Assets
Investments* at value:
   Common stocks and convertible securities
     (cost $292,341,736)                                         $447,315,552
   Short-term investments (cost $26,723,215)                       26,723,215    $474,038,767
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Cash                                                                                   67,508
Securities lending collateral                                                      21,006,641
Dividends and interest receivable                                                     815,621
Prepaid expenses                                                                    1,443,315
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        Total Assets                                                              497,371,852
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Liabilities
Open written option contracts at value (proceeds $174,369)                            107,940
Obligations to return securities lending collateral                                21,006,641
Accrued expenses                                                                    1,436,153
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        Total Liabilities                                                          22,550,734
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        Net Assets                                                               $474,821,118
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Net Assets
Common Stock at par value $1.00 per share, authorized
   25,000,000 shares; issued and outstanding 13,841,375 shares                  $  13,841,375
Additional capital surplus                                                        304,038,387
Undistributed net investment income                                                   590,571
Undistributed net realized gain on investments                                      1,310,540
Unrealized appreciation on investments                                            155,040,245
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        Net Assets Applicable to Common Stock                                    $474,821,118
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        Net Asset Value Per Share of Common Stock                                      $34.30
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* See Schedule of Investments.
The accompanying notes are an integral part of the financial statements.