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Annual Report 1998 |
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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 12/31/98: |
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$26 5/8 |
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internally-managed |
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Discount: |
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18.2% |
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low expense ratio |
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52-Week Range: |
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$28 1/4 - $21 13/16 |
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low turnover |
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Shares Outstanding: |
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51,876,651 |
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| Summary Financial Information |
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Year Ended December 31 |
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1998 |
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1997 |
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Net asset value per share |
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$ 32.54 |
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$ 28.51 |
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Total net assets |
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1,688,080,336 |
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1,424,170,425 |
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Unrealized appreciation |
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879,139,734 |
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665,179,036 |
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Net investment income |
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22,579,513 |
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20,784,601 |
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Total realized gain |
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82,933,498 |
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71,696,127 |
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Total return (based on market value) |
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19.3% |
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33.1% |
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Total return (based on net asset value) |
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23.7% |
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30.7% |
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Expense ratio |
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0.22% |
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0.39% |
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1999 Annual Meeting of Stockholders
Location: The Pierre, New York, New York
Date: March 30, 1999
Time: 10 a.m.
Holders of Record: February 12, 1999
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