (the \"Accounts\"). Catalyst is the beneficial owner of 122,050 shares of common stock, $0.001 par value per share (the \"Common Stock\"), of the Fund. LIL is the beneficial owner of 164,503 shares of Common Stock. LPV is the beneficial owner of 114,550 shares of Common Stock. LUV is the beneficial owner of 104,200 shares of Common Stock. The Accounts are the beneficial owners of 100,700 shares of Common Stock. Laxey is the beneficial owner of 323 shares of Common Stock. Accordingly, Laxey, through its management of Catalyst, LIL, LPV, LUV and the Accounts, is the beneficial owner of 606,326 shares of Common Stock (the \"Shares\") and the Reporting Person, as a result of his equity interest in Laxey, may be deemed to beneficially own the Shares. /s/ Andrew Pegge 2003-08-01