Year Ended December 31
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1998 1997 1996 1995 1994
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PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year $28.51 $23.71 $21.36 $17.98 $19.78
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Net investment income 0.45 0.43 0.52 0.50 0.51
Net realized gains and change in unrealized
appreciation and other changes 5.68 6.33 3.55 4.54 (0.71)
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Total from investment operations 6.13 6.76 4.07 5.04 (0.20)
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Less distributions
Dividends from net investment income (0.45) (0.44) (0.52) (0.52) (0.50)
Distributions from net realized gains (1.65) (1.52) (1.20) (1.14) (1.10)
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Total distributions (2.10) (1.96) (1.72) (1.66) (1.60)
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Net asset value, end of year $32.54 $28.51 $23.71 $21.36 $17.98
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Per share market price, end of year $26.625 $24.1875 $19.75 $18.50 $15.625
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TOTAL INVESTMENT RETURN
Based on market price 19.3% 33.1% 16.4% 29.5% (3.7)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (in 000's) $1,688,080 $1,424,170 $1,138,760 $986,231 $798,298
Ratio of expenses to average net assets 0.22% 0.39% 0.34% 0.46% 0.33%
Ratio of net investment income to
average net assets 1.48% 1.61% 2.30% 2.51% 2.65%
Portfolio turnover 22.65% 17.36% 19.60% 23.98% 19.23%
Average brokerage commission rate $0.06 $0.06 $0.07 -- --
Number of shares outstanding at
end of year (in 000's) 51,877 49,949 48,037 46,166 44,390
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