FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report for six month period ending: / / (a)
or fiscal year ending: 12/31/96 (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:United Capital Investment Corp.
B. File Number: 811-05738
C. Telephone Number:212-682-7210
2. A. Street:60 East 42nd Street
B. City: New York
C. State: New York
D. Zip Code: 10165 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.] N
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. / 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): Registrar & Transfer Company
B. / File number:84 -
C. / City:Cranford State:NJ Zip Code:07010 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:
B. / City: State: Zip Code: Zip Ext.
/ Foreign Country: Foreign Postal Code:
91.A. / Accountant Name:
B. / City: State: Zip Code: Zip Ext.
/ Foreign Country: Foreign Postal Code:
CUSTODIAN
91.A. / Custodian: Self Custody
B. / City: New York State:NY Zip Code:10019 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
Self Custody by Chase Manhattan Bank, 60 E. 42ND St. New York, NY
NOTE: If self-custody, give name of safekeeping depository and location of
assets in sub-items 92A and 92B.
E. / Does Registrant's custodian maintain some or all of registrant's
securities in a central
depository or book entry system pursuant to Rule 17f-4? (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 Registrant part of a family of investment companies? (Y/N) 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. / Identify the family using 10 letters: ___ ___ ___ ___ ___ ___ ___ ___
___ ___
(NOTE:In filing this form, use this identification consistently for all
investment companies in the family including any unit investment
trusts. This designation is for purposes of this form only.)
D. / Is Registrant a wholly-owned subsidiary of a business development
company
("BDC")? (Y/N) 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 NONE NONE
B./Repurchases NONE NONE
Preferred Stock
C./Sales NONE NONE
D./Repurchases and redemptions NONE NONE
Debt Securities
E./Sales 1,400 1,400
F./Repurchases and Redemptions 1,000 1,000
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 $ 429
C.Net dividend income $
D.Account maintenance fees $
E.Net other income $
EXPENSES
F.Gross advisory fees $
G.Gross administrator(s) fees
(Negative answers allowed for 97H through 97S) $
H.Salaries and other compensation $ 140
I.Shareholder servicing agent fees $
J.Custodian fees $
K.Postage $
L.Printing expenses $
M.Directors' fees $
N.Registration fees $
O.Taxes $ 11
P.Interest $ 117
Q.Bookkeeping fees paid to anyone performing this service $ 6
R.Auditing fees $ 18
S.Legal fees $ 12
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 Operating expenses $ 77
X.Total expenses $ 381
Y. Expense Reimbursements $
Z.Net investment income $ 47*
AA.Realized capital gains $
BB.Realized capital losses $
CC.1.Net unrealized appreciation during the period
$
2.Net unrealized depreciation during the period
$ 863
DD.Total income dividends for which record date passed during the
period $
EE.Total capital gains distributions for which period
record date passed during the period $ NONE
98. Payments per share outstanding during the entire current
period:
A. Dividends from net interest income $
NOTE: show in fractions of a cent if so declared
B. Distributions of capital gains $ NONE
C. Other distributions $ NONE
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).
99. Assets, liabilities, shareholders' equity:
As of the end of
current reporting
period (000's
omitted)
A.Cash $ 1487
B.Repurchase Agreements $
C.Short-term debt securities other than repurchase agreements$519
D.Long-term debt securities including convertible debt $ 3144
E.Preferred, convertible preferred and adjustable rate preferred stock
$
F.Common stock $
G.Options on equities $
H.Options on all futures $
I.Other investments Assets Acquired in Liquidation $
J.Receivables from portfolio instruments sold $
K. Receivables from affiliated persons $
L. Other receivables $ 28
M. All other assets $ 60
N. Total assets $5238
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 owned to affiliated persons
$
Q.Senior long-term debt
$1800
R.All other liabilities $ 423
S.Senior equity $ 900
T.Net assets of common shareholders $2115
U.Number of shares outstanding $ 199
V.Net asset value per share (to nearest cent) $10.62*
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
$ 122
Y.Total value of assets in segregated accounts $
100.Monthly average net assets during current reporting period
($000's omitted) $ 2135(1)
101.Market price per share at end of period $ (2)
* 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).
(1) Included Restricted Capital of $224,339
(2) There is currently no market for Registrants' shares
102.A.Is the Registrant filing any of the following attachments with the
current filing of Form N-SAR? N
NOTE: If answer is "Y" (Yes), mark those items below being filed as an
attachment to this form or incorporated by reference.
B.Matters submitted to a vote of security holders
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)
Attachment information (Cont. from Screen 52)
102.P.1.Exhibits N
2.Any information called for by instructions to sub-item 102 P2
3.Any information called for by instructions to sub-item 102 P3
103./Does the Registrant have any wholly-owned investment company
subsidiaries whose ooperating & financial data are consolidated
with that of Registrant in this report? (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
SIGNATURE PAGE TO
FORM N-SAR FOR
UNITED CAPITAL INVESTMENT CORP.
FOR THE YEAR ENDED
DECEMBER 31, 1996
This report is signed on behalf of the Registrant in the City of New York
on the 26th day of February, 1997.
UNITED CAPITAL INVESTMENT CORP.
BY: PAUL LEE
----------------------
PAUL LEE
PRESIDENT
WITNESS:
LINDA LEE
- -----------------
LINDA LEE
VICE PRESIDENT
The Shareholders and Board of Directors
United Capital Investment Corp.
We have examined the financial statements of United Capital
Investment Corp. for the year ended December 31, 1996, and have
issued our report thereon dated February 24, 1997. As part of
our examination, we made a study and evaluation of the Company's
system of internal accounting control (which includes the
procedures for safeguarding securities) to the extent we
considered necessary to evaluate the system as required by
generally accepted auditing standards. The purpose of our study
and evaluation was to determine the nature, timing, and extent of
the auditing procedures necessary for expressing an opinion on
the Company's financial statements. Our study and evaluation was
more limited than would be necessary to express an opinion on the
system of internal accounting control taken as a whole.
The management of United Capital Investment Corp. is responsible
for establishing and maintaining a system of internal accounting
control. In fulfilling this responsibility, estimates and
judgments by management are required to asses the expected
benefits and related costs of control procedures. The objectives
of a system are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and transactions are executed in
accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any system of internal
accounting control, errors or irregularities may occur and may
not be detected. Also, projection of any evaluation of the
system to future periods is subject to the risk that procedures
may become inadequate because of changes in conditions or that
the degree of compliance with the procedures may deteriorate.
Our study and evaluation, made for the limited purpose described
in the first paragraph, would not necessarily disclose all
material weaknesses in the system that may have existed as of
December 31, 1996. Accordingly, we do not express an opinion on
the system of internal accounting control of United Capital
Investment Corp. taken as a whole. However, our study and
evaluation disclosed no condition that we believed to be a
material weakness as of December 31, 1996.
This report is intended solely for the use of management and the
SEC, and should not be used for any other purpose.
Michael C. Finkelstein, CPA
New York, New York
February 24, 1997
