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FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Registrant Name UNITED CAPITAL INVESTMENT CORP.
File Number 811-05738
Registrant CIK Number: 0000844111
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Header Screen
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Report as of the end of semiannual period: / / (a)
or fiscal year: 12/31/97 (b)
Is this a transition report? (Y or N): N
Is this form being completed by the registrant? (Y or N): Y
Is this an amendment to a previous filing? (Y or N): N
Is this a change to a previous filing? (Y or N): N
1.A) Registrant Name: UNITED CAPITAL INVESTMENT CORP.
B) File Number: 811-05738
C) Telephone Number: 2126827210
2.A) Street: 60 EAST 42ND STREET
B) City: NEW YORK CITY C) State: NY D) Zip Code: 10165 Zip Ext.:
E) Foreign Country: Foreign Postal Code:
3. Is this the first filing on this form by the Registrant?(Y or N) ----- N
4. Is this the last filing on this form by the Registrant?(Y or N) ------ N
5. Is Registrant a small business investment company (SBIC)?(Y or N) ---- Y
6. Is Registrant a unit investment trust (UIT)?(Y or N) ----------------- N
7.A) Is Registrant a series or multiple portfolio company?(Y or N) ----- N
B) How many separate series or portfolios did Registrant have
at the end of the period? ----------------------------------------- 0
SCREEN NUMBER: 1
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This page is being
SHAREHOLDER SERVICING AGENT filed for series 0.
12.A) Agent Name (if any): REGISTRAR & TRANSFER COMPANY
B) File Number (if any):
C) City: CRANFORD State: NJ Zip Code: 07010 Zip Ext.:
12.A) Agent Name (if any):
B) File Number (if any):
C) City: State: Zip Code: Zip Ext.:
12.A) Agent Name (if any):
B) File Number (if any):
C) City: State: Zip Code: Zip Ext.:
12.A) Agent Name (if any):
B) File Number (if any):
C) City: State: Zip Code: Zip Ext.:
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SCREEN NUMBER: 6
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This page is being
INDEPENDENT PUBLIC ACCOUNTANT filed for series 0.
13.A) Accountant Name: MICHAEL C. FINKELSTEIN CPA
B) City: MANALAPAN State: NJ Zip Code: 07726 Zip Ext.:
Foreign Country: Foreign Postal Code:
13.A) Accountant Name:
B) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
13.A) Accountant Name:
B) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
13.A) Accountant Name:
B) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
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SCREEN NUMBER: 7
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This page is being
CUSTODIAN/SUB-CUSTODIAN filed for series 0.
15.A) Custodian/Sub-custodian: SELF CUSTODY
B) Is this a Custodian or Sub-custodian? (C/S):
C) City: State: Zip Code: Zip Ext.:
D) Foreign Country: Foreign Postal Code:
E) Mark ONE of the following with an 'X':
TYPE OF CUSTODY
Member Nat'l Foreign Insurance Co.
Bank Sec. Exchg. Self Custodian Sponsor
Sec.17(f)(1) Rule 17f-1 Rule 17f-2 Rule 17f-5 Rule 26a-2 Other
------------ ------------ ---------- ---------- ------------- -----
X*
* CHASE MANHATTAN BANK 60 EAST 42ND ST. NEW YORK, NY 10165
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SCREEN NUMBER: 9
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This page being
filed for series 0.
18. Does Registrant's/Series' custodian(s) maintain some
or all of Registrant's/Series' securities in a central
depository or book-entry system pursuant to Rule 17f-4? (Y or N) Y
19. Family of investment companies information:
A) Is Registrant part of a family of investment companies? (Y or N) N
B) If 'Y' (Yes), state the number of registered management
investment companies in the family: 0
(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.)
SCREEN NUMBER: 10
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This page being
filed for series 0.
24. At the end of the current period, did the Registrant/Series hold any
securities of the Registrant's/Series' regular brokers or dealers or
of the parents of such brokers or dealers that derive more than 15%
of gross revenue from securities-related activities? (Y or N): N
NOTE: If answer is 'N' (No), please go on to screen 15.
