 |
Annual Report 1996 |
|
STATEMENT OF OPERATIONS
Year Ended December 31, 1997
|
|
| Investment
Income |
|
|
|
Income: |
|
|
|
|
Dividends |
|
|
|
|
From
unaffiliated issuers |
$ |
17,066,585 |
|
|
From
non-controlled affiliate |
|
1,168,481 |
|
|
Interest |
|
9,552,347 |
|
|
|
Total
income |
|
27,787,413 |
|
|
Expenses: |
|
|
|
|
Investment research |
|
1,191,215 |
|
|
Administration and operations |
|
649,130 |
|
|
Directors' fees |
|
151,500 |
|
|
Reports and stockholder communications |
|
267,185 |
|
|
Transfer agent, registrar and custodian expenses
|
|
404,011 |
|
|
Auditing services |
|
56,434 |
|
|
Legal services |
|
121,200 |
|
|
Occupancy and other office expenses |
|
223,931 |
|
|
Travel, telephone and postage |
|
148,722 |
|
|
Other |
|
337,041 |
|
|
|
Total
expenses |
|
3,550,369 |
|
|
|
Net
Investment Income |
|
24,237,044 |
|
|
|
|
|
| Realized
Gain and Change in Unrealized Appreciation on Investments |
|
Net realized gain on security transactions
|
|
56,569,998 |
|
Net realized gain distributed by
regulated investment
company
(non-controlled affiliate) |
|
1,283,038 |
|
Change in unrealized appreciation
on investments |
|
113,359,376 |
|
|
|
Net
Gain on Investments |
|
171,212,412 |
|
|
|
|
|
| Change
in Net Assets Resulting from Operations |
$ |
195,449,456 |
|
| The accompanying
notes are an integral part of the financial statements. |
|
|
