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SIGNATURE
TITLE

EX-99.77C

                           ATTACHMENT TO SUB-ITEM 77C

         The matters submitted to the security holders at the annual meeting of
December 19, 2000 included the selection or approval of auditors, the
continuation of the current advisory contract and the election of directors. In
respect to the election of directors there was no solicitation of proxies and
the board of directors as nominated by management and contained in the Company's
Information Statement to Shareholders under 240.14C - 101 was elected in its
entirety.

EX-99.77E

                           ATTACHMENT TO SUB-ITEM 77E

         The following reports the continuation of proceedings previously
reported.

         Before amending its charter in 1979 to become an investment company,
the Fund was a steel processing plant generating industrial wastes which
licensed haulers transported to landfills. Heretofore the United States
Environmental Protection Agency ("EPA") named the Fund as a potentially
responsible party ("PRP:") in respect to a landfill requiring environmental
remediation. Allegedly the transporter the steel processor contracted with took
waste to an unregulated site in Bucks County, Pennsylvania known as "Boarhead."

         Counsel to the Fund regards the Boarhead matter as ongoing, unresolved
and material. In November 1998 EPA issued a Record of Decision ("ROD") relative
to estimated future cleanup costs. Those together with EPA's remedial costs
already incurred total $26,000,000. The actual expenses for cleanup are expected
to be less than the ROD estimate. Current estimates are approximately
$16,500,000 plus yearly operation and maintenance expenses for an indefinite
term.

         To date there are six named PRPs sharing in a defense group ("the
Group") and the Fund's share, should it remain in the Group (see below), is one
half of one share. (The Fund and one other of the six owned the steel processor
at different times and are considered one member.) The Group's investigation has
identified approximately 23 others some of whom the EPA named as PRPs and have
given special notice to clean the site. They declined.

         The Company has never been given a special notice. Its interpretation
of this circumstance is that the EPA, based upon evidence available to it at the
time, determined that the Company was not sufficiently linked to the site to
warrant a cleanup directive. Nevertheless other PRPs who did receive special
notices have pointed out evidence which may lead to a link between the Company
and the Boarhead site. The Company will continue to examine whatever evidence is
presented that may create such a link. Based thereon it will make a decision
whether it will remain a member of the Group. If at any time it declines to
participate further with the Group, it will be exposed to contribution claims
from those remaining and will lose contribution protection afforded under CERCLA
(The Superfund Act).

         The Company is contractually committed to pay a one half per capita
share of the first phase of the Boarhead cleanup. The total cost for this phase
is approximately $1 million, of which the Company's share is approximately
$100,000 plus yearly operation and maintenance costs. During the first phase
cleanup and pending the determination of responsibilities for later phases of
the program, the Group will engage in allocation taking into account existing
and what is expected to be later discovered evidence. Based thereon, the
$100,000 commitment may be increased, decreased or remain static. By the same
means, the Company will judge its cost exposure for the later and larger cleanup
phases.

         Counsel expects the least the Company may expect to incur in regard to
this project is the approximate $100,000 presently committed and accrued.
However, at this time in light of the unknown number of ultimate participants,
the uncertainty of the ROD's estimates for future operation costs and related
cleanup expense, the issue of linkage, the absence of knowledge of evidence to
be presented to the Group's allocator, counsel is unable to predict an amount or
range of liability beyond $100,000. The Fund will resist all claims vigorously.