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Previous: BRIDGES INVESTMENT FUND INC, NSAR-B, 2000-02-24 |
Next: BDI INVESTMENT CORP, NSAR-A, 2000-02-24 |
BDI INVESTMENT CORPORATION
For the Six Months Ending
December 31, 1999
<PAGE>
BDI INVESTMENT CORPORATION
CONTENTS
Page
Reference
Statement of Assets and Liabilities for the
Six Months Ended December 31, 1999
and Fiscal Year Ended July 3, 1999. 2
Statement of Operations for the Six
Months Ended December 31, 1999
and December 31, 1998. 3
Statement of Changes in Net Assets for the
Six Months Ended December 31, 1999
and December 31, 1998. 4
Notes to Financial Statements 5 - 6
Schedule of Securities 7 - 12
Supplementary Information 13
Corporate Data 14
<PAGE>
BDI INVESTMENT CORPORATION
STATEMENT OF ASSETS AND LIABILITIES
(Unaudited)
<TABLE>
<CAPTION>
Six Months Twelve Months
Ended Ended
December 31, July 3,
1999 1999
ASSETS:
Investments in Securities at Market
<S> <C> <C>
Value (Note B) (Cost of $13,491,000) $13,588,000 $14,154,000
Cash and Cash Equivalents 112,000 149,000
Interest Receivable 241,000 182,000
Prepaid Expenses 1,000 0
----------- -----------
Total Assets: $13,942,000 $14,485,000
LIABILITIES:
Accounts Payable 14,000 13,000
Accrued Expenses 10,000 8,000
Investment Securities Purchased 0 119,000
Dividend Payable 251,000 343,000
----------- -----------
Total Liabilities: $ 275,000 $ 483,000
----------- -----------
Net Assets: $13,667,000 $14,002,000
=========== ===========
NET ASSETS:
Preferred Stock, Without Par Value: $ 0 $ 0
Authorized, 500,000 Shares Issued None
Common Stock, Par Value $.10 Per Share
Authorized, 4,500,000 Shares
Issued, 1,425,151 $ 143,000 $ 143,000
Additional Paid-In Capital 3,673,000 3,673,000
Retained Earnings 9,873,000 10,208,000
Less-Treasury Stock at Cost, 3,600 Shares (22,000) (22,000)
----------- -----------
Net Assets: $13,667,000 $14,002,000
=========== ===========
Net Assets per Common Share Outstanding: $ 9.61 $ 9.85
=========== ============
</TABLE>
See Notes To Financial Statements
<PAGE>
BDI INVESTMENT CORPORATION
STATEMENT OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended
December 31 December 31
1999 1998
INVESTMENT INCOME: (Note B)
<S> <C> <C>
Interest $ 380,000 $ 392,000
Dean Witter Tax Exempt 0 0
Tax-Exempt Dividends 2,000 3,000
----------- -----------
$ 382,000 $ 395,000
EXPENSES:
Accounting and Bookkeeping 17,000 16,000
Legal 0 1,000
Directors' Fees 12,000 12,000
Other Operating 7,000 6,000
----------- -----------
36,000 35,000
----------- -----------
Net Investment Income $ 346,000 $ 360,000
----------- -----------
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS:
Proceeds from Sales
and redemptions 1,118,000 311,000
Cost of Investments Sold
and Redeemed 1,109,000 335,000
----------- -----------
Net Realized Gain/(Loss) 9,000 (24,000)
Net Unrealized Gain/(Loss) (441,000) 92,000
Net Realized and Unrealized
Gain/(Loss) on Investments (432,000) 68,000
----------- -----------
NET REALIZED AND UNREALIZED GAIN ($ 86,000) $ 428,000
=========== ===========
</TABLE>
See Note to Financial Statements
<PAGE>
BDI INVESTMENT CORPORATION
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<TABLE>
<CAPTION>
Six Months Ended Six Months Ended
December 31 December 31
1999 1998
FROM INVESTMENT ACTIVITIES
<S> <C> <C>
Net Investment Income $ 346,000 $ 360,000
Net Realized Gain/(Loss)
on Investments 9,000 (24,000)
Net Unrealized Gain/(Loss) on
Investments (441,000) 92,000
------------ ------------
Increase in Net Assets Derived
from Investment Activities (86,000) 428,000
From Distributions to Shareholders:
One bi-annual dividend of $.15 and one
extraordinary $.025 per share on
1,421,551 Shares Outstanding (249,000) (382,000)
------------ ------------
NET INCREASE/(DECREASE) IN ASSETS (335,000) 46,000
NET ASSETS:
Beginning of Period 14,002,000 14,153,000
------------ ------------
(including undistributed net
investment income)
End of Period 13,667,000 14,199,000
============ ============
</TABLE>
See Note to Financial Statements
<PAGE>
BDI INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS
For Six Months Ended December 31, 1999
A. Consolidated Financial Statement:
The statement of assets and liabilities including the schedule of
tax-exempt securities as of December 31, 1999, and the related statements of
operations, changes in new assets, and supplementary information, for the six
months ending December 31, 1999, have been by the Company, without audit. In the
opinion of management, all adjustments (which include prepared only normal
reocurring adjustments) necessary to present fairly the financial position at
December 31, 1999 and all periods presented have been made.
