For Period ending 12/31/97
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File number 811-3786
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FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report for six month period ending: 12/31/97 (a)
or fiscal year ending: / / (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
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?
<PAGE>
For Period ending 12/31/97
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File number 811-3786
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77. A. Is the Registant filing any of the
following attachments with
the current filing of Form N-SAR?
(ANSWER FOR ALL SERIES AS A GROUP) ............. Y
-------------
Y/N
NOTE: If answer is "Y" (yes), mark those items below being filed as
an attachment to this form or incorporated by reference.
-------------
Y/N
B. Accountant's report on internal control ........ -------------
C. Matters submitted to a vote of security holders.. Y
-------------
D. Policies with respect to security investments.... -------------
E. Legal proceedings ............................... -------------
F. Changes in security for debt .................... -------------
G. Defaults and arrears on senior securities........ -------------
H. Changes in control of Registrant................. -------------
I. Terms of new or amended securities............... -------------
J. Revaluation of assets or restatement
of capital share account......................... -------------
K. Changes in Registrant's certifying
accountant ......................................
-------------
L. Changes in accounting principles and practices... -------------
M. Mergers ......................................... -------------
N. Actions required to be reported pursuant
to Rule 2a-7 .................................... -------------
O. Transactions effected pursuant to Rule 10f-3..... -------------
P. Information required to be filed
pursuant to existing exemptive orders............ -------------
Attachment Information (Cont. on Screen 39)
<PAGE>
For Period ending 12/31/97
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File number 811-3786
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SMALL BUSINESS INVESTMENT COMPANIES
INVESTMENT ADVISER
89.A. / Adviser Name (if any):
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): Continental Stock Transfer & Trust
Company
B. / File number: 84-34
C. / City: 2 Broadway, New York State: NY Zip Code: 10004 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. / Accountant Name: Marcum and Kliegman LLP
B. X/ City: 655 Third Avenue, 16th Fl. New York State: NY Zip Code: 10017
Zip Ext.
/ Foreign Country: Foreign Postal Code:
91.A. / Accountant Name:
B. / City: State: Zip Code: Zip Ext.
/ Foreign Country: Foreign Postal Code:
<PAGE>
For Period ending 12/31/97
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File number 811-3786
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95. Sales, repurchases, and redemptions of Registrant's securities during
the period:
Number of Shares Net
or Principal Consideration
Amount of Debt Received or Paid
Class of Security ($000's omitted) ($000's omitted)
- -------------------------------- -------------------- --------------------
Common Stock:
A. / x / Sales 450 2,925
---- -----
B. / / Repurchases -----
---- ----
Preferred Stock:
C. / / Sales
---- ----
D. / / Repurchases and redemptions
---- ----
Debt Securities
E. / / Sales
---- ----
F./Repurchases and redemptions
96. Securities of Registrant registered on a National Securities Exchange or
listed on NASDAQ;
Title of each
class of CUSIP or Ticker
securities NASDAQ No. Symbol
----------------- ------------- --------
A. / / _______________________ ______________ _________
B. / / _______________________ ______________ _________
C. / / _______________________ ______________ _________
<PAGE>
For Period ending 12/31/97
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File number 811-3786
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FINANCIAL INFORMATION
97. A. / / How many months do the answers to items 97 and 98
cover?____________________________________ 6 Months
For period covered by this form
($000's omitted)
-------------------------------
INCOME
B. Net interest income............................... $ 1,930
C. Net dividend income............................... $
----------
D. Account maintenance fees.......................... $
----------
E. Net other income.................................. $ 209
EXPENSES
F. Gross advisory fees.................................. $
----------
G. Gross administrator(s) fees.......................... $
(Negative answers allowed for 97H through 97S) ----------
H. Salaries and other compensation...................... $
----------
I. Shareholder servicing agent fees..................... $ 5
J. Custodian fees....................................... $
----------
K. Postage ............................................. $
----------
L. Printing expenses ................................... $ 4
M. Directors' fees ..................................... $ 29
N. Registration fees ................................... $
----------
O. Taxes ............................................... $
----------
P. Interest ............................................ $ 951
Q. Bookkeeping fees paid to anyone ..................... $ 15
performing this service
R. Auditing fees ....................................... $ 10
S. Legal fees .......................................... $ 136
<PAGE>
For Period ending 12/31/97
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File number 811-3786
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Expenses (Negative answers allowed on this screen for 97T
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 ...................................... $ 704
X. Total expenses ...................................... $ 1854
Y. Expense reimbursements .............................. $
----------
Z. Net investment income ............................... $ 285*
AA. Realized capital gains .............................. $
----------
BB. Realized capital losses ............................. $ 2
CC. 1. Net unrealized appreciation during the period .... $ 15
----------
2. Net unrealized depreciation during the period .... $
----------
DD. Total income dividends for which record date passed
during the period .................................. $
----------
EE. Total capital gains distributions for which
record date passed during the period .............. $
----------
98. Payments per share outstanding during the entire current
period:
A. Dividends from net interest income ........... $ .22**
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).
