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<P>
<B>Federated Investors</B><BR>World-Class Investment Manager </P>
<P>
</P>
<H5>
</H5>
<P>
<B>Richard B. Fisher</B></P>
<P>
President</P>
<P>
Federated Equity Income Fund, Inc.</P>
<H2>
President's Message</H2>
<P>
Dear Fellow Shareholder:</P>
<P>
Federated Equity Income Fund, Inc. was created in 1986, and I am pleased to present
its 14th Annual Report. The fund invests in large, well-known corporations with
histories of steadily rising dividends and steadily rising values. Over the 12-month
reporting period, the fund's net assets continued to grow and reached over $3.1
billion by March 31, 2000. This asset growth reflected a sizable increase in the
value of fund shares, as well as the confidence expressed by our long-time and new
shareholders as they purchased shares for their investment accounts.</P>
<P>
This fund is recommended to the public by thousands of registered representatives
with hundreds of investment firms across the country. I cannot list all the firms,
however, I want to express my sincere appreciation of their due diligence about the
management of the fund and historical performance of its shares. I believe, as do
these representatives, Federated Equity Income Fund, Inc. is a prudent investment and
can help shareholders reach their desired investment goals.</P>
<P>
This report covers the 12-month reporting period from April 1, 1999 through March 31,
2000. It begins with an interview with the fund's portfolio manager, Linda A.
Duessel, Senior Vice President of Federated Investment Management Company. Following
her discussion are three additional items of shareholder interest. First is a series
of graphs showing the fund's long-term investment performance. Second is a complete
listing of the fund's common and preferred stocks and convertible securities, and
third is the publication of the fund's financial statements.</P>
<P>
This equity income fund portfolio focuses on a defensive, "sector-neutral"
portfolio with ownership of good, dividend-paying securities. At the end of the
reporting period, the fund's holdings included such well-known names as Allstate,
Bank America, Bristol-Myers Squibb, DuPont, Exxon Mobil, Ford, General Electric, Home
Depot, IBM, New York Times, Wal-Mart and Walt Disney. These are a few of the most
successful corporations in the world today.</P>
<P>
While the broad market was extremely volatile over the fund's fiscal year and
performance was concentrated within a relatively narrow bank of stocks, it was
nevertheless an outstanding 12-month period for Federated Equity Income Fund, Inc.
The fund's returns were more than seven times greater than the average return of the
220 equity income funds tracked by Lipper Analytical Services, Inc.<SUP>1</SUP> The
fund's returns were also greater than the total return of the Standard & Poor's
500 Index ("S&P 500").<SUP>2</SUP></P>
<P>
As Linda explains, the fund's performance record is the result of consistently
choosing market-leading companies within sectors weighted similarly to the S&P
500. Income is a key consideration, as approximately 30% of the fund's holdings are
in common stocks that have raised their dividends in at least each of the last ten
years. Holdings in convertible bonds and preferred stocks also help generate income.
Investors are exposed daily to style management--growth or value. Linda and her team
incorporate both styles to select issues that, in the long run, may help to increase
shareholders' wealth. Let's not limit selection, but expand it to capture good
companies that perform well. These strategies make the fund a prudent way to
participate in equities while attempting to temper periods of unpleasant market
volatility.</P>
<P>
Individual share class total performance for the 12-month reporting period, including
income distributions, follows.<SUP>3</SUP></P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Total Return</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Income <BR>
Distributions</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Net Asset Value Increase</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class A Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
23.14%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
$0.27</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
$19.49 to $23.69 = 21.55%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class B Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
22.18%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
$0.12</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
$19.49 to $23.68 = 21.50%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class C Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
22.17%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
$0.12</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
$19.50 to $23.69 = 21.49%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class F Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
22.82%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
$0.22</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
$19.50 to $23.70 = 21.54%</P>
</TD>
</TR>
</TABLE>
<P>
We trust you were pleased with the continued positive performance of your equity
income investment. Remember, reinvesting your fund's earnings is a convenient way to
build the value of your account--and see the number of shares increase each month.
Reinvesting brings into play the benefit of monthly compounding of shares.</P>
<P>
Sincerely,</P>
<P>
<B>Richard B. Fisher</B></P>
<P>
Richard B. Fisher<BR>
President<BR>
May 15, 2000</P>
<P>
1 Lipper figures represent the average of the total returns reported by all
mutual funds designated by Lipper Analytical Services, Inc. as falling into the
category indicated. Lipper figures do not take sales charges into account.</P>
<P>
2 The S&P 500 is an unmanaged index of common stocks in industrial,
transportation, financial, and public utility companies. Investments may not be made
in an index.</P>
<P>
3 Performance quoted is based on net asset value, reflects past performance, and
is no guarantee of future results. Investment return and principal value will
fluctuate so that an investor's shares, when redeemed, may be worth more or less than
their original cost. Total returns for the reporting period, based on offering price
(i.e., less any applicable sales charge), for Class A, B, C and F Shares were 16.39%,
16.68%, 21.17%, and 20.59%, respectively.</P>
<H5>
</H5>
<P>
<B>Linda A. Duessel</B></P>
<P>
Senior Vice President</P>
<P>
Federated Investment Management Company</P>
<H2>
Investment Review</H2>
<H3>
The fund's fiscal year period of April 1, 1999 through March 31, 2000 was a positive
period for stocks, although the performance was very narrowly concentrated. What are
your comments?</H3>
<P>
The stock market in the second quarter of 1999 delivered a strong return as indicated
by the S&P 500's return of 7.05%. This quarter was marked by dramatic reversals
in leadership based on market capitalization, as small-cap stocks outperformed
large-cap stocks, and large-cap value stocks outperformed large-cap growth stocks.
These shifts were accompanied by rapid sector rotation, as the technology, financial
and pharmaceutical sectors lagged, while the beleaguered basic materials and
industrial cyclical sectors surged. The broadening, in what had been a narrow market,
was due to the increasing perception that overseas economies were improving, while
the United States' economy continued to be robust.</P>
<P>
In the third quarter of 1999, however, the S&P 500 was down 6.24%, as the stock
market corrected after experiencing a mid-July peak--interestingly, on approximately
the same day as 1998's market peak. The third quarter also saw dramatic reversals
again in leadership based on investment style and sector, as large-cap growth stocks
outperformed large-cap value stocks by 6.10%. Further, technology resumed its
leadership stance, and was the only sector in the S&P 500 to report a positive
return in the third quarter.</P>
<P>
At the close of the fourth quarter of 1999, the S&P 500 completed its fifth
consecutive year of +20% gains. Much like 1998, however, this remarkable performance
was attributed to a relatively small number of stocks. Merrill Lynch & Co., Inc.
reports that just 15 companies provided 100% of the S&P 500's return in 1999, and
nearly 60% of the stocks in the index had negative returns for the year. It was also
the second consecutive year in which growth stocks dramatically outperformed value
stocks.</P>
<P>
The first quarter of 2000 was marked by major discrepancies in the performance of
leading indexes, as well as sector rotation and interest rate increases by the
Federal Reserve Board (the "Fed"). The technology-dominated NASDAQ gained
12.37% in this quarter, while the Dow Jones Industrial Average<SUP>1 </SUP>fell
4.68%, and the S&P 500 was up a modest 2.29%. Further, large-cap growth stocks
outperformed large-cap value stocks. Interestingly, the technology sector, which was
dominant in the first two months of the year, began a significant correction in
March, which is continuing in April as investors have been rotating into Old Economy
stocks.</P>
<H3>
How did Federated Equity Income Fund, Inc. perform for its shareholders for the
12-month reporting period?</H3>
<P>
It was an outstanding period for the fund. For the 12-month reporting period ended
March 31, 2000, the fund's Class A, B, C, and F Shares produced total returns of
23.14%, 22.18%, 22.17%, and 22.82%, respectively, based on net asset
value.<SUP>2</SUP> These returns were more than seven times greater than the 3.04%
average return of the 220 equity income funds tracked by Lipper Analytical Services,
Inc.<SUP> </SUP>The fund's returns were also greater than the 17.93% total return of
the S&P 500.</P>
<H3>
What accounted for the fund's outperformance?</H3>
<P>
This performance has been achieved by consistently choosing market-leading companies
within a strategy of sector weightings similar to that of the S&P 500. Income is
achieved through the use of convertible bonds and preferred stocks; further,
approximately 30% of the fund's holdings are in common stocks that have raised their
dividends in at least each of the last ten years.</P>
<H3>
The fund also has achieved its strong performance record with relatively minimal
volatility. Can you give us an example?</H3>
<P>
Yes. In the S&P 500 correction of 9.09% that occurred from year end 1999 through
February 25, 2000, Federated Equity Income Fund, Inc. declined by just 0.81%. In the
46 S&P 500 corrections of 2% or more since the beginning of 1990, Federated
Equity Income Fund, Inc. has outperformed the S&P 500 in all but three of those
periods.</P>
<P>
1 The Dow Jones Industrial Average represents share prices of selected blue-chip
industrial corporations as well as public utility and transportation companies.</P>
<P>
2 Performance quoted is based on net asset value, reflects past performance, and
is no guarantee of future results. Investment return and principal value will
fluctuate so that an investor's shares, when redeemed, may be worth more or less than
their original cost. Total returns for the reporting period, based on offering price
(i.e., less any applicable sales charge), for Class A, B, C and F Shares were 16.39%,
16.68%, 21.17% and 20.59%, respectively.</P>
<H3>
What have you been buying and selling recently in the fund?</H3>
<P>
In the communications services sector, we sold AT&T Corp., GTE Corp. and SBC
Communications given our increasing concerns about the huge capital expenditures
required by the legacy phone companies as competition from new entrants rises. We
purchased the 5.25% convertible bonds of <B>Nextel Communications,</B> the leading
U.S. provider of wireless communication services to businesses. We also purchased the
6% convertible bonds of <B>Level 3 Communications,</B> a leading provider of local
and long distance telecommunication and data transmission.</P>
<P>
In the capital goods sector, we sold Pitney Bowes and Crown Cork & Seal after a
series of earnings disappointments as well as Textron, whose stock had traded in a
relatively tight range for quite some time. We purchased <B>Sanmina</B> 4.25%
convertible bonds and <B>SCI Systems</B> 3% convertible bonds, two contract
manufacturers of electronic products. We also purchased <B>Corning</B> stock, which
has grown to be an important provider of optical fiber, cable and photonic components
for the telecommunications industry, as well as leading edge glass products for the
information display industry.</P>
<P>
In the consumer cyclical sector, we sold Whirlpool due to concerns regarding the
effect of interest rate increases on housing, and therefore, major appliance
purchases. We sold Cooper Tire & Rubber, which has been underperforming in an
increasingly difficult industry. We purchased <B>Wal-Mart,</B> the leading discount
store operator, at a very inexpensive price.</P>
<P>
In the consumer staples sector, we sold a number of holdings as the S&P 500
weighting declined from 11% of total market weight to just under 10%. We sold Heinz
and Pepsi, two fine companies with limited near-term upside, in our view. We also
sold Kimberly Corp. after we experienced what we believed to be all the relative
upside performance from its positive earnings surprises, and we eliminated Procter
and Gamble after a serious earnings disappointment. We purchased the 2% convertible
preferred shares of <B>Reliant Energy</B> into <B>Time Warner</B>. We believe the
proposed merger of Time Warner and America Online will be a powerful combination of
media content and distribution, and Time Warner is currently quite undervalued.</P>
<P>
In the technology sector, our EMC 3.25% convertible bonds were called from the fund's
portfolio after we enjoyed a ten-fold increase in value. We used the proceeds to