SCREEN NUMBER: 13
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SALES AND REPURCHASES
27. Is Registrant an open-end investment company? (Y or N): N
NOTE: If answer is 'N' (No), please delete any answers you may
have entered for questions 28 through 44.
If you have done this already or not yet responded to
question 28 through 44, please jump to Screen Number 23.
SCREEN NUMBER: 16
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This page being
71. Portfolio turnover rate for the current filed for series 0.
reporting period
A) Purchases ($000's omitted) ---------------------------------- $ 0
B) Sales [including all maturities] ($000's omitted) ----------- $ 0
C) Monthly average value of portfolio ($000's omitted) --------- $ 0
D) Percent turnover (use lesser of 71A) or 71B) divided by 71C)) 0%
NOTE: Item 71D) should be a whole number; round if necessary.
FINANCIAL INFORMATION
72.A) How many months do the answers to 72 and 73 cover? ----------- 12 months
INCOME (000's omitted)
B) Net interest income ----------------------------------------- $ 508
C) Net dividend income ----------------------------------------- $ 0
D) Account maintenance fees ------------------------------------ $ 0
E) Net other income -------------------------------------------- $ 0
EXPENSES
F) Advisory fees ----------------------------------------------- $ 0
G) Administrator(s) fees --------------------------------------- $ 0
(Negative answers are allowed)
H) Salaries and other compensation ----------------------------- $ 140
SCREEN NUMBER: 32
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This page being
FINANCIAL INFORMATION (Cont. from Screen 32) filed for series 0.
EXPENSES (Negative answers are allowed) For the period covered by this form
($000's omitted)
72.I) Shareholder servicing agent fees ------------------- $ 0
J) Custodian fees ------------------------------------- $ 0
K) Postage -------------------------------------------- $ 0
L) Printing expenses ---------------------------------- $ 0
M) Directors' fees ------------------------------------ $ 0
N) Registration fees ---------------------------------- $ 0
O) Taxes ---------------------------------------------- $ 10
P) Interest ------------------------------------------- $ 164
Q) Bookkeeping fees paid to anyone
performing this service ---------------------------- $ 6
R) Auditing fees -------------------------------------- $ 15
S) Legal fees ----------------------------------------- $ 9
T) Marketing/distribution payments including
payments pursuant to a rule 12b-1 plan ------------- $ 0
U) Amortization of organization expenses -------------- $ 0
V) Shareholder meeting expenses ----------------------- $ 0
W) Other expenses ------------------------------------- $ 84
X) Total expenses ------------------------------------- $ 428
SCREEN NUMBER: 33
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This page being
FINANCIAL INFORMATION (Cont. from Screen 33) filed for series 0.
EXPENSES (Negative answers are allowed For the period covered by this form
on this screen for 72Z only) ($000's omitted)
72.Y) Expense reimbursements ----------------------------- $ 0
Z) Net investment income ------------------------------ $ 80
AA) Realized capital gains ----------------------------- $ 0
BB) Realized capital losses ---------------------------- $ 0
CC) 1. Net unrealized appreciation during the period --- $ 0
2. Net unrealized depreciation during the period --- $ 78
DD) 1. Total income dividends for which record date
passed during the period ------------------------ $ 0
2. Dividends for a second class of open-end
company shares -----------------------------------$ 0
EE) Total capital gains distributions for which
record date passed during the period --------------- $ 0
73. Distributions per share for which record date passed during the period:
NOTE: Show in fractions of a cent if so declared.
A) 1. Dividends from net investment income ------------ $ 0.0000
2. Dividends for a second class of open-end
company shares ---------------------------------- $ 0.0000
B) Distribution of capital gains ---------------------- $ 0.0000
C) Other distributions -------------------------------- $ 0.0000
SCREEN NUMBER: 34
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This page being
filed for series 0.
