Year Ended December 31
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1999 1998 1997 1996 1995
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PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year $32.54 $28.51 $23.71 $21.36 $17.98
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Net investment income 0.37 0.45 0.43 0.52 0.50
Net realized gains and change
in unrealized appreciation and
other changes 9.82 5.68 6.33 3.55 4.54
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Total from investment operations 10.19 6.13 6.76 4.07 5.04
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Less distributions
Dividends from net
investment income (0.39) (0.45) (0.44) (0.52) (0.52)
Distributions from net
realized gains (2.06) (1.65) (1.52) (1.20) (1.14)
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Total distributions (2.45) (2.10) (1.96) (1.72) (1.66)
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Net asset value, end of year $40.28 $32.54 $28.51 $23.71 $21.36
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Per share market price, end of year $33.5625 $26.625 $24.1875 $19.75 $18.50
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TOTAL INVESTMENT RETURN
Based on market price 36.1% 19.3% 33.1% 16.4% 29.5%
Based on net asset value 33.6% 23.7% 30.7% 21.0% 29.9%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of year (in 000's) $2,170,802 $1,688,080 $1,424,170 $1,138,760 $986,231
Ratio of expenses to
average net assets 0.32% 0.22% 0.39% 0.34% 0.46%
Ratio of net investment income to
average net assets 1.06% 1.48% 1.61% 2.30% 2.51%
Portfolio turnover 15.94% 22.65% 17.36% 19.60% 23.98%
Number of shares outstanding at
end of year (in 000's) 53,895 51,877 49,949 48,037 46,166
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