B. General:
On January 10, 1984, BDI Investment Corporation (the "Company") filed a
Registration Statement on Form N-2 with the Securities and Exchange Commission
in order to register under the Investment Company Act of 1940 as a closed-end
diversified management investment company.
C. Summary of Significant Accounting Policies:
Investments:
The investment portfolio consists primarily of tax-exempt bonds which
are valued at the last bid price on the last business day of the quarter.
Income Recognition:
Security transactions are recorded on the trade date. Interest income
is accrued and recorded based upon settlement dates.
Taxes:
The Company has qualified as a Regulated Investment Company under
certain pro- visions of the Internal Revenue Code beginning with the fiscal year
starting July 1, 1984. Under such provisions, the Company will not be subject to
federal income tax on income which it receives and distributes to its
shareholders, provided that it distributes substantially all such Income. As a
Regulated Investment Company, the Company may "pass through" to its shareholders
the character of the income which it receives.
<PAGE>
BDI INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS
For Six Months Ended December 31, 1999
Distributions:
It is the Company's policy to record distributions to shareholders as
of the date they are declared by the Board of Directors.
Fiscal Year:
The Company's fiscal year ends on the Saturday nearest the end of June.
D. Directors' Fees:
The Company pays fees and provides expense reimbursement to members of
the Board of Directors who are not officers of the Company.
E. Purchases and Sales of Securities:
For the six months ending Dectember 31, 1999, the aggregate cost of
tax-exempt bond purchases were $984,000 and the aggregate proceeds from sales or
redemptions of tax- exempt bonds were $1,118,000.
F. Income Taxes:
For the six months ending December 31, 1999, no income tax expense was
incurred due to the Company's qualification as a Regulated Investment Company
and the distribution of substantially all its income for the current fiscal year
to its shareholders (See Note B).
<PAGE>
BDI INVESTMENT CORPORATION
INVESTMENT PORTFOLIO
SCHEDULE OF SECURITIES
December 31, 1999
<TABLE>
<CAPTION>
MARKET
PAR VALUE ISSUER COST VALUE
<S> <C> <C> <C> <C>
$200,000 Alhambra City Elem $200,000 $199,000
5.250%, 9/1/12
100,000 Anaheim CA Water Rev 103,000 105,000
5.500%, 7/1/03
255,000 Assoc Bay Area Govt 253,000 258,000
6.100%, 10/1/00
200,000 Bakersfield CA Pub Fing 200,000 205,000
5.800%, 9/15/06
100,000 Banning, California 96,000 108,000
7.000%, 3/1/20
40,000 Berkeley Unified School Dist 40,000 36,000
5.000%, 8/1/17
135,000 CA Edl Rev, Harvey Mudd College 139,000 145,000
6.050%, 12/1/08
100,000 CA HFF Healthcare 100,000 103,000
5.900%, 9/1/02
200,000 CA HFF Healthcare 202,000 209,000
6.000%, 9/1/03
25,000 CA Health Facilities 26,000 25,000
7.700%, 10/1/03
100,000 CA Health, Stanford 99,000 95,000
5.000%, 11/15/13
165,000 CA Hsg Fin Agy Rev 165,000 157,000
5.200%, 2/1/13
25,000 CA Hsg Fin Agy Rev 25,000 27,000
6.25%, 2/1/06
</TABLE>
<PAGE>
BDI INVESTMENT CORPORATION
INVESTMENT PORTFOLIO
SCHEDULE OF SECURITIES
December 31, 1999
<TABLE>
<CAPTION>
MARKET
PAR VALUE ISSUER COST VALUE
<S> <C> <C> <C> <C>
