FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report for six month period ending: / / (a)
or fiscal year ending: 06/30/97 (b)
Is this a transition report?: (Y/N) N
Is this an amendment to a previous filing: (Y/N) N
Those items or sub-items with a box "/" after the item number should be
completed only if the answer has changed from the previous filing on this
form.
1. A. Registrant Name: Elk Associates Funding Corporation
B. File Number: 811-3786
C. Telephone Number: 212-355-2449
1-800-214-1047
2. A. Street: 747 Third Avenue, 4th Floor
B. City: New York
C. State: New York
D. Zip Code: 10017 Zip Ext:
E. Foreign Country: Foreign Postal Code:
3. Is this the first filing on this form by Registrant? (Y/N) N
4. Is this the last filing on this form by Registrant? (Y/N) N
5. Is Registrant a small business investment company (SBIC) (Y/N) Y
[If answer is "Y" (Yes), complete only items 89 through 110.]
6. Is Registrant a unit investment trust (UIT?) (Y/N) N
[If answer is "Y" (Yes), complete only items 111 through 132.]
7. A. Is Registrant a series or multiple portfolio company? N
[If answer is "N" (No), go to item 8.]
B. How many separate series or portfolios did Registrant have
at the end of the period?
SMALL BUSINESS INVESTMENT COMPANIES
INVESTMENT ADVISER
89. A. X Adviser Name (if any): N
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B. / File number: 801 -
C. / City: State: Zip Code: Zip Ext.
/ Foreign Country: Foreign Postal Code:
89. A. / Adviser Name (if any):
B. / File number: 801 -
C. / City: State: Zip Code: Zip Ext.
/ Foreign Country: Foreign Postal Code:
TRANSFER AGENT
90. A. / Transfer Agent Name (if any):
B. / File number:
C. / City: State: Zip Code: Zip Ext.
/ Foreign Country: Foreign Postal Code:
90. A. / Transfer Agent Name (if any):
B. / File number: -
C. / City: State: Zip Code: Zip Ext.
/ Foreign Country: Foreign Postal Code:
INDEPENDENT PUBLIC ACCOUNTANT
91. A. X Accountant Name: Marcum & Kliegman
B. / City: Woodbury State: NY Zip Code: 11797 Zip Ext. 2027
/ Foreign Country: Foreign Postal Code:
91. A. / Accountant Name:
B. / City: State: Zip Code: Zip Ext.
/ Foreign Country: Foreign Postal Code:
CUSTODIAN
92. A. / Custodian:
B. / City: State: Zip Code: Zip Ext.
C. / Foreign Country: Foreign Postal Code:
D. /Mark one of the following with an "X":
TYPE OF CUSTODY
Bank
Sec.17(f)(1) Member Nat'l Self Foreign Insurance Co. Other
Sec. Exchg. 17f-2 Custodian Sponsor
Rule 17f-1 Rule 17f-5 Rule 26a-2
NOTE: / If self-custody, give name of sakekeeping depository and location of
assets in sub-items 92A and 92B.
E. / Does registrant's custodian maintain some or all of the registrant's
securities in a central depository or book entry system pursuant to
Rule 17f-47? (Y/N)
93. / Does Registrant's adviser(s) have advisory clients other than
investment companies? (Y/N)
94. Family of investment companies information:
A. / Is the Registrant part of a family of investment companies? (Y/N)
B. / If "Y" (Yes), state the number of registered management investment
companies in the family:
(NOTE: Count as a separate company each series of a series company and
each portfolio of a multiple portfolio company; exclude all series of
unit investment trusts from this number.)
C. / Indentify the family using 10 letters: _ _ _ _ _ _ _ _ _ _
(NOTE: In filing this form, use this indentification consistently for
all investment companies in the family including any unit investment
trusts. This designation is for purposes of this form only.)
D. / Is the Registrant a wholly-owned subsidiary of a business development
company ("BDC")? (Y/N)
E. / If "Y" (Yes), identify the BDC as follows:
BDC name:
File number: 2- or 33-
95. Sales, repurchases, and redemptions of Registrant's securities during
the period:
Class of Security
Number of Shares Net
or Principal Consideration
Amount of Debt Received or Paid
($000's omitted) ($000's omitted)
Common Stock:
A./Sales
B./Repurchases
Preferred Stock:
C./Sales
D./Repurchases and redemptions
Debt Securities
E./Sales $ 430 $430
F./Repurchases and redemptions $ 408 $408
96. Securities of Registrant registered on a National Securities Exchange or
listed on NASDAQ;
Title of each class of securities
CUSIP or Ticker
NASDAQ No. Symbol
A./
B./
C./
FINANCIAL INFORMATION
97. A. / How many months do the answers to items 97 and 98
cover?
