 |
Annual Report 1997 |
|
Statements of Changes in Net Assets
|
|
| |
For the
Year Ended
|
| |
|
|
Dec. 31,
1997 |
|
Dec. 31,
1996 |
| From
Operations: |
|
|
|
| |
Net investment income |
$20,784,601 |
|
$24,237,044
|
| |
Net realized gain on investments
|
71,696,127 |
|
57,853,036 |
| |
Change in unrealized appreciation
on investments |
242,729,911 |
|
113,359,376 |
|
| |
|
Change in net assets resulting from operations
|
335,210,639 |
|
195,449,456 |
| |
|
|
|
|
|
| Dividends
to Stockholders From: |
|
|
|
| |
Net investment income |
(21,136,073) |
|
(24,006,069) |
| |
Net realized gain from investment
transactions |
(73,015,523) |
|
(55,398,620) |
|
| |
|
Decrease in net assets from distributions
|
(94,151,596) |
|
(79,404,689) |
| |
|
|
|
|
|
| From
Capital Share Transactions: |
|
|
|
| |
Value of common shares issued in
payment of optional distributions |
44,350,986 |
|
36,484,715 |
|
| |
|
Total Increase
in Net Assets |
285,410,029 |
|
152,529,482 |
| |
|
|
|
|
|
| Net
Assets: |
|
|
|
| |
Beginning of year |
1,138,760,396 |
|
986,230,914 |
|
| |
End of year (including undistributed
net investment income of $1,821,822 and $2,173,294 respectively) |
$1,424,170,425 |
|
$1,138,760,396 |
|
| |
|
|
|
|
|
| The accompanying
notes are an integral part of the financial statements. |
|
|
