ALTERMAN INVESTMENT FUND, INC.
FINANCIAL STATEMENTS
SIX MONTHS ENDED OCTOBER 31, 1998 AND
YEAR ENDED APRIL 30, 1998
<PAGE>
ALTERMAN INVESTMENT FUND, INC.
SIX MONTHS ENDED OCTOBER 31, 1998
AND YEAR ENDED APRIL 30, 1998
TABLE OF CONTENTS
FINANCIAL STATEMENTS:
Statement of Assets and Liabilities. ........................................1
Portfolio of Investments in Securities of Unaffiliated Issuers ............2-7
Statements of Stockholders' Equity (Net Assets) .............................8
Statements of Operations.....................................................9
Statements of Changes in Net Assets ........................................10
Notes to Financial Statements. ..........................................11-12
Selected Per Share Data and Ratios. ........................................13
<PAGE>
<TABLE>
<CAPTION>
Alterman Investment Fund, Inc.
Statement of Assets and Liabilities
October 31, 1998 and April 30, 1998
October 31, 1998 April 30, 1998
---------------- --------------
ASSETS
<S> <C> <C>
Investment Securities at Market Value $ 22,344,430 $ 22,094,689
(cost $21,452,484 and $21,549,239)
Interest Receivable 354,098 368,853
Cash 24,890 16,344
Prepaid Expenses 15,663 -
--------------- ---------------
Total Assets $ 22,739,081 $ 22,479,886
--------------- ---------------
LIABILITIES:
Dividends Payable (Note E) 275,719 315,108
Advisory and Service Fees Payable 15,524 12,532
--------------- ---------------
Total Liabilities 291,243 327,640
--------------- ---------------
NET ASSETS: 477,756 986,617
(Equivalent to $28.49 and $28.12 per share based on 787,769 $ 22,447,838 $ 22,152,246
shares of common stock outstanding in both periods)
=============== ===============
</TABLE>
See Accompanying Notes
<PAGE>
ALTERMAN INVESTMENT FUND, INC.
Portfolio of Investments in Securities of Unaffiliated Issuers
October 31, 1998 and April 30, 1998
<TABLE>
<CAPTION>
2nd Qtr. Ended 2nd Qtr. Ended Year Ended Year Ended
10/31/98 10/31/98 4/30/98 4/30/98
SECURITY PRINCIPAL MARKET PRINCIPAL MARKET
-------- -------------- -------------- ---------- -------------
<S> <C> <C> <C> <C>
Albany-Dougherty Cnty GA $ 200,000 $ 210,780 $ 200,000 $ 204,184
Dtd 3/1/97 5.10% 1/1/07
Athens, GA W/S Rev 140,000 142,835 140,000 147,001
Dtd 5/1/81 10.0% 7/1/01
Bartow Co. GA S/D 250,000 264,095 250,000 256,635
Dtd 11/1/93 5.20% 5/1/07
Carroll Co. GA City Hosp Auth 20,000 20,260 20,000 20,346
Dtd 10/1/86 7.0% 7/1/99
Chatham Co. GA 200,000 212,174 200,000 206,916
Dtd 11/1/95 5.3% 8/1/09
Chatham Co. GA Sch Dist 500,000 515,835
Dtd 11/01/97 4.5% 8/01/05
Cherokee Co GA Sch Dist 150,000 150,528 150,000 150,581
Dtd 11/1/93 4.3% 2/1/99
Clark Co. GA Hosp Auth 500,000 511,855 500,000 511,635
Dtd 1/1/93 5.50% 1/1/00
Clayton Co., GA W/S Auth 175,000 182,851 175,000 181,902
Dtd 4/1/72 6.1% 5/1/01
Clayton Co., GA W/S Auth 310,000 321,377 310,000 320,137
Dtd 4/1/72 6.1% 5/1/00
Clayton Co., GA Hosp Auth 505,000 555,894 505,000 549,758
Dtd 8/1/91 6.8% 8/1/04
Cobb Co., GA Sch Dist 200,000 205,802 200,000 208,146
Dtd 12/1/89 6.7% 2/1/02
Cobb Co. GA W/S Rev 200,000 203,918 200,000 202,210
Dtd 3/1/93 4.6% 7/1/00
Cobb Ct. GA Sch. Dist 300,000 314,835 300,000 309,051
Dtd 7/1/95 5.0% 2/1/03
</TABLE>
See Accompanying Notes
<PAGE>
ALTERMAN INVESTMENT FUND, INC.
