 |
Annual Report 1997 |
|
At A Glance |
|
| The Company |
|
Stock Data |
|
|
|
a closed-end equity investment company |
|
NYSE Symbol: |
|
ADX |
|
objectives:
-preservation of capital
-reasonable income
-opportunity for capital gain
|
|
Market Price as of 12/31/97: |
|
$24 3/16 |
|
internally-managed |
|
Discount: |
|
15.2% |
|
low expense ratio |
|
52-Week Range: |
|
$19 3/8 - $25 1/2 |
|
low turnover |
|
Shares Outstanding: |
|
49,949,239 |
|
|
|
| Summary Financial Information |
|
|
|
Year Ended December 31 |
|
|
|
|
|
1997 |
|
1996 |
|
Net asset value per share |
|
$ 28.51 |
|
$ 23.71 |
|
Total net assets |
|
1,424,170,425 |
|
1,138,760,396 |
|
Unrealized appreciation |
|
665,179,036 |
|
422,449,125 |
|
Net investment income |
|
20,784,601 |
|
24,237,044 |
|
Total realized gain |
|
71,696,127 |
|
57,853,036 |
|
Total return (based on market value) |
|
33.1% |
|
16.4% |
|
Total return (based on net asset value) |
|
30.7% |
|
20.1% |
|
Expense ratio |
|
0.39% |
|
0.34% |
|
|
|
|
|
|
|
|
1998 Annual Meeting of Stockholders
Location: The Luxury Collection Hotel, Houston, Texas
Date: March 31, 1998
Holders of Record: February 13, 1998
|
|
