-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SYM0MvZZFa0KC+ltpD9W8EfADV7Y9TgvMNXppUvHaxgoCUEPAz9NBhJA36lz2cmM BkAXaEJ++b2L0JVKj9Hj6g== 0000927016-01-501771.txt : 20010704 0000927016-01-501771.hdr.sgml : 20010704 ACCESSION NUMBER: 0000927016-01-501771 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010430 FILED AS OF DATE: 20010703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTH AMERICAN FUNDS CENTRAL INDEX KEY: 0000848103 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-05797 FILM NUMBER: 1674502 BUSINESS ADDRESS: STREET 1: NORTH AMERICAN FUNDS STREET 2: 286 CONGRESS ST CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 6172104520 MAIL ADDRESS: STREET 1: NORTH AMERICAN FUNDS STREET 2: 286 CONGRESS ST CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: NORTH AMERICAN SECURITY TRUST DATE OF NAME CHANGE: 19920703 N-30D 1 dn30d.txt NORTH AMERICAN SEMI-ANNUAL REPORT 2001 SEMI-ANNUAL REPORT NORTH AMERICAN FUNDS A specialized family of mutual funds managed by experts with your dreams in mind. APRIL 30, 2001 UNAUDITED FINANCIAL STATEMENTS AMERICAN GENERAL FINANCIAL GROUP NORTH AMERICAN FUNDS President's Message - -------------------------------------------------------------------------------- Dear Shareholders, While the market environment was difficult during the past six months, there appear to be some bright spots on the horizon. The six-month period ending April 30, 2001, concluded on an upbeat note for stocks. In addition, in January 2001, the Fed initiated a series of interest rate cuts that has reduced short- term interest rates by 2.5%, from 6.5% to the current 4%. This dramatic reduction in interest rates has helped to stabilize consumer confidence. We believe this should stimulate the economy in the second half of 2001. The last six months have reinforced some basic principles of investing. Bonds generally performed well throughout the first five months of the period, before giving up some ground. When stocks were struggling, bonds generally did well, and when stocks surged in April, bonds sold off. This is why asset allocation and diversification are such important strategies. By owning a blend of stocks and bonds, you could likely participate in positive returns. Different asset classes will be in favor at different times, and by dividing your investments between asset classes, you will participate in each upward movement while reducing your risk to assets that are temporarily out of favor. Another lesson of the last six months is the difficulty of timing the market. After declining through March, the equity markets staged a dramatic rebound in April. Market volatility has returned and investors need to remember that developing a diversified investment strategy and sticking with it is the key to successful long-term investing. Your financial advisor is an excellent resource to assist you in developing, or, if it already exists, re-assessing your financial plan to help you meet all your future needs. Why did bonds perform so well during the first five months of the period? And why did stocks make such a dramatic comeback in April? To understand these results, let's take a look at the economy during the period. The Economic Environment For much of the period, investors were concerned about declining corporate profits and diminishing economic growth. In addition, you'll recall that November and December was a time when the presidential election was undecided, and Wall Street dislikes this type of uncertainty. Moreover, the Federal Reserve Board, which had been instrumental in slowing the economy in 1999-2000, did not step forward in late 2000 to stimulate the economy by lowering interest rates. Finally, on January 3, 2001, the Fed announced a surprise half-point reduction in short-term interest rates that temporarily buoyed the markets. This was followed by another half-point rate cut at the end of January. However, the Fed sat on the sidelines until March, and this delay appeared to cause markets to sag further as economic reports continued gloomy. After a third rate cut in March, the Fed again surprised investors in April with an inter-meeting reduction in short-term interest rates. Meanwhile, preliminary data showed that first quarter economic growth was stronger than expected. Equity Markets During uncertain times, value-oriented stocks tend to outperform growth stocks as investors look for more conservative investments. Indeed, between November 1, 2000 and March 31, 2001, the first five months of the reporting period, value stocks performed well relative to their growth counterparts, with the Russell 1000 Value down about -5% versus -35% for its large growth counterpart, the Russell 1000 Growth. This trend carried through in the small company universe, with the Russell 2000 Value up nearly 10% while the Russell 2000 Growth was down almost -27%, reflecting investor preference for companies with unspectacular but steady profit growth. Meanwhile, growth stocks did not perform well until April, when investors became more confident that the Fed would act aggressively. During April, the S&P 500 Index rebounded 7.77% while the Russell 1000 Growth returned 12.65% and the Russell Midcap Growth returned 16.67%. i Fixed Income Markets For the first five months of the period, bonds performed extremely well as interest rates declined and stock market investors looked for alternative places to put their money. Governments, municipals, investment-grade and high yield corporate bonds all posted positive performance. In April, the reverse took place, as economic growth appeared firmer, interest rates backed up and investors returned to the stock market. Overall, however, the bond market produced excellent results for the six-month period, with the Lehman Brothers Aggregate Bond Index up 6.22%. Looking Forward In recent weeks the investment environment has improved. Since the beginning of 2001, the Federal Reserve Board has cut short-term interest rates and economic growth remains modest, but positive. Consumer sentiment is improving, and that's a crucial indicator for the rest of 2001. However, corporate profits are still relatively weak, particularly in the technology sector. The nation's energy situation is a major concern, particularly as we enter the summer. A New Partnership We are pleased to announce that on May 11, 2001, American General Corporation, the parent company of North American Funds, entered into an Agreement and Plan of Merger with American International Group, Inc. (AIG), one of the world's leading financial services organizations. As a result of this transaction, American General Corporation will become a wholly-owned indirect subsidiary of AIG. It is currently anticipated that this transaction, which is subject to approval by American General Corporation and AIG shareholders, regulatory approval and other conditions, will close in the third quarter of 2001. Through the combined organization, we look to further enhance our ability to deliver high quality products and services to meet the needs of our clients. If you have any questions about your mutual funds, please call us at 800-872- 8037. You can also obtain up-to-date information on any North American Fund, including performance, daily pricing and other data by going to our website at www.northamericanfunds.com. We appreciate your continued investment in North American Funds. Sincerely, /s/ Alice T. Kane Alice T. Kane Chairman and President North American Funds ii NORTH AMERICAN FUNDS INDEX TO SEMI-ANNUAL REPORT - --------------------------------------------------------------------------------
Page ---- Statements of Assets and Liabilities....................................... 1 Statements of Operations................................................... 11 Statements of Changes in Net Assets........................................ 16 Financial Highlights....................................................... 24 Portfolio of Investments Growth & Income Fund..................................................... 63 Large Cap Growth Fund.................................................... 64 Mid Cap Growth Fund...................................................... 66 Mid Cap Value Fund....................................................... 68 Science & Technology Fund................................................ 69 Small Cap Growth Fund.................................................... 70 Small Cap Index Fund..................................................... 72 Socially Responsible Fund................................................ 91 Stock Index Fund......................................................... 94 Global Equity Fund....................................................... 100 International Equity Fund................................................ 102 International Small Cap Fund............................................. 108 Balanced Fund............................................................ 111 Core Bond Fund........................................................... 113 High Yield Bond Fund..................................................... 116 Municipal Bond Fund...................................................... 120 Strategic Income Fund.................................................... 122 U.S. Government Securities Fund.......................................... 125 Money Market Fund........................................................ 126 Municipal Money Market Fund.............................................. 128 Aggressive Growth LifeStyle Fund......................................... 129 Moderate Growth LifeStyle Fund........................................... 129 Conservative Growth LifeStyle Fund....................................... 129 Notes to Financial Statements.............................................. 131
iii NORTH AMERICAN FUNDS STATEMENT OF ASSETS AND LIABILITIES - APRIL 30, 2001 (Unaudited) - --------------------------------------------------------------------------------
Science & Growth & Large Cap Mid Cap Mid Cap Technology Income Fund Growth Fund Growth Fund Value Fund Fund ------------- ------------ ------------ ------------ ------------ ASSETS: - ------- Investments in securities, at value* (See accompanying Portfolio of Investments)........... $267,746,242 $59,935,770 $51,363,951 $30,129,320 $18,835,867 Cash.................... 462 9,425 494 741 Foreign currency (Cost: $568).................. - - 578 - - Investment in State Street Bank & Trust Company Navigator Securities Lending Trust held as collateral for securities on loan, at value (Note 2)......... 1,502,815 2,192,493 10,635,388 - - Receivables: Investments sold....... 649,376 955,102 171,925 549,480 71,490 Fund shares sold....... 146,522 22,818 34,638 47,559 77,553 Dividends.............. 167,364 18,212 4,420 12,542 200 Interest............... - 471 39 172 998 Foreign tax withholding reclaims.............. - 101 - - - From adviser........... - - - - 17,344 Other assets............ 112,562 232,700 155,144 97,067 126,058 ------------- ------------ ------------ ------------ ------------ Total assets.......... 270,324,881 63,358,129 62,375,508 30,836,634 19,130,251 ------------- ------------ ------------ ------------ ------------ LIABILITIES: - ------------ Payables: Investments purchased.. 615,674 760,989 - 385,788 84,871 Fund shares redeemed... 193,389 162,767 35,912 123 12,461 Investment adviser..... 143,551 2,369 10,475 15,978 - Custodian and transfer agent fees............ 72,163 2,685 2,170 1,318 757 Securities lending..... 1,502,815 2,192,493 10,635,388 - - Distribution fee....... 192,304 34,292 29,561 14,546 11,539 Due to custodian....... 40,371 - - - - Other accrued expenses. 190,168 - - - - ------------- ------------ ------------ ------------ ------------ Total liabilities..... 2,950,435 3,155,595 10,713,506 417,753 109,628 ------------- ------------ ------------ ------------ ------------ NET ASSETS.............. $267,374,446 $60,202,534 $51,662,002 $30,418,881 $19,020,623 ------------- ------------ ------------ ------------ ------------ NET ASSETS CONSIST OF: - ---------------------- Undistributed net investment income (loss) (Note 2)....... ($1,099,297) ($250,216) ($468,682) ($75,095) ($114,657) Accumulated undistributed net realized gain (loss) on investments, foreign currency and forward foreign currency contracts.... 476,881 (23,194,934) (5,587,337) 1,441,395 (7,166,750) Unrealized appreciation (depreciation) on: Investments............ 44,041,639 (1,957,161) (13,175,005) 2,514,774 (4,834,952) Foreign currency and forward foreign currency contracts.... - (14) 10 - - Capital shares at par value of $.001 (Note 3).................... 12,646 4,792 4,491 2,200 3,851 Additional paid-in capital............... 223,942,577 85,600,067 70,888,525 26,535,607 31,133,131 ------------- ------------ ------------ ------------ ------------ Net assets............ $267,374,446 $60,202,534 $51,662,002 $30,418,881 $19,020,623 ------------- ------------ ------------ ------------ ------------ *Investments in securities, at identified cost (Note 2)..................... $223,704,603 $61,892,931 $64,538,956 $27,614,546 $23,670,819 ------------- ------------ ------------ ------------ ------------
The accompanying notes are an integral part of the financial statements. 1 NORTH AMERICAN FUNDS STATEMENT OF ASSETS AND LIABILITIES continued - APRIL 30, 2001 (Unaudited) - --------------------------------------------------------------------------------
Science & Growth & Large Cap Mid Cap Mid Cap Technology Income Fund Growth Fund Growth Fund Value Fund Fund ------------ ----------- ----------- ----------- ----------- NET ASSET VALUES: Class A Shares Net assets at value.... $44,758,441 $7,156,764 $8,556,679 $3,652,499 $3,887,416 Shares outstanding..... 2,069,609 556,476 719,041 260,542 779,767 Net asset value (NAV) and redemption price per share.............. $21.63 $12.86 $11.90 $14.02 $4.99 ------ ------ ------ ------ ------ Public offering price per share (100/94.25 of NAV) On sales of $100,000 or more the offering price is reduced............. $22.95 $13.64 $12.63 $14.88 $5.29 ------ ------ ------ ------ ------ Class B Shares Net assets at value.... $80,206,666 $24,118,505 $20,367,030 $10,323,022 $13,463,381 Shares outstanding..... 3,829,692 1,953,044 1,804,971 755,803 2,726,669 Net asset value, offering price and redemption price per share.................. $20.94 $12.35 $11.28 $13.66 $4.94 ------ ------ ------ ------ ------ Class C Shares Net assets at value.... $130,663,713 $12,099,090 $13,738,017 $4,471,817 $1,336,929 Shares outstanding..... 6,205,320 980,477 1,215,003 328,483 277,392 Net asset value, offering price and redemption price per share.................. $21.06 $12.34 $11.31 $13.61 $4.82 ------ ------ ------ ------ ------ Class I Shares Net assets at value.... $11,745,626 $16,828,175 $9,000,276 $11,971,543 $332,897 Shares outstanding..... 541,405 1,300,671 752,264 855,550 66,676 Net asset value, offering price and redemption price per share.................. $21.69 $12.94 $11.96 $13.99 $4.99 ------ ------ ------ ------ ------
The accompanying notes are an integral part of the financial statements. 2 NORTH AMERICAN FUNDS STATEMENT OF ASSETS AND LIABILITIES continued - APRIL 30, 2001 (Unaudited) - --------------------------------------------------------------------------------
Socially Small Cap Small Cap Responsible Stock Index Global Growth Fund Index Fund Fund Fund Equity Fund ------------ ------------ ------------ ------------ ------------ ASSETS: - ------- Investments in securities, at value* (Includes a repurchase agreement of $2,818,000 in the Global Equity Fund) (See accompanying Portfolio of Investments)........... $33,558,283 $8,404,851 $10,566,586 $34,321,813 $24,566,584 Receivable for forward foreign currency contracts to sell (Notes 2 and 8)........ - - - - 63,778 Cash.................... 806 380 13 678 909 Investment in State Street Bank & Trust Company Navigator Securities Lending Trust held as collateral for securities on loan, at value (Note 2)......... 8,496,602 - - - 3,678,391 Unamortized organization costs.................. 10,985 - - - - Receivables: Investments sold....... 508,557 10,302 - - 198,283 Fund shares sold....... 25,254 100 41,623 1,000 2,126 Dividends.............. - 4,104 7,279 21,236 36,166 Interest............... 146 70 88 343 359 Foreign tax withholding reclaims.............. - - - 15,768 From adviser........... 1,731 2,086 3,133 15,738 - Other assets............ 191,923 50,989 31,024 131,456 14,190 ------------ ------------ ------------ ------------ ------------ Total assets.......... 42,794,287 8,472,882 10,649,746 34,492,264 28,576,554 ------------ ------------ ------------ ------------ ------------ LIABILITIES: - ------------ Forward foreign currency contracts to sell, at value (Cost: $63,778) (Notes 2 and 7)............... - - - - 63,392 Variation margin payable for open futures contracts.............. - 1,200 2,940 10,500 - Payables: Investments purchased.. 182,832 45,498 - 1,518 201,317 Fund shares redeemed... - - - - 33,978 Dividend and interest withholding tax....... - - - - 8,126 Investment adviser..... - - - - 10,260 Custodian and transfer agent fees............ 1,443 362 465 1,498 3,207 Due to custodian....... - - - - 74,377 Securities lending..... 8,496,602 - - - 3,678,391 Distribution fee....... 15,817 4,707 4,221 22,513 15,807 Other accrued expenses. - 1,506 - - - ------------ ------------ ------------ ------------ ------------ Total liabilities..... 8,696,694 53,273 7,626 36,029 4,088,855 ------------ ------------ ------------ ------------ ------------ NET ASSETS.............. $34,097,593 $8,419,609 $10,642,120 $34,456,235 $24,487,699 ------------ ------------ ------------ ------------ ------------ NET ASSETS CONSIST OF: - ---------------------- Undistributed net investment income (loss) (Note 2)....... ($172,738) $6,510 ($173,900) $6,773 ($222,152) Accumulated undistributed net realized gain (loss) on investments, foreign currency and forward foreign currency contracts.... (5,523,813) (55,802) (463,365) (602,039) (8,713,209) Unrealized appreciation (depreciation) on: Investments............ (1,022,442) (628,087) (299,168) (2,001,606) (897,225) Futures contracts...... - 11,075 6,985 95,830 - Foreign currency and forward foreign currency contracts.... - - - - (2,761) Capital shares at par value of $.001 (Note 3).................... 2,501 894 1,050 3,129 2,836 Additional paid-in capital............... 40,814,085 9,085,019 11,570,518 36,954,148 34,320,210 ------------ ------------ ------------ ------------ ------------ Net assets............ $34,097,593 $8,419,609 $10,642,120 $34,456,235 $24,487,699 ------------ ------------ ------------ ------------ ------------ *Investments in securities, at identified cost (Note 2)..................... $34,580,725 $9,032,938 $10,865,754 $36,323,419 $25,463,809 ------------ ------------ ------------ ------------ ------------
The accompanying notes are an integral part of the financial statements. 3 NORTH AMERICAN FUNDS STATEMENT OF ASSETS AND LIABILITIES continued - APRIL 30, 2001 (Unaudited) - --------------------------------------------------------------------------------
Socially Small Cap Small Cap Responsible Stock Index Global Growth Fund Index Fund Fund Fund Equity Fund ----------- ---------- ----------- ----------- ----------- NET ASSET VALUES: - ----------------- Class A Shares Net assets at value.... $6,010,061 $3,496,552 $1,690,603 $8,374,116 $6,020,969 Shares outstanding..... 434,662 370,719 163,501 758,061 683,465 Net asset value (NAV) and redemption price per share.............. $13.83 $9.43 $10.34 $11.05 $8.81 ------ ----- ------ ------ ----- Public offering price per share (100/94.25 of NAV) On sales of $100,000 or more the offering price is reduced...... $14.67 $10.01 $10.97 $11.72 $9.35 ------ ------ ------ ------ ----- Class B Shares Net assets at value.... $13,129,968 $4,822,562 $3,407,777 $24,812,313 $5,858,867 Shares outstanding..... 981,464 513,409 331,321 2,254,865 684,919 Net asset value, offering price and redemption price per share.................. $13.38 $9.39 $10.29 $11.00 $8.55 ------ ----- ------ ------ ----- Class C Shares Net assets at value.... $2,720,243 $100,495 $55,263 $1,269,806 $12,607,863 Shares outstanding..... 203,251 10,560 5,288 116,080 1,467,680 Net asset value, offering price and redemption price per share.................. $13.38 $9.52 $10.45 $10.94 $8.59 ------ ----- ------ ------ ----- Class I Shares Net assets at value.... $12,237,321 $5,488,477 Shares outstanding..... 882,940 550,616 Net asset value, offering price and redemption price per share.................. $13.86 $9.97 ------ -----
The accompanying notes are an integral part of the financial statements. 4 NORTH AMERICAN FUNDS STATEMENT OF ASSETS AND LIABILITIES continued - APRIL 30, 2001 (Unaudited) - --------------------------------------------------------------------------------
International International Small Cap Core High Yield Equity Fund Fund Balanced Fund Bond Fund Bond Fund ------------- ------------- ------------- ------------- ------------- ASSETS: - ------- Investments in securities, at value* (Includes a repurchase agreement of $5,528,000 in the International Equity Fund) (See accompanying Portfolio of Investments)........ $46,164,549 $18,499,385 $56,472,318 $457,297,981 $69,222,929 Receivable for forward foreign currency contracts to sell (Notes 2 and 8)........ 7,700,821 1,137,588 - - - Forward foreign currency contracts to buy, at value (Cost: $8,238,696 and $925,599, respectively).......... 8,210,288 919,273 - - - Cash.................... 191 860 154 871 820 Foreign currency (Cost:: $89,602, $125,163 and $209,461).............. 87,738 125,144 208,261 - - Investment in State Street Bank & Trust Company Navigator Securities Lending Trust held as collateral for securities on loan, at value (Note 2)......... 10,361,917 - - 27,751,505 - Variation margin receivable for open futures contracts...... 123,092 - - - - Receivables: Investments sold....... 7,192 1,147,898 86,323 21,396,034 623,368 Fund shares sold....... 6,843 176,844 17,412 14,201 1,000 Dividends.............. 131,124 51,080 24,484 - - Interest............... 699 1,344 305,274 4,378,068 1,839,049 Foreign tax withholding reclaims.............. 32,811 8,784 4,277 - 952 Other assets............ 185,910 366,833 56,218 156,640 115,081 ------------- ------------- ------------- ------------- ------------- Total assets.......... 73,013,175 22,435,033 57,174,721 510,995,300 71,803,199 ------------- ------------- ------------- ------------- ------------- LIABILITIES: - ------------ Forward foreign currency contracts to sell, at value (Cost: $7,700,821 and $1,137,588) (Notes 2 and 7)............... 7,462,013 1,132,499 - - - Payables: Forward foreign currency contracts to buy (Notes 2 and 7)... 8,238,696 925,599 - - - Investments purchased.. 5,559 1,114,124 440,213 125,524,820 2,838,241 Fund shares redeemed... 2,762 3,357 8,927 68 - Dividends.............. - - - 1,699,579 647,245 Dividend and interest withholding tax....... 16,865 3,977 1,016 7,755 - Investment adviser..... 17,464 900 39,175 203,505 46,758 Custodian and transfer agent fees............ 7,203 34,914 11,683 16,448 3,148 Securities lending..... 10,361,917 - - 27,751,505 - Distribution fee....... 21,137 12,674 35,175 11,909 3,643 Other accrued expenses. - - 9,111 55,052 11,786 ------------- ------------- ------------- ------------- ------------- Total liabilities..... 26,133,616 3,228,044 545,300 155,270,641 3,550,821 ------------- ------------- ------------- ------------- ------------- NET ASSETS.............. $46,879,559 $19,206,989 $56,629,421 $355,724,659 $68,252,378 ------------- ------------- ------------- ------------- ------------- NET ASSETS CONSIST OF: - ---------------------- Undistributed net investment income (loss) (Note 2)....... ($5,712) ($97,437) $321,956 ($617,045) $79,864 Accumulated undistributed net realized gain (loss) on investments, foreign currency and forward foreign currency contracts.... (1,472,363) (7,022,058) (6,079,422) (15,152,738) (8,029,798) Unrealized appreciation (depreciation) on: Investments............ (4,509,966) 582,970 (234,366) 1,648,744 (6,240,569) Futures contracts...... (52,604) - - - - Foreign currency and forward foreign currency contracts.... 205,807 (4,082) (1,890) - - Capital shares at par value of $.001 (Note 3).................... 5,648 1,471 6,757 35,978 8,501 Additional paid-in capital............... 52,708,749 25,746,125 62,616,386 369,809,720 82,434,380 ------------- ------------- ------------- ------------- ------------- Net assets............ $46,879,559 $19,206,989 $56,629,421 $355,724,659 $68,252,378 ------------- ------------- ------------- ------------- ------------- *Investments in securities, at identified cost (Note 2)............... $50,674,515 $17,916,415 $56,706,684 $455,649,237 $75,463,498 ------------- ------------- ------------- ------------- -------------
The accompanying notes are an integral part of the financial statements. 5 NORTH AMERICAN FUNDS STATEMENT OF ASSETS AND LIABILITIES continued - APRIL 30, 2001 (Unaudited) - --------------------------------------------------------------------------------
International International Core Equity Small Cap Balanced Bond High Yield Fund Fund Fund Fund Bond Fund ------------- ------------- ----------- ------------ ----------- NET ASSET VALUES: - ----------------- Class A Shares Net assets at value.... $9,488,858 $4,974,607 $7,818,805 $4,515,465 $568,525 Shares outstanding..... 1,133,053 367,822 937,353 457,086 70,501 Net asset value (NAV) and redemption price per share.............. $8.37 $13.52 $8.34 $9.88 $8.06 ----- ------ ----- ----- ----- Public offering price per share (100/94.25 of NAV for Equity funds, 100/95.25 of NAV for Bond Funds) On sales of $100,000 or more the offering price is reduced................ $8.88 $14.34 $8.85 $10.37 $8.46 ----- ------ ----- ------ ----- Class B Shares Net assets at value.... $14,225,983 $8,182,070 $12,890,220 $4,249,519 $2,723,905 Shares outstanding..... 1,734,548 635,049 1,549,692 430,487 338,497 Net asset value, offering price and redemption price per share.................. $8.20 $12.88 $8.32 $9.87 $8.05 ----- ------ ----- ----- ----- Class C Shares Net assets at value.... $3,772,697 $6,050,312 $30,519,520 $3,013,782 $1,049,415 Shares outstanding..... 461,350 467,502 3,622,705 305,287 130,417 Net asset value, offering price and redemption price per share.................. $8.18 $12.94 $8.42 $9.87 $8.05 ----- ------ ----- ----- ----- Class I Shares Net assets at value.... $19,392,021 $5,400,876 $22,083,376 $2,241,908 Shares outstanding..... 2,319,337 647,004 2,227,897 278,741 Net asset value, offering price and redemption price per share.................. $8.36 $8.35 $9.91 $8.04 ----- ----- ----- ----- Class II Shares Net assets at value.... $321,862,517 $61,668,625 Shares outstanding..... 32,558,483 7,682,654 Net asset value, offering price and redemption price per share.................. $9.89 $8.03 ----- -----
The accompanying notes are an integral part of the financial statements. 6 NORTH AMERICAN FUNDS STATEMENT OF ASSETS AND LIABILITIES continued - APRIL 30, 2001 (Unaudited) - --------------------------------------------------------------------------------
U. S. Government Municipal Municipal Strategic Securities Money Market Money Market Bond Fund Income Fund Fund Fund Fund ------------ ------------ ------------ ------------ ------------ ASSETS: - ------- Investments in securities, at value* (Includes a repurchase agreement of $9,296,000 in the U.S. Government Securities Fund) (See accompanying Portfolio of Investments)........ $22,006,324 $33,812,285 $59,934,838 $51,640,088 $7,047,986 Foreign currency (Cost: $6,170)................ - 6,100 - - - Investment in State Street Bank & Trust Company Navigator Securities Lending Trust held as collateral for securities on loan, at value (Note 2)...... - 2,010,158 - - - Receivables: Investments sold....... 1,719,119 1,409,814 12,982,376 - - Fund shares sold....... 5 2,166 290 - 4 Dividends.............. - 867 - - - Interest............... 250,631 719,059 491,823 121,802 28,400 Foreign tax withholding reclaims.............. - 8,717 - - - From adviser........... - - - - 4,947 Other assets............ 42,506 30,601 40,958 147,471 33,295 ------------ ------------ ------------ ------------ ------------ Total assets.......... 24,018,585 37,999,767 73,450,285 51,909,361 7,114,632 ------------ ------------ ------------ ------------ ------------ LIABILITIES: - ------------ Payables: Investments purchased.. 3,776,448 761,544 25,325,059 1,002,941 - Fund shares redeemed... - 32,536 99,986 58,013 - Dividends.............. 63,616 142,321 431,520 179,414 2,781 Investment adviser..... 4,945 17,398 22,660 4,028 - Custodian and transfer agent fees............ 939 5,592 2,273 5,188 330 Securities lending..... - 2,010,158 - - - Distribution fee....... 10,821 24,190 23,999 - - Due to custodian....... - 460,751 57,126 4,059 - Other accrued expenses. 334 65,407 10,875 6,011 - ------------ ------------ ------------ ------------ ------------ Total liabilities..... 3,857,103 3,519,897 25,973,498 1,259,654 3,111 ------------ ------------ ------------ ------------ ------------ NET ASSETS.............. $20,161,482 $34,479,870 $47,476,787 $50,649,707 $7,111,521 ------------ ------------ ------------ ------------ ------------ NET ASSETS CONSIST OF: - ---------------------- Undistributed net investment income (loss) (Note 2)....... - $32,503 ($482,453) - - Accumulated undistributed net realized gain (loss) on investments, foreign currency and forward foreign currency contracts.... ($307,100) (8,261,519) (2,237,312) $168 $6,100 Unrealized appreciation (depreciation) on: Investments............ 151,219 (2,259,785) 90,375 - - Foreign currency and forward foreign currency contracts.... - (1,556) - - - Capital shares at par value of $.001 (Note 3).................... 2,056 4,373 4,876 50,649 7,106 Additional paid-in capital............... 20,315,307 44,965,854 50,101,301 50,598,890 7,098,315 ------------ ------------ ------------ ------------ ------------ Net assets............ $20,161,482 $34,479,870 $47,476,787 $50,649,707 $7,111,521 ------------ ------------ ------------ ------------ ------------ *Investments in securities, at identified cost (Note 2)..................... $21,855,105 $36,072,070 $59,844,463 $51,640,088 $7,047,986 ------------ ------------ ------------ ------------ ------------
The accompanying notes are an integral part of the financial statements. 7 NORTH AMERICAN FUNDS STATEMENT OF ASSETS AND LIABILITIES continued - APRIL 30, 2001 (Unaudited) - --------------------------------------------------------------------------------
U. S. Municipal Government Money Municipal Strategic Securities Money Market Bond Fund Income Fund Fund Market Fund Fund ---------- ----------- ----------- ----------- ---------- NET ASSET VALUES: - ----------------- Class A Shares Net assets at value.... $8,485,073 $7,513,565 $31,156,765 $26,124,221 $4,283,016 Shares outstanding..... 865,697 953,134 3,200,084 26,123,508 4,279,307 Net asset value (NAV) and redemption price per share.............. $9.80 $7.88 $9.74 $1.00 $1.00 ----- ----- ----- ----- ----- Public offering price per share (100/95.25 of NAV) On sales of $100,000 or more the offering price is reduced................ $10.29 $8.27 $10.23 ------ ----- ------ Class B Shares Net assets at value.... $7,709,726 $12,227,375 $9,670,703 $9,869,751 $2,697,776 Shares outstanding..... 785,858 1,550,802 993,290 9,869,522 2,695,468 Net asset value, offering price and redemption price per share.................. $9.81 $7.88 $9.74 $1.00 $1.00 ----- ----- ----- ----- ----- Class C Shares Net assets at value.... $3,966,683 $12,037,139 $6,649,319 $7,761,411 $130,729 Shares outstanding..... 404,335 1,526,663 682,935 7,760,808 130,646 Net asset value, offering price and redemption price per share.................. $9.81 $7.88 $9.74 $1.00 $1.00 ----- ----- ----- ----- ----- Class I Shares Net assets at value.... $2,701,791 $6,894,324 Shares outstanding..... 342,235 6,895,384 Net asset value, offering price and redemption price per share.................. $7.89 $1.00 ----- -----
The accompanying notes are an integral part of the financial statements. 8 NORTH AMERICAN FUNDS STATEMENT OF ASSETS AND LIABILITIES continued - APRIL 30, 2001 (Unaudited) - --------------------------------------------------------------------------------
Aggressive Moderate Conservative Growth Growth Growth LifeStyle LifeStyle LifeStyle Fund Fund Fund ------------ ------------ ------------ ASSETS: - ------- Investments in securities, at value* (See accompanying Portfolio of Investments)........................... $23,120,306 $25,814,013 $19,001,169 Cash.................................... 19,504 66,958 48,428 Receivables: Fund shares sold....................... 73,715 4,000 - Dividends.............................. 9,982 45,322 51,582 Other assets............................ 24,201 30,106 19,951 ------------ ------------ ------------ Total assets.......................... 23,247,708 25,960,399 19,121,130 ------------ ------------ ------------ LIABILITIES: - ------------ Payables: Fund shares redeemed................... - 369 - Investment adviser..................... 1,624 1,876 1,437 Distribution fee....................... 10,018 10,502 8,278 ------------ ------------ ------------ Total liabilities..................... 11,642 12,747 9,715 ------------ ------------ ------------ NET ASSETS.............................. $23,236,066 $25,947,652 $19,111,415 ------------ ------------ ------------ NET ASSETS CONSIST OF: - ---------------------- Undistributed net investment income (loss) (Note 2)....................... $484,352 $602,610 $421,888 Accumulated undistributed net realized gain (loss) on investments, foreign currency and forward foreign currency contracts............................. (3,387,155) (2,367,390) (1,848,898) Unrealized appreciation (depreciation) on: Investments............................ (2,908,320) (1,471,305) (590,504) Capital shares at par value of $.001 (Note 3).............................. 2,547 2,669 1,948 Additional paid-in capital............. 29,044,642 29,181,068 21,126,981 ------------ ------------ ------------ Net assets............................ $23,236,066 $25,947,652 $19,111,415 ------------ ------------ ------------ *Investments in securities, at identified cost (Note 2)............... $26,028,626 $27,285,318 $19,591,673 ------------ ------------ ------------
The accompanying notes are an integral part of the financial statements. 9 NORTH AMERICAN FUNDS STATEMENT OF ASSETS AND LIABILITIES continued - APRIL 30, 2001 (Unaudited) - --------------------------------------------------------------------------------
Aggressive Moderate Conservative Growth Growth Growth LifeStyle LifeStyle LifeStyle Fund Fund Fund ----------- ----------- ------------ NET ASSET VALUES: - ----------------- Class A Shares Net assets at value...................... $3,720,436 $4,208,417 $3,364,276 Shares outstanding....................... 408,408 433,247 343,639 Net asset value (NAV) and redemption price per share................................ $9.11 $9.71 $9.79 ----- ----- ----- Public offering price per share (100/94.25 of NAV) On sales of $100,000 or more the offering price is reduced................ $9.67 $10.30 $10.39 ----- ------ ------ Class B Shares Net assets at value...................... $14,011,636 $13,585,890 $10,098,087 Shares outstanding....................... 1,535,560 1,395,980 1,026,961 Net asset value, offering price and redemption price per share............... $9.12 $9.73 $9.83 ----- ----- ----- Class C Shares Net assets at value...................... $181,147 $599,878 $536,973 Shares outstanding....................... 19,700 61,564 54,503 Net asset value, offering price and redemption price per share............... $9.20 $9.74 $9.85 ----- ----- ----- Class I Shares Net assets at value...................... $5,322,847 $7,553,467 $5,112,079 Shares outstanding....................... 583,083 778,228 521,695 Net asset value, offering price and redemption price per share............... $9.13 $9.71 $9.80 ----- ----- -----
The accompanying notes are an integral part of the financial statements. 10 NORTH AMERICAN FUNDS STATEMENT OF OPERATIONS - For The Six Months Ended April 30, 2001 (Unaudited) - --------------------------------------------------------------------------------
Science & Growth & Large Cap Mid Cap Growth Mid Cap Value Technology Income Fund Growth Fund Fund Fund Fund -------------- -------------- -------------- ------------- -------------- INVESTMENT INCOME: - ------------------ Interest.................. $46,718 $125,155 $33,715 $47,265 $40,097 Dividends (Net of $398, $75, $703 and $804 withholding tax in the Growth & Income, Large Cap Growth, Mid Cap Growth and Science & Technology Funds, respectively)............ 1,711,307 184,047 60,380 127,274 6,989 -------------- -------------- -------------- ------------- -------------- Total income............ 1,758,025 309,202 94,095 174,539 47,086 -------------- -------------- -------------- ------------- -------------- EXPENSES: - --------- Distribution for Class A.. 75,429 13,971 16,397 5,662 7,080 Distribution for Class B.. 450,933 138,547 115,182 43,025 66,491 Distribution for Class C.. 717,547 81,802 84,069 9,470 5,940 Distribution for Class I.. 13,602 21,378 11,778 14,232 477 Investment adviser fee (Note 5)................. 964,186 306,308 269,973 113,040 85,111 Custodian fee............. 78,122 18,696 15,845 6,819 5,114 Transfer agent fee........ 356,009 152,360 118,026 44,622 83,656 Accounting/administration. 169,100 40,868 35,188 11,511 9,797 Audit and legal fees...... 78,388 18,781 16,201 4,876 3,547 Miscellaneous............. 153,462 42,829 37,568 16,988 15,272 -------------- -------------- -------------- ------------- -------------- Expenses before reimbursement by investment adviser....... 3,056,778 835,540 720,227 270,245 282,485 Reimbursement of expenses by investment adviser (Note 5)................. 199,456 276,122 157,450 20,611 120,742 -------------- -------------- -------------- ------------- -------------- Net expenses............ 2,857,322 559,418 562,777 249,634 161,743 -------------- -------------- -------------- ------------- -------------- Net investment income (loss)................. (1,099,297) (250,216) (468,682) (75,095) (114,657) -------------- -------------- -------------- ------------- -------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY AND FORWARD FOREIGN CURRENCY CONTRACTS: Net realized gain (loss) on: Investment transactions... 7,111,581 (22,176,123) (5,223,434) 1,520,113 (5,446,656) Foreign currency and forward foreign currency contracts................ - - (4) - (4,461) Change in unrealized appreciation (depreciation) on: Investments............... (41,527,211) (3,114,284) (20,632,279) (444,343) (4,055,289) Translation of foreign currency and forward foreign currency contracts................ 12 - 34 - - -------------- -------------- -------------- ------------- -------------- Net gain (loss) on investments, foreign currency and forward foreign currency contracts................. (34,415,618) (25,290,407) (25,855,683) 1,075,770 (9,506,406) -------------- -------------- -------------- ------------- -------------- Net increase/(decrease) in net assets resulting from operations................ ($35,514,915) ($25,540,623) ($26,324,365) $1,000,675 ($9,621,063) -------------- -------------- -------------- ------------- --------------
The accompanying notes are an integral part of the financial statements. 11 NORTH AMERICAN FUNDS STATEMENT OF OPERATIONS - For The Six Months Ended April 30, 2001 (Unaudited) - --------------------------------------------------------------------------------
Socially Small Cap Small Cap Responsible Stock Index Global Equity Growth Fund Index Fund Fund Fund Fund ------------- ------------- ------------- ------------- ------------- INVESTMENT INCOME: - ------------------ Interest.................. $93,249 $22,257 $48,467 $111,647 $20,115 Dividends (Net of $35, $75, $217 and $16,776 withholding tax in the Small Cap Index, Socially Responsible, Stock Index and Global Equity Funds, respectively)............. 9,253 51,893 53,844 174,633 107,585 ------------- ------------- ------------- ------------- ------------- Total income............ 102,502 74,150 102,311 286,280 127,700 ------------- ------------- ------------- ------------- ------------- EXPENSES: - --------- Distribution for Class A.. 10,486 5,635 3,056 14,302 11,564 Distribution for Class B.. 65,705 22,704 16,870 118,714 37,543 Distribution for Class C.. 14,443 315 270 4,594 72,853 Distribution for Class I.. 15,402 - 6,877 - - Investment adviser fee (Note 5)................. 163,132 10,953 34,697 44,326 129,092 Custodian fee............. 9,293 2,120 2,891 8,895 27,683 Transfer agent fee........ 93,124 24,561 28,088 75,217 74,004 Accounting/administration. 17,678 4,175 5,828 16,987 19,462 Audit and legal fees...... 7,947 1,888 2,589 7,547 9,358 Amortization of organization costs....... 3,276 - - - - Miscellaneous............. 18,913 12,107 12,659 20,302 30,766 ------------- ------------- ------------- ------------- ------------- Expenses before reimbursement by investment adviser....... 419,399 84,458 113,825 310,884 412,325 Reimbursement of expenses by investment adviser (Note 5)................. 144,159 23,879 39,676 113,136 60,504 ------------- ------------- ------------- ------------- ------------- Net expenses............ 275,240 60,579 74,149 197,748 351,821 ------------- ------------- ------------- ------------- ------------- Net investment income (loss)................. (172,738) 13,571 28,162 88,532 (224,121) ------------- ------------- ------------- ------------- ------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY AND FORWARD FOREIGN CURRENCY CONTRACTS: Net realized gain (loss) on: Investment transactions... (5,444,110) (24,617) (10,148) 22,063 (5,961,995) Futures contracts......... - (58,956) (377,992) (694,878) - Foreign currency and forward foreign currency contracts................ - - - - (11,331) Change in unrealized appreciation (depreciation) on: Investments............... (2,312,682) (139,797) (1,275,253) (4,050,495) (999,578) Futures contracts......... - 49,603 90,844 204,875 - Translation of foreign currency and forward foreign currency contracts................ - - - - 1,505 ------------- ------------- ------------- ------------- ------------- Net gain (loss) on investments, foreign currency and forward foreign currency contracts................. (7,756,792) (173,767) (1,572,549) (4,518,435) (6,971,399) ------------- ------------- ------------- ------------- ------------- Net increase/(decrease) in net assets resulting from operations................ ($7,929,530) ($160,196) ($1,544,387) ($4,429,903) ($7,195,520) ------------- ------------- ------------- ------------- -------------
The accompanying notes are an integral part of the financial statements. 12 NORTH AMERICAN FUNDS STATEMENT OF OPERATIONS - For The Six Months Ended April 30, 2001 (Unaudited) - --------------------------------------------------------------------------------
International International Small Cap Core High Yield Equity Fund Fund Balanced Fund Bond Fund Bond Fund ------------- ------------- ------------- ------------ ------------- INVESTMENT INCOME: - ------------------ Interest (Net of $25,160 withholding tax in the Core Bond Fund).......... $79,151 $22,878 $742,947 $11,884,499 $3,917,899 Dividends (Net of $46,751, $22,726, $1,359, $1,500 withholding tax in the International Equity, International Small Cap, Balanced and High Yield Bond Funds, respectively)............ 323,865 145,059 190,044 625 39,000 ------------- ------------- ------------- ------------ ------------- Total income.......... 403,016 167,937 932,991 11,885,124 3,956,899 ------------- ------------- ------------- ------------ ------------- EXPENSES: - --------- Distribution for Class A.. 12,277 8,083 13,132 7,115 627 Distribution for Class B.. 81,936 48,915 69,351 23,698 10,384 Distribution for Class C.. 20,453 38,437 163,356 14,266 3,803 Distribution for Class I.. 22,696 - 6,872 26,417 1,699 Investment adviser fee (Note 5)................. 205,426 115,967 228,241 1,006,831 273,975 Custodian fee............. 44,052 21,316 16,118 97,646 19,368 Transfer agent fee........ 85,570 53,978 80,302 93,713 32,851 Accounting/administration. 25,201 13,859 33,598 185,440 34,525 Audit and legal fees...... 11,544 6,469 15,302 82,979 15,475 Miscellaneous............. 34,820 50,230 35,886 161,919 33,629 ------------- ------------- ------------- ------------ ------------- Expenses before reimbursement by investment adviser....... 543,975 357,254 662,158 1,700,024 426,336 Reimbursement of expenses by investment adviser (Note 5)................. 129,087 91,880 68,730 - 29,698 ------------- ------------- ------------- ------------ ------------- Net expenses.......... 414,888 265,374 593,428 1,700,024 396,638 ------------- ------------- ------------- ------------ ------------- Net investment income (loss)................... (11,872) (97,437) 339,563 10,185,100 3,560,261 ------------- ------------- ------------- ------------ ------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY AND FORWARD FOREIGN CURRENCY CONTRACTS: Net realized gain (loss) on: Investment transactions... (1,254,057) (6,703,217) (3,656,126) 6,485,556 (4,239,102) Futures contracts......... 76,145 - - - - Foreign currency and forward foreign currency contracts................ 254,504 (193,257) (399) - - Change in unrealized appreciation (depreciation) on: Investments............... (2,343,994) 436,223 (3,742,149) 4,143,026 352,120 Futures contracts......... (9,864) - - - - Translation of foreign currency and forward foreign currency contracts................ 216,673 (2,056) (904) - - ------------- ------------- ------------- ------------ ------------- Net gain (loss) on investments, foreign currency and forward foreign currency contracts................. (3,060,593) (6,462,307) (7,399,578) 10,628,582 (3,886,982) ------------- ------------- ------------- ------------ ------------- Net increase/(decrease) in net assets resulting from operations................ ($3,072,465) ($6,559,744) ($7,060,015) $20,813,682 ($326,721) ------------- ------------- ------------- ------------ -------------
The accompanying notes are an integral part of the financial statements. 13 NORTH AMERICAN FUNDS STATEMENT OF OPERATIONS - For The Six Months Ended April 30, 2001 (Unaudited) - --------------------------------------------------------------------------------
U. S. Government Municipal Municipal Strategic Securities Money Money Bond Fund Income Fund Fund Market Fund Market Fund ----------- ----------- ----------- ----------- ----------- INVESTMENT INCOME: - ------------------ Interest.................. $491,023 $1,898,553 $1,588,206 $1,544,315 $132,137 Dividends................. - 20,925 - - - ----------- ----------- ----------- ----------- ----------- Total income............ 491,023 1,919,478 1,588,206 1,544,315 132,137 ----------- ----------- ----------- ----------- ----------- EXPENSES: - --------- Distribution for Class A.. 6,184 11,903 53,728 - - Distribution for Class B.. 36,204 70,839 47,695 - - Distribution for Class C.. 16,890 61,894 36,294 - - Distribution for Class I.. - 3,353 - - - Investment adviser fee (Note 5)................. 56,594 135,115 142,497 50,894 12,671 Custodian fee............. 6,475 36,352 14,235 13,801 1,962 Transfer agent fee........ 29,434 52,565 54,394 91,568 23,868 Accounting/administration. 9,592 20,566 24,752 26,386 3,783 Audit and legal fees...... 4,243 9,533 11,044 11,718 1,694 Miscellaneous............. 15,578 26,114 27,942 30,527 13,535 ----------- ----------- ----------- ----------- ----------- Expenses before reimbursement by investment adviser....... 181,194 428,234 412,581 224,894 57,513 Reimbursement of expenses by investment adviser (Note 5)................. 39,422 62,964 56,961 36,625 29,512 ----------- ----------- ----------- ----------- ----------- Net expenses............ 141,772 365,270 355,620 188,269 28,001 ----------- ----------- ----------- ----------- ----------- Net investment income... 349,251 1,554,208 1,232,586 1,356,046 104,136 ----------- ----------- ----------- ----------- ----------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY AND FORWARD FOREIGN CURRENCY CONTRACTS: Net realized gain (loss) on: Investment transactions... (3,392) (750,988) 513,044 168 6,100 Foreign currency and forward foreign currency contracts................ - (39,479) - - - Change in unrealized appreciation (depreciation) on: Investments............... 205,287 236,205 620,353 - - Translation of foreign currency and forward foreign currency contracts................ - 28,931 - - - ----------- ----------- ----------- ----------- ----------- Net gain (loss) on investments, foreign currency and forward foreign currency contracts................. 201,895 (525,331) 1,133,397 168 6,100 ----------- ----------- ----------- ----------- ----------- Net increase/(decrease) in net assets resulting from operations................ $551,146 $1,028,877 $2,365,983 $1,356,214 $110,236 ----------- ----------- ----------- ----------- -----------
The accompanying notes are an integral part of the financial statements. 14 NORTH AMERICAN FUNDS STATEMENT OF OPERATIONS - For The Six Months Ended April 30, 2001 (Unaudited) - --------------------------------------------------------------------------------
