MATTHEW 25 FUND, INC.
INDEPENDENT AUDITORS' REPORT
AND
FINANCIAL STATEMENTS
Year Ended December 31, 1998
MATTHEW 25 FUND,INC.
TABLE OF CONTENTS
Page
Number
______
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS
Statement of Assets and Liabilities 2
Statement of Operations 3
Schedule of Investments of Securities 4-5
Statement of Change in Net Assets 6
Notes to Financial Statements 7-9
SUPPLEMENTARY INFORMATION
Independent Auditors' Report on Supplementay Information 10
Financial Highlights and Related Ratios/Supplemental Data 11
Performance Summary 12
MATTHEW 25 FUND, INC.
605 Cloverly Ave.
Jenkintown, PA 19046
215-884-4458
888-M25-FUND
Dear Shareholders of Matthew 25 Fund, Inc.,
Thank you for reading this letter. pLease allow mw to emphasize some
of the key components of the following financial statements and explain
their importance. These important data are as follows.
25.93% Return for 1998
26.82% Average Compounded Return From Inception
(3 years and 76 days)
$ 3,477,313 Unrealized Gain for 1998
$ 456,729 Realized Gain for 1998
$10,579,426 Beginning Assets 1/1/98
$21,327,720 Ending Assets 12/31/98
30.64% Portfolio Turnover
1.26% Expense Ratio
These figures show that your fund is growing. It is performing above
average, while keeping taxes and expenses below average.
The "Schedule of Investments in Securities", starting on page 4, will
show you the stocks you own through the fund. It also shows you the value
of each stock and the profit or loss of this ownership as of year end 1998.
What it won't show you is why each stock is in your fund.In the table below
I will grade each company and provide some insights on its value as an
investment. The four categories, that I use to evaluate a company, are its
Business, Management, Financial Conditiopn and Price. The grades are the
same as in academia, with an "A" for outstanding, a "B" for very good, a
"C" for average, a "D" for poor, and a "F" for failure. I will even throw
a "+" or "-" in, so as to further confuse you. As the Investment Advisor,
my search is for the exceptional business, with outstanding managers,
without excessive corporate liabilities, and available at a giveaway price.
The businesses that best satisfy these elusive criteria are as follows:
Security Business Management Financial Price
________ ________ __________ _________ _____
ADVANTA B A C A
(Advanta had great success in the past, currently, it is remaking itself as a
national mortgage business. Advanta has smart management, who have treated
shareholders well. There is credit risk being in the finance industry,
however, its price is below its liquidating value. If its business and
earnings grow, this stock could be one of your largest gainers over the next
three years.)
FRANKLIN RESOURCES A B A B
(Franklin manages the Franklin, Templeton, and Mutual Series Funds.
Templeton Funds have one of the best names for international investing,
however, last year was terrible for investments overseas. This will change
some day, and when foreign markets rise so will Templeton Funds along with
Franklin's share value.)
BERKSHIRE HATHAWAY A A+ A B
(Berkshire is run by the best business mind in the country, Warren Buffet.
I believe the stock is undervalued, and growing. I will probably buy more.)
COMMONWEALTH BANCROP B A C B
(Last year about 6% of savings banks were taken over, expect this trend to
continue. This bank buys about 5% of its stock approximately every six
months. I intend to hold these shares. Probably, worth about $25 a share
in a takeover.)
DISNEY A A B B
(Will continue to buy Disney; it is growing and undervalued. It is a
keeper.)
FREDDIE MAC A+ B C C
(Earnings should look good this year. There's always a risk that the
government can change those rules which give Freddie such an advantage. I
will try to reduce the percentage holdings, over the next two years, to
10%.)
HARRIS FINANCIAL B C C A
(Harris is not fully public. Hopefully, it will sell its shares in the
mutual holding company within the next few years. Then it should be worth
more. I will add to our holdings on price dips or on news of full
conversion.)
Security Business Management Financial Price
________ ________ __________ _________ _____
HOME DEPOT B A+ A D
(At around 60 times earnings, this stock is fully priced. Will probably
add to our holding. Keeping because the business is so well managed and is
still growing at a high rate.)
