December 31, 1999
ASSETS
Investments* at value:
Common stocks and convertible securities
(cost $807,754,279) $2,094,613,981
Non-controlled affiliate, Petroleum &
Resources Corporation (cost $24,134,839) 39,025,241
Short-term investments (cost $39,771,245) 39,771,245 $2,173,410,467
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Cash 114,174
Securities lending collateral 352,176,117
Dividends and interest receivable 1,422,060
Prepaid expenses and other 5,853,498
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Total Assets 2,532,976,316
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LIABILITIES
Open written option contracts
at value (proceeds $554,463) 3,641,881
Obligations to return securities lending collateral 352,176,117
Accrued expenses and other liabilities 6,356,443
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Total Liabilities 362,174,441
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NET ASSETS $2,170,801,875
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NET ASSETS
Common Stock at par value $1.00 per share,
authorized 75,000,000 shares;
issued and outstanding 53,894,827 shares $ 53,894,827
Additional capital surplus 813,826,173
Undistributed net investment income 502,423
Undistributed net realized gain on investment 3,915,766
Unrealized appreciation on investments 1,298,662,686
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NET ASSETS APPLICABLE TO COMMON STOCK $2,170,801,875
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NET ASSET VALUE PER SHARE OF COMMON STOCK $40.28
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*See schedule of investments on pages 11 through 14.
The accompanying notes are an integral part of the financial statements.
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