Aggressive Moderate Conservative Growth Growth Growth LifeStyle Fund LifeStyle Fund LifeStyle Fund -------------- -------------- -------------- INVESTMENT INCOME: - ------------------ Dividends........................ $1,211,664 $1,106,179 $828,954 ------------- ------------- ------------- Total income................... 1,211,664 1,106,179 828,954 ------------- ------------- ------------- EXPENSES: - --------- Distribution for Class A......... 1,946 1,957 1,750 Distribution for Class B......... 50,281 46,553 39,396 Distribution for Class C......... 762 1,445 1,441 Investment adviser fee (Note 5).. 11,112 11,473 9,538 ------------- ------------- ------------- Net expenses................... 64,101 61,428 52,125 ------------- ------------- ------------- Net investment income.......... 1,147,563 1,044,751 776,829 ------------- ------------- ------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FOREIGN CURRENCY AND FORWARD FOREIGN CURRENCY CONTRACTS: Net realized gain (loss) on: Investment transactions.......... (2,994,652) (2,108,967) (1,546,657) Change in unrealized appreciation (depreciation) on: Investments...................... (1,234,267) (616,372) (63,493) ------------- ------------- ------------- Net gain (loss) on investments, foreign currency and forward foreign currency contracts....... (4,228,919) (2,725,339) (1,610,150) ------------- ------------- ------------- Net increase/(decrease) in net assets resulting from operations. ($3,081,356) ($1,680,588) ($833,321) ------------- ------------- -------------
The accompanying notes are an integral part of the financial statements. 15 NORTH AMERICAN FUNDS STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
Growth & Income Large Cap Growth Mid Cap Growth Fund Fund Fund ------------------------- ------------------------- -------------------------- 6 Months 6 Months 6 Months Ended Year Ended Year Ended Year 04/30/01 Ended 04/30/01 Ended 04/30/01 Ended (Unaudited) 10/31/00 (Unaudited) 10/31/00 (Unaudited) 10/31/00 ------------ ------------ ------------- ----------- ------------- ------------ OPERATIONS: - ----------- Net investment income (loss)................ ($1,099,297) ($2,757,563) ($250,216) ($924,855) ($468,682) ($1,121,488) Net realized gain (loss) on: Investment transactions.......... 7,111,581 34,507,070 (22,176,123) 8,263,343 (5,223,434) 13,547,675 Futures contracts...... - - - (12,436) - - Foreign currency and forward foreign currency contracts.... - - - (1,518) (4) (184) Change in unrealized appreciation (depreciation) on: Investments............ (41,527,211) (28,936,197) (3,114,284) (9,827,527) (20,632,279) 1,554,570 Foreign currency and forward foreign currency contracts.... 12 12 - (12) 34 (24) ------------ ------------ ------------- ----------- ------------- ------------ Net increase (decrease) in net assets resulting from operations........ (35,514,915) 2,813,322 (25,540,623) (2,503,005) (26,324,365) 13,980,549 DISTRIBUTIONS FROM: - ------------------- Net realized gains on investments and foreign currency transactions Class A................ (4,561,410) (3,116,646) (76,657) (1,540,626) - (2,829,727) Class B................ (10,443,082) (9,002,149) (284,680) (5,453,064) - (8,060,558) Class C................ (16,271,547) (13,236,487) (178,806) (4,765,012) - (7,126,908) Class I................ (1,087,347) - (162,572) (1,547,819) - (1,875,158) Return of Capital Class A................ - - - - - (13,112) Class B................ - - - - - (37,349) Class C................ - - - - - (33,023) Class I................ - - - - - (8,689) Increase (decrease) in net assets from capital share transactions (Note 3). 1,664,522 58,168,030 290,137 59,674,609 1,729,839 40,167,528 ------------ ------------ ------------- ----------- ------------- ------------ Increase (decrease) in net assets............ (66,213,779) 35,626,070 (25,953,201) 43,865,083 (24,594,526) 34,163,553 Net assets at beginning of period............. 333,588,225 297,962,155 86,155,735 42,290,652 76,256,528 42,092,975 ------------ ------------ ------------- ----------- ------------- ------------ Net assets at end of period................ $267,374,446 $333,588,225 $ 60,202,534 $86,155,735 $ 51,662,002 $ 76,256,528 ------------ ------------ ------------- ----------- ------------- ------------ Undistributed net investment income (loss)................ ($1,099,297) - ($250,216) - ($468,682) - ------------ ------------ ------------- ----------- ------------- ------------
- --------------------- * Commencement of operations The accompanying notes are an integral part of the financial statements. 16 NORTH AMERICAN FUNDS STATEMENTS OF CHANGES IN NET ASSETS - -------------------------------------------------------------------------------
Mid Cap Value Science & Technology Small Cap Growth Fund/1/ Fund/2/ Fund ------------------------- ------------------------- ------------------------- 6 Months 6 Months 6 Months Ended Year Ended 03/01/00* Ended Year 04/30/01 Ended 04/30/01 through 04/30/01 Ended (Unaudited) 10/31/00 (Unaudited) 10/31/00 (Unaudited) 10/31/00 ------------ ------------ ------------ ------------ ------------ ------------ OPERATIONS: - ----------- Net investment income (loss)................ ($75,095) ($56,913) ($114,657) ($110,297) ($172,738) ($142,291) Net realized gain (loss) on: Investment transactions.......... 1,520,113 1,363,892 (5,446,656) (1,715,633) ($5,444,110) 2,190,821 Foreign currency and forward foreign currency contracts.... - - (4,461) (2,189) - - Change in unrealized appreciation (depreciation) on: Investments............ (444,343) 3,297,838 (4,055,289) (779,663) ($2,312,682) ($4,046,826) ------------ ------------ ------------ ------------ ------------ ------------ Net increase (decrease) in net assets resulting from operations........ 1,000,675 4,604,817 (9,621,063) (2,607,782) ($7,929,530) ($1,998,296) DISTRIBUTIONS FROM: - ------------------- Net realized gains on investments and foreign currency transactions Class A................ (16,057) (379,796) - - (3,028) (358,063) Class B................ (41,813) (1,040,334) - - (5,642) (816,827) Class C................ (5,739) (29,983) - - (1,256) (187,658) Class I................ (59,848) (845,335) - - (5,329) (762,342) Class II............... - (181,253) - - - - Increase (decrease) in net assets from capital share transactions (Note 3)............... 7,208,963 10,957,731 6,575,207 24,674,261 3,202,603 41,638,630 ------------ ------------ ------------ ------------ ------------ ------------ Increase (decrease) in net assets............. 8,086,181 13,085,847 (3,045,856) 22,066,479 (4,742,182) 37,515,444 Net assets at beginning of period.............. 22,332,700 9,246,853 22,066,479 - 38,839,775 1,324,331 ------------ ------------ ------------ ------------ ------------ ------------ Net assets at end of period................. $30,418,881 $22,332,700 $19,020,623 $22,066,479 $34,097,593 $38,839,775 ------------ ------------ ------------ ------------ ------------ ------------ Undistributed net investment income (loss)................. ($75,095) - ($114,657) - ($172,738) - ------------ ------------ ------------ ------------ ------------ ------------
- --------------------- * Commencement of operations 1 Includes the financial results of the AGSPC2 Mid Cap Value Fund, which was reorganized into North American Mid Cap Value Fund on July 7, 2000. 2 Includes the financial results of the AGSPC2 Science & Technology Fund, which was reorganized into North American Science & Technology Fund on July 7, 2000. The accompanying notes are an integral part of the financial statements. 17 NORTH AMERICAN FUNDS STATEMENTS OF CHANGES IN NET ASSETS - -------------------------------------------------------------------------------
Small Cap Index Socially Responsible Stock Index Fund Fund Fund ------------------------- ------------------------- ------------------------- 6 Months 6 Months 6 Months Ended Year Ended Year Ended Year 04/30/01 Ended 04/30/01 Ended 04/30/01 Ended (Unaudited) 10/31/00 (Unaudited) 10/31/00 (Unaudited) 10/31/00 ------------ ------------ ------------ ------------ ------------ ------------ OPERATIONS: - ----------- Net investment income (loss)................ $13,571 $58,408 $28,162 $63,275 $88,532 $169,521 Net realized gain (loss) on: Investment transactions.......... (24,617) 1,029,508 (10,148) (33,597) 22,063 8,715 Futures contracts...... (58,956) (27,491) (377,992) (41,626) (694,878) 164,278 Change in unrealized appreciation (depreciation) on: Investments............ (139,797) (367,543) (1,275,253) 212,439 (4,050,495) 678,065 Futures contracts...... 49,603 (15,728) 90,844 (83,859) 204,875 (211,262) ------------ ------------ ------------ ------------ ------------ ------------ Net increase (decrease) in net assets resulting from operations........ (160,196) 677,154 (1,544,387) 116,632 (4,429,903) 809,317 DISTRIBUTIONS FROM: - ------------------- Net investment income Class A................ (13,240) (32,955) - (9,931) (92,047) (52,418) Class B................ - (18,087) - (2,167) (71,586) (35,387) Class C................ - - - (1) (1,840) (19) Class I................ - - (222,239) (23,067) - - Class II............... - - - (7,932) - - Net realized gains on investments and foreign currency transactions Class A................ (40,864) (669,531) - (68,557) - (42,201) Class B................ (56,353) (858,236) - (132,478) - (114,330) Class C................ (445) (3,142) - - - - Class I................ - - - (85,308) - - Class II............... - - - (62,077) - - Increase (decrease) in net assets from capital share transactions (Note 3)............... 718,389 2,615,184 841,008 3,600,867 5,042,379 12,770,017 ------------ ------------ ------------ ------------ ------------ ------------ Increase (decrease) in net assets............. 447,291 1,710,387 (925,618) 3,325,981 447,003 13,334,979 Net assets at beginning of period.............. 7,972,318 6,261,931 11,567,738 8,241,757 34,009,232 20,674,253 ------------ ------------ ------------ ------------ ------------ ------------ Net assets at end of period................. $8,419,609 $7,972,318 $10,642,120 $11,567,738 $34,456,235 $34,009,232 ------------ ------------ ------------ ------------ ------------ ------------ Undistributed net investment income (loss)................. $6,510 $6,179 ($173,900) $20,177 $6,773 $83,714 ------------ ------------ ------------ ------------ ------------ ------------
- --------------------- 1 Includes the financial results of the AGSPC2 Small Cap Index Fund, which was reorganized into North American Small Cap Index Fund on July 7, 2000. 2 Includes the financial results of the AGSPC2 Socially Responsible Fund, which was reorganized into North American Socially Responsible Fund on July 7, 2000. 3 Includes the financial results of the AGSPC2 Stock Index Fund, which was reorganized into North American Stock Index Fund on July 7, 2000. The accompanying notes are an integral part of the financial statements. 18 NORTH AMERICAN FUNDS STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
Global Equity International Equity International Small Cap Fund Fund Fund ------------------------- ------------------------- ------------------------- 6 Months 6 Months 6 Months Ended Year Ended Year Ended Year 04/30/01 Ended 04/30/01 Ended 04/30/01 Ended (Unaudited) 10/31/00 (Unaudited) 10/31/00 (Unaudited) 10/31/00 ------------ ------------ ------------ ------------ ------------ ------------ OPERATIONS: - ----------- Net investment income (loss)................ ($224,121) ($547,886) ($11,872) ($241,282) ($97,437) ($526,242) Net realized gain (loss) on: Investment transactions.......... (5,961,995) (2,278,794) (1,254,057) 6,800,924 (6,703,217) 2,239,050 Futures contracts...... - - 76,145 (90,708) - - Foreign currency and forward foreign currency contracts.... (11,331) 592,673 254,504 (99,012) (193,257) (237,008) Change in unrealized appreciation (depreciation) on: Investments............ (999,578) (9,923,239) (2,343,994) (10,872,098) 436,223 (1,519,207) Futures contracts...... - - (9,864) (14,920) - - Foreign currency and forward foreign currency contracts.... 1,505 (149,268) 216,673 548,727 (2,056) (1,205) ------------ ------------ ------------ ------------ ------------ ------------ Net increase (decrease) in net assets resulting from operations........ (7,195,520) (12,306,514) (3,072,465) (3,968,369) (6,559,744) (44,612) DISTRIBUTIONS FROM: - ------------------- Net investment income Class A................ - - - (33,276) - - Class B................ - - - (19,674) - - Class C................ - - - (9,233) - - Net realized gains on investments and foreign currency transactions Class A................ - (1,483,161) (945,564) (307,060) (263,863) (662,245) Class B................ - (3,256,058) (2,602,660) (1,068,998) (649,712) (1,814,636) Class C................ - (5,705,060) (640,247) (499,719) (521,890) (1,423,034) Class I................ - - (2,527,772) - - - Increase (decrease) in net assets from capital share transactions (Note 3)............... (6,564,860) (22,339,662) 9,569,500 28,059,117 (358,154) 15,806,860 ------------ ------------ ------------ ------------ ------------ ------------ Increase (decrease) in net assets............. (13,760,380) (45,090,455) (219,208) 22,152,788 (8,353,363) 11,862,333 Net assets at beginning of period.............. 38,248,079 83,338,534 47,098,767 24,945,979 27,560,352 15,698,019 ------------ ------------ ------------ ------------ ------------ ------------ Net assets at end of period................. $24,487,699 $38,248,079 $46,879,559 $47,098,767 $19,206,989 $27,560,352 ------------ ------------ ------------ ------------ ------------ ------------ Undistributed net investment income (loss)................. ($222,152) $1,969 ($5,712) $6,160 ($97,437) $0 ------------ ------------ ------------ ------------ ------------ ------------
The accompanying notes are an integral part of the financial statements. 19 NORTH AMERICAN FUNDS STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
Balanced Fund Core Bond Fund High Yield Bond Fund/1/ ------------------------ --------------------------- ----------------------- 6 Months 6 Months 6 Months Ended Year Ended Year Ended Year 04/30/01 Ended 04/30/01 Ended 04/30/01 Ended (Unaudited) 10/31/00 (Unaudited) 10/31/00 (Unaudited) 10/31/00 ------------ ----------- ------------- ------------- ----------- ----------- OPERATIONS: - ----------- Net investment income (loss)................ $339,563 $604,892 $10,185,100 $7,055,205 $3,560,261 $6,741,510 Net realized gain (loss) on: Investment transactions.......... (3,656,126) (2,311,814) 6,485,556 (6,875,365) (4,239,102) (3,080,092) Foreign currency and forward foreign currency contracts.... (399) 52,789 - - - (132) Change in unrealized appreciation (depreciation) on: Investments............ (3,742,149) 4,340,304 4,143,026 5,847,043 352,120 (3,547,402) Foreign currency and forward foreign currency contracts.... (904) (853) - - - - ------------ ----------- ------------- ------------- ----------- ----------- Net increase (decrease) in net assets resulting from operations........ (7,060,015) 2,685,318 20,813,682 6,026,883 (326,721) 113,884 DISTRIBUTIONS FROM: - ------------------- Net investment income Class A................ (93,264) (155,664) (113,763) (207,981) (19,256) (19,839) Class B................ (85,846) (275,166) (117,233) (243,095) (104,847) (108,244) Class C................ (202,036) (1,059,003) (69,924) (192,049) (38,599) (6,579) Class I................ (75,342) (18) (589,294) (348,474) (76,749) (1,395) Class II............... - - (9,402,691) (5,963,986) (3,456,358) (6,393,004) Net realized gains on investments and foreign currency transactions Class A................ - (714,922) - - - - Class B................ - (1,649,177) - - - - Class C................ - (6,385,744) - - - - In excess of net investment income Class A................ - - - (4,740) - - Class B................ - - - (5,541) - - Class C................ - - - (4,377) - - Class I................ - - - (7,943) - - Class II............... - - - (135,934) - - Return of Capital Class A................ - - - (23,205) - - Class B................ - - - (27,123) - - Class C................ - - - (21,427) - - Class I................ - - - (38,880) - - Class II............... - - - (665,413) - - Increase (decrease) in net assets from capital share transactions (Note 3)............... (2,536,386) 673,750 (4,182,120) 338,854,539 7,134,672 8,349,306 ------------ ----------- ------------- ------------- ----------- ----------- Increase (decrease) in net assets............. (10,052,889) (6,880,626) 6,338,657 336,991,254 3,112,142 1,934,129 Net assets at beginning of period.............. 66,682,310 73,562,936 349,386,002 12,394,748 65,140,236 63,206,107 ------------ ----------- ------------- ------------- ----------- ----------- Net assets at end of period................. $56,629,421 $66,682,310 $355,724,659 $349,386,002 $68,252,378 $65,140,236 ------------ ----------- ------------- ------------- ----------- ----------- Undistributed net investment income (loss)................. $321,956 $438,881 ($617,045) ($509,240) $79,864 $215,412 ------------ ----------- ------------- ------------- ----------- -----------
- -------------------- 1 Includes the financial results of the AGSPC2 High Yield Bond Fund, which was reorganized into North American High Yield Bond Fund on July 7, 2000. The accompanying notes are an integral part of the financial statements. 20 NORTH AMERICAN FUNDS STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
Municipal Bond Strategic Income U. S. Government Fund Fund Securities Fund ------------------------- ------------------------- -------------------------- 6 Months 6 Months 6 Months Ended Year Ended Year Ended Year 04/30/01 Ended 04/30/01 Ended 04/30/01 Ended (Unaudited) 10/31/00 (Unaudited) 10/31/00 (Unaudited) 10/31/00 ------------ ------------ ------------ ------------ ------------ ------------ OPERATIONS: - ----------- Net investment income (loss)................ $349,251 $542,222 $1,554,208 $3,480,059 $1,232,586 $2,821,328 Net realized gain (loss) on: Investment transactions.......... (3,392) 3,924 (750,988) (3,322,029) 513,044 (1,146,358) Foreign currency and forward foreign currency contracts.... - - (39,479) (340,136) - - Change in unrealized appreciation (depreciation) on: Investments............ 205,287 228,763 236,205 7,259,822 620,353 759,341 Foreign currency and forward foreign currency contracts.... - - 28,931 (26,116) - - ------------ ------------ ------------ ------------ ------------ ------------ Net increase (decrease) in net assets resulting from operations........ 551,146 774,909 1,028,877 7,051,600 2,365,983 2,434,311 DISTRIBUTIONS FROM: - ------------------- Net investment income Class A................ (172,577) (241,752) (303,796) (563,766) (862,199) (1,814,535) Class B................ (120,636) (179,259) (583,392) (1,257,549) (237,624) (500,572) Class C................ (56,038) (120,948) (511,438) (1,150,833) (181,452) (442,305) Class I................ - - (121,323) (58,485) - - In excess of net investment income Class A................ - - - (24,282) - - Class B................ - - - (54,164) - - Class C................ - - - (49,567) - - Class I................ - - - (2,519) - - Return of capital Class A................ - - - (78,951) - (119,523) Class B................ - - - (176,110) - (32,973) Class C................ - - - (161,165) - (29,135) Class I................ - - - (8,190) - - Increase (decrease) in net assets from capital share transactions (Note 3)............... 3,472,477 3,691,639 (2,291,015) (17,290,100) 1,751,508 (13,043,070) ------------ ------------ ------------ ------------ ------------ ------------ Increase (decrease) in net assets............. 3,674,372 3,924,589 (2,782,087) (13,824,081) 2,836,216 (13,547,802) Net assets at beginning of period.............. 16,487,110 12,562,521 37,261,957 51,086,038 44,640,571 58,188,373 ------------ ------------ ------------ ------------ ------------ ------------ Net assets at end of period................. $20,161,482 $16,487,110 $34,479,870 $37,261,957 $47,476,787 $44,640,571 ------------ ------------ ------------ ------------ ------------ ------------ Undistributed net investment income (loss)................. - - $32,503 ($1,756) ($482,453) ($433,764) ------------ ------------ ------------ ------------ ------------ ------------
The accompanying notes are an integral part of the financial statements. 21 NORTH AMERICAN FUNDS STATEMENTS OF CHANGES IN NET ASSETS - -------------------------------------------------------------------------------
Money Market Municipal Money Market Fund Fund/1/ ------------------------- ------------------------- 6 Months 6 Months Ended Year Ended Year 04/30/01 Ended 04/30/01 Ended (Unaudited) 10/31/00 (Unaudited) 10/31/00 ------------ ------------ ------------ ------------ OPERATIONS: - ----------- Net investment income (loss)................... $1,356,046 $1,580,405 $104,136 $203,329 Net realized gain (loss) on: Investment transactions... 168 - 6,100 - ------------ ------------ ------------ ------------ Net increase (decrease) in net assets resulting from operations................ 1,356,214 1,580,405 110,236 203,329 DISTRIBUTIONS FROM: - ------------------- Net investment income Class A................... (744,319) (772,737) (62,599) (132,291) Class B................... (230,539) (290,963) (39,711) (70,804) Class C................... (213,823) (407,623) (1,826) (234) Class I................... (167,365) (109,082) - - Increase (decrease) in net assets from capital share transactions (Note 3)..... 3,624,057 27,800,384 (231,498) 844,619 ------------ ------------ ------------ ------------ Increase (decrease) in net assets.................... 3,624,225 27,800,384 (225,398) 844,619 Net assets at beginning of period.................... 47,025,482 19,225,098 7,336,919 6,492,300 ------------ ------------ ------------ ------------ Net assets at end of period.................... $50,649,707 $47,025,482 $7,111,521 $7,336,919 ------------ ------------ ------------ ------------ Undistributed net investment income (loss).. - - - - ------------ ------------ ------------ ------------
- --------------------- * Commencement of operations 1 Includes the financial results of the AGSPC2 Municipal Money Market Fund, which was reorganized into North American Municipal Money Market Fund on July 7, 2000. The accompanying notes are an integral part of the financial statements. 22 NORTH AMERICAN FUNDS STATEMENTS OF CHANGES IN NET ASSETS - -------------------------------------------------------------------------------
Aggressive Growth Moderate Growth Conservative Growth LifeStyle Fund/1/ LifeStyle Fund/2/ LifeStyle Fund/3/ ------------------------- ------------------------- ------------------------- 6 Months 6 Months 6 Months Ended Year Ended Year Ended Year 04/30/01 Ended 04/30/01 Ended 04/30/01 Ended (Unaudited) 10/31/00 (Unaudited) 10/31/00 (Unaudited) 10/31/00 ------------ ------------ ------------ ------------ ------------ ------------ OPERATIONS: - ----------- Net investment income (loss)................ $1,147,563 $1,895,097 $1,044,751 $1,378,657 $776,829 $1,088,949 Net realized gain (loss) on: Investment transactions.......... (2,994,652) 2,315,208 (2,108,967) 1,725,763 (1,546,657) 1,266,446 Change in unrealized appreciation (depreciation) on: Investments............ (1,234,267) (2,664,043) (616,372) (1,594,261) (63,493) (993,763) ------------ ------------ ------------ ------------ ------------ ------------ Net increase (decrease) in net assets resulting from operations........ (3,081,356) 1,546,262 (1,680,588) 1,510,159 (833,321) 1,361,632 DISTRIBUTIONS FROM: - ------------------- Net investment income Class A................ (156,898) (226,879) (121,890) (169,786) (113,463) (124,818) Class B................ (514,360) (689,398) (353,686) (519,113) (309,988) (414,293) Class C................ (7,209) - (5,990) (187) (7,629) (67) Class I................ (202,132) (262,331) (177,985) (208,960) (148,340) (156,504) Class II............... - (52,621) - (48,561) - (42,954) Net realized gains on investments and foreign currency transactions Class A................ (550,156) (24,592) (398,753) (15,414) (316,414) (16,902) Class B................ (1,910,717) (68,467) (1,232,240) (48,559) (958,817) (57,065) Class C................ (29,011) - (24,654) - (20,326) - Class I................ (672,123) (19,815) (553,984) (12,830) (408,729) (14,923) Class II............... - (18,542) - (11,178) - (12,830) Increase (decrease) in net assets from capital share transactions (Note 3)............... 7,657,496 12,632,538 9,636,376 9,937,957 3,819,445 7,305,706 ------------ ------------ ------------ ------------ ------------ ------------ Increase (decrease) in net assets............. 533,534 12,816,155 5,086,606 10,413,528 702,418 7,826,982 Net assets at beginning of period.............. 22,702,532 9,886,377 20,861,046 10,447,518 18,408,997 10,582,015 ------------ ------------ ------------ ------------ ------------ ------------ Net assets at end of period................. $23,236,066 $22,702,532 $25,947,652 $20,861,046 $19,111,415 $18,408,997 ------------ ------------ ------------ ------------ ------------ ------------ Undistributed net investment income (loss)................. $484,352 $271,388 $602,610 $217,410 $421,888 $224,479 ------------ ------------ ------------ ------------ ------------ ------------
- --------------------- * Commencement of operations 1 Includes the financial results of the AGSPC2 Aggressive Growth LifeStyle Fund, which was reorganized into North Aggressive Growth LifeStyle Fund on July 7, 2000. 2 Includes the financial results of the AGSPC2 Moderate Growth LifeStyle Fund, which was reorganized into North American Moderate Growth LifeStyle Fund on July 7, 2000. 3 Includes the financial results of the AGSPC2 Conservative Growth LifeStyle Fund, which was reorganized into North American Conservative Growth LifeStyle Fund on July 7, 2000. The accompanying notes are an integral part of the financial statements. 23 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Growth & Income Fund ---------------------------------------------------------- Class A ---------------------------------------------------------- 6 Months ended Year Year Year Year Year 4/30/01* ended ended ended ended ended (unaudited) 10/31/00* 10/31/99* 10/31/98 10/31/97 10/31/96 - ------------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $27.06 $28.78 $24.26 $21.77 $17.56 $14.72 - ------------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) (0.03) (0.09) 0.03 0.08 0.14 0.18 Net realized and unrealized gain/(loss) on investments and foreign currency (2.74) 0.80 5.45 4.14 5.26 2.99 --------------------------------------------------------- Total from investment operations (2.77) 0.71 5.48 4.22 5.40 3.17 --------------------------------------------------------- Distributions Dividends from net investment income - - - - (0.15) (0.21) Distributions from realized capital gains (2.66) (2.43) (0.96) (1.70) (1.04) (0.12) Distributions in excess of net investment income - - - (0.03) - - --------------------------------------------------------- Total distributions (2.66) (2.43) (0.96) (1.73) (1.19) (0.33) - ------------------------------------------------------------------------------------ Net Asset Value, End of Period $21.63 $27.06 $28.78 $24.26 $21.77 $17.56 - ------------------------------------------------------------------------------------ Total Return (10.58%)+ 2.39% 23.11% 20.82% 31.95% 21.84% - ------------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------------ Net assets, end of period (000's) $44,758 $46,581 $37,210 $42,916 $34,186 $18,272 - ------------------------------------------------------------------------------------ Ratio of total expenses to average net assets 1.46%# 1.45% 1.34% 1.34% 1.34% 1.34% - ------------------------------------------------------------------------------------ Ratio of net investment income (loss) to average net assets (0.26%)# (0.33%) 0.11% 0.34% 0.66% 1.10% - ------------------------------------------------------------------------------------ Portfolio turnover rate 13%+ 31% 28% 18% 39% 49% - ------------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 1.60%# 1.61% 1.49% 1.45% 1.50% 1.56% - ------------------------------------------------------------------------------------
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Growth & Income Fund ----------------------------------------------------------- Class B ----------------------------------------------------------- 6 Months ended Year Year Year Year Year 4/30/01* ended ended ended ended ended (unaudited) 10/31/00* 10/31/99* 10/31/98 10/31/97 10/31/96* - ------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $26.38 $28.28 $24.01 $21.67 $17.50 $14.69 - ------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.10) (0.26) (0.15) (0.07) 0.01 0.07 Net realized and unrealized gain/(loss) on investments and foreign currency (2.68) 0.79 5.38 4.11 5.23 2.99 --------------------------------------------------------- Total from investment operations (2.78) 0.53 5.23 4.04 5.24 3.06 --------------------------------------------------------- Distributions Dividends from net investment income - - - - (0.03) (0.13) Distributions from realized capital gains (2.66) (2.43) (0.96) (1.70) (1.04) (0.12) --------------------------------------------------------- Total distributions (2.66) (2.43) (0.96) (1.70) (1.07) (0.25) - ------------------------------------------------------------------------------------- Net Asset Value, End of Period $20.94 $26.38 $28.28 $24.01 $21.67 $17.50 - ------------------------------------------------------------------------------------- Total Return (10.88%)+ 1.75% 22.28% 20.04% 31.40% 21.08% - ------------------------------------------------------------------------------------- Ratios/Supplemental Data - ------------------------------------------------------------------------------------- Net assets, end of period (000's) $80,207 $106,464 $104,695 $75,574 $54,871 $34,740 - ------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 2.11%# 2.10% 1.99% 1.99% 1.99% 1.99% - ------------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets (0.88%)# (0.97%) (0.54%) (0.32%) 0.01% 0.45% - ------------------------------------------------------------------------------------- Portfolio turnover rate 13%+ 31% 28% 18% 39% 49% - ------------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.24%# 2.27% 2.13% 2.10% 2.15% 2.20% - -------------------------------------------------------------------------------------
* Net investment income per share has been calculated using the average share method # Annualized + Non-annualized The accompanying notes are an integral part of the financial statements. 24 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Growth & Income Fund ------------------------------------------------------------ Class C ------------------------------------------------------------ 6 Months ended Year Year Year 4/30/01* Year ended Year ended ended ended ended (unaudited) 10/31/00** 10/31/99** 10/31/98 10/31/97 10/31/96 - -------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $26.49 $28.39 $24.10 $21.75 $17.56 $14.71 - -------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.10) (0.27) (0.15) (0.07) 0.01 0.07 Net realized and unrealized gain/(loss) on investments and foreign currency (2.67) 0.80 5.40 4.12 5.25 3.00 --------------------------------------------------------- Total from investment operations (2.77) 0.53 5.25 4.05 5.26 3.07 --------------------------------------------------------- Distributions Dividends from net investment income - - - - (0.03) (0.10) Distributions from realized capital gains (2.66) (2.43) (0.96) (1.70) (1.04) (0.12) --------------------------------------------------------- Total distributions (2.66) (2.43) (0.96) (1.70) (1.07) (0.22) - -------------------------------------------------------------------------------------- Net Asset Value, End of Period $21.06 $26.49 $28.39 $24.10 $21.75 $17.56 - -------------------------------------------------------------------------------------- Total Return (10.83%)+ 1.74% 22.28% 20.00% 31.37% 21.12% - -------------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------------- Net assets, end of period (000's) $130,664 $170,277 $156,056 $122,395 $98,250 $74,825 - -------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 2.11%# 2.10% 1.99% 1.99% 1.99% 1.99% - -------------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets (0.89%)# (0.97%) (0.54%) (0.31%) 0.01% 0.45% - -------------------------------------------------------------------------------------- Portfolio turnover rate 13%+ 31% 28% 18% 39% 49% - -------------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.25%# 2.27% 2.13% 2.10% 2.13% 2.20% - --------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Growth & Income Fund ---------------------- Class I ---------------------- 6 Months ended 7/10/00* 4/30/01** to (unaudited) 10/31/00** - ------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $27.11 $28.25 - ------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.01) (0.02) Net realized and unrealized gain/(loss) on investments and foreign currency (2.75) (1.12) --------------- Total from investment operations (2.76) (1.14) --------------- Distributions from realized capital gains (2.66) - - ------------------------------------------------------------------------------- Net Asset Value, End of Period $21.69 $27.11 - ------------------------------------------------------------------------------- Total Return (10.53%)+ (4.04%)+ - ------------------------------------------------------------------------------- Ratios/Supplemental Data - ------------------------------------------------------------------------------- Net assets, end of period (000's) $11,746 $10,267 - ------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.31%# 1.27%# - ------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets (0.12%)# (0.26%)# - ------------------------------------------------------------------------------- Portfolio turnover rate 13%+ 31%+ - ------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 1.50%# 1.44%# - -------------------------------------------------------------------------------
* Commencement of operations ** Net investment income per share has been calculated using the average share method + Non-annualized # Annualized The accompanying notes are an integral part of the financial statements. 25 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Large Cap Growth Fund (formerly Growth Equity Fund) ----------------------------------------------------------------- Class A ----------------------------------------------------------------- 6 Months ended Year Year 3/04/96* 4/30/01** Year ended Year ended ended ended to (unaudited) 10/31/00** 10/31/99 ** 10/31/98 10/31/97 10/31/96 - -------------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $18.29 $21.44 $17.73 $17.01 $13.78 $12.50 - -------------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.02) (0.21) (0.19) (0.07) (0.03) 0.28 Net realized and unrealized gain/(loss) on investments and foreign currency (5.27) 1.72 5.05 2.22 3.45 1.00 --------------------------------------------------------------- Total from investment operations (5.29) 1.51 4.86 2.15 3.42 1.28 --------------------------------------------------------------- Distributions Dividends from net investment income - - - - (0.19) - Distributions from capital gains (0.14) (4.66) (1.15) (1.43) - - --------------------------------------------------------------- Total distributions (0.14) (4.66) (1.15) (1.43) (0.19) - - -------------------------------------------------------------------------------------------- Net Asset Value, End of Period $12.86 $18.29 $21.44 $17.73 $17.01 $13.78 - -------------------------------------------------------------------------------------------- Total Return (29.09%)+ 5.66% 28.57% 13.85% 25.13% 10.24%+ - -------------------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------------------- Net assets, end of period (000's) $7,157 $9,548 $5,656 $3,919 $3,053 $2,244 - -------------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.23%# 1.51% 1.65% 1.65% 1.65% 1.65%# - -------------------------------------------------------------------------------------------- Ratio of net investment income to average net assets (0.34%)# (0.93%) (0.94) (0.43%) (0.17%) 4.11%# - -------------------------------------------------------------------------------------------- Portfolio turnover rate 101%+ 196% 145% 115% 181% 450%# - -------------------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.04%# 1.85% 1.90% 1.91% 2.28% 2.71%# - --------------------------------------------------------------------------------------------
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Large Cap Growth Fund (formerly Growth Equity Fund) --------------------------------------------------------------- Class B --------------------------------------------------------------- 6 Months ended Year Year 3/04/96* 4/30/01** Year ended Year ended ended ended to (unaudited) 10/31/00** 10/31/99 ** 10/31/98 10/31/97 10/31/96 - ------------------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $17.66 $20.96 $17.46 $16.90 $13.73 $12.50 - ------------------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) (0.07) (0.34) (0.31) (0.18) (0.13) 0.24 Net realized and unrealized gain/(loss) on investments and foreign currency (5.10) 1.70 4.96 2.17 3.46 0.99 ------------------------------------------------------------- Total from investment operations (5.17) 1.36 4.65 1.99 3.33 1.23 ------------------------------------------------------------- Distributions Dividends from net investment income - - - - (0.16) - Distributions from capital gains (0.14) (4.66) (1.15) (1.43) - - ------------------------------------------------------------- Total distributions (0.14) (4.66) (1.15) (1.43) (0.16) - - ------------------------------------------------------------------------------------------ Net Asset Value, End of Period $12.35 $17.66 $20.96 $17.46 $16.90 $13.73 - ------------------------------------------------------------------------------------------ Total Return (29.39%)+ 5.01% 27.77% 12.93% 24.50% 9.84%+ - ------------------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------------------ Net assets, end of period (000's) $24,119 $34,711 $17,171 $11,659 $9,040 $4,748 - ------------------------------------------------------------------------------------------ Ratio of total expenses to average net assets 1.88%# 2.15% 2.30% 2.30% 2.30% 2.30%# - ------------------------------------------------------------------------------------------ Ratio of net investment income to average net assets (0.99%)# (1.57%) (1.58) (1.07%) (0.82%) 4.18%# - ------------------------------------------------------------------------------------------ Portfolio turnover rate 101%+ 196% 145% 115% 181% 450%# - ------------------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 2.69%# 2.50% 2.52% 2.56% 2.78% 3.06%# - ------------------------------------------------------------------------------------------
* Commencement of Operations ** Net investment income per share has been calculated using the average share method # Annualized + Non-annualized The accompanying notes are an integral part of the financial statements. 26 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Large Cap Growth Fund (formerly Growth Equity Fund) ------------------------------------------------------------ Class C ------------------------------------------------------------ 6 Months ended Year Year 3/04/96* 4/30/01** Year ended Year ended ended ended to (unaudited) 10/31/00** 10/31/99** 10/31/98 10/31/97 10/31/96 - -------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $17.64 $20.93 $17.44 $16.89 $13.73 $12.50 - -------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.07) (0.35) (0.31) (0.20) (0.13) 0.24 Net realized and unrealized gain/(loss) on investments and foreign currency (5.09) 1.72 4.95 2.18 3.46 0.99 ---------------------------------------------------------- Total from investment operations (5.16) 1.37 4.64 1.98 3.33 1.23 ---------------------------------------------------------- Distributions Dividends from net investment income - - - - (0.17) - Distributions from capital gains (0.14) (4.66) (1.15) (1.43) - - ---------------------------------------------------------- Total distributions (0.14) (4.66) (1.15) (1.43) (0.17) - - -------------------------------------------------------------------------------------- Net Asset Value, End of Period $12.34 $17.64 $20.93 $17.44 $16.89 $13.73 - -------------------------------------------------------------------------------------- Total Return (29.37%)+ 5.06% 27.75% 12.87% 24.50% 9.84%+ - -------------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------------- Net assets, end of period (000's) $ 12,099 $22,780 $19,463 $12,965 $12,766 $6,494 - -------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.88%# 2.23% 2.30% 2.30% 2.30% 2.30%# - -------------------------------------------------------------------------------------- Ratio of net investment income to average net assets (0.99%)# (1.64%) (1.58%) (1.06%) (0.82%) 4.13%# - -------------------------------------------------------------------------------------- Portfolio turnover rate 101%+ 196% 145% 115% 181% 450%# - -------------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.67%# 2.52% 2.52% 2.56% 2.75% 2.96%# - --------------------------------------------------------------------------------------
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Large Cap Growth Fund (formerly Growth Equity Fund) -------------------------------------- Class I -------------------------------------- 6 Months ended 7/10/00* 4/30/01** to (unaudited) 10/31/00** - -------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $18.42 $22.08 - -------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.02) (0.03) Net realized and unrealized gain/(loss) on investments and foreign currency (5.32) (1.93) ------------------- Total from investment operations (5.34) (1.96) -------------------------------------- Distributions Distributions from realized capital gains (0.14) (1.70) -------------------------------------- Total distributions (0.14) (1.70) - -------------------------------------------------------------------------------- Net Asset Value, End of Period $12.94 $18.42 - -------------------------------------------------------------------------------- Total Return (29.10%)+ (9.04%)+ - -------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------- Net assets, end of period (000's) $16,828 $19,117 - -------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.14%# 1.07%# - -------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets (0.24%)# (0.47%)# - -------------------------------------------------------------------------------- Portfolio turnover rate 101%+ 196%+ - -------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 1.95%# 1.64%# - --------------------------------------------------------------------------------
* Commencement of operations ** Net investment income per share has been calculated using the average share method + Non-annualized # Annualized The accompanying notes are an integral part of the financial statements. 27 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Mid Cap Growth Fund (formerly Small/Mid Cap Fund) ------------------------------------------------------------- Class A ------------------------------------------------------------- 6 Months ended Year Year 3/04/96* 4/30/01** Year ended Year ended ended ended to (unaudited) 10/31/00** 10/31/99 ** 10/31/98 10/31/97 10/31/96 - --------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $17.90 $18.52 $16.09 $15.51 $12.62 $12.50 - --------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.08) (0.27) (0.21) (0.15) (0.14) (0.02) Net realized and unrealized gain/(loss) on investments and foreign currency (5.92) 6.33 4.12 0.97 3.03 0.14 ---------------------------------------------------------- Total from investment operations (6.00) 6.06 3.91 0.82 2.89 0.12 ---------------------------------------------------------- Distributions Distributions from realized capital gains - (6.68) (1.48) (0.24) - - - --------------------------------------------------------------------------------------- Net Asset Value, End of Period $11.90 $17.90 $18.52 $16.09 $15.51 $12.62 - --------------------------------------------------------------------------------------- Total Return (33.45%)+ 35.03% 25.50% 5.51% 22.90% 0.96%+ - --------------------------------------------------------------------------------------- Ratios/Supplemental Data - --------------------------------------------------------------------------------------- Net assets, end of period (000's) $8,557 $11,718 $5,970 $4,814 $4,170 $2,966 - --------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.50%# 1.59% 1.68% 1.68% 1.68% 1.68%# - --------------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets (1.17%)# (1.30%) (1.15%) (0.90%) (1.02%) (0.40%)# - --------------------------------------------------------------------------------------- Portfolio turnover rate 36%+ 210% 181% 162% 145% 92%# - --------------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.04%# 1.88% 1.89% 1.93% 2.24% 2.69%# - ---------------------------------------------------------------------------------------
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Mid Cap Growth Fund (formerly Small/Mid Cap Fund) ------------------------------------------------------------- Class B ------------------------------------------------------------- 6 Months ended Year Year Year Year 3/04/96* 4/30/01** ended ended ended ended to (unaudited) 10/31/00** 10/31/99 ** 10/31/98 10/31/97 10/31/96 - --------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $17.03 $17.99 $15.77 $15.33 $12.58 $12.50 - --------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.12) (0.41) (0.32) (0.25) (0.23) (0.05) Net realized and unrealized gain/(loss) on investments and foreign currency (5.63) 6.13 4.02 0.93 2.98 0.13 ---------------------------------------------------------- Total from investment operations (5.75) 5.72 3.70 0.68 2.75 0.08 ---------------------------------------------------------- Distributions Distributions from realized capital gains - (6.68) (1.48) (0.24) - - - --------------------------------------------------------------------------------------- Net Asset Value, End of Period $11.28 $17.03 $17.99 $15.77 $15.33 $12.58 - --------------------------------------------------------------------------------------- Total Return (33.73%)+ 34.04% 24.62% 4.65% 21.86% 0.64%+ - --------------------------------------------------------------------------------------- Ratios/Supplemental Data - --------------------------------------------------------------------------------------- Net assets, end of period (000's) $20,367 $29,978 $17,184 $13,972 $11,802 $6,659 - --------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 2.15%# 2.31% 2.33% 2.33% 2.33% 2.33%# - --------------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets (1.83%)# (2.01%) (1.80%) (1.55%) (1.67%) (1.05%)# - --------------------------------------------------------------------------------------- Portfolio turnover rate 36%+ 210% 181% 162% 145% 92%# - --------------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.69%# 2.54% 2.54% 2.58% 2.79% 3.05%# - ---------------------------------------------------------------------------------------
* Commencement of Operations ** Net investment income per share has been calculated using the average share method # Annualized + Non-annualized The accompanying notes are an integral part of the financial statements. 28 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Mid Cap Growth Fund (formerly Small/Mid Cap Fund) -------------------------------------------------------------- Class C -------------------------------------------------------------- 6 Months ended Year 3/04/96* 4/30/01** Year ended Year ended ended Year ended to (unaudited) 10/31/00** 10/31/99** 10/31/98 10/31/97** 10/31/96 - ---------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $17.06 $18.02 $15.79 $15.35 $12.59 $12.50 - ---------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.12) (0.41) (0.32) (0.25) (0.23) (0.05) Net realized and unrealized gain/(loss) on Investments and foreign currency (5.63) 6.13 4.03 0.93 2.99 0.14 ------------------------------------------------------------- Total from investment operations (5.75) 5.72 3.71 0.68 2.76 0.09 ------------------------------------------------------------- Distributions Distributions from realized capital gains - (6.68) (1.48) (0.24) - - - ---------------------------------------------------------------------------------------- Net Asset Value, End of Period $11.31 $17.06 $18.02 $15.79 $15.35 $12.59 - ---------------------------------------------------------------------------------------- Total Return (33.67%)+ 33.95% 24.65% 4.64% 21.92% 0.72%+ - ---------------------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------------------- Net assets, end of period (000's) $13,738 $22,913 $18,939 $16,221 $13,471 $8,241 - ---------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 2.15%# 2.33% 2.33% 2.33% 2.33% 2.33%# - ---------------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets (1.83%)# (2.02%) (1.80%) (1.55%) (1.67%) (1.05%)# - ---------------------------------------------------------------------------------------- Portfolio turnover rate 36%+ 210% 181% 162% 145% 92%# - ---------------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.68%# 2.54% 2.54% 2.58% 2.78% 3.04%# - ----------------------------------------------------------------------------------------
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Mid Cap Growth Fund (formerly Small/ Mid Cap Fund) ---------------------- Class I ---------------------- 6 Months ended 7/10/00* 4/30/01** to (unaudited) 10/31/00** - ------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $17.97 $21.70 - ------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.07) (0.08) Net realized and unrealized gain/(loss) on Investments and foreign currency (5.94) (0.15) ------------------- Total from investment operations (6.01) (0.23) ------------------- Distributions Distributions from realized capital gains - (3.50) - ------------------------------------------------------------------------------- Net Asset Value, End of Period $11.96 $17.97 - ------------------------------------------------------------------------------- Total Return (33.37%)+ 1.77%+ - ------------------------------------------------------------------------------- Ratios/Supplemental Data - ------------------------------------------------------------------------------- Net assets, end of period (000's) $9,000 $11,647 - ------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.40%# 1.37%# - ------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets (1.07%)# (1.14%)# - ------------------------------------------------------------------------------- Portfolio turnover rate 36%+ 210%+ - ------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 1.94%# 1.67%# - -------------------------------------------------------------------------------