INTEL A A+ A A
(Earnings grew well in last quarter, if growth continues the stock should
do well. As I write, this stock has declined 22% from its high. Plan to
keep buying up to 8% of holdings. Expecting it to do well the next few
years.)
LINDSAY MFG. B A A A
(Lindsay is a maker of heavy-duty irrigation equipment. This year will be
a difficult year for any business selling to farmers. The company itself,
its officers, and the Bass Brothers have been aggressive buyers of Lindsay
stock. I plan to buy more stock over the next twelve months. Expect strong
upside after the next three years.)
MBIA A B A B
(I always admired this financial Guarantor (Insurance) Company. Bought
stock when records were hit in fall of '98. Expect to keep stock as a
steady grower.)
NIKE A A A C
(Nike has been a disappointment the past two years. I have not added to
the holdings since July '98. Hoping business starts growing again. May
sell if price stays high without improvement of business.)
NIAGARA MOHAWK B C C A
(Electric Utility business is changing for the better. Takeover and mergers
are increasing. The toughest work for Niagara is done. Now it should just
take time. I am expecting high returns from this investment over the next
three to five years.)
POLARIS B B A A
(Polaris is a manufacturuer of snow mobiles, watercrafts, ATV'S, and
motorcycles. Business and Management may deserve a better rating, however,
I need to learn more about the company, before deciding. Hope to increase
this investment and that it proves to be very profitable.)
Security Business Management Financial Price
________ ________ __________ _________ _____
TCI Group B+ A D C
(This cable company is being bought by AT&T. Will keep until merger and
then decide on keeping AT&T.)
TOKIO MARINE & B C A+ A
FIRE INSURANCE
(This large Japanese Insurance Company will survive Japan's turmoil. It is
virtually a mutual fund of Japanese stocks and bonds, which I believe are
greatly undervalued. I don't know when Japan will turn around, which would
increase the value of Tokio M&F. Probably won't buy any more shares, hope
to keep it, but may sell to but another stock.)
MCI/WORLDCOM B C B A+
(Growing but fully priced. Will sell on strength down to 5% of portfolio.)
WILLOW GROVE B C B A+
BANCORP
(Willow Grove was a mutual savings bank. Forty-five percent of its stock
was sold to depositors in December of 1998. This stock is selling for 2/3
to 1/2 of its book value, depending on the price it sells the remainder
of its shares. Long-term offers very high return potential. I intend to buy
more shares.)
WM. WRIGLEYS A+ A A C
JR.
(Small holding of class B, high voting, stock. Stock fully priced.)
Hopefully, these synopses, of your stocks, will help you better
understand your Matthew 25 Fund. Your fund's stocks are a mix of growth
and value, and have been carefully selected. As indicated above, there are
a few stocks we should buy more of, and almost every market decline
presents new opportunities. So try not to let this year's volatility
dishearten you. You can turn these short-term pains into long-term gains
by buying more of your MATTHEW 25 FUND. Thank you and Good Fortune in 1999.
Gratefully yours,
Mark Mulholland
President
Matthew 25 Fund, Inc.
MATHIESON AITKEN JEMISON, LLP
CERTIFIED PUBLIC ACCOUTANTS
16 SENTRY PARK WEST
SUITE 310
BLUE BELL, PA 19422-2240
(215)643-3900
FAX (215)643-4030
E-MAIL [email protected]
INDEPENDENT AUDITORS' REPORT
To the Shareholders and Board of Directors
Matthew 25 Fund, Inc.
Jenkintown, Pennsylvania
We have audited the accompanying statement of assets and liabilities of Matthew
25 Fund, Inc., including the schedule of investments in securities as of Decem-
ber, 31 1998, and the related statement of operations for the year then ended,
the statement of changes in net assets, the financial highlights and related
ratios / supplemental data and performance summary for each of the periods indi-
cated. These financial statements, financial highlights and related ratios /
supplemental data and performance summary are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements and the financial highlights and related ratios / supplemental data
based on our audits. The financial statements for the year ended December 31,
1997 were audited by Landsburg Platt Raschiatore & Dalton, who merged with
Mathieson Aitken Jemison, LLP as of January 1, 1999, whose auditors' report was
dated January 19, 1999.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and the financial highlights
and related ratios/supplemental data are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and dis-
closures in the financial statements and financial highlights. Our procedures
included confirmation of securities owned as of December 31, 1998, verified by
examination and by correspondence with brokers. An audit also includes assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe
that our audits provides a reasonable basis for our opinion.