Portfolio of Investments in Securities of Unaffiliated Issuers
October 31, 1998 and April 30, 1998
<TABLE>
<CAPTION>
2nd Qtr. Ended 2nd Qtr. Ended Year Ended Year Ended
10/31/98 10/31/98 4/30/98 4/30/98
SECURITY PRINCIPAL MARKET PRINCIPAL MARKET
-------- -------------- -------------- ---------- -------------
<S> <C> <C> <C> <C>
Cobb Co. GA Kennestone Dev. $ 500,000 $ 532,960 $ 500,000 $ 524,910
Dtd 7/1/92 5.5% 4/01/04
College Park, GA Bus, & Indl.
Dtd 9/1/85 8.8% 9/1/97
Columbia Co GA Sch Dist 385,000 395,668 385,000 387,599
Dtd 1/1/94 4.5% 4/1/02
Columbus GA W/S Rev 300,000 319,866 300,000 322,356
Dtd 6/1/80 8.0% 5/1/00
Columbus, GA W/S matured 100,000 100,008
Dtd 6/1/88 7.0% 5/1/98
Columbus, GA W/S
Dtd 11/1/85 7.8% 5/1/97
Columbus, GA Hosp. Auth 320,000 339,043 320,000 330,422
Dtd 6/1/93 5.20% 6/1/04
Columbus, GA W/S 505,000 558,227 505,000 549,576
Dtd 5/1/92 6.30% 5/1/07
Coweta Co GA Bd of Ed 200,000 203,554 200,000 203,356
Dtd 9/1/92 5.25% 8/1/99
Coweta Co. GA Sch Dist 300,000 306,447 300,000 305,526
Dtd 1/1/93 5.10% 2/1/00
DeKalb Cty GA 755,000 807,337 755,000 779,273
Dtd 11/1/95 5.0% 11/1/06
DeKalb Co. GA 310,000 329,195 310,000 331,347
Dtd 6/1/90 7.15% 1/1/07
DeKalb Co. GA Sch Dist 400,000 404,488 400,000 403,200
Dtd 2/1/93 4.5% 7/1/99
DeKalb Co GA Sch Dist 300,000 326,703 300,000 316,437
Dtd 2/1/93 5.6% 7/01/09
DeKalb Co. GA G.O. 395,000 409,876 395,000 406,645
Dtd 6/1/93 5.3% 1/1/01
</TABLE>
See Accompanying Notes
<PAGE>
ALTERMAN INVESTMENT FUND, INC.
Portfolio of Investments in Securities of Unaffiliated Issuers
October 31, 1998 and April 30, 1998
<TABLE>
<CAPTION>
2nd Qtr. Ended 2nd Qtr. Ended Year Ended Year Ended
10/31/98 10/31/98 4/30/98 4/30/98
SECURITY PRINCIPAL MARKET PRINCIPAL MARKET
-------- -------------- -------------- ---------- -------------
<S> <C> <C> <C> <C>
DeKalb Co. GA. G.O. $ 150,000 $ 159,654 $ 150,000 $ 157,907
Dtd 11/1/91 5.8% 1/1/02
Douglas Co., GA Sch. Dist. 195,000 208,636 195,000 202,991
Dtd 5/1/95 5.25% 1/1/05
Fayette Cnty GA W/S 255,000 272,684 255,000 261,658
Dtd 1/1/97 5% 10/1/08
Floyd Cty GA Hosp. Auth 475,000 501,310 475,000 486,419
Dtd 12/1/93 5.1% 7/01/06
Forsyth Co. GA Sch Dist 200,000 217,936 200,000 207,652
Dtd 11/1/95 5.25% 7/1/09
Fulton Co. GA Bldg Auth Rev 200,000 200,874 200,000 202,426
Dtd 10/1/91 5.6% 1/1/99
Fulton Co. GA Hosp Auth sold 15,000 15,076
Northside Hosp
Dtd 1/1/84 10.0% 6/1/99
Fulton Co GA Hosp Auth 250,000 257,765 250,000 252,330
Dtd 1/1/94 4.60% 10/1/02
Georgia St G.O. 200,000 216,654 200,000 216,166
Dtd 11/1/90 6.8% 11/1/04
Georgia St. G.O. 270,000 276,126 270,000 272,052
Dtd 7/1/93 4.40% 7/1/01
Georgia St. Hosp. Auth 185,000 185,868
Dtd 8/27/98 4.3% 12/1/05
Georgia St. Hosp. Auth 250,000 251,850
Dtd 8/27/98 4.45% 12/1/07
Griffin Spaulding Co. GA S/D 250,000 259,265 250,000 254,203
Dtd 12/1/96 5.05% 2/1/07
Gwinnett Co GA Sch Dist 320,000 322,294 320,000 324,730
Dtd 4/1/92 5.75% 2/1/99
Gwinnett Co. GA Rec Auth 200,000 204,298 200,000 203,684
Dtd 12/1/92 5.10% 2/1/00
</TABLE>
See Accompanying Notes
<PAGE>
ALTERMAN INVESTMENT FUND, INC.