* Commencement of Operations ** Net investment income per share has been calculated using the average share method # Annualized + Non-annualized The accompanying notes are an integral part of the financial statements. 29 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - -------------------------------------------------------------------------------
Mid Cap Value Fund/1/ ------------------------------- Class A ------------------------------- 6 Months ended Year 4/30/01** Year ended ended (unaudited) 10/31/00** 10/31/99 - ------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $13.61 $11.98 $10.00 - ------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) (0.03) - 0.06* Net realized and unrealized gain/(loss) on Investments and foreign currency 0.51 3.87 1.97 ----------------------------- Total from investment operations 0.48 3.87 2.03 ----------------------------- Distributions Dividends from net investment income - - (0.05) Distributions from realized capital gains (0.07) (2.24) - ----------------------------- Total distributions (0.07) (2.24) (0.05) - ------------------------------------------------------------------------------ Net Asset Value, End of Period $14.02 $13.61 $11.98 - ------------------------------------------------------------------------------ Total Return 3.54%+ 35.42% 20.23% - ------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------ Net assets, end of period (000's) $3,652 $2,747 $1,728 - ------------------------------------------------------------------------------ Ratio of total expenses to average net assets 1.78%# 1.45% 1.29% - ------------------------------------------------------------------------------ Ratio of net investment income to average net assets (0.38%)# (0.04%) 0.51% - ------------------------------------------------------------------------------ Portfolio turnover rate 134%+ 191% 177% - ------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 1.92%# 1.95% 2.43% - ------------------------------------------------------------------------------
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Mid Cap Value Fund/1/ ------------------------------- Class B ------------------------------- 6 Months ended Year 4/30/01** Year ended ended (unaudited) 10/31/00** 10/31/99 - ------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $13.31 $11.85 $10.00 - ------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) (0.07) (0.09) - Net realized and unrealized gain/(loss) on Investments and foreign currency 0.49 3.79 1.87 ------------------------------ Total from investment operations 0.42 3.70 1.87 ------------------------------ Distributions Dividends from net investment income - - (0.02) Distributions from realized capital gains (0.07) (2.24) - ------------------------------ Total distributions (0.07) (2.24) (0.02) - ------------------------------------------------------------------------------ Net Asset Value, End of Period $13.66 $13.31 $11.85 - ------------------------------------------------------------------------------ Total Return 3.16%+ 34.26% 18.71% - ------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------ Net assets, end of period (000's) $10,323 $7,471 $4,555 - ------------------------------------------------------------------------------ Ratio of total expenses to average net assets 2.43%# 2.17% 2.04% - ------------------------------------------------------------------------------ Ratio of net investment income to average net assets (1.03%)# (0.75%) (0.26%) - ------------------------------------------------------------------------------ Portfolio turnover rate 134%+ 191% 177% - ------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 2.57%# 2.67% 2.77% - ------------------------------------------------------------------------------
1 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 Mid Cap Value Fund, which was reorganized into North American Mid Cap Value Fund on that date. ** Net investment income per share has been calculated using the average month-end share method # Annualized + Non-annualized The accompanying notes are an integral part of the financial statements. 30 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - -------------------------------------------------------------------------------
Mid Cap Value Fund/1/ ------------------------------------------------------ Class C Class I ---------------------- ------------------------------- 6 Months 6 Months ended 7/31/00* ended Year 4/30/01** to 4/30/01** Year ended ended (unaudited) 10/31/00** (unaudited) 10/31/00** 10/31/99 - -------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $13.26 $12.88 $13.58 $11.95 $10.00 - -------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.07) (0.05) - (0.02) 0.07 Net realized and unrealized gain/(loss) on investments and foreign currency 0.49 1.23 0.48 3.89 1.94 ---------------------------------------------------- Total from investment operations 0.42 1.18 0.48 3.87 2.01 ---------------------------------------------------- Distributions Dividends from net investment income - - - - (0.06) Distributions from realized capital gains (0.07) (0.80) (0.07) (2.24) - ---------------------------------------------------- Total distributions (0.07) (0.80) (0.07) (2.24) (0.06) - -------------------------------------------------------------------------------- Net Asset Value, End of Period $13.61 $13.26 $13.99 $13.58 $11.95 - -------------------------------------------------------------------------------- Total Return 3.18%+ 9.53% 3.54%# 36.17% 20.18% - -------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------- Net assets, end of period (000's) $4,472 $614 $11,972 $11,501 $1,507 - -------------------------------------------------------------------------------- Ratio of total expenses to average net assets 2.43%# 2.31% 1.68%# 1.49% 1.17% - -------------------------------------------------------------------------------- Ratio of net investment income to average net assets (1.06%)# (1.18%) (0.25%)# (0.17%) 0.64% - -------------------------------------------------------------------------------- Portfolio turnover rate 134%+ 191% 134%+ 191% 177% - -------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.64%# 2.37% 1.81%# 1.78% 2.51% - --------------------------------------------------------------------------------
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Science & Technology Fund/2/ --------------------------------------------- Class A Class B ---------------------- ---------------------- 6 Months 6 Months ended 3/01/00* ended 3/01/00* 4/30/01** to 4/30/01** to (unaudited) 10/31/00** (unaudited) 10/31/00** - --------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $8.08 $10.00 $8.03 $10.00 - --------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.02) (0.04) (0.04) (0.07) Net realized and unrealized gain/(loss) on investments and foreign currency (3.07) (1.88) (3.05) (1.90) ------------------------------------------- Total from investment operations (3.09) (1.92) (3.09) (1.97) - --------------------------------------------------------------------------------- Net Asset Value, End of Period $4.99 $8.08 $4.94 $8.03 - --------------------------------------------------------------------------------- Total Return (17.25%)+ (19.20%)+ (17.53%)# (19.70%)+ - --------------------------------------------------------------------------------- Ratios/Supplemental Data - --------------------------------------------------------------------------------- Net assets, end of period (000's) $3,887 $4,623 $13,463 $15,840 - --------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.21%# 1.24%# 1.87%# 1.91%# - --------------------------------------------------------------------------------- Ratio of net investment income to average net assets (0.71%)# (0.64%)# (1.37%)# (1.37%)# - --------------------------------------------------------------------------------- Portfolio turnover rate 68%+ 120%+ 68%+ 120%+ - --------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.48%# 1.92%# 3.15%# 2.59%# - ---------------------------------------------------------------------------------
1 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 Mid Cap Value Fund, which was reorganized into North American Mid Cap Value Fund on that date. 2 The financial information for the fiscal period prior to July 7, 2000 reflects the financial information for the AGSPC2 Science & Tehcnology Fund, which was reorganized into North American Science & Technology Fund on that date. * Commencement of Operations ** Net investment income per share has been calculated using the average month-end share method # Annualized + Non-annualized The accompanying notes are an integral part of the financial statements. 31 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - -------------------------------------------------------------------------------
Science & Technology Fund/1/ --------------------------------------------- Class C Class I ---------------------- ---------------------- 6 Months 6 Months ended 7/12/00* ended 3/01/00* 4/30/01** to 4/30/01** to (unaudited) 10/31/00** (unaudited) 10/31/00** - -------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $7.82 $8.48 $8.08 $10.00 - -------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.04) (0.03) (0.02) (0.03)* Net realized and unrealized gain/(loss) on Investments and foreign currency (2.96) (0.63) (3.07) (1.89) ------------------------------------------- Total from investment operations (3.00) (0.66) (3.09) (1.92) - -------------------------------------------------------------------------------- Net Asset Value, End of Period $4.82 $7.82 $4.99 $8.08 - -------------------------------------------------------------------------------- Total Return (17.47%)+ (7.78%)+ (17.38%)+ (19.20%)+ - -------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------- Net assets, end of period (000's) $1,337 $1,065 $333 $539 - -------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.88%# 1.71%# 1.11%# 1.20%# - -------------------------------------------------------------------------------- Ratio of net investment income to average net assets (1.38%)# (1.11%)# (0.61%)# (0.48%)# - -------------------------------------------------------------------------------- Portfolio turnover rate 68%+ 120%+ 68%+ 120%+ - -------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 3.21%# 2.37%# 2.32%# 1.88%# - --------------------------------------------------------------------------------
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Small Cap Growth Fund (formerly Emerging Growth Fund) ------------------------------------------ Class A ------------------------------------------ 6 Months ended 1/06/98* 4/30/01** Year ended Year ended to (unaudited) 10/31/00** 10/31/99** 10/31/98 - ------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $17.27 $12.81 $8.88 $10.00 - ------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.05) (0.12) (0.15) (0.08) Net realized and unrealized gain/(loss) on investments and foreign currency (3.38) 5.66 4.08 (1.04) ------------------------------------------ Total from investment operations (3.43) 5.54 3.93 (1.12) ------------------------------------------ Distributions Distributions from capital gains (0.01) (1.08) -- -- - ------------------------------------------------------------------------------- Net Asset Value, End of Period $13.83 $17.27 $12.81 $8.88 - ------------------------------------------------------------------------------- Total Return (19.89%)+ 43.62% 44.26% (11.20%)+ - ------------------------------------------------------------------------------- Ratios/Supplemental Data - ------------------------------------------------------------------------------- Net assets, end of period (000's) $6,010 $6,795 $224 $146 - ------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.34%# 1.35% 1.70% 1.70%# - ------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets (0.74%)# (0.66%) (1.43%) (1.00%)# - ------------------------------------------------------------------------------- Portfolio turnover rate 46%+ 222% 129% 52%+ - ------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.18%# 2.10% 6.96% 15.48%# - -------------------------------------------------------------------------------
1 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 Science & Technology Fund, which was reorganized into North American Science & Technology Fund on that date. * Commencement of Operations # Annualized + Non-annualized ** Net investment income per share has been calculated using the average month-end share method The accompanying notes are an integral part of the financial statements. 32 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Small Cap Growth Fund (formerly Emerging Growth Fund) ------------------------------------------ Class B ------------------------------------------ 6 Months ended 1/06/98* 4/30/01** Year ended Year ended to (unaudited) 10/31/00** 10/31/99** 10/31/98 - ------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $16.80 $12.57 $8.83 $10.00 - ------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.10) (0.24) (0.21) (0.12) Net realized and unrealized gain/(loss) on investments and foreign currency (3.31) 5.55 3.95 (1.05) ------------------------------------------ Total from investment operations (3.41) 5.31 3.74 (1.17) ------------------------------------------ Distributions Distributions from capital gains (0.01) (1.08) -- -- - ------------------------------------------------------------------------------- Net Asset Value, End of Period $13.38 $16.80 $12.57 $8.83 - ------------------------------------------------------------------------------- Total Return (20.32%)+ 42.62% 42.36% (11.70%)+ - ------------------------------------------------------------------------------- Ratios/Supplemental Data - ------------------------------------------------------------------------------- Net assets, end of period (000's) $13,130 $14,554 $660 $263 - ------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.99%# 2.00% 2.35% 2.35%# - ------------------------------------------------------------------------------- Ratio of net investment income to average net assets (1.39%)# (1.31%) (2.04%) (1.76%)# - ------------------------------------------------------------------------------- Portfolio turnover rate 46%+ 222% 129% 52%+ - ------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.83%# 2.75% 7.58% 16.48%# - -------------------------------------------------------------------------------
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Small Cap Growth Fund (formerly Emerging Growth Fund) ------------------------------------------ Class C ------------------------------------------ 6 Months ended 1/06/98* 4/30/01** Year ended Year ended to (unaudited) 10/31/00** 10/31/99** 10/31/98 - ------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $16.79 $12.57 $8.84 $10.00 - ------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.10) (0.29) (0.21) (0.12) Net realized and unrealized gain/(loss) on investments and foreign currency (3.30) 5.59 3.94 (1.04) ------------------------------------------ Total from investment operations (3.40) 5.30 3.73 (1.16) ------------------------------------------ Distributions Distributions from capital gains (0.01) (1.08) -- -- - ------------------------------------------------------------------------------- Net Asset Value, End of Period $13.38 $16.79 $12.57 $8.84 - ------------------------------------------------------------------------------- Total Return (20.28%)+ 42.54% 42.19% (11.60%)+ - ------------------------------------------------------------------------------- Ratios/Supplemental Data - ------------------------------------------------------------------------------- Net assets, end of period (000's) $2,720 $3,337 $440 $238 - ------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.98%# 2.21% 2.35% 2.35%# - ------------------------------------------------------------------------------- Ratio of net investment income to average net assets (1.39%)# (1.56%) (2.03%) (1.67%)# - ------------------------------------------------------------------------------- Portfolio turnover rate 46%+ 222% 129% 52%+ - ------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.82%# 3.17% 7.60% 15.78%# - -------------------------------------------------------------------------------
* Commencement of Operations # Annualized + Non-annualized ** Net investment income per share has been calculated using the average month-end share method The accompanying notes are an integral part of the financial statements. 33 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - -------------------------------------------------------------------------------
Small Cap Growth Fund (formerly Emerging Growth Fund) ------------------------------- Class I ----------------------------------- 6 Months ended 4/30/01** 7/10/00* to (unaudited) 10/31/00** - ------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $17.33 $19.82 - ------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.05) (0.07) Net realized and unrealized gain/(loss) on investments and foreign currency (3.41) (1.42) ----------------------------------- Total from investment operations (3.46) (1.49) ----------------------------------- Distributions Distributions from capital gains (0.01) (1.00) - ------------------------------------------------------------------------------- Net Asset Value, End of Period $13.86 $17.33 - ------------------------------------------------------------------------------- Total Return (19.99%)+ (7.34%)+ - ------------------------------------------------------------------------------- Ratios/Supplemental Data - ------------------------------------------------------------------------------- Net assets, end of period (000's) $12,237 $14,154 - ------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.24%# 1.11%# - ------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets (0.64%)# (0.37%)# - ------------------------------------------------------------------------------- Portfolio turnover rate 46%+ 222%+ - ------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.08%# 1.69%# - -------------------------------------------------------------------------------
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Small Cap Index Fund/1/ --------------------------------------------------------------- Class A Class B ------------------------------- ------------------------------- 6 Months 6 Months ended Year ended Year 4/30/01** Year ended ended 4/30/01** Year ended ended (unaudited) 10/31/00** 10/31/99 (unaudited) 10/31/00** 10/31/99 - ----------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $9.79 $11.03 $10.00 $9.76 $11.03 $10.00 - ----------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.03 0.13 0.10 - 0.05 0.02 Net realized and unrealized gain/(loss) on investments and foreign currency (0.26) 1.08 1.03 (0.26) 1.07 1.03 ------------------------------------------------------------- Total from investment operations (0.23) 1.21 1.13 (0.26) 1.12 1.05 ------------------------------------------------------------- Distributions Dividends from net investment income (0.02) (0.11) (0.10) - (0.05) (0.02) Distributions from realized capital gains (0.11) (2.34) - (0.11) (2.34) - ------------------------------------------------------------- Total distributions (0.13) (2.45) (0.10) (0.11) (2.39) (0.02) - ----------------------------------------------------------------------------------------- Net Asset Value, End of Period $9.43 $9.79 $11.03 $9.39 $9.76 $11.03 - ----------------------------------------------------------------------------------------- Total Return (2.08%)+ 11.74% 11.32% (2.53%)+ 10.83% 10.53% - ----------------------------------------------------------------------------------------- Ratios/Supplemental Data - ----------------------------------------------------------------------------------------- Net assets, end of period (000's) $3,497 $3,361 $2,900 $4,823 $4,574 $3,361 - ----------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.17%# 0.89% 0.83% 1.81%# 1.61% 1.58% - ----------------------------------------------------------------------------------------- Ratio of net investment income to average net assets 0.73%# 1.15% 0.97% 0.08%# 0.43% 0.23% - ----------------------------------------------------------------------------------------- Portfolio turnover rate 24%+ 65% 48% 24%+ 63% 48% - ----------------------------------------------------------------------------------------- Expense ratio before reimbursement by adviser 1.78%# 1.19% 1.69% 2.42%# 1.91% 2.37% - -----------------------------------------------------------------------------------------
1 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 Small Cap Index Fund, which was reorganized into North American Small Cap Index Fund on that date. * Commencement of Operations # Annualized + Non-annualized ** Net investment income per share has been calculated using the average month-end share method The accompanying notes are an integral part of the financial statements. 34 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - -------------------------------------------------------------------------------
Small Cap Index Fund/1/ ---------------------- Class C ---------------------- 6 Months Ended 8/23/00* 4/30/01** to (unaudited) 10/31/00** - ------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $9.88 $11.56 - ------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) - - Net realized and unrealized gain/(loss) on Investments and foreign currency (0.25) (0.43) ------------------- Total from investment operations (0.25) (0.43) ------------------- Distributions from realized capital gains (0.11) (1.25) - ------------------------------------------------------------------------------ Net Asset Value, End of Period $9.52 $9.88 - ------------------------------------------------------------------------------ Total Return (2.40%)+ (3.07%)+ - ------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------ Net assets, end of period (000's) $100 $38 - ------------------------------------------------------------------------------ Ratio of total expenses to average net assets 1.85%# 1.64%# - ------------------------------------------------------------------------------ Ratio of net investment income to average net assets (0.04%)# 0.17%# - ------------------------------------------------------------------------------ Portfolio turnover rate 24%+ 63%+ - ------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 2.51%# 2.02%# - ------------------------------------------------------------------------------
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Socially Responsible Fund/2/ --------------------------------------------------------------- Class A Class B ------------------------------- ------------------------------- 6 Months 6 Months Ended Year Ended Year 4/30/01** Year Ended Ended 4/30/01** Year Ended Ended (unaudited) 10/31/00** 10/31/99 (unaudited) 10/31/00** 10/31/99 - ----------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $11.91 $12.15 $10.00 $11.87 $12.13 $10.00 - ----------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.04 0.10 0.10 - 0.01 0.02 Net realized and unrealized gain/(loss) on Investments and foreign currency (1.61) 0.21 2.15 (1.58) 0.23 2.13 ------------------------------------------------------------- Total from investment operations (1.57) 0.31 2.25 (1.58) 0.24 2.15 ------------------------------------------------------------- Distributions Dividends from net investment income - (0.06) (0.10) - (0.01) (0.02) Distributions from realized capital gains - (0.49) - - (0.49) - ------------------------------------------------------------- Total distributions - (0.55) (0.10) - (0.50) (0.02) - ----------------------------------------------------------------------------------------- Net Asset Value, End of Period $10.34 $11.91 $12.15 $10.29 $11.87 $12.13 - ----------------------------------------------------------------------------------------- Total Return (13.00%)+ 2.53% 22.53%+ (13.27%)+ 1.88% 21.50% - ----------------------------------------------------------------------------------------- Ratios/Supplemental Data - ----------------------------------------------------------------------------------------- Net assets, end of period (000's) $1,691 $1,896 $1,663 $3,408 $3,649 $2,943 - ----------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.23%# 0.94% 0.80% 1.88%# 1.65% 1.55% - ----------------------------------------------------------------------------------------- Ratio of net investment income to average net assets 0.69%# 0.81% 0.87% 0.03%# 0.10% 0.09% - ----------------------------------------------------------------------------------------- Portfolio turnover rate 28%+ 52% 24% 28%+ 52% 24% - ----------------------------------------------------------------------------------------- Expense ratio before reimbursement by adviser 1.97%# 1.24% 1.97% 2.63%# 1.96% 2.49% - -----------------------------------------------------------------------------------------
1 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 Small Cap Index Fund, which was reorganized into North American Small Cap Index Fund on that date. 2 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 Socially Responsible Fund, which was reorganized into North American Socially Responsible Fund on that date. * Commencement of Operations # Annualized + Non-annualized ** Net investment income per share has been calculated using the average month-end share method The accompanying notes are an integral part of the financial statements. 35 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - -------------------------------------------------------------------------------
Socially Responsible Fund/1/ ------------------------------------------------------ Class C Class I ---------------------- ------------------------------- 6 Months 6 Months ended 7/28/00* ended Year 4/30/01** to 4/30/01** Year ended ended (unaudited) 10/31/00** (unaudited) 10/31/00** 10/31/99 - -------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $12.07 $12.09 $11.93 $12.16 $10.00 - -------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) - (0.01) 0.04 0.11 0.11 Net realized and unrealized gain/(loss) on Investments and foreign currency (1.62) - (1.59) 0.23 2.16 ---------------------------------------------------- Total from investment operations (1.62) (0.01) (1.55) 0.34 2.27 ---------------------------------------------------- Distributions Dividends from net investment income - (0.01) (0.41) (0.08) (0.11) Distributions from realized capital gains - - - (0.49) - ---------------------------------------------------- Total distributions - (0.01) (0.41) (0.57) (0.11) - -------------------------------------------------------------------------------- Net Asset Value, End of Period $10.45 $12.07 $9.97 $11.93 $12.16 - -------------------------------------------------------------------------------- Total Return (13.38%)+ (0.11%)+ (12.98%)+ 2.72% 22.73% - -------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------- Net assets, end of period (000's) $57 $56 $5,488 $5,966 $2,098 - -------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.95%# 2.23%# 1.13%# 0.88% 0.68% - -------------------------------------------------------------------------------- Ratio of net investment income to average net assets (0.05%)# (0.17%)# 0.79%# 0.97% 0.97% - -------------------------------------------------------------------------------- Portfolio turnover rate 28%+ 52%+ 28%+ 52% 24% - -------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.64%# 2.23%# 1.88%# 1.25% 1.89% - --------------------------------------------------------------------------------
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Stock Index Fund/2/ ------------------------------- Class A ------------------------------- 6 Months ended Year 4/30/01** Year ended ended (unaudited) 10/31/00** 10/31/99 - ------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $12.75 $12.32 $10.00 - ------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) 0.06 0.14 0.11 Net realized and unrealized gain/(loss) on investments and foreign currency (1.67) 0.47 2.32 ----------------------------- Total from investment operations (1.61) 0.61 2.43 ----------------------------- Distributions Dividends from net investment income (0.09) (0.10) (0.11) Distributions from realized capital gains - (0.08) - ----------------------------- Total distributions (0.09) (0.18) (0.11) - ------------------------------------------------------------------------------ Net Asset Value, End of Period $11.05 $12.75 $12.32 - ------------------------------------------------------------------------------ Total Return (12.37%)+ 4.91% 24.36% - ------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------ Net assets, end of period (000's) $8,374 $8,543 $5,634 - ------------------------------------------------------------------------------ Net investment income/(loss) 0.06 0.14 0.11 - ------------------------------------------------------------------------------ Ratio of total expenses to average net assets 0.72%# 0.78% 0.82% - ------------------------------------------------------------------------------ Ratio of net investment income to average net assets 1.03%# 1.12% 1.08% - ------------------------------------------------------------------------------ Portfolio turnover rate 2%+ 2% 14% - ------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 1.40%# 1.12% 1.53% - ------------------------------------------------------------------------------
1 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 Socially Responsible Fund, which was reorganized into North American Socially Responsible Fund on that date. 2 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 Stock Index Fund, which was reorganized into North American Stock Index Fund on that date. * Commencement of Operations # Annualized + Non-annualized ** Net investment income per share has been calculated using the average month-end share method The accompanying notes are an integral part of the financial statements. 36 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Stock Index Fund/1/ ------------------------------- Class B ------------------------------- 6 Months ended Year 4/30/01** Year ended ended (unaudited) 10/31/00** 10/31/99 - ------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $12.64 $12.23 $10.00 - ------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) 0.02 0.05 0.02 Net realized and unrealized gain/(loss) on investments and foreign currency (1.65) 0.46 2.23 ------------------------------ Total from investment operations (1.63) 0.51 2.25 ------------------------------ Distributions Dividends from net investment income (0.01) (0.02) (0.02) Distributions from realized capital gains - (0.08) - ------------------------------ Total distributions (0.01) (0.10) (0.02) - ------------------------------------------------------------------------------ Net Asset Value, End of Period $11.00 $12.64 $12.23 - ------------------------------------------------------------------------------ Total Return (12.72%)+ 4.21% 22.55% - ------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------ Net assets, end of period (000's) $24,812 $24,966 $15,040 - ------------------------------------------------------------------------------ Ratio of total expenses to average net assets 1.37%# 1.49% 1.57% - ------------------------------------------------------------------------------ Ratio of net investment income to average net assets 0.38%# 0.42 $0.37% - ------------------------------------------------------------------------------ Portfolio turnover rate 2%+ 2% 14% - ------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 2.06%# 1.83% 1.98% - ------------------------------------------------------------------------------
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Stock Index Fund/1/ ---------------------- Class C ---------------------- 6 Months ended 7/17/00* 4/30/01** to (unaudited) 10/31/00** - ------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $12.55 $13.38 - ------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) 0.02 0.01 Net realized and unrealized gain/(loss) on investments and foreign currency (1.62) (0.83) ------------------- Total from investment operations (1.60) (0.82) ------------------- Distributions Dividends from net investment income (0.01) (0.01) Distributions from realized capital gains - - ------------------- Total distributions (0.01) (0.01) - ------------------------------------------------------------------------------ Net Asset Value, End of Period $10.94 $12.55 - ------------------------------------------------------------------------------ Total Return (12.57%)+ (5.21%)+ - ------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------ Net assets, end of period (000's) $1,270 $500 - ------------------------------------------------------------------------------ Ratio of total expenses to average net assets 1.36%# 1.35%# - ------------------------------------------------------------------------------ Ratio of net investment income to average net assets 0.31%# 0.30%# - ------------------------------------------------------------------------------ Portfolio turnover rate 2%+ 2%+ - ------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 2.11%# 1.84%# - ------------------------------------------------------------------------------
1 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 Stock Index Fund, which was reorganized into North American Stock Index Fund on that date. * Commencement of Operations # Annualized + Non-annualized ** Net investment income per share has been calculated using the average month-end share method The accompanying notes are an integral part of the financial statements. 37 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Global Equity Fund -------------------------------------------------------------- Class A -------------------------------------------------------------- 6 Months ended Year Year 04/30/01** Year ended Year ended ended ended Year ended (unaudited) 10/31/00** 10/31/99** 10/31/98 10/31/97 10/31/96** - ---------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $11.06 $16.12 $16.43 $16.32 $14.50 $13.84 - ---------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.05) (0.06) 0.08 0.02 0.06 (0.04) Net realized and unrealized gain/(loss) on investments and foreign currency (2.20) (2.86) 0.82 1.34 3.45 0.91 ----------------------------------------------------------- Total from investment operations (2.25) (2.92) 0.90 1.36 3.51 0.87 ----------------------------------------------------------- Distributions Dividends from net investment income - - - (0.22) (0.05) (0.21) Distributions from realized capital gains - (2.14) (1.21) (1.03) (1.64) - ----------------------------------------------------------- Total distributions - (2.14) (1.21) (1.25) (1.69) (0.21) - ---------------------------------------------------------------------------------------- Net Asset Value, End of Period $8.81 $11.06 $16.12 $16.43 $16.32 $14.50 - ---------------------------------------------------------------------------------------- Total Return (20.27%)+ (21.08%) 5.60% 8.90% 26.10% 6.33% - ---------------------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------------------- Net assets, end of period (000's) $6,021 $8,610 $12,757 $31,055 $30,960 $25,924 - ---------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.96%# 1.86% 1.75% 1.75% 1.75% 1.75% - ---------------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets (1.06%)# (0.42%) 0.47% 0.09% 0.33% (0.30%) - ---------------------------------------------------------------------------------------- Portfolio turnover rate 57%+ 207% 38% 20% 28% 165% - ---------------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.39%# 2.06% 1.84% 1.75% 1.81% 1.83% - ----------------------------------------------------------------------------------------
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Global Equity Fund -------------------------------------------------------------- Class B -------------------------------------------------------------- 6 Months ended Year Year 04/30/01** Year ended Year ended ended ended Year ended (unaudited) 10/31/00** 10/31/99** 10/31/98 10/31/97 10/31/96** - ---------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $10.77 $15.83 $16.24 $16.14 $14.36 $13.73 - ---------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.08) (0.14) (0.04) (0.11) (0.05) (0.14) Net realized and unrealized gain/(loss) on investments and foreign currency (2.14) (2.78) 0.84 1.35 3.47 0.91 ----------------------------------------------------------- Total from investment operations (2.22) (2.92) 0.80 1.24 3.42 0.77 ----------------------------------------------------------- Distributions Dividends from net investment income - - - (0.11) - (0.14) Distributions from realized capital gains - (2.14) (1.21) (1.03) (1.64) - ----------------------------------------------------------- Total distributions - (2.14) (1.21) (1.14) (1.64) (0.14) - ---------------------------------------------------------------------------------------- Net Asset Value, End of Period $8.55 $10.77 $15.83 $16.24 $16.14 $14.36 - ---------------------------------------------------------------------------------------- Total Return (20.61%)+ (21.44%) 5.01% 8.17% 25.63% 5.64% - ---------------------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------------------- Net assets, end of period (000's) $5,859 $10,089 $25,381 $30,287 $31,833 $25,661 - ---------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 2.61%# 2.51% 2.40% 2.40% 2.40% 2.40% - ---------------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets (1.74%)# (1.04%) (0.25%) (0.55%) (0.32%) (0.95%) - ---------------------------------------------------------------------------------------- Portfolio turnover rate 57%+ 207% 38% 20% 28% 165% - ---------------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 3.03%# 2.71% 2.50% 2.40% 2.47% 2.48% - ----------------------------------------------------------------------------------------
# Annualized + Non-annualized ** Net investment income per share has been calculated using the average month-end share method The accompanying notes are an integral part of the financial statements. 38 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Global Equity Fund -------------------------------------------------------------- Class C -------------------------------------------------------------- 6 Months ended Year Year 04/30/01** Year ended Year ended ended ended Year ended (unaudited) 10/31/00** 10/31/99** 10/31/98 10/31/97 10/31/96** - ---------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $10.82 $15.89 $16.30 $16.19 $14.41 $13.73 - ---------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.08) (0.14) (0.04) (0.10) (0.05) (0.14) Net realized and unrealized gain/(loss) on investments and foreign currency (2.15) (2.79) 0.84 1.35 3.47 0.92 ----------------------------------------------------------- Total from investment operations (2.23) (2.93) 0.80 1.25 3.42 0.78 ----------------------------------------------------------- Distributions Dividends from net investment income - - - (0.11) - (0.10) Distributions from realized capital gains - (2.14) (1.21) (1.03) (1.64) - ----------------------------------------------------------- Total distributions - (2.14) (1.21) (1.14) (1.64) (0.10) - ---------------------------------------------------------------------------------------- Net Asset Value, End of Period $8.59 $10.82 $15.89 $16.30 $16.19 $14.41 - ---------------------------------------------------------------------------------------- Total Return (20.61%)+ (21.42%) 4.99% 8.21% 25.54% 5.70% - ---------------------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------------------- Net assets, end of period (000's) $12,608 $19,549 $45,201 $57,774 $61,245 $64,830 - ---------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 2.61%# 2.51% 2.40% 2.40% 2.40% 2.40% - ---------------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets (1.71%)# (1.05%) (0.24%) (0.56%) (0.32%) (0.95%) - ---------------------------------------------------------------------------------------- Portfolio turnover rate 57%+ 207% 38% 20% 28% 165% - ---------------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 3.03%# 2.71% 2.50% 2.40% 2.46% 2.48% - ----------------------------------------------------------------------------------------
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International Equity Fund -------------------------------------------------------------- Class A -------------------------------------------------------------- 6 Months ended Year Year 04/30/01** Year ended Year ended ended ended Year ended (unaudited) 10/31/00** 10/31/99** 10/31/98 10/31/97 10/31/96** - ---------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $10.49 $11.89 $9.83 $10.81 $11.35 $10.11 - ---------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.01 (0.03) 0.02 0.03 0.06 0.09 Net realized and unrealized gain/(loss) on investments and foreign currency (0.62) (0.35) 2.07 0.02 0.35 1.33 ---------------------------------------------------------- Total from investment operations (0.61) (0.38) 2.09 0.05 0.41 1.42 ---------------------------------------------------------- Distributions Dividends from net investment income - (0.10) - (0.13) (0.19) (0.08) Distributions from realized capital gains (1.51) (0.92) (0.03) (0.90) (0.76) (0.10) ---------------------------------------------------------- Total distributions (1.51) (1.02) (0.03) (1.03) (0.95) (0.18) - ---------------------------------------------------------------------------------------- Net Asset Value, End of Period $8.37 $10.49 $11.89 $9.83 $10.81 $11.35 - ---------------------------------------------------------------------------------------- Total Return (6.50%)+ (4.00%) 21.33% 0.67% 3.55% 14.25% - ---------------------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------------------- Net assets, end of period (000's) $9,489 $7,471 $3,997 $3,769 $4,461 $4,732 - ---------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.57%# 1.71% 1.75% 1.75% 1.75% 1.75% - ---------------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets 0.33%# (0.27%) 0.18% 0.44% 0.97% 0.84% - ---------------------------------------------------------------------------------------- Portfolio turnover rate 23%+ 126% 142% 173% 146% 170% - ---------------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.14%# 2.02% 1.98% 1.87% 1.96% 1.97% - ----------------------------------------------------------------------------------------
# Annualized + Non-annualized ** Net investment income per share has been calculated using the average month-end share method The accompanying notes are an integral part of the financial statements. 39 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
International Equity Fund ---------------------------------------------------------------- Class B ---------------------------------------------------------------- 6 Months ended Year 04/30/01** Year ended Year ended ended Year ended Year ended (unaudited) 10/31/00** 10/31/99** 10/31/98 10/31/97** 10/31/96** - ------------------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $10.34 $11.74 $9.77 $10.75 $11.30 $10.10 - ------------------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) (0.02) (0.11) (0.05) (0.02) 0.03 0.06 Net realized and unrealized gain/(loss) on investments and foreign currency (0.61) (0.35) 2.05 0.00 0.31 1.30 ------------------------------------------------------------- Total from investment operations (0.63) (0.46) 2.00 (0.02) 0.34 1.36 ------------------------------------------------------------- Distributions Dividends from net investment income - (0.02) - (0.06) (0.13) (0.05) Distributions from realized capital gains (1.51) (0.92) (0.03) (0.90) (0.76) (0.11) ------------------------------------------------------------- Total distributions (1.51) (0.94) (0.03) (0.96) (0.89) (0.16) - ------------------------------------------------------------------------------------------ Net Asset Value, End of Period $8.20 $10.34 $11.74 $9.77 $10.75 $11.30 - ------------------------------------------------------------------------------------------ Total Return (6.82%)+ (4.78%) 20.53% (0.03%) 2.92% 13.58% - ------------------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------------------ Net assets, end of period (000's) $14,226 $18,204 $14,269 $14,030 $16,334 $15,217 - ------------------------------------------------------------------------------------------ Ratio of total expenses to average net assets 2.21%# 2.38% 2.40% 2.40% 2.40% 2.40% - ------------------------------------------------------------------------------------------ Ratio of net investment income (loss) to average net assets (0.53%)# (0.96%) (0.45%) (0.18%) 0.32% 0.57% - ------------------------------------------------------------------------------------------ Portfolio turnover rate 23%+ 126% 142% 173% 146% 170% - ------------------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 2.78%# 2.66% 2.63% 2.52% 2.54% 2.60% - ------------------------------------------------------------------------------------------
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International Equity Fund ---------------------------------------------------------------- Class C ---------------------------------------------------------------- 6 Months ended Year 04/30/01** Year ended Year ended ended Year ended Year ended (unaudited) 10/31/00** 10/31/99** 10/31/98 10/31/97** 10/31/96** - ------------------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $10.31 $11.74 $9.77 $10.76 $11.31 $10.10 - ------------------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) (0.02) (0.11) (0.05) (0.02) 0.03 0.06 Net realized and unrealized gain/(loss) on investments and foreign currency (0.60) (0.38) 2.05 (0.01) 0.31 1.30 ------------------------------------------------------------ Total from investment operations (0.62) (0.49) 2.00 (0.03) 0.34 1.36 ------------------------------------------------------------ Distributions Dividends from net investment income - (0.02) - (0.06) (0.13) (0.05) Distributions from realized capital gains (1.51) (0.92) (0.03) (0.90) (0.76) (0.10) ------------------------------------------------------------ Total distributions (1.51) (0.94) (0.03) (0.96) (0.89) (0.15) - ------------------------------------------------------------------------------------------ Net Asset Value, End of Period $8.18 $10.31 $11.74 $9.77 $10.76 $11.31 - ------------------------------------------------------------------------------------------ Total Return (6.73%)+ (5.05%) 20.53% (0.13%) 2.91% 13.63% - ------------------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------------------ Net assets, end of period (000's) $3,773 $4,765 $6,680 $7,960 $8,460 $9,076 - ------------------------------------------------------------------------------------------ Ratio of total expenses to average net assets 2.21%# 2.43% 2.40% 2.40% 2.40% 2.40% - ------------------------------------------------------------------------------------------ Ratio of net investment income (loss) to average net assets (0.52%)# (0.96%) (0.49%) (0.19%) 0.32% 0.51% - ------------------------------------------------------------------------------------------ Portfolio turnover rate 23%+ 126% 142% 173% 146% 170% - ------------------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 2.78%# 2.68% 2.62% 2.52% 2.57% 2.60% - ------------------------------------------------------------------------------------------
# Annualized + Non-annualized ** Net investment income per share has been calculated using the average month-end share method The accompanying notes are an integral part of the financial statements. 40 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
International Equity Fund ---------------------- Class I ---------------------- 6 months ended 7/10/00* 04/30/01** to (unaudited) 10/31/00** - ------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $10.47 $11.74 - ------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) 0.01 (0.01) Net realized and unrealized gain/(loss) on investments and foreign currency (0.61) (1.26) ------------------- Total from investment operations (0.60) (1.27) Distributions from realized capital gains (1.51) - - ------------------------------------------------------------------------------ Net Asset Value, End of Period $8.36 $10.47 - ------------------------------------------------------------------------------ Total Return (6.40%)+ 10.82%+ - ------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------ Net assets, end of period (000's) $19,392 $16,656 - ------------------------------------------------------------------------------ Ratio of total expenses to average net assets 1.47%# 1.39%# - ------------------------------------------------------------------------------ Ratio of net investment income (loss) to average net assets 0.33%# (0.19%)# - ------------------------------------------------------------------------------ Portfolio turnover rate 23%+ 126%+ - ------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 2.04%# 1.83%# - ------------------------------------------------------------------------------