12 Months
For period covered by this form
INCOME ($000's omitted)
B.Net interest income
$ 3,661
C.Net dividend income
$
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D.Account maintenance fees
$
E.Net other income
$ 351
EXPENSES
F.Gross advisory fees
$
G.Gross administrator(s) fees
(Negative answers allowed for 97H through 97S)
$
H.Salaries and other compensation
$ 400
I.Shareholder servicing agent fees
$ 10
J.Custodian fees
$ 19
K.Postage
$
L.Printing expenses
$ 6
M.Directors' fees
$ 27
N.Registration fees
$
O.Taxes
$ 51
P.Interest
$ 1,583
Q.Bookkeeping fees paid to anyone performing this service
$ 37
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R.Auditing fees
$ 29
S.Legal fees
$ 307
Expenses (Negative answers allowed on this screen for
97 T through 97W and 97Z only For period covered by this form
($000's omitted)
T.Marketing/distribution payments including payments
pursuant to a Rule 12b-1 plan
$
U.Amortization of organization expenses
$
V.Shareholder meeting expenses
$
W.Other expenses
$ 554
X.Total expenses
$ 3,023
Y.Expense reimbursements
$
Z.Net investment income
$ 989
AA.Realized capital gains
$ 25 (NON CASH)
BB.Realized capital losses
$
CC.1.Net unrealized appreciation during the period
$ 58
2.Net unrealized depreciation during the period
$ 0 ***
DD.Total income dividends for which record date passed
during the period
$ 0
EE.Total capital gains distributions for which period
record date passed during the period
$
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98. Payments per share outstanding during the entire current
period:
A. Dividends from net investment income (73.75 cents, share)
NOTE: show in fractions of a cent if so declared
B. Distributions of capital gains $
C. Other distributions $
NOTE: show in fractions of a cent if so declared
* Negative answer permitted in this field.
** Items 98A and 98B should be of the form mn.nnnn (where n = integer).
_____________
*** Does not include addition of $24 leaving a remaining
reserve balance of $325.
99. Assets, liabilities, shareholders' equity:
As of the end of June 1997
current reporting period
(000's omitted)
A.Cash
$ 1,846
B.Repurchase Agreements
$
C.Short-term debt securities other than repurchase
agreements
$ 32,924
D.Long-term debt securities including convertible debt
$
E.Preferred, convertible preferred and adjustable rate
preferred stock
$
F.Common stock
$ 378
G.Options on equities
$
H.Options on all futures
$
I.Other investments Assets Acquired in Liquidation
$
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J.Receivables from portfolio instruments sold $
K. Receivables from affiliated persons $
L. Other receivables $ 903*
M. All other assets $ 961**
N. Total assets $ 37,012
* Includes receivables from debtors on sales of assets acquired
in satisfaction of loans of $488.
** Includes assets acquired in satisfaction of loans of $480.
As of the end of June, 1997
current reporting period
(000's omitted except for per share amounts and number of accounts)
O.Payables for portfolio instruments purchased
$
P.Amounts owned to affiliated persons
$
Q.Senior long-term debt
$ 16,820
R.All other liabilities
$ 9,165
S.Senior equity
$
T.Net assets of common shareholders
$ 11,027
U.Number of shares outstanding
$ 1,284
V.Net asset value per share (to nearest cent)
$ 8.58**
W.Mark-to-market net asset value per share for
money market funds only (to 4 decimals)
$ N/A**
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X.Total number of shareholder accounts
$ 208 registered and approximately 167 in
Broker name
Y.Total value of assets in segregated accounts
$ N/A
100.Monthly average net assets during current
reporting period ($000's omitted)
$ 11,000
101.Market price per share at end of period
$ ***
* Net asset value per share must be of the form nnn.nn (where n = integer).
** Value must be of the form nnn.nnnn (where n = integer).
*** On June 30, 1997, the closing bid quotation and the closing ask
quotation for the Common Stock, as reported by the National
Quotation Bureau, Incorporated, were 5.125 and 8.00 respectively.
****Does not include shares held in street name.
102.A.Is the Registrant filing any of the following attachments
with the current filing of Form N-SAR?
Y
NOTE: If answer is "Y" (Yes), mark those items below being filed
as an attachment to this form or incorporated by reference.
