*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 0.8%, respectively, of net assets. See Note F in Notes to Financial Statements.
(2)Securities with an aggregate value of $524,000 have been segregated as initial margin for open futures
contracts.
ADR--American Depositary Receipt.
2
3
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AMOUNT
(000)
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AT DECEMBER 31, 1999, NET ASSETS CONSISTED OF:
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Paid in Capital $11,098,092
Overdistributed Net Investment Income (5,864)
Accumulated Net Realized Losses--Note E (241,560)
Unrealized Appreciation--Note F
Investment Securities 4,833,610
Futures Contracts 272
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NET ASSETS $15,684,550
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Investor Shares--Net Assets
Applicable to 386,300,604 outstanding $.001
par value shares of beneficial interest
(unlimited authorization) $15,232,477
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NET ASSET VALUE PER SHARE--
INVESTOR SHARES $39.43
=====================================================================
Institutional Shares--Net Assets
Applica