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International Small Cap Fund ------------------------------------------------------------ Class A ------------------------------------------------------------ 6 Months ended Year Year 3/04/96* 04/30/01** Year ended Year ended ended ended to (unaudited) 10/31/00** 10/31/99** 10/31/98 10/31/97 10/31/96 - -------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $19.21 $18.83 $13.91 $13.86 $13.43 $12.50 - -------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) (0.02) (0.30) (0.14) (0.02) (0.03) 0.05 Net realized and unrealized gain/(loss) on investments and foreign currency (4.67) 5.35 5.06 0.07 0.46 0.88 ----------------------------------------------------------- Total from investment operations (4.69) 5.05 4.92 0.05 0.43 0.93 ----------------------------------------------------------- Distributions Distributions from realized capital gains (1.00) (4.67) - - - - - -------------------------------------------------------------------------------------- Net Asset Value, End of Period $13.52 $19.21 $18.83 $13.91 $13.86 $13.43 - -------------------------------------------------------------------------------------- Total Return (25.22%)+ 23.34% 35.37% 0.36% 3.20% 7.44%+ - -------------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------------- Net assets, end of period (000's) $4,975 $6,003 $2,309 $2,173 $3,225 $2,120 - -------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.90%# 1.97% 1.90% 1.90% 1.90% 1.90%# - -------------------------------------------------------------------------------------- Ratio of net investment income to average net assets (0.32%)# (1.21%) (0.87%) (0.12%) (0.19%) (0.50%)# - -------------------------------------------------------------------------------------- Portfolio turnover rate 278%+ 537% 202% 54% 75% 67%# - -------------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.74%# 2.21% 2.24% 2.23% 2.46% 3.07%# - --------------------------------------------------------------------------------------
* Commencement of Operations # Annualized + Non-annualized ** Net investment income per share has been calculated using the average share method The accompanying notes are an integral part of the financial statements. 41 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
International Small Cap Fund ---------------------------------------------------------- Class B ---------------------------------------------------------- 6 Months ended Year Year Year 3/04/96* 04/30/01** Year ended ended ended ended to (unaudited) 10/31/00** 10/31/99 10/31/98 10/31/97 10/31/96 - ------------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $18.43 $18.35 $13.66 $13.71 $13.37 $12.50 - ------------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) (0.07) (0.43) (0.27) (0.12) (0.11) (0.01) Net realized and unrealized gain/(loss) on investments and foreign currency (4.48) 5.18 4.96 0.07 0.45 0.88 --------------------------------------------------------- Total from investment operations (4.55) 4.75 4.69 (0.05) 0.34 0.87 --------------------------------------------------------- Distributions Distributions from realized capital gains (1.00) (4.67) - - - - - ------------------------------------------------------------------------------------ Net Asset Value, End of Period $12.88 $18.43 $18.35 $13.66 $13.71 $13.37 - ------------------------------------------------------------------------------------ Total Return (25.54%)+ 22.16% 34.33% (0.36%) 2.54% 6.96%+ - ------------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------------ Net assets, end of period (000's) $8,182 $11,665 $7,417 $7,073 $7,369 $5,068 - ------------------------------------------------------------------------------------ Ratio of total expenses to average net assets 2.55%# 2.62% 2.55% 2.55% 2.55% 2.55%# - ------------------------------------------------------------------------------------ Ratio of net investment income to average net assets (1.02%)# (1.87%) (1.53%) (0.79%) (0.84%) (0.15%)# - ------------------------------------------------------------------------------------ Portfolio turnover rate 278%+ 537% 202% 54% 75% 67%# - ------------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 3.38%# 2.85% 2.89% 2.88% 2.98% 3.27%# - ------------------------------------------------------------------------------------
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International Small Cap Fund ---------------------------------------------------------- Class C ---------------------------------------------------------- 6 Months ended Year Year Year 3/04/96* 04/30/01** Year ended ended ended ended to (unaudited) 10/31/00** 10/31/99 10/31/98 10/31/97 10/31/96 - ------------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $18.50 $18.37 $13.66 $13.71 $13.37 $12.50 - ------------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) (0.08) (0.43) (0.31) (0.12) (0.11) (0.01) Net realized and unrealized gain/(loss) on investments and foreign currency (4.48) 5.23 5.02 0.07 0.45 0.88 --------------------------------------------------------- Total from investment operations (4.56) 4.80 4.71 (0.05) 0.34 0.87 --------------------------------------------------------- Distributions Distributions from realized capital gains (1.00) (4.67) - - - - - ------------------------------------------------------------------------------------ Net Asset Value, End of Period $12.94 $18.50 $18.37 $13.66 $13.71 $13.37 - ------------------------------------------------------------------------------------ Total Return (25.49%)+ 22.43% 34.48% (0.36%) 2.54% 6.96%+ - ------------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------------ Net assets, end of period (000's) $6,050 $9,893 $5,972 $6,195 $7,025 $5,517 - ------------------------------------------------------------------------------------ Ratio of total expenses to average net assets 2.54%# 2.62% 2.55% 2.55% 2.55% 2.55%# - ------------------------------------------------------------------------------------ Ratio of net investment income to average net assets (1.05%)# (1.84%) (1.53%) (0.78%) (0.84%) (0.15%)# - ------------------------------------------------------------------------------------ Portfolio turnover rate 278%+ 537% 202% 54% 75% 67%# - ------------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 3.37%# 2.86% 2.89% 2.88% 2.96% 3.25%# - ------------------------------------------------------------------------------------
* Commencement of Operations ** Net investment income per share has been calculated using the average share method # Annualized + Non-annualized The accompanying notes are an integral part of the financial statements. 42 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Balanced Fund -------------------------------------------------------------- Class A -------------------------------------------------------------- 6 Months ended Year Year 04/30/01** Year ended Year ended ended ended Year ended (unaudited) 10/31/00** 10/31/99** 10/31/98 10/31/97 10/31/96** - ---------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $9.43 $10.56 $11.48 $12.58 $12.33 $12.02 - ---------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.07 0.14 0.24 0.25 0.34 0.39 Net realized and unrealized gain/(loss) on investments and foreign currency (1.05) 0.32 (0.09) 1.04 1.52 1.07 ----------------------------------------------------------- Total from investment operations (0.98) 0.46 0.15 1.29 1.86 1.46 ----------------------------------------------------------- Distributions Dividends from net investment income (0.11) (0.28) (0.23) (0.32) (0.45) (0.40) Distributions from realized capital gains - (1.31) (0.84) (2.07) (1.16) (0.75) ----------------------------------------------------------- Total distributions (0.11) (1.59) (1.07) (2.39) (1.61) (1.15) - ---------------------------------------------------------------------------------------- Net Asset Value, End of Period $8.34 $9.43 $10.56 $11.48 $12.58 $12.33 - ---------------------------------------------------------------------------------------- Total Return (10.43%)+ 5.67% 1.20% 12.42% 17.01% 13.10% - ---------------------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------------------- Net assets, end of period (000's) $7,819 $7,910 $5,936 $14,415 $12,294 $10,873 - ---------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.58%# 1.50% 1.39% 1.39% 1.34% 1.34% - ---------------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets 1.64%# 1.54% 2.18% 2.11% 2.74% 3.32% - ---------------------------------------------------------------------------------------- Portfolio turnover rate 33%+ 217% 198% 185% 211% 253% - ---------------------------------------------------------------------------------------- Expense ratio before reimbursement by adviser 1.73%# 1.76% 1.60% 1.53% 1.59% 1.55% - ----------------------------------------------------------------------------------------
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Balanced Fund ---------------------------------------------------------------- Class B ---------------------------------------------------------------- 6 Months ended Year 04/30/01** Year ended Year ended ended Year ended Year ended (unaudited) 10/31/00** 10/31/99** 10/31/98 10/31/97** 10/31/96** - ------------------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $9.38 $10.49 $11.40 $12.49 $12.26 $11.98 - ------------------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) 0.04 0.08 0.18 0.18 0.25 0.31 Net realized and unrealized gain/(loss) on investments and foreign currency (1.05) 0.34 (0.10) 1.04 1.53 1.07 ------------------------------------------------------------- Total from investment operations (1.01) 0.42 0.08 1.22 1.78 1.38 ------------------------------------------------------------- Distributions Dividends from net investment income (0.05) (0.22) (0.15) (0.24) (0.39) (0.35) Distributions from realized capital gains - (1.31) (0.84) (2.07) (1.16) (0.75) ------------------------------------------------------------- Total distributions (0.05) (1.53) (0.99) (2.31) (1.55) (1.10) - ------------------------------------------------------------------------------------------ Net Asset Value, End of Period $8.32 $9.38 $10.49 $11.40 $12.49 $12.26 - ------------------------------------------------------------------------------------------ Total Return (10.76%)+ 5.17% 0.57% 11.71% 16.27% 12.35% - ------------------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------------------ Net assets, end of period (000's) $12,890 $15,566 $13,958 $18,929 $17,140 $16,219 - ------------------------------------------------------------------------------------------ Ratio of total expenses to average net assets 2.23%# 2.15% 2.04% 2.04% 1.99% 1.99% - ------------------------------------------------------------------------------------------ Ratio of net investment income (loss) to average net assets 0.99%# 0.87% 1.60% 1.46% 2.09% 2.67% - ------------------------------------------------------------------------------------------ Portfolio turnover rate 33%+ 217% 198% 185% 211% 253% - ------------------------------------------------------------------------------------------ Expense ratio before reimbursement by adviser 2.38%# 2.41% 2.25% 2.18% 2.23% 2.20% - ------------------------------------------------------------------------------------------
# Annualized + Non-annualized ** Net investment income per share has been calculated using the average share method The accompanying notes are an integral part of the financial statements. 43 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Balanced Fund ------------------------------------------------------------ Class C ------------------------------------------------------------ 6 Months ended Year Year Year 04/30/01** Year ended Year ended ended ended ended (unaudited) 10/31/00** 10/31/99** 10/31/98 10/31/97 10/31/96 - -------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $9.50 $10.63 $11.54 $12.62 $12.35 $12.02 - -------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.04 0.08 0.17 0.18 0.25 0.32 Net realized and unrealized gain/(loss) on investments and foreign currency (1.07) 0.32 (0.09) 1.05 1.54 1.07 ----------------------------------------------------------- Total from investment operations (1.03) 0.40 0.08 1.23 1.79 1.39 ----------------------------------------------------------- Distributions Dividends from net investment income (0.05) (0.22) (0.15) (0.24) (0.36) (0.31) Distributions from realized capital gains - (1.31) (0.84) (2.07) (1.16) (0.75) ----------------------------------------------------------- Total distributions (0.05) (1.53) (0.99) (2.31) (1.52) (1.06) - -------------------------------------------------------------------------------------- Net Asset Value, End of Period $8.42 $ 9.50 $10.63 $11.54 $12.62 $12.35 - -------------------------------------------------------------------------------------- Total Return (10.84%)+ 4.86% 0.58% 11.68% 16.21% 12.41% - -------------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------------- Net assets, end of period (000's) $30,520 $37,282 $53,669 $65,049 $68,261 $72,821 - -------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 2.23%# 2.15% 2.04% 2.04% 1.99% 1.99% - -------------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets 0.99%# 0.88% 1.55% 1.47% 2.09% 2.67% - -------------------------------------------------------------------------------------- Portfolio turnover rate 33%+ 217% 198% 185% 211% 253% - -------------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.38%# 2.43% 2.25% 2.18% 2.20% 2.20% - --------------------------------------------------------------------------------------
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Balanced Fund ---------------------- Class I ---------------------- 6 Months ended 7/10/00* 04/30/01** to (unaudited) 10/31/00** - ------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $9.45 $9.34 - ------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) 0.07 0.14 Net realized and unrealized gain/(loss) on investments and foreign currency (1.05) (0.04) ------------------ Total from investment operations (0.98) 0.10 ------------------ Distributions Dividends from net investment income (0.12) - Distributions from realized capital gains - - ------------------ Total distributions (0.12) - - ------------------------------------------------------------------------------ Net Asset Value, End of Period $8.35 9.45 - ------------------------------------------------------------------------------ Total Return (10.43%)+ 1.07%+ - ------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------ Net assets, end of period (000's) $5,401 $5,923 - ------------------------------------------------------------------------------ Ratio of total expenses to average net assets 1.48%# 1.41%# - ------------------------------------------------------------------------------ Ratio of net investment income (loss) to average net assets 1.74%# 1.47%# - ------------------------------------------------------------------------------ Portfolio turnover rate 33%+ 217%+ - ------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 1.63%# 1.54%# - ------------------------------------------------------------------------------
* Commencement of operations # Annualized + Non-annualized ** Net investment income per share has been calculated using the average month-end share method The accompanying notes are an integral part of the financial statements. 44 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Core Bond Fund (formerly Investment Quality Bond Fund) ------------------------------------------------------------ Class A ------------------------------------------------------------ 6 Months ended Year Year Year 04/30/01** Year ended Year ended ended ended ended (unaudited) 10/31/00** 10/31/99** 10/31/98 10/31/97 10/31/96 - -------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $9.60 $9.85 $10.63 $10.52 $10.34 $10.56 - -------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.26 0.62 0.66 0.68 0.67 0.66 Net realized and unrealized gain/(loss) on investments and foreign currency 0.29 (0.21) (0.77) 0.10 0.18 (0.20) ---------------------------------------------------------- Total from investment operations 0.55 0.41 (0.11) 0.78 0.85 0.46 ---------------------------------------------------------- Distributions Dividends from net investment income (0.27) (0.66) (0.67) (0.67) (0.67) (0.68) - -------------------------------------------------------------------------------------- Net Asset Value, End of Period $9.88 $9.60 $9.85 $10.63 $10.52 $10.34 - -------------------------------------------------------------------------------------- Total Return 5.78%+ 4.35% (1.08%) 7.63% 8.57% 4.52% - -------------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------------- Net assets, end of period (000's) $4,515 $3,858 $3,507 $6,730 $7,110 $9,056 - -------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.27%# 1.29% 1.25% 1.25% 1.25% 1.25% - -------------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets 5.42%# 6.45% 4.77% 6.45% 6.54% 6.37% - -------------------------------------------------------------------------------------- Portfolio turnover rate 153%+ 94% 43% 48% 65% 56% - -------------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 1.27%# 1.78% 1.70% 1.54% 1.62% 1.55% - --------------------------------------------------------------------------------------
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Core Bond Fund (formerly Investment Quality Bond Fund) ------------------------------------------------------------ Class B ------------------------------------------------------------ 6 Months ended Year Year Year 04/30/01** Year ended Year ended ended ended ended (unaudited) 10/31/00** 10/31/99** 10/31/98 10/31/97 10/31/96 - -------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $9.59 $9.85 $10.62 $10.52 $10.33 $10.55 - -------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.23 0.58 0.59 0.61 0.60 0.60 Net realized and unrealized gain/(loss) on investments and foreign currency 0.29 (0.24) (0.75) 0.10 0.20 (0.20) ---------------------------------------------------------- Total from investment operations 0.52 0.34 (0.16) 0.71 0.80 0.40 ---------------------------------------------------------- Distributions Dividends from net investment income (0.24) (0.60) (0.61) (0.61) (0.61) (0.62) - -------------------------------------------------------------------------------------- Net Asset Value, End of Period $9.87 $9.59 $9.85 $10.62 $10.52 $10.33 - -------------------------------------------------------------------------------------- Total Return 5.33%+ 3.70% (1.56%) 6.93% 8.05% 3.92% - -------------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------------- Net assets, end of period (000's) $4,250 $4,937 $4,295 $4,845 $4,613 $4,678 - -------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.92%# 1.95% 1.90% 1.90% 1.90% 1.90% - -------------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets 4.75%# 5.95% 5.71% 5.81% 5.89% 5.72% - -------------------------------------------------------------------------------------- Portfolio turnover rate 153%+ 94% 43% 48% 65% 56% - -------------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 1.92%# 2.45% 2.39% 2.20% 2.33% 2.27% - --------------------------------------------------------------------------------------
# Annualized + Non-annualized ** Net investment income per share has been calculated using the average share method The accompanying notes are an integral part of the financial statements. 45 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Core Bond Fund (formerly Investment Quality Bond Fund) ------------------------------------------------------------ Class C ------------------------------------------------------------ 6 Months ended Year Year Year 04/30/01** Year ended Year ended ended ended ended (unaudited) 10/31/00** 10/31/99** 10/31/98 10/31/97 10/31/96 - -------------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $9.59 $9.85 $10.62 $10.52 $10.33 $10.55 - -------------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.23 0.57 0.59 0.61 0.60 0.60 Net realized and unrealized gain/(loss) on investments and foreign currency 0.29 (0.23) (0.75) 0.10 0.20 (0.20) ---------------------------------------------------------- Total from investment operations 0.52 0.34 (0.16) 0.71 0.80 0.40 ---------------------------------------------------------- Distributions Dividends from net investment income (0.24) (0.60) (0.61) (0.61) (0.61) (0.62) - -------------------------------------------------------------------------------------- Net Asset Value, End of Period $9.87 $9.59 $9.85 $10.62 $10.52 $10.33 - -------------------------------------------------------------------------------------- Total Return 5.33%+ 3.70% (1.56%) 6.93% 8.05% 3.92% - -------------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------------- Net assets, end of period (000's) $3,014 $2,778 $4,593 $5,532 $6,109 $7,543 - -------------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.92%# 1.95% 1.90% 1.90% 1.90% 1.90% - -------------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets 4.75%# 5.84% 5.70% 5.81% 5.89% 5.72% - -------------------------------------------------------------------------------------- Portfolio turnover rate 153%+ 94% 43% 48% 65% 56% - -------------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 1.92%# 2.49% 2.38% 2.20% 2.29% 2.22% - --------------------------------------------------------------------------------------
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Core Bond Fund (formerly Investment Quality Bond Fund) --------------------------------------------- Class I Class II ---------------------- ---------------------- 6 Months 6 Months ended 7/10/00* ended 7/10/00* 04/30/01** to 04/30/01** to (unaudited) 10/31/00** (unaudited) 10/31/00** - -------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $9.62 $9.65 $9.60 $9.64 - -------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.27 0.19 0.28 0.19 Net realized and unrealized gain/(loss) on Investments and foreign currency 0.29 (0.02) 0.30 (0.03) ------------------------------------------- Total from investment operations 0.56 0.17 0.58 0.16 ------------------------------------------- Distributions Dividends from net investment income (0.27) (0.20) (0.29) (0.20) - -------------------------------------------------------------------------------- Net Asset Value, End of Period $9.91 $9.62 $9.89 $9.60 - -------------------------------------------------------------------------------- Total Return 5.78%+ 1.85%+ 5.92%+ 1.81%+ - -------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------- Net assets, end of period (000's) $22,083 $19,971 $321,863 $317,842 - -------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.17%# 1.16%# 0.92% 0.95%# - -------------------------------------------------------------------------------- Ratio of net investment income to average net assets 5.52%# 6.18%# 5.78% 6.39%# - -------------------------------------------------------------------------------- Portfolio turnover rate 153%+ 94%+ 153% 94%+ - -------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 1.17%# 1.16%# 0.92% 0.96%# - --------------------------------------------------------------------------------
* Commencement of operations # Annualized + Non-annualized ** Net investment income per share has been calculated using the average month-end share method The accompanying notes are an integral part of the financial statements. 46 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
High Yield Bond Fund/1/ ------------------------------- Class A ------------------------------- 6 Months ended Year 04/30/01** Year ended ended (unaudited) 10/31/00** 10/31/99 - ------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $8.56 $9.43 $10.00 - ------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) 0.41 0.88 0.81 Net realized and unrealized gain/(loss) on Investments and foreign currency (0.47) (0.87) (0.57) ----------------------------- Total from investment operations (0.06) 0.01 0.24 Distributions Dividends from net investment income (0.44) (0.88) (0.81) - ------------------------------------------------------------------------------ Net Asset Value, End of Period $8.06 $8.56 $9.43 - ------------------------------------------------------------------------------ Total Return (0.67%)+ 0.04% 2.28% - ------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------ Net assets, end of period (000's) $569 $286 $34 - ------------------------------------------------------------------------------ Ratio of total expenses to average net assets 1.55%# 1.38% 1.25% - ------------------------------------------------------------------------------ Ratio of net investment income to average net assets 10.03%# 10.13% 5.69% - ------------------------------------------------------------------------------ Portfolio turnover rate 39%+ 57% 72% - ------------------------------------------------------------------------------ Expense ratio before reimbursement by adviser 1.59%# 1.81% 2.01% - ------------------------------------------------------------------------------
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High Yield Bond Fund/1/ ------------------------------- Class B ------------------------------- 6 Months ended Year 04/30/01** Year ended ended (unaudited) 10/31/00** 10/31/99 - ------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $8.55 $9.43 $10.00 - ------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) 0.40 0.82 0.74 Net realized and unrealized gain/(loss) on Investments and foreign currency (0.49) (0.88) (0.57) ----------------------------- Total from investment operations (0.09) 0.06 0.17 Distributions Dividends from net investment income (0.41) (0.82) (0.74) - ------------------------------------------------------------------------------ Net Asset Value, End of Period $8.05 $8.55 $9.43 - ------------------------------------------------------------------------------ Total Return (1.02%)+ (0.83%) 1.53% - ------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------ Net assets, end of period (000's) $2,724 $1,594 $652 - ------------------------------------------------------------------------------ Ratio of total expenses to average net assets 2.20%# 2.10% 2.00% - ------------------------------------------------------------------------------ Ratio of net investment income to average net assets 9.46%# 9.41% 7.30% - ------------------------------------------------------------------------------ Portfolio turnover rate 39%+ 57% 72% - ------------------------------------------------------------------------------ Expense ratio before reimbursement by adviser 2.23%# 2.52% 2.37% - ------------------------------------------------------------------------------
1 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 High Yield Bond Fund, which was reorganized into North American High Yield Bond Fund on that date. # Annualized + Non-annualized ** Net investment income per share has been calculated using the average month-end share method The accompanying notes are an integral part of the financial statements. 47 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
High Yield Bond Fund/1/ ---------------------- Class C ---------------------- 6 Months ended 8/21/00* 04/30/01** to (unaudited) 10/31/00** - ------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $8.55 $9.00 - ------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.40 0.20 Net realized and unrealized gain/(loss) on Investments and foreign currency (0.49) (0.49) ------------------- Total from investment operations (0.09) (0.29) Distributions Dividends from net investment income (0.41) (0.16) - ------------------------------------------------------------------------------- Net Asset Value, End of Period $8.05 $8.55 - ------------------------------------------------------------------------------- Total Return (1.02%)+ (3.29%) - ------------------------------------------------------------------------------- Ratios/Supplemental Data - ------------------------------------------------------------------------------- Net assets, end of period (000's) $1,049 $545 - ------------------------------------------------------------------------------- Ratio of total expenses to average net assets 2.20%# 2.07%# - ------------------------------------------------------------------------------- Ratio of net investment income to average net assets 9.55%# 9.10%# - ------------------------------------------------------------------------------- Portfolio turnover rate 39%+ 57%+ - ------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.24%# 2.07%# - -------------------------------------------------------------------------------
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High Yield Bond Fund/1/ ------------------------------- Class I ------------------------------- 6 Months ended Year 04/30/01** Year ended ended (unaudited) 10/31/00** 10/31/99 - ------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $8.56 $9.43 $10.00 - ------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) 0.42 0.93 0.83 Net realized and unrealized gain/(loss) on investments and foreign currency (0.49) (0.90) (0.57) ----------------------------- Total from investment operations (0.07) 0.03 0.26 Distributions Dividends from net investment income (0.45) (0.90) (0.83) - ------------------------------------------------------------------------------ Net Asset Value, End of Period $8.04 $8.56 $9.43 - ------------------------------------------------------------------------------ Total Return (0.74%)+ 0.04% 2.44% - ------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------ Net assets, end of period (000's) $2,242 $14 $14 - ------------------------------------------------------------------------------ Ratio of total expenses to average net assets 1.57%# 1.22% 1.13% - ------------------------------------------------------------------------------ Ratio of net investment income to average net assets 10.04%# 10.14% 5.57% - ------------------------------------------------------------------------------ Portfolio turnover rate 39%+ 57% 72% - ------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 1.57%# 1.79% 2.05% - ------------------------------------------------------------------------------
/1/The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 High Yield Bond Fund, which was reorganized into North American High Yield Bond Fund on that date. * Commencement of Operations # Annualized + Non-annualized ** Net investment income per share has been calculated using the average month-end share method The accompanying notes are an integral part of the financial statements. 48 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
High Yield Bond Fund/1/ ------------------------------ Class II ------------------------------ 6 Months ended Year Year 04/30/01** ended ended (unaudited) 10/31/00* 10/31/99 - ----------------------------------------------------------------------------- Net Asset Value, Beginning of Period $8.55 $9.43 $10.00 - ----------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.44 0.95 0.86 Net realized and unrealized gain/(loss) on investments and foreign currency (0.50) (0.91) (0.57) ----------------------------- Total from investment operations (0.06) 0.04 0.29 Distributions Dividends from net investment income (0.46) (0.92) (0.86) - ----------------------------------------------------------------------------- Net Asset Value, End of Period $8.03 $8.55 $9.43 - ----------------------------------------------------------------------------- Total Return (0.72%)+ 0.30% 2.74% - ----------------------------------------------------------------------------- Ratios/Supplemental Data - ----------------------------------------------------------------------------- Net assets, end of period (000's) $61,669 $62,702 $62,506 - ----------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.14%# 0.96% 0.88% - ----------------------------------------------------------------------------- Ratio of net investment income to average net assets 10.79%# 10.41% 8.84% - ----------------------------------------------------------------------------- Portfolio turnover rate 39%+ 57% 72% - ----------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 1.23%# 1.56% 1.35% - -----------------------------------------------------------------------------
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Municipal Bond Fund (formerly National Municipal Bond) -------------------------------------------------------- Class A -------------------------------------------------------- 6 Months ended Year Year Year Year Year 04/30/01** ended ended ended ended ended (unaudited) 10/31/00 10/31/99 10/31/98 10/31/97 10/31/96 - ---------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $9.65 $9.48 $10.22 $10.09 $9.73 $9.62 - ---------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.21 0.45 0.45 0.47 0.48 0.48 Net realized and unrealized gain/(loss) on investments and foreign currency 0.15 0.18 (0.74) 0.13 0.36 0.11 ------------------------------------------------------ Total from investment operations 0.36 0.63 (0.29) 0.60 0.84 0.59 ------------------------------------------------------ Distributions Dividends from net investment income (0.21) (0.46) (0.45) (0.47) (0.48) (0.48) - ---------------------------------------------------------------------------------- Net Asset Value, End of Period $9.80 $9.65 $9.48 $10.22 $10.09 $9.73 - ---------------------------------------------------------------------------------- Total Return 3.68%+ 6.80% (2.95%) 6.04% 8.85% 6.31% - ---------------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------------- Net assets, end of period (000's) $8,485 $7,774 $4,435 $5,820 $6,347 $7,710 - ---------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.02%# 1.01% 1.00% 1.00% 0.99% 0.99% - ---------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets 4.18%# 4.74% 4.52% 4.60% 4.87% 4.99% - ---------------------------------------------------------------------------------- Portfolio turnover rate 112%+ 48% 46% 43% 29% 49% - ---------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 1.44%# 1.61% 1.41% 1.23% 1.23% 1.25% - ----------------------------------------------------------------------------------
1 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 High Yield Bond Fund, which was reorganized into North American High Yield Bond Fund on that date. # Annualized + Non-annualized ** Net investment income per share has been calculated using the average month-end share method The accompanying notes are an integral part of the financial statements. 49 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Municipal Bond Fund (formerly National Municipal Bond) -------------------------------------------------------- Class B -------------------------------------------------------- 6 Months ended Year Year Year Year Year 04/30/01** ended ended ended ended ended (unaudited) 10/31/00 10/31/99 10/31/98 10/31/97 10/31/96 - ---------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $9.65 $9.48 $10.22 $10.09 $9.73 $9.62 - ---------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.16 0.37 0.37 0.38 0.40 0.40 Net realized and unrealized gain/(loss) on investments and foreign currency 0.16 0.18 (0.74) 0.13 0.36 0.11 ------------------------------------------------------ Total from investment operations 0.32 0.55 (0.37) 0.51 0.76 0.51 ------------------------------------------------------ Distributions Dividends from net investment income (0.16) (0.38) (0.37) (0.38) (0.40) (0.40) - ---------------------------------------------------------------------------------- Net Asset Value, End of Period $9.81 $9.65 $9.48 $10.22 $10.09 $9.73 - ---------------------------------------------------------------------------------- Total Return 3.35%+ 5.92% (3.77%) 5.15% 7.94% 5.41% - ---------------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------------- Net assets, end of period (000's) $7,710 $6,416 $4,197 $5,273 $6,532 $6,130 - ---------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.87%# 1.88% 1.85% 1.85% 1.84% 1.84% - ---------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets 3.33%# 3.89% 3.67% 3.75% 4.02% 4.14% - ---------------------------------------------------------------------------------- Portfolio turnover rate 112%+ 48% 46% 43% 29% 49% - ---------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.29%# 2.47% 2.26% 2.08% 2.15% 2.11% - ----------------------------------------------------------------------------------
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Municipal Bond Fund (formerly National Municipal Bond) -------------------------------------------------------- Class C -------------------------------------------------------- 6 Months ended Year Year Year Year Year 04/30/01** ended ended ended ended ended (unaudited) 10/31/00 10/31/99 10/31/98 10/31/97 10/31/96 - ---------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $9.65 $9.48 $10.22 $10.09 $9.73 $9.62 - ---------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.16 0.38 0.37 0.38 0.40 0.40 Net realized and unrealized gain/(loss) on investments and foreign currency 0.16 0.17 (0.74) 0.13 0.36 0.11 ------------------------------------------------------ Total from investment operations 0.32 0.55 (0.37) 0.51 0.76 0.51 ------------------------------------------------------ Distributions Dividends from net investment income (0.16) (0.38) (0.37) (0.38) (0.40) (0.40) - ---------------------------------------------------------------------------------- Net Asset Value, End of Period $9.81 $9.65 $9.48 $10.22 $10.09 $9.73 - ---------------------------------------------------------------------------------- Total Return 3.35%+ 5.93% (3.77%) 5.15% 7.94% 5.41% - ---------------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------------- Net assets, end of period (000's) $3,967 $2,297 $3,931 $5,147 $5,305 $5,693 - ---------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.89%# 1.87% 1.85% 1.85% 1.84% 1.84% - ---------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets 3.31%# 3.97% 3.67% 3.75% 4.02% 4.14% - ---------------------------------------------------------------------------------- Portfolio turnover rate 112%+ 48% 46% 43% 29% 49% - ---------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.30%# 2.53% 2.26% 2.08% 2.15% 2.25% - ----------------------------------------------------------------------------------
# Annualized + Non-annualized ** Net investment income per share has been calculated using the average month-end share method The accompanying notes are an integral part of the financial statements. 50 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Strategic Income Fund -------------------------------------------------------- Class A -------------------------------------------------------- 6 Months ended Year Year Year Year Year 04/30/01** ended ended ended ended ended (unaudited) 10/31/00 10/31/99 10/31/98 10/31/97 10/31/96 - ---------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $7.99 $8.40 $8.99 $9.76 $9.80 $9.07 - ---------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.36 0.72 0.72 0.67 0.70 0.80 Net realized and unrealized gain/(loss) on investments and foreign currency (0.11) (0.38) (0.53) (0.63) 0.28 0.72 ------------------------------------------------------- Total from investment operations 0.25 0.34 0.19 0.04 0.98 1.52 ------------------------------------------------------- Distributions Dividends from net investment income (0.36) (0.75) (0.73) (0.67) (0.84) (0.79) Distributions from realized capital gains - - (0.05) (0.14) (0.18) - ------------------------------------------------------- Total distributions (0.36) (0.75) (0.78) (0.81) (1.02) (0.79) - ---------------------------------------------------------------------------------- Net Asset Value, End of Period $7.88 $7.99 $8.40 $8.99 $9.76 $9.80 - ---------------------------------------------------------------------------------- Total Return 3.15%+ 4.09% 2.10% 0.22% 10.57% 17.35% - ---------------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------------- Net assets, end of period (000's) $7,514 $6,439 $8,997 $15,296 $15,924 $13,382 - ---------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.56%# 1.55% 1.50% 1.50% 1.50% 1.50% - ---------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets 9.10%# 8.70% 8.21% 7.02% 7.25% 8.28% - ---------------------------------------------------------------------------------- Portfolio turnover rate 27%+ 46% 119% 162% 193% 68% - ---------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 1.90%# 1.87% 1.67% 1.56% 1.61% 1.65% - ----------------------------------------------------------------------------------
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Strategic Income Fund -------------------------------------------------------- Class B -------------------------------------------------------- 6 Months ended Year Year Year Year Year 04/30/01** ended ended ended ended ended (unaudited) 10/31/00 10/31/99 10/31/98 10/31/97 10/31/96 - ---------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $7.99 $8.41 $8.99 $9.76 $9.80 $9.07 - ---------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.34 0.67 0.66 0.61 0.64 0.73 Net realized and unrealized gain/(loss) on Investments and foreign currency (0.12) (0.39) (0.52) (0.63) 0.28 0.73 ------------------------------------------------------- Total from investment operations 0.22 0.28 0.14 (0.02) 0.92 1.46 ------------------------------------------------------- Distributions Dividends from net investment income (0.33) (0.70) (0.67) (0.61) (0.78) (0.73) Distributions from realized capital gains - - (0.05) (0.14) (0.18) - ------------------------------------------------------- Total distributions (0.33) (0.70) (0.72) (0.75) (0.96) (0.73) - ---------------------------------------------------------------------------------- Net Asset Value, End of Period $7.88 $7.99 $8.41 $8.99 $9.76 $9.80 - ---------------------------------------------------------------------------------- Total Return 2.82%+ 3.33% 1.56% (0.43%) 9.86% 16.59% - ---------------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------------- Net assets, end of period (000's) $12,227 $15,131 $21,340 $29,210 $34,590 $30,890 - ---------------------------------------------------------------------------------- Ratio of total expenses to average net assets 2.21%# 2.20% 2.15% 2.15% 2.15% 2.15% - ---------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets 8.45%# 8.00% 7.58% 6.39% 6.60% 7.63% - ---------------------------------------------------------------------------------- Portfolio turnover rate 27%+ 46% 119% 162% 193% 68% - ---------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.56%# 2.52% 2.32 2.21% 2.23% 2.27% - ----------------------------------------------------------------------------------
# Annualized + Non-annualized ** Net investment income per share has been calculated using the average month-end share method The accompanying notes are an integral part of the financial statements. 51 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Strategic Income Fund -------------------------------------------------------- Class C -------------------------------------------------------- 6 Months Ended Year Year Year Year Year 04/30/01** Ended Ended Ended Ended Ended (unaudited) 10/31/00 10/31/99 10/31/98 10/31/97 10/31/96 - ---------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $7.99 $8.41 $8.99 $9.76 $9.80 $9.07 - ---------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.34 0.67 0.66 0.61 0.64 0.73 Net realized and unrealized gain/(loss) on investments and foreign currency (0.12) (0.39) (0.52) (0.63) 0.28 0.73 ------------------------------------------------------- Total from investment operations 0.22 0.28 0.14 (0.02) 0.92 1.46 ------------------------------------------------------- Distributions Dividends from net investment income (0.33) (0.70) (0.67) (0.61) (0.78) (0.73) Distributions from realized capital gains - - (0.05) (0.14) (0.18) - ------------------------------------------------------- Total distributions (0.33) (0.70) (0.72) (0.75) (0.96) (0.73) - ---------------------------------------------------------------------------------- Net Asset Value, End of Period $7.88 $7.99 $8.41 $8.99 $9.76 $9.80 - ---------------------------------------------------------------------------------- Total Return 2.82%+ 3.32% 1.56% (0.43%) 9.86% 16.59% - ---------------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------------- Net assets, end of period (000's) $12,037 $13,056 $20,749 $33,537 $32,683 $22,783 - ---------------------------------------------------------------------------------- Ratio of total expenses to average net assets 2.21%# 2.20% 2.15% 2.15% 2.15% 2.15% - ---------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets 8.46%# 8.04% 7.57% 6.37% 6.60% 7.63% - ---------------------------------------------------------------------------------- Portfolio turnover rate 27%+ 63% 119% 162% 193% 68% - ---------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 2.56%# 2.52% 2.32% 2.21% 2.24% 2.28% - ----------------------------------------------------------------------------------
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Strategic Income Fund -------------------------- Class I -------------------------- 6 Months ended 7/10/00* 04/30/01** to (unaudited) 10/31/00 - ----------------------------------------------------------------------------- Net Asset Value, Beginning of Period $8.00 $8.22 - ----------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.37 0.20 Net realized and unrealized gain/(loss) on investments and foreign currency (0.11) (0.20) -------------------------- Total from investment operations 0.26 - -------------------------- Distributions Dividends from net investment income (0.37) (0.22) Distributions from realized capital gains - - -------------------------- Total distributions (0.37) (0.22) - ----------------------------------------------------------------------------- Net Asset Value, End of Period $7.89 $8.00 - ----------------------------------------------------------------------------- Total Return 3.23%+ (0.10%)+ - ----------------------------------------------------------------------------- Ratios/Supplemental Data - ----------------------------------------------------------------------------- Net assets, end of period (000's) $2,702 $2,636 - ----------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.46%# 1.45%# - ----------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets 9.20%# 7.87%# - ----------------------------------------------------------------------------- Portfolio turnover rate 27%+ 46%+ - ----------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 1.80%# 1.71%# - -----------------------------------------------------------------------------
* Commencement of Operations # Annualized + Non-annualized ** Net investment income per share has been calculated using the average month-end share method The accompanying notes are an integral part of the financial statements. 52 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
U.S. Government Securities Fund --------------------------------------------------------- Class A --------------------------------------------------------- 6 Months ended Year Year Year Year Year 04/30/01* ended ended ended ended ended (unaudited) 10/31/00* 10/31/99 10/31/98 10/31/97 10/31/96 - ----------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $9.50 $9.55 $10.08 $9.94 $9.80 $9.98 - ----------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.26 0.55 0.53 0.56 0.59 0.56 Net realized and unrealized gain/(loss) on investments and foreign currency 0.25 (0.02) (0.48) 0.16 0.13 (0.12) -------------------------------------------------------- Total from investment operations 0.51 0.53 0.05 0.72 0.72 0.44 -------------------------------------------------------- Distributions Dividends from net investment income (0.27) (0.58) (0.58) (0.58) (0.58) (0.56) Distributions in excess of net investment income - - - - - (0.06) -------------------------------------------------------- Total distributions (0.27) (0.58) (0.58) (0.58) (0.58) (0.62) - ----------------------------------------------------------------------------------- Net Asset Value, End of Period $9.74 $9.50 $9.55 $10.08 $9.94 $9.80 - ----------------------------------------------------------------------------------- Total Return 5.41%+ 5.76% 0.48% 7.41% 7.56% 4.64% - ----------------------------------------------------------------------------------- Ratios/Supplemental Data - ----------------------------------------------------------------------------------- Net assets, end of period (000's) $31,157 $29,468 $35,495 $49,624 $53,235 $72,774 - ----------------------------------------------------------------------------------- Ratio of total expenses to average net assets 1.26%# 1.25% 1.25% 1.25% 1.25% 1.25% - ----------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets 5.23%# 5.90% 5.64% 5.65% 6.20% 5.71% - ----------------------------------------------------------------------------------- Portfolio turnover rate 62%+ 193% 63% 116% 364% 477% - ----------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 1.46%# 1.62% 1.46% 1.40% 1.42% 1.41% - -----------------------------------------------------------------------------------
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U.S. Government Securities Fund ---------------------------------------------------------- Class B ---------------------------------------------------------- 6 Months ended Year Year Year Year Year 04/30/01* ended ended ended ended ended (unaudited) 10/31/00* 10/31/99 10/31/98 10/31/97 10/31/96* - ------------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $9.50 $9.56 $10.07 $9.94 $9.80 $9.98 - ------------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) 0.23 0.49 0.47 0.49 0.54 0.50 Net realized and unrealized gain/(loss) on investments and foreign currency 0.25 (0.04) (0.47) 0.15 0.11 (0.12) -------------------------------------------------------- Total from investment operations 0.48 0.45 0.00 0.64 0.65 0.38 -------------------------------------------------------- Distributions Dividends from net investment income (0.24) (0.51) (0.51) (0.51) (0.51) (0.50) Distributions in excess of net investment income - - - - - (0.06) -------------------------------------------------------- Total distributions (0.24) (0.51) (0.51) (0.51) (0.51) (0.56) - ------------------------------------------------------------------------------------ Net Asset Value, End of Period $9.74 $9.50 $9.56 $10.07 $9.94 $9.80 - ------------------------------------------------------------------------------------ Total Return 5.08%+ 4.91% 0.01% 6.60% 6.84% 3.97% - ------------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------------ Net assets, end of period (000's) $9,671 $8,326 $12,072 $17,850 $16,659 $19,444 - ------------------------------------------------------------------------------------ Ratio of total expenses to average net assets 1.92%# 1.90% 1.90% 1.90% 1.90% 1.90% - ------------------------------------------------------------------------------------ Ratio of net investment income (loss) to average net assets 4.78%# 5.27% 5.00% 4.99% 5.55% 5.06% - ------------------------------------------------------------------------------------ Portfolio turnover rate 62%+ 193% 63% 116% 364% 477% - ------------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 2.15%# 2.27% 2.11% 2.05% 2.09% 2.06% - ------------------------------------------------------------------------------------