In our opinion, the financial statements and the financial highlights and re-
lated ratios/supplemental data and performance summary referred to above present
fairly, in all material respects, the financial position of Matthew 25 Fund,
Inc., as of December 31, 1998, and the results of its operations for the year
then ended, the changes in its net assets and the financial highlights and re-
ratios/supplemental data and performance summary for each of the periods
indicated, in conformity with generally accepted accounting principles.
Mathieson Aitken Jemison, LLP
February 4, 1999
1
MATTHEW 25 FUND,INC.
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1998
ASSETS
Investments in securities at value (cost $14,893,593) $ 20,462,222
Cash 851,088
Receivable for dividends 14,410
___________
TOTAL ASSETS $ 21,327,720
LIABILITIES -
COMMITMENTS & CONTINGENCIES _
___________
NET ASSETS: (Equivalent to $10.493 per share based on
2,032,574 shares of capital stock 100,000,000 shares
authorized, $0.1 par value) $ 21,327,720
============
COMPOSITION OF NET ASSETS
Shares of common stock $ 20,326
Paid-in capital 15,738,765
Net unrealized appreciation of investments 5,568,629
___________
NET ASSETS, DECEMBER 31, 1998 $ 21,327,720
============
See accompanying notes to financial statements.
2
MATTHEW 25 FUND, INC.
STATEMENT OF OPERATIONS
Year Ended December 31,1998
INVESTMENT INCOME
Dividends $126,731
Interest 29,590
________
TOTAL INVESTMENT INCOME 156,321
EXPENSES
Audit 5,050
Bank Fees 215
Directors expenses 7,938
Insurance 12,248
Investment Advisory Fee 146,997
IRA expense 4,780
Legal 1,000
Marketing 597
Miscellaneous expense 637
Office Supplies 1,693
Postage and Printing 2,768
Registration and Filing Fees 3,000
Software 6,738
State and local taxes 888
Telephone 1,107
____________
TOTAL EXPENSES 195,656
____________
INVESTMENT LOSS, NET (39,335)
____________
NET REALIZED GAIN ON SECURITY TRANSACTIONS 456,729
NET CHANGE IN UNREALIZED APPRECIATION OF INVESTMENTS 3,477,313
____________
NET GAIN ON INVESTMENTS 3,934,042
____________
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $3,894,707
============
See accompanying notes to financial statements.
3
MATTHEW 25 FUND, INC.
SCHEDULE OF INVESTMENTS IN SECURITIES
FOR THE YEAR ENDED DECEMBER 31, 1998
Number of Shares Historical Cost Value
________________ _______________ ____________
COMMON STOCKS, 94.01%
Banks & finance, 14.87%
Advanta Corporation 59,800 $ 993,688 $ 784,875
Commonwealth Bancorp, Inc. 55,000 763,834 855,938
Harris Financial 97,000 1,205,202 1,273,125
Willow Grove Bancorp, Inc.* 25,000 258,400 257,812
_______________ ____________
3,221,124 3,171,750
Communications, 11.19%
MCI WorldCom, Inc. 18,329 526,700 1,315,106
Tele-communications, Series B,
TCI Group* 11,500 261,815 713,000
Tele-communications, Series A,
TCI Group* 6,500 264,140 359,531
_______________ ____________
1,052,655 2,387,637
Entertainment, 6.05%
Walt Disney Co. 43,000 1,161,175 1,290,000
_______________ ____________
1,161,175 1,290,000
Foreign Insurance, 3.83%
Tokio Marine & Fire
Insurance Co. 13,600 708,473 816,000
_______________ ____________
708,473 816,000
Insurance, 5.10%
MBIA, Inc. 16,600 929,875 1,088,338
_______________ ____________
929,875 1,088,338
Manufacturing, 11.16%
Intel Corp. 10,900 839,149 1,291,650
Lindsay Manufacturing Co. 9,700 130,880 143,681
NIKE, Inc., Class B 20,500 945,588 831,531
Polaris Industries, Inc. 2,000 50,962 78,375
Wm. Wrigley Jr. Co., Class B 400 20,580 35,375
______________ _____________
1,987,159 2,380,612
Mortgage securities, 18.29%
Federal Home Loan 60,550 1,942,830 3,901,691
______________ _____________
1,942,830 3,901,691
Mutual fund investment advisor, 6.90%
Franklin Resources, Inc. 46,000 1,605,996 1,472,000
______________ _____________
1,605,996 1,472,000
Miscellaneous, 5.75%
Berkshire Hathaway* 14 697,827 980,000
Berkshire Hathaway, Class B* 105 163,503 246,750
______________ _____________
861,330 1,226,750
See accompanying notes to financial statements.