purchase the 4% convertible bonds of <B>Vitesse Semiconductor,</B> a manufacturer of
high-speed, highly complex semiconductors serving the telecommunication and data
communication industries.</P>
<H3>
What were the fund's top ten holdings as of March 31, 2000, and what were the fund's
sector weightings?</H3>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Name</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Percentage of <BR>
Net Assets</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
General Electric Co.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2.2%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Cox Communications, Inc., PRIDES, (into Sprint PCS)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2.2%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
LSI Logic Corp., Conv., 4.25%, 3/15/2004</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2.2%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Citigroup, Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2.1%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Veritas Software Corp., Conv., 1.856%, 8/13/2006</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2.0%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Walt Disney Co.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2.0%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Motorola, Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
1.9%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
NEXTLINK Communications, Conv. Pfd.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
1.9%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
AT&T Corp.--Liberty Media Group, Inc., Class A</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
1.9%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Apple Computer, Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
1.9%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
TOTAL</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
20.3%</P>
</TD>
</TR>
</TABLE>
<P>
</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Sector</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Percentage of <BR>
Net Assets</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Percentage of <BR>
S&P 500 <BR>
Index</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Technology</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
32.1%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
33.4%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Financials</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
13.8%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
13.0%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Communication Services</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
9.1%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
7.6%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Consumer Staples</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
8.6%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
9.9%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Consumer Cyclicals</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
8.0%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
8.2%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Health Care</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
8.0%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
8.9%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Capital Goods</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
7.2%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
8.2%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Energy</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
4.6%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
5.4%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Utilities</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2.7%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2.3%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Basic Materials</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2.6%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2.5%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Other</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
3.3%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
--</P>
</TD>
</TR>
</TABLE>
<H3>
We have been seeing an extraordinary level of day-to-day volatility in the market.
What is your outlook for stocks through 2000?</H3>
<P>
The U.S. economy continues to be very strong, with some evidence of inflation. Still,
it is widely believed that the Fed will raise short-term interest rates until the
economy slows. Volatile equity markets will likely persist in this environment. Of
course, we continue to manage Federated Equity Income Fund, Inc. to temper such
unpleasant volatility by focusing on dividend-paying stocks of market leading
companies, as well as convertible bonds and preferred stocks.</P>
<H2>
Shareholder Meeting Results</H2>
<P>
A Special Meeting of Shareholders of Federated Equity Income Fund, Inc. (the
"Fund") was held on November 30, 1999. On September 21, 1999, the record
date for shareholders voting at the meeting, there were 130,672,728 total outstanding
shares of Fund. The following items were considered by shareholders of the Fund and
the results of their voting were as follows:</P>
<H3>
AGENDA ITEM 1</H3>
<P>
To elect four Directors.<SUP>1</SUP></P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted For</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Withheld</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Nicholas P. Constantakis</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
70,272,586</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
1,735,788</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
John F. Cunningham</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
70,322,092</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
1,686,282</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Charles F. Mansfield</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
70,311,961</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
1,696,413</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
John S. Walsh</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
70,293,324</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
1,715,050</P>
</TD>
</TR>
</TABLE>
<P>
1 The following Directors continued their terms: John F. Donahue, Thomas G.
Bigley, John T. Conroy, Jr., Lawrence D. Ellis, M.D., Peter E. Madden, John E.
Murray, Jr., J.D., S.J.D., Marjorie P. Smuts and J. Christopher Donahue.</P>
<H3>
AGENDA ITEM 2</H3>
<P>
To amend the Fund's fundamental investment policy regarding diversification.</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted For</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted <BR>
Against</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Abstaining</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Broker <BR>
Non-Vote</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
49,911,988</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
1,638,625</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,557,419</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
17,900,342</P>
</TD>
</TR>
</TABLE>
<H3>
AGENDA ITEM 3</H3>
<P>
To amend the Fund's fundamental investment policy regarding borrowing money and
issuing senior securities.</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted For</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted <BR>
Against</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Abstaining</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Broker <BR>
Non-Vote</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
48,935,949</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,433,329</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,739,094</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
17,900,002</P>
</TD>
</TR>
</TABLE>
<H3>
AGENDA ITEM 4</H3>
<P>
To amend the Fund's fundamental investment policy regarding investments in real
estate.</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted For</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted <BR>
Against</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Abstaining</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Broker <BR>
Non-Vote</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
49,273,969</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,109,922</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,724,142</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
17,900,342</P>
</TD>
</TR>
</TABLE>
<H3>
AGENDA ITEM 5</H3>
<P>
To amend the Fund's fundamental investment policy regarding investments in
commodities.</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted For</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted <BR>
Against</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Abstaining</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Broker <BR>
Non-Vote</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
48,724,067</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,634,227</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,749,737</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
17,900,342</P>
</TD>
</TR>
</TABLE>
<H3>
AGENDA ITEM 6</H3>
<P>
To amend the Fund's fundamental investment policy regarding underwriting
securities.</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted For</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted <BR>
Against</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Abstaining</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Broker <BR>
Non-Vote</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
49,332,684</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
1,996,876</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,778,473</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
17,900,342</P>
</TD>
</TR>
</TABLE>
<H3>
AGENDA ITEM 7</H3>
<P>
To amend the Fund's fundamental investment policy regarding lending by the Fund.</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted For</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted <BR>
Against</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Abstaining</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Broker <BR>
Non-Vote</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
48,846</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,459,544</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,801,987</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
17,900,342</P>
</TD>
</TR>
</TABLE>
<H3>
AGENDA ITEM 8</H3>
<P>
To amend the Fund's fundamental investment policy regarding concentration of the
Fund's investments in the securities of companies in the same industry.</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted For</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted <BR>
Against</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Abstaining</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Broker <BR>
Non-Vote</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
49,401,599</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
1,881,668</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,824,766</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
17,900,342</P>
</TD>
</TR>
</TABLE>
<H3>
AGENDA ITEM 9</H3>
<P>
To amend, and to make nonfundamental, the Fund's fundamental investment policy
regarding buying securities on margin.</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted For</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted <BR>
Against</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Abstaining</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Broker <BR>
Non-Vote</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
48,338,600</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,797,051</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,972,382</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
17,900,342</P>
</TD>
</TR>
</TABLE>
<H3>
AGENDA ITEM 10</H3>
<P>
To amend, and to make nonfundamental, the Fund's fundamental investment policy
regarding pledging assets.</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted For</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted <BR>
Against</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Abstaining</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Broker <BR>
Non-Vote</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
48,631,048</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,613,398</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,863,287</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
17,900,342</P>
</TD>
</TR>
</TABLE>
<H3>
AGENDA ITEM 11</H3>
<P>
To eliminate the Fund's fundamental investment policy on selling securities short.</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted For</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted <BR>
Against</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Abstaining</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Broker <BR>
Non-Vote</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
48,647,652</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,665,786</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,794,595</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
17,900,342</P>
</TD>
</TR>
</TABLE>
<H3>
AGENDA ITEM 12</H3>
<P>
To require the approval of a "1940 Act" majority of shareholders in the
event of the sale or conveyance of the assets of the Fund to another corporation or
trust, to the extent permitted under Maryland law.</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted For</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted <BR>
Against</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Abstaining</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Broker <BR>