* Net investment income per share has been calculated using the average share method # Annualized + Non-annualized The accompanying notes are an integral part of the financial statements. 53 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
U.S. Government Securities Fund ---------------------------------------------------------- Class C ---------------------------------------------------------- 6 Months ended Year Year Year Year Year 04/30/01* ended ended ended ended ended (unaudited) 10/31/00* 10/31/99 10/31/98 10/31/97 10/31/96* - ------------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $9.50 $9.56 $10.07 $9.94 $9.80 $9.98 - ------------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) 0.23 0.49 0.47 0.49 0.54 0.50 Net realized and unrealized gain/(loss) on investments and foreign currency 0.25 (0.04) (0.47) 0.15 0.11 (0.12) Total from investment operations 0.48 0.45 0.00 0.64 0.65 0.38 Distributions Dividends from net investment income (0.24) (0.51) (0.51) (0.51) (0.51) (0.50) Distributions in excess of net investment income - - - - - (0.06) Total distributions (0.24) (0.51) (0.51) (0.51) (0.51) (0.56) - ------------------------------------------------------------------------------------ Net Asset Value, End of Period $9.74 $9.50 $9.56 $10.07 $9.94 $9.80 - ------------------------------------------------------------------------------------ Total Return 5.08%+ 4.91% 0.01% 6.60% 6.84% 3.97% - ------------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------------ Net assets, end of period (000's) $6,649 $6,846 $10,817 $12,708 $14,716 $20,009 - ------------------------------------------------------------------------------------ Ratio of total expenses to average net assets 1.92%# 1.90% 1.90% 1.90% 1.90% 1.90% - ------------------------------------------------------------------------------------ Ratio of net investment income (loss) to average net assets 4.78%# 5.27% 5.00% 5.00% 5.55% 5.06% - ------------------------------------------------------------------------------------ Portfolio turnover rate 62%+ 193% 63% 116% 364% 477% - ------------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 2.16%# 2.28% 2.11% 2.05% 2.09% 2.06% - ------------------------------------------------------------------------------------
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Money Market Fund -------------------------------------------------------- Class A -------------------------------------------------------- 6 Months ended Year Year Year Year Year 04/30/01 ended ended ended ended ended (unaudited) 10/31/00 10/31/99 10/31/98 10/31/97 10/31/96 - ---------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.03 0.05 0.04 0.05 0.05 0.05 Distributions Dividends from net investment income (0.03) (0.05) (0.04) (0.05) (0.05) (0.05) - ---------------------------------------------------------------------------------- Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------------- Total Return 2.68%+ 5.57% 4.56% 5.18% 5.13% 5.16% - ---------------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------------- Net assets, end of period (000's) $26,124 $25,610 $6,030 $10,295 $11,057 $8,087 - ---------------------------------------------------------------------------------- Ratio of total expenses to average net assets 0.74%# 0.69% 0.50% 0.50% 0.50% 0.50% - ---------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets 5.35%# 5.72% 4.46% 5.06% 5.02% 5.02% - ---------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 0.88%# 0.94% 0.95% 0.92% 0.96% 0.95% - ----------------------------------------------------------------------------------
* Net investment income per share has been calculated using the average month-end share method # Annualized + Non-annualized The accompanying notes are an integral part of the financial statements. 54 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Money Market Fund -------------------------------------------------------- Class B -------------------------------------------------------- 6 Months ended Year Year Year Year Year 04/30/01 ended ended ended ended ended (unaudited) 10/31/00 10/31/99 10/31/98 10/31/97 10/31/96 - ---------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.03 0.05 0.04 0.05 0.05 0.05 Distributions Dividends from net investment income (0.03) (0.05) (0.04) (0.05) (0.05) (0.05) - ---------------------------------------------------------------------------------- Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------------- Total Return 2.68%+ 5.57% 4.56% 5.18% 5.13% 5.16% - ---------------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------------- Net assets, end of period (000's) $9,870 $8,096 $4,551 $5,919 $3,332 $3,062 - ---------------------------------------------------------------------------------- Ratio of total expenses to average net assets 0.74%# 0.67% 0.50% 0.50% 0.50% 0.50% - ---------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets 5.29%# 5.54% 4.47% 5.02% 5.02% 5.02% - ---------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 0.89%# 0.93% 0.99% 0.98% 1.05% 1.18% - ----------------------------------------------------------------------------------
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Money Market Fund -------------------------------------------------------- Class C -------------------------------------------------------- 6 Months ended Year Year Year Year Year 04/30/01 ended ended ended ended ended (unaudited) 10/31/00 10/31/99 10/31/98 10/31/97 10/31/96 - ---------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.03 0.05 0.04 0.05 0.05 0.05 Distributions Dividends from net investment income (0.03) (0.05) (0.04) (0.05) (0.05) (0.05) - ---------------------------------------------------------------------------------- Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------------- Total Return 2.68%+ 5.57% 4.56% 5.18% 5.13% 5.16% - ---------------------------------------------------------------------------------- Ratios/Supplemental Data Net assets, end of period (000's) $7,761 $7,195 $8,644 $8,237 $7,539 $9,840 - ---------------------------------------------------------------------------------- Ratio of total expenses to average net assets 0.74%# 0.67% 0.50% 0.50% 0.50% 0.50% - ---------------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets 5.38%# 5.37% 4.48% 5.05% 5.01% 5.02% - ---------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 0.88%# 1.00% 1.01% 0.94% 1.00% 0.98% - ----------------------------------------------------------------------------------
# Annualized + Non-annualized The accompanying notes are an integral part of the financial statements. 55 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Money Market Fund -------------------- Class I -------------------- 6 Months ended 7/10/00* 04/30/01 to (unaudited) 10/31/00 - ---------------------------------------------------------------------------- Net Asset Value, Beginning of Period $1.00 $1.00 - ---------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.03 0.02 Distributions Dividends from net investment income (0.03) (0.02) - ---------------------------------------------------------------------------- Net Asset Value, End of Period $1.00 $1.00 - ---------------------------------------------------------------------------- Total Return 2.68%+ 1.84%+ - ---------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------- Net assets, end of period (000's) $6,894 $6,125 - ---------------------------------------------------------------------------- Ratio of total expenses to average net assets 0.74%# 0.77%# - ---------------------------------------------------------------------------- Ratio of net investment income (loss) to average net assets 5.32%# 5.88%# - ---------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 0.89%# 1.20%# - ----------------------------------------------------------------------------
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Municipal Money Market Fund/1/ ----------------------------- Class A ----------------------------- 6 Months ended Year Year 04/30/01 ended ended (unaudited) 10/31/00 10/31/99 - ---------------------------------------------------------------------------- Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.01 (0.03) 0.02 Distributions Dividends from net investment income (0.01) (0.03) (0.02) - ---------------------------------------------------------------------------- Net Asset Value, End of Period $1.00 $1.00 $1.00 - ---------------------------------------------------------------------------- Total Return 1.44%+ 3.06% 2.18% - ---------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------- Net assets, end of period (000's) $4,283 $4,452 $3,651 - ---------------------------------------------------------------------------- Ratio of total expenses to average net assets 0.77%# 0.97% 1.05% - ---------------------------------------------------------------------------- Ratio of net investment income to average net assets 2.88%# 3.03% 2.18% - ---------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 1.59%# 1.44% 1.89% - ----------------------------------------------------------------------------
1 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 Municipal Money Market Fund, which was reorganized into North American Municipal Money Market Fund on that date. * Commencement of Operations # Annualized + Non-annualized The accompanying notes are an integral part of the financial statements. 56 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Municipal Money Market Fund/1/ ------------------------------------- Class B ------------------------------------- 6 Months ended Year Year 04/30/01 ended ended (unaudited) 10/31/00 10/31/99 - ------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 - ------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.01 (0.03) 0.01 Distributions Dividends from net investment income (0.01) (0.03) (0.01) - ------------------------------------------------------------------------------- Net Asset Value, End of Period $1.00 $1.00 $1.00 - ------------------------------------------------------------------------------- Total Return 1.44%+ 2.48% 1.42% - ------------------------------------------------------------------------------- Ratios/Supplemental Data - ------------------------------------------------------------------------------- Net assets, end of period (000's) $2,698 $2,777 $2,841 - ------------------------------------------------------------------------------- Ratio of total expenses to average net assets 0.77%# 1.54% 1.80% - ------------------------------------------------------------------------------- Ratio of net investment income to average net assets 2.88%# 2.44% 1.42% - ------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 1.59%# 2.00% 2.69% - -------------------------------------------------------------------------------
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Municipal Money Market Fund/1/ -------------------- Class C -------------------- 6 Months ended 8/10/00* 04/30/01 to (unaudited) 10/31/00 - ---------------------------------------------------------------------------- Net Asset Value, Beginning of Period $1.00 $1.00 - ---------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.01 0.01 Distributions Dividends from net investment income (0.01) (0.01) - ---------------------------------------------------------------------------- Net Asset Value, End of Period $1.00 $1.00 - ---------------------------------------------------------------------------- Total Return 1.44%+ 0.71%+ - ---------------------------------------------------------------------------- Ratios/Supplemental Data - ---------------------------------------------------------------------------- Net assets, end of period (000's) $131 $108 - ---------------------------------------------------------------------------- Ratio of total expenses to average net assets 0.77%# 0.75%# - ---------------------------------------------------------------------------- Ratio of net investment income to average net assets 2.88%# 2.78%# - ---------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 1.59%# 1.16%# - ----------------------------------------------------------------------------
1 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 Municipal Money Market Fund, which was reorganized into North American Municipal Money Market Fund on that date. * Commencement of Operations # Annualized + Non-annualized The accompanying notes are an integral part of the financial statements. 57 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - -------------------------------------------------------------------------------
Aggressive Growth LifeStyle Fund/1/ ------------------------------- Class A ------------------------------- 6 Months ended Year 04/30/01 Year ended ended (unaudited) 10/31/00** 10/31/99 - ------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $12.71 $11.92 $10.00 - ------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) 0.52 1.39 0.07 Net realized and unrealized gain/(loss) on investments (2.38) 0.53 1.91 ----------------------------- Total from investment operations (1.86) 1.92 1.98 ----------------------------- Distributions Dividends from net investment income (0.12) (0.98) (0.06) Distributions from realized capital gains (1.62) (0.15) - ----------------------------- Total distributions (1.74) (1.13) (0.06) - ------------------------------------------------------------------------------ Net Asset Value, End of Period $9.11 $12.71 $11.92 - ------------------------------------------------------------------------------ Total Return (12.49%)+ 16.27% 19.65% - ------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------ Net assets, end of period (000's) $3,720 $4,064 $1,929 - ------------------------------------------------------------------------------ Ratio of total expenses to average net assets 0.20%# 0.12% 0.10% - ------------------------------------------------------------------------------ Ratio of net investment income to average net assets 10.65%# 10.81% 0.63% - ------------------------------------------------------------------------------ Portfolio turnover rate 52%+ 53% 9% - ------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 0.20%# 0.14% 0.10% - ------------------------------------------------------------------------------
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Aggressive Growth LifeStyle Fund/1/ ------------------------------- Class B ------------------------------- 6 Months ended Year 04/30/01 Year ended ended (unaudited) 10/31/00** 10/31/99 - ------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $12.73 $11.90 $10.00 - ------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) 0.49 1.46 0.06 Net realized and unrealized gain/(loss) on investments (2.38) 0.48 1.89 ----------------------------- Total from investment operations (1.89) 1.94 1.95 ----------------------------- Distributions Dividends from net investment income (0.10) (0.96) (0.05) Distributions from realized capital gains (1.62) (0.15) - ----------------------------- Total distributions (1.72) (1.11) (0.05) - ------------------------------------------------------------------------------ Net Asset Value, End of Period $9.12 $12.73 $11.90 - ------------------------------------------------------------------------------ Total Return (12.88%)+ 16.30% 19.52% - ------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------ Net assets, end of period (000's) $14,012 $13,450 $4,915 - ------------------------------------------------------------------------------ Ratio of total expenses to average net assets 0.85%# 0.24% 0.10% - ------------------------------------------------------------------------------ Ratio of net investment income to average net assets 10.06%# 11.51% 0.66% - ------------------------------------------------------------------------------ Portfolio turnover rate 52%+ 53% 9% - ------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 0.85%# 0.41% 0.10% - ------------------------------------------------------------------------------
1 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 Aggressive Growth LifeStyle Fund, which was reorganized into North American Aggressive Growth LifeStyle Fund on that date. ** Net investment income per share has been calculated using the average month-end share method + Non-annualized # Annualized The accompanying notes are an integral part of the financial statements. 58 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - -------------------------------------------------------------------------------
Aggressive Growth LifeStyle Fund/1/ ------------------------------------------------------ Class C Class I ---------------------- ------------------------------- 6 Months 6 Months ended 8/10/00* ended Year 04/30/01 to 04/30/01 Year ended ended (unaudited) 10/31/00** (unaudited) 10/31/00** 10/31/99 - -------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $12.80 $13.03 $12.73 $11.91 $10.00 - -------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.50 0.86 0.50 1.59 0.07 Net realized and unrealized gain/(loss) on investments (2.38) (1.09) (2.35) 0.34 1.90 ---------------------------------------------------- Total from investment operations (1.88) (0.23) (1.85) 1.93 1.97 Distributions Dividends from net investment income (0.10) - (0.13) (0.96) (0.06) Distributions from realized capital gains (1.62) - (1.62) (0.15) - ---------------------------------------------------- Total distributions (1.72) - (1.75) (1.11) (0.06) - -------------------------------------------------------------------------------- Net Asset Value, End of Period $9.20 $12.80 $9.13 $12.73 $11.91 - -------------------------------------------------------------------------------- Total Return (12.71%)+ (1.77%)+ (12.43%)+ 16.22% 19.71% - -------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------- Net assets, end of period (000's) $181 $184 $5,323 $5,004 $1,547 - -------------------------------------------------------------------------------- Ratio of total expenses to average net assets 0.85%# 0.73%# 0.10%# 0.15% 0.10% - -------------------------------------------------------------------------------- Ratio of net investment income to average net assets 10.15%# 39.30%# 10.37%# 12.62% 0.62% - -------------------------------------------------------------------------------- Portfolio turnover rate 52%+ 53%+ 52%+ 53% 9% - -------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 0.85%# 0.89%# 0.10%# 0.15% 0.10% - --------------------------------------------------------------------------------
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Moderate Growth LifeStyle Fund/2/ -------------------------------------- Class A -------------------------------------- 6 Months ended Year 04/30/01 Year ended ended (unaudited) 10/31/00** 10/31/99 - -------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $12.07 $11.40 $10.00 - -------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.50 0.99 0.14 Net realized and unrealized gain/(loss) on investments (1.59) 0.50 1.39 -------------------------------------- Total from investment operations (1.09) 1.49 1.53 Distributions Dividends from net investment income (0.12) (0.73) (0.13) Distributions from realized capital gains (1.15) (0.09) - -------------------------------------- Total distributions (1.27) (0.82) (0.13) - -------------------------------------------------------------------------------- Net Asset Value, End of Period $9.71 $12.07 $11.40 - -------------------------------------------------------------------------------- Total Return (7.13%)+ 13.27% 15.20% - -------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------- Net assets, end of period (000's) $4,208 $3,396 $1,918 - -------------------------------------------------------------------------------- Ratio of total expenses to average net assets 0.20%# 0.12% 0.10% - -------------------------------------------------------------------------------- Ratio of net investment income to average net assets 9.86%# 8.27% 1.33% - -------------------------------------------------------------------------------- Portfolio turnover rate 47%+ 47% 11% - -------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 20%# 0.12% 0.10% - --------------------------------------------------------------------------------
1 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 Aggressive Growth LifeStyle Fund, which was reorganized into North American Aggressive Growth LifeStyle Fund on that date. 2 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 Moderate Growth LifeStyle Fund, which was reorganized into North American Moderate Growth LifeStyle Fund on that date. * Commencement of Operations ** Net investment income per share has been calculated using the average month-end share method + Non-annualized # Annualized The accompanying notes are an integral part of the financial statements. 59 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - --------------------------------------------------------------------------------
Moderate Growth LifeStyle Fund/1/ --------------------------------------- Class B --------------------------------------- 6 Months ended Year 04/30/01 Year ended ended (unaudited) 10/31/00** 10/31/99 - ------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $12.08 $11.42 $10.00 - ------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.45 1.02 0.12 Net realized and unrealized gain/(loss) on investments (1.55) 0.47 1.41 --------------------------------------- Total from investment operations (1.10) 1.49 1.53 --------------------------------------- Distributions Dividends from net investment income (0.10) (0.74) (0.11) Distributions from realized capital gains (1.15) (0.09) - --------------------------------------- Total distributions (1.25) (0.83) (0.11) - ------------------------------------------------------------------------------- Net Asset Value, End of Period $9.73 $12.08 $11.42 - ------------------------------------------------------------------------------- Total Return (7.37%)+ 13.22% 15.26% - ------------------------------------------------------------------------------- Ratios/Supplemental Data - ------------------------------------------------------------------------------- Net assets, end of period (000's) $13,586 $11,843 $5,553 - ------------------------------------------------------------------------------- Ratio of total expenses to average net assets 0.85%# 0.23% 0.10% - ------------------------------------------------------------------------------- Ratio of net investment income to average net assets 9.01%# 8.53% 1.40% - ------------------------------------------------------------------------------- Portfolio turnover rate 47%+ 47% 11% - ------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser .85%# 0.23% 0.10% - -------------------------------------------------------------------------------
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Moderate Growth LifeStyle Fund/1/ ------------------------------------------------------ Class C Class I ---------------------- ------------------------------- 6 Months 6 Months ended 7/12/00* ended Year 04/30/01 to 04/30/01 Year ended ended (unaudited) 10/31/00** (unaudited) 10/31/00** 10/31/99 - -------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $12.11 $12.77 $12.06 $11.39 $10.00 - -------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.45 0.73 0.45 1.16 0.15 Net realized and unrealized gain/(loss) on investments (1.57) (1.03) (1.52) 0.32 1.38 ---------------------------------------------------- Total from investment operations (1.12) (0.30) (1.07) 1.48 1.53 ---------------------------------------------------- Distributions Dividends from net investment income (0.10) (0.36) (0.13) (0.72) (0.14) Distributions from realized capital gains (1.15) - (1.15) (0.09) - ---------------------------------------------------- Total distributions (1.25) (0.36) (1.28) (0.81) (0.14) - -------------------------------------------------------------------------------- Net Asset Value, End of Period $9.74 $12.11 $9.71 $12.06 $11.39 - -------------------------------------------------------------------------------- Total Return (7.53%)+ (2.30%)+ (7.02%)+ 13.10% 15.35% - -------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------- Net assets, end of period (000's) $600 $183 $7,553 $5,439 $1,537 - -------------------------------------------------------------------------------- Ratio of total expenses to average net assets 0.84%# 0.80%# 0.10%# 0.15% 0.10% - -------------------------------------------------------------------------------- Ratio of net investment income to average net assets 6.25%# 19.82%# 8.93%# 9.91% 1.42% - -------------------------------------------------------------------------------- Portfolio turnover rate 47%+ 47%+ 47%+ 47% 11% - -------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 84%# 0.80%# .10%# 0.15% 0.10% - --------------------------------------------------------------------------------
1 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 Moderate Growth LifeStyle Fund, which was reorganized into North American Moderate Growth LifeStyle Fund on that date. ** Net investment income per share has been calculated using the average month-end share method + Non-annualized # Annualized The accompanying notes are an integral part of the financial statements. 60 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - -------------------------------------------------------------------------------
Conservative Growth LifeStyle Fund/1/ ------------------------------- Class A ------------------------------- 6 Months ended Year 04/30/01 Year ended ended (unaudited) 10/31/00** 10/31/99 - ------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $11.59 $11.03 $10.00 - ------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) 0.43 0.87 0.21 Net realized and unrealized gain/(loss) on investments (1.10) 0.39 1.02 ----------------------------- Total from investment operations (0.67) 1.26 1.23 ----------------------------- Distributions Dividends from net investment income (0.14) (0.60) (0.20) Distributions from realized capital gains (0.99) (0.10) - ----------------------------- Total distributions (1.13) (0.70) (0.20) - ------------------------------------------------------------------------------ Net Asset Value, End of Period $9.79 $11.59 $11.03 - ------------------------------------------------------------------------------ Total Return (3.89%)+ 11.61% 12.30% - ------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------ Net assets, end of period (000's) $3,364 $3,420 $1,790 - ------------------------------------------------------------------------------ Ratio of total expenses to average net assets 0.20%# 0.12% 0.10% - ------------------------------------------------------------------------------ Ratio of net investment income to average net assets 8.54%# 7.62% 2.01% - ------------------------------------------------------------------------------ Portfolio turnover rate 54%+ 45% 10% - ------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 0.20%# 0.12% 0.10% - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ Conservative Growth LifeStyle Fund/1/ ------------------------------- Class B ------------------------------- 6 Months ended Year 04/30/01 Year ended ended (unaudited) 10/31/00** 10/31/99 - ------------------------------------------------------------------------------ Net Asset Value, Beginning of Period $11.63 $11.06 $10.00 - ------------------------------------------------------------------------------ Investment Operations: Net investment income/(loss) 0.40 0.81 0.18 Net realized and unrealized gain/(loss) on investments (1.09) 0.45 1.05 ----------------------------- Total from investment operations (0.69) 1.26 1.23 ----------------------------- Distributions Dividends from net investment income (0.12) (0.59) (0.17) Distributions from realized capital gains (0.99) (0.10) - ----------------------------- Total distributions (1.11) (0.69) (0.17) - ------------------------------------------------------------------------------ Net Asset Value, End of Period $9.83 $11.63 $11.06 - ------------------------------------------------------------------------------ Total Return (4.22%)+ 11.66% 12.21% - ------------------------------------------------------------------------------ Ratios/Supplemental Data - ------------------------------------------------------------------------------ Net assets, end of period (000's) $10,098 $10,354 $5,880 - ------------------------------------------------------------------------------ Ratio of total expenses to average net assets 0.85%# 0.23% 0.10% - ------------------------------------------------------------------------------ Ratio of net investment income to average net assets 7.96%# 7.15% 2.11% - ------------------------------------------------------------------------------ Portfolio turnover rate 54%+ 45% 10% - ------------------------------------------------------------------------------ Expense ratio before expense reimbursement by adviser 0.85%# 0.23% 0.10% - ------------------------------------------------------------------------------
1 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 Conservative Growth LifeStyle Fund, which was reorganized into North American Conservative Growth LifeStyle Fund on that date. * Commencement of operations ** Net investment income per share has been calculated using the average month-end share method + Non-annualized # Annualized The accompanying notes are an integral part of the financial statements. 61 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) - -------------------------------------------------------------------------------
Conservative Growth LifeStyle Fund/1/ ------------------------------------------------------ Class C Class I ---------------------- ------------------------------- 6 Months 6 Months ended 7/20/00* ended Year 04/30/01 to 04/30/01 Year ended ended (unaudited) 10/31/00** (unaudited) 10/31/00** 10/31/99 - -------------------------------------------------------------------------------- Net Asset Value, Beginning of Period $11.69 $11.95 $11.59 $11.03 $10.00 - -------------------------------------------------------------------------------- Investment Operations: Net investment income/(loss) 0.28 0.74 0.42 0.91 0.21 Net realized and unrealized gain/(loss) on investments (1.01) (0.73) (1.08) 0.33 1.02 ---------------------------------------------------- Total from investment operations (0.73) 0.01 (0.66) 1.24 1.23 ---------------------------------------------------- Distributions Dividends from net investment income (0.12) (0.27) (0.14) (0.58) (0.20) Distributions from realized capital gains (0.99) - (0.99) (0.10) - ---------------------------------------------------- Total distributions (1.11) (0.27) (1.13) (0.68) (0.20) - -------------------------------------------------------------------------------- Net Asset Value, End of Period $9.85 $11.69 $9.80 $11.59 $11.03 - -------------------------------------------------------------------------------- Total Return (4.57%)+ 0.06%+ (3.77%)+ 11.54% 12.24% - -------------------------------------------------------------------------------- Ratios/Supplemental Data - -------------------------------------------------------------------------------- Net assets, end of period (000's) $537 $150 $5,112 $4,484 $1,508 - -------------------------------------------------------------------------------- Ratio of total expenses to average net assets 0.85%# 0.86%# 0.10%# 0.15% 0.10% - -------------------------------------------------------------------------------- Ratio of net investment income to average net assets 5.61%# 22.43%# 8.44%# 8.15% 2.01% - -------------------------------------------------------------------------------- Portfolio turnover rate 54%+ 45%# 54%+ 45% 10% - -------------------------------------------------------------------------------- Expense ratio before expense reimbursement by adviser 0.85%# 0.86%# 0.10%# 0.15% 0.10% - --------------------------------------------------------------------------------
1 The financial information for the fiscal periods prior to July 7, 2000 reflect the financial information for the AGSPC2 Conservative Growth LifeStyle Fund, which was reorganized into North American Conservative Growth LifeStyle Fund on that date. * Commencement of operations ** Net investment income per share has been calculated using the average month-end share method + Non-annualized # Annualized The accompanying notes are an integral part of the financial statements. 62 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Growth & Income Fund - -----------------------------------------------------------
Shares Value ------ ----- COMMON STOCKS - 100.00% Aerospace & Defense - 1.92% Boeing Co. 29,100 $1,798,380 United Technologies Corp. 42,700 3,334,016 ------------ 5,132,396 Banks - 3.31% Bank One Corp. 72,000 2,719,440 U.S. Bancorp 166,293 3,522,086 Wachovia Corp. 43,000 2,614,400 ------------ 8,855,926 Beverages - 2.81% Coca Cola Co. 72,600 3,353,394 Pepsico, Inc. 95,000 4,161,950 ------------ 7,515,344 Biotechnology - 0.16% Immunex Corp. 27,900 425,754 ------------ Business Services - 2.18% Automatic Data Processing, Inc. 62,500 3,390,625 First Data Corp. 36,300 2,448,072 ------------ 5,838,697 Chemicals - 1.71% Dow Chemical Co. 50,400 1,685,880 E.I. Du Pont de Nemours & Co. 64,033 2,893,651 ------------ 4,579,531 Communications Equipment - 2.41% Cisco Systems, Inc.* 232,400 3,946,152 JDS Uniphase Corp.* 63,400 1,356,126 McData Corp. 1,369 31,254 Tellabs, Inc. 31,600 1,109,476 ------------ 6,443,008 Computers & Business Equipment - 2.52% International Business Machines Corp. 58,500 6,735,690 ------------ Computers & Peripherals - 2.84% Dell Computer Corp.* 101,600 2,671,064 EMC Corp.* 59,800 2,368,080 Hewlett-Packard Company 90,200 2,564,386 ------------ 7,603,530 Electric Utilities - 2.34% Exelon Corp. 33,975 2,345,974 FPL Group, Inc. 65,500 3,923,450 ------------ 6,269,424 Electrical Equipment - 0.80% Emerson Electric Co. 32,300 2,152,795 ------------ Electronic Components - 2.65% Intel Corp. 189,700 5,863,627 Micron Technology, Inc.* 27,000 1,225,260 ------------ 7,088,887
Shares Value ------ ----- Electronic Equipment - 1.51% Solectron Corp.* 74,600 $1,898,570 Teradyne, Inc.* 54,400 2,148,800 ------------ 4,047,370 Financial Services - 7.61% Citigroup, Inc. 197,115 9,688,202 Goldman Sachs Group, Inc. 28,400 2,587,240 JP Morgan Chase & Co. 57,350 2,751,653 Merrill Lynch & Co., Inc. 86,700 5,349,390 ------------ 20,376,485 Health Care Equipment - 1.73% Baxter International, Inc. 50,900 4,639,535 ------------ Health Care Providers & Services - .90% HCA Healthcare Corp. 62,600 2,422,620 ------------ Hotels & Restaurants - 1.05% McDonald's Corp. 102,600 2,821,500 ------------ Household Products - 2.82% Kimberly Clark Corp. 60,050 3,566,970 Proctor & Gamble Co. 66,300 3,981,315 ------------ 7,548,285 Industrial Components - 0.89% Illinois Tool Works, Inc. 37,400 2,370,412 ------------ Insurance - 4.22% American International Group, Inc. 73,125 5,981,625 Marsh & McLennan Companies, Inc. 55,200 5,323,488 ------------ 11,305,113 Internet Services - 0.69% VeriSign, Inc.* 35,855 1,838,644 ------------ I T Consulting Services - 0.44% Computer Sciences Corp.* 33,300 1,186,479 ------------ Media - 6.14% AOL Time Warner, Inc.* 119,700 6,044,850 AT & T Corp. - Liberty Media Group 154,100 2,465,600 General Motors Hughes Corp. * 96,800 2,057,000 Gannett, Inc. 57,500 3,711,625 Viacom, Inc. 41,529 2,162,000 ------------ 16,441,075 Multi Industry - 5.70% General Electric Co. 171,600 8,327,748 Minnesota Mining & Manuf. Co. 28,200 3,356,082 Tyco International Ltd. 67,000 3,575,790 ------------ 15,259,620 Metals & Mining - 1.52% Alcoa, Inc. 98,100 4,061,340 ------------ Oil & Gas - 8.46% Chevron Corp. 41,500 4,007,240 Conoco, Inc. 60,400 1,837,368 El Paso Energy Corp. 33,700 2,318,560 ExxonMobil Corp. 114,584 10,152,142 Kerr McGee Corp 20,000 1,433,000 Royal Dutch Petroleum Co. 48,700 2,899,111 ------------ 22,647,421
The accompanying notes are an integral part of the financial statements. 63 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Petroleum Services - 1.35% Schlumberger, Ltd. 54,600 $3,619,980 ------------ Pharmaceuticals - 13.16% Abbott Laboratories 87,800 4,072,164 American Home Products Corp. 90,200 5,209,050 Bristol-Myers Squibb Co. 66,800 3,740,800 Johnson & Johnson 46,700 4,505,616 Merck & Company, Inc. 65,000 4,938,050 Pfizer, Inc. 133,150 5,765,395 Pharmacia Corp. 95,889 5,011,159 Schering Plough Corp. 52,000 2,004,080 ------------ 35,246,314 Pollution Control - 0.73% Waste Management, Inc. 79,900 1,950,359 ------------ Retail Trade - 5.01% CVS Corporation 19,200 1,131,840 Home Depot, Inc. 68,500 3,226,350 Safeway, Inc. 20,000 1,086,000 Wal-Mart Stores, Inc. 153,900 7,962,786 ------------ 13,406,976 Software - 5.45% I2 Technologies, Inc. 31,600 550,156 Microsoft Corp.* 162,600 11,016,150 Oracle Corp. 106,900 1,727,504 Veritas Software Corp. 21,900 1,305,459 ------------ 14,599,269 Telecommunications - 4.97% SBC Communications, Inc. 108,744 4,485,690 Verizon Communications 86,454 4,761,022 Worldcom, Inc.* 223,000 4,069,750 ------------ 13,316,462 TOTAL COMMON STOCKS (Cost $223,704,603) $267,746,242 ------------ TOTAL INVESTMENTS (Growth & IncomeFund) (Cost $223,704,603) $267,746,242 ------------ - -------------------------------------------------- Large Cap Growth Fund - -------------------------------------------------- Shares Value ------ ----- COMMON STOCKS - 93.80% Aerospace & Defense - 0.57% Boeing Company 5,525 $341,445 ------------ Automotive - 0.34% Harley Davidson, Inc. 4,406 203,073 ------------ Banking - 1.48% Fifth Third Bancorp 8,731 469,379 Northern Trust Corp. 2,475 160,949 Washington Mutual, Inc. 5,175 258,388 ------------ 888,716 Beverages - 1.41% The Coca-Cola Company 8,700 401,853 Pepsico, Inc. 10,125 443,576 ------------ 845,429
Shares Value ------ ----- Biotechnology - 1.52% Amgen, Inc.* 9,311 $569,275 Biogen 2,300 148,718 Gilead Sciences, Inc. 1,850 90,613 IDEC Pharmaceuticals, Inc. 1,300 63,960 Vertex Pharmaceuticals, Inc. 950 36,632 ------------ 909,198 Building Materials - 0.19% Masco Corp. 4,975 114,425 ------------ Commercial Services & Supplies - 1.89% Automatic Data Proc. 5,175 280,744 Concord EFS, Inc. 5,875 273,481 Devry, Inc.* 18,282 577,894 ------------ 1,132,119 Communications Equipment - 2.70% Comverse Technology, Inc.* 11,125 762,063 Corning, Inc. 8,425 185,097 Nokia Oyj 19,525 667,560 ------------ 1,614,720 Computers - 10.65% Cisco Systems, Inc. 66,868 1,135,419 Dell Computer Corp. 41,200 1,083,148 EMC Corp.* 17,665 699,534 Hewlett-Packard 18,675 530,930 International Business Machines 15,800 1,819,212 Juniper Networks, Inc.* 9,950 587,349 Sun Microsystems, Inc.* 30,722 525,961 ------------ 6,381,553 Diversified Financial - 6.87% American Express Co. 14,250 604,770 Capital One Financial Corp. 2,675 168,151 Citigroup, Inc. 27,682 1,360,570 Federal National Mortgage Assn. 4,625 371,203 Franklin Resources, Inc. 3,650 159,323 Merrill Lynch & Co., Inc. 7,125 439,613 Morgan Stanley Dean Witter & Co. 4,725 296,683 Providian Financial Corp. 3,000 159,900 Schwab, Charles Corp. 16,741 331,472 State Street Corporation 2,175 225,722 ------------ 4,117,404 Diversified Telecommunications - 1.24% Tycom, Ltd. 17,350 $251,402 Qwest Communications Int'l., Inc. 4,025 164,623 Worldcom, Inc. 17,950 327,588 ------------ 743,612 Electric Utilities - 0.60% Calpine Corp.* 6,325 360,462 ------------ Electronic Equipment - 0.56% Solectron Corp.* 13,225 336,576 ------------
The accompanying notes are an integral part of the financial statements. 64 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Energy Equipment & Services - 0.95% Nabors Industries, Inc. 5,125 $305,553 Smith International, Inc. 3,275 265,897 ------------ 571,450 Food & Drug Retailing - 0.83% CVS Corp. 2,900 170,955 Safeway, Inc. 6,025 327,158 ------------ 498,113 Footwear - 0.27% Nike, Inc. 3,825 159,923 ------------ Gas Utilities - 0.47% El Paso Corp. 4,076 280,429 ------------ Health Care - 2.02% Applied Biosystems Group 3,064 98,232 Baxter Int'l., Inc. 4,400 401,060 Medtronic, Inc. 7,850 350,110 Tenet Healthcare Corp. 8,075 360,468 ------------ 1,209,870 Industrial Conglomerates - 7.30% General Electric Co. 61,739 2,996,194 Tyco Int'l, Ltd. 25,868 1,380,575 ------------ 4,376,769 Insurance - 3.58% American Int'l. Group, Inc. 11,250 920,250 Berkshire Hathaway, Inc. 475 1,080,625 Marsh & McLennan Cos., Inc. 1,525 147,071 ------------ 2,147,946 Leisure Equipment & Products - 0.40% Mattel, Inc. 15,000 242,250 ------------ Machinery - 0.54% Caterpillar, Inc. 3,500 175,700 Deere & Company 3,550 145,799 ------------ 321,499 Media - 9.65% AOL Time Warner, Inc. 56,722 2,864,461 A T & T Corp.* 15,275 244,400 Clear Channel Communications 6,475 361,305 Comcast Corp.* 13,725 602,665 Disney, Walt Co. 11,550 349,387 Gannett, Inc. 2,400 154,920 Omnicom Group 5,300 465,605 Viacom, Inc.* 14,250 741,855 ------------ 5,784,598 Metals & Mining - 0.58% Alcoa, Inc. 8,350 345,690 ------------ Multi-Utilities - 0.80% Dynegy, Inc. 3,225 186,566 Enron Corp. 4,700 294,784 ------------ 481,350 Oil & Gas - 0.44% Anadarko Petroleum Corp. 4,100 264,942 ------------
Shares Value ------ ----- Pharmaceuticals - 10.74% Abbott Labs 12,000 $556,560 American Home Products Corp. 11,775 680,006 Bristol Myers Squibb Co. 4,575 256,200 Johnson & Johnson 8,650 834,552 Lilly Eli & Co. 4,125 350,625 Merck & Co., Inc. 10,800 820,476 Pfizer, Inc. 48,915 2,118,020 Pharmacia Corp. 10,825 565,714 Schering Plough Corp. 6,550 252,437 ------------ 6,434,590 Retail Trade - 6.68% Costco Wholesale Corp. 3,850 134,480 Federated Dept Stores, Inc. 4,100 176,218 Home Depot, Inc. 26,719 1,258,465 Intimate Brands, Inc. 9,925 158,800 Kohls Corp.* 3,031 185,073 May Dept Stores Co. 8,275 308,244 Wal Mart Stores, Inc. 34,475 1,783,736 ------------ 4,005,016 Semiconductor Equipment & Products - 7.50% Advanced Micro Devices, Inc. 10,325 320,075 Altera Corp. 10,450 264,280 Analog Devices, Inc.* 7,475 353,642 Applied Materials, Inc. 8,475 462,735 Intel Corp. 62,104 1,919,635 Texas Instruments, Inc. 18,725 724,657 Xilinx, Inc. 9,500 450,965 ------------ 4,495,989 Software - 10.36% Adobe Systems, Inc. 12,300 552,516 BEA Systems, Inc.* 15,525 634,196 Check Point Software 5,337 334,790 Mercury Interactive Corp.* 4,750 314,213 Microsoft Corp.* 42,675 2,891,231 Momentum Business Applications* 22 278 Oracle Corp.* 60,075 970,812 Siebel Systems, Inc.* 5,350 243,853 Veritas Software Corp.* 4,443 264,847 ------------ 6,206,736 Tobacco - 0.67% Philip Morris Cos., Inc. 8,000 400,880 ------------ TOTAL COMMON STOCKS (Cost $58,173,931) $56,216,770 ------------ Principal Value --------- ----- SHORT-TERM INVESTMENTS - 0.00% SSGA Money Market Fund $1,000 $1,000 ------------
The accompanying notes are an integral part of the financial statements. 65 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Principal Value --------- ----- REPURCHASE AGREEMENT - 6.20% Repurchase Agreement with State Street Bank & Trust Co. dated 04/30/01 at 4.52%, to be repurchased at $3,718,460 on 05/01/01, collateralized by U.S. Government Securities (Cost $3,718,000) $3,718,000 $3,718,000 ----------- TOTAL INVESTMENTS (Large Cap Growth Fund) (Cost $61,892,931) $59,935,770 ----------- - ------------------------------------------------------------------------------- Mid Cap Growth Fund
- -----------------------------------------------------
Shares Value ------ ----- COMMON STOCKS - 99.39% Automobiles - 0.70% Harley Davidson, Inc. 7,800 $359,502 --------- Banks - 2.32% Banknorth Group, Inc. 6,300 124,677 Golden West Financial Corp. 5,600 328,720 Northern Trust Corp. 7,300 474,719 Synvous Financial Corp. 9,200 264,776 --------- 1,192,892 Biotechnology - 4.78% Genzyme Corp.* 7,300 795,481 Human Genome Sciences, Inc.* 4,600 295,458 Idec Pharmaceuticals Corp. 3,500 172,200 Invitrogen Corp. 3,000 211,530 Medimmune, Inc.* 6,600 258,390 Millennium Pharmaceuticals* 8,680 322,896 Protein Design Labs, Inc.* 6,200 398,350 --------- 2,454,305 Business Services - 3.10% Bisys Group, Inc.* 8,700 419,340 Diamondcluster Int'l., Inc. 5,800 107,590 Paychex, Inc. 16,125 557,280 Robert Half International, Inc.* 18,300 508,740 --------- 1,592,950 Communications Equipment - 8.92% ADC Telecommunications, Inc.* 14,000 105,140 Brocade Communications Syst., Inc.* 8,400 319,116 Ciena Corp.* 11,600 638,696 Comverse Technology, Inc.* 7,100 486,350 Crown Castle International Corp.* 15,200 372,248 Digital Lightwave, Inc. 1,500 63,150 Extreme Networks, Inc.* 11,100 365,190 Finisar, Inc. 16,100 240,695 Mcdata Corp. 6,800 189,788 Oni Sys Corp.* 15,500 556,915 Research in Motion Ltd 11,200 379,904
Shares Value ------ ----- Communications Equipment - cont'd. Redback Networks, Inc.* 23,400 $445,536 Sonus Networks, Inc. 14,300 364,078 Sycamore Networks, Inc. 5,700 54,264 ------------ 4,581,070 Computers & Peripherals - 0.34% Handspring, Inc.* 3,600 54,828 Palm, Inc. 14,800 118,548 ------------ 173,376 Electronic Equipment & Instruments - 4.42% Analog Devices, Inc.* 9,000 425,790 Applied Micro Circuits Corp.* 21,000 546,420 Flextronics International, Ltd.* 6,700 180,163 Molex, Inc.* 8,900 359,471 New Focus, Inc. 8,700 111,795 Newport Corp. 7,400 279,424 Power One, Inc. 11,500 201,365 Sanmina Corp.* 5,600 163,240 ------------ 2,267,668 Energy Equipment & Services - 4.55% BJ Services Company* 2,800 230,300 Cooper Cameron Corp.* 8,050 507,633 Nabors Industries, Inc.* 9,450 563,409 Noble Drilling Corp.* 11,050 535,925 Smith International, Inc.* 6,150 499,319 ------------ 2,336,586 Financial Services - 6.94% Bear Stearns Companies, Inc. 6,300 316,890 Capital One Financial Corp. 3,200 201,152 Edwards, A.G., Inc. 9,400 382,298 Federated Investors, Inc. 5,300 154,495 Legg Mason, Inc. 8,600 411,682 Lehman Brothers Holdings, Inc. 5,320 387,030 Providian Financial Corp. 3,500 186,550 Sei Investments Co. 4,800 192,528 T. Rowe Price & Associates, Inc. 4,300 149,468 USA Ed, Inc. 7,000 497,700 Waddell & Reed Financial, Inc. Cl. A 18,442 561,006 Waddell & Reed Financial, Inc. Cl. B 4,029 122,602 ------------ 3,563,401 Healthcare Equipment & Supplies - 2.72% Allergan, Inc. 9,750 741,000 ST Jude Medical, Inc. 6,000 343,500 Varian Medical Systems, Inc. 4,500 310,050 ------------ 1,394,550 Healthcare Providers & Services - 2.27% Amerisource Health Corp. 4,800 259,200 Bergen Brunswig Corp. 21,700 397,110 First Health Group Corp. 4,700 243,225 Laboratory Corp of America Holdings 1,900 267,900 ------------ 1,167,435
The accompanying notes are an integral part of the financial statements. 66 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Hotels, Restaurants & Leisure - 2.64% Harrah's Entertainment, Inc.* 24,450 $843,525 MGM Mirage, Inc. 9,550 287,169 Starbucks Corp. 11,600 224,460 ------------ 1,355,154 Insurance - 2.08% Ambac Financial Group, Inc. 1,850 99,549 John Hancock Financial Services* 16,400 609,260 Sun Life Financial Services, Inc. (CAD)* 9,800 191,688 Sun Life Financial Services, Inc.* 8,700 169,922 ------------ 1,070,418 Internet Software & Services - 4.22% Exodus Communications, Inc.* 49,200 472,320 Ebay, Inc. 12,800 646,144 Verisign, Inc.* 12,500 641,000 Vignette Corp.* 8,250 55,275 Webmethods, Inc. 15,200 354,920 ------------ 2,169,659 IT Consulting & Services - 1.89% Check Point Software 8,600 539,478 KPMG Consulting 17,800 277,858 Sapient Corp.* 11,200 150,640 ------------ 967,976 Media - 7.33% Cablevision Systems Corp.* 3,750 79,313 Cablevision NY Group Class A 7,500 515,625 Cox Radio, Inc. 3,300 85,140 Gemstar TV Guide International, Inc.* 3,450 143,244 Hispanic Broadcasting Corp.* 3,400 81,498 Interpublic Group Cos., Inc. 7,400 251,230 Lamar Advertising Co* 9,850 380,703 Omnicom Group 6,200 544,670 TMP Worldwide, Inc.* 10,060 485,294 USA Networks, Inc.* 23,950 599,948 WPP Group 45,390 543,792 WPP Group (ADR) 900 53,910 ------------ 3,764,366 Oil & Gas - 1.78% Anadarko Pete Co. 6,500 420,030 Apache Corp. 7,750 495,690 ------------ 915,720 Pharmaceuticals - 7.21% Alza Corp.* 19,300 882,396 Andrx Corp.* 8,200 483,800 Forest Laboratories, Inc.* 19,000 1,161,850 King Pharmaceuticals, Inc.* 16,175 681,453 Teva Pharmaceutical Industries 9,100 495,495 ------------ 3,704,994
Shares Value ------ ----- Retail Trade - 1.78% CDW Computer Centers, Inc.* 6,300 $254,646 Kohls Corp.* 9,500 580,070 Radioshack Corp. 2,680 82,088 ------------ 916,804 Semiconductor Equipment & Products - 10.63% Advanced Micro Devices, Inc. 10,300 319,300 ASM Lithography Holding N V 11,200 303,184 Altera Corp.* 10,900 275,661 Cree, Inc. 5,000 107,650 Cypress Semiconductor Corp. 9,300 210,180 Globespan Semiconductor, Inc.* 11,850 260,700 KLA Tencor Corp. 4,300 236,328 Linear Technology Corp. 9,100 437,164 Maxim Integrated Products, Inc.* 8,900 454,790 Microchip Technology, Inc.* 12,275 355,116 Micron Technology, Inc. 10,800 490,104 Novellus System, Inc. 9,500 523,925 Transwitch Corp. 19,600 340,060 Vitesse Semiconductor Corp.* 14,700 498,330 Xilinx, Inc. 13,650 647,966 ------------ 5,460,457 Software - 11.80% Adobe Systems Inc. 11,200 503,104 Aether Systems, Inc.* 4,200 63,294 Amdocs Limited* 8,350 491,815 Art Technology Group, Inc.* 8,000 73,120 BEA Systems, Inc.* 13,700 559,645 Commerce One, Inc.* 9,000 82,980 I2 Technologies, Inc.* 15,160 263,936 Inktomi Corp.* 10,400 76,232 Intuit* 7,100 227,484 Liberate Technologies* 12,100 118,459 Macromedia, Inc.* 7,600 172,216 Mercury Interactive Corp.* 10,550 697,883 Micromuse, Inc.* 10,100 499,950 Nvidia Corp.* 6,400 533,120 Openwave Systems, Inc. 10,190 352,676 Peregrine Systems, Inc.* 10,850 279,713 Quest Software, Inc.* 9,100 334,698 Rational Software Corp.* 20,200 489,042 Siebel Systems, Inc.* 5,300 241,574 ------------ 6,060,940 Telecommunications - 6.97% Asia Global Crossing Ltd. 20,900 131,041 Allegiance Telecom, Inc.* 21,050 378,690 Colt Telecommunications Group PLC* 3,150 171,675 Echostar Communications Corp.* 17,950 537,782 Entercom Communications Corp.* 10,750 490,415 McLeodUSA, Inc.* 41,550 367,718 Nextel Partners, Inc.* 27,300 469,287 Time Warner Telecomm., Inc.* 15,570 788,621
