*See Note A in Notes to Financial Statements.
-Non-Income-Producing Security.
(1) The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts.
After giving effect to futures investments, the fund's effective common stock and temporary cash investment
positions represent 100.0% and 8.4%, respectively, of net assets. See Note F in Notes to Financial Statements.
(2) Securities with an aggregate value of $3,490,000 have been segregated as initial margin for open futures
contracts.
REIT--Real Estate Investment Trust.
26
---------------------------------------------------------------
AT DECEMBER 31, 1999, NET ASSETS CONSISTED OF:
---------------------------------------------------------------
AMOUNT
(000)
---------------------------------------------------------------
Paid in Capital $ 3,321,031
Overdistributed Net Investment Income (1,812)
Accumulated Net Realized Gains 170,118
Unrealized Appreciation--Note F
Investment Securities 1,600,006
Futures Contracts 1,199
---------------------------------------------------------------
NET ASSETS $5,090,542
===============================================================
Investor Shares--Net Assets
Applicable to 113,859,565 outstanding $.001
par value shares of beneficial interest
(unlimited authorization) $4,221,022
---------------------------------------------------------------
NET ASSET VALUE PER SHARE--
INVESTOR SHARES $37.07
===============================================================
Institutional Shares--Net Assets
Applicable to 23,446,588 outstanding $.001
par value shares of beneficial interest
(unlimited au