Non-Vote</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
49,469,222</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
1,939,474</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,699,677</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
17,900,002</P>
</TD>
</TR>
</TABLE>
<H3>
AGENDA ITEM 13</H3>
<P>
To permit the Board of Directors to liquidate the assets of the Fund, or of a series
or class, and distribute the proceeds of such assets to the holders of such shares
representing such interests, without seeking shareholder approval, to the extent
permitted under Maryland law.</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted For</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Voted <BR>
Against</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Shares <BR>
Abstaining</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Broker <BR>
Non-Vote</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
47,715,746</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
3,589,551</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,802,736</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
17,900,342</P>
</TD>
</TR>
</TABLE>
<H2>
Two Ways You May Seek to Invest for Success:</H2>
<H3>
INITIAL INVESTMENT</H3>
<P>
<B>If you had made an initial investment of $14,000 in the Class A Shares of
Federated Equity Income Fund, Inc. on 12/30/86, reinvested dividends and capital
gains, and did not redeem any shares, your account would have been worth $82,659 on
3/31/00. You would have earned a 14.47%<SUP>1</SUP> average annual total return for
the investment life span.</B></P>
<P>
One key to investing wisely is to reinvest all distributions in fund shares. This
increases the number of shares on which you can earn future dividends, and you gain
the benefit of compounding.</P>
<P>
As of 3/31/00, the Class A Shares' average annual 1-year, 5-year and 10-year total
returns were 16.39%, 21.22% and 16.71%, respectively. Class B Shares' average annual
1-year, 5-year and since inception (9/27/94) total returns were 16.68%, 21.50% and
20.30%, respectively. Class C Shares' average annual 1-year, 5-year and since
inception (5/3/93) total returns were 21.17%, 21.68% and 17.41%, respectively. Class
F Shares' average annual 1-year, 5-year and since inception (11/12/93) total returns
were 20.59%, 22.05% and 17.49%, respectively.<SUP>2</SUP><BR>
</P>
<P>
[Graphic Representation Omitted - See Appendix]</P>
<P>
1 Total return represents the change in the value of an investment after
reinvesting all income and capital gains, and takes into account the 5.50% sales
charge applicable to an initial investment in Class A Shares. Data quoted represents
past performance and does not guarantee future results. Investment return and
principal value will fluctuate, so that an investor's shares, when redeemed, may be
worth more or less than their original cost.</P>
<P>
2 The total returns stated take into account all applicable sales charges. The
maximum sales charges and contingent deferred sales charges for the fund are as
follows: Class A Shares, 5.50% sales charge; Class B Shares, 5.50% contingent
deferred sales charge; Class C Shares, 1.00% contingent deferred sales charge; Class
F Shares, 1.00% sales charge and 1.00% contingent deferred sales charge.</P>
<H2>
</H2>
<H3>
ONE STEP AT A TIME</H3>
<P>
<B>$1,000 initial investment and subsequent investments of $1,000 each year for 13
years (reinvesting all dividends and capital gains) grew to $46,763.</B></P>
<P>
With this approach, the key is consistency. </P>
<P>
If you had started investing $1,000 annually in the Class A Shares of Federated
Equity Income Fund, Inc. on 12/30/86, reinvested your dividends and capital gains,
and did not redeem any shares, you would have invested only $14,000, but your account
would have reached a total value of $46,763<SUP>1</SUP> by 3/31/00. You would have
earned an average annual total return of 16.41%.</P>
<P>
A practical investment plan helps you pursue growth and income through common stocks
and convertible securities. Through systematic investing, you buy shares on a regular
basis and reinvest all earnings. An investment plan works for you when you invest
only $1,000 annually. You can take it one step at a time. Put time, money and
compounding to work.</P>
<P>
[Graphic Representation Omitted - See Appendix]</P>
<P>
1 This chart assumes that the subsequent annual investments are made on the last
day of each anniversary month. No method of investing can guarantee a profit or
protect against loss in down markets.</P>
<H2>
Hypothetical Investor Profile-- <BR>
Investing for a College Education</H2>
<P>
David and Joan Rice are a fictional couple who, like many shareholders, are searching
for a way to make their money grow over time.</P>
<P>
David and Joan are planning for the college education of their son. On March 31,
1990, they invested $5,000 in the Class A Shares of Federated Equity Income Fund,
Inc. Since then, David and Joan have made additional investments of $250 every
month.</P>
<P>
As this chart shows, over 10 years, the original $5,000 investment along with their
additional monthly $250 investments totaling $35,000 has grown to $99,598. This
represents a 17.55% average annual total return. For the Rices, a dedicated program
of monthly investments really paid off.<BR>
</P>
<P>
[Graphic Representation Omitted - See Appendix]</P>
<P>
This hypothetical scenario is provided for illustrative purposes only and does not
represent the result obtained by any particular shareholder. Past performance does
not guarantee future results.</P>
<H2>
Federated Equity Income Fund, Inc.-- Class A Shares</H2>
<H3>
GROWTH OF $10,000 INVESTED IN FEDERATED EQUITY INCOME FUND, INC.</H3>
<P>
The graph below illustrates the hypothetical investment of $10,000<SUP>1</SUP> in the
Federated Equity Income Fund, Inc. (Class A Shares) (the "Fund") from March
31, 1990 to March 31, 2000 compared to the Standard and Poor's 500 Index (S&P
500) and the Lipper Equity Income Fund Index (LEIFI).<SUP>2</SUP></P>
<P>
</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="3">
<P>
<P ALIGN=LEFT><B>Average Annual Total Return<SUP>3</SUP> for the Year Ended <BR>
March 31, 2000</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
1 Year</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
16.39%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
5 Years</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
21.22%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
10 Years</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
16.71%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Start of Performance (12/30/86)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
14.47%</P>
</TD>
</TR>
</TABLE>
<P>
</P>
<P>
[Graphic Representation Omitted - See Appendix]</P>
<P>
<B>Past performance is no guarantee of future performance. Your investment return and
principal value will fluctuate so when shares are redeemed, they may be worth more or
less than their original cost. Mutual funds are not obligations of or guaranteed by
any bank and are not federally insured.</B></P>
<P>
1 Represents a hypothetical investment of $10,000 in the Fund after deducting the
maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550)
that was in effect prior to October 1, 1994. As of October 1, 1994, the maximum sales
charge was 5.50%. The Fund's performance assumes the reinvestment of all dividends
and distributions. The S&P 500 and the LEIFI have been adjusted to reflect
reinvestment of dividends on securities in the indices.</P>
<P>
2 The S&P 500 and the LEIFI are not adjusted to reflect sales charges,
expenses, or other fees that the Securities and Exchange Commission requires to be
reflected in the Fund's performance. The indices are unmanaged.</P>
<P>
3 Total returns quoted reflect all applicable sales charges.</P>
<H2>
Federated Equity Income Fund, Inc.-- Class B Shares</H2>
<H3>
GROWTH OF $10,000 INVESTED IN FEDERATED EQUITY INCOME FUND, INC.</H3>
<P>
The graph below illustrates the hypothetical investment of $10,000<SUP>1</SUP> in the
Federated Equity Income Fund, Inc. (Class B Shares) (the "Fund") from
September 27, 1994 (start of performance) to March 31, 2000 compared to the Standard
and Poor's 500 Index (S&P 500) and the Lipper Equity Income Fund Index
(LEIFI).<SUP>2</SUP></P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="3">
<P>
<P ALIGN=LEFT><B>Average Annual Total Return<SUP>3</SUP> for the Year Ended <BR>
March 31, 2000</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
1 Year</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
16.68%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
5 Years</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
21.50%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Start of Performance (9/27/94)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
20.30%</P>
</TD>
</TR>
</TABLE>
<P>
</P>
<P>
[Graphic Representation Omitted - See Appendix]</P>
<P>
<B>Past performance is no guarantee of future performance. Your investment return and
principal value will fluctuate so when shares are redeemed, they may be worth more or
less than their original cost. Mutual funds are not obligations of or guaranteed by
any bank and are not federally insured.</B></P>
<P>
1 Represents a hypothetical investment of $10,000 in the Fund. The ending value
of the Fund reflects a 1.00% contingent deferred sales charge on any redemption less
than six years from the purchase date. The maximum contingent deferred sales charge
is 5.50% on any redemption less than one year from the purchase date. The Fund's
performance assumes the reinvestment of all dividends and distributions. The S&P
500 and the LEIFI have been adjusted to reflect reinvestment of dividends on
securities in the indices.</P>
<P>
2 The S&P 500 and the LEIFI are not adjusted to reflect sales charges,
expenses, or other fees that the Securities and Exchange Commission requires to be
reflected in the Fund's performance. The indices are unmanaged.</P>
<P>
3 Total return quoted reflects all applicable contingent deferred sales
charges.</P>
<H2>
Federated Equity Income Fund, Inc.-- Class C Shares</H2>
<H3>
GROWTH OF $10,000 INVESTED IN FEDERATED EQUITY INCOME FUND, INC.</H3>
<P>
The graph below illustrates the hypothetical investment of $10,000<SUP>1</SUP> in
Federated Equity Income Fund, Inc. (Class C Shares) (the "Fund") from May
3, 1993 (start of performance) to March 31, 2000 compared to the Standard and Poor's
500 Index (S&P 500) and the Lipper Equity Income Fund Index
(LEIFI).<SUP>2</SUP></P>
<P>
</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="3">
<P>
<P ALIGN=LEFT><B>Average Annual Total Return<SUP>3</SUP> for the Year Ended March 31,
2000</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
1 Year</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
21.17%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
5 Years</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
21.68%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Start of Performance (5/3/93)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
17.41%</P>
</TD>
</TR>
</TABLE>
<P>
</P>
<P>
[Graphic Representation Omitted - See Appendix]</P>
<P>
<B>Past performance is no guarantee of future performance. Your investment return and
principal value will fluctuate so when shares are redeemed, they may be worth more or
less than their original cost. Mutual funds are not obligations of or guaranteed by
any bank and are not federally insured.</B></P>
<P>
1 Represents a hypothetical investment of $10,000 in the Fund. A maximum 1.00%
contingent deferred sales charge would be applied on any redemption less than one
year from the purchase date. The Fund's performance assumes the reinvestment of all
dividends and distributions. The S&P 500 and the LEIFI have been adjusted to
reflect reinvestment of dividends on securities in the indices.</P>
<P>
2 The S&P 500 and the LEIFI are not adjusted to reflect sales charges,
expenses, or other fees that the Securities and Exchange Commission requires to be
reflected in the Fund's performance. The indices are unmanaged.</P>
<P>
3 Total return quoted reflects all applicable contingent deferred sales
charges.</P>
<H2>
Federated Equity Income Fund, Inc.-- Class F Shares</H2>
<H3>
GROWTH OF $10,000 INVESTED IN FEDERATED EQUITY INCOME FUND, INC.</H3>
<P>
The graph below illustrates the hypothetical investment of $10,000<SUP>1</SUP> in
Federated Equity Income Fund, Inc. (Class F Shares) (the "Fund") from
November 12, 1993 (start of performance) to March 31, 2000 compared to the Standard
and Poor's 500 Index (S&P 500) and the Lipper Equity Income Fund Index
(LEIFI).<SUP>2</SUP></P>
<P>
</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="3">
<P>
<P ALIGN=LEFT><B>Average Annual Total Return<SUP>3</SUP> for the Year Ended <BR>
March 31, 1999</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
1 Year</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
20.59%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
5 Years</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
22.05%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Start of Performance (11/12/93)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
17.49%</P>
</TD>
</TR>
</TABLE>
<P>
</P>
<P>
[Graphic Representation Omitted - See Appendix]</P>
<P>
<B>Past performance is no guarantee of future performance. Your investment return and
principal value will fluctuate so when shares are redeemed, they may be worth more or
less than their original cost. Mutual funds are not obligations of or guaranteed by
any bank and are not federally insured.</B></P>
<P>
1 Represents a hypothetical investment of $10,000 in the Fund after deducting the
maximum sales charge of 1.00% ($10,000 investment minus $100 sales charge = $9,900).