4
MATTHEW 25 FUND, INC.
SCHEDULE OF INVESTMENTS IN SECURITIES (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1998
Number of Shares Historical Cost Value
________________ _______________ ____________
Retail, 3.90%
Eagle Hardware* 3,000 56,235 97,125
Home Depot, Inc. 12,000 203,255 734,250
_______________ ____________
259,490 831,375
_______________ ____________
Utilities, 6.96%
Niagara Mohawk Power Corp. 92,000 974,620 1,483,500
_______________ ____________
TOTAL COMMON STOCK $ 14,893,593 $ 20,462,222
CONVERIBLE PREFERRED STOCKS, 1.93%
TCI Communications 3,520 188,866 412,569
______________ ____________
TOTAL SECURITIES, 95.94% $ 14,893,593 $ 20,462,222
============== ============
* Non-income producing security
See accompanying notes to financial statements.
5
MATTHEW 25 FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
Years Ended December 31,1998 and 1997
1998 1997
__________________ __________________
INCREASE IN NET ASSETS FROM OPERATIONS
Investment (loss) income, net $ (39,335) $ 18,351
Net realized gain on securities
transactions 456,729 28,100
Net change in unrealized appreciation
on investments 3,477,313 1,988,041
__________________ __________________
NET INCREASE IN SALES RESULTING
FROM OPERATIONS 3,894,707 2,034,492
DISTRIBUTIONS TO SHAREHOLDERS FROM
Investment income, net (18,375)
Net realized gain on investments (417,394) (28,100)
Capital share transactions 7,270,981 7,170,499
__________________ ___________________
NET INCREASE IN NET ASSETS 10,748,294 9,158,516
NET ASSETS, BEGINNING OF YEAR 10,579,426 1,420,910
__________________ ___________________
NET ASSETS, END OF YEAR $ 21,327,720 $ 10,579,426
================== ===================
See accompanying notes to financial statements.
6
MATTHEW 25 FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF OPERATIONS
Matthew 25 Fund, Inc.("the Fund") was incorporated on August 28, 1995 and
commenced operations on October 16, 1995. The Fund has no operations
prior to the commencement of operations other than matters relating to
its organization and registration as an open-end, non-diversified manage-
ment investment company under the Investment Company Act of 1940 and its
share under the Security Act of 1933. The following is a summary of sig-
nificant accounting policies consistently followed by the Fund in the
preparation of its financial statements. These policies are in conformity
with generally accepted accounting principles.
SECURITY VALUATIONS
The Fund values investment securities, where market quotations are
available, at market value based on the last recorded sales price as
reported by the principal securities exchange on which the security is
traded, or if the security is not traded on an exchange, market value is
based on the latest bid price.
FEDERAL INCOME TAXES
The Fund's policy is to comply with the requirements of the Internal
Revenue Code that are applicable to regulated investment companies and to
distribute all its taxable income to its shareholders. Therefore, no
federal income tax provision is required.