Portfolio of Investments in Securities of Unaffiliated Issuers
October 31, 1998 and April 30, 1998
<TABLE>
<CAPTION>
2nd Qtr. Ended 2nd Qtr. Ended Year Ended Year Ended
10/31/98 10/31/98 4/30/98 4/30/98
SECURITY PRINCIPAL MARKET PRINCIPAL MARKET
-------- -------------- -------------- ---------- -------------
<S> <C> <C> <C> <C>
Gwinnett Co W/S $ 225,000 $ 239,279 $ 225,000 $ 233,278
Dtd 6/1/93 5.05% 8/01/04
Hall Co. GA School Dist 150,000 165,126 150,000 161,612
Dtd 5/1/92 6.0% 12/1/03
Henry Co. GA Sch Dist 750,000 798,203 750,000 783,938
Dtd 5/1/94 5.5% 8/1/02
Houston Co. GA Sch Dist 250,000 258,930 250,000 253,943
Dtd 11/1/96 5.05% 3/1/08
LaGrange GA W/S 400,000 423,408 400,000 425,596
Dtd 9/1/90 6.9% 1/1/01
Macon GA W/S Rev 250,000 257,133 250,000 251,333
Dtd 2/1/94 4.5% 10/1/02
Marietta GA G.O. Sch Bds 300,000 334,929 300,000 337,368
Dtd 1/1/81 9.3% 1/1/01
Marietta GA G.O. 275,000 280,022 275,000 279,158
Dtd 3/1/93 5.0% 1/1/00
Marietta GA G.O. 235,000 241,843 235,000 239,446
3/1/93 5.0% 1/1/01
Metro At Rapid Trans Auth sold 250,000 256,293
Dtd 1/1/89 7.2% 7/01/03
Metro Atl Rapid Trans Auth 180,000 186,424 180,000 185,764
Dtd 5/1/92 5.6% 7/1/00
Metro Atl Rapid Trans Auth 640,000 656,205
Dtd 1/1/89 7.3% 7/01/05
Muscogee Co. GA Sch Dist 300,000 303,681 300,000 301,719
Dtd 8/1/93 4.25% 11/1/99
Paulding Co. GA 300,000 317,976 300,000 310,402
Dtd 6/1/93 5.55% 8/1/09
Prvt Colleges/Univ GA-Emory 200,000 215,240 200,000 211,634
Dtd 1/1/92 5.75% 10/1/02
</TABLE>
See Accompanying Notes
<PAGE>
ALTERMAN INVESTMENT FUND, INC.