The accompanying notes are an integral part of the financial statements. 67 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Telecommunications - cont'd. Western Wireless Corp.* 4,300 $191,479 XO Communications, Inc.* 14,000 55,020 ------------ 3,581,728 TOTAL COMMON STOCKS (Cost $64,226,956) $51,051,951 Principal Value --------- ----- Repurchase Agreement - 0.61% Repurchase Agreement with State Street Bank & Trust Co, dated 4/30/01 at 4.52%, to be repurchased at $312,039 on 05/01/01, collateralized by U.S. Government Securities (Cost $312,000) $312,000 $312,000 ------------ TOTAL INVESTMENTS (Mid Cap Growth Fund) (Cost $64,538,956) $51,363,951 ------------ - ------------------------------------------------------------------------------- Mid Cap Value Fund
- ------------------------------------------------
Shares Value ------ ----- COMMON STOCKS - 95.46% Aerospace & Defense - 0.64% General Dynamics Corp. 2,500 $192,700 Auto Components - 2.97% Johnson Controls, Inc. 5,800 419,920 Lear Corp.* 13,200 475,200 --------- 895,120 Banking - 7.88% Astoria Financial Corp. 6,600 381,876 BB & T Corp. 10,000 354,200 Dime Bancorp, Inc. 14,200 473,570 Greenpoint Financial Corp. 11,900 437,920 M & T Bank Corp. 4,100 293,355 Southtrust Corp. 9,100 432,705 --------- 2,373,626 Chemicals - 3.07% Air Products & Chemicals, Inc. 9,700 417,003 Cabot Corp. 9,000 292,590 FMC Corp. 3,000 215,070 --------- 924,663 Commercial Services & Supplies - 7.65% Cendant Corp. 34,900 619,126 Dun & Bradstreet Corp.* 16,100 447,097 Iron Mountain, Inc. 4,700 169,905 Viad Corp. 14,900 370,414 Waste Management, Inc. 28,600 698,126 --------- 2,304,668
Shares Value ------ ----- Computers & Peripherals - 1.49% Apple Computer 17,600 $448,624 ------------ Diversified Telecommunicatons - 2.03% Broadwing, Inc. 24,700 612,560 ------------ Electronic Equipment & Instruments - 2.59% Arrow Electonics, Inc. 15,600 436,800 Rudolph Technologies, Inc. 1,400 67,326 Solectron Corp. 10,900 277,405 ------------ 781,531 Energy Equipment & Services - 1.65% Rowan Companies, Inc. 6,900 229,011 Weatherford International, Inc. 4,600 267,858 ------------ 496,869 Financial Services - 5.15% Capital One Financial 6,000 377,160 Federated Investments, Inc.* 9,400 274,010 Heller Financial, Inc. 15,300 488,223 Indymac Bancorp, Inc. 4,600 105,340 Moody's Corp. 9,800 307,720 ------------ 1,552,453 Food Products - 1.04% Sara Lee Corp. 15,700 312,587 ------------ Health Care Equipment & Supplies - 1.93% Beckman Coulter, Inc. 7,200 255,960 Becton Dickinson & Co. 10,100 326,735 ------------ 582,695 Health Care Providers & Services - 4.21% Bergen Brunswig Corp. 21,400 391,620 Omnicare, Inc. 29,900 663,780 Tenet Healthcare Corp. 4,800 214,272 ------------ 1,269,672 Hotels, Restaurants & Leisure - 3.27% Carnival Corp. 15,200 402,800 Tricon Global Restaurants, Inc. 13,000 582,660 ------------ 985,460 Household Durables - 0.23% Lennar Corp. 1,600 70,032 ------------ Insurance - 8.70% Chubb Corp. 5,100 340,425 Ambac Financial Group, Inc. 5,150 277,122 John Hancock Financial Services* 9,300 345,495 Lowes Corp. 8,200 552,762 MBIA, Inc. 4,350 208,148 Radian Group, Inc. 2,000 155,000 Unumprovident Corp. 9,700 290,127 XL Capital, Ltd. 6,400 453,120 ------------ 2,622,198 Machinery - 1.73% Pall Corp. 22,200 521,034 ------------
The accompanying notes are an integral part of the financial statements. 68 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Media - 11.10% Belo Corp. 27,900 $492,156 Cablevision Systems Corp.* 3,800 261,250 Cox Radio, Inc. 18,800 485,040 Echostar Communications Corp. 11,200 335,552 Entercom Communications Corp.* 9,500 433,390 Gannett, Inc. 4,900 316,295 Knight Ridder, Inc. 10,400 563,160 Scripps Co. 4,200 269,724 Westwood One, Inc. 7,100 186,375 ------------ 3,342,942 Multi-Utilities - 1.02% Utilicorp United, Inc. 8,700 307,110 ------------ Oil & Gas - 6.32% Anadarko Petroleum Corp. 4,500 290,790 Apache Corp. 4,500 287,820 Burlington Res, Inc. 6,300 297,423 Cross Timbers Oil Co. 7,200 195,480 EOG Resources, Inc. 7,600 352,564 Louis Dreyfus Natural Gas Corp. 6,600 251,460 Mitchell Energy & Devlopment Corp. 1,400 77,700 USX Marathon Group 4,700 150,212 ------------ 1,903,449 Real Estate - 3.33% Boston Properties, Inc. 10,200 403,002 Equity Office Properties Trust 6,200 177,010 Vornado Realty Trust 11,500 422,280 ------------ 1,002,292 Semiconductor Equipment & Products - 0.88% KLA Tencor Corp. 1,400 76,944 LAM Research Corp. 3,900 115,440 Novellus Systems, Inc. 1,300 71,695 ------------ 264,079 Software - 2.44% Cadence Design Systems, Inc. 16,700 345,690 Computer Association Int'l., Inc. 12,100 389,499 ------------ 735,189 Specialty Retail - 3.23% Autozone, Inc. 9,900 310,266 Barnes & Noble, Inc. 9,700 308,363 RadioShack Corp. 11,600 355,308 ------------ 973,937 Telecommunications - 0.94% Telephone & Data Systems, Inc. 2,700 283,500 ------------ Transportation - Road & Rail - 1.06% GATX 8,000 318,800 ------------ Utilities - Electrical & Gas - 8.91% American Electric Power, Inc. 7,300 360,182 Calpine Corp. 7,300 416,027 Dominion Res, Inc. 4,700 321,903 DPL, Inc. 7,900 244,821 Entergy Corp. 5,700 230,850
Shares Value ------ ----- Utilities - Electrical & Gas - cont'd. Exelon Corp. 5,925 $409,121 Reliant Energy, Inc. 6,800 336,940 Teco Energy, Inc. 11,400 364,686 ------------ 2,684,530 TOTAL COMMON STOCKS (Cost $26,247,546) $28,762,320 ------------ Principal Value --------- ----- Repurchase Agreement - 4.54% Repurchase Agreement with State Street Bank & Trust Co, dated 4/30/01 at 4.52%, to be repurchased at $1,367,169 on 05/01/01, collateralized by U.S. Government Securities (Cost $1,367,000) $1,367,000 $1,367,000 ------------ TOTAL INVESTMENTS (Mid Cap Value Fund) (Cost $27,614,546) $30,129,320 ------------
- -------------------------------------------------------------------------------- Science & Technology Fund - ------------------------------------------------------
Shares Value ------ ----- COMMON STOCKS - 97.56% Communications Equipment - 24.74% Brocade Communications Sys., Inc. 10,500 $398,895 Ciena Corp.* 11,700 644,202 Cisco Systems, Inc.* 23,500 399,030 Corning, Inc. 11,700 257,049 JDS Uniphase Corp.* 29,400 628,866 Juniper Networks, Inc. 8,300 489,949 Nokia Corp. 18,800 642,772 Qualcomm, Inc.* 9,400 539,184 Oni Systems Corp. 11,700 420,381 Sonus Networks, Inc. 9,400 239,324 ------------ 4,659,652 Computers & Peripherals - 3.07% EMC Corp.* 10,600 419,760 Network Appliance, Inc. 7,000 159,251 ------------ 579,011 Electrical Equipment - 3.67% Flextronics Int'l., Ltd.* 25,700 691,073 ------------ Electronic Equipment & Instruments - 4.62% Sanmina Corp.* 9,400 274,010 Sci Systems, Inc.* 7,000 178,850 Solectron Corp.* 16,400 417,380 ------------ 870,240
The accompanying notes are an integral part of the financial statements. 69 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Internet Software & Services - 8.59% Exodus Communications, Inc.* 46,900 $450,240 Real Networks, Inc.* 9,400 86,480 Verisign, Inc.* 21,100 1,082,008 ------------ 1,618,728 Machinery - .91% Cognex Corp.* 5,800 171,158 ------------ Media - .94% AOL Time Warner, Inc. 3,500 176,750 ------------ Semiconductor Equipment & Products - 26.86% Agere Systems, Inc. 58,800 411,600 Altera Corp.* 23,500 594,315 Analog Devices, Inc.* 16,400 775,884 Applied Materials, Inc.* 4,700 256,620 ASM Lithography Holding NV* 9,500 257,165 Applied Micro Circuits Corp. 18,900 491,778 KLA Tencor Corp.* 4,700 258,312 Maxim Integrated Products, Inc.* 14,100 720,510 Novellus Systems, Inc.* 4,700 259,205 Texas Instruments, Inc. 9,400 363,780 Xilinx, Inc.* 14,100 669,327 ------------ 5,058,496 Software - 19.20% Adobe Systems, Inc. 5,800 260,536 Electronic Arts, Inc.* 18,800 1,064,456 Informatica Corp. 9,300 234,825 Internet Security Systems, Inc. 4,700 234,483 Mercury Interactive Corp. 2,900 191,835 Microsoft Corp.* 4,700 318,425 Netiq* 4,000 117,440 Openwave Systems, Inc. 11,700 404,937 Oracle Corp.* 9,400 151,904 Siebel Systems, Inc.* 9,400 428,452 Veritas Software Corp.* 3,500 208,635 ------------ 3,615,928 Telecommunications - 4.96% Colt Telecom Group* 21,100 291,271 Millicom International Cellular 2,600 70,720 Vodafone Group PLC 18,900 572,292 ------------ 934,283 TOTAL COMMON STOCKS (Cost $23,210,272) $18,375,320 ------------ SHORT-TERM INVESTMENTS - 0.92% T Rowe Price Reserve Invest. Fund $174,547 $174,547 ------------
Principal Value --------- ----- REPURCHASE AGREEMENTS - 1.52% Repurchase Agreement with State Street Bank & Trust Co, dated 4/30/01 at 4.52%, to be repurchased at $286,035 on 05/01/01, collateralized by U.S. Government Securities (Cost $286,000) $286,000 $286,000 ------------ TOTAL INVESTMENTS (Science & Technology Fund) (Cost $23,670,819) $18,835,867 ------------ - ------------------------------------------------------------------------------- Small Cap Growth
- -----------------------------------------------------------
Shares Value ------ ----- COMMON STOCKS - 95.19% Aerospace & Defense - 1.64% Aeroflex, Inc.* 18,500 $275,835 Triumph Group Inc. 6,500 273,650 ------------ 549,485 Airlines - 1.06% Atlantic Coast Airlines Holdings 7,100 171,820 Skywest, Inc. 7,000 185,500 ------------ 357,320 Biotechnology - 1.59% Aclara Biosciences, Inc.* 10,275 53,430 Intermune, Inc. 2,300 70,863 Lynx Therapeutics, Inc.* 9,000 56,250 Medarex, Inc.* 14,800 353,868 ------------ 534,411 Commercial Services & Supplies - 2.77% DeVery, Inc. 10,300 325,583 Getty Images, Inc.* 10,600 266,908 Renaissance Learning, Inc. 9,200 335,892 ------------ 928,383 Communications Equipment - 6.20% Audio Codes, Ltd.* 11,800 99,592 Emulex Corp. 10,800 387,828 Polycom, Inc.* 17,650 410,010 Powerwave Technologies, Inc.* 14,800 268,916 Redback Networks, Inc. 15,700 298,928 Tekelec, Inc.* 19,700 614,640 ------------ 2,079,914 Computers & Peripherals - 1.02% DSP Group, Inc.* 15,800 342,544 ------------ Construction & Engineering - 0.76% Granite Constuction, Inc. 9,900 254,232 ------------
The accompanying notes are an integral part of the financial statements. 70 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Diversified Financial - 1.91% Americredit Corp.* 11,400 $528,504 Affiliated Managers Group, Inc. 2,000 112,440 ------------ 640,944 Diversified Telecommunication - 0.01% CTC Communications Group, Inc.* 550 3,218 ------------ Electrical Equipment - 0.70% Plexus Corp.* 7,704 236,667 ------------ Electronic Equipment & Instruments - 2.41% Anadigics, Inc.* 12,800 227,200 Caliper Technologies Corp.* 3,000 69,000 Exar Corp.* 11,650 339,015 MIPS Technologies, Inc.* 6,400 124,480 Lightpath Technologies, Inc. 3,400 47,770 ------------ 807,465 Energy Equipment & Services - 2.44% National Oil Well, Inc.* 7,675 303,546 Pride International, Inc. 19,400 516,622 ------------ 820,168 Food Products - 0.76% Hain Celestial Group, Inc.* 10,200 255,204 ------------ Health Care Equipment & Supplies - 3.21% Coherent, Inc.* 10,000 395,000 Inhale Therapeutic Systems* 9,700 323,010 Henry Schein, Inc. 8,600 330,412 Molecular Devices Corp.* 1,475 28,394 ------ ------------ 1,076,816 Health Care Providers & Services - 21.53% Advance PCS* 13,600 783,360 Amerisource Health Corp.* 13,200 712,800 Caremark RX, Inc.* 39,300 622,905 Community Health Services, Inc.* 25,775 735,619 Health Net, Inc. 28,400 612,020 Lifepoint Hospitals, Inc.* 10,800 374,976 Manor Care, Inc. 11,600 269,120 Mid Atlantic Medical Services, Inc.* 25,400 516,382 Oxford Health Plans, Inc.* 20,900 649,990 Province Healthcare Co. 20,100 514,962 Renal Care Group, Inc.* 16,100 460,138 Triad Hospitals, Inc. 12,034 370,030 Universal Health Services, Inc.* 6,700 601,392 ------------ 7,223,694 Hotels, Restaurants & Leisure - 1.91% American Classic Voyages Co.* 13,400 127,166 Applebees International, Inc. 3,800 159,220 CEC Entertainment, Inc. 400 20,500 Mandalay Resort Group* 14,100 335,016 ------------ 641,902
Shares Value ------ ----- Insurance - 1.67% Fidelity National Financial, Inc.* 3,800 $88,958 HCC Insurance Holdings, Inc. 14,500 408,900 Mutual Risk Management Ltd.* 9,700 62,662 ------------ 560,520 Internet & Catalog Retail - 0.73% Valuevision International, Inc.* 13,700 243,175 ------ ------------ Internet Software & Services - 1.22% Marimba, Inc.* 700 2,128 Matrixone, Inc. 16,900 406,276 ------------ 408,404 I T Consulting & Services - 1.15% Priority Healthcare Corp. 11,100 386,058 ------------ Leisure Equipment & Products - 0.54% Championship Auto Racing Team* 11,100 182,595 ------------ Machinery - 0.49% APW Ltd.* 19,400 162,960 ------------ Media - 1.45% Entercom Communications Corp. 5,000 228,100 Scholastic Corp. 6,200 258,788 ------------ 486,888 Oil & Gas - 5.03% Cross Timbers Oil Co. 9,000 244,350 Newfield Exploration Co. 6,600 237,600 Pogo Producing Co. 7,200 213,192 Precision Drilling Corp. * 7,400 312,946 Spinnaker Exploration Co.* 4,775 217,263 Stone Energy Corp.* 9,300 462,210 ------------ 1,687,561 Pharmaceuticals - 7.29% Alkermes, Inc.* 30,000 919,200 Cell Therapeutics, Inc.* 9,900 247,005 Cubist Pharmaceuticals, Inc. 5,800 180,496 KV Pharmaceutical Co.* 8,000 173,920 Medicis Pharmaceutical Corp.* 10,600 526,820 Praecis Pharmaceuticals, Inc.* 18,100 397,114 ------------ 2,444,555 Retail - 6.85% Abercrombie & Fitch Co. 8,700 289,710 Barnes & Noble, Inc. 18,600 591,294 Footstar, Inc. 7,700 281,050 Linens N Things, Inc. 6,300 170,163 Pacific Sunwear of California 10,800 300,888 Ross Stores, Inc. 7,700 169,246 Nautica Enterprises, Inc. 14,200 260,854 Tommy Hilfiger Corp. 19,600 236,376 ------------ 2,299,581 Semiconductor Equipment & Products - 7.23% Alpha Industries, Inc.* 13,100 321,867 Brooks Automation, Inc. 3,600 225,396 Cymer, Inc.* 11,100 364,635 Photronics, Inc.* 14,600 419,166
The accompanying notes are an integral part of the financial statements. 71 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Semiconductor Equipment & Products - cont'd. PRI Automation, Inc.* 21,025 $401,788 Triquint Semiconductor, Inc. 10,600 307,718 Varian Semiconductor Equipment, Inc.* 8,500 387,175 ------------ 2,427,745 Software - 11.62% Agile Software Corp. 16,600 316,562 Avant Corp.* 16,600 323,534 Backweb Technologies, Ltd.* 13,600 24,208 Documentum, Inc.* 20,800 311,376 Internet Security Systems 1,900 94,791 Manhattan Associates, Inc. 8,200 272,650 Manugistics Group, Inc.* 21,100 715,712 National Instruments Corp.* 6,650 232,750 Networks Associates, Inc. 17,900 197,437 QRS Corp.* 800 7,080 Radiant Systems, Inc.* 20,700 347,760 RSA Sec, Inc.* 10,100 323,200 Seachange International. Inc.* 11,300 185,320 T HQ, Inc.* 14,400 548,496 ------------ 3,900,876 TOTAL COMMON STOCKS (Cost $32,965,725) $31,943,283 ------------ Principal Value --------- ----- SHORT-TERM INVESTMENTS - 4.81% SSGA Money Market Fund $1,615,000 $1,615,000 ------------ TOTAL INVESTMENTS (Small Cap Growth Fund) (Cost $34,580,725) $33,558,283 ------------ - ------------------------------------------------------------------ Small Cap Index Fund - ------------------------------------------------------------------ Shares Value ------ ----- COMMON STOCKS - 89.04% Aerospace & Defense - 0.96% Aar Corp. 240 $2,695 Aeroflex, Inc.* 500 7,455 Alliant Techsystems, Inc.* 120 11,304 Curtiss Wright Corp. 40 1,816 Gencorp, Inc.* 290 3,486 Heico Corp. 73 1,310 Hexcel Corp.* 160 1,485 Kaman Corp. 186 3,097 Moog, Inc. 60 2,046 Newport News Shipbuilding, Inc. 290 18,749 Orbital Sciences Corp.* 330 1,419 Precision Castparts Corp. 430 16,065 Remec, Inc.* 331 3,628 Sequa Corp.* 50 2,330 Triumph Group, Inc. 100 4,210 ------------ 81,095
Shares Value ------ ----- Air Freight & Couriers - 0.23% Airborne Freight Company 420 $3,847 Atlas Air, Inc.* 141 3,581 EGL, Inc.* 250 5,928 Forward Air Corp.* 120 4,164 Fritz Companies, Inc.* 189 2,136 ------------ 19,656 Airlines - 0.50% Airtran Holdings, Inc.* 500 4,650 Alaska Air Group, Inc.* 220 6,193 America West Holdings Corp.* 283 2,889 Atlantic Coast Airlines Holdings* 300 7,260 Frontier Airlines, Inc.* 240 3,607 Mesa Air Group, Inc.* 280 3,080 Mesaba Holdings, Inc.* 110 1,223 Midwest Express Holdings, Inc.* 120 1,859 Skywest, Inc. 428 11,342 ------------ 42,103 Auto Components - 1.24% American Axle & Mfg. Holdings, Inc.* 80 1,048 Arvinmeritor, Inc. 586 9,019 Bandag, Inc. 100 2,997 Borg Warner Automotive, Inc. 214 9,529 Collins & Aikman Corp.* 540 2,592 Cooper Tire & Rubber Co. 551 6,634 Dura Automotive Systems, Inc.* 110 1,430 Exide Corp. 200 1,920 Federal Mogul Corp. 614 1,811 Federal Signal Corp. 390 8,919 Hayes Lemmerz Int'l., Inc.* 145 1,117 IMPCO Technologies, Inc.* 43 1,028 Lear Corp.* 561 20,193 Midas, Inc. 130 1,937 Modine Manufacturing Co. 194 5,409 Sauer Danfoss, Inc. 170 1,573 Snap-On, Inc. 507 14,703 Stoneridge, Inc.* 110 897 Superior Industries Int'l., Inc. 167 6,722 Tenneco Automotive, Inc. 308 924 Tower Automotive, Inc.* 340 3,604 ------------ 104,006 Automobiles - 0.09% Coachmen Industries, Inc. 120 1,202 Marine Products Corp. 72 299 Monaco Coach Corp.* 135 2,612 Thor Industries, Inc. 65 1,515 Winnebago Industries, Inc. 110 2,008 ------------ 7,636 Banks - 7.65% 1st Source Corp. 105 2,037 Alabama National Bancorp. 70 1,999 Amcore Financial, Inc. 230 4,600 American Financial Holdings, Inc. 235 4,840
The accompanying notes are an integral part of the financial statements. 72 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Banks - cont'd. Anchor Bancorp of Wisconsin, Inc. 200 $3,092 Andover Bancorp, Inc. 62 2,201 Area Bancshares Corp. 120 1,799 Astoria Financial Corp. 388 22,444 BOK Financial Corp.* 90 2,156 BSB Bancorp, Inc. 80 1,627 Bancfirst Corp. 40 1,580 Bancorpsouth, Inc. 735 10,871 Bank Granite Corp. 100 1,999 Bankatlantic Bancorp, Inc. 200 1,362 Bay View Capital Corp. 248 1,285 Brookline Bancorp, Inc. 110 1,425 CPB, Inc. 70 1,917 CVB Financial Corp. 170 2,669 Capital City Bank Group, Inc. 40 798 Capitol Federal Financial 280 4,424 Cathay Bancorp, Inc. 80 4,576 Century South Bank, Inc. 100 3,247 Chemical Financial Corp. 121 2,960 Chittenden Corp. 227 6,810 Citizens Banking Corp. 411 10,314 City Bank of Lynwood, WA 80 1,732 Colonial Bancgroup, Inc. 858 10,682 Commerce Bancorp, Inc. 270 18,630 Commercial Federal Corp. 476 10,424 Community First Bankshares, Inc. 363 7,627 Corus Bankshares, Inc. 80 4,100 Cullen Frost Bankers, Inc. 451 14,432 Dime Community Bancorp, Inc. 100 2,940 Doral Financial Corp. 290 9,396 Downey Financial Corp. 181 7,790 East West Bancorp, Inc. 200 4,152 F & M Bancorp 95 2,442 F & M National Corp. 213 8,041 F N B Corp. PA 190 4,921 Farmers Capital Bank Corp. 50 1,624 First Bancorp PR 180 4,626 First Busey Corp. 80 1,666 First Charter Corp. 276 4,416 First Citizens Bancshares, Inc. 55 5,187 First Comwlth Financial Corp. PA 510 6,110 First Federal Capital Corp. 130 2,014 First Financial Bancorp 316 4,858 First Financial Bankshares, Inc. 90 3,432 First Financial Corp. IN 60 2,250 First Financial Holdings, Inc. 120 2,418 First Indiana Corp. 80 1,976 First Merchants Corp. 100 2,250 First Midwest Bancorp, Inc. 360 10,184 First Niagara Financial Group, Inc. 100 1,220 First Sentinel Bancorp, Inc. 290 3,187 Firstfed Financial Corp. DE* 148 4,440 Frontier Financial Corp. WA 140 3,196
Shares Value ------ ----- Banks - cont'd. Fulton Financial Corp. PA 657 $13,238 GBC Bancorp CA 95 2,361 Gold Banc Corp., Inc. 251 1,762 Greater Bay Bancorp 350 9,559 Hancock Holding Co. 80 3,080 Harbor Florida Bancshares, Inc. 190 3,031 Harleysville National Corp. PA 75 2,865 Hudson United Bancorp 461 10,953 Independence Community Bank 540 9,990 Independent Bank Corp. MA 110 1,738 Integra Bank Corp. 150 3,504 International Bancshares Corp. 136 5,195 Investors Financial Services Corp. 260 18,600 Irwin Financial Corp. 90 1,800 MAF Bancorp Inc. 200 5,390 Mid State Bancshares 200 2,960 Mid American Bancorp 73 1,770 Mississippi Valley Bankshares, Inc. 60 2,106 NBT Bancorp, Inc. 210 3,226 National Penn Bancshares, Inc. 170 3,774 Netbank, Inc.* 210 2,285 New York Community Bancorp, Inc. 312 10,530 Northwest Bancorp, Inc. PA 130 1,191 Oceanfirst Financial Corp. 100 2,240 Ocwen Financial Corp.* 310 2,988 Omega Financial Corp. 70 2,092 Oriental Financial Group, Inc. 100 1,490 PFF Bancorp, Inc. 110 2,382 Pacific Capital Bancorp 230 6,300 Pacific Northwest Bancorp* 120 2,143 Park National Corp. 80 6,560 Peoples Bank Bridgeport CT 240 5,410 Promistar Financial Corp. 145 2,600 Provident Bankshares Corp. 242 5,405 Provident Financial Group, Inc. 187 5,576 R & G Financial Corp. 90 1,753 Republic Bancorp, Inc. 432 5,724 Richmond County Financial Corp. 230 7,760 Riggs National Corp. 163 2,584 Roslyn Bancorp, Inc. 538 13,719 S & T Bancorp, Inc. 240 5,400 Sandy Spring Bancorp, Inc. 80 2,458 Santander Bancorp 70 1,330 Seacoast Financial Services Corp. 220 2,926 Silicon Valley Bancshares* 372 9,322 Sky Financial Group, Inc. 731 13,706 South Financial Group, Inc. 377 6,258 Southwest Bancorporation* 250 8,375 Staten Island Bancorp, Inc. 320 8,797 Sterling Bancshares, Inc. 230 4,147 Susquehanna Bancshares, Inc. 340 6,151 Texas Regional Bancshares, Inc. 140 5,040 The Trust Company Of NJ 145 2,594
The accompanying notes are an integral part of the financial statements. 73 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Banks - cont'd. Trustco Bank Corp NY 540 $6,615 Trustmark Corp. 502 10,492 UCBH Holdings, Inc. 160 4,419 UMB Financial Corp. 140 5,173 U S B Holding, Inc. 85 1,190 United Bankshares, Inc. 300 6,900 United Community Financial 290 1,914 United National Bancorp NJ 130 2,570 W Holding Co., Inc. 240 2,914 Washington Federal, Inc. 500 12,755 Webster Financial Corp. 430 13,700 Wesbanco, Inc. 159 3,349 Westamerica Bancorporation 320 11,712 Westcorp, Inc. 90 1,686 Whitney Holding Corp. 195 7,781 ------------ 642,703 Beverages - 0.17% Coca Cola Bottling Co. 10 397 Constellation Brands, Inc.* 130 8,483 Mondavi, Robert Corp.* 70 3,021 Triarc Cos., Inc.* 110 2,816 ------------ 14,717 Biotechnology - 2.19% Aclara Biosciences, Inc.* 91 473 Advanced Tissue Sciences, Inc.* 562 2,242 Albany Molecular Research, Inc.* 160 5,045 Alexion Pharmaceuticals, Inc.* 129 3,010 Alliance Pharmaceutical Corp.* 425 2,040 Aurora Bioscience Corp. 183 4,246 Avant Immunotherapeutics, Inc.* 433 2,148 Avigen, Inc.* 140 2,565 Aviron* 205 10,088 Bio-Technology General Corp.* 480 3,821 Biocryst Pharmaceuticals, Inc.* 113 568 Biomarin Pharmaceutical, Inc.* 156 1,693 Biopure Corp.* 120 3,204 CV Therapeutics, Inc.* 142 6,718 Cell Genesys, Inc.* 299 4,730 Cerus Corp.* 83 4,611 Collateral Therapeutics* 69 570 Connetics Corp.* 254 1,321 Corixa Corp.* 348 5,063 Curagen Corp.* 244 8,028 Digene Corp.* 92 1,927 Entremed, Inc.* 140 2,751 Enzo Biochem, Inc.* 211 4,684 Exelixis, Inc.* 80 1,096 Gene Logic, Inc.* 231 4,181 Genomic Solutions 10 40 Genome Therapeutics Corp.* 198 1,467 Genta, Inc.* 167 1,453 Genzyme Transgenics Corp.* 168 1,057
Shares Value ------ ----- Biotechnology - cont'd. Geron Corp.* 186 $2,574 Hyseq, Inc.* 85 978 Idexx Laboratories, Inc.* 290 7,862 Ilex Oncology, Inc.* 212 3,922 Immune Response Corp.* 226 701 Immunomedics, Inc.* 283 3,871 Invitrogen Corp.* 307 21,647 Lexicon Genetics, Inc.* 85 765 Luminex Corp.* 39 547 Lynx Therapeutics, Inc. 88 550 Maxygen, Inc. 65 958 Myriad Genetics, Inc. 170 9,003 Neorx Corp.* 191 1,295 Neose Technologies, Inc.* 97 2,645 Neurogen Corp.* 120 2,638 Neurocrine Biosciences, Inc.* 201 5,095 Nexell Therapeutics, Inc. 67 131 Orchid Biosciences, Inc.* 57 260 Organogenesis, Inc.* 300 2,745 Paradigm Genetics, Inc.* 46 306 Peregrine Pharmaceuticals, Inc.* 739 998 Pharmacopeia, Inc.* 178 3,471 Photogen Technologies, Inc.* 84 112 Regeneron Pharmaceuticals, Inc.* 161 4,993 Ribozyme Pharmaceuticals, Inc.* 77 651 Sangstat Medical Corp.* 150 1,668 Sequenom, Inc. 43 559 Targeted Genetics Corp.* 229 1,019 Texas Biotechnology Corp.* 362 2,570 Transkaryotic Therapies, Inc.* 170 3,201 Valentis, Inc.* 254 1,351 Vaxgen, Inc.* 68 1,480 Vical, Inc.* 176 2,552 ------------ 183,958 Building Products - 0.55% Armstrong Holdings, Inc. 331 1,125 Dal-Tile International, Inc.* 480 7,152 Elcor Chemical Corp. 170 2,678 Griffon Corp. 230 2,139 Insituform Technologies, Inc.* 169 5,829 Lennox International, Inc. 349 3,724 NCI Building Systems, Inc.* 159 1,910 Nortek, Inc.* 80 2,242 Owens Corning 439 961 Simpson Manufacturing, Inc.* 70 3,399 Trex Company, Inc.* 47 1,328 Universal Forest Products, Inc. 90 1,476 Watsco, Inc. 171 2,213 York International Corp. 328 9,909 ------------ 46,085
The accompanying notes are an integral part of the financial statements. 74 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Chemicals - 2.18% Airgas, Inc.* 440 $3,938 Albemarle Corp. 210 4,906 Arch Chemicals, Inc. 161 3,140 Cambrex Corp. 220 10,234 Chemfirst, Inc. 127 3,264 Crompton Corp. 979 9,917 Cytec Industries, Inc.* 350 11,449 Ethyl Corp. 546 786 Ferro Corp. 300 6,261 Fuller, H B Co. 120 4,961 Georgia Gulf Corp. 270 4,960 Grace, W R & Co. 530 869 Great Lakes Chemical Corp. 385 12,101 International Specialty Products* 120 1,074 Lubrizol Corp. 450 13,181 MacDermid, Inc. 160 2,765 Millennium Chemicals, Inc. 560 9,408 Minerals Technologies, Inc. 180 6,903 NL Industries, Inc. 180 2,700 OM Group, Inc. 210 11,487 Olin Corp. 310 5,875 Omnova Solutions, Inc. 300 1,944 Polyone Corp. 820 6,929 R.P.M., Inc. 892 8,510 Schulman, A, Inc. 250 2,918 Scotts Co.* 130 5,434 Solutia, Inc. 901 11,443 Spartech Corp. 130 2,339 Stepan Chemical Co. 47 1,092 Valspar Corp. 324 10,012 WD-40 Co. 110 1,982 ------------ 182,782 Commercial Services & Supplies - 3.49% ABM Industries, Inc. 145 4,483 Administaff, Inc.* 160 3,858 Armor Holdings, Inc.* 152 2,531 Banta Corp. 210 5,481 Bowne & Co., Inc. 288 2,880 Bright Horizons Family Solutions, Inc.* 100 2,485 CCC Information Services Group, Inc.* 191 1,805 C D I Corp.* 100 1,475 C P I Corp. 60 1,128 Career Education Corp.* 164 8,257 Casella Waste Systems, Inc.* 160 1,456 Central Parking Corp. 110 1,959 Centurybusiness Services, Inc.* 650 1,560 Cheap Tickets, Inc.* 79 830 Chemed Corp. 80 2,744 Coinstar, Inc.* 180 3,312 Compucredit Corp.* 110 1,200 Compx International, Inc. 40 456 Corinthian Colleges, Inc. 80 3,280
Shares Value ------ ----- Commercial Services & Supplies - cont'd. Corporate Executive Board Co.* 170 $5,651 Costar Group, Inc.* 107 2,488 Covanta Energy Corp. 430 7,955 Cypress Communications, Inc.* 93 53 Diamondcluster Int'l., Inc. 184 3,413 Digitalthink, Inc.* 34 291 e.MedSoft.com* 352 285 Edison Schools, Inc.* 132 2,545 Education Management Corp.* 183 5,719 Encompass Servics Corp.* 551 2,832 F Y I, Inc.* 120 4,170 Factset Research Systems, Inc. 175 6,213 First Consulting Group* 161 1,290 Futurelink Corp.* 346 111 G & K Services 180 3,447 Global Pmts., Inc. 235 4,970 Hall Kinion & Assoc., Inc.* 82 668 Harland, John H Co. 250 5,430 Heidrick & Struggles International, Inc.* 166 4,192 HON Industries, Inc. 467 11,656 Hypercom Corp.* 110 435 ITT Educational Services, Inc.* 120 4,272 Insurance Auto Auctions, Inc.* 73 1,051 Ionics, Inc.* 144 3,470 Kelly Services, Inc. 145 3,423 kforce.com, Inc.* 320 1,667 Kimball International, Inc.* 270 3,996 Korn / Ferry International* 323 5,814 Labor Ready, Inc.* 290 1,059 Learning Tree International, Inc.* 90 1,900 Mail Well Holdings, Inc.* 410 1,976 Management Network Group, Inc.* 49 243 McGrath Rentcorp 70 1,723 Medquist, Inc.* 132 3,560 Memberworks, Inc.* 90 2,218 Meta Group, Inc.* 77 173 Mobile Mini, Inc. 84 2,486 Modis Professional Services, Inc.* 790 4,108 NCH Corp. 20 1,120 NCO Group, Inc.* 167 4,509 National Data Corp.* 284 8,137 National Processing, Inc. 50 1,168 Navigant Consulting Co.* 310 1,907 New Century Equity Holdings 320 410 New England Business Svc, Inc . 110 2,035 Nextcard, Inc.* 280 3,032 On Assignment, Inc.* 200 3,422 Pegasus Systems, Inc.* 220 2,178 Per Se Technologies Inc.* 266 1,580 Pittston Brinks Group 456 9,713 Pre Paid Legal Svcs, Inc.* 164 3,608 Probusiness Services, Inc.* 130 2,932
The accompanying notes are an integral part of the financial statements. 75 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Commercial Services & Supplies - cont'd. Professional Detailing, Inc.* 34 $2,489 Profit Recovery Group Int'l., Inc.* 350 2,240 Prosofttraining.com* 175 536 Protection One, Inc. 170 325 Renaissance Learning, Inc. 80 2,921 Rollins, Inc. 150 2,799 Sitel Corp.* 400 1,004 Sodexho Marriott Services, Inc. 283 8,312 Sothebys Holdings, Inc. 357 6,462 Source Information Mgmt. Co.* 100 398 Spherion Corp.* 500 4,085 Standard Register Co. 110 1,771 Stockwalk Group, Inc. 70 147 Strayer Education, Inc. 68 2,836 Surmodics, Inc.* 112 6,192 Sylvan Learning Systems, Inc.* 245 4,954 Tanning Technology Corp.* 113 521 Tetra Tech, Inc.* 312 7,619 United Stationers, Inc.* 280 7,972 Vasco Data Sec. Int'l., Inc. 110 636 Volt Information Sciences, Inc.* 70 1,197 Wackenhut Corp.* 80 1,317 Wallace Computer Service, Inc. 330 5,907 Waste Connections, Inc.* 181 5,149 Zomax Optical Media, Inc. * 250 1,473 ------------ 293,146 Communications Equipment - 1.00% Adaptive Broadband Corp.* 330 314 Airnet Commumication Corp. * 49 172 Allen Telecom, Inc.* 240 3,151 Anaren Microwave, Inc. 192 3,264 Anixter International, Inc.* 197 5,191 Arguss Holdings, Inc.* 110 628 Audiovox Corp.* 140 1,169 Aware, Inc.* 147 1,179 Bel Fuse, Inc. 73 1,843 Brooktrout, Inc.* 110 774 C-Cor.net Corporation* 240 1,728 Cable Design Technologies Corp.* 380 5,647 Carrier Access Corp.* 80 566 Celeritek, Inc.* 101 1,307 Computer Network Technology* 250 2,525 Davox Corp.* 89 923 Gadzoox Networks, Inc. 85 196 Glenayre Technologies, Inc.* 570 1,151 Inter-Tel, Inc. 185 1,830 Interdigital Communications Corp.* 473 5,766 International Fibercom, Inc.* 250 965 Intrusion CM, Inc. 137 617 LCC International, Inc.* 90 520 Lightbridge, Inc. 238 3,182 MRV Communications, Inc.* 550 4,175 MCK Communications, Inc.* 82 207
Shares Value ------ ----- Communications Equipment - cont'd. Metawave Communications Corp.* 61 $226 NX Networks, Inc. 369 454 Neon Communications, Inc.* 54 412 Netopia, Inc. 130 432 Netro Corp.* 304 1,395 Network Equipment Technologies, Inc. * 188 788 Network Peripherals, Inc.* 120 888 P-Com, Inc.* 700 749 Paradyne Networks, Inc. 153 323 Plantronics, Inc.* 430 8,411 Proxim, Inc.* 230 3,199 Somera Communications, Inc. 254 1,565 Sonicwall, Inc.* 210 3,694 Sorrento Networks Corp. 97 698 Spectralink Corp.* 107 1,085 Stratos Lightwave, Inc. 469 3,743 Superior Telecom, Inc. 80 224 Symmetricom, Inc.* 207 3,008 Telaxis Communications Corp.* 36 37 Teraforce Technology Corp. 661 264 Tut Systems, Inc.* 143 358 US Wireleless Corp.* 114 279 Vyyo, Inc.* 67 108 Viasat, Inc.* 144 2,524 Westell Technologies* 250 358 ----------- 84,210 Computers & Peripherals - 1.25% Advanced Digital Information* 455 8,973 Avid Technology, Inc.* 204 3,539 Choice One Communications, Inc. 78 644 Concurrent Computer Corp.* 475 2,541 Crossroads Systems, Inc.* 85 524 Dot Hill Systems Corp.* 100 245 e.Machines, Inc.* 172 38 Extended Systems, Inc. 63 656 Hutchinson Technology, Inc.* 220 3,408 Immersion Corp.* 131 803 Infocus Corp.* 336 6,555 Intergraph Corp.* 380 4,993 Iomega Corp.* 2,360 8,000 MTI Technology Corp.* 280 624 Maxtor Corp.* 1,589 12,680 Media 100, Inc.* 96 221 Mercury Computer Systems, Inc. 185 9,394 Micron Electronics, Inc.* 306 584 MIPS Technologies, Inc. 340 6,613 Presstek, Inc. 240 2,892 Procom Technology, Inc.* 43 409 Radisys Corp. 130 2,743 Rainbow Technologies, Inc.* 190 1,028 SCM Microsystems, Inc.* 120 1,284 Silicon Graphics, Inc. * 1,666 4,365 Storage Technology Corp.* 836 10,692
The accompanying notes are an integral part of the financial statements. 76 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Computers & Peripherals - cont'd. 3dfx Interactive, Inc.* 280 $81 Wave Systems Corp. * 410 1,825 Western Digital Corp.* 1,514 8,054 Xybernaut Corp.* 287 703 ----------- 105,113 Construction & Engineering - 0.40% Comfort Systems USA, Inc. 250 450 Coorstek, Inc. 35 1,287 Emcor Group, Inc.* 80 2,836 Foster Wheeler Corp. 330 4,967 Granite Construction, Inc. 257 6,587 Intergrated Electrical Svcs.* 290 1,595 Jacobs Engineering Group, Inc.* 202 13,316 URS Corp.* 120 2,580 Washington Group Int'l., Inc.* 286 315 ----------- 1,850 33,933 Construction Materials - 0.18% Amcol Int'l. Corp. 250 1,203 Centex Construction Products, Inc. 60 1,714 Florida Rock Industries, Inc. 160 6,237 Texas Industries, Inc. 186 5,710 U S Aggregates, Inc. 45 57 ----------- 14,921 Containers & Packaging - 0.71% Ball Corp. 244 11,224 Caraustar Industries, Inc. 230 1,840 Chesapeake Corp. 130 3,154 Earthshell Corp.* 263 1,118 Gaylord Container Corp.* 480 470 Greif Bros. Corp. 120 3,470 Ivex Packaging Corp.* 175 2,736 Liqui Box Corp. 30 1,327 Longview Fibre Co. 453 5,753 Myers Industries, Inc. 142 2,123 Packaging Corp. of America* 410 5,793 Pactiv Corp.* 1,381 19,303 Rock Tenn Co. 100 1,180 ----------- 59,491 Distributors - 0.04% Brightpoint, Inc.* 450 1,778 CCS Industries, Inc. 50 1,221 United Auto Group, Inc. 48 731 ----------- 3,730 Diversified Financials - 2.56% Acacia Research Corp.* 143 1,624 Advanta Corp. 190 2,727 Affiliated Managers Group, Inc.* 196 11,019 Allied Capital Corp. 740 17,220 American Capital Strategies, Ltd. 205 5,433 Americredit Corp.* 680 31,525 AMPAL American Israel Corp.* 170 942 Blackrock, Inc.* 153 5,171
Shares Value ------ ----- Diversified Financials - cont'd. Cash America Int'l., Inc. 220 $1,760 Charter Municipal Mortgage Accpt. Co. 183 2,800 Credit Acceptance Corp.* 140 969 Credit Suisse First Boston USA 174 795 E-Loan, Inc.* 100 135 Eaton Vance Corp. 510 16,473 E-Plus, Inc. 40 364 Espeed, Inc.* 82 2,198 Financial Federal Corp.* 90 2,223 Finova Group, Inc. 530 1,065 Friedman, Billings, Ramsey Group, Inc.* 209 1,202 Gabelli Asset Mgmt., Inc.* 50 1,975 Globalnet Financial.com, Inc.* 196 133 Indymac Bancorp, Inc. 590 13,511 The Intercept Group, Inc.* 71 2,009 Investment Technology Group* 246 11,993 Jeffries Group, Inc. 217 6,977 John Nuveen Co. 60 3,272 Labranche & Co., Inc.* 323 11,628 Liberty Financial Cos., Inc. 120 4,993 Medallion Financial Corp. 100 1,245 Metris Companies, Inc. 541 16,230 On2.COM, Inc.* 189 113 Raymond James Financial, Inc. 350 10,623 Southwest Securities Group 141 3,123 Student Loan Corp. 40 2,920 Triad Guaranty, Inc.* 120 4,249 Tucker Anthony Sutro Corp. 150 3,117 UICI 330 2,983 Value Line, Inc. 20 800 WFS Financial, Inc.* 77 1,579 Walter Industries, Inc. 280 3,167 Wit Soundview Group, Inc.* 884 2,634 ----------- 214,917 Diversified Telecommunication - 0.55% ATSI Communications, Inc. 510 311 Adelphia Business Solutions* 243 1,033 Alaska Communications Sys., Inc.* 94 531 Allied Riser Communications Corp. 467 327 Arch Wireless, Inc.* 1,160 360 CTC Communications Group, Inc.* 140 819 CT Communications, Inc. 140 1,987 Centillium Communications, Inc. 30 834 Commonwealth Telephone Entrps, Inc.* 90 3,046 Deltathree.com, Inc.* 85 89 E-Spire Communications, Inc.* 480 61 Electric Lightware, Inc.* 80 220 Fibernet Telecom. Group, Inc.* 83 206 General Communication, Inc.* 370 3,500 Goamerica, Inc.* 99 334 Golden Telecommunications, Inc.* 78 718 Hickory Tech Corp. 120 1,854 IDT Corp.* 204 4,417
The accompanying notes are an integral part of the financial statements. 77 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Diversified Telecommunication - cont'd. ITC Deltacom, Inc.* 450 $2,403 ITCX Corp.* 61 221 Ibasis, Inc.* 99 293 Illuminet Holdings, Inc.* 191 5,724 Impsat Corp. 104 302 Intermedia Communications, Inc.* 450 7,299 Mpower Communications Corp.* 434 955 Net2phone, Inc.* 102 791 Network Access Solutions Corp.* 145 107 Network Plus Corp.* 94 300 Net2000 Communication, Inc.* 100 203 North Pittsburgh Systems, Inc. 127 1,511 Ntelos, Inc. 110 2,213 Pac-West Telecomm, Inc.* 154 445 Primus Telecomm Group, Inc.* 233 426 Rhythms Netconnections, Inc.* 537 140 Talk.com, Inc.* 610 1,257 Teligent, Inc.* 156 108 Us LEC Corp.* 80 424 Verado Holdings, Inc. 56 21 Viatel, Inc.* 436 92 World Access, Inc. 638 38 Z Tel Technologies, Inc.* 52 227 ----------- 46,145 Electric Utilities - 2.04% Allete* 643 15,670 Black Hills Corp. 198 10,171 CH Energy Group, Inc. 149 6,563 Cleco Corp. 195 8,775 Conectiv, Inc. 774 17,260 El Paso Electric Co.* 470 6,627 Empire District Electric Co. 152 2,883 Hawaiian Electric Industries, Inc. 288 10,708 Idacorp, Inc. 330 12,705 Kansas City Power & Light Co. 543 14,172 Madison Gas & Electric Co. 140 3,233 OGE Energy Corp. 681 15,016 Otter Tail Power Co. 210 5,670 Public Service Co. New Mexico 300 10,839 RGS Energy Group, Inc. 304 11,309 UIL Holding Corp. 130 6,364 Unisource Energy Corp. 270 6,267 WPS Resources Corp. 230 7,592 ----------- 171,824 Electrical Equipment - 1.80% Advanced Energy Industries, Inc. 110 3,818 Advanced Lighting Technologies, Inc. * 129 735 American Superconductor Corp. 176 2,746 American Technical Ceramics* 33 371 Ametek Aerospace Products, Inc. 277 7,648 Artesyn Technologies, Inc.* 285 4,321 Asyst Technologies, Inc.* 283 5,250 Baldor Electric Co. 208 4,339
Shares Value ------ ----- Electrical Equipment - cont'd. Belden, Inc. 210 $4,958 Benchmark Electronics, Inc.* 170 4,335 Brady Corp. 154 5,051 C&D Technologies 231 8,196 CTS Corp. 240 5,760 Electro Scientific Industries, Inc.* 240 8,599 Excel Technology, Inc.* 79 1,694 General Cable Corp. 260 3,097 Genlyte Group, Inc.* 100 2,785 Littelfuse, Inc.* 176 4,717 MKS Instruments Inc.* 119 3,000 Magnetek, Inc.* 160 1,528 National Service Industries, Inc. 355 8,556 Optical Cable Corp. 30 410 Paxar Corp.* 320 3,770 Penn Engineering & Mfg Corp. 53 2,008 Plexus Corp.* 358 10,998 Power Integrations* 237 4,422 Rayovac Corp.* 240 4,992 SLI Inc. 160 1,128 Satcon Technology Corp.* 68 756 Sensormatic Electronics Corp.* 620 8,990 Smith A O Corp. 186 3,556 Technitrol, Inc. 210 6,317 Tecumseh Products Co. 136 6,705 Vicor Corp.* 170 4,168 Wesco Int'l., Inc.* 170 1,268 ----------- 150,990 Electronic Equipment & Instruments - 2.24% ACT Manufacturing, Inc.* 101 1,707 Anadigics, Inc.* 257 4,562 Analogic Corp. 60 2,879 California Amplifier, Inc.* 122 614 Caliper Technologies Corp.* 40 920 Checkpoint Systems, Inc.* 250 2,338 Cohu, Inc. 180 3,258 Cubic Corp. 50 1,525 Cyberoptics Corp.* 64 641 DDI Corporation* 108 2,654 DSP Group, Inc. 240 5,203 Electro Rent 130 1,983 Emagin Corp.* 220 858 Energy Conversion Devices, Inc. 141 3,830 Exar Corp.* 340 9,894 Fisher Scientific Int'l., Inc.* 350 10,395 Franklin Elec., Inc. 35 2,513 Fuelcell Energy, Inc.* 92 6,339 Genrad, Inc. 240 1,740 Harman Int'l. Industries, Inc. 258 8,192 HI / FN, Inc.* 72 1,194 Identix, Inc.* 232 1,821 Interlink Electronics 79 529 Interlogix, Inc.* 166 3,818
The accompanying notes are an integral part of the financial statements. 78 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Electronic Equipment & Instruments - cont'd. JNI Corp. 55 $564 Keithley Instruments, Inc. 79 2,097 Kent Electronics Corp.* 250 5,400 Lightpath Technologies, Inc.* 138 1,939 Mattson Technology, Inc.* 144 2,530 Mechanical Technology, Inc.* 207 1,352 Methode Electronics, Inc. 310 1,773 Mettler Toledo Int'l., Inc.* 339 15,001 Nanometrics, Inc.* 39 1,141 Park Electrochemical Corp. 120 2,820 Pioneer Standard Electronics, Inc. 280 3,360 Research Frontiers, Inc.* 87 2,058 Robotic Vision Systems, Inc.* 308 899 Rogers Corp. 128 3,648 Rudolph Technologies, Inc.* 44 2,116 SBS Technologies, Inc.* 110 2,200 Sipex Corp.* 194 2,336 Spectra Physics Lasers, Inc.* 31 575 Stanford Microdevices, Inc.* 40 520 Superconductor Technologies* 158 798 Symyx Technologies, Inc.* 186 5,189 Teledyne Technologies, Inc.* 273 3,590 Therma Wave, Inc.* 103 1,744 Tollgrade Communications, Inc.* 109 2,989 Trimble Navigation Ltd.* 210 3,450 II VI, Inc. 92 1,469 Universal Display Corp. 117 1,941 Varian, Inc.* 290 9,373 Veeco Instruments, Inc.* 219 10,996 Viasystems Group, Inc.* 382 1,528 White Electr. Designs Corp. 133 665 Wink Communications, Inc.* 188 852 Woodhead Industries 99 1,706 Woodward Governor Co. 70 4,586 X Rite, Inc.* 144 1,287 Zygo Corp.* 110 4,037 ----------- 187,933 Energy Equipment & Services - 1.58% Atwood Oceanics, Inc.* 80 3,572 CAL Dive Int'l., Inc.* 214 5,994 Carbo Ceramics, Inc.* 39 1,715 Dril-Quip, Inc.* 80 2,608 Friede Goldman Halter, Inc.* 290 73 Grey Wolf, Inc. 1,570 10,048 Gulf Island Fabrication, Inc. 70 1,085 Horizon Offshore, Inc.* 82 1,989 Input/Output, Inc.* 340 3,774 Key Energy Services, Inc.* 850 11,195 Lone Star Technologies, Inc.* 206 10,856 Newpark Resources, Inc.* 605 5,608 Oceaneering Int'l., Inc.* 180 4,284 Offshore Logistics, Inc.* 180 4,770 Parker Drilling Co.* 680 4,250
Shares Value ------ ----- Energy Equipment & Services - cont'd. Patterson Energy, Inc.* 321 $11,065 RPC, Inc. 120 1,800 Seacor Smit, Inc.* 150 6,870 Seitel, Inc.* 160 3,122 Superior Energy Svcs., Inc.* 390 4,641 Syntroleum Corp. 290 4,017 Transmontaigne, Inc. 240 1,075 Trico Marine Services, Inc. 217 3,142 UTI Energy Corp.* 250 8,600 Unit Corp. 278 5,632 Universal Compression Holdings 69 2,484 Veritas DGC, Inc.* 270 8,775 ----------- 133,044 Food & Drug Retailing - 0.68% Brio Technology, Inc.* 110 666 Casey's General Stores, Inc. 380 4,583 Duane Reade, Inc.* 160 5,419 Fleming Cos., Inc. 340 10,030 Great Atlantic & Pacific Tea, Inc. 150 1,860 Ingles Markets, Inc. 90 1,134 Longs Drug Stores Corp. 262 7,768 Performance Food Group Co.* 130 7,016 Ruddick Corp. 260 3,585 Smart & Final, Inc. 100 1,095 United Natural Foods, Inc.* 80 1,117 Whole Foods Market, Inc.* 230 11,178 Wild Oats Markets, Inc.* 170 1,353 ----------- 56,804 Food Products - 1.51% Agribrands Int'l., Inc.* 90 4,902 American Italian Pasta Co.* 150 5,340 Aurora Foods, Inc.* 170 843 Cadiz, Inc.* 310 2,874 Chiquita Brands Int'l., Inc. 330 485 Corn Products Int'l., Inc. 310 7,595 Dean Foods Co. 308 11,396 Del Monte Foods Co.* 450 3,735 Delta & Pine Land Co. 340 8,126 Dole Food, Inc. 402 6,030 Dreyer's Grand Ice Cream, Inc. 140 3,602 Earthgrains Co. 370 8,325 Farmer Bros. Co. 1 215 Hain Celestial Group, Inc.* 283 7,081 International Multifoods Corp. 146 2,729 Interstate Bakeries Corp. 248 3,479 Lance, Inc. 220 2,596 Pilgrims Pride Corp. 140 1,484 Ralcorp Holdings, Inc.* 245 4,092 Rica Foods, Inc.* 58 276 Riviana Foods, Inc. 57 975 Seminis, Inc. 110 144 Sensient Technologies Corp.* 383 6,894
The accompanying notes are an integral part of the financial statements. 79 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Food Products - cont'd. Smithfield Foods, Inc.* 480 $16,440 Smucker, J M Co.* 190 4,970 Suiza Foods Corp.* 240 11,124 Tejon Ranch Co. 52 1,352 ----------- 127,104 Gas Utilities - 1.71% AGL Resources, Inc. 470 10,740 Atmos Energy Corp. 330 7,481 Cascade Natural Gas Corp. 100 1,995 Energen Corp. 240 8,916 Laclede Gas Co. 162 3,888 MDU Resource Group, Inc. 560 22,400 Midcoast Energy Resources, Inc. 100 2,689 NUI Corp. 110 2,459 New Jersey Resources Corp. 150 6,494 Northwest Natural Gas Co. 220 4,884 Oneok, Inc. 250 10,805 Peoples Energy Corp. 310 12,323 Piedmont Natural Gas, Inc. 280 9,954 Semco Energy, Inc. 155 2,305 South Jersey Industries, Inc. 100 3,095 Southern Union Co. 275 6,146 Southwest Gas Corp. 280 5,894 Southwestern Energy Co. 220 2,893 UGI Corp. 235 6,216 WGL Holdings, Inc.* 410 11,726 ----------- 143,301 Health Care Equipment & Supplies - 2.53% ATS Medical, Inc. 196 1,584 Abiomed, Inc.* 132 2,534 Aradigm Corp.* 157 1,185 Arrow International, Inc. 100 3,810 Arthrocare Corp.* 170 3,193 Aspect Medical Systems, Inc.* 35 350 Bio-Rad Laboratories, Inc.* 70 2,870 Biosite Diagnostics, Inc.* 125 6,181 Cardiodynamics Int'l., Corp.* 264 958 Celsion Corp.* 452 438 Chromavision Medical Systems, Inc.* 130 584 Closure Medical Corp.* 57 1,112 Coherent, Inc.* 240 9,480 Conmed Corp.* 130 2,807 Cooper Cos., Inc. 130 5,772 Cyberonics, Inc.* 145 1,653 Cygnus, Inc.* 214 1,423 Datascope Corp. 110 4,167 Diagnostic Products Corp. 100 6,577 Diametrics Medical, Inc.* 213 622 Edwards Lifesciences Corp. 515 11,150 Endocare, Inc.* 100 705 Gliatech, Inc.* 80 364 Haemonetics Corp.* 220 7,150
Shares Value ------ ----- Health Care Equipment & Supplies - cont'd. Igen Int'l., Inc.* 80 $1,762 I-Stat Corp.* 146 2,545 Imatron, Inc.* 815 1,573 Inamed Corp.* 113 2,370 Inhale Therapeutic Systems* 302 10,057 Invacare Corp. 210 7,413 Mentor Corp. 184 4,232 Molecular Devices Corp.* 140 2,695 Nabi* 315 1,985 Nanogen, Inc.* 130 910 Noven Pharmaceuticals, Inc.* 164 3,521 Novoste Corp.* 140 2,846 Ocular Sciences, Inc.* 140 2,520 Oratec Interventions, Inc.* 38 235 Packard Bioscience Co.* 116 806 Polymedica Corp.* 89 2,417 Resmed, Inc.* 270 12,096 Respironics, Inc.* 293 9,300 Henry Schein, Inc.* 200 7,684 Scott Technologies, Inc.* 110 2,585 Sonic Innovations, Inc.* 30 178 Sonosite, Inc.* 81 1,147 Staar Surgical Co.* 122 506 Steris Corp.* 590 10,726 Sunrise Technologies Int'l.* 440 1,100 Theragenics Corp.* 230 1,856 Thoratec Labs Corp.* 243 2,231 Varian Medical Systems, Inc.* 280 19,292 Vasomedical, Inc.* 438 1,638 Ventana Medical Systems, Inc.* 90 2,174 Visx, Inc.* 467 9,457 Vital Signs, Inc. 52 2,070 West Pharmaceutical Svcs., Inc. 90 2,480 Zoll Medical Corp.* 79 1,937 ----------- 213,011 Health Care Providers & Services - 4.88% Accredo Health, Inc.* 156 5,313 Advance Paradiam, Inc.* 232 13,363 Ameripath, Inc.* 190 4,742 Amerisource Health Corp.* 450 24,300 Apria Healthcare Group, Inc.* 340 8,830 Bergen Brunswig Corp. 1,182 21,631 Beverly Enterprises, Inc.* 900 6,570 Caremark Rx, Inc.* 2,000 31,700 Corvel Corp. 50 1,822 Covance, Inc.* 500 8,225 Coventry Health Care, Inc.* 520 10,676 Cryolife, Inc.* 133 3,525 Cyber Care, Inc.* 424 1,166 DVI, Inc.* 80 1,117 Davita, Inc.* 640 11,264 Eclipsys Corp.* 320 6,461
The accompanying notes are an integral part of the financial statements. 80 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Health Care Providers & Services - cont'd. Gentiva Health Services, Inc. 150 $2,798 Health Net, Inc.* 901 19,417 Hooper Holmes, Inc. 580 5,945 Humana, Inc.* 1,390 13,733 Impath, Inc.* 140 4,379 Laboratory Corp. of America Holdings* 150 21,150 Lifepoint Hospitals, Inc.* 280 9,722 Lincare Holdings, Inc.* 347 17,305 Manor Care, Inc.* 703 16,310 Maximus, Inc.* 100 3,541 Microvision, Inc. 104 2,080 Mid Atlantic Medical Services, Inc. 390 7,929 Omnicare, Inc. 808 17,938 Orthodontic Centers of America, Inc.* 360 9,810 Owens & Minor, Inc. 290 5,643 PSS World Medical, Inc.* 620 2,821 Parexel Int'l. Corp.* 210 2,636 Pharmaceutical Prod. Dvlpmnt, Inc.* 159 9,468 Province Healthcare Co.* 273 6,994 Rehab Group, Inc.* 110 4,131 Renal Care Group, Inc.* 410 11,718 Res-Care, Inc.* 170 765 Service Corp Int'l.* 2,394 11,180 Stericycle, Inc.* 120 5,028 Stewart Enterprises, Inc. 801 4,165 Sunrise Assisted Living, Inc.* 160 3,602 Syncor Int'l. Corp.* 190 6,699 Triad Hospitals, Inc.* 555 17,055 US Oncology, Inc.* 638 5,710 ----------- 410,374 Hotels, Restaurants & Leisure - 2.18% American Classic Voyages Co.* 90 854 Anchor Gaming* 74 4,033 Applebees Int'l., Inc. 200 8,380 Argosy Gaming Corp.* 180 5,022 Aztar Corp.* 310 4,021 Bally Total Fitness Hldg. Corp.* 210 5,754 Bob Evans Farms, Inc. 300 5,700 Boca Resorts, Inc.* 240 2,755 Boyd Gaming Corp.* 330 1,551 Buca, Inc.* 63 1,301 CBRL Group, Inc. 490 9,678 CEC Entertainment, Inc.* 235 12,044 Cheesecake Factory* 230 8,754 Choice Hotels, Inc.* 460 6,670 Churchill Downs, Inc.* 100 3,100 Dover Downs Entertainment, Inc. 110 1,375 Extended Stay America, Inc.* 620 9,827 Gtech Holdings Corp.* 293 9,552 Ihop Corp.* 170 3,519 Isle of Capri Casinos, Inc.* 224 2,047 Jack In The Box, Inc.* 340 9,000
Shares Value ------ ----- Hotels, Restaurants & Leisure - cont'd. Krispy Kreme Doughnuts, Inc.* 58 $2,357 Landry's Seafood Restaurants, Inc. 190 2,303 Lone Star Steakhouse & Saloon 214 2,579 Lubys Cafeterias, Inc. 193 1,467 Marcus Corp. 190 2,863 NPC Int'l., Inc.* 80 840 O'Charleys, Inc.* 130 2,561 PF Chang's China Bistro, Inc. 60 2,329 Papa Johns Int'l., Inc.* 150 4,185 Penn National Gaming, Inc.* 65 1,060 Pinnacle Entertainment, Inc.* 170 1,698 Prime Hospitality Corp.* 395 4,065 Rare Hospitality Int'l., Inc.* 140 3,913 Ruby Tuesday, Inc. 550 10,478 Ryans Family Steak Houses, Inc.* 280 3,354 Sonic Corp.* 230 6,410 Speedway Motorsports, Inc.* 121 3,170 Station Casinos, Inc.* 300 4,218 The Steak & Shake Co. 205 1,837 Trendwest Resorts, Inc. 45 1,248 Vail Resorts, Inc.* 134 2,747 Wyndham Int'l., Inc.* 1,310 2,568 ----------- 183,185 Household Durables - 3.06% American Greetings Corp. 550 6,331 Applica, Inc.* 196 1,313 Blyth Industries, Inc. 290 6,641 Bush Industries, Inc. 70 1,007 Centex Corp. 510 22,007 Champion Enterprises, Inc.* 410 3,301 Clayton Homes, Inc. 862 11,999 Crossmann Communities, Inc.* 62 2,062 D.R.Horton, Inc. 517 12,522 Ethan Allen Interiors, Inc. 340 12,070 Fedders USA, Inc. 210 1,088 Fleetwood Enterprises, Inc. 280 3,623 Furniture Brands Int'l., Inc.* 430 9,748 Infogrames, Inc. 130 779 Interface, Inc. 400 3,084 Kaufman & Broad Home Corp. 390 11,786 La-Z-Boy, Inc. 530 9,540 Lancaster Colony Corp. 262 7,905 Lennar Corp. 422 18,471 Libbey, Inc. 130 4,367 M.D.C. Holdings, Inc. 200 8,604 Metromedia Inter. Grp., Inc.* 614 1,676 Mohawk Industries, Inc.* 350 11,431 NVR, Inc. 80 15,250 National Presto Industries, Inc. 37 1,045 Oneida Ltd. 120 1,949 Palm Harbor Homes, Inc.* 160 2,880 Pulte Corp. 260 12,163
The accompanying notes are an integral part of the financial statements. 81 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Household Durables - cont'd. Russ Berrie & Co., Inc. 90 $2,138 Ryland Group, Inc. 120 5,701 Salton, Inc.* 90 1,555 Skyline Corp. 60 1,554 Springs Industries, Inc. 110 4,901 Standard-Pacific Corp. 220 4,488 Toll Bros., Inc.* 184 6,532 Topps, Inc.* 360 3,546 Toro Co. 100 4,615 Tupperware Corp.* 500 11,010 Universal Electronics, Inc.* 117 2,242 Westpoint Stevens, Inc. 296 1,915 Yankee Candle, Inc. 123 2,343 ----------- 257,178 Household Products - 0.43% Bacou USA, Inc. 40 1,014 Boyds Collection Ltd.* 516 5,036 Church & Dwight, Inc. 330 7,917 Dial Corp. 744 9,709 Herbalife Int'l., Inc. 110 855 Mathews Int'l. Corp. 120 4,049 Oakley, Inc.* 200 4,750 Playtex Products, Inc.* 250 2,350 ----------- 35,680 Industrial Conglomerates - 0.49% Carlisle Cos., Inc. 266 9,829 Denbury Res., Inc. 140 1,309 Gentek, Inc. 50 618 Standex Int'l., Corp. 100 2,395 Teleflex, Inc. 338 16,532 Tredegar Industries, Inc. 220 4,301 U S Industries, Inc. 677 3,459 Valhi, Inc. 70 742 Valmont Industries, Inc. 122 1,829 ----------- 41,014 Insurance - 2.55% Alfa Corp. 340 6,715 Alleghany Corp. 41 8,180 American National Insurance Co. 90 6,640 Argonaut Group, Inc. 148 2,529 Baldwin & Lyons, Inc. 100 2,591 Berkley, W R Corp. 150 6,078 Blanch, E W Holdings, Inc. 110 1,466 Brown & Brown, Inc. 190 8,056 CNA Surety Corp. 147 2,007 Commerce Group, Inc. 220 7,577 Crawford & Co. 310 4,064 Delphi Financial Group, Inc. 126 4,003 FBL Financial Group, Inc. 90 1,508 Fidelity Natl. Financial, Inc. 525 12,290 First American Financial Corp. 480 9,576 Fremont General Corp. 506 2,166