A 1.00% contingent deferred sales charge would be applied on any redemption less than
four years from the purchase date. The Fund's performance assumes the reinvestment of
all dividends and distributions. The S&P 500 and the LEIFI have been adjusted to
reflect reinvestment of dividends on securities in the indices.</P>
<P>
2 The S&P 500 and the LEIFI are not adjusted to reflect sales charges,
expenses, or other fees that the Securities and Exchange Commission requires to be
reflected in the Fund's performance. The indices are unmanaged.</P>
<P>
3 Total return quoted reflects all applicable sales charges and contingent
deferred sales charges.</P>
<H2>
Portfolio of Investments</H2>
<P>
MARCH 31, 2000</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="2">
<P>
<P ALIGN=LEFT><B>Shares</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>Value</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
COMMON STOCKS--59.5%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Basic Materials--1.0%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>619,952</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Du Pont (E.I.) de Nemours & Co.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>32,779,962</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Capital Goods--4.2%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>202,800</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Corning, Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>39,343,200</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>422,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Emerson Electric Co.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>22,313,250</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>450,400</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
General Electric Co.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>69,896,450</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>131,552,900</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Communication Services--1.9%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>761,266</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>1</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
MCI Worldcom, Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>34,494,866</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>376,500</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Sprint Corp.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>23,719,500</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>58,214,366</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Consumer Cyclicals--5.1%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>839,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Ford Motor Co.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>38,541,562</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>803,172</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Home Depot, Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>51,804,594</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>862,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
New York Times Co., Class A</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>37,012,125</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>566,900</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Wal-Mart Stores, Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>31,462,950</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>158,821,231</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Consumer Staples--5.1%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>993,500</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>1</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
AT&T Corp. - Liberty Media Group, Inc., Class A</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>58,864,875</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>1,006,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
General Mills, Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>36,404,625</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>1,535,300</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Walt Disney Co.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>63,523,037</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>158,792,537</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Energy--4.6%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>560,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
BP Amoco PLC, ADR</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>29,715,000</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>299,200</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Chevron Corp.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>27,657,300</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>1,249,841</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Conoco, Inc., Class B</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>32,027,176</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>714,300</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Exxon Mobil Corp.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>55,581,469</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>144,980,945</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="2">
<P>
<P ALIGN=LEFT><B>Shares</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>Value</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
COMMON STOCKS--continued</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Financials--13.0%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>1,173,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Allstate Corp.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$ </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>27,932,062</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>584,962</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
BankAmerica Corp.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>30,673,945</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>606,200</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Chase Manhattan Corp.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>52,853,062</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>514,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Chubb Corp.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>34,727,125</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>1,081,100</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Citigroup, Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>64,122,744</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>287,400</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Federal Home Loan Mortgage Corp.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>12,699,487</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>282,800</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Lincoln National Corp.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>9,473,800</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>355,500</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Marsh & McLennan Cos., Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>39,216,094</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>833,400</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Mellon Financial Corp.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>24,585,300</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>367,600</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Merrill Lynch & Co., Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>38,598,000</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>695,600</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Morgan Stanley, Dean Witter & Co.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>56,734,875</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>333,200</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Post Properties, Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>13,432,125</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>405,048,619</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Health Care--7.6%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>935,400</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Abbott Laboratories</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>32,914,387</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>582,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Baxter International, Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>36,484,125</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>689,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Bristol-Myers Squibb Co.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>39,789,750</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>388,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Pharmacia & Upjohn, Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>22,989,000</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>1,352,700</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Schering Plough Corp.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>49,711,725</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>562,100</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Warner-Lambert Co.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>54,804,750</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>236,693,737</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Technology--15.2%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>427,092</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>1</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Apple Computer, Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>58,004,432</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>503,600</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>1</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Cisco Systems, Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>38,934,575</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>389,756</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>1</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
EMC Corp. Mass</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>48,719,500</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>352,500</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Intel Corp.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>46,507,969</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>456,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
International Business Machines Corp.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>53,808,000</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>250,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>1</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Lexmark Intl. Group, Class A</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>26,437,500</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>197,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>1</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Microsoft Corp.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>20,931,250</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>420,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Motorola, Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>59,797,500</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>176,100</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>1</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
RF Micro Devices, Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>23,663,438</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>602,800</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>1</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Sun Microsystems, Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>56,484,244</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>662,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>1</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Tellabs, Inc.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>41,695,656</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>474,984,064</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="2">
<P>
<P ALIGN=LEFT><B>Shares</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>Value</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
COMMON STOCKS--continued</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Utilities--1.8%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>730,024</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Enron Corp.</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$ </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>54,660,547</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL COMMON STOCKS (IDENTIFIED COST $1,159,836,239)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1,856,528,908</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
CONVERTIBLE PREFERRED STOCKS--17.2%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Basic Materials--1.6%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>1,068,500</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Monsanto Co., Conv. Pfd., $2.60</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>48,883,875</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Capital Goods--0.9%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>1,233,600</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Ingersoll-Rand Co., Cumulative PRIDES, Series 6.75%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>28,989,600</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Communication Services--4.1%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>208,700</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
NEXTLINK Communications, Inc., Conv. Pfd., $3.25</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>59,714,288</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>571,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Cox Communications, Inc., PRIDES, Series Sprint PCS </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>69,091,000</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>128,805,288</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Consumer Staples--3.5%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>260,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Cox Communications, Inc., PRIDES</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>16,510,000</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>473,200</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Ralston Purina Co., SAILS, $1.08, Series Interstate Bakeries</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>13,811,525</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>529,500</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Reliant Energy, Inc., ZENS, $1.17, Series Time Warner</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>51,692,438</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>440,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>2</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Suiza Foods Corp., Conv. Pfd., $2.75</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>15,289,560</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>305,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Suiza Foods Corp., Conv. Pfd., $2.75</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>10,598,445</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>107,901,968</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Financials--0.8%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>589,700</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Conseco, Inc., Cumulative PRIDES, Series F, $3.50</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>9,472,056</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>705,300</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Lincoln National Corp., Cumulative PRIDES, $1.94</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>14,282,325</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>23,754,381</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Technology--4.7%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>613,400</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Amdocs Ltd., Conv. Pfd., $1.51</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>38,030,800</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>557,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Metromedia Fiber Network, Inc., DECS, $2.46</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>47,345,000</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>465,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
PsiNet, Inc., Conv. Pfd., $3.38</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>29,760,000</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>96,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Verio, Inc., Conv. Pfd., $3.38</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>5,400,000</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>485,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>2</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Verio, Inc., Conv. Pfd., $3.38</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>27,281,250</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>147,817,050</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Transportation--0.7%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>525,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Union Pacific Corp., Conv. Pfd., $3.13</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>21,021,000</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Utilities--0.9%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>733,200</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Texas Utilities Co., Cumulative PRIDES, $4.63</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>28,915,575</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL CONVERTIBLE PREFERRED STOCKS (IDENTIFIED COST $481,015,470)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>536,088,737</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="2">
<P>
<P ALIGN=LEFT><B>Principal <BR>
Amount</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>Value</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
CONVERTIBLE CORPORATE BONDS--20.7%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Capital Goods--2.1%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>$ </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>28,300,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
SCI Systems, Inc., Conv. Sub. Note, 3.00%, 3/15/2007</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$ </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>32,769,136</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>20,000,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Sanmina Corp., Conv. Sub. Note, 4.25%, 5/1/2004</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>32,021,600</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>64,790,736</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Communication Services--3.1%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>8,700,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>2</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Liberty Media Group, Conv. Bond, 3.75%, 2/15/2030, Series Sprint PCS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>10,290,708</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>35,000,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Level 3 Communications, Inc., Conv. Sub. Note, 6.00%, 3/15/2010</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>35,235,200</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>44,560,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>2</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
NEXTEL Communications, Inc., Conv. Sr. Notes, 5.25%, 1/15/2010</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>53,254,993</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>98,780,901</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Consumer Cyclicals--2.9%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>20,500,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Amazon.com, Inc., Conv. Sub. Note, 4.75%, 2/1/2009</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>20,428,455</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>20,400,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Digital Island, Inc., Conv. Sub. Note, 6.00%, 2/15/2005</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>14,334,060</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>9,300,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
DoubleClick, Inc., Conv. Bond, 4.75%, 3/15/2006</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>21,689,088</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>4,355,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Omnicom Group, Inc., Conv. Sub. Deb., 4.25%, 1/3/2007</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>12,965,793</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>11,400,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Omnicom Group, Inc., Conv. Sub. Deb., 2.25%, 1/6/2013</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>21,932,346</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>91,349,742</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Health Care--0.4%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>15,350,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>2</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Roche Holdings, Inc., LYON, 1/19/2015, Series DNA</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>12,758,153</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<B>Technology--12.2%</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>11,300,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>2</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
ASM Lithography Holding NV, Conv. Sub. Note, 4.25%, 11/30/2004</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>13,595,708</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>4,250,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
America Online, Inc., Conv. Sub. Note, 4.00%, 11/15/2002</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>44,275,225</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>35,530,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Citrix Systems, Inc., Conv. Sub. Deb., 03/22/2019</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>33,631,277</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>25,300,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>2</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Citrix Systems, Inc., Conv. Sub. Deb., 3/22/2019</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>23,947,968</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>14,560,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>2</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Conexant Systems, Inc., Conv. Sub. Note, 4.00%, 2/1/2007</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>13,206,211</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>11,100,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Cypress Semiconductor Corp., Conv. Sub. Note, 6.00%, 10/1/2002</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>23,632,677</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>24,000,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>2</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Exodus Communications, Inc., Conv. Bond, 4.75%, 7/15/2008</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>49,755,840</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>2,800,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
LSI Logic Corp., Conv. Sub. Note, 4.25%, 3/15/2004</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>13,097,700</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>11,595,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>2</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
LSI Logic Corp., Conv. Sub. Note, 4.25%, 3/15/2004</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>54,238,511</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>17,300,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Veritas Software Corp., Conv. Sub. Note, 1.856%, 8/13/2006</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>63,564,006</P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>45,400,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT><SUP>2</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