Portfolio of Investments in Securities of Unaffiliated Issuers
October 31, 1998 and April 30, 1998
<TABLE>
<CAPTION>
2nd Qtr. Ended 2nd Qtr. Ended Year Ended Year Ended
10/31/98 10/31/98 4/30/98 4/30/98
SECURITY PRINCIPAL MARKET PRINCIPAL MARKET
-------- -------------- -------------- ---------- -------------
<S> <C> <C> <C> <C>
Pvt Colleges *Univ.EMC $ 200,000 $ 203,762 $ $
Dtd 7/15/98 4.25% 11/1/05
Richmond Co. GA 250,000 264,693 250,000 253,905
Dtd 12/1/96 4.90% 10/1/08
Richmond Co. GA Sch Dist 320,000 320,022 320,000 320,963
Dtd 1/1/97 5.55% 11/1/10
Rockdale Co GA Sch Dist GO 225,000 230,438 225,000 227,912
Dtd 6/1/93 4.75% 1/1/01
Rockdale Co GA Sch Dist 250,000 274,348 250,000 268,953
12/1/94 6.0% 1/1/04
Rockdale Co. GA W/S 250,000 261,280 250,000 252,010
Dtd 11/1/96 4.70% 7/1/06
Savannah GA W/S 500,000 518,740 500,000 497,500
Dtd 10/01/97 4.65% 12/1/08
Savannah GA Down Town Auth 760,000 793,797 760,000 769,234
Dtd 9/1/95 4.8% 8/1/06
Savannah GA Down Town Auth 250,000 258,023
Dtd 6/1/98 4.5% 8/1/07
Savannah GA Down Town Auth 200,000 205,210
Dtd 11/1/98 6.625% 8/1/03
Savannah GA Economic Dev. Au 500,000 531,730 500,000 518,240
Dtd 8/1/95 5.2% 9/01/04
Savannah GA-Economic Dev.Au 515,000 558,832 515,000 547,275
Dtd 5/1/95 5.85% 1/01/09
Call 1/1/04 @ 102.06
S.Fulton Muni. Reg. Jail Auth 225,000 248,406 225,000 239,112
Dtd 5/1/07 5.55% 12/1/10
Tift Co. GA Dev. Auth 300,000 317,766 300,000 308,631
Dtd 2/1/94 5.25% 2/1/08
Call 2/1/04 @ 102
</TABLE>
See Accompanying Notes
<PAGE>
ALTERMAN INVESTMENT FUND, INC.
Portfolio of Investments in Securities of Unaffiliated Issuers
October 31, 1998 and April 30, 1998
<TABLE>
<CAPTION>
2nd Qtr. Ended 2nd Qtr. Ended Year Ended Year Ended
10/31/98 10/31/98 4/30/98 4/30/98
SECURITY PRINCIPAL MARKET PRINCIPAL MARKET
-------- -------------- -------------- ---------- -------------
<S> <C> <C> <C> <C>
Troup Co. GA Sch Dist $ 500,000 $ 529,170 $ 500,000 $ 517,035
Dtd 6/1/94 5.125% 7/1/03
Federated GA. Muni 281,551 281,551 545,769 545,769
Cash Trust
Warner Robbins GA W/S 440,000 448,061 440,000 448,800
------- ------- --------- ----------
Dtd 3/1/92 5.6% 7/1/99
TOTAL(NOTE F) $ 21,301,551 $ 22,344,430 $ 21,385,769 $ 22,094,689
========== ========== ========== ==========
</TABLE>
See Accompanying Notes
<PAGE>
Alterman Investment Fund, Inc.
Statement of Stockholders Equity
(Net Assets)
Six Months Ended October 31, 1998 and Year Ended April 30, 1998
<TABLE>
<CAPTION>
October 31, 1998 April 30, 1998
------------------------- ---------------------
<S> <C> <C>
Common Stock, $2.50 Par Value; authorized 800,000 shares; issued and $ 1,969,423 $ 1,969,423
outstanding 787,769 shares
Additional Paid-In Capital 389,555 389,555
Net Assets Transferred at 1980 Reorganization 17,957,417 17,957,417
Undistributed net investment income (net of cumulative dividends paid 537,760 611,442
since 1980 reorganization of $25,543,802 at Oct. 31, 1998 and
$24,992,364 at April 30, 1998, respectively.)
Realized gain on investments (net of cumulative capital gain 701,737 678,959
distributions paid since 1980 reorganization of $688,440 at
October 31, 1998 and April 30, 1998, respectively.)
Unrealized appreciation of investments 891,946 545,450
------------ ------------
NET ASSETS 22,447,838 $ 22,152,246
$ ============ ============
</TABLE>
See Accompanying Notes
<PAGE>
<TABLE>
<CAPTION>
Alterman Investment Fund, Inc.