DISTRIBUTION TO SHAREHOLDERS
The Fund intends to distribute to its shareholders substantially all of
its net investment income, if any, and net realized capital gains,if any,
at year end.
ORGANIZATIONAL COSTS
Organizational costs were borne by the Fund's Investment Adviser.
REGISTRATION FEES
Initial registration fees were borne by the Fund's Investment Adviser.
OTHER
The Fund follows industry practice and records security transactions on
the trade date. The specific identification method is used for determin-
ing gains or losses for financial statements and income tax purposes.
Dividend income is recorded on the ex-dividend date and interest income
is recorded on an accrual basis.
ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amount of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of income and expenses dur-
ing the reporting period. Actual results could differ from those
estimates.
7
MATTHEW 25 FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 2 INVESTMENT ADVISORY AGREEMENT AND OTHER RELATED TRANSACTIONS
The Fund has an investment advisory agreement with The Matthew 25 Management
Corporation, whereby Matthew 25 Management Corp. receives a fee of 1% per year
on the net assets of the Fund. All fees are computed on the average daily
closing net asset value of the Fund and are payable monthly. Matthew 25
Management Corp. has agreed to decrease the investment advisory fee or, if
necessary, to reimburse the Fund if and to the extent that the Fund's aggregate
annual operating expenses exceed 2.0% of the first $10,000,000 and 1.5% of the
next $20,000,000.
The management fee for 1998, as computed pursuant to the investment advisory
agreement, totaled $156,612. The Matthew 25 Management Corp. has agreed to
accept as its 1998 advisory fee the amount it was paid in 1998 totaling
$146,997 and to irrevocably waive any and all rights to the difference between
actual management fees paid and fees per the agreement. The management fee
waived for 1998 was $9,615.
Mr. Mark Mulholland is the sole owner, director and officer of Matthew 25
Management Corporation and is also the president of the Fund.
In addition, Mr. Mulholland is a broker at Boenning and Scattergood, Inc.
During the year ended December 31, 1998, the Fund paid brokerage commission of
$27,520 to Boenning & Scattergood, Inc. of which Mr. Mulholland received
compensation totaling $11,864. Boenning & Scattergood, Inc. is not otherwise
associated with Matthew 25 Fund, Inc. or Matthew 25 Management Corp. and is not
responsible for any of the investment advice rendered to the Fund by Matthew 25
Management Corporation or Mr. Mulholland.
NOTE 3 INVESTMENTS
For the year ended December 31, 1998, purchases and sales of investment
securities other than short-term investments aggregated $10,882,391 and
$4,770,230, respectively. At December 31, 1998, the gross unrealized
appreciation for all securities totaled $6,029,584 and the gross unrealized
depreciation for all securities totaled $460,955 or a net unrealized
appreciation of $5,568,629. The aggregate cost of securities for federal income
tax purposes at December 31, 1998 was $14,893,593.
NOTE 4 CAPITAL SHARE TRANSACTIONS
As of December 31, 1998,there were 100,000,000 shares of $.01 per value capital
stock authorized. The total par value and paid-in capital totaled
$15,759,091.
Transactions in capital stock were as follows for the years ended December 31,
1998 and 1997: 1998 1997
_______________________ _____________________
Shares Amount Shares Amount
__________ __________ __________ ___________
Shares sold 818,300 $7,505,090 1,068,986 $7,574,046
Shares issued in reinvestment
of dividends 39,322 413,745 5,469 46,474
Shares redeemed (69,823) (674,854) (62,120) (450,021)
__________ __________ __________ ___________
Net Increase 787,799 $7,270,981 1,012,335 $7,170,499
========== ========== ========== ===========
8
MATTHEW 25 FUND, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 5 DISTRIBUTIONS TO SHAREHOLDERS
On December 30, 1998, a distribution of $.0196 per share aggregating
$39,073 was paid to shareholders of record on the date from net
investment income and $.1900 per share aggregating $378,321 was paid to
shareholders of record on that date from net capital gains.