Vitesse Semiconductor Corp., Conv. Sub. Note, 4.00%, 3/15/2005</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>47,226,896</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>380,172,019</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL CONVERTIBLE CORPORATE BONDS (IDENTIFIED COST $444,126,580)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>647,851,551</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="2">
<P>
<P ALIGN=LEFT><B>Principal<BR>
Amount</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>Value</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
REPURCHASE AGREEMENT --1.4%<SUP>3</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>$ </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT>44,455,000</P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
ABN AMRO, Inc., 6.18%, dated 3/31/2000, due 4/3/2000 (at amortized cost)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$ </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>44,455,000</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="TOP">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
TOTAL INVESTMENTS (IDENTIFIED COST $2,129,433,289)<SUP>4</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$ </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>3,084,924,196</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
</TABLE>
<P>
1 Non-income producing security.</P>
<P>
2 Denotes a restricted security which is subject to restrictions on resale under
federal securities laws. These securities have been deemed liquid based upon criteria
approved by the fund's Board of Directors. At March 31, 2000, these securities
amounted to $320,845,798 which represents 10.3% of net assets.</P>
<P>
3 The repurchase agreement is fully collateralized by U.S. government and/or
agency obligations based on market prices at the date of the portfolio. The
investment in the repurchase agreement is through participation in a joint account
with other Federated funds.</P>
<P>
4 The cost of investments for federal tax purposes amounts to $2,130,630,597. The
net unrealized appreciation of investments on a federal tax basis amounts to
$954,293,599 which is comprised of $1,037,552,575 appreciation and $83,258,976
depreciation at March 31, 2000.</P>
<P>
Note: The categories of investments are shown as a percentage of net assets
($3,122,008,139) at March 31, 2000.</P>
<P>
The following acronyms are used throughout this portfolio:</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
ADR</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
- --American Depositary Receipt</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
DECS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
- --Dividend Enhanced Convertible Stock</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
LYON</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
- --Liquid Yield Option Note</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
PRIDES</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
- --Preferred Redeemable Increased Dividend Equity Securities</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
SAILS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
- --Stock Appreciation Income Linked Security</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
ZENS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
- --Zero-Premium Exchangable Subordinated Notes</P>
</TD>
</TR>
</TABLE>
<P>
See Notes which are an integral part of the Financial Statements</P>
<H2>
Statement of Assets and Liabilities</H2>
<P>
MARCH 31, 2000</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Assets:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Total investments in securities, at value (identified cost $2,129,433,289 and tax
cost $2,130,630,597)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>3,084,924,196</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Cash</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>630,705</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Income receivable</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4,371,281</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Receivable for investments sold</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>26,292,550</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Receivable for shares sold</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>15,849,852</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
TOTAL ASSETS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>3,132,068,584</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Liabilities:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Payable for investments purchased</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>3,349,500</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Payable for shares redeemed</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4,203,026</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Income distribution payable</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>261,379</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Accrued expenses</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2,246,540</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
TOTAL LIABILITIES</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>10,060,445</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net assets for 131,799,237 shares outstanding</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>3,122,008,139</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Net Assets Consist of:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Paid in capital</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2,111,846,837</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net unrealized appreciation of investments </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>955,490,907</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Accumulated net realized gain on investments and options</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>54,378,389</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Undistributed net investment income</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>292,006</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
TOTAL NET ASSETS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>3,122,008,139</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Net Asset Value, Offering Price and Redemption Proceeds Per Share</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Class A Shares:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net Asset Value Per Share ($1,187,734,238 ÷ 50,137,643 shares outstanding)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$23.69</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Offering Price Per Share (100/94.50 of $23.69)1</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$25.07</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Redemption Proceeds Per Share (100/100 of $23.69)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$23.69</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Class B Shares:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net Asset Value Per Share ($1,537,956,755 ÷ 64,935,949 shares outstanding)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$23.68</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Offering Price Per Share (100/100 of $23.68) </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$23.68</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Redemption Proceeds Per Share (94.50/100 of $23.68)<SUP>1</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$22.38</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Class C Shares:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net Asset Value Per Share ($249,003,887 ÷ 10,509,042 shares outstanding)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$23.69</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Offering Price Per Share (100/100 of $23.69) </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$23.69</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Redemption Proceeds Per Share (99.00/100 of $23.69)<SUP>1</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$23.45</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Class F Shares:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net Asset Value Per Share ($147,313,259 ÷ 6,216,603 shares outstanding)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$23.70</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Offering Price Per Share (100/99.00 of $23.70)1</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$23.94</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Redemption Proceeds Per Share (99.00/100 of $23.70)<SUP>1</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$23.46</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="7">
<P>
<HR>
</TD>
</TR>
</TABLE>
<P>
1 See "What Do Shares Cost?" in the Prospectus.</P>
<P>
See Notes which are an integral part of the Financial Statements</P>
<H2>
Statement of Operations</H2>
<P>
YEAR ENDED MARCH 31, 2000</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Investment Income:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Dividends (net of foreign taxes withheld of $74,657)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>56,221,606</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Interest</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>8,823,954</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="8">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
TOTAL INCOME</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>65,045,560</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="8">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Expenses:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Investment adviser fee</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>16,451,977</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Administrative personnel and services fee</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2,066,529</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Custodian fees</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>145,461</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Transfer and dividend disbursing agent fees and expenses</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2,823,152</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Directors'/Trustees' fees</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>25,755</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Auditing fees</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>35,199</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Legal fees</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>9,855</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Portfolio accounting fees</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>270,541</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Distribution services fee--Class B Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>10,287,538</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Distribution services fee--Class C Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1,596,143</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Distribution services fee--Class F Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>336,517</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Shareholder services fee--Class A Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2,557,247</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Shareholder services fee--Class B Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>3,429,179</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Shareholder services fee--Class C Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>532,048</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Shareholder services fee--Class F Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>336,517</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Share registration costs</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>270,634</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Printing and postage</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>813,800</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Insurance premiums</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>6,913</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Taxes</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>240,289</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Miscellaneous</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>59,348</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="8">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
TOTAL EXPENSES</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>42,294,642</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="8">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Expense Reductions:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Fees paid indirectly</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(100,541</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="8">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net expenses</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>42,194,101</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="8">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net investment income</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>22,851,459</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="8">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Realized and Unrealized Gain on Investments and Options: </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net realized gain on investments and options</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>58,751,250</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net change in unrealized appreciation of investments </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>487,869,372</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="8">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net realized and unrealized gain on investments and options</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>546,620,622</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="8">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Change in net assets resulting from operations</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>569,472,081</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="8">
<P>
<HR>
</TD>
</TR>
</TABLE>
<P>
See Notes which are an integral part of the Financial Statements</P>
<H2>
Statement of Changes in Net Assets</H2>
<P>
</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Year Ended March 31</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>2000</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>1999</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Increase (Decrease) in Net Assets</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Operations:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net investment income</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>22,851,459</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>28,050,464</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net realized gain on investments and options ($58,751,250 and $111,806,575,
respectively, as computed for federal tax purposes)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>58,751,250</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>108,542,891</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net change in unrealized appreciation</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>487,869,372</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>87,508,735</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="9">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>569,472,081</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>224,102,090</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="9">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Distributions to Shareholders</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Distributions from Net Investment Income:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class A Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(13,251,531</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(14,024,460</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class B Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(7,475,294</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(10,000,327</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class C Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1,160,417</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1,601,048</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class F Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1,400,523</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1,687,126</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Distributions from Net Realized Gains:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class A Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(53,417</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(55,192,484</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class B Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(72,048</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(71,665,319</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class C Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(11,135</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(11,574,448</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class F Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(7,118</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(7,744,637</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="9">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> (23,431,483</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> (173,489,849</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="9">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Share Transactions:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Proceeds from sale of shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>635,435,912</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>787,808,257</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net asset value of shares issued to shareholders in payment of distributions
declared</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>19,470,805</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>150,407,994</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Cost of shares redeemed</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(598,000,099</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(593,698,284</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="9">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>56,906,618</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>344,517,967</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="9">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Change in net assets</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>602,947,216</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>395,130,208</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="9">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Net Assets:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Beginning of period</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2,519,060,923</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2,123,930,715</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="9">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
End of period (including undistributed net investment income of $292,006 and
$724,530, respectively) </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>3,122,008,139</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2,519,060,923</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="9">
<P>
<HR>
</TD>
</TR>
</TABLE>
<P>
See Notes which are an integral part of the Financial Statements</P>
<H2>
Financial Highlights--Class A Shares</H2>
<P>
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Year Ended March 31</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>2000</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>1999</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>1998</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>1997</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>1996</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Net Asset Value, Beginning of Period</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$19.49</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$19.14</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$15.59</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$14.26</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$11.50</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Income From Investment Operations:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net investment income</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.27</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.31</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.41</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.42</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.46</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net realized and unrealized gain on investments and options </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4.20</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.54</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4.41</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2.16</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2.96</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
TOTAL FROM INVESTMENT OPERATIONS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4.47</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.85</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4.82</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2.58</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>3.42</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Less Distributions:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Distributions from net investment income</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.27</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.30</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.40</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.41</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.41</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Distributions from net realized gain on investments and options</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.00</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)<SUP>1</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1.20</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.87</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> (0.84</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> (0.25</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
TOTAL DISTRIBUTIONS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.27</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1.50</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1.27</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1.25</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.66</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Net Asset Value, End of Period</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$23.69</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$19.49</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$19.14</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$15.59</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$14.26</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Total Return<SUP>2</SUP></B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>23.14</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>10.18</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>31.80</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>18.82</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>30.37</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Ratios to Average Net Assets:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Expenses</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.10</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.11</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.09</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.08</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.03</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net investment income</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.28</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.66</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2.25</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2.68</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>3.19</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Expense waiver/reimbursement<SUP>3</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>--</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>--</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>--</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.04</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.20</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Supplemental Data:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net assets, end of period (000 omitted)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$1,187,734</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$932,544</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$809,103</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$431,281</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$220,268</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Portfolio turnover</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>58</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>69</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>69</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>75</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>96</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
