For the Year Ended
--------------------------------
Dec. 31, 1999 Dec. 31,1998
FROM OPERATIONS:
Net investment income $ 19,143,783 $ 22,579,513
Net realized gain on investments 106,820,166 82,933,498
Change in unrealized appreciation
on investments 419,522,952 213,960,698
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Change in net assets resulting
from operations 545,486,901 319,473,709
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DIVIDENDS TO STOCKHOLDERS FROM:
Net investment income (20,231,884) (22,477,158)
Net realized gain from investment
transactions (106,865,901) (82,416,244)
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Decrease in net assets
from distributions (127,097,785) (104,893,402)
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FROM CAPITAL SHARE TRANSACTIONS:
Value of common shares issued in payment
of optional distributions 65,780,453 49,329,604
Cost of common shares purchased (note 4) (1,448,030) --
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Change in net assets from capital
share transactions 64,332,423 49,329,604
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TOTAL INCREASE IN NET ASSETS 482,721,539 263,909,911
NET ASSETS:
Beginning of year 1,688,080,336 1,424,170,425
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End of year (including undistributed
net investment income of $502,423
and $1,924,176, respectively) $2,170,801,875 $1,688,080,336
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The accompanying notes are an integral part of the financial statements.
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