Investment Income
 Income:
  Dividends                                                     $ 2,026,273
  Interest                                                          212,830
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   Total income                                                   2,239,103
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 Expenses:
  Investment research                                               681,266
  Administration and operations                                     249,537
  Directors' fees                                                    52,500
  Reports and stockholder communications                             80,009
  Transfer agent, registrar and custodian expenses                   33,292
  Auditing services                                                  11,778
  Legal services                                                     12,224
  Occupancy and other office expenses                                21,536
  Travel, telephone and postage                                      14,983
  Other                                                              25,430
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   Total expenses                                                 1,182,555
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   Net Investment Income                                          1,056,548
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Realized Gain and Change in Unrealized Appreciation on Investments
  Net realized gain on security transactions                      6,521,959
  Change in unrealized appreciation on investments               53,533,337
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   Net Gain on Investments                                       60,055,296
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Change in Net Assets Resulting from Operations                  $61,111,844
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The accompanying notes are an integral part of the financial statements.