$ 125,000 CA State Pub Works $ 123,000 $ 122,000
5.000%, 10/1/10
100,000 CA State Pub Works 99,000 89,000
4.700%, 10/1/14
150,000 CA State Pub Works 149,000 157,000
5.600%, 4/1/06
100,000 CA State Pub Works 101,000 105,000
6.400%,9/1/08
425,000 California Stwd San Gabriel 417,000 431,000
5.375%, 9/1/07
80,000 Carlsbad Ca Impt Bd 80,000 78,000
5.450%, 9/2/10
85,000 Carlsbad Ca Impt Bd 85,000 83,000
5.350%, 9/2/09
100,000 Contra Costa County CA 100,000 108,000
6.200%, 8/1/08
165,000 Contra Costa Hosp COP 172,000 176,000
6.400%, 11/1/05
35,000 Corona SFMR 35,000 36,000
5.500%, 11/1/10
100,000 Duarte Redev Agy 100,000 103,000
5.950%, 9/1/04
250,000 East Muni Wtr & Swr 243,000 248,000
5.375%, 7/1/13
240,000 El Monte Water Auth 240,000 236,000
5.200%, 9/1/12
</TABLE>
<PAGE>
BDI INVESTMENT CORPORATION
INVESTMENT PORTFOLIO
SCHEDULE OF SECURITIES
December 31, 1999
<TABLE>
<CAPTION>
MARKET
PAR VALUE ISSUER COST VALUE
<S> <C> <C> <C> <C>
$ 340,000 Emeryville Public Fing $ 337,000 $ 352,000
5.700%, 9/1/07
75,000 Escondido MF Hsg 75,000 76,000
5.250%, 1/1/05
75,000 Escondido MF Hsg 77,000 75,000
5.400%, 7/1/07
175,000 Inyo County COP 175,000 167,000
5.000%, 2/1/11
200,000 Loomis Uni Sch Dist 207,000 205,000
6.375%, 3/1/09
50,000 Los Angeles MFHR FHA 51,000 51,000
7.300%, 7/20/11
250,000 Lynwood Lease Rev 269,000 262,000
6.000%, 9/1/12
225,000 Metro Water Dist G.O. 192,000 204,000
5.250%, 3/1/22
500,000 Metro Water Dist Rev 500,000 508,000
5.400%,7/1/10
50,000 Metro Water Dist Rev 48,000 48,000
5.500%, 7/1/19
600,000 Metro Water Dist Rev 588,000 600,000
5.500%, 7/1/13
350,000 Metro Water Dist Rev 341,000 306,000
5.000%, 7/1/20
150,000 Midpeninsula Reg 150,000 164,000
6.950%, 9/1/08
</TABLE>
<PAGE>
BDI INVESTMENT CORPORATION
INVESTMENT PORTFOLIO
SCHEDULE OF SECURITIES
December 31, 1999
<TABLE>
<CAPTION>
MARKET
PAR VALUE ISSUER COST VALUE
<S> <C> <C> <C> <C>
$ 20,000 Montclair, CA Redv Agy Res $ 19,000 $ 22,000
7.750%, 10/1/11
100,000 Montebello Cmnty Redev 99,000 98,000
5.150%, 9/1/12
125,000 Oakland, California Redev. 125,000 129,000
7.400%, 6/1/10
45,000 Palmdale, CA SFMR 43,000 49,000
7.000%, 9/1/11
600,000 Placer Co Cal Wtr 600,000 609,000
5.500%, 7/1/10
145,000 Pleasanton CA CTFS 153,000 152,000
6.700%, 10/1/06
120,000 Pomona Gen Fd Lease 119,000 118,000
5.500%, 8/1/11
280,000 Puerto Rico HFC 290,000 287,000
7.500%, 4/1/22
70,000 Puerto Rico HFC SF GNMA 73,000 72,000
7.650%, 10/15/22
40,000 Redding CA Sch SR 36,000 36,000
5.000%, 3/1/19
235,000 Riverside Co CA Asset 235,000 242,000
6.000%, 6/1/04
600,000 Riverside Electric Rev 567,000 561,000
5.000%, 10/1/13
105,000 Rossmoor Cmnty Svs 106,000 107,000
5.800%, 9/2/05
</TABLE>
<PAGE>
BDI INVESTMENT CORPORATION
INVESTMENT PORTFOLIO
SCHEDULE OF SECURITIES
December 31, 1999
<TABLE>
<CAPTION>
MARKET
PAR VALUE ISSUER COST VALUE
<S> <C> <C> <C> <C>
$ 50,000 Sacramento New Pub Hsg $ 52,000 $ 51,000
6.000%, 12/1/07
100,000 San Diego-Burnham Inst 100,000 98,000
5.150%, 9/1/06
155,000 San Francisco GO 159,000 160,000
6.100%, 6/15/07
100,000 San Francisco Port Comm 98,000 103,000
5.500%, 7/1/04
50,000 San Francisco Pub Hsg 50,000 50,000
5.125%, 8/1/10
200,000 San Joaquin Cop Hosp 200,000 208,000
5.900%, 9/1/03
100,000 San Luis Obisbo Wtr 100,000 101,000
5.375%, 6/1/08