9
SUPPLEMENTARY INFORMATION
MATHIESON AITKEN JEMISON,LLP
16 Sentry Park West, suite 310
Blue Bell, PA 19422-2240
(215)643-3900
(215)643-4030
E-MAIL [email protected]
INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTARY INFORMATION
To the Stockholders and Board of Directors
Matthew 25 Fund, Inc.
Jenkintown, Pennsylvania
Our audits of the preceding basic financial statements were made for the
purpose of forming an opinion on the financial statements taken as a whole.
The supplementary information presented in the following pages is
presented for the purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected
to the auditing procedures applied in the audits of the basic financial
statements and, in our opinion, is fairly stated in all material respects
in relation to the basic financial statements taken as a whole.
Mathieson Aitken Jemison, LLP
February 4, 1999
10
MATTHEW 25 FUND, INC.
FINANCIAL HIGHLIGHTS AND RELATED RATIOS/SUPPLEMENTAL DATA
For a Share Outstanding throughout each Period Ended:
December 31,1998; 1997 and 1996
For the
period from
December 31 10/16/95
_______________________________________ through
1998 1997 1996 12/31/95
__________ ___________ ___________ ____________
Net asset value, $ 8.50 $ 6.11 $ 5.16 $ 5.00
beginning of period
Income from
investment operations
Net investment income (0.02) 0.01 0.01 (0.01)
(loss)
Net gains on
securities both
realized and
unrealized 2.22 2.41 0.95 0.17
___________ ___________ ___________ ____________
Total from investment 10.70 8.53 6.12 5.16
operations
Less, distributions
Net investment
income (0.02) (0.01) (0.01)
Net realized gains
on investments (0.19) (0.02)
___________ ___________ ___________ ____________
Net Asset value,
end of period $ 10.49 $ 8.50 $ 6.11 $ 5.16
=========== =========== =========== ============
Total return 25.93% 39.65% 18.63% 17.43%*
Net assets,
end of period $21,327,720 $10,579,426 $1,420,910 $106,207
Ratio of expenses
to average net assets 1.26% 1.26% 1.34% 2.00%*
Ratio of investment
income, net to
average assets 1.00% 1.57% 0.44% 0.96%*
Portfolio turnover rate 30.64% 9.89% 2.52%
Average commission
per share $ 0.0523 $ 0.0860 $ 0.2233 N/A
*Annualized
N/A- Disclosure not applicable to prior periods.
11
MATTHEW 25 FUND INC.
PERFORMANCE SUMMARY
The graph below represents the changes in value for a $10,000.00 investment
in the Matthew 25 Fund from its inception, October 16,1995, to years ending
December 31st for 1996, 1997 and 1998. These changes are then compared to a
$10,000.00 investment in the Value Line Index, which is an index comprising of
1,617 stocks, for the same period.
Inception Year Ended Year Ended Year Ended Year Ended
10/16/95 12/31/95 12/31/96 12/31/97 12/31/98
Matthew 25 Fund $10,000.00 $10,360.00 $12,247.28 $17,103.33 $21,538.22
Value Line Index $10,000.00 $10,287.00 $12,321.66 $15,827.44 $16,748.01
_____________________________________________________________________________
Matthew 25 Fund, Inc.
22,000 - . . . . .
- (*)
20,800 - . . . . .
-
V 19,600 - . . . . .
-
a 18,400 - . . . . .
-
l 17,200 - . . . (*) .
- [*]
u 16,000 - . . . [*] .
-
e 14,800 - . . . . .
-
13,600 - . . . . .
-
12,400 - . . [*] . .
-
11,200 - . . . . .
- [*]
10,000 - [*]
_________________________________________________________________
10/16/95 12/31/95 12/31/96 12/31/97 12/31/98
Category
(*)Matthew 25 Fund [*]Value Line Index
_____________________________________________________________________________
76 days 1 year 1 year 1 year Average
12/31/95 12/31/96 12/31/97 12/31/98 Annual Rate
________ ________ ________ ________ ___________
Matthew 25 Fund 3.60% 18.63% 39.65% 25.93% 26.82%
Value Line Index 2.87% 19.78% 28.45% 5.82% 17.36%
The accompanying notes are an integral part of these financial statements.
12
