INVESTMENT INCOME
Income:
Dividends:
From unaffiliated issuers $ 17,536,183
From non-controlled affiliate 950,823
Interest 6,334,316
------------------------------------------------------------------
Total income 24,821,322
------------------------------------------------------------------
Expenses:
Investment research 2,821,877
Administration and operations 1,199,107
Directors' fees 186,500
Reports and stockholder communications 327,186
Transfer agent, registrar
and custodian expenses 357,976
Auditing services 54,663
Legal services 44,654
Occupancy and other office expenses 310,182
Travel, telephone and postage 130,671
Other 244,723
------------------------------------------------------------------
Total expenses 5,677,539
------------------------------------------------------------------
NET INVESTMENT INCOME 19,143,783
------------------------------------------------------------------
REALIZED GAIN AND CHANGE IN UNREALIZED
APPRECIATION ON INVESTMENTS
Net realized gain on security transactions 105,101,811
Net realized gain distributed by
regulated investment company
(non-controlled affiliate) 1,718,355
Change in unrealized appreciation on
investments 419,522,952
------------------------------------------------------------------
NET GAIN ON INVESTMENTS 526,343,118
------------------------------------------------------------------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS $545,486,901
==================================================================
The accompanying notes are an integral part of the
financial statements.
|