105,000 San Luis Obisbo Wtr 105,000 107,000
5.500%, 6/1/09
125,000 Sanger Uni Sch Dist 131,000 121,000
5.350%, 8/1/15
150,000 Santa Clara Hsg Auth 150,000 143,000
4.500%, 11/1/07
200,000 Santa Clara Redev Agy 196,000 195,000
5.250%, 6/1/13
600,000 Santa Maria Redev 581,000 543,000
5.000%, 6/1/16
200,000 Sierra Uni Sch Dist 193,000 204,000
5.650%, 3/1/04
</TABLE>
<PAGE>
BDI INVESTMENT CORPORATION
INVESTMENT PORTFOLIO
SCHEDULE OF SECURITIES
December 31, 1999
<TABLE>
<CAPTION>
MARKET
PAR VALUE ISSUER COST VALUE
<S> <C> <C> <C>
$ 85,000 Sonoma, CA Cmnty Redev $ 84,000 $ 85,000
7.900%, 8/1/14
250,000 Stockton COP 247,000 249,000
5.600%, 8/1/14
250,000 Tahoe Forest Hosp 246,000 261,000
5.850%, 8/1/04
600,000 Tehatchapi School Dist 592,000 612,000
6.300%, 8/1/21
100,000 Temecula Valley CA Uni Sch 102,000 105,000
5.900%, 9/1/04
130,000 University of CA Rev's 129,000 138,000
5.875%, 9/1/08
575,000 Vallejo CA Rev FHA 574,000 555,000
5.650%, 5/1/27
335,000 Westminister City COP 335,000 355,000
5.750%, 6/1/09
----------- ----------- -----------
$13,585,000 $13,491,000 $13,588,000
=========== =========== ===========
</TABLE>
<PAGE>
BDI INVESTMENT CORPORATION
SUPPLEMENTARY INFORMATION
SIX MONTHS ENDED DECEMBER 31, 1999, DECEMBER 31, 1998,
DECEMBER 31, 1997, DECEMBER 31, 1996 AND DECEMBER 31, 1995
Selected date for each share of common stock follows:
<TABLE>
<CAPTION>
1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C>
Investment Income $ 0.27 0.28 0.29 0.29 0.29
Expenses 0.03 0.02 0.03 0.02 0.02
---- ---- ---- ---- ----
Net Investment Income 0.24 0.26 0.26 0.27 0.27
Dividends from net investment
income (0.18) (0.27) (0.30) (0.21) (0.30)
----- ----- ----- ----- -----
Distributions in excess of net
investment income 0.06 (0.01) (0.04) 0.06 (0.03)
Net realized gain (loss) and
increase/(decrease) in
unrealized appreciation -0.30 0.04 0.23 0.25 0.46
----- ----- ------ ----- -----
Net increase (decrease) in
net asset value -0.24 0.03 0.19 0.31 0.43
----- ----- ------ ----- -----
Net asset value:
Beginning of period 9.85 9.96 9.63 9.34 9.14
----- ----- ------ ----- -----
End of period 9.61 9.99 9.82 9.65 9.57
===== ===== ===== ===== =====
Ratio of expense to average
net assests 0.26% 0.25% 0.27% 0.25% 0.22%
===== ===== ===== ===== =====
Ratio of net investment
income to average net assets 2.47% 2.54% 2.71% 2.80% 2.85%
===== ===== ===== ===== =====
Ratio of total investment
operating expenses to total
investment income 9.42% 8.86% 9.20% 8.27% 7.25%
===== ===== ===== ===== =====
Market price at end of period * * * * *
Portfolio Turnover 7.06% 1.95% 3.62% 0.97% 8.14%
===== ===== ===== ===== =====
Number of shares outstanding at the
end of each period 1,421,551
=========
</TABLE>
* Due to the limited market that currently exists for the Company's common
stock, there is is no established market price.
<PAGE>
BDI INVESTMENT CORPORATION
CORPORATE DATA
Arthur Brody Chairman of the Board of Directors,
Chief Executive Officer and President
Teresa Whorton Treasurer
Edward Kane Director
Michael Stolper Director
Donald Brody Secretary
COUNSEL: Lowenstein, Sandler, Kohl,
Fisher and Boylan
AUDITORS: Lavine, Lofgren, Morris and
Engelberg
TRANSFER AGENT: Registrar & Transfer Co.
CUSTODIAN: Dean Witter
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