 |
Annual Report 1997 |
|
STATEMENT OF OPERATIONS
Year Ended December 31, 1997
|
|
| Investment
Income |
|
|
|
Income: |
|
|
|
|
Dividends |
|
|
|
|
From
unaffiliated issuers |
$ |
18,705,723 |
|
|
From
non-controlled affiliate |
|
1,031,013 |
|
|
Interest |
|
6,047,783 |
|
|
|
Total
income |
|
25,784,519 |
|
|
Expenses: |
|
|
|
|
Investment research |
|
2,409,796 |
|
|
Administration and operations |
|
945,747 |
|
|
Directors' fees |
|
184,350 |
|
|
Reports and stockholder communications |
|
259,255 |
|
|
Transfer agent, registrar and custodian expenses
|
|
395,951 |
|
|
Auditing services |
|
63,466 |
|
|
Legal services |
|
52,737 |
|
|
Occupancy and other office expenses |
|
245,678 |
|
|
Travel, telephone and postage |
|
163,932 |
|
|
Other |
|
279,006 |
|
|
|
Total
expenses |
|
4,999,918 |
|
|
|
Net
Investment Income |
|
20,784,601 |
|
|
|
|
|
| Realized
Gain and Change in Unrealized Appreciation on Investments |
|
Net realized gain on security transactions
|
|
70,057,962 |
|
Net realized gain distributed by
regulated investment
company
(non-controlled affiliate) |
|
1,638,165 |
|
Change in unrealized appreciation
on investments |
|
242,729,911 |
|
|
|
Net
Gain on Investments |
|
314,426,038 |
|
|
|
|
|
| Change
in Net Assets Resulting from Operations |
$ |
335,210,639 |
|
| The accompanying
notes are an integral part of the financial statements. |
|
|