</TABLE>
<P>
1 Distributions from net realized gain on investments are less than $0.001 per
share.</P>
<P>
2 Based on net asset value, which does not reflect the sales charge or contingent
deferred sales charge, if applicable.</P>
<P>
3 This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.</P>
<P>
See Notes which are an integral part of the Financial Statements</P>
<H2>
Financial Highlights--Class B Shares</H2>
<P>
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Year Ended March 31</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>2000</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>1999</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>1998</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>1997</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>1996</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Net Asset Value, Beginning of Period</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$19.49</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$19.15</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$15.59</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$14.26</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$11.50</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Income From Investment Operations:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net investment income</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.12</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.17</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.27</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.34</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.32</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><SUP>1</SUP></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net realized and unrealized gain on investments and options</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4.19</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.54</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4.42</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2.13</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>3.01</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
TOTAL FROM INVESTMENT OPERATIONS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4.31</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.71</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4.69</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2.47</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>3.33</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Less Distributions:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Distributions from net investment income</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.12</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.17</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.26</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.30</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.32</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Distributions from net realized gain on investments and options</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.00</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)<SUP>2</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1.20</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.87</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.84</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.25</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
TOTAL DISTRIBUTIONS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.12</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1.37</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1.13</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1.14</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.57</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Net Asset Value, End of Period</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$23.68</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$19.49</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$19.15</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$15.59</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$14.26</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Total Return<SUP>3</SUP></B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>22.18</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>9.32</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>30.90</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>17.92</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>29.40</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Ratios to Average Net Assets:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Expenses </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.85</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.86</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.84</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.87</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.83</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net investment income </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.53</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.91</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.50</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.85</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2.31</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Expense waiver/reimbursement<SUP>4</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>--</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>--</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>--</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>--</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.16</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Supplemental Data:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net assets, end of period (000 omitted)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$1,537,957</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$1,262,258</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$1,015,339</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$418,675</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$71,019</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Portfolio turnover</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>58</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>69</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>69</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>75</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>96</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
</TABLE>
<P>
1 Calculated using average outstanding shares.</P>
<P>
2 Distributions from net realized gain on investments are less than $0.001 per
share.</P>
<P>
3 Based on net asset value, which does not reflect the sales charge or contingent
deferred sales charge, if applicable.</P>
<P>
4 This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.</P>
<P>
See Notes which are an integral part of the Financial Statements</P>
<H2>
Financial Highlights--Class C Shares</H2>
<P>
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Year Ended March 31</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>2000</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>1999</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>1998</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>1997</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>1996</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Net Asset Value, Beginning of Period</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$19.50</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$19.15</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$15.59</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$14.26</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$11.50</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Income From Investment Operations:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net investment income</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.12</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.17</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.27</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.30</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.32</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net realized and unrealized gain on investments and options</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4.19</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.54</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4.42</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2.16</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>3.00</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
TOTAL FROM INVESTMENT OPERATIONS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4.31</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.71</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4.69</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2.46</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>3.32</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Less Distributions:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Distributions from net investment income</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.12</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.16</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.26</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.29</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.31</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Distributions from net realized gain on investments and options</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.00</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)<SUP>1</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1.20</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.87</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.84</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.25</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
TOTAL DISTRIBUTIONS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.12</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1.36</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1.13</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1.13</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.56</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Net Asset Value, End of Period</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$23.69</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$19.50</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$19.15</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$15.59</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$14.26</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Total Return<SUP>2</SUP></B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>22.17</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>9.37</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>30.90</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>17.90</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>29.39</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Ratios to Average Net Assets:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Expenses </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.85</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.86</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.84</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.87</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.80</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net investment income </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.53</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.91</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.50</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.89</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2.43</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Expense waiver/reimbursement<SUP>3</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>--</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>--</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>--</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>--</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.18</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Supplemental Data:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net assets, end of period (000 omitted)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$249,004</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$196,583</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$173,900</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$101,588</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$48,161</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Portfolio turnover</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>58</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>69</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>69</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>75</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>96</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
</TABLE>
<P>
1 Distributions from net realized gain on investments are less than $0.001 per
share.</P>
<P>
2 Based on net asset value, which does not reflect the sales charge or contingent
deferred sales charge, if applicable.</P>
<P>
3 This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.</P>
<P>
See Notes which are an integral part of the Financial Statements</P>
<H2>
Financial Highlights--Class F Shares</H2>
<P>
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Year Ended March 31</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>2000</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>1999</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>1998</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>1997</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>1996</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Net Asset Value, Beginning of Period</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$19.50</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$19.15</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$15.59</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$14.26</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$11.51</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Income From Investment Operations:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net investment income</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.22</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.27</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.36</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.38</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.39</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net realized and unrealized gain on investments and options</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4.20</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.54</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4.42</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2.16</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2.99</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
TOTAL FROM INVESTMENT OPERATIONS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4.42</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.81</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4.78</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2.54</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>3.38</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Less Distributions:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Distributions from net investment income</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.22</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.26</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.35</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.37</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.38</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Distributions from net realized gain on investments and options</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.00</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)<SUP>1</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1.20</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.87</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.84</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.25</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
TOTAL DISTRIBUTIONS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.22</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1.46</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1.22</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1.21</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(0.63</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Net Asset Value, End of Period</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$23.70</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$19.50</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$19.15</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$15.59</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>$14.26</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Total Return<SUP>2</SUP></B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>22.82</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>9.90</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>31.54</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>18.50</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>30.06</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Ratios to Average Net Assets:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Expenses </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.35</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.36</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.34</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.36</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.30</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net investment income </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.03</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1.41</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2.00</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2.41</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2.95</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Expense waiver/reimbursement<SUP>3</SUP></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>--</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>--</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>--</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.01</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>0.18</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<B>Supplemental Data:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Net assets, end of period (000 omitted)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$147,313</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$127,676</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$125,588</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$88,454</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$51,707</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Portfolio turnover</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>58</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>69</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>69</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>75</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>96</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="16">
<P>
<HR>
</TD>
</TR>
</TABLE>
<P>
1 Distributions from net realized gain on investments are less than $0.001 per
share.</P>
<P>
2 Based on net asset value, which does not reflect the sales charge or contingent
deferred sales charge, if applicable.</P>
<P>
3 This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.</P>
<P>
See Notes which are an integral part of the Financial Statements</P>
<H2>
Notes to Financial Statements</H2>
<P>
MARCH 31, 2000</P>
<H3>
ORGANIZATION</H3>
<P>
Federated Equity Income Fund, Inc. (the "Fund") is registered under the
Investment Company Act of 1940, as amended (the "Act"), as a diversified,
open-end management investment company. The Fund offers four classes of shares: Class
A Shares, Class B Shares, Class C Shares and Class F Shares. The investment objective
of the Fund is to provide above average income and capital appreciation.</P>
<H3>
SIGNIFICANT ACCOUNTING POLICIES</H3>
<P>
The following is a summary of significant accounting policies consistently followed
by the Fund in the preparation of its financial statements. These policies are in
conformity with generally accepted accounting principles.</P>
<H3>
Investment Valuations</H3>
<P>
U.S. government securities and listed corporate bonds are generally valued at the
mean of the latest bid and asked price as furnished by an independent pricing
service. Listed equity securities are valued at the last sale price reported on a
national securities exchange. Short-term securities are valued at the prices provided
by an independent pricing service. However, short-term securities with remaining
maturities of 60 days or less at the time of purchase may be valued at amortized
cost, which approximates fair market value.</P>
<H3>
Repurchase Agreements</H3>
<P>
It is the policy of the Fund to require the custodian bank to take possession, to
have legally segregated in the Federal Reserve Book Entry System, or to have
segregated within the custodian bank's vault, all securities held as collateral under
repurchase agreement transactions. Additionally, procedures have been established by
the Fund to monitor, on a daily basis, the market value of each repurchase
agreement's collateral to ensure that the value of collateral at least equals the
repurchase price to be paid under the repurchase agreement.</P>
<P>
The Fund will only enter into repurchase agreements with banks and other recognized
financial institutions, such as broker/dealers, which are deemed by the Fund's
adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or
established by the Board of Directors (the "Directors"). Risks may arise
from the potential inability of counterparties to honor the terms of the repurchase
agreement. Accordingly, the Fund could receive less than the repurchase price on the
sale of collateral securities. The Fund, along with other affiliated investment
companies, may utilize a joint trading account for the purpose of entering into one
or more repurchase agreements.</P>
<H3>
Investment Income, Expenses and Distributions</H3>
<P>
Interest income and expenses are accrued daily. Bond premium and discount, if
applicable, are amortized as required by the Internal Revenue Code, as amended (the
"Code"). Dividend income and distributions to shareholders are recorded on
the ex-dividend date. Non-cash dividends included in dividend income, if any, are
recorded at fair value. The Fund offers multiple classes of shares, which differ in
their respective distribution and service fees. All shareholders bear the common
expenses of the Fund based on average daily net assets of each class, without
distinction between share classes. Dividends are declared separately for each class.
