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Annual Report 1996 |
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At A Glance |
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| The Company |
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Stock Data |
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a closed-end equity investment company |
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NYSE Symbol: |
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ADX |
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objectives:
-preservation of capital
-reasonable income
-opportunity for capital gain
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Market Price as of 12/31/96: |
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$19 3/4 |
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internally-managed |
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Discount: |
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16.7% |
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low expense ratio |
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52-Week Range: |
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$21 1/8 - $17 3/4 |
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low turnover |
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Shares Outstanding: |
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48,036,528 |
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| Summary Financial Information |
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Year Ended December 31 |
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1996 |
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1995 |
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Net asset value per share |
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$ 23.71 |
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$ 21.36 |
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Total net assets |
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1,138,760,396 |
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986,230,914 |
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Unrealized appreciation |
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422,449,125 |
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309,089,749 |
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Net investment income |
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24,237,044 |
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22,394,045 |
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Total realized gain |
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57,853,036 |
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50,917,119 |
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Total return (based on market value) |
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16.4% |
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29.5% |
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Total return (based on net asset value) |
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20.1% |
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29.9% |
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Expense ratio |
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0.34% |
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0.46% |
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1997 Annual Meeting of Stockholders
Location: Hotel Nikko, San Francisco, California
Date: March 25, 1997
Holders of Record: February 11, 1997
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