Shares Value ------ ----- Insurance - cont'd. Gallagher, Arthur J & Co. 690 $17,402 Great American Financial Res., Inc. 60 1,020 HCC Insurance Holdings, Inc. 3605 10,152 H5arleysville Group, Inc. 120 3,236 Hilb Rogal & Hamilton Co. 110 4,334 Horace Mann Educators Corp. 350 5,936 Kansas City Life Ins. Co. 60 2,268 Landamerica Financial Group, Inc. 110 3,300 Leucadia National Corp. 330 10,577 Liberty Corp. 140 5,012 Markel Corp.* 46 9,028 Medical Assurance, Inc.* 162 2,500 Mercury General Corp. 233 8,097 Midland Co. 40 1,460 National Western Life Ins. Co. 20 2,102 Ohio Casualty Corp. 520 4,836 Pico Holdings, Inc.* 120 1,543 PMA Capital Corp. 150 2,595 Philadelphia Consol. Holding Co.* 50 1,392 Presidential Life Corp. 170 2,934 RLI Corp. 70 2,800 Rightchoice Managed Care, Inc.* 30 1,218 Scpie Holdings, Inc. 80 1,588 Selective Insurance Group, Inc. 220 5,423 Stancorp Financial Group, Inc. 279 12,759 State Auto Financial Corp. 110 1,702 Stewart Information Svcs. Corp. 90 1,521 Zenith National Insurance Corp. 80 2,110 ----------- 214,289 Internet & Catalog Retail - 0.30% Barnesandnoble.com, Inc.* 90 195 Buy.com, Inc.* 128 67 Coldwater Creek, Inc. 29 567 Drugstore.com, Inc.* 188 235 Envision Dev. Corp. 15 0 GAIAM, Inc. 20 214 Hanover Direct, Inc. 1,296 389 Insight Enterprises, Inc.* 290 7,743 Lands End, Inc.* 110 3,256 Network Commerce, Inc.* 283 31 Flowers.com, Inc. 80 643 P C Connection, Inc. 41 549 School Specialty, Inc. 156 3,580 Spiegel, Inc. 135 898 Stamps.com, Inc.* 264 792 Systemax, Inc. 90 179 Valuevision Int'l., Inc.* 340 6,035 ----------- 25,373 Internet Software & Services - 1.36% Accrue Software, Inc.* 210 116 Agency,com, Ltd. 52 107 Allscripts, Inc.* 171 804
The accompanying notes are an integral part of the financial statements. 82 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Internet Software & Services - cont'd. Answerthink, Inc. 296 $1,483 AppliedTheory Corp. 70 59 Ask Jeeves, Inc. 184 478 Avenue A, Inc.* 43 49 Avocent Corp.* 382 9,508 Be Fee, Inc. 206 305 Breakaway Solutions, Inc. 114 34 CAIS Internet, Inc.* 56 17 C-bridge Internet Solutions, Inc. 40 90 Calico Commerce, Inc. 145 46 Cognizant Technology Solutions 51 2,156 Coolsavings.com, Inc. 30 14 Corillian Corp. 41 136 Cybersource Corp. 224 470 Cylink Corp. 206 239 Cysive, Inc. 62 229 Data Return Corp. 107 277 Digital Island, Inc.* 705 1,741 Digital Insight Corp. 180 2,189 Digital River, Inc. 176 924 Digitas, Inc. 80 356 DSL Net, Inc. 241 325 Easylink Services Corp. 368 232 Ebenx, Inc. 52 218 Egain Communications Corp.* 212 731 Embarcadero Tech., Inc. 34 1,172 Emrge Interactive, Inc. 63 149 Eprise Corp. 39 40 Excelon Corporation* 228 347 Expedia, Inc.* 56 1,457 Extensity, Inc. 39 310 FS Networks, Inc. 145 1,086 Firepond, Inc. 46 106 Forrester Research, Inc. 99 2,288 Frontline Cap. Group 236 2,124 Globix Corp.* 158 532 GoTo.com, Inc. 231 4,112 GRIC Communications, Inc. 42 85 High Speed Access Corp. 295 295 Hollywood Media Corp. 142 640 Hotel Reservations Network, Inc. 48 1,500 HotJobs.com, Ltd. 161 808 Ibeam Broadcasting Corp.* 109 44 Igate Cap. Corp. 308 699 Infousa, Inc.* 240 1,066 Interliant, Inc. 421 901 Internet Pictures Corp. 415 158 Intranet Solutions, Inc. 145 4,797 Internet.com Corp. 102 375 Inteworld Corp. 173 19 Interwoven, Inc. 632 9,252 Ivillage, Inc.* 176 211 Juno Online Svcs., Inc.* 169 355
Shares Value ------ ----- Internet Software & Services - cont'd. Keynote Systems, Inc. 146 $1,699 Lante Corp. 127 175 Latitude Communications, Inc.* 114 228 Liveperson, Inc. 40 18 Looksmart, Ltd. 361 686 Loudeye Technologies, Inc. 44 52 Marimba, Inc.* 126 383 Marketwatch.com, Inc.* 39 107 Matrixone, Inc. 45 1,082 Mcafee.com Corp 50 388 Medicalogic, Inc. 91 113 Metricom, Inc. 186 619 Microstrategy, Inc. 227 1,031 Multex Systems, Inc. 148 2,368 NBC Internet, Inc.* 313 664 National Information Consortiumm 144 383 Net Genesis Corp. 36 38 Net Perceptions, Inc. 120 124 Netcentives, Inc. 204 171 Netegrity, Inc. 239 9,558 Netobjects, Inc. 100 45 Netpliance, Inc. 60 20 Netzero, Inc. 329 253 Niku Corporation 84 180 OTG Software, Inc. 53 304 Onvia.com., Inc.* 75 73 Open Market, Inc.* 310 326 Opus360 Corp. 70 8 Organic, Inc.* 57 32 Packeteer, Inc.* 160 1,323 PEC Solutions, Inc. 30 477 Predictive Systems, Inc. 46 104 Preview Systems, Inc. 30 88 Prodigy Communications Corp* 183 589 Purchasepro.com, Inc. 190 534 Quokka Sports, Inc. 3 1 Rare Medium Group, Inc.* 314 371 Razorfish, Inc. 100 94 Register.com, Inc. 48 348 Retek, Inc 417 12,047 Saba Software, Inc. 31 248 Savvis Communications Corp.* 145 120 Secure Computing Corp. 222 3,190 Seebeyond Technology Corp.* 41 609 Selectica, Inc. 38 149 Sequoia Software Corp.* 35 196 Silverstream Software, Inc. 107 1,033 Smartserv Online, Inc. 38 392 Softnet Systems, Inc.* 237 341 Sportsline USA, Inc.* 156 613 Starmedia Network, Inc.* 317 777 Switchboard, Inc.* 45 154 Syntel, Inc. 43 346
The accompanying notes are an integral part of the financial statements. 83 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Internet Software & Services - cont'd. Tenfold Corp. 117 $43 Travelocity.com, Inc.* 130 3,894 Tumbleweed Communications Corp. 82 185 US Interactive, Inc. 192 108 Universal Access, Inc.* 106 494 VelocityHSI, Inc. 80 4 Ventro Corp.* 189 117 Versat, Inc. 34 27 Vialink Co. 163 390 Viant Corp. 342 886 Viador, Inc. 97 39 Vicinity Corp. 65 99 Via Net Works, Inc.* 132 297 Watchguard Technologies, Inc.* 109 759 Websense, Inc. 38 473 Women.com Networks, Inc.* 147 37 Worldgate Communications, Inc.* 120 355 Worldwide Xceed Group, Inc. 27 15 Worldpages.com, Inc. 309 763 Xpedior, Inc. 75 1 Zixit Corp. 150 1,868 ----------- 114,387 IT Consulting Services - 0.55% Analysts Int'l. Corp. 178 935 Bell & Howell Co. 130 3,380 Braun Consulting, Inc. 73 409 CACI International, Inc. 90 3,011 Cambridge Technology Ptnrs., Inc.* 460 1,394 Ciber, Inc.* 400 2,460 Complete Busines Solutions, Inc.* 190 2,027 Computer Horizons Corp.* 281 894 Com21, Inc.* 213 437 Direct Focus, Inc.* 165 5,623 Eloyalty Corp.* 410 1,296 Epicedge, Inc.* 96 27 IDX Systems Corp.* 130 2,699 IXL Enterprises, Inc. 366 549 Inforte Corp.* 19 193 Intraware, Inc. 144 187 Netsolve, Inc.* 51 344 PC Tel, Inc. 114 1,085 Perot Systems Corp.* 513 5,499 Priority Healthcare Corp.* 202 7,026 Startek, Inc.* 62 1,027 Sykes Enterprises, Inc.* 203 1,151 Technology Solutions Co.* 380 1,064 Trizetto Group, Inc. 177 2,264 Unova, Inc.* 380 1,216 ----------- 46,195 Leisure Equipment & Products - 0.64% Arctic Cat, Inc. 150 1,971 Callaway Golf Co. 650 15,769
Shares Value ------ ----- Leisure Equipment & Products - cont'd. Concord Camera Corp.* 217 $1,400 Jakks Pac, Inc.* 157 2,250 Meade Instruments Corp. 73 437 Midway Games, Inc.* 250 2,475 Parkervision, Inc.* 71 2,024 Pinnacle Systems, Inc.* 400 4,248 Polaris Industries, Inc. 210 8,127 Polaroid Corp. 390 1,385 SCP Pool Corp.* 130 4,095 Sturm Ruger & Co., Inc. 170 1,664 Take Two Interactive Software* 244 3,401 3DO Company (The)* 288 636 Williams Industries, Inc. 208 4,341 ----------- 54,223 Machinery - 3.16% Agco Corp. 520 4,524 Actuant Corp.* 70 1,068 Albany Int'l. Corp.* 151 2,993 Applied Industrial Tech., Inc. 175 3,309 Aptargroup, Inc. 310 9,790 Astec Industries, Inc.* 130 2,457 Barnes Group, Inc. 150 3,000 Blout International, Inc. 30 118 Briggs & Stratton Corp. 187 7,574 Cuno, Inc.* 140 3,573 Calgon Carbon Corp. 300 2,445 Clarcor, Inc. 210 5,187 Columbus McKinnon Corp. 110 787 Cummins Engine, Inc. 365 15,111 Dionex Corp.* 192 5,754 Donaldson, Inc. 340 9,411 Esco Technologies, Inc.* 96 2,429 Esterline Technologies Corp.* 152 2,964 Flowserve Corp. 331 9,367 Gardner Denver, Inc.* 110 2,134 Graco, Inc. 260 7,124 Harsco Corp. 350 9,905 Idex Corp. 260 8,164 JLG Industries, Inc. 350 4,305 Kaydon Corp. 260 6,661 Kennametal, Inc. 260 8,520 Lincoln Electric Holdings, Inc. 301 6,140 Lindsay Manufacturing Co. 100 1,870 Manitowoc, Inc. 210 5,775 Maverick Tube Corp. 295 7,198 Metals USA, Inc. 220 627 Milacron, Inc. 290 5,293 Mine Safety Appliances Co. 80 2,119 Mueller Industries, Inc. 295 9,543 NS Group, Inc. 145 2,369 Nacco Industries, Inc. 54 3,656 Nordson Corp. 240 6,458 Oshkosh Truck Corp. 130 5,067
The accompanying notes are an integral part of the financial statements. 84 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Machinery - cont'd. Regal Beloit Corp. 185 $3,497 Reliance Steel & Aluminum Co. 160 4,688 Robbins & Myers, Inc. 70 1,978 Roper Industries 270 11,286 SPS Technologies, Inc.* 110 5,357 Semitool, Inc. 134 1,458 Stewart & Stevenson Svcs., Inc. 250 5,588 Tennant Co. 80 3,446 Terex Corp.* 230 4,508 Thermo Fibertek, Inc. 50 233 Thomas Industries, Inc. 130 3,394 Timken Co. 430 7,353 Trinity Industries, Inc. 320 6,240 USEC, Inc. 700 5,831 Valence Technology, Inc.* 280 1,554 Wabash National Corp. 188 2,258 Watts Industries, Inc. 148 2,435 ------------ 265,891 Marine - 0.23% Alexander & Baldwin, Inc. 350 7,900 Kirby Corp.* 210 4,641 Overseas Shipholding Group, Inc. 220 6,666 ------------ 19,207 Media - 2.25% ACTV, Inc.* 301 1,114 APAC Teleservices, Inc. 207 725 Ackerley Communications, Inc. 100 1,224 Acme Communications, Inc.* 87 825 Advanced Marketing Services, Inc. 69 1,673 Advo, Inc.* 150 4,874 Beasley Broadcast Group, Inc. 70 970 Championship Auto Racing Team 100 1,645 Citadel Communications Corp.* 326 8,316 Crown Media Holdings, Inc.* 87 1,810 Cumulus Media, Inc.* 310 2,570 Data Broadcasting Corp.* 600 4,320 Digital Impact , Inc.* 69 129 4 Kids Entertainment, Inc. 77 1,301 CG Companies, Inc. 50 84 Gaylord Entertainment Co. 150 4,349 Grey Global Group, Inc. 2 1,218 Ha-Lo Industries, Inc.* 517 403 Hollinger International, Inc. 322 5,017 Houghton Mifflin Co. 232 10,558 Information Holdings, Inc.* 79 1,706 Insight Communications, Inc.* 344 9,546 Journal Register Co.* 390 6,162 Jupiter Media Metrix, Inc.* 169 254 Key3media Group, Inc.* 170 1,700 Lee Enterprises, Inc. 380 11,818 Liberty Livewire Corp. 20 158 Lifeminders, Inc.* 110 138
Shares Value ------ ----- Media - cont'd. Lodgenet Entertainment Corp.* 102 $1,966 Martha Stewart Living, Inc.* 83 1,530 McClatchy Co. 167 6,847 Media General, Inc. 163 7,834 Mediaplex, Inc.* 113 114 Mediacom Communications Corp.* 176 3,564 Meredith Corp. 327 12,341 Modem Media, Inc.* 90 329 Mypoints.com, Inc.* 216 158 Netratings, Inc.* 30 378 Nucentrix Broadband Networks* 83 830 On Command Corp.* 70 477 Paxson Communications Corp.* 290 3,700 Penton Media, Inc. 187 3,684 Playboy Enterprises, Inc.* 178 2,136 Private Media Group, Inc.* 120 654 Pulitzer, Inc. 78 4,091 RH Donnelley Corp.* 280 7,980 Regent Communications, Inc.* 138 969 Saga Communications, Inc.* 60 1,161 Salem Communications Corp.* 203 3,289 Scholastic Corp.* 250 10,435 Sinclair Broadcast Group, Inc.* 375 3,064 Sirius Satellite Radio, Inc.* 303 3,124 Spanish Broadcasting Sys., Inc.* 289 1,769 Tivo, Inc.* 149 675 24 / 7 Media, Inc.* 241 133 United Television, Inc. 40 4,952 Valueclick, Inc. 30 97 Ventiv Health, Inc.* 137 1,834 Wiley, John & Son 401 7,479 World Wrestling Fedn. Enmt., Inc.* 107 1,458 Xm Satellite Radio Hldgs., Inc.* 102 893 Young Broadcasting, Inc. * 110 4,400 ------------ 188,945 Metals & Mining - 1.40% Ak Steel Corp. 716 9,287 Aperian, Inc.* 114 160 Arch Coal, Inc. 148 4,581 Bethlehem Steel Corp* 1,160 4,106 Brush Engineered Materials, Inc. 145 2,900 Carpenter Technology Corp. 160 4,192 Century Aluminum Co. 108 2,403 Cleveland Cliffs, Inc. 90 1,731 Commercial Metals Co. 110 2,836 Consol Energy, Inc. 220 8,415 Freeport McMoran Copper & Gold* 1,075 15,222 Gibraltar Steel Corp. 70 1,532 Kaiser Aluminum Corp.* 250 983 National Steel Corp. 180 380 Penn Virginia Corp. 60 2,670 Quanex Corp. 120 2,484 RTI Int'l. Metals, Inc.* 160 2,258
The accompanying notes are an integral part of the financial statements. 85 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Metals & Mining - cont'd. Ryerson Tull, Inc. 196 $2,144 Shaw Group, Inc.* 306 17,442 Southern Peru Copper Corp. 220 3,080 Steel Dynamics, Inc.* 350 5,019 Stillwater Mining Co.* 340 10,394 UCAR International, Inc.* 390 4,657 Weirton Steel Corp.* 283 241 Wolverine Tube, Inc.* 70 987 Worthington Inds., Inc. 610 7,290 ------------ 117,391 Multi-Utilities - 0.61% Avista Corp. 407 8,099 Northwestern Corp. 200 5,000 Sierra Pacific Resources 688 11,015 Vectren Corp. 536 12,135 Western Resources, Inc. 610 15,110 ------------ 51,359 Multiline Retail - 0.50% Ames Dept. Stores, Inc.* 260 546 Central Garden & Pet Co.* 121 1,158 Dillards, Inc. 736 12,468 Factory 2 U , Inc.* 110 2,866 Freds, Inc. 75 1,898 Neiman Marcus Group 320 10,400 99 Cents Only Stores* 165 4,782 Pricesmart, Inc. 20 763 Procurenet, Inc.* 300 0 Shopko Stores, Inc.* 250 1,990 Stein Mart, Inc.* 230 2,470 Tuesday Morning Corp.* 90 1,189 Value City Dept Stores, Inc.* 140 1,145 ------------ 41,674 Office Electronics - 0.20% Ikon Office Solutions, Inc. 1,234 7,651 Zebra Technologies Corp.* 220 9,517 ------------ 17,168 Oil & Gas - 2.57% Barrett Resources Corp.* 250 16,088 Belco Oil & Gas Corp.* 160 1,424 Berry Petroleum Co. 160 1,917 Brown, Tom Inc.* 260 6,656 Cabot Oil & Gas Corp. 228 6,594 Callon Petroleum Co. 60 746 Chesapeake Energy Corp.* 1,080 8,964 Comstock Resources, Inc. 190 2,052 Cross Timbers Oil Co. 672 18,245 EEX Corp.* 253 1,050 Evergreen Resources* 130 5,532 Forest Oil Corp.* 234 7,617 Frontier Oil Corp. 240 2,904 H S Resources, Inc.* 138 6,848 Houston Exploration Co.* 80 2,600
Shares Value ------ ----- Oil & Gas - cont'd. Key Production, Inc.* 100 $2,245 Louis Dreyfus Nat. Gas Corp.* 186 7,087 McMoran Exploration Co.* 140 1,862 Meridian Resource Corp.* 150 1,131 Mitchell Energy & Dev. Corp. 180 9,990 Nuevo Energy Co.* 130 2,327 Patina Oil & Gas Corp. 125 3,250 Pennzoil Quaker State Co. 690 9,805 Pioneer Nat. Res. Co.* 890 17,008 Plains Resources, Inc.* 133 3,225 Pogo Producing Co. 350 10,364 Prima Energy Corp. 80 2,536 Prize Energy Corp.* 30 627 Pure Resources, Inc. 440 9,504 St Mary Land & Expl. Co. 240 5,964 Spinnaker Exploration Co. 80 3,640 Stone Energy Corp.* 189 9,393 Swift Energy Co.* 200 6,372 Tesoro Petroleum Corp.* 269 4,008 Vintage Petroleum, Inc. 430 8,884 Western Gas Res., Inc. 170 6,759 Williams Clayton Energy, Inc. 40 774 ------------ 215,990 Paper & Forest Products - 0.55% Buckeye Technologies, Inc.* 240 2,926 Deltic Timber Corp. 90 2,048 Glatfelter, P H Co. 230 3,312 Louisiana-Pacific Corp. 910 11,148 Pope & Talbot, Inc. 120 1,650 Potlatch Corp. 250 8,763 Rayonier, Inc. 240 10,524 Wausau Mosinee Paper Corp. 452 6,220 ------------ 46,590 Personal Products - 0.39% Alberto Culver Co. 317 12,915 Carter Wallace, Inc. 180 4,086 NBTY, Inc. 500 6,200 Nu Skin Enterprises, Inc.* 392 2,901 Perrigo Co.* 540 6,448 Revlon, Inc. 80 520 ------------ 33,069 Pharmaceuticals - 2.08% Allos Therapeutics, Inc. 40 248 Alpharma, Inc. 254 5,745 Amylin Pharmaceuticals, Inc.* 497 5,358 Antigenics, Inc. 30 520 Aphton Corp.* 121 2,075 Ariad Pharmaceuticals, Inc.* 214 1,023 Barr Laboratories, Inc.* 180 10,431 Bone Care Int'l., Inc.* 73 1,580 Cell Therapeutics, Inc.* 258 6,437 Cell Pathways, Inc.* 187 1,085
The accompanying notes are an integral part of the financial statements. 86 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Pharmaceuticals - cont'd. Columbia Laboratories, Inc.* 208 $1,248 Cubist Pharmaceuticals, Inc.* 233 7,251 Cytogen Corp.* 664 2,656 Diversa Corp.* 71 1,203 Dusa Pharmaceuticals, Inc.* 116 1,735 Emisphere Technologies, Inc.* 129 2,232 Enzon, Inc. 360 21,463 Guilford Pharmaceuticals, Inc.* 228 4,562 Immunogen, Inc.* 339 6,770 Intermune Pharmaceuticals, Inc.* 66 2,033 Intrabiotics Pharmaceuticals* 62 124 Isis Pharmaceuticals* 350 3,850 K V Pharmaceutical Co.* 160 3,496 KOS Pharmaceuticals, Inc.* 84 1,650 Ligand Pharmaceuticals, Inc.* 470 5,466 MGI Pharma, Inc.* 142 1,576 Martek Biosciences Corp.* 155 2,372 Matrix Pharmaceuticals* 221 2,190 Maxim Pharmaceuticals, Inc. 206 1,656 Medicis Pharmaceutical Corp.* 255 12,674 Miravant Med. Technologies* 121 908 NPS Pharmaceuticals, Inc.* 202 6,100 OSI Pharmaceuticals, Inc.* 260 13,348 Pharmacyclics, Inc.* 139 4,170 Praecis Pharmaceuticals, Inc.* 72 1,580 Sciclone Pharmaceuticals, Inc.* 282 1,438 Sicor, Inc.* 386 5,755 Supergen, Inc.* 230 2,484 Titan Pharmaceuticals, Inc.* 204 7,191 Triangle Pharmaceuticals, Inc.* 290 1,531 Trimeris, Inc.* 134 4,713 Tularik, Inc.* 94 2,038 Twinlab Corps* 190 502 United Therapeutics Corp.* 130 1,560 Vivus* 284 1,108 ------------ 175,136 Real Estate - 6.53% Alexanders, Inc. 30 1,831 Alexandria Real Estate 110 4,083 American Industrial Prop. 158 2,029 Amli Residential Properties 130 3,032 Arden Realty, Inc. 536 13,438 Bedford Property Investors 154 2,937 Boykin Lodging Co. 147 1,711 Brandywine Realty 297 5,857 BRE Properties, Inc. 400 11,300 Burnham Pacific Ppty, Inc. 280 1,352 Cabot Industrial Trust 350 6,815 Camden Property Trust 330 10,989 Capital Automotive Reit 185 2,934 Catellus Dev. Corp.* 923 14,999 CB Richard Ellis, Inc.* 180 2,795 CBL & Assoc Properties, Inc. 216 5,951
Shares Value ------ ----- Real Estate - cont'd. Centerpoint Properties Trust 183 $8,528 Chateau Communities, Inc. 190 5,909 Chelsea GCA Realty, Inc. 142 6,213 Colonial Properties Trust 180 5,202 Commercial Net Lease Rlty, Inc. 269 3,322 Corrections Corp. of America* 1,389 875 Cornerstone Realty Income Tr., Inc. 345 3,654 Cousins Properties, Inc. 340 8,857 Crestline Cap. Corp.* 120 3,240 Developers Diversified Realty 480 7,258 Dollar Thrifty Automotive Grp.* 210 4,641 Eastgroup Properties, Inc. 133 2,866 Entertainment Pptys. Trust 132 2,086 Equity Inns, Inc. 325 2,561 Essex Property Trust 160 7,520 Federal Realty Invt. Tr. 340 6,630 Felcor Lodging Tr., Inc. 397 8,730 First Industrial Realty Trust 340 10,455 First Washington Realty Trust 142 6,305 Forest City Enterprises, Inc. 490 12,324 Franchise Finance Corp. of Amer. 200 5,760 Gables Residential Trust 250 4,350 Glenborough Realty Trust 210 3,207 Glimcher Realty Trust 143 2,424 Great Lakes Reit, Inc. 416 15,018 Health Care Property Invs., Inc. 250 5,838 Health Care Reit, Inc. 350 8,400 Healthcare Realty Trust 505 12,979 Home Properties N Y, Inc. 190 5,387 Hospitality Properties Trust 440 11,594 HRPT Properties Trust 1,149 10,077 Innkeepers USA Trust 300 3,405 Insignia Financial Group, Inc.* 160 1,843 Interpool, Inc. 110 1,524 IRT Property Co. 273 2,634 JDN Realty Corp. 289 3,433 Jones Lang Lasalle, Inc.* 270 3,456 JP Realty, Inc. 110 2,303 Kilroy Realty Corp 230 6,107 Koger Equity, Inc. 230 3,448 Lasalle Hotel Peroperties 90 1,530 Lexington Corp. Property Trust 154 1,987 LNR Property Corp 200 5,700 Macerich Co. 270 6,075 Manufactured Home Cmntys., Inc. 150 4,020 Meditrust* 1,247 5,861 Meristar Hospitality Corp. 308 6,191 Mid Amer Apt Cmntys., Inc. 149 3,412 Mills Corp. 140 2,971 National Golf Properties, Inc. 110 2,607 National Health Invs., Inc. 210 2,205 Nationsrent, Inc.* 320 144 Nationwide Health Properties, Inc. 400 7,060
The accompanying notes are an integral part of the financial statements. 87 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Real Estate - cont'd. New Plan Excel Realty Trust 764 $12,033 Pacific Gulf Properties, Inc. 170 959 Pan Pac Retail Properties, Inc. 171 3,851 Parkway Properties, Inc. 80 2,298 Pennsylvania Real Estate Invt. 110 2,553 Prentiss Properties Trust 320 8,112 Prime Group Realty Trust 80 1,104 PS Business Pks., Inc. 200 5,344 Realty Income Corp. 230 6,580 Reckson Assocs. Realty Corp. 480 11,285 Regency Realty Corp. 570 14,222 Rent A Center, Inc.* 153 5,539 Rent Way, Inc.* 209 1,599 RFS Hotel Investments, Inc. 210 3,022 Saul Centers, Inc. 100 1,850 Security Cap. Group, Inc.* 270 5,589 Senior Housing Property Trust 118 1,416 Shurgard Storage Ctrs., Inc. 260 7,062 SL Green Realty Corp. 190 5,436 Smith, Charles E Residential 187 8,415 Sovran Self Storage, Inc. 108 2,662 Storage USA, Inc. 240 8,100 Summit Properties, Inc. 217 5,225 Sun Communities, Inc. 150 5,033 Tanger Factory Outlet Ctrs., Inc. 50 1,100 Taubman Centers, Inc. 290 3,596 Town & Country Trust 140 2,723 Trammell Crow Co. * 220 2,471 United Dominion Rlty. Trust, Inc. 900 11,493 Ventas, Inc. 520 4,592 Washington Real Estate Invt. Tr. 310 6,783 Webb, Del Corp.* 140 4,732 Weingarten Realty Invs. 230 9,747 ------------ 548,695 Road & Rail - 1.00% Amerco, Inc. 70 1,289 Arkansas Best Corp.* 136 2,672 Arnold Industries, Inc. 182 3,247 CNF, Inc. 423 12,969 Heartland Express, Inc.* 132 3,626 Hunt, J B Trans Svcs., Inc. 148 2,664 Knight Transportation, Inc.* 63 1,676 Landstar Systems, Inc.* 70 4,571 M S Carriers, Inc.* 70 2,162 Roadway Express, Inc. 110 2,684 Ryder Systems, Inc. 524 10,380 Swift Transportation, Inc.* 380 6,920 US Freightways Corp. 230 6,028 Wabtec 239 3,193 Werner Enterprises, Inc. 240 4,776 Wisconsin Cent. Transn. Corp.* 400 6,424 Xtra Corp 100 5,070 Yellow Corp.* 210 3,828 ------------ 84,180
Shares Value ------ ----- Semiconductor Equipment & Products - 2.41% ADE Corp.* 85 $1,356 Atmi, Inc.* 201 5,292 Axt, Inc.* 160 5,029 Actel Corp.* 197 4,541 Alliance Semiconductor Corp.* 220 3,170 Brooks Automation, Inc.* 151 9,454 C Cube Microsystems, Inc.* 390 6,221 Cabot Microelectronics Corp. 210 13,444 Cirrus Logic, Inc.* 493 8,016 Cymer, Inc.* 251 8,245 Dupont Photomasks, Inc.* 44 2,455 ESS Technology, Inc.* 240 1,654 Elantec Semiconductor, Inc.* 191 6,345 Electroglas, Inc.* 179 2,803 Emcore Corp.* 220 9,130 FEI Co.* 127 3,329 FSI Int'l., Inc.* 220 2,200 General Semiconductor, Inc.* 310 3,577 Helix Technology Corp. 200 6,200 Ibis Technology Corp.* 78 1,419 Integrated Circuit Systems, Inc.* 110 1,845 Integrated Silicon Solution* 220 3,296 IXYS Corp. 44 765 Kulicke & Soffa Inds., Inc.* 430 7,203 LTX Corp.* 420 11,306 MEMC Electronic Materials, Inc. 290 2,245 Microsemi Corp.* 92 3,529 Netsilicon, Inc.* 52 203 Oak Technology* 389 4,333 PLX Technology, Inc. 141 684 PRI Automation, Inc.* 196 3,746 Pericom Semiconductor Corp.* 184 3,310 Photon Dynamics, Inc. 106 3,286 Photronics, Inc.* 219 6,287 Pixelworks, Inc. 50 1,135 Quicklogic Corp. 173 1,038 Silicon Image, Inc.* 284 1,207 Silicon Valley Group, Inc.* 305 9,641 Smartdisk Corp.* 57 146 Sonicblue, Inc. 800 3,912 SpeedFam-Ipec, Inc.* 220 1,353 Standard Microsystems Corp. 120 1,680 Supertex, Inc. 66 1,185 Three Five Systems, Inc. 190 3,031 Ultratech Stepper, Inc.* 188 5,401 Uniroyal Technology 124 1,141 Varian Semiconductor Equip., Inc.* 276 12,572 Zoran Corp. 152 3,412 ------------ 202,772 Software - 3.47% Actuate Corp.* 496 6,205 Adept Technology, Inc.* 82 827 Advent Software, Inc. 230 12,875
The accompanying notes are an integral part of the financial statements. 88 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Software - cont'd. Appiant Technologies, Inc. 95 $289 Aremissoft Corp.* 184 3,275 Aspen Technology, Inc.* 260 5,476 Avant Corp.* 339 6,607 Barra, Inc.* 150 6,906 Bindview Dev. Corp.* 330 871 Black Box Corp.* 168 9,776 Borland Software Corp. 479 4,589 Bottomline Technologies, Inc.* 72 257 Broadbase Software, Inc.* 472 576 Bsquare Corp.* 103 1,329 Calico Commerce, Inc.* 48 95 Caminus Corp.* 44 1,452 Captaris, Inc. 220 464 Carecentric, Inc. 3 8 Carreker Corp.* 94 2,299 Cerner Corp.* 220 9,907 Chordiant Software, Inc.* 40 119 Clarent Corp.* 205 1,907 Clarus Corp.* 136 880 Click2learn.com, Inc.* 82 163 Concord Communications, Inc.* 149 1,040 Convergent Communications, Inc.* 108 1 Convera Corp. 100 733 Daleen Technologies, Inc.* 85 76 Datastream Systems, Inc.* 136 1,231 Deltek Systems, Inc. 70 287 Dendrite Int'l., Inc.* 270 3,248 Digimarc Corp.* 93 1,837 Documentum, Inc.* 276 4,132 Dset Corp.* 87 91 Edwards, J D & Co.* 476 3,760 Epresence, Inc.* 210 838 Exchange Applications, Inc.* 280 451 Fair Isaac & Co., Inc. 100 6,942 Filenet Corp.* 299 4,186 Gartner Group, Inc.* 697 5,576 Geoworks* 128 243 Gerber Scientific, Inc.* 165 1,147 HNC Software, Inc. 280 7,624 Hyperion Solutions Corp.* 290 4,875 Imation Corp.* 305 7,036 IMR Global Corp.* 186 1,588 Indus Int'l., Inc.* 121 570 Informatica Corp. 476 12,019 Information Architects Corp.* 184 248 Intelidata Technologies Corp.* 338 1,548 Interactive Intelligence, Inc.* 39 599 Interact Comm. Corp.* 129 1,543 Intertrust Technologies Corp.* 568 1,943 Intervoice, Inc.* 287 2,982 JDA Software Group, Inc.* 182 2,725 Kronos, Inc.* 110 3,743
Shares Value ------ ----- Software - cont'd. Legato Systems, Inc.* 757 $10,015 Level 8 Systems, Inc.* 52 218 Lightspan, Inc. 70 106 MCSI, Inc.* 90 1,620 MRO Software, Inc. 120 1,819 Manhattan Assocs., Inc.* 38 1,264 Manugistics Group, Inc.* 456 15,468 MapInfo Corp.* 125 3,935 Mentor Graphics Corp.* 560 14,734 Mercator Software, Inc.* 221 431 Metasolv Software, Inc.* 89 781 Micros Systems, Inc.* 150 3,213 Mp3.com, Inc.* 183 576 Natural Microsystems Corp.* 322 2,463 Neoforma.com, Inc.* 147 138 Neon Systems, Inc.* 41 233 Netguru.com, Inc.* 50 145 Netmanage, Inc. 460 386 Netsol Int'l., Inc.* 31 149 Netiq* 295 8,661 Netscout Systems, Inc.* 126 1,040 Novadigm, Inc.* 118 1,133 Nuance Communications* 41 525 Numerical Technologies, Inc.* 47 804 Nyfix, Inc.* 188 4,623 Onyx Software Corp.* 190 764 Persistence Software, Inc.* 93 83 Phoenix Technology Ltd.* 200 2,170 Primus Knowledge Solutions, Inc.* 109 432 Progress Software Corp.* 290 4,104 Puma Technology, Inc.* 292 1,148 QRS Corp.* 110 974 Radiant Systems, Inc.* 140 2,352 Remedy Corp.* 230 4,032 SPSS, Inc.* 70 909 SVI Solutions, Inc.* 120 132 Sagent Technology, Inc.* 130 274 Sanchez Computer Assoc., Inc.* 110 1,256 Scientific Learning Corp.* 30 104 Sciquest.com, Inc.* 171 328 Seachange Int'l., Inc.* 147 2,411 Serena Software, Inc.* 130 2,504 Sonic Foundry, Inc. * 96 210 Starbase Corp.* 438 898 Structural Dynamics Res. Corp.* 311 5,132 Sybase, Inc. 87 1,370 Systems & Computer Technology* 288 2,526 THQ, Inc.* 180 6,856 Transaction Sys. Architects, Inc.* 321 2,709 Tricord Systems, Inc.* 151 861 Ulticom, Inc. 40 812 Unify Corp.* 59 17 Unigraphics Solutions, Inc. 40 720
The accompanying notes are an integral part of the financial statements. 89 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Software - cont'd. Verity, Inc.* 259 $5,833 Vertel Corp.* 245 458 Vertex Industries, Inc.* 149 416 Viewpoint Corp. 202 1,036 Visual Networks, Inc.* 270 972 ------------ 291,292 Specialty Retail - 3.30% Aaron Rents, Inc. 150 2,580 Abercrombie & Fitch Co.* 793 26,407 American Eagle Outfitters, Inc.* 288 10,719 Anntaylor Stores Corp.* 219 5,968 Barnes & Noble, Inc.* 438 13,924 Beebe Stores, Inc. 20 490 Borders Group, Inc.* 690 12,834 Buckle, Inc. 70 1,418 Burlington Coat Factory Whse. 147 3,028 CSK Auto Corp.* 162 1,102 Cato Corp. 120 2,116 Charming Shoppes, Inc.* 820 5,010 Chico's FAS, Inc. 120 5,353 Childrens Place Retail Stores, Inc. 150 3,426 Claire S Stores, Inc. 339 6,458 Copart, Inc.* 320 7,331 Cost Plus, Inc.* 180 4,284 Dress Barn, Inc.* 131 3,170 Electronics Boutique Holdings 47 1,169 Footstar, Inc. 156 5,694 Genesco, Inc. 186 5,320 Group 1 Automotive, Inc.* 130 2,405 Guitar Center, Inc.* 192 3,533 Handleman Co.* 220 2,484 Haverty Furniture Cos., Inc. 146 2,044 Hollywood Entmt. Corp.* 280 776 Hot Topic, Inc.* 152 5,080 Hughes Supply, Inc. 190 2,873 Intertan, Inc. 240 3,365 Lawson Products, Inc. 50 1,395 Linens 'N Things, Inc.* 348 9,399 Mens Wearhouse, Inc.* 281 7,151 Michaels Stores, Inc.* 260 8,780 Office Max, Inc.* 990 3,812 O Reilly Automotive, Inc.* 310 7,332 Pacific Sunwear of Calif.* 275 7,662 Payless Shoesource, Inc.* 188 11,985 Pep Boys-Manny Moe & Jack 410 1,964 Petsmart, Inc.* 970 4,317 Pier 1 Imports, Inc. 840 9,324 Regis Corp. 300 5,550 Sonic Automotive, Inc.* 173 1,820 Too, Inc. 269 5,356 Trans World Entmt. Corp.* 249 2,234 Tweeter Home Entertainment Grp. 140 3,501 Ultimate Electronics, Inc.* 79 1,967
Shares Value ------ ----- Specialty Retail - cont'd. United Rentals, Inc. 287 $5,746 Venator Group. Inc.* 1,199 15,875 Wilsons Leather Experts, Inc.* 83 1,837 Zale Corp.* 299 9,975 ------------ 277,339 Textiles & Apparel - 1.10% Brown Shoe, Inc. 158 3,117 Cole, Kenneth Prodtns., Inc.* 60 1,704 Columbia Sportswear Co.* 60 4,084 Fossil, Inc.* 120 2,251 Guess, Inc.* 67 415 Kellwood Co. 200 4,270 Madden, Steven Ltd .* 80 1,426 Nautica Enterprises, Inc.* 251 4,611 Oshkosh B Gosh, Inc. 90 2,436 Phillips Van Heusen Corp. 185 2,775 Polo Ralph Lauren Corp.* 467 12,142 Polymer Group, Inc. 180 230 Quiksilver, Inc.* 200 5,434 Reebok Int'l., Ltd.* 390 9,996 Russell Corp. 230 4,416 Skechers USA, Inc.* 124 4,470 Stride Rite Corp. 380 2,827 Timberland Co.* 150 7,398 Unifi, Inc.* 470 2,811 Vans, Inc.* 114 2,376 Warnaco Group, Inc. 460 317 Wellman, Inc. 279 5,203 Wolverine Jewellers, Inc. 110 902 Wolverine World Wide, Inc. 360 6,408 ------------ 92,021 Tobacco - 0.20% Schweitzer Mauduit Int'l., Inc. 120 2,574 Star Scientific, Inc.* 170 553 Universal Corp. 240 9,288 Vector Group Ltd. 119 4,297 ------------ 16,712 Water Utilities - 0.20% American States Water Co.* 90 2,961 California Water Service Grp.* 120 3,097 Philadelphia Suburban Corp.* 385 8,971 SJW Corp. 20 1,614 ------------ 16,643 Wireless Telecommunication Service - 0.42% Advanced Radio Telecom. Corp.* 300 7 AirGate PCS, Inc.* 84 3,326 Alamosa Holdings, Inc. 94 1,315 Centennial Communications Corp. 70 1,050 Leap Wireless Int'l., Inc. 251 8,750 Metrocall, Inc. 676 54 Motient corp. 292 312 Price Communications Corp. 395 7,118
The accompanying notes are an integral part of the financial statements. 90 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Wireless Telecommunication Service - cont'd. Rural Celluar Corp.* 84 $3,142 SBA Communications Corp. 237 8,079 Terremark Worldwide, Inc.* 1,105 1,967 Weblink Wireless, Inc. 407 38 ------------ 3,995 35,159 TOTAL COMMON STOCKS (Cost $8,129,194) $7,483,487 ------------ INVESTMENT IN OTHER INVESTMENT COMPANIES - 3.45% iShares Russell 2000 Index Fund 2,990 $290,030 ------------ TOTAL INVESTMENT IN OTHER INVESTMENT COMPANY (Cost $271,415) 290,030 ------------ PREFERRED STOCKS - 0.01% Corrections Corporation of America Series B, 12% 54 484 ------------ TOTAL PREFERRED STOCKS (Cost $882) $484 ------------ Principal Value --------- ----- WARRANTS - 0.00% Bank United Corp. Litigation Contingent Payment Rights $300 $108 Endo Pharmaceutical Holdings, Warrant Exp. 12/31/02 100 32 ------------ TOTAL WARRANTS (Cost $737) $140 ------------ U.S. TREASURY OBLIGATIONS - SHORT-TERM - 0.89% U.S. Treasury Bills - 0.89% 4.38% due 05/24/01 25,000 $24,930 3.60% due 06/14/01 50,000 49,780 ------------ TOTAL U.S. TREASURY OBLIGATIONS - SHORT-TERM (Cost $74,710) $74,710 ------------ REPURCHASE AGREEMENTS - 6.61% Repurchase Agreement with State Street Bank & Trust Co. dated 04/30/01 at 4.52%, to be repurchased at $556,069 on 05/01/01, collateralized by U.S. Government Securities (Cost $556,000) 556,000 $556,000 ------------ TOTAL INVESTMENTS (Small Cap Index Fund) (Cost $9,032,938) $8,404,851 ------------ - ------------------------------------------------------------------------------- Socially Responsible Fund - ------------------------------------------------------------------------------- Shares Value ------ ----- COMMON STOCKS - 91.86% Airlines - 0.31% AMR Corp. 860 $32,775 ------------
Shares Value ------ ----- Air Freight & Couriers - 0.35% United Parcel Service, Inc. 650 $37,343 ------------ Auto Components - 0.76% Autoliv, Inc. 400 7,892 Borg Warner Automotive, Inc. 600 26,718 Johnson Controls, Inc. 625 45,250 ------------ 79,860 Banks - 4.92% Bancwest Corp. 800 19,960 Bank America Corp. 1,800 100,800 Bank of New York, Inc. 800 40,160 Commerce Bancshares, Inc. 200 6,780 Fleetboston Financial Corp. 1,470 56,404 Golden State Bancorp, Inc. 800 23,840 Greenpoint Financial Corp. 1,150 42,320 Mellon Financial Corp. 300 12,279 PNC Financial Services Group, Inc. 700 45,549 Suntrust Banks, Inc. 850 53,975 TCF Financial Corp. 350 13,311 US Bancorp 650 13,767 Washington Mutual, Inc. 800 39,944 Wells Fargo & Co. 800 37,576 Westamerica Bancorporation 350 12,810 ------------ 519,474 Beverages - 1.43% Coca Cola Co. 1,750 80,833 Pepsico, Inc. 1,610 70,534 ------------ 151,367 Chemicals - 0.47% Grace W R & Co.* 1,050 1,722 PPG Industries, Inc. 550 29,233 Praxair, Inc. 400 18,932 ------------ 49,887 Commercial Services & Supplies - 2.13% Allied Waste Industries, Inc. 1,000 15,920 Arbitron, Inc. 130 2,714 Automatic Data Processing, Inc. 750 40,688 Ceridian Corp. 550 9,900 First Data Corp. 1,070 72,161 Galileo International, Inc. 400 9,768 IMS Health, Inc. 1,050 28,823 Paychex, Inc. 675 23,328 Waste Management, Inc. 900 21,969 ------------ 225,270 Communications Equipment - 2.99% Cisco Systems, Inc.* 5,550 94,239 Corning, Inc. 1,150 25,266 JDS Uniphase Corp.* 850 18,182 Lucent Technologies, Inc. 2,560 5,626 Motorola, Inc. 2,700 41,985 Nortel Networks Corp. 3,040 46,512 Qualcomm, Inc.* 500 28,680
The accompanying notes are an integral part of the financial statements. 91 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Communications Equipment - cont'd. Scientific Atlanta, Inc 400 $23,092 Tellabs, Inc.* 350 12,289 ------------ 315,869 Computers & Peripherals - 4.09% Compaq Computer Corp. 1,350 23,625 Dell Computer Corp.* 800 21,032 E M C Corp.* 1,850 73,260 Hewlett Packard Co. 1,100 31,273 International Business Machines 1,750 201,495 Lexmark International, Inc.* 250 15,358 Network Appliance, Inc.* 200 4,550 Sun Microsystems, Inc.* 3,600 61,632 ------------ 432,225 Construction & Engineering - 0.13% Quanta Services, Inc. 550 14,130 ------------ Electric Utilities - 1.45% Allegheny Energy, Inc. 500 25,580 DQE, Inc. 850 25,866 DPL, Inc. 1,221 37,839 OGE Energy Corp. 900 19,845 Potomac Electric Power Co. 1,350 29,511 Puget Energy, Inc. 600 14,244 ------------ 152,884 Electrical Equipment - 1.99% Cooper Industries, Inc. 1,160 43,349 Emerson Electric Co. 750 49,988 Molex, Inc. 412 16,641 Rockwell International Corp. 1,350 60,791 SPX Corp. 200 22,522 Sensormatic Electronics Corp.* 440 6,380 Vishay Intertechnology, Inc.* 425 10,604 ------------ 210,274 Electronic Equipment & Instruments - 0.86% AVX Corp.* 1,050 19,467 Agilent Technologies, Inc.* 424 16,540 Amphenol Corp. 200 8,420 Arrow Electronics, Inc. 800 22,400 Kemet Corp.* 1,150 23,598 ------------ 90,425 Energy Equipment & Services - 2.81% BJ Services Co. 250 20,563 Baker Hughes, Inc. 1,650 64,829 Cooper Cameron Corp.* 300 18,918 Halliburton Co. 450 19,445 Helmerich & Payne, Inc. 1,500 76,845 Rowan Companies, Inc.* 550 18,255 Schlumberger, Ltd. 590 39,117 Tidewater, Inc. 830 38,902 ------------ 296,872
Shares Value ------ ----- Financial Services - 8.39% American Express Co. 1,160 $49,230 Bear Stearns Companies, Inc. 350 17,605 Citigroup, Inc. 4,050 199,058 Federal Home Loan Mortgage Corp. 1,150 75,670 Federal National Mortgage Assn. 1,550 124,403 Household International, Inc. 850 54,417 J P Morgan Chase & Co. 1,050 50,379 Lehman Brothers Holdings, Inc. 1,170 85,118 MBNA Corp. 1,450 51,693 Merrill Lynch & Co., Inc. 1,140 70,338 Morgan Stanley Dean Witter & Co. 850 53,372 Providian Financial Corp. 450 23,985 UBS AG 178 27,020 Waddell & Reed Financial, Inc. 150 4,563 ------------ 886,850 Food & Drug Retailing - 1.31% CVS Corp. 650 38,318 Safeway, Inc. 850 46,155 Sysco Corp. 400 11,248 Walgreen Co. 1,000 42,780 ------------ 138,501 Food Products - 1.32% Campbell Soup Co. 720 21,917 Conagra, Inc. 1,600 33,296 Heinz H J Co. 350 13,703 Hershey Foods Corp. 400 24,164 Quaker Oats Co. 300 29,100 Sara Lee Corp. 880 17,521 ------------ 139,700 Gas Utilities - 2.93% AGL Resources, Inc. 4,570 104,425 National Fuel Gas Co. 1,400 78,680 Nicor, Inc. 300 11,757 Oneok, Inc. 1,600 69,152 Peoples Energy Corp.* 1,150 45,713 ------------ 309,726 Health Care Equipment & Supplies - 0.15% Medtronic, Inc. 350 15,610 ------------ Health Care Providers & Services - 3.35% Cigna Corp. 1,250 133,375 Express Scripts, Inc. 220 18,678 HCA Healthcare Co. 1,760 68,112 Oxford Health Plans, Inc.* 1,450 45,095 Tenet Healthcare Corp. 1,560 69,638 UnitedHealth Group, Inc. 300 19,644 ------------ 354,542 Hotels, Restaurants & Leisure - 0.43% Carnival Corp. 650 17,225 Darden Restaurants, Inc. 1,050 28,676 ------------ 45,901
The accompanying notes are an integral part of the financial statements. 92 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Household Durables - 0.45% Black & Decker Corp. 850 $33,881 Pulte Corp. 300 14,034 ------------ 47,915 Household Products - 2.14% Colgate Palmolive Co. 950 53,058 Kimberly Clark Corp. 1,450 86,130 Procter & Gamble Co. 1,450 87,073 ------------ 226,260 Industrial Conglomerates - 1.25% ITT Industries, Inc. 650 28,646 Tyco International. Ltd. 1,946 103,858 ------------ 132,504 Insurance - 3.91% AFLAC, Inc. 800 25,440 Allstate Corp. 500 20,875 American International Group, Inc. 2,450 200,410 Chubb Corp. 300 20,025 John Hancock Financial Services 1,750 65,013 Hartford Financial Services Group 270 16,767 Lincoln National Corp. 700 32,312 Marsh & McLennan Cos., Inc. 300 28,932 PMI Group, Inc. 50 3,215 ------------ 412,989 Internet Software & Services - 0.04% Ariba, Inc. 500 3,865 ------------ IT Consulting Services - 0.63% Electronic Data Systems Corp. 1,030 66,435 ------------ Leisure Equipment & Products - 0.38% Callaway Golf Co. 800 19,408 Mattel, Inc. 1,250 20,188 ------------ 39,596 Machinery - 0.72% Deere & Co. 480 19,714 Dover Corp. 1,050 41,024 Timken Co. 900 15,390 ------------ 76,127 Media - 5.91% AOL Time Warner, Inc. 4,800 242,400 Belo A H Corp. 550 9,702 Cablevision (NY) Group Class A 225 15,469 Clear Channel Communications* 200 11,160 Comcast Corp. 1,400 61,474 Cox Communications, Inc. 400 18,204 Disney Walt Co. 2,520 76,230 Gannett, Inc. 1,060 68,423 Knight Ridder, Inc. 650 35,198 Omnicom Group 100 8,785 Scripps E W Co. 400 25,688 Viacom, Inc.* 996 51,852 ------------ 624,584
Shares Value ------ ----- Metals & Mining - 0.20% Alcan Aluminum, Ltd. 470 $20,915 ------------ Multiline Retail - 2.97% Federated Dept. Stores, Inc. 500 21,490 Sears Roebuck & Co. 1,010 37,219 Target Corp. 1,130 43,449 Wal Mart Stores, Inc. 4,100 212,134 ------------ 314,291 Oil & Gas - 1.07% Ashland, Inc. 1,140 49,088 Equitable Resources, Inc. 800 64,000 ------------ 113,088 Paper & Forest Products - 0.36% Bowater, Inc. 200 9,700 Rayonier, Inc. 640 28,064 ------------ 37,764 Personal Products - 0.20% Avon Products, Inc. 500 21,160 ------------ Pharmaceuticals - 10.38% Abbott Laboratories 2,960 137,285 Allergan, Inc. 500 38,000 Bristol Myers Squibb Co. 2,610 146,160 Ivax Corp.* 1,300 52,065 Johnson & Johnson 2,060 198,749 Lilly Eli & Co. 1,650 140,250 Merck & Co., Inc. 3,920 297,802 Schering Plough Corp. 2,240 86,330 ------------ 1,096,641 Real Estate - 0.25% Host Marriott Corp. 2,050 26,425 ------------ Road & Rail - 0.70% Burlington Northern 1,050 30,870 Union Pacific Corp. 750 42,668 ------------ 73,538 Semiconductor Equipment & Products - 4.00% Advanced Micro Devices, Inc.* 200 6,200 Analog Devices, Inc.* 400 18,924 Applied Materials, Inc.* 850 46,410 Cirrus Logic, Inc. 1,150 18,699 Cypress Semiconductor Corp. 50 1,130 Integrated Device Technology* 250 9,793 Intel Corp. 6,150 190,097 LSI Logic Corp.* 350 7,165 Micron Technology, Inc.* 700 31,766 National Semiconductor Corp.* 450 12,960 Teradyne, Inc.* 250 9,875 Texas Instruments, Inc. 1,550 59,985 Xilinx. Inc.* 200 9,494 ------------ 422,497 Software - 4.97% Adobe Systems, Inc. 600 26,952 Computer Assoc. Int'l., Inc.* 300 9,657
The accompanying notes are an integral part of the financial statements. 93 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Software - cont'd. Inktomi Corp.* 200 $1,466 Intuit 800 25,632 Microsoft Corp.* 4,630 313,683 Openwave Systems, Inc. 613 21,216 Oracle Corp.* 5,600 90,496 Sybase, Inc.* 600 9,450 Symantec, Corp. 20 1,296 Veritas Software Corp.* 433 25,811 ------------ 525,659 Specialty Retail - 2.30% Autozone, Inc. 400 12,536 Best Buy Co., Inc.* 200 11,010 Home Depot, Inc. 2,050 96,555 Lowes Cos., Inc. 350 22,050 Payless Shoesource, Inc. 300 19,125 Radioshack Corp. 690 21,135 TJX Companies, Inc. 1,250 39,163 Toys R Us, Inc. 850 21,080 ------------ 242,653 Telecommunications - 6.25% A T & T Corp. 3,917 87,271 Alltel Corp. 250 13,653 Bellsouth Corp. 2,590 108,676 Global Crossing, Ltd.* 550 6,892 Qwest Communications Int'l., Inc.* 641 26,217 SBC Communications, Inc. 3,900 160,875 Sprint Corp.* 800 17,104 Verizon Communications 3,522 193,957 Worldcom, Inc.* 2,500 45,625 ------------ 660,269 Wireless Telecommunications - 0.21% Nextel Communications, Inc.* 400 6,500 Sprint Corp.* 600 15,378 ------------ 21,878 TOTAL COMMON STOCKS (Cost $10,002,939) $9,706,532 ------------ COMMON STOCK UNIT - 0.12% Financial Services - 0.12% SPDR Trust 100 $12,491 ------------ TOTAL COMMON STOCK UNIT (Cost $15,252) $12,491 ------------ Principal Value --------- ------------ U.S. TREASURY OBLIGATIONS - SHORT-TERM - 1.37% U.S. Treasury Bills - 1.37% 3.60% due 06/14/01 $25,000 $4,890 3.99% due 05/31/01 30,000 29,900 4.38% due 05/24/01 60,000 59,832 4.42% due 05/17/01 30,000 29,941 ------- ------------ TOTAL U.S. TREASURY OBLIGATIONS-SHORT-TERM (Cost $144,563) $144,563 ------------
Principal Value --------- ------------ REPURCHASE AGREEMENT - 6.65% Repurchase Agreement with State Street Bank & Trust Co. dated 04/30/01 at 4.52%, to be repurchased at $703,087 on 05/01/01, collateralized by U.S. Government Securities (Cost $703,000) $703,000 $703,000 ------------ TOTAL INVESTMENTS (Socially Responsible Fund) (Cost $10,865,754) $10,566,586 ------------ - ------------------------------------------------------------------------------- Stock Index Fund - ------------------------------------------------------------------------------- Shares Value ------ ----- COMMON STOCKS - 91.45% Aerospace & Defense - 1.47% Boeing Co. 2,340 $144,612 General Dynamics Corp. 560 43,165 Goodrich, B. F. Co. 290 11,426 Honeywell Int'l Inc. 2,230 109,002 Lockheed Martin Corp. 1,210 42,544 Northrop Grumman Corp. 240 21,660 Raytheon Co. 950 28,054 United Technologies Corp. 1,320 103,066 ------------ 503,528 Air Freight & Couriers - 0.10% Fedex Corp.* 830 34,918 ------------ Airlines - 0.22% AMR Corp. 420 16,006 Delta Air Lines Inc. 350 15,411 Southwest Airlines Co. 2,125 38,696 US Airways Group Inc.* 190 5,301 ------------ 75,414 Auto Components - 0.25% Cooper Tire and Rubber Co. 200 2,408 Dana Corp. 410 8,048 Delphi Automotive Sys. Corp. 1,570 23,393 Goodyear Tire And Rubber 440 10,881 Johnson Controls, Inc. 240 17,376 Snap On, Inc. 160 4,640 TRW, Inc. 350 13,461 Visteon Corp. 364 6,017 ------------ 86,224 Automobiles - 0.81% Ford Motor Co. 5,191 153,031 General Motors Corp. 1,530 83,859 Harley Davidson, Inc. 850 39,177 ------------ 276,066 Banks - 5.00% Amsouth BanCorp. 1,050 18,008 Bank of America Corp. 4,560 255,360 Bank New York, Inc. 2,070 103,914
The accompanying notes are an integral part of the financial statements. 94 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Banks - cont'd. Bank One Corp. 3,240 $122,375 BP&T Corp. 1,120 39,670 Charter One Finl., Inc. 580 16,994 Comerica, Inc. 500 25,715 Fifth Third BanCorp. 1,584 85,156 First Union Corp. 2,740 82,118 Fleet Boston Finl Corp. 3,039 116,606 Golden West Finl Corp. 440 25,828 Huntington Bancshares, Inc. 700 10,549 KeyCorp. 1,190 27,584 Mellon Finl Corp. 1,370 56,074 National City Corp. 1,700 46,257 Northern Trust Corp. 620 40,319 PNC Finl Svcs Group, Inc. 810 52,707 Regions Financial Corp. 680 20,706 South Trust Corp. 470 22,349 Suntrust Banks, Inc. 830 52,705 Synovus Finl Corp. 810 23,312 Union Planters Corp. 390 14,824 US BanCorp. 5,399 114,351 Wachovia Corp. 590 35,872 Washington Mutual, Inc. 1,630 81,386 Wells Fargo & Co. 4,790 224,986 ------------ 1,715,724 Beverages - 1.86% Anheuser Busch Cos., Inc. 2,530 101,175 Brown Forman Corp. 190 11,552 Coca Cola Co. 6,970 321,944 Coca Cola Enterprises, Inc. 1,170 21,212 Coors Adolph Co. 100 5,200 Pepsico, Inc. 4,040 176,992 ------------ 638,076 Biotechnology - 0.74% Amgen, Inc.* 2,910 177,917 Biogen, Inc.* 410 26,511 Chiron Corp. 540 25,925 Medimmune, Inc.* 590 23,099 ------------ 253,452 Building Products - 0.01% Crane Co. 170 4,784 Masco Corp. 1,250 28,750 ------------ 33,534 Chemicals - 1.06% Air Products & Chemicals, Inc. 640 27,514 Dow Chemical Co. 2,515 84,127 Du Pont E I De Nemours & Co. 2,920 131,955 Eastman Chemical Co. 220 11,713 Engelhard Corp. 360 9,256 FMC Corp.* 90 6,452 Great Lakes Chemical Corp. 140 4,400 Hercules, Inc. 300 3,585 International Flavours & Fragrances* 270 6,674
Shares Value ------ ----- Chemicals - cont'd. PPG Industries, Inc. 470 $24,981 Praxair, Inc. 440 20,825 Rohm & Haas Co. 620 21,309 Sigma Aldrich 220 10,129 ------------ 362,919 Commercial Services & Supplies - 1.56% Allied Waste Industries, Inc.* 550 8,756 Automatic Data Processing, Inc. 1,780 96,565 Avery Dennison Corp. 310 17,382 Block, H & R Inc. 260 14,300 Cendant Corp.* 2,150 38,141 Cintas Corp. 470 20,591 Concord EFS, Inc. 600 27,930 Convergys Corp.* 480 17,520 Deluxe Corp. 200 5,198 Donnelley, R R & Sons Co. 340 9,466 Ecolab, Inc. 360 13,619 Equifax, Inc. 400 13,228 First Data Corp. 1,110 74,858 Fiserv, Inc. 340 18,816 IMS Health, Inc. 820 22,509 Paychex, Inc. 1,040 35,942 Pitney Bowes, Inc. 710 27,030 Robert Half Int'l, Inc. 500 13,900 Sabre Holdings Corp. 369 18,398 Waste Management, Inc. 1,740 42,473 ------------ 536,622 Communications Equipment - 3.11% ADC Telecommunications Inc.* 2,180 16,372 Andrew Corp.* 230 4,030 Avaya Inc.* 788 11,655 Cabletron Systems Inc.* 520 8,154 Cisco Systems Inc.* 20,380 346,052 Comverse Technology Inc.* 460 31,510 Corning Inc. 2,580 56,683 JDS Uniphase Corp.* 3,660 78,287 Lucent Technologies Inc. 9,530 95,395 Motorola Inc. 6,120 95,166 Nortel Networks Corp. 8,920 136,476 Qualcomm Inc.* 2,110 121,030 Scientific Atlanta Inc. 450 25,979 Tellabs Inc.* 1,150 40,377 ------------ 1,067,164 Computers & Peripherals - 4.38% Apple Computer, Inc.* 970 24,725 Compaq Computer Corp. 4,730 82,775 Dell Computer Corp.* 7,250 190,603 E M C Corp.* 6,130 242,748 Gateway Inc.* 910 17,290 Hewlett Packard Co. 5,410 153,806 IBM 4,910 565,337 Lexmark Int'l Inc.* 360 22,115
The accompanying notes are an integral part of the financial statements. 95 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Computers & Peripherals - cont'd. NCR Corp.* 270 $12,693 Network Appliance Inc.* 900 20,475 Palm Inc.* 1,589 12,728 Sun Microsystems Inc.* 9,130 156,306 ------------ 1,501,601 Construction & Engineering - 0.04% Fluor Corp. 200 10,542 McDermott Int'l Inc. 170 2,076 ------------ 12,618 Construction Materials - 0.04% Vulcan Materials Co. 280 12,944 ------------ Containers & Packaging - 0.09% Ball Corp. 80 3,680 Bemis Inc. 150 5,642 Pactiv Corp.* 440 6,151 Sealed Air Corp.* 230 8,924 Temple Inland Inc. 140 7,140 ------------ 31,537 Diversified Financials - 6.95% American Express Co. 3,730 158,301 Bear Stearns Cos., Inc. 300 15,090 Capital One Financial Corp. 550 34,573 CIT Group Inc. 730 26,791 Citigroup Inc. 14,072 691,639 Countrywide Credit Inds Inc. 330 14,081 Federal Home Ln Mtg Corp. 1,950 128,310 Federal Natl Mtg Assn. 2,820 226,333 Franklin Resources Inc. 740 32,301 Household Int'l Inc. 1,320 84,506 JP Morgan Chase & Co. 5,326 255,541 Lehman Brothers Hldgs Inc. 700 50,925 MBNA Corp. 2,390 85,204 Merrill Lynch & Co Inc. 2,260 139,442 Moodys Corp. 460 14,444 Morgan Stanley Dean Witter & Co. 3,130 196,533 Price, T Rowe & Assoc Inc. 340 11,818 Providian Financial Corp. 800 42,640 Schwab, Charles Corp. 3,880 76,824 State Street Corporation 450 46,701 Stilwell Financial Inc. 620 18,271 USA Education Inc. 460 32,706 ------------ 2,382,975 Diversified Telecommunication - 5.10% Alltel Corp. 880 48,057 AT & T Corp. 10,530 234,608 Bellsouth Corp. 5,240 219,870 CenturyTel Inc. 390 10,600 Citizens Communication Co. 780 8,970 Global Crossing Ltd * 2,480 31,074 Qwest Communications Int'l Inc.* 4,639 189,735 SBC Communications Inc. 9,480 391,050 Sprint Corp.* 2,480 53,022
Shares Value ------ ----- Diversified Telecommunication - cont'd. Verizon Communications 7,568 $416,770 Worldcom Inc.* 8,060 147,095 ------------ 1,750,852 Electric Utilities - 2.56% AES Corp.* 1,480 70,552 Allegheny Energy, Inc. 340 17,394 Ameren Corp. 380 15,949 American Electric Power Inc. 900 44,406 Calpine Corp. 840 47,872 Cinergy Corp. 450 15,606 CMS Energy Corp. 370 11,581 Consolidated Edison Inc. 590 22,072 Constellation Energy Group Inc. 450 21,483 Dominion Resources Inc. 670 45,888 DTE Energy Co. 400 16,768 Duke Energy Co. 2,150 100,534 Edison Int'l 910 8,964 Energy Corp. 620 25,110 Exelon Corp. 890 61,455 FirstEnergy Corp. 630 19,089 FPL Group Inc. 500 29,950 GPU Inc. 340 11,325 Mirant Corp. 951 38,801 Niagara Mohawk Hldgs. Inc.* 450 7,565 PG&E Corp. 1,080 9,688 Pinnacle West Capital Corp. 240 12,046 PPL Corp. 410 22,550 Progress Energy, Inc. 580 25,659 Public Svc Enterprise Group 600 27,864 Reliant Energy Inc. 830 41,127 Southern Co. 1,890 44,207 TXU Corp. 720 31,651 XCEL Energy Inc. 950 29,640 ------------ 876,793 Electrical Equipment - 0.54% American Power Conversion Corp.* 550 7,783 Cooper Industries Inc. 260 9,716 Emerson Electric Co. 1,210 80,647 Molex Inc. 550 22,215 National Svc Industries Inc. 110 2,651 Power One Inc.* 220 3,852 Rockwell Int'l Corp. 510 22,965 Symbol Technologies, Inc. 615 19,373 Thermo Electron Corp.* 500 13,180 Thomas & Betts Corp. 160 3,307 ------------ 185,688 Electronic Equipment & Instruments - 0.47% Agilent Technologies Inc.* 1,279 49,894 Jabil Circuit, Inc. 530 15,391 Millipore Corp. 130 7,456 PerkinElmer Inc. 140 9,367 Sanmina Corp.* 860 25,069
The accompanying notes are an integral part of the financial statements. 96 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Electronic Equipment & Instruments - cont'd. Solectron Corp.* 1,810 $46,065 Tektronix Inc. 270 6,534 ------------ 159,775 Energy Equipment & Services - 0.86% Baker Hughes Inc. 930 36,540 Halliburton Co. 1,240 53,580 Nabors Industries Inc.* 410 24,444 Noble Drilling Corp. 380 18,430 Rowan Cos Inc.* 260 8,629 Schlumberger Ltd 1,600 106,080 Transocean Sedco Forex Inc. 880 47,766 ------------ 295,470 Food & Drug Retailing - 1.25% Albertsons Inc. 1,150 38,410 CVS Corp. 1,100 64,845 Kroger Co.* 2,300 51,957 Longs Drug Stores Corp. 110 3,262 Safeway Inc.* 1,400 76,020 Supervalu Inc. 370 5,058 Sysco Corp. 1,890 53,147 Walgreen Co. 2,850 121,923 Winn Dixie Stores Inc. 390 12,312 ------------ 426,934 Food Products - 1.27% Archer Daniels Midland Co. 1,770 21,081 Campbell Soup Co. 1,180 35,919 Conagra Inc. 1,500 31,215 General Mills Inc. 790 31,134 Heinz, H J Co. 970 37,976 Hershey Foods Corp. 380 22,956 Kellogg Co. 1,140 29,070 Quaker Oats Co. 370 35,890 Ralston Purina Co. 870 26,439 Sara Lee Corp. 2,190 43,603 Unilever N V 1,600 89,792 Wrigley (WM) Jr Co. 640 30,918 ------------ 435,993 Gas Utilities - 0.51% El Paso Energy Corp. 1,397 96,114 Keyspan Corp. 380 15,086 Kinder Morgan, Inc. 320 18,784 Nicor Inc. 130 5,095 Nisource, Inc. 570 16,969 Oneok Inc. 80 3,458 Peoples Energy Corp. 100 3,975 Sempra Energy 570 15,772 ------------ 175,252 Health Care Equipment & Supplies - 1.17% Applera Corp. 590 18,915 Bard, C R Inc. 140 6,161 Bausch & Lomb Inc. 150 6,405 Baxter Int'l Inc. 820 74,743
