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STATEMENT OF ASSETS AND LIABILITIES
March 31, 2000 (unaudited)
Assets
Investments* at value:
Common stocks and convertible securities
(cost $827,538,116) $2,201,860,781
Non-controlled affiliate, Petroleum &
Resources Corporation
(cost $24,134,839) 43,563,060
Short-term investments
(cost $66,075,823) 66,075,823 $2,311,499,664
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Cash 100,353
Securities lending collateral 504,246,747
Receivables:
Investment securities sold 173,142
Dividends and interest 1,469,741
Prepaid expenses and other assets 6,286,342
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Total Assets 2,823,776,329
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Liabilities
Investment securities purchased 7,625,596
Open option contracts at value (proceeds
$767,774) 601,637
Obligations to return securities lending
collateral 504,246,747
Accrued expenses 7,742,905
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Total Liabilities 520,216,885
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Net Assets $2,303,559,444
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Net Assets
Common Stock at par value $1.00 per share,
authorized 150,000,000 shares; issued and
outstanding 53,204,227 shares $ 53,204,227
Additional capital surplus 791,128,351
Undistributed net investment income 1,255,447
Undistributed net realized gain on investments 64,054,396
Unrealized appreciation on investments 1,393,917,023
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Net Assets Applicable to Common Stock $2,303,559,444
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Net Asset Value Per Share of Common Stock $43.30
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*See Schedule of Investments on pages 6 through 8.
The accompanying notes are an integral part of the financial statements.
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