 |
Annual Report 1998 |
|
STATEMENT OF OPERATIONS
Year Ended December 31, 1999
|
|
| Investment
Income |
|
|
|
Income: |
|
|
|
|
Dividends |
|
|
|
|
From
unaffiliated issuers |
$ |
18,818,643 |
|
|
From
non-controlled affiliate |
|
939,367 |
|
|
Interest |
|
6,189,364 |
|
|
|
Total
Income |
|
25,947,374 |
|
|
Expenses: |
|
|
|
|
Investment research |
|
1,243,741 |
|
|
Administration and operations |
|
516,950 |
|
|
Directors' fees |
|
182,750 |
|
|
Reports and stockholder communications |
|
299,276 |
|
|
Transfer agent, registrar and custodian expenses |
|
365,444 |
|
|
Auditing services |
|
50,955 |
|
|
Legal services |
|
35,981 |
|
|
Occupancy and other office expenses |
|
237,246 |
|
|
Travel, telephone and postage |
|
132,135 |
|
|
Other |
|
303,383 |
|
|
|
Total
expenses |
|
3,367,861 |
|
|
|
Net
Investment Income |
|
22,579,513 |
| |
|
|
|
|
| Realized
Gain and Change in Unrealized Appreciation on Investments |
|
Net realized gain on security transactions
|
|
81,249,510 |
|
Net realized gain distributed by
regulated investment
company
(non-controlled affiliate) |
|
1,683,988 |
|
Change in unrealized appreciation
on investments |
|
213,960,698 |
|
|
|
Net
Gain on Investments |
|
296,894,196 |
|
|
|
|
|
| Change
in Net Assets Resulting from Operations |
$ |
319,473,709 |
|
| The accompanying
notes are an integral part of the financial statements. |
|
|