Shares Value ------ ----- Health Care Equipment & Supplies - cont'd. Becton Dickinson & Co. 720 $23,292 Biomet Inc. 500 21,365 Boston Scientific Corp.* 1,130 17,944 Guidant Corp.* 860 35,260 Medtronic Inc. 3,370 150,302 St. Jude Medical, Inc.* 240 13,740 Stryker Corp. 550 32,610 ------------ 400,738 Health Care Providers & Services - 1.08% Aetna Inc. 410 11,558 Cardinal Health Inc. 1,170 78,858 Cigna Corp. 430 45,881 HCA Healthcare Co. 1,550 59,985 Healthsouth Corp.* 1,080 15,174 Humana Inc.* 470 4,644 Manor Care Inc.* 290 6,728 McKesson HBOC Inc. 800 24,672 Quintiles Transnational Corp.* 320 6,576 Tenet Healthcare Corp. 900 40,176 Unitedhealth Group Inc. 890 58,277 Wellpoint Health Networks Inc.* 180 17,685 ------------ 370,214 Hotels, Restaurants & Leisure - .80% Carnival Corp. 1,640 43,460 Darden Restaurants Inc. 330 9,012 Harrahs Entertainment Inc.* 330 11,385 Hilton Hotels Corp. 1,030 11,382 Marriott Int'l Inc. 670 30,740 McDonalds Corp. 3,670 100,925 Starbucks Corp.* 1,060 20,511 Starwood Hotels & Resorts 540 19,489 Tricon Global Restaurants Inc.* 410 18,376 Wendys Int'l Inc. 320 8,106 ------------ 273,385 Household Durables - 0.30% American Greetings Corp. 180 2,072 Black & Decker Corporation 230 9,168 Centex Corp. 170 7,336 Fortune Brands Inc. 430 13,395 Kaufman & Broad Home Corp. 120 3,626 Leggett & Platt Inc. 550 10,676 Maytag Corp. 220 7,645 Newell Rubbermaid Inc. 750 20,220 Pulte Corp. 110 5,146 Stanley Works 240 8,700 Tupperware Corp. 160 3,523 Whirlpool Corp. 190 10,596 ------------ 102,102 Household Products - 1.22% Clorox Co. 660 21,008 Colgate Palmolive Co. 1,600 89,360
The accompanying notes are an integral part of the financial statements. 97 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Household Products - cont'd. Kimberly Clark Corp. 1,500 $89,100 Proctor & Gamble Co. 3,640 218,582 ------------ 418,050 Industrial Conglomerates - 5.17% General Electric Co. 27,750 1,346,708 ITT Industries, Inc. 250 11,018 Minnesota Mng & Mfg Co. 1,120 133,291 Textron, Inc. 400 21,208 Tyco Int'l Ltd 4,910 262,047 ------------ 1,774,271 Insurance - 3.59% Aflac Inc. 1,480 47,064 Allstate Corp. 2,050 85,588 Ambac Financial Group, Inc. 300 16,143 American General Corp. 1,400 61,054 American Int'l Group, Inc. 6,520 533,336 AON Corp. 720 23,933 Chubb Corp. 490 32,708 Cincinnati Financial Corp. 450 17,271 Conseco Inc. 910 17,317 Hartford Financial Svcs Grp 660 40,986 Jefferson Pilot Corp. 435 20,297 Lincoln National Corp. 540 24,926 Loews Corp. 560 37,750 Marsh & McLennan Cos., Inc. 770 74,259 MBIA Inc. 420 20,097 Metlife, Inc. 2,140 62,060 MGIC Invest. Corp. 300 19,497 Progressive Corp. 210 24,528 Safeco Corp. 360 9,612 St Paul Cos Inc. 610 27,511 Torchmark Inc. 350 13,262 UnumProvident Corp. 670 20,040 ------------ 1,229,237 Internet Software & Services - 0.11% Broadvision, Inc. 750 4,793 Yahoo Inc.* 1,560 31,481 ------------ 36,273 IT Consulting Services - 0.34% Computer Sciences Corp.* 470 $16,746 Electronic Data Systems Corp. 1,310 84,495 Sapient Corp.* 340 4,573 Unisys Corp.* 890 10,716 ------------ 116,530 Leisure Equipment & Products - 0.19% Brunswick Corp. 240 4,814 Eastman Kodak Co. 840 36,540 Hasbro Inc. 480 5,880 Mattel Inc. 1,190 19,219 ------------ 66,453
Shares Value ------ ----- Machinery - 0.75% Caterpillar Inc. 960 $48,192 Cummins Engine Inc. 120 4,968 Danaher Corp. 400 22,404 Deere & Co. 660 27,106 Dover Corp. 570 22,270 Eaton Corp. 200 14,722 Illinois Tool Works, Inc. 850 53,873 Ingersoll Rand Co. 450 21,150 Navistar Int'l Corp. Inc.* 170 4,388 Paccar Inc. 220 10,674 Pall Corp. 340 7,980 Parker Hannifin Corp. 330 15,385 Timken Co. 170 2,907 ------------ 256,019 Media - 4.45% AOL Time Warner, Inc.* 12,120 612,060 Clear Channel Communications* 1,640 91,512 Comcast Corp.* 2,630 115,483 Disney, Walt Co. 5,830 176,358 Dow Jones & Co Inc. 250 13,568 Gannett Inc. 740 47,767 Harcourt General, Inc. 210 11,512 Interpublic Group Cos., Inc. 860 29,197 Knight Ridder Inc. 210 11,372 McGraw-Hill Cos., Inc. 550 35,629 Meredith Corp. 140 5,284 New York Times Co. 460 18,874 Omnicom Group 500 43,925 Tribune Co. 850 35,819 Univision Communications, Inc. 580 25,352 Viacom Inc.* 4,890 254,573 ------------ 1,528,284 Metals & Mining - 0.67% Alcan Aluminum Ltd 890 39,605 Alcoa Inc. 2,420 100,188 Allegheny Technologies Inc. 220 4,013 Barrick Gold Corp. 1,110 18,248 Freeport-McMoran Copper & Gold, Inc.* 420 5,947 Homestake Mining Co.* 710 4,423 INCO Ltd 510 9,251 Newmont Mining Corp. 540 9,844 Nucor Corp. 220 11,161 Phelps Dodge Corp. 220 $9,843 Placer Dome, Inc. 910 9,209 U. S. Steel Group 250 4,603 Worthington Inds Inc. 240 2,868 ------------ 229,203 Multiline Retail - 2.89% Consolidated Stores Corp.* 310 3,410 Costco Wholesale Corp.* 1,250 43,663 Dillards, Inc. 250 4,235
The accompanying notes are an integral part of the financial statements. 98 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Multiline Retail - cont'd. Dollar General Corp. 920 $15,180 Federated Dept Stores Inc.* 560 24,069 K Mart Corp.* 1,350 13,500 Kohls Corp.* 930 56,786 May Department Stores Co. 830 30,918 Nordstrom Inc. 370 6,804 Penney, J C Inc. 730 14,790 Sears Roebuck & Co. 940 34,639 Target Corp. 2,510 96,510 Wal-Mart Stores Inc. 12,510 647,267 ------------ 991,770 Multi Utilities - 0.71% Dynegy, Inc. 910 52,644 Enron Corp. 2,090 131,085 Williams Cos Inc. 1,360 57,351 ------------ 241,080 Office Electronics - 0.05% Xerox Corp. 1,870 16,905 ------------ Oil & Gas - 5.52% Amerada Hess Corp. 250 21,875 Anadarko Petroleum Corp. 697 45,040 Apache Corp. 350 22,386 Ashland, Inc. 200 8,612 Burlington Resources, Inc. 600 28,326 Chevron Corp. 1,800 173,808 Conoco, Inc. 1,750 53,235 Devon Energy Corporation 360 21,244 Eog Resources, Inc. 330 15,309 Exxon Mobil Corp. 9,740 862,964 Kerr McGee Corp. 270 19,346 Occidental Petroleum Corp. 1,030 31,024 Phillips Petroleum Co. 720 42,912 Royal Dutch Petroleum Co. 5,980 355,989 Sunoco Inc. 240 9,125 Texaco Inc. 1,540 111,311 Tosco Corp. 410 18,881 Unocal Corp. 680 25,949 USX Marathon Group 870 27,805 ------------ 1,895,139 Paper & Forest Products - 0.44% Boise Cascade Corp. 160 5,597 Georgia Pacific Corp. 632 20,546 International Paper Co. 1,350 52,893 Louisiana-Pacific Corp. 290 3,553 Mead Corp. 280 7,896 Potlatch Corp. 80 2,804 Westvaco Corp. 280 7,386 Weyerhaeuser Co. 600 33,918 Willamette Industries, Inc. 310 15,082 ------------ 149,675
Shares Value ------ ----- Personal Products - 0.35% Alberto Culver Co. 160 $6,518 Avon Products, Inc. 670 28,354 Gillette Co. 2,950 83,662 ------------ 118,535 Pharmaceuticals - 9.00% Abbott Laboratories 4,330 200,825 Allergan, Inc. 370 28,120 Alza Corp.* 660 30,175 American Home Products Corp. 3,670 211,943 Bristol Myers Squibb Co. 5,480 306,880 Forest Laboratories, Inc. 490 29,964 Johnson & Johnson 3,890 375,307 King Pharmaceuticals Inc.* 470 19,801 Lilly Eli & Co. 3,160 268,600 Merck & Co Inc. 6,460 490,766 Pfizer Inc. 17,670 765,111 Pharmacia Corp. 3,610 188,659 Schering Plough Corp. 4,100 158,014 Watson Pharmaceuticals Inc.* 290 14,442 ------------ 3,088,607 Road & Rail - 0.34% Burlington Northern Santa Fe 1,100 32,340 CSX Corp. 600 21,042 Norfolk Southern Corp. 1,070 21,122 Ryder System, Inc. 170 3,368 Union Pacific Corp. 700 39,823 ------------ 117,695 Semiconductor Equipment & Products - 4.07% Adaptec Inc.* 280 3,147 Advanced Micro Devices Inc.* 880 27,280 Altera Corp.* 1,110 28,072 Analog Devices Inc.* 1,010 47,783 Applied Materials Inc.* 2,260 123,396 Applied Micro Circuits Corp. 840 21,857 Broadcom Corp.* 690 28,676 Conexant Systems Inc.* 680 7,310 Intel Corp. 18,850 582,654 KLA Tencor Corp.* 520 28,579 Linear Technology Corp. 890 42,756 LSI Logic Corp.* 890 18,218 Maxim Integrated Prods Inc.* 910 46,501 Micron Technology Inc.* 1,660 75,331 National Semiconductor Corp.* 490 14,112 Novellus Sys Inc.* 390 21,509 Q Logic Corp. 260 11,151 Teradyne Inc.* 490 19,355 Texas Instruments, Inc. 4,860 188,082 Vitesse Semiconductor Corp. 530 17,967 Xilinx, Inc.* 920 43,672 ------------ 1,397,408 Software - 4.65% Adobe Systems, Inc. 670 30,096
The accompanying notes are an integral part of the financial statements. 99 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Software - cont'd. Autodesk, Inc. 160 $5,578 BMC Software Inc.* 680 16,449 Citrix Systems, Inc.* 520 14,768 Computer Assoc Int'l, Inc. 1,620 52,148 Compuware Corp.* 1,030 10,588 Intuit 580 18,583 Mercury Interactive Corp.* 230 15,215 Microsoft Corp.* 14,950 1,012,863 Novell, Inc.* 890 4,254 Oracle Corp.* 15,650 252,904 Parametric Technology Corp.* 740 8,436 Peoplesoft, Inc.* 800 29,632 Siebel Systems, Inc.* 1,200 54,696 Veritas Software Corp.* 1,140 67,955 ------------ 1,594,165 Specialty Retail - 1.86% Autozone, Inc.* 320 10,029 Bed Bath & Beyond, Inc.* 800 22,656 Best Buy Co, Inc.* 580 31,929 Circuit City Stores, Inc. 580 8,729 Gap, Inc. 2,380 65,950 Home Depot, Inc. 6,490 305,679 Limited, Inc. 1,190 20,135 Lowes Cos, Inc. 1,070 67,410 Office Depot, Inc.* 830 7,885 Radioshack Corp. 520 15,928 Sherwin Williams Co. 450 9,441 Staples, Inc.* 1,270 20,663 Tiffany & Co. 410 13,292 TJX Cos, Inc. 780 24,437 Toys R Us, Inc.* 550 13,640 ------------ 637,803 Textiles & Apparel - 0.16% Liz Claiborne, Inc. 150 7,374 Nike, Inc. 760 31,776 Reebok Int'l Ltd* 160 4,101 V F Corp. 320 12,989 ------------ 56,239 Tobacco - 0.95% Philip Morris Cos Inc. 6,230 312,185 UST, Inc. 460 13,846 ------------ 326,031 Trading Companies & Distributors - 0.07% Genuine Parts Co. 490 13,230 Grainger W W, Inc. 260 10,083 ------------ 23,313 Wireless Telecommunication Service - 0.30% Nextel Communications, Inc.* 2,130 34,613 Sprint Corp. 2,610 66,894 ------------ 101,507 TOTAL COMMON STOCKS (Cost $33,390,305) $31,388,699 ------------
Principal Value --------- ----- U.S. TREASURY OBLIGATIONS - 0.59% U.S. Treasury Bills - 0.59% 4.38% due 05/24/01 $10,000 $9,972 3.60% due 06/14/01 195,000 194,142 ------------ 204,114 TOTAL U.S. TREASURY OBLIGATIONS-SHORT-TERM (Cost $204,114) $204,114 ------------ REPURCHASE AGREEMENTS - 7.96% Repurchase Agreement with State Street Bank & Trust Co, dated 4/30/01 at 4.52%, to be Repurchased at $2,729,338 on 05/01/01, collateralized by U.S. Government Securities (Cost $2,729,000) $2,729,000 $2,729,000 ------------ TOTAL INVESTMENTS (Stock Index Fund) (Cost $36,323,419) $34,321,813 ------------ - ---------------------------------------------------------------------------- Global Equity Fund - ---------------------------------------------------------------------------- Shares Value ---------- ------------ COMMON STOCKS - 85.98% Canada - 0.97% Ballard Power Systems, Inc. 1,250 $66,538 Talisman Energy 4,200 171,172 ------------ 237,709 Denmark - 1.95% ISS A/S* 4,100 238,780 Novo Nordisk 3,850 146,430 Vestas Wind Systems 2,000 93,420 ------------ 478,630 Finland - 1.25% Nokia Oyj 9,000 307,710 ------------ France - 8.80% Accor 6,900 293,245 Alcatel Optronics 2,250 63,702 Alcatel SA 5,750 187,232 Altran Technologies 5,050 327,085 Aventis SA 3,600 278,845 Bouygues SA 1,500 64,175 Business Objects S.A.* 3,887 144,157 Casino Guichard- Perrachon SA 1,600 143,380 PSA Peugeot Citroen 300 85,682 Total Fina Elf SA 2,970 442,702 Vivendi Environnement 3,000 131,384 ------------ 2,161,589 Germany - 0.90% Deutsche Boerse AG 350 112,104 Epcos AG* 1,700 109,595 ------------ 221,699
The accompanying notes are an integral part of the financial statements. 100 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Hong Kong - 2.01% China Mobile, Ltd.* 40,000 $196,948 CNOOC Ltd. 100,000 96,166 MTR Corporation, Ltd. 144A* 116,500 200,914 ------------ 494,028 India - 0.45% Infosys Technologies, Ltd. 1,500 110,250 ------------ Israel - 0.45% Check Point Software Techn., Ltd.* 1,762 110,530 ------------ Italy - 3.45% Alleanza Assicurazioni 29,725 376,350 SAIPEM 46,000 302,020 San Paolo-IMI SPA 12,150 169,786 ------------ 848,156 Japan - 7.82% Ajinomoto Co., Inc. 13,000 132,562 Fast Retailing Co., Ltd. 800 172,670 The Furukawa Electric Co., Ltd. 15,000 179,056 Hoya, Inc. 1,000 65,553 Kao Corp. 7,000 177,882 Murata Manufacturing Company, Ltd. 1,200 100,902 NTT Docomo, Inc. 9 185,004 Pioneer Corp. 7,000 209,040 Takeda Chemical Industries, Ltd. 5,000 241,169 Takefuji Corp. 1,800 141,011 Tokyo Gas Co., Ltd. 113,000 317,331 ------------ 1,922,179 Luxembourg - 1.39% Societe Europeenne des Satellites 2,275 341,125 ------------ Mexico - 0.34% Cemex 3,600 83,412 ------------ Netherlands - 4.43% ABN AMRO Holding NV 9,000 181,265 Heineken NV 3,675 190,585 ING Groep NV 1,700 116,096 STMicroelectronics N.V. 5,325 214,733 TNT Post Group NV 11,825 278,555 VNU NV 144A 2,600 108,076 ------------ 38,725 1,089,310 Portugal - 0.70% Brisa Auto-Estradas de Portugal SA 18,500 172,512 ------------ Singapore - 0.70% Flextronics International* 6,350 170,752 ------------ Spain - 1.13% Banco Santander Central Hispano SA 27,825 276,503 ------------ Sweden - 0.95% Assa Abloy AB 13,400 233,220 ------------ Switzerland - 2.95% Adecco SA 240 145,258 Serono SA 150 123,642
Shares Value ------ ----- Switzerland - cont'd. The Swatch Group AG 220 $243,606 Synthes-Stratec, Inc. 144A* 355 211,586 ------------ 724,091 United Kingdom - 9.12% Aegis Group PLC 23,425 45,908 Amvescap PLC 7,500 139,688 ARM Holding PLC 18,000 98,876 BP Amoco PLC 2,800 151,424 Cable & Wireless PLC 21,000 154,258 Compass Group PLC 17,000 130,347 Dimension Data Holdings PLC 12,000 56,819 Energis PLC* 27,875 145,146 GlaxoSmithKline PLC 10,900 287,993 Matalan PLC 15,400 91,644 Pearson PLC 6,200 130,642 Prudential PLC 12,000 140,418 Reckitt Benckiser PLC 17,000 231,877 Spirent PLC 27,700 163,254 TeleWest Communications 56,000 109,948 Tesco PLC 26,000 92,983 WPP Group 5,750 68,888 ------------ 2,240,113 United States - 36.22% AOL Time Warner 9,769 493,335 Abbott Laboratories 3,500 162,330 Alcoa, Inc. 1,600 66,240 American Express 2,775 117,771 American International Group 2,100 171,780 Amgen, Inc.* 1,749 106,934 Analog Devices, Inc.* 1,250 59,138 Bank Of New York 2,009 100,852 Baxter International, Inc. 1,182 107,739 Berkshire Hathaway, Inc. 50 113,750 Bristol-Myers Squibb Co. 775 43,400 Caterpillar, Inc. 1,350 67,770 Celestica, Inc. 1,800 91,980 Cisco Systems, Inc.* 8,248 140,051 Citigroup, Inc. 12,486 613,687 Clear Channel Communications, Inc. 1,200 66,960 The Coca-Cola Company 3,500 161,665 Comcast Corporation Class A Special* 1,917 84,175 Comverse Technology, Inc.* 1,427 97,750 Corning, Inc 2,078 45,654 Walt Disney Co. 2,150 65,038 EMC Corp.* 3,291 130,324 Federal National Mortgage Assoc. 1,275 102,332 Fifth Third Bancorp 4,146 222,889 FleetBoston Financial Corp. 1,575 60,433 General Electric Co. 16,482 799,871 Home Depot, Inc. 6,276 295,600 Intel Corp. 8,243 254,791 International Business Machines 3,025 348,299
The accompanying notes are an integral part of the financial statements. 101 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- United States - cont'd. Johnson & Johnson 1,675 $161,604 Juniper Networks, Inc.* 2,333 137,717 Kohl's Corp.* 1,746 106,611 Merck & Company, Inc. 1,946 147,838 Microsoft Corp.* 7,775 526,756 Morgan Stanley Dean Witter and Co. 1,775 111,452 Omnicom Group 1,045 91,803 Oracle Systems Corp.* 12,342 199,447 Pfizer, Inc. 16,896 731,597 Philip Morris Companies, Inc. 1,500 75,165 Solectron Corp. 2,400 61,080 Sun Microsystems, Inc.* 6,098 104,398 Tyco International Ltd. 7,456 397,927 Viacom Inc Class B* 3,598 187,312 Wal-Mart Stores, Inc. 6,755 349,504 Washington Mutual, Inc. 3,125 156,031 Wells Fargo 3,375 158,524 ------------ 8,897,299 TOTAL COMMON STOCKS (Cost $22,143,615) $21,120,818 ------------ PREFERRED STOCK - 2.51% Brazil - 1.54% Embraer-Empresa Brasileira de Aero 6,625 $296,866 Companhia de Bebidas das Americas 3,300 80,520 ------------ 377,386 Germany - 0.97% Henkel KGAA 3,800 239,380 ------------ TOTAL PREFERRED STOCKS (Cost $491,194) $616,766 ------------ Principal Value --------- ----- REPURCHASE AGREEMENTS - 11.51% Repurchase Agreement with State Street Bank & Trust Co. dated 04/30/01 at 4.52%, to be repurchased at $2,828,350 on 05/01/01, collateralized by U.S. Government Securities (Cost $2,828,000) $2,828,000 $2,828,000 ------------ SHORT-TERM INVESTMENTS - 0.00% SSGA Money Market Fund (Cost $1,000) $1,000 $1,000 ------------ TOTAL INVESTMENTS (Global Equity Fund) (Cost $25,463,809) $24,566,584 ------------
- -------------------------------------------------------------------------------- Global Equity Fund - ------------------------------------------------------- MAJOR INDUSTRIES Health Care (Medical Products & Suppls) 10.76% Computers (Software & Services) 9.51% Electrical Equipment 6.54% Specialty Retail 5.10% Banks (Money Center) 4.76% Financial (Diversified) 4.30% Insurance (Property-Casualty) 3.74% Communication Equipment 3.52% Telecommunications (Long Distance) 3.22% Entertainment 3.04% All Other 45.51% ------- 100.00% - ------------------------------------------------------- International Equity Fund - -------------------------------------------------------
Shares Value ------ ----- COMMON STOCKS - 87.5% Australia - 1.62% Amcor, Ltd. 3,567 $11,100 AMP Limited 3,184 32,486 AMP, Ltd.* 540 0 Australian Gas & Light 2,598 13,983 BHP, Ltd. 7,201 79,056 Brambles Industries, Ltd. 1,149 29,244 Coca Cola Amatil, Ltd. 3,366 7,985 Coles Myer, Ltd. 5,964 21,054 Commonwealth Bank Of Australia 1,475 21,694 CSL, Ltd. 393 7,378 CSL, Ltd. 2,228 6,081 Faulding(Fh) & Co., Ltd. 473 2,678 Fosters Brewing Group, Ltd. 9,305 23,402 Goodman Fielder, Ltd. 6,843 4,189 Leighton Holdings, Ltd. 1,436 5,349 Lend Lease Corp. 2,935 20,977 Mayne Nickless, Ltd. 1,984 6,473 MIM Holdings, Ltd. 4,072 2,701 National Australia Bank 5,884 90,352 News Corporation, Ltd. 6,637 63,065 Normandy Mining, Ltd. 10,400 5,199 Onesteel, Ltd.* 959 475 Orica, Ltd. 1,475 3,544 Pacific Dunlop, Ltd. 2,599 1,498 Paperlinx, Ltd. 682 1,343 QBE Insurance Group 1,367 7,880 Rio Tinto Limited 1,104 20,817 Santos Ltd 4,985 17,293 Southcorp, Ltd 3,321 11,453 Suncorp Metway 1,664 10,611 Tabcorp Holdings, Ltd 1,711 8,214 Telstra Corp 26,253 89,331 Wesfarmers, Ltd. 978 11,400
The accompanying notes are an integral part of the financial statements. 102 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Australia - cont'd. Westpac Banking Corp. 8,030 $53,582 WMC, Ltd. 6,435 30,891 Woolworths, Ltd. 6,118 28,027 ------------ 750,807 Austria - .01% Austria Tabak AG 93 6,040 ------------ Belgium - .05% KBC Bancassurance Holding SA 276 10,229 Solvay SA 102 5,249 Union Chimique Belge 158 5,187 Union Miniere SA 34 1,418 ------------ 22,082 Canada - .07% Thomson Corp 1,000 33,529 ------------ Denmark - .10% Carlsberg AS Series A 100 4,267 Carlsberg 100 4,493 Danisco 200 6,929 Danske Bank 700 11,273 Novo Nordisk AS 500 19,017 ------------ 45,979 Finland - .96% Hartwall OYJ 467 7,375 Kesko Corp 1,571 13,242 Metso Corp 1,401 14,171 Nokia (Ab) OYJ 7,269 240,563 Nordea 2,313 13,852 Outokumpu OYJ 782 6,661 Raisio Group OYJ 1,459 1,994 Sampo OYJ 2,480 25,961 Sonera Corp 3,315 36,677 Tietoenator Corp 546 16,810 UPM-Kymmene OY 1,615 50,653 Wartsila OY 606 13,576 ------------ 441,536 France - 11.27% Accor SA 1,621 68,891 Alcatel 3,009 97,979 Aventis SA 5,321 412,148 AXA 1,445 170,516 BNP Paribas 1,163 103,394 Bouygues 2,874 122,959 Cap Gemini SA 425 61,427 Carrefour 3,493 201,601 Casino Guichard Perrachon 549 49,197 Cie de St Gobain 600 90,500 Cie Generale des Estabissement 960 31,864 Coflexip SA 150 22,093 Dassault Systemes 128 6,326 Eridania Beghin-Say SA 328 27,196 Fonciere Lyonnaise 480 14,097 France Telecom SA 3,814 277,486
Shares Value ------ ----- France - cont'd. Gecina 120 $10,860 Groupe Danone 1,901 247,096 Imerys 35 3,680 Klepierre 160 14,338 Lafarge 357 34,304 Lagardere S.C.A. 718 41,726 L'Air Liquide 485 73,068 L'Oreal 4,089 297,675 Louis Vuitton Moet Hennessy 2,900 179,083 Pechiney SA 490 25,781 Pernod Ricard 681 47,220 Peugeot SA 291 83,111 Pinault Printemps Redoute 796 137,083 Sagem SA 59 4,816 Sanofi Synthelabo 4,990 299,291 Schneider Electric SA 1,067 72,848 SILIC 50 7,497 SIMCO 320 21,663 Societe Generale 1,252 80,758 Sodexho Alliance SA* 816 40,182 Sophia SA 495 14,296 St Microelectronics 2,625 105,854 STE BIC 482 18,466 Suez Lyonnaise des Eaux 973 143,825 Thales (Ex-Thomson-CDF) 1,073 44,697 Total Fina Elf SA 6,914 1,030,587 Unibail SA 345 54,792 Usinor 2,207 28,844 Valeo SA 616 28,420 Vivendi Universal 3,653 252,970 ------------ 5,202,502 Germany - 7.71% Adidas Salomon AG 200 12,136 Allianz AG 1,250 359,891 BASF AG 3,400 146,247 Bayer AG 4,000 168,578 Bayerische Hypo-und Vereinsbank 1,700 94,843 Beiersdorf AG 1,150 117,747 Bilfinger & Berger 150 2,409 Buderus AG 100 2,338 Continental AG 550 7,905 Daimlerchrysler AG 4,550 227,848 Deutsche Bank AG 2,000 163,254 Deutsche Telekom AG 11,338 293,742 Douglas Holding AG 450 14,653 Dresdner Bank AG 1,600 72,854 E. On AG 6,620 333,327 EM & TV Merchandising 250 1,238 FAG Kugelfischer 350 2,407 Fresenius Medical Care 200 14,835 Heidelberg Zement AG 334 17,523 IVG Holding AG 1,363 17,499 Kamps AG 300 2,928
The accompanying notes are an integral part of the financial statements. 103 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Germany - cont'd. Karstadt Quelle AG 500 $15,509 Linde AG 850 38,349 Lufthansa AG 800 15,332 Man AG 700 19,228 Merck KGAA 627 21,918 Metro AG 1,850 84,697 Muenchener Rueckversicherungs 850 242,373 Preussag AG 1,050 35,252 RWE AG(Neu) 4,550 177,627 SAP AG 1,100 174,797 Schering AG 800 39,955 SGL Carbon AG* 50 1,763 Siemens AG 6,615 487,727 Thyssenkrupp AG 3,000 46,660 Volkswagen AG 1,550 77,013 WCM Beteiligungs&Grundbesitz 250 4,192 ------------ 3,556,594 Hong Kong - 1.80% Bank Of East Asia, Ltd. 12,208 27,785 Cathay Pacific Air, Ltd. 17,000 25,721 CLP Holdings, Ltd. 12,000 50,468 Esprit Holdings, Ltd. 1,012 1,148 Hang Lung Development Co. 4,000 3,462 Hang Seng Bank 7,200 84,934 Henderson Land Development 6,000 27,542 Hong Kong & China Gas, Ltd. 27,170 32,573 Hong Kong & Shanghai Hotels, Ltd. 500 276 Hopewell Holdings, Ltd. 1,000 458 Hutchison Whampoa, Ltd. 19,100 205,106 Hysan Development 3,021 4,145 Johnson Electric Holdings, Ltd. 18,000 33,812 Li & Fung, Ltd. 56,000 105,911 New World Development Co. 13,203 16,337 Pacific Century Cyberworks, Ltd.* 65,815 22,574 Shangri-la Asia, Ltd. 12,000 11,771 Sino Land Co. 15,329 6,879 South China Morning Post 4,000 2,552 Sun Hung Kai Properties 11,000 102,962 Swire Pacific, Ltd. 7,000 38,595 Wharf Holdings, Ltd. 11,000 25,952 ------------ 830,963 Ireland - 0.06% CRH PLC 435 7,325 Green Property Co. 2,600 16,840 Kerry Group PLC 154 1,713 Jefferson Smurfit Group PLC 1,340 2,497 ------------ 28,376 Italy - 3.34% Assicurazione Generali 4,992 161,221 Autogrill SpA 962 10,840 Banca Intesa SpA 14,596 54,780 Banca Populare de Milano 725 3,403
Shares Value ------ ----- Italy - cont'd. Banca di Roma 8,862 $9,553 Benetton Group SpA 7,898 11,843 ENEL Societa Per Azioni 44,988 146,889 Ente Nazionale Idrocarburi SpA 60,283 412,913 Fiat SpA 1,107 25,537 Impregilo SpA 1,043 500 Italcementi 327 2,704 Italgas 2,021 18,756 Mediaset 4,197 48,931 Mediobanca SpA 1,276 14,072 Parmalat Finanzlaria 14,195 20,151 Pirelli SpA 10,365 33,843 Riunione Adriatica de Sicurta 2,335 30,765 Rinascente per L'Esercizio 1,004 4,285 Societa Assicuratrice Industrial 280 4,184 San Paolo IMI SpA 4,159 58,119 SNIA SpA 2,038 4,068 Telecom Italia Mobile SpA ORDS 13,659 151,850 Telecom Italia Mobile SpA RISP 659 4,110 TIM SpA 34,554 237,600 Unicredito Italian 14,354 67,753 ------------ 1,538,670 Japan - 18.39% Acom Co., Ltd. 500 39,979 Advantest Corp. 400 45,871 Ajinomoto Co., Inc. 7,000 71,379 Alps Electric Co. 286 3,407 Asahi Bank 3,000 8,352 Asahi Breweries 4,000 44,802 Asahi Glass Co. 12,000 102,942 Asahi Kasei Corp. 5,000 25,735 Bank of Fukuoka 1,000 4,338 Bank of Yokohama 1,000 3,763 Benesse Corp. 800 34,314 Bridgestone Corp. 7,000 80,613 Canon, Inc. 4,000 157,002 Central Japan Railway 9 56,594 Chugai Pharmaceutical Co., Ltd. 2,000 29,701 Chuo Mitsui Trust & Banking Co. 3,000 5,900 Credit Saison Co., Ltd. 300 6,349 Dai Nippon Ink & Chemicals, Inc. 1,000 2,913 DAI Nippon Printing Co., Ltd. 7,000 95,116 Daiei, Inc. 2,000 4,678 Daiwa Bank, Ltd. 2,000 2,590 Daiwa House Industries Co., Ltd. 5,000 40,222 Daiwa Securities Group, Inc. 5,000 56,650 Denki Kagaku Kogyo 1,000 3,698 Denso Corp. 5,000 98,126 East Japan Railway 18 100,223 Eisai Co. 1,000 25,655 Fanuc, Ltd. 2,300 128,621 Fuji Photo Film Co. 5,000 201,513
The accompanying notes are an integral part of the financial statements. 104 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Japan - cont'd. Fujitsu, Ltd. 9,000 $123,821 Furukawa Electric Co. 1,000 11,937 Hitachi, Ltd. 13,000 126,039 Honda Motor Co. 3,000 120,665 Ishikawajima-Harima Heavy Industries 1,000 2,485 Itochu Corp. 1,000 4,055 Ito-Yokado Co. 2,000 111,520 Japan Air Lines Co. 6,000 23,793 Japan Energy Corp. 3,000 6,410 Japan Tobacco, Inc. 4 26,707 Joyo Bank, Ltd. 1,000 3,091 Jusco Co. 4,000 100,028 Kajima Corp. 19,000 65,504 Kansai Electric Power, Inc. 12,400 195,586 Kao Corp. 7,000 177,882 Kawasaki Heavy Industries 4,000 6,571 Kawasaki Steel Corp. 10,000 12,463 Keihin Electric Express Railway 1,000 4,200 Kinki Nippon Railway 23,690 94,327 Kirin Brewery Co. 16,000 153,959 Komatsu, Ltd. 8,000 45,320 Kubota Corp. 3,000 10,925 Kyocera Corp. 800 76,462 Kyowa Hakko Kogyo Co., Ltd. 1,000 7,203 Marubeni Corp. 1,000 2,088 Marui Co. 2,000 27,014 Matsushita Electric Industrial 15,000 250,071 Mitsubishi Chemical Corp. 8,000 26,221 Mitsubishi Corp. 3,000 22,579 Mitsubishi Electric Corp. 21,000 125,764 Mitsubishi Estate Co., Ltd. 8,000 80,864 Mitsubishi Heavy Industries, Ltd. 31,000 126,694 Mitsubishi Materials Corp. 1,000 2,671 Mitsubishi Rayon Co., Ltd. 1,000 3,294 Mitsubishi Tokyo Financial Group 8 76,478 Mitsui & Co. 4,000 22,854 Mitsui Engineering & Shipbuilding 1,800 2,666 Mitsui Fudosan Co., Ltd. 5,000 49,569 Mitsui Marine & Fire Insurance 1,000 5,592 Mitsui Mining & Smelting Co., Ltd. 1,000 5,867 Mitsukoshi, Ltd. 1,000 4,629 Murata Manufacturing Co. 700 58,860 NEC Corp. 8,000 145,996 Nichiei Co. 300 3,523 Nidec Corporation 300 15,563 Nikon Corp. 1,000 12,382 Nintendo Co. 1,200 193,259 Nippon Express Co. 12,000 60,211 Nippon Mitsubishi Oil 23,000 133,832 Nippon Steel Corp. 39,000 71,962 Nippon Telegraph & Telephone Corp. 63 400,235 Nippon Unipac Holding 1 5,835 Nippon Yusen 3,000 13,256
Shares Value ------ ----- Japan - cont'd. Nissan Motor Co., Ltd. 17,000 $116,530 Nissin Food Products Co., Ltd. 100 2,185 Nomura Securities Co. 8,000 168,980 NSK, Ltd. 1,000 4,726 Obayashi Corp. 3,000 15,538 Oji Paper Co. 8,000 39,170 Omron Corp. 1,000 18,533 Oriental Land Co., Ltd. 400 27,095 Orix Corp. 200 17,464 Osaka Gas Co. 24,000 71,477 Penta-Ocean Construction 1,800 3,336 Promise Co., Ltd. 400 32,695 Sankyo Co. 3,000 62,639 Sanyo Electric Co. 19,000 117,477 Sekisui Chemical Co., Ltd. 1,000 3,828 Sekisui House, Ltd. 8,000 68,822 Sharp Corp. 8,000 109,999 Shimizu Corp. 1,000 4,742 Shionogi & Co. 1,000 17,602 Shiseido Co. 2,000 22,272 Shizuoka Bank 1,000 8,748 Showa Denko KK 1,000 2,242 Showa Shell Sekiyu 2,000 11,443 SMC Corp. 700 82,993 Softbank Corporation 2,500 95,092 Sony Corp. 5,400 403,804 Sumitomo Chemical 9,000 48,072 Sumitomo Corp. 3,000 22,142 Sumitomo Electric Industries, Ltd. 3,000 37,098 Sumitomo Marine & Fire Insurance 1,000 6,102 Sumitomo Metal Industries, Ltd. 6,000 4,904 Sumitomo Metal Mining Co., Ltd. 1,000 4,063 Sumitomo Mitsui Banking Corp. 5,400 50,432 Taiheiyo Cement Corp. 1,000 2,331 Taisei Corp. 2,000 5,600 Taisho Pharmaceutical Co. 3,000 58,997 Takeda Chemical Industries 4,000 192,935 Takefuji Corp. 500 39,170 Teijin, Ltd. 3,000 15,393 Terumo Corp. 1,900 38,134 Tobu Railway Co. 2,000 6,167 Tohoku Electric Power 6,600 92,565 Tokio Marine & Fire Insurance Co. 8,000 84,166 Tokyo Broadcasting System, Inc. 1,000 22,417 Tokyo Electric Power 14,700 350,949 Tokyo Electron, Ltd. 700 50,985 Tokyo Gas Co. 9,000 25,274 Tokyu Corp. 1,000 5,746 Toppan Printing Co. 4,000 38,360 Toray Industries, Inc. 6,000 26,949 Toshiba Corp. 13,000 85,324 Tosoh Corp. 1,000 2,857 Toyobo Co. 2,800 6,413
The accompanying notes are an integral part of the financial statements. 105 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Japan - cont'd. Toyota Motor Corp. 19,200 $638,627 Ube Industries 1,000 2,290 Yamanouchi Pharmaceutical, Co. 2,000 55,355 ------------ 8,491,080 Netherlands - 5.81% ABN AMRO Holding NV 4,506 90,753 Aegon NV 4,961 165,502 Ahold NV 3,701 114,930 Akzo Nobel NV 842 35,075 ASM Lithography 1,656 43,785 Buhrmann NV * 558 9,253 Elsevier NV 2,932 40,140 Getronics NV 1,852 9,005 Hagemeyer 509 10,184 Heineken NV 3,945 204,587 ING Groep NV 3,417 233,353 KPN NV 2,019 24,685 OCE NV 117 1,370 Philips Electronics NV 3,944 115,862 Rodamco Continental Europe 330 12,444 Royal Dutch Petroleum Co. 17,328 1,036,226 TNT Post Groep NV 2,976 70,104 Unilever NV 7,298 413,115 Vedior NV 445 4,541 VIB NV 500 11,778 Wolters Kluwer NV 1,293 35,770 ------------ 2,682,460 New Zealand - 0.01% Carter Holt Harvey, Ltd. 3,731 2,821 ------------ Norway - 0.04% Elkem AS 100 1,912 Norske Skogsindust 200 3,253 Orkla SA 800 14,726 ------------ 19,891 Portugal - 0.31% Banco Comercial Portugues SA 4,084 17,538 Banco Espirito Santo 393 5,335 BPI SGPS SA 3,576 10,280 Brisa Auto Estrada de Portugal 2,155 20,095 Electricidade de Portugal 23,405 63,544 Jeronimo Martins SGPS SA 565 3,910 Portugal Empresa Produtora 3,300 3,514 Portugal Telecom SGPS 1,598 15,511 Pt Multimedia.com* 246 812 Sonae Investmentos SA* 1,660 1,664 ------------ 142,203 Singapore - 0.67% Capitaland, Ltd. 8,000 10,104 Chartered Semiconductors Mfg., Ltd. 1,000 3,075 City Developments, Ltd. 4,000 14,058 Creative Technology, Ltd. 100 923 Cycle & Carriage, Ltd. 2,000 3,624
Shares Value ------ ----- Singapore - cont'd. DBS Group Holdings, Ltd. 5,815 $50,773 First Capital Corp. 2,000 1,186 Fraser & Neave, Ltd. 2,000 8,018 Hotel Properties, Ltd. 5,000 4,119 Keppel Corp. 3,000 5,173 Neptune Orient Lines, Ltd.* 4,000 3,317 OverSeas Chinese Banking, Ltd. 5,400 32,619 Parkway Holdings, Ltd. 6,000 3,262 Sembcorp Industries, Ltd. 11,000 9,605 Singapore Airlines 7,000 55,739 Singapore Press Holdings 2,000 22,954 Singapore Technologies Engineering 18,000 26,985 Singapore Telecommunications, Ltd. 16,900 16,891 Sonae.com SGPS SA 1,328 4,250 United Overseas Bank, Ltd. 4,336 28,811 United OverSeas Land, Ltd. 4,000 3,712 ------------ 309,199 Spain - 3.70% Acerinox SA 256 7,541 Acs Actividades de Construccion 674 18,837 Aguas De Barcelona 1,807 26,053 Altadis SA 3,322 41,264 Autopistas Concessionaria Espanol 2,910 28,556 Banco Bilbao Vizcaya Argentaria 15,537 220,839 Banco Santander Central Hispano 15,621 155,229 Corp Mapfre SA 524 10,372 Ebro Puleva SA 359 3,886 Endesa S.A. 12,237 206,180 Fomento de Constr. & Contra SA 1,026 22,303 Gas Natural SDG 5,676 98,706 Grupo Dragados SA 1,931 23,866 Iberdrola SA 11,410 168,354 Inmobiliaria Colonial 1,641 21,796 Metrovacesa SA 1,928 30,962 Metrovacesa SA 71 918 Repsol YPF SA 9,908 183,729 Sol Melia SA 1,076 10,139 Telefonica SA* 17,829 301,822 Telepizza SA* 2,488 5,651 Union Electrica Fenosa 3,790 71,659 Vallehermoso SA 6,399 45,420 Zardoya Otis SA 539 5,122 ------------ 1,709,204 Sweden - 2.17% Assidomaen AB 159 3,504 Atlas Copco Series A 1,300 28,773 Atlas Copco Series B 800 17,161 Castellum AB 2,590 25,127 Drott AB 2,530 26,395 Electrolux AB 3,300 54,539 Ericsson Telefon AB 30,250 194,667 Hennes & Mauritz AB 8,000 134,945
The accompanying notes are an integral part of the financial statements. 106 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Sweden - cont'd. JM AB 900 $20,096 Nordea AB 2,700 16,322 Om AB 800 15,328 Sandvik AB* 2,800 64,977 Securitas AB 4,000 77,808 Skandia Insurance A 5,400 58,707 Skandinaviska Enskilda Banken 1,500 13,894 Skanska/Frueher AB 1,300 50,702 SKF AB 1,000 17,794 SSAB Swedish Steel 400 3,705 Svenska Cellulosa AB 1,523 32,818 Svenska Handelsbanken Series A 2,200 32,820 Swedish Match AB 1,800 7,880 Tele2 AB 300 11,700 Telia AB 3,150 21,653 Trelleborg AB 1,500 11,189 Volvo Series A 500 8,166 Volvo Series B 1,800 30,275 Wihlborgs Fastigheter AB 4,050 5,410 Wm-Data Nordik AB 3,300 13,868 ------------ 1,000,223 Switzerland - 7.31% ABB Ltd 1,367 98,496 Adecco SA 130 78,681 Credit Suisse Group 880 164,095 Givaudan AG* 45 11,880 Holderbank Financiere Glarus AG 11 3,348 Holderbank Financiere Glarus AG 15 16,903 Nestle SA 496 1,026,966 Novartis AG 550 854,714 Roche Holdings 58 416,566 Roche Holdings AG 18 143,182 Sulzer AG* 10 5,822 Swatch Group AG 29 32,112 Swiss Reinsurance 61 120,077 Swisscom AG 274 71,230 Syngenta Novartis AG 266 13,477 UBS AG 1,262 192,044 Valora Holding AG 33 5,764 Zurich Financial Services Group* 333 118,432 ------------ 3,373,789 Taiwan - .10% Asustek Computer Inc 9,582 43,985 ------------ United Kingdom - 22.00% 3I Group PLC 2,677 48,174 Abbey National PLC 5,501 97,578 Amvescap PLC 2,544 47,382 ARM Holdings PLC* 4,089 22,461 Astrazeneca PLC 11,995 558,349 BAA PLC 7,043 61,861 BAE Systems PLC 18,372 86,991 Barclays PLC 7,109 228,812
Shares Value ------ ----- United Kingdom - cont'd. Bass PLC 7,239 $79,633 BG Group PLC 23,981 94,338 Blue Circle Industries PLC 814 5,618 BOC Group PLC 3,500 51,469 Boots Co PLC 4,949 43,716 BP Amoco PLC 178,879 1,604,408 British Airways PLC 9,634 48,580 British American Tobacco PLC 20,704 167,929 British Land Co PLC 7,990 53,262 British Sky Broadcasting Group* 8,546 106,969 British Telecommunication PLC 50,193 400,650 Bunzl PLC 437 2,558 Cadbury Schweppes PLC 17,928 110,534 Canary Wharf Group PLC* 1,977 15,272 Capita Group PLC 5,904 41,764 Carlton Comunications PLC 3,591 21,935 Centrica PLC 22,808 77,244 CGNU PLC 10,691 148,347 Chelsfield PLC 5,161 26,588 Compass Group PLC 14,672 112,497 Corus Group PLC 3,993 4,084 Diageo PLC 31,661 332,889 Dixons Group 11,032 38,506 EMI Group PLC 3,902 24,783 GKN PLC 8,995 97,084 Glaxosmithkline PLC 49,684 1,312,718 Granada PLC 14,672 39,458 Grantchester Holdings PLC 5,319 16,511 Great Portland Estates PLC 3,642 14,216 Great Universal Stores PLC 7,108 54,856 Halifax Group PLC 8,987 102,333 Hammerson PLC 2,910 21,469 Hanson PLC 964 6,530 Hays PLC 11,253 53,443 Hilton Group PLC 13,719 43,617 HSBC Holdings PLC 36,205 476,998 Imperial Chemical Industries PLC 7,165 42,433 International Power PLC 4,829 20,775 Invensys PLC 27,067 56,724 Johnson Matthey PLC 196 2,720 Kingfisher PLC 8,493 54,672 Land Securities PLC 6,388 81,420 Lattice Group PLC 23,981 44,768 Legal & General Group PLC 26,587 62,659 Lloyds TSB Group PLC 20,571 213,786 Logica PLC 1,823 26,078 Marconi PLC 7,637 44,737 Marks & Spencer PLC 18,271 70,046 Misys PLC 3,326 30,307 National Grid Grp PLC 9,027 69,085 Nycomed Amersham PLC 4,233 32,275 P&O Princess Cruises PLC* 3,826 18,116 Pearson PLC 2,720 57,314
The accompanying notes are an integral part of the financial statements. 107 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- United Kingdom - cont'd. Peninsular & Oriental Steam PLC 3,826 $14,025 Prudential PLC 8,692 101,709 Psion PLC 755 1,096 Railtrack Group PLC 2,932 20,552 Reed International PLC 5,034 49,904 Rentokil Initial PLC 12,399 33,700 Reuters Group* 7,061 103,533 Rexam PLC 539 2,251 Rio Tinto PLC 6,322 128,058 RMC Group PLC 297 3,140 Royal Bank of Scotland Group PLC 9,737 225,507 Sage Group PLC 6,112 25,858 Sainsbury(J) PLC 11,579 65,800 Schroders PLC 1,369 19,564 Scottish Power PLC 11,249 71,608 Slough Estates PLC 4,470 23,903 Smith & Nephew PLC 2,652 12,500 Tate & Lyle PLC 1,970 6,200 Tesco PLC 42,448 151,805 Unilever PLC 26,664 201,394 United Utilities PLC 4,613 39,692 Vodafone Group PLC 288,115 874,786 WPP Group PLC 4,218 50,534 ------------ 10,159,450 TOTAL COMMON STOCKS (Cost $44,878,264) $40,391,382 ------------ PREFERRED STOCKS - 0.47% Australia - 0.10% News Corporation Ltd 5,887 $47,451 ------------ Germany - 0.26% Dyckerhoff AG 100 1,800 RWE AG (Neu) 100 2,972 SAP AG 650 103,520 Volkswagen AG 300 9,170 ------------ 117,462 Italy - 0.11% Fiat SpA 3,453 50,030 ------------ Spain - 0.00% Telefonica S A 9 452 ------------ TOTAL PREFERRED STOCKS (Cost 231,908) $215,396 ------------ WARRANTS - 0.00% France - 0.00% SIMCO (Cost $0) 80 $419 ------------ COMMON STOCK UNIT - 0.06% Australia - 0.06% AMP Diversified Property Trust 2,061 $2,555 General Property Trust 7,840 10,559
Shares Value ------ ----- Australia - cont'd. Stockland Trust GP 1,728 $3,526 Westfield Trust* 7,406 11,712 ------------ 28,352 TOTAL COMMON STOCK UNIT (Cost $35,343) $28,352 ------------ Principal Value --------- ----- SHORT-TERM INVESTMENTS - 0.00% SSGA Money Market Fund $1,000 $1,000 ------------ REPURCHASE AGREEMENTS - 11.97% Repurchase Agreement with State Street Bank & Trust Co, dated 4/30/01 at 4.52%, to be repurchased at $5,528,685 on 05/01/01, collateralized by U.S. Government Securities (Cost $5,528,000) $5,528,000 $5,528,000 ------------ TOTAL INVESTMENTS (International Equity Fund) (Cost $50,674,515) $46,164,549 ------------ - ---------------------------------------------------------------------------- International Equity Fund - ---------------------------------------------------------------------------- MAJOR INDUSTRIES Pharmaceuticals 11.17% Oil & Gas 11.14% Banks 8.72% Food Products 5.32% Diversified Telecommunications 5.26% Insurance 4.65% Electric Utilities 4.53% Automobiles 3.32% Wireless Telecommunication 3.07% Household Durables 2.91% All Other 39.91% ------------ 100.00% - ---------------------------------------------------------------------------- International Small Cap Fund - ---------------------------------------------------------------------------- Shares Value ------ ----- COMMON STOCKS - 92.48% Australia - 0.05% Cabcharge Australia Ltd. 5,900 $9,632 ------------ Canada - 6.26% Certicom 75 762 Cominco, Ltd. 4,400 95,534 Exfo Electro-Optical Engineering Inc.* 2,400 80,832 Microcell Telecommunications 8,950 78,313 Onex Corporation 6,975 102,173 Penn West Petroleum Ltd. 4,950 136,157 Pivotal Corporation* 6,650 166,915 Research In Motion, Ltd. 3,175 107,696
The accompanying notes are an integral part of the financial statements. 108 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Canada - cont'd. The Descartes Systems Group, Inc. 12,475 $243,652 Westcoast Energy, Inc. 7,000 145,833 ------------ 1,157,867 China - 1.96% AsiaInfo Holdings, Inc. 3,800 47,500 Travelsky Technology, Ltd. 295,000 196,692 Guangshen Railway Co., Ltd. 768,000 119,154 ------------ 363,346 Denmark - 1.47% NEG Micon A/S* 3,650 148,367 Sophus Berendsen A/S 5,050 124,245 ------------ 272,612 Finland - 1.95% Instrumentarium Corp. 6,500 193,199 Perlos Oyj SA 4,150 53,943 Wartsila Oyj 5,100 114,256 ------------ 361,397 France - 6.29% Business Objects SA 4,000 144,800 Compagnie Francaise d'Etudes 700 108,999 Infogrames Entertainment SA 3,325 69,298 Medidep SA 375 41,091 Neopost SA* 3,550 85,043 Oberthur Card Systems 2,325 31,252 Rigiflex International 300 43,360 Rodriguez Groupe 144A 1,425 78,389 Seche Enviornment 1,075 90,610 Silicon-On-Insulator Technologies 4,675 82,958 Societe du Louvre 350 25,775 UBI Soft Entertainment 225 9,143 Vallourec SA 3,925 236,807 Valtech 750 5,437 Wavecom SA 2,450 74,560 Zodiac SA 150 35,667 ------------ 1,163,188 Germany - 5.61% Articon-Integralis AG* 2,025 76,898 Beru AG 225 8,325 Buderus AG 2,200 51,434 Ceyoniq AG 1,625 13,553 Energiekontor AG* 1,100 75,638 FJA AG 1,175 71,413 Gericom AG 3,450 90,912 International Media AG 1,950 50,174 Kontron Embedded Computers AG 1,325 76,179 Lambda Physik AG 2,450 156,511 P & T Technology AG 1,000 14,551 Suss Microtec AG 5,400 173,919 Techem AG 144A 5,500 152,984 Vossloh AG 1,200 25,340 ------------ 1,037,830
Shares Value ------ ----- Greece - 1.44% Attica Enterprises Holding SA 1,775 $13,575 Folli-Follie 4,325 85,189 Hyatt Regency Hotel 144A 4,075 22,923 Jumbo SA 14,300 45,929 Lambrakis Press SA 6,740 84,797 Sarantis SA 3,550 13,922 ------------ 266,336 Hong Kong - 6.71% Brilliance China Automotive Holdings 532,000 143,249 China Everbright, Ltd. 208,000 201,359 China Insurance International Hldg. 420,000 97,474 China Resources Beijing Land, Ltd. 446,000 113,802 Convenience Retail Asia, Ltd. 34,000 7,062 Cosco Pacific, Ltd. 148,000 91,563 Denway Motors, Ltd. 704,000 209,873 Greencool Technology Holdings, Ltd. 242,000 72,920 Hong Kong Exch. & Clearing, Ltd. 52,000 93,345 Texwinca Holdings, Ltd. 340,000 106,809 Tingyi (Cayman Islands) Holding 114,000 18,272 Zhejiang Expressway Co., Ltd. 406,000 84,854 ------------ 1,240,582 Ireland - 1.42% Datalex PLC 14,000 60,200 Galen Holdings PLC 4,650 58,173 Grafton Group PLC 5,100 144,799 ------------ 263,172 Israel - 0.51% Card-Guard Scientific Survival 1,800 94,417 ------------ Italy - 1.08% Gabetti Holding SPA 7,500 25,952 Saeco International Group SPA 7,000 34,159 SNIE SPA 58,000 115,786 Technodiffusione 675 22,968 ------------ 198,865 Japan - 14.09% Amano Corporation 5,000 40,424 Central Glass Co., Ltd. 21,000 111,658 Chiyoda Corporation 33,000 80,921 Disco Corporation 500 42,164 Hokuto Corporation 7,620 278,739 Japan Airport Terminal Co., Ltd. 7,000 77,498 Marubun Corporation 9,600 96,338 Mitsubishi Gas Chemical Co., Inc. 30,000 96,872 Nippon Thompson Co., Ltd 4,000 33,116 Nissin Co. 4,500 91,774 Onward Kashiyama Co., Ltd. 8,000 80,282 Recrm Research Co., Ltd. 6 168,494 Ryohin Keikaku Company, Ltd. 3,300 89,200 Sanyo Shinpan Finance Co., Ltd 2,300 91,207 Sazaby, Inc. 1,700 90,802 Shimizu Corporation 74,000 350,941 Shinko Securities Company, Ltd. 14,000 48,493
The accompanying notes are an integral part of the financial statements. 109 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Japan - cont'd. Sumitomo Realty & Dev. Co., Ltd 12,000 $65,941 Taiheiyo Cement Corp. 67,000 156,161 Taisei Corp. 18,000 50,403 The Goodwill Group, Inc. 70 232,266 Toei Company, Ltd. 10,000 45,482 Toho Titanium Company, Ltd 11,000 97,924 Tokyo Steel Manufacturing Co. 13,200 49,674 Wacoal Corp. 4,000 39,526 ------------ 2,606,299 Luxembourg - 0.92% Thiel Logistik AG 144A 7,025 170,159 ------------ Mexico - 1.34% Empresas ICA Sociedad Control. SA 51,425 18,049 Grupo Aeroportuario del Sur. SA de CV 8,950 162,443 Grupo Elektra SA 36,950 34,875 Tubos de Acero De Mexico 2,350 31,514 ------------ 246,880 Netherlands - 1.88% Boskalis Westminister 100 2,950 Fugro NV 925 58,681 Heijmans NV 4,175 88,902 Teleplan Int'l NV 6,250 198,522 ------------ 38,725 349,055 Norway - 4.33% Farstad Shipping ASA 8,625 46,445 Fred Olsen Energy 16,700 149,574 Frontline, Ltd. 144A* 10,125 200,286 Smedvig ASA* 10,650 101,239 Tandberg ASA* 14,200 174,779 TGS Nopec Geophysical Co. 7,600 127,787 ------------ 800,110 South Korea - 4.79% Duzon Digital Ware Co., Ltd. 2,376 48,440 Good Morning Securities Co. 29,530 133,412 Humax, Ltd. 4,290 64,497 Hyundai Mobis 15,420 118,255 Koram Bank 3,600 19,681 LG Home Shopping, Inc 2,240 89,294 LG Household & Health Care, Ltd. 100 1,367 NCsoft Corp. 2,180 198,633 Trigem Computer, Inc. 38,300 212,293 ------------ 885,872 Spain - 2.66% ACS Actividades de Construcion 6,400 178,870 Grupo Dragados, SA 6,825 84,353 Grupo Ferrovial SA 10,375 162,012 Metrovacesa SA 435 5,623 NH Hoteles SA 4,600 61,179 ------------ 492,037 Sweden - 3.34% AssiDoman AB 3,700 81,533 Autoliv AB 2,600 51,970
Shares Value ------ ----- Sweden - cont'd. Elekta AB 7,000 $42,317 Getinge Industrier AB 17,800 291,576 Haldex AB 676 5,800 Modern Times Group MTG AB 2,150 63,938 Munters 5,150 81,348 ------------ 618,481 Switzerland - 5.62% Kaba Holding AG 590 147,598 Kuoni Reisen Holding AG 400 175,001 Logitech International 325 99,288 Mettler Toledo International 5,900 261,075 SEZ Holding AG 325 204,196 Swisslog Holding AG 400 107,214 Unaxis Holding AG 250 44,600 ------------ 1,038,972 United Kingdom - 18.76% Acambis PLC 24,125 42,793 Airtours PLC 22,050 100,305 Amey PLC 16,200 93,206 Bloomsbury Publishing PLC 8,625 92,289 British Energy PLC 51,950 228,146 Carphone Warehouse PLC 84,475 160,719 Cedar Group PLC 18,100 72,109 Debenhams PLC 27,650 174,035 DFS Furniture Co. 7,375 44,859 Easyjet PLC 5,700 32,534 Eidos PLC 29,750 124,268 Electronics Boutique PLC 27,675 32,067 First Choice Holidays PLC 52,600 127,223 Fitness First PLC 11,000 85,444 Go-Ahead Group PLC 14,750 179,349 HIT Entertainment 144A 38,250 180,565 House of Fraser PLC 76,500 98,490 Imagination Technologies Group* 18,650 46,130 Innogy Holdings PLC 54,150 159,765 Iona Technologies PLC 325 13,975 IQE PLC 14,225 51,076 J D Wetherspoon 18,125 100,730 JJB Sports PLC 4,525 51,137 Matalan PLC 21,125 125,712 Meggitt PLC 30,650 108,897 MFI Furniture Group PLC 52,900 83,869 Nestor Healthcare Group PLC 11,850 99,335 Northgate Info. Solutions PLC 19,350 15,778 Persimmon PLC 33,450 173,127 Selfridges PLC 27,525 139,780 Signet Group PLC 182,150 196,727 TBI PLC 35,050 40,613 Torex PLC 17,675 195,951 ------------ 3,471,002 TOTAL COMMON STOCKS (Cost $16,525,141) $17,108,111 ------------
The accompanying notes are an integral part of the financial statements. 110 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Principal Value --------- ----- REPURCHASE AGREEMENT - 5.89% Repurchase Agreement with State Street Bank & Trust Co. dated 04/30/01 at 4.52%, to be repurchased at $1,090,135 on 05/01/01, collateralized by U.S. Government Securities (Cost $1,090,000) $1,090,000 $1,090,000 ------------ SHORT-TERM INVESTMENTS - 1.63% SSGA Money Market Fund (Cost $301,274) $301,274 $301,274 ------------ TOTAL INVESTMENTS (International Small Cap Fund) (Cost $17,916,415) $18,499,385 ------------ - ------------------------------------------------------------------------------- International Small Cap Fund - ------------------------------------------------------------------------------- MAJOR INDUSTRIES Computers (Software & Services) 9.26% Services (Computer Systems) 7.52% Engineering & Construction 6.85% Retail (Specialty) 6.81% Electronics (Semiconductors) 5.13% Health Care Equipment & Supplies 4.43% Oil & Gas (Exploration & Production) 2.95% Automobiles 2.55% Electrical Equipment 2.51% Machinery (Diversified) 2.40% All Other 49.60% ------------ 100.00% - ------------------------------------------------------------------------------- Balanced Fund - ------------------------------------------------------------------------------- Shares Value ------ ----- COMMON STOCKS - 66.75% Automobiles - 1.00% General Motors Corp. 10,300 $564,543 ------------ Banks - 2.93% Bank of New York, Inc. 16,500 828,300 Wells Fargo & Company 17,600 826,672 ------------ 1,654,972 Biotechnology - 1.29% Genentech, Inc.* 13,900 729,750 ------------ Chemicals - 0.97% Dow Chemical Company 16,300 545,235 ------------ Communications Equipment - 3.60% Corning, Inc. 24,900 547,053 Crown Castle International Corp.* 24,800 607,352 Nokia Corp. 25,700 878,683 ------------ 2,033,088
Shares Value ------ ----- Computers & Peripherals - 1.66% EMC Corp.* 16,700 $661,320 Sun Microsystems, Inc. 16,100 275,632 ------------ 936,952 Diversified Financial - 6.57% Citigroup, Inc. 19,533 960,047 Goldman Sachs Group, Inc. 6,000 546,600 J.P. Morgan Chase & Co. 16,300 782,074 Morgan Stanley Dean Witter 11,400 715,806 Stilwell Financial, Inc. 24,000 707,280 ------------ 3,711,807 Diversified Telecommunications - 3.57% Qwest Communications Int'l., Inc. 18,118 741,026 SBC Communications, Inc. 15,000 618,750 Verizon Communications 11,900 655,333 ------------ 2,015,109 Electric Utilities - 2.02% AES Corp. 7,500 357,525 Duke Energy Company 16,800 785,568 ------------ 1,143,093 Energy Equipment & Services - 1.08% Schlumberger, Ltd. 9,200 609,960 ------------ Food Products - 0.76% H.J. Heinz Company 11,000 430,650 ------------ Gas Utilities - 1.53% El Paso Corporation 12,553 863,646 ------------ Hotels, Restaurants & Leisure - 1.25% Harrah's Entertainment, Inc.* 20,400 703,800 ------------ Household Products - 0.81% Colgate Palmolive Co. 8,200 457,970 ------------ Industrial Conglomerates - 2.57% General Electric Co. 17,600 854,128 Minnesota Mining & Manufacturing Co. 5,000 595,050 ------------ 1,449,178 Insurance - 1.22% Allmerica Financial Corp. 13,600 686,800 ------------ Internet & Catalog Retail - 1.22% Ebay, Inc. 13,700 691,576 ------------ Media - 4.11% AOL Time Warner* 19,000 959,500 General Motors Hughes 32,600 692,750 Omnicom Group 7,600 667,660 ------------ 2,319,910 Metals & Mining - 1.67% Alcoa, Inc. 15,800 654,120 Phelps Dodge Corp. 6,500 290,810 ------------ 944,930 Multiline Retail - 2.29% Target Corp. 16,900 649,805 Wal-Mart Stores, Inc. 12,400 641,576 ------------ 1,291,381
The accompanying notes are an integral part of the financial statements. 111 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- Oil & Gas - 4.05% Apache Corp. 10,800 $690,768 ExxonMobil Corp. 10,296 912,226 Unocal Corp. 18,000 686,880 ------------ 2,289,874 Personal Products - 0.95% Gillette Company 19,000 538,840 ------------ Pharmaceuticals - 9.22% Abbott Laboratories, Inc. 14,400 667,872 American Home Products 14,800 854,700 King Pharmaceuticals, Inc. 20,600 867,878 Merck & Co., Inc. 7,300 554,581 Pfizer, Inc. 15,800 684,140 Pharmacia Corp. 13,100 684,606 Schering Plough Corp. 7,900 304,466 Teva Pharmaceutical Industries 10,800 588,060 ------------ 5,206,303 Road & Rail - 0.98% Norfolk Southern Corp. 28,100 554,694 ------------ Semiconductor Equipment & Products - 5.08% Analog Devices, Inc. 13,700 648,147 Applied Materials, Inc. 10,100 551,460 Intel Corp. 19,100 590,381 Micron Technology, Inc. 11,300 512,794 Texas Instruments, Inc. 14,600 565,020 ------------ 2,867,802 Software - 2.47% Microsoft Corp. 12,200 826,550 Veritas Software Corp. 9,500 566,295 ------------ 1,392,845 Specialty Retail - 1.01% Home Depot, Inc. 12,100 569,910 ------------ Wireless Telecommunication Service - 0.87% Nextel Communications, Inc.* 30,300 492,375 ------------ TOTAL COMMON STOCKS (Cost $38,204,564) $37,696,993 ------------ Principal Value --------- ----- CORPORATE BONDS - 18.74% Electric & Gas Utilities - 11.50% Commonwealth Edison Co., 8.375% due 09/15/22 $1,250,000 $1,279,567 Consumers Energy Co., 7.375% due 09/15/23 500,000 464,083 El Paso Electric Co., 9.40% due 05/01/11 600,000 655,584 Indiana & Michigan Power Co., 8.50% due 12/15/22 1,000,000 1,041,293 Niagara Mohawk Power Corp., 8.50% due 07/01/23 250,000 252,198 NRG Northeast Generating LLC, 9.292% due 12/15/24 500,000 513,600
Principal Value --------- ----- Electric & Gas Utilities - cont'd. Pennsylvania Power Co., 8.50% due 07/15/22 $1,000,000 $994,160 Texas Electric Utilities Co., 8.50