Statements of Operations
Six Months Ended October 31, 1998 and Year Ended April 30, 1998
<S> <C> <C>
October 31, 1998 April 30, 1998
---------------- --------------
INVESTMENT INCOME-INTEREST $ 554,983 $ 1,139,926
-------- ---------
EXPENSES:
Legal, Accounting, Auditing fees (Note D) 27,535 47,118
Investment Advisory Fees (Note C) 12,416 29,924
Custodian Fees (Note C) 3,834 7,538
Transfer Agent Fees 4,208 6,529
Directors' Fees (Note D) 6,800 10,850
Taxes and Licenses 4,628 8,755
Office Rent and Expenses 11,624 30,446
Other 6,182 17,149
-------- --------
Total Expenses 77,227 153,309
-------- --------
NET INVESTMENT INCOME 477,756 986,617
--------- --------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Realized Gain or Loss from Security Transactions:
Proceeds from Sale/Maturity of Securities 1,111,800 1,287,270
Cost of Securities Sold and Matured 1,089,022 1,255,851
--------- ----------
Net Realized Gain 22,778 31,419
--------- ----------
Unrealized Appreciation or (Depreciation) of Investments:
Beginning of Period 545,450 251,320
End of Period 891,946 545,450
--------- ----------
Net Unrealized Appreciation or (Depreciation) 346,496 294,130
--------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 369,274 325,549
---------- ----------
NET INCOME-NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 847,480 $ 1,312,166
========== ==========
NET INCOME PER SHARE $ 1.08 $ 1.67
========== ==========
(Based on 787,769 Shares Outstanding during both periods)
</TABLE>
See Accompanying Notes
<PAGE>
<TABLE>
<CAPTION>
Alterman Investment Fund, Inc.
Statements of Changes in Net Assets
Six Months Ended
October 31,1998 and Year Ended April 30, 1998
<S> <C> <C>
October 31, 1998 April 30, 1998
------------------------- ---------------------
INCREASE OR (DECREASE) IN NET ASSETS:
From Operations:
Net Investment Income $ 477,756 $ 986,617
Net Realized Gain on Investments 22,778 31,419
Change in Unrealized appreciation of Investments 346,496 294,130
---------- ------------
Net Increase in Net Assets Resulting from Operations 847,030 1,312,166
Distributions to Stockholders from:
Net Investment Income ($.70) per share for the six months ended 551,438 (1,063,488)
October 31, 1998 and ($1.35) per share for year ended April 30, 1998. ---------- -----------
Total Increase or (Decrease) in Net Assets 295,592 248,678
NET ASSETS - BEGINNING OF YEAR 22,152,246 21,903,568
---------- -----------
NET ASSETS - END OF YEAR $22,447,838 $ 22,152,246
========== ===========
</TABLE>
See Accompanying Notes
<PAGE>
ALTERMAN INVESTMENT FUND, INC.
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 1998 and
APRIL 30, 1998
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Alterman Investment Fund, Inc. (the Company) is registered under the Investment
Company Act of 1940, as amended, as a closed-end regulated investment company.
The following is a summary of significant accounting policies consistently
followed by the Company in preparation of its financial statements.
Income Taxes
It is the Company's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies, including the
distribution of at least 90% of its net investment income, if any, to its
stockholders. The Company also distributes all of its taxable net capital gains,
if any, to its stockholders. Therefore, no federal income or excise tax
provisions have been made.
Securities and Security Transactions
Investment securities are valued at the mean between the last reported bid and
asked prices. As is common in the industry, security transactions are accounted
for as of the trade date. Cost of securities sold is determined by the
identified (specific asset) method. Interest income is recorded when earned.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.
NOTE - B PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities (including maturities but excluding
transactions in the short-term tax-free money market fund) aggregated $1,394,060
and $1,685,800 respectively, for the six months ended October 31, 1998 and
$976,759 and $1,287,270, respectively, for the year ended October 31, 1998.
<PAGE>
NOTE C - INVESTMENT ADVISORY AND CUSTODIAL FEES
Under an Investment Advisor's Agreement with SunTrust Bank, the Company receives
investment advice for the investment of its funds in tax-exempt securities. For
this service, the bank is paid an annual fee equal to .1125% of the market value
of the Company's portfolio securities, payable quarterly. Such fees totaled
$12,416 for the six months ended October 31, 1998 and $24,924 for the year ended
April 30, 1998.
Under a Custodian Agreement with Wachovia Bank of Georgia (Wachovia), Wachovia
administers the cash and investment securities of the Company. For this service,
Wachovia is paid an annual fee pursuant to the terms of its Custodian-Depository
Agreement with the Company. Such fees totaled $3,834 for the six months ended
October 31, 1998 and $7,538 for the year ended April 30, 1998.