No class has preferential dividend rights; differences in per share dividend rates
are generally due to differences in separate class expenses.</P>
<P>
Income and capital gain distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting principles. These
differences are primarily due to redesignation of short-term capital gains. The
following reclassifications have been made to the financial statements.</P>
<P>
</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="5">
<P>
<P ALIGN=CENTER><B>Increase (Decrease)</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Paid-In Capital</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>Accumulated <BR>
Net Realized <BR>
Gain/Loss</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>Undistributed <BR>
Net Investment <BR>
Income</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
$(2)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$(3,780)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$3,782</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="5">
<P>
<HR>
</TD>
</TR>
</TABLE>
<P>
Net investment income, net realized gains/losses, and net assets were not affected by
this reclassification.</P>
<H3>
Federal Taxes</H3>
<P>
It is the Fund's policy to comply with the provisions of the Code applicable to
regulated investment companies and to distribute to shareholders each year
substantially all of their income. Accordingly, no provision for federal tax is
necessary.</P>
<H3>
When-Issued and Delayed Delivery Transactions</H3>
<P>
The Fund may engage in when-issued or delayed delivery transactions. The Fund record
when-issued securities on the trade date and maintains security positions such that
sufficient liquid assets will be available to make payment for the securities
purchased. Securities purchased on a when-issued or delayed delivery basis are marked
to market daily and begin earning interest on the settlement date. Losses may occur
on these transactions due to changes in market conditions or the failure of
counterparties to perform under the contract.</P>
<H3>
Written Options Contracts</H3>
<P>
The Fund may write option contracts. A written option obligates the Fund to deliver a
call, or to receive a put, the contracted amount upon exercise by the holder of the
option. The value of the option contract is recorded as a liability and unrealized
gain or loss is measured by the difference between the current value and the premium
received. For the year ended March 31, 2000, the Fund had a realized gain of $665,276
on written options.</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Contract</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Number of <BR>
Contracts</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT><B>Premium</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Outstanding at 4/1/1999</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
--</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$ --</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="6">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Options written</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
7,704</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>718,401</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="6">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Options expired</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
(4,954)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(184,927</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="6">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Options closed</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
(2,750)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(533,474</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="6">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Outstanding at 3/31/2000</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
--</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$ --</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="6">
<P>
<HR>
</TD>
</TR>
</TABLE>
<H3>
Restricted Securities</H3>
<P>
Restricted securities are securities that may only be resold upon registration under
federal securities laws or in transactions exempt from such registration. In some
cases, the issuer of restricted securities has agreed to register such securities for
resale, at the issuer's expense either upon demand by the Funds or in connection with
another registered offering of the securities. Many restricted securities may be
resold in the secondary market in transactions exempt from registration. Such
restricted securities may be determined to be liquid under criteria established by
the Directors. The Funds will not incur any registration costs upon such resales. The
Fund's restricted securities are valued at the price provided by dealers in the
secondary market or, if no market prices are available, at the fair value as
determined by the Fund's pricing committee.</P>
<H3>
Use of Estimates</H3>
<P>
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the amounts of assets, liabilities, expenses and revenues reported in the
financial statements. Actual results could differ from those estimated.</P>
<H3>
Other</H3>
<P>
Investment transactions are accounted for on a trade date basis.</P>
<H3>
Capital Stock</H3>
<P>
At March 31, 2000, par value shares ($0.01 per share) authorized were as follows:</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Class Name</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Number of Par <BR>
Value Capital <BR>
Stock Authorized</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class A Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
500,000,000</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class B Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
500,000,000</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class C Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
500,000,000</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class F Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
500,000,000</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
TOTAL</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
2,000,000,000</P>
</TD>
</TR>
</TABLE>
<P>
Transactions in capital stock were as follows:</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Year Ended March 31</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="6">
<P>
<P ALIGN=CENTER><B>2000</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="6">
<P>
<P ALIGN=CENTER><B>1999</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Class A Shares:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Shares</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Amount</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Shares</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Amount</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Shares sold</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>15,021,233</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>318,343,346</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>21,767,155</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>406,101,071</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Shares issued to shareholders in payment of distributions declared</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>497,805</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>10,478,847</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2,936,873</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>54,973,689</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Shares redeemed</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(13,231,903</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(278,196,704</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(19,130,595</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(357,132,484</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="15">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2,287,135</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>50,625,489</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>5,573,433</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>103,942,276</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="15">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Year Ended March 31</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="6">
<P>
<P ALIGN=CENTER><B>2000</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="6">
<P>
<P ALIGN=CENTER><B>1999</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Class B Shares:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Shares</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Amount</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Shares</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Amount</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Shares sold</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>11,948,065</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>252,530,751</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>17,509,578</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>328,972,142</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Shares issued to shareholders in payment of distributions declared</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>327,342</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>6,782,150</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>4,012,970</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>75,159,253</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Shares redeemed</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(12,091,056</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(256,016,227</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(9,797,991</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(182,568,198</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="15">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>184,351</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>3,296,674</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>11,724,557</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>221,563,197</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="15">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Year Ended March 31</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="6">
<P>
<P ALIGN=CENTER><B>2000</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="6">
<P>
<P ALIGN=CENTER><B>1999</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Class C Shares:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Shares</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Amount</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Shares</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Amount</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Shares sold</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2,437,090</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>52,658,032</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2,286,433</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>42,946,716</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Shares issued to shareholders in payment of distributions declared</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>49,180</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1,022,485</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>631,896</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>11,835,287</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Shares redeemed</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(2,059,476</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(43,608,232</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(1,918,480</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(35,676,015</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="15">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>426,794</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>10,072,285</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>999,849</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>19,105,988</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="15">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Year Ended March 31</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="6">
<P>
<P ALIGN=CENTER><B>2000</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="6">
<P>
<P ALIGN=CENTER><B>1999</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Class F Shares:</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Shares</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Amount</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Shares</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B>Amount</B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=CENTER><B> </B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Shares sold</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>556,478</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>11,903,783</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>518,698</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>9,788,328</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Shares issued to shareholders in payment of distributions declared</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>56,850</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1,187,323</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>450,360</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>8,439,765</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Shares redeemed</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(944,291</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(20,178,936</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(980,051</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(18,321,587</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="15">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
NET CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(330,963</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(7,087,830</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(10,993</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>(93,494</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT>)</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="15">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
NET CHANGE RESULTING FROM SHARE TRANSACTIONS</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>2,567,317</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>56,906,618</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>18,286,846</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>344,517,967</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="15">
<P>
<HR>
</TD>
</TR>
</TABLE>
<H3>
INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES</H3>
<H3>
Investment Adviser Fee</H3>
<P>
Federated Investment Management Company, the Fund's investment adviser (the
"Adviser"), receives for its services an annual investment adviser fee
equal to 0.60% of the Fund's average daily net assets.</P>
<P>
The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can
modify or terminate this voluntary waiver at any time at its sole discretion.</P>
<H3>
Administrative Fee</H3>
<P>
Federated Services Company ("FServ"), under the Administrative Services
Agreement, provides the Fund with administrative personnel and services. The fee paid
to FServ is based on a scale that ranges from 0.15% to 0.075% of the average
aggregate daily net assets of all funds advised by subsidiaries of Federated
Investors, Inc., subject to a $125,000 minimum per portfolio and $30,000 per each
additional class.</P>
<H3>
Distribution Services Fee</H3>
<P>
The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule
12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated
Securities Corp. ("FSC"), the principal distributor, from the net assets of
the Fund to finance activities intended to result in the sale of the Fund's Class A
Shares, Class B Shares, Class C Shares, and Class F Shares. The Plan provides that
the Fund may incur distribution expenses according to the following schedule
annually, to compensate FSC.</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Share Class </B></P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=LEFT><B>Percentage of Average <BR>
Daily Net Assets of Class</B></P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class A Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
0.50%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class B Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
0.75%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class C Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
0.75%</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Class F Shares</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
0.25%</P>
</TD>
</TR>
</TABLE>
<P>
For the year ended March 31, 2000, Class A Shares did not incur a distribution
services fee.</P>
<H3>
Shareholder Services Fee</H3>
<P>
Under the terms of a Shareholder Services Agreement with Federated Shareholder
Services Company ("FSSC"), the Funds will pay FSSC up to 0.25% of average
daily net assets of the Fund for the period. The fee paid to FSSC is used to finance
certain services for shareholders and to maintain shareholder accounts. FSSC may
voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this
voluntary waiver at any time at its sole discretion.</P>
<H3>
Transfer and Dividend Disbursing Agent Fees and Expenses</H3>
<P>
FServ, through its subsidiary, FSSC, serves as transfer and dividend disbursing agent
for the Fund. The fee paid to FSSC is based on the size, type, and number of accounts
and transactions made by shareholders.</P>
<H3>
Portfolio Accounting Fees</H3>
<P>
FServ maintains the Fund's accounting records for which it receives a fee. The fee is
based on the level of each Fund's average daily net assets for the period, plus
out-of-pocket expenses.</P>
<H3>
Expense Reduction</H3>
<P>
The Fund directs portfolio trades to a broker that in turn pays a portion of the
Fund's operating expenses. For the year ended March 31, 2000, the Fund's expenses
were reduced by $100,541 under these arrangements.</P>
<H3>
General</H3>
<P>
Certain of the Officers and Directors of the Fund are Officers and Directors or
Trustees of the above companies.</P>
<H3>
Investment Transactions</H3>
<P>
Purchases and sales of investments, excluding short-term securities (and in-kind
contributions), for the year ended March 31, 2000, were as follows:</P>
<TABLE CELLSPACING=0 CELLPADDING=1>
<TR>
<TD VALIGN="BOTTOM">
<P>
Purchases </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1,567,782,304</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="4">
<P>
<HR>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM">
<P>
Sales </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT> </P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>$</P>
</TD>
<TD VALIGN="BOTTOM">
<P>
<P ALIGN=RIGHT>1,561,990,354</P>
</TD>
</TR>
<TR>
<TD VALIGN="BOTTOM" ROWSPAN="1" COLSPAN="4">
<P>
<HR>
</TD>
</TR>
</TABLE>
<H2>
Report of Ernst & Young LLP, Independent Auditors</H2>
<P>
TO THE DIRECTORS AND SHAREHOLDERS OF<BR>
FEDERATED EQUITY INCOME FUND, INC.:</P>
<P>
We have audited the accompanying statement of assets and liabilities, including the
portfolio of investments, of Federated Equity Income Fund, Inc. (the
"Fund"), as of March 31, 2000, and the related statement of operations for
the year then ended, the statement of changes in net assets for each of the two years
in the period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an opinion
on these financial statements and financial highlights based on our audits.</P>
<P>
We conducted our audits in accordance with auditing standards generally accepted in
the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements.