Y
B.Matters submitted to a vote of security holders
Y
C.Policies with respect to security investments
N
D.Legal proceedings
N
E.Changes in security for debt
N
F.Defaults and arrears on senior securities
N
G.Changes in control of Registrant
N
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H.Terms of new or amended securities
N
I.Revaluation of assets or restatement of capital share account
N
J.Changes in Registrant's certifying accountant
N
K.Changes in accounting principles and practices
N
L.Mergers
N
M. Actions required to be reported pursuant to Rule 2a-7
N
N. Transactions effected pursuant to Rule 10f-3
N
O.Information required to be filed pursuant to existing
exemptive orders
N
Attachment information (Cont. on Screen 53)
Attachment information (Cont. from Screen 52)
102.P.1.Exhibits
N
2.Any information called for by instructions to sub-item 102 P2
N
3.Any information called for by instructions to sub-item 102 P3
N
103./Does the Registrant have any wholly-owned investment company
subsidiaries whose operating & financial data are consolidated
with that of Registrant in this report? (Y/N)
N
[If answer is "N" (No), go to item 105]
104./List the "811" numbers and names of Registrant's wholly-owned
investment company subsidiaries consolidated in this report.
NONE
811 Numbers Subsidiary Name
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For period ending 6/30/97 If filing more than one
_______ Page 46, "X" box _______
File number 811-3786
________
ANNUAL SUPPLEMENT
Page 53 is to be filed only once each year at the end of
Registrant's fiscal year.
105. Fidelity bond(s) in effect at the end of period:
A_X_Insurer Name Policy # B2746229 Reliance Insurance Company
B_/_Second Insurer
C_/_Aggregate face amount of coverage for Registrant on all
bonds on which it is named as an insured ($000's omitted)
_________________________________________________________ _____
106. A_/_Is the bond part of a joint fidelity bond(s)
shared with other investment companies or other entities? _____
y/n
B_/_If the answer to 106A is "Y" (yes), how many other
investment companies or other entities are covered by the
bond?
__________________________________________________________ _____
NOTE: Count each series as a separate investment company. y/n
107. A_/_Does the mandatory coverage of the fidelity bond
have a deductible?_________________________________________ _____
y/n
B_/_If the answer to 107A is "Y" (yes), what is the
amount of the deductible? _________________________________ _____
y/n
108. A_/_ Were any claims with respect to this Registrant
filed under the bond during the period?___________________ _____
y/n
B_/_If the answer to 108A is "Y" (yes), what was the
total amount of such claim(s)?_____________________________ $_____
109. A_/_Were any losses incurred with respect to this
Registrant that could have been filed as a claim under the
fidelity bond but were not?________________________________ _____
y/n
B_/_If the answer to sub-item 109A is "Y" (yes), what
was the total amount of such losses? ($000's omitted)______ $_____
110. A_/_Are Registrant's officers and directors covered as
officers and directors of Registrant under any errors and
omissions insurance policy owned by the Registrant or any one
else?______________________________________________________ _____
y/n
B_/_Were any claims filed under such policy during the
period with respect to Registrant?_________________________ _____
y/n
SIGNATURE PAGE TO
FORM N-SAR FOR
ELK ASSOCIATES FUNDING CORPORATION
FOR THE TWELVE MONTHS ENDED
JUNE 30, 1997
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This report is signed on behalf of the Registrant in the City of New York
on the 29th day of AUGUST, 1997.
ELK ASSOCIATES FUNDING CORPORATION
BY: /s/ GARY C. GRANOFF
----------------------
GARY C. GRANOFF
PRESIDENT
WITNESS:
/s/ MARGARET CHANCE
- --------------------
MARGARET CHANCE
SECRETARY
ELK\FORMNSAR.F96
Form NSAR
For the period ended June 30, 1997
Elk Associates Funding Corporation
File Number: 811-3786
Item 102B: Submission of matters to a vote of security holders
(a) Elk Associates Funding Corporation (the "Company") held an annual
meeting of shareholders on February 26, 1997.
(b) Gary C. Granoff, Ellen M. Walker, Lee A. Forlenza, Marvin Sabesan,
Herbert Kanarick, Steven Etra, Steven R. Busch, Paul Creditor, Allen Kaplan, Dan
M. Granoff and Alexander Nash were all elected as directors of the Company.
(c) To ratify the selection by the Board of Directors of Marcum & Kliegman
LLP as the Company's independent public accountants for the fiscal year ending
June 30, 1997.
Affirmative Votes Negative Votes
----------------- --------------
806,460 4,500
ELK/NSAR.E97