<PAGE>
ALTERMAN INVESTMENT FUND, INC.
NOTES TO FINANCIAL STATEMENTS
OCTOBER 31, 1998
AND APRIL 30, 1998
NOTE D - OFFICER COMPENSATION AND DIRECTORS FEES
Only one officer of the Company receives compensation. His compensation,
primarily for accounting services, was $9,060 for the six months ended October
31, 1998 and $17,944 for the year ended April 30, 1998, respectively. The two
outside directors, who are not officers of the Company received compensation as
outside directors totaling $6,800 for the six months ended October 31, 1998 and
$10,850 for the year ended April 30, 1998 , respectively. They are the only
directors receiving remuneration from the Company. During the year ended April
30, 1998, an outside director died, creating a temporary vacancy until that
position was filled by a new outside director.
NOTE E - DIVIDENDS
Because the Company is a regulated investment company, the Internal Revenue Code
allows it to pass through to its stockholders the tax-free character of its
state and municipal interest income if it distributes at least 90% of its net
tax-exempt interest income annually. On March 18, 1998, the Board of Directors
declared a regular quarterly dividend of $0.40 per share, aggregating $315,108,
payable on May 1, 1998, to stockholders of record on April 15, 1998, in order to
meet the 90% pay-out requirement for the fiscal year ended April 30, 1998. Of
this amount, $.073876 per share, aggregating $58,197 is taxed as ordinary income
to the stockholders. On August 29, 1998, the Board of Directors declared a
regular quarterly dividend of $.35 per share, aggregating $275,719, payable on
November 2, 1998, to stockholders of record on October 15,1998. This dividend is
recorded as a liability for the quarter ending October 31, 1998.
NOTE F - FEDERAL INCOME TAX COST, APPRECIATION AND DEPRECIATION OF INVESTMENT
SECURITIES
At April 30, 1998 , the aggregate cost of investment securities for federal
income tax purposes was $21,659,918. At that date, net unrealized appreciation
for federal income tax purposes was $434,771 , of which $482,795 related to
appreciated investment securities and $48,024 related to depreciated investment
securities.
NOTE G - FEDERAL INCOME TAX MATTERS
For federal income tax purposes, the Company realized net capital losses of
$15,567 during the year ended April 30, 1998. This amount excludes $9,858 of net
capital losses incurred between November 1, 1997 and April 30, 1998 and deferred
to the fiscal year ending April 30, 1999.
<PAGE>
Alterman Investment Fund, Inc.
Selected Per Share Data and Ratios for Six Months Ended
October 31,1998 and
Years Ended April 30, 1998, 1997, 1996, 1995
Selected Data for Each Share of Capital Stock Outstanding Throughout the Years:
<TABLE>
<CAPTION>
Six Months
10/31/98 1998 1997 1996 1995
============= ============ ============ ============ ============
<S> <C> <C> <C> <C> <C>
Investment Income $ 0.70 $ 1.45 $ 1.49 $ 1.59 $ 1.68
Less Expenses 0.10 0.19 0.18 0.18 0.17
---------- --------- -------- --------- --------
Net Investment Income 0.60 1.26 1.31 1.41 1.51
Dividends to Stockholders from Net Investment (0.70) (1.35) (1.35) (1.50) (1.60)
Income
Capital Gain Distribution - - - - -
Net Realized and Unrealized Gain (Loss) 0.47 0.41 (0.27) 0.06 (0.27)
========== ========= ======== ========= ========
Net Increase (Decrease) in Net Asset Value 0.37 0.32 (0.31) (0.03) (0.47)
Net Asset Value:
Beginning of Period 28.12 27.80 28.11 28.14 28.61
========== ========= ======== ========= ========
End of Period $ 28.49 $ 28.12 $ 27.80 $ 28.11 $ 28.14
========== ========= ======== ========= ========
Other Selected Data:
Ratio of Expenses to Average Net Assets 0.35% 0.64% 0.64% 0.64% 0.62%
Ratio of Net Investment Income to Average Net 2.15% 4.43% 4.69% 5.02% 5.39%
Assets
Portfolio Turnover 6% 4% 15% 25% 8%
787,769 Shares were outstanding throughout each of the above years.
See Accompanying Notes
</TABLE>