<PAGE>
For Period ending 12/31/97
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File number 811-3786
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As of the end of
current reporting
period (000's
omitted)
-----------------------
99. Assets, liabilities, shareholders' equity:
A. Cash .............................................. $ 529
B. Repurchase Agreements ............................. $
----------
C. Short-term debt securities other than
repurchase agreements ............................. $ 33,834
D. Long-term debt securities including
convertible debt .................................. $
----------
E. Preferred, convertible preferred and adjustable
rate preferred stock .............................. $
----------
F. Common stock ...................................... $
----------
G. Options on equities ............................... $
----------
H. Options on all futures ............................ $
----------
I. Other investments ................................. $ 473
J. Receivables from portfolio instruments sold ....... $
----------
K . Receivables from affiliated persons ................ $
----------
L. Other receivables ................................. $ 890*
M. All other assets .................................. $ 922**
N. Total assets ...................................... $ 36,648
* Includes receivables from debtors on sales of assets acquired in
satisfaction of loans of $471
** Includes assets acquired in satisfaction of loans of $599.
<PAGE>
For Period ending 12/31/97
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File number 811-3786
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As of the end of
current reporting
period (000's
omitted except for
per share
amounts and
number of
accounts)
---------------------
O. Payables for portfolio instruments ................ $
----------
P. Amounts owed to affiliated persons ................ $
----------
Q. Senior long-term debt ............................. $ 8,880
R. All other liabilities ............................. $ 14,194
S. Senior equity ..................................... $
----------
T. Net assets of common shareholders ................. $ 13,574
U. Number of shares outstanding ...................... $ 1,734
V. Net asset value per share (to nearest cent)
(does not include liquidating interest)............ $ 7.06*
W. Mark-to-market net asset value per share for
money market funds only (to 4 decimals) ........... $ N/A**
X. Total number of shareholder accounts (includes
shares held in street name)........................ 388
Y. Total value of assets in segregated accounts ...... $ N/A
100. Monthly average net assets during current
reporting period ($000's omitted) ................. $ 6.86
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 December 31, 1997, the closing bid and closing ask
quotations for the Common Stock, as reported by the National
Quotation Bureau, Incorporated, were 6.63 and 9.25 respectively.
<PAGE>
For Period ending 12/31/97
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File number 811-3786
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102. A.Is the Registrant filing any of the following
attachments with the current
filing of Form N-SAR? ............................ Y
-------------
Y/N
NOTE: If answer is "Y" (Yes), mark those items below being
filed as an attachment to this form or incorporated
by reference. .................................. Y
-------------
Y/N
B. Matters submitted to a vote of security holders ... Y
-------------
C. Policies with respect to security investments ....
-------------
D. Legal proceedings ................................
-------------
E. Changes in security for debt .....................
-------------
F. Defaults and arrears on senior securities ........
-------------
G. Changes in control of Registrant .................
-------------
H. Terms of new or amended securities ...............
-------------
I. Revaluation of assets or restatement of capital
share account ....................................
-------------
J. Changes in Registrant's certifying accountant ....
-------------
K. Changes in accounting principles and practices ...
-------------
L. Mergers ..........................................
-------------
M. Actions required to be reported pursuant to
Rule 2a-7 ........................................
-------------
N. Transactions effected pursuant to Rule 10f-3 .....
-------------
O. Information required to be filed pursuant to
existing exemptive orders ........................
-------------
Attachment information (Cont. on Screen 53)
* Incorporated by reference
<PAGE>
For Period ending 12/31/97
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File number 811-3786
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Attachment information (Cont. from Screen 52)
102. P. 1. Exhibits .................................... N
-------------
Y/N
2. Any information called for by instructions
to sub-item 102 P2 .......................... -------------
Y/N
3. Any information called for by instructions
to sub-item 102 P3 .......................... -------------
Y/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
-------------
Y/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.
811 Numbers Subsidiary Name
----------- -----------------------------------------------------
<PAGE>
SIGNATURE PAGE TO
FORM N-SAR FOR
ELK ASSOCIATES FUNDING CORPORATION
FOR THE SIX MONTHS ENDED
DECEMBER 31, 1997
This report is signed on behalf of the Registrant in the City of New York on the
26th day of February, 1998.
ELK ASSOCIATES FUNDING CORPORATION
BY: /s/GARY C. GRANOFF
----------------------
GARY C. GRANOFF
PRESIDENT
WITNESS:
/s/MARGARET CHANCE
- -----------------
MARGARET CHANCE
SECRETARY
ELK\FORMNSAR.F98
Form NSAR
For the period ended December 31, 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 a special
meeting of shareholders on December 5, 1997.
(b) The shareholders of the Company approved the sale of up to four
hundred sixty two thousand (462,000) shares of the common stock of the Company
at $6.50 per share representing a discount of 21.8% from net asset value per
share which was $8.31 at September 30, 1997.
Affirmative Votes Negative Votes Abstentions
----------------- -------------- -----------
931,172 4,362 20,193
ELK/NSAREX.F98