As of the end of current reporting
74. Condensed balance sheet data: period (000's omitted except
for per share amounts)
A) Cash ----------------------------------------------- $ 1558
B) Repurchase agreements ------------------------------ $ 0
C) Short-term debt securities other than
repurchase agreements ------------------------------ $ 507
D) Long-term debt securities including
convertible debt------------------------------------ $ 3113
E) Preferred, convertible preferred, and
adjustable rate preferred stock -------------------- $ 0
F) Common stock --------------------------------------- $ 0
G) Options on equities -------------------------------- $ 0
H) Options on all futures ----------------------------- $ 0
I) Other investments ---------------------------------- $ 0
J) Receivables from portfolio instruments sold -------- $ 0
K) Receivables from affiliated persons ---------------- $ 0
L) Other receivables ---------------------------------- $ 31
M) All other assets ----------------------------------- $ 53
N) Total assets --------------------------------------- $ 5262
SCREEN NUMBER: 35
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This page being
(Continued from Screen 35) filed for series 0.
Condensed balance sheet data: As of the end of current reporting
period (000's omitted except for per
share amounts and number of accounts)
74.O) Payables for portfolio instruments purchased ----------------- $ 0
P) Amounts owed to affiliated persons --------------------------- $ 0
Q) Senior long-term debt ---------------------------------------- $ 1800
R) Other liabilities: 1. Reverse repurchase agreements --------- $ 0
2. Short sales --------------------------- $ 0
3. Written options ----------------------- $ 0
4. All other liabilities ----------------- $ 482
S) Senior equity ------------------------------------------------ $ 900
T) Net assets of common shareholders ---------------------------- $ 2080
U) 1. Number of shares outstanding ------------------------------ 199
2. Number of shares outstanding of a second class of shares
of open-end company --------------------------------------- 0
V) 1. Net asset value per share (to nearest cent) --------------- $ 10.45
2. Net asset value per share of a second class of open-end
company shares (to nearest cent) -------------------------- $ 0.00
W) Mark-to-market net asset value per share
for money market funds only (to 4 decimals) ------------------ $ 0.0000
X) Total number of shareholder accounts ------------------------- 122
Y) Total value of assets in segregated accounts ----------------- $ 0
SCREEN NUMBER: 36
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This page being
filed for series 0.
75. Average net assets during the current reporting period
($000's omitted). Answer only one:
A) Daily average (for money market funds) ----------------------- $ 0
B) Monthly average (for all other funds) ----------------------- $ 2098
76. Market price per share at end of period (closed-end funds only) $ 0.00
SCREEN NUMBER: 37
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77.A) Is the Registrant filing any of the following attachments
with the current filing of Form N-SAR? (ANSWER FOR ALL
SERIES AS A GROUP) (Y or N) ------------------------------- Y
NOTE: If answer is 'Y' (Yes), mark those items
below being filed as an attachment to this Filed as
form or incorporated by reference. Attachment
B) Accountant's report on internal control ------------------- Y
C) Matters submitted to a vote of security holders -----------
D) Policies with respect to security investment --------------
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 account ----------------
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 exemptive orders ---------------------------------------
(Item 77 continued on next screen)
SCREEN NUMBER: 38
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Closed-End Investment Companies Only
86. Sales, repurchases, and redemptions of
Registrant's securities:
Number of Shares Net
or Principal Consideration
Amount of Debt Received or Paid
($000's omitted) ($000's omitted)
Common Stock:
A) Sales 0 $ 0
B) Repurchases 0 $ 0
Preferred Stock:
C) Sales 0 $ 0
D) Repurchases and Redemptions 0 $ 0
Debt Securities
E) Sales $ 0 $ 0
F) Repurchases and Redemptions $ 0 $ 0
SCREEN NUMBER: 43
SIGNATURE PAUL LEE
TITLE 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, 1997, and have issued our report thereon dated
February 13, 1998. 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, 1997. 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, 1997.
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 13, 1998