Our procedures included confirmation of securities owned as of March 31, 2000, by
correspondence with the custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.</P>
<P>
In our opinion, the financial statements and financial highlights referred to above
present fairly, in all material respects, the financial position of the Federated
Equity Income Fund, Inc. at March 31, 2000, and the results of its operations for the
year then ended, the changes in its net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in the
period then ended, in conformity with accounting principles generally accepted in the
United States.</P>
<P>
<B>Ernst & Young LLP</B></P>
<P>
Boston, Massachusetts<BR>
May 15, 2000</P>
<H2>
Directors</H2>
<H3>
JOHN F. DONAHUE</H3>
<H3>
THOMAS G. BIGLEY</H3>
<H3>
JOHN T. CONROY, JR.</H3>
<H3>
NICHOLAS P. CONSTANTAKIS</H3>
<H3>
JOHN F. CUNNINGHAM</H3>
<H3>
J. CHRISTOPHER DONAHUE</H3>
<H3>
LAWRENCE D. ELLIS, M.D.</H3>
<H3>
PETER E. MADDEN</H3>
<H3>
CHARLES F. MANSFIELD, JR.</H3>
<H3>
JOHN E. MURRAY, JR., J.D., S.J.D.</H3>
<H3>
MARJORIE P. SMUTS</H3>
<H3>
JOHN S. WALSH</H3>
<H2>
Officers</H2>
<H3>
JOHN F. DONAHUE</H3>
<P>
Chairman</P>
<H3>
RICHARD B. FISHER</H3>
<P>
President</P>
<H3>
J. CHRISTOPHER DONAHUE</H3>
<P>
Executive Vice President</P>
<H3>
EDWARD C. GONZALES</H3>
<P>
Executive Vice President</P>
<H3>
JOHN W. MCGONIGLE</H3>
<P>
Executive Vice President and Secretary</P>
<H3>
RICHARD J. THOMAS</H3>
<P>
Treasurer</P>
<H3>
C. GRANT ANDERSON</H3>
<P>
Assistant Secretary</P>
<P>
Mutual funds are not bank deposits or obligations, are not guaranteed by any bank,
and are not insured or guaranteed by the U.S. government, the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other government agency.
Investment in mutual funds involves investment risk, including the possible loss of
principal.</P>
<P>
This report is authorized for distribution to prospective investors only when
preceded or accompanied by the fund's prospectus which contains facts concerning its
objective and policies, management fees, expenses and other information.</P>
<P>
<B>Federated<BR>World-Class Investment Manager</B></P><P><B>ANNUAL REPORT</B> </P>
<P>
AS OF MARCH 31, 2000</P>
<H2>
Federated Equity Income Fund, Inc.</H2>
<P>
Established 1986</P>
<H3>
14TH ANNUAL REPORT</H3>
<P>
<B>Federated</B><BR>Federated Equity Income Fund, Inc.<BR>Federated Investors
Funds<BR>5800 Corporate Drive<BR>Pittsburgh, PA
15237-7000<BR>1-800-341-7400<BR><B>www.federatedinvestors.com</B><BR>Federated
Securities Corp., Distributor </P>
<P>
Cusip 313915100<BR>
Cusip 313915209<BR>
Cusip 313915308<BR>
Cusip 313915407</P>
<P>
8042506 (5/00)</P>
<P>
Federated is a registered mark of Federated Investors, Inc. 2000 ©Federated
Investors, Inc.</P>
<P>
</P>
APPENDIX
A. The graphic representation here displayed entitled "Initial Investment,"
consists of a boxed legend in the upper left quadrant indicating the components
of the corresponding mountain chart. The lighter-shaded portion represents the
value of Reinvested Income for the Class A Shares of Federated Equity Income
Fund, Inc. (the "Fund"). The darker-shaded portion reflects the Principal Value
of a $14,000/1,313 Shares investment in the Fund. The color-coded mountain chart
is a visual representation of the narrative text above it, which shows that an
initial investment of $14,000 in the Fund on 12/30/86, would have a reinvested
total worth of $82,659/3,489 on 3/31/00. The "x" axis reflects computation
periods from 12/30/86 to 3/31/00. The right margin of the chart reflects the
ending values of a hypothetical investment of $14,000 in the Fund measured in
increments of $20,000 ranging from $0 to $100,000.
B. The graphic representation here displayed, entitled "One Step at a Time,"
consists of a boxed legend in the upper left quadrant indicating the components
of the corresponding mountain chart. The lighter-shaded portion represents the
value of Reinvested Income for the Class A Shares of Federated Equity Income
Fund, Inc. (the "Fund"). The darker-shaded portion reflects the Principal Value
of Annual $1,000 investments in the Fund (totaling $14,000 by 3/31/00). The
color-coded mountain chart is a visual representation of the narrative text
above it, which shows that $1,000 annual investments in the Class A Shares of
the Fund beginning on 12/30/86 would have a reinvested total value of
$46,763/1,974 shares on 3/31/00. The "x" axis reflects computation periods
from12/30/86 to 3/31/00. The right margin of the chart reflects the ending
values of a hypothetical annual investment of $1,000 in the Fund measured in
increments of $10,000 ranging from $0 to $50,000.
C. The graphic representation here displayed consists of a legend in the upper
left quadrant indicating the components of the corresponding mountain chart. The
lighter-shaded portion represents the value of Reinvested Income for the Class A
Shares of Federated Equity Income Fund, Inc. (the "Fund") the darker-shaded
portion represents the Principal Value of original and subsequent investments.
The color-coded mountain is a visual representation of the narrative text above
it, which shows that an original $5,000/436 Shares investment in the Fund and
additional investments of $250 every month for 10 years totaling $35,000 by
3/31/00 would have grown to a reinvested total value of $99,598/4,204 Shares on
3/31/00. The "x" axis reflects computation periods from 3/31/90 to 3/31/00. The
right margin of the chart reflects the ending values of a hypothetical original
investment of $5,000 and subsequent monthly investments of $250 in the Fund
measured in increments of $20,000 ranging from $0 to $120,000.
D. The graphic representation here displayed consists of a legend in the upper
left indicating the components of the corresponding line graph. Federated Equity
Income Fund, Inc. (Class A Shares) (the "Fund") is represented by a solid black
line. Standard & Poor's 500 Index (S&P 500) is represented by a dotted line.
Lipper Equity Income Fund Index (LEIFI) is represented by a broken line. The
line graph is a visual representation of a comparison of a change in value of a
hypothetical $10,000 investment in the Fund, the S&P 500, and the LEIFI. The "x"
axis reflects computation periods from 3/31/90 to 3/31/00. The "y" axis reflects
the cost of investment in $10,000 increments ranging from $0 to $60,000. The
right margin reflects the ending value of the hypothetical investment in the
Fund as compared to the S&P 500 and the LEIFI; the ending values are $47,393,
$56,102, and $34,811, respectively. Above the legend are the Average Annual
Total Returns for the one-year, five-year, ten-year, and Start of
Performance(12/30/86) for the period ended March 31, 2000; the Average Annual
Total Returns are 16.39%, 21.22%, 16.71 and 14.47%, respectively.
E. The graphic representation here displayed consists of a boxed legend in the
upper left indicating the components of the corresponding line graph. Federated
Equity Income Fund, Inc. (Class B Shares) (the "Fund") is represented by a solid
black line. Standard & Poor's 500 Index (S&P 500) is represented by a dotted
line. Lipper Equity Income Fund Index (LEIFI) is represented by a broken line.
The line graph is a visual representation of a comparison of a change in value
of a hypothetical $10,000 investment in the Fund, the S&P 500, and the LEIFI.
The "x" axis reflects computation periods from 9/27/94 to 3/31/00. The "y" axis
reflects the cost of investment in $10,000 increments ranging from $10,000
to$40,000. The right margin reflects the ending value of the hypothetical
investment in the Fund as compared to the S&P 500 and the LEIFI; the ending
values were $27,681, $37,821 and $23,127, respectively. Above the legend are
Average Annual Total Returns for the one-year, five-year and Start of
Performance (9/27/94) for the period ended March 31, 2000; the Average Annual
Total Returns are 16.68%, 21.50% and 20.30%, respectively.
F. The graphic representation here displayed consists of a boxed legend in the
upper left indicating the components of the corresponding line graph. Federated
Equity Income Fund, Inc. (Class C Shares) (the "Fund") is represented by a solid
black line. Standard & Poor's 500 Index (S&P 500) is represented by a dotted
line. Lipper Equity Income Fund Index (LEIFI) is represented by a broken line.
The line graph is a visual representation of a comparison of a change in value
of a hypothetical $10,000 investment in the Fund, the S&P 500, and the LEIFI. he
"x" axis reflects computation periods from 5/3/93 to 3/31/00. The "y" axis
reflects the cost of investment in $10,000 increments ranging from $10,000
to$40,000. The right margin reflects the ending value of the hypothetical
investment in the Fund as compared to the S&P 500 and the LEIFI; the ending
values are $30,312, $38,362, and $23,996, respectively. Above the legend are
Average Annual Total Returns for the one-year, five-year and Start of
Performance (5/3/93)for the period ended March 31, 2000; the Average Annual
Total Returns are 21.17%, 21.68%,and 17.41%, respectively.
G. The graphic representation here displayed consists of a boxed legend in the
upper left indicating the components of the corresponding line graph. Federated
Equity Income Fund, Inc. (Class F Shares) (the "Fund") is represented by a solid
black line. Standard & Poor's 500 Index (S&P 500) is represented by a dotted
line. Lipper Equity Income Fund Index (LEIFI) is represented by a broken line.
The line graph is a visual representation of a comparison of a change in value
of a hypothetical $10,000 investment in the Fund, the S&P 500, and the LEIFI.
The "x" axis reflects computation periods from 11/12/93 to 3/31/00. The "y" axis
reflects the cost of investment in $5,000 increments ranging from $5,000 to
$40,000. The right margin reflects the ending value of the hypothetical
investment in the Fund as compared to the S&P 500 and the LEIFI; the ending
values are $27,975, $38,362, and $23,996, respectively. Below the legend are
Average Annual Total Returns for the one-year, five-year and Start of
Performance (11/12/93) for the period ended March 31, 2000; the Average Annual
Total Returns are 20.59% and 22.05%, and 17.49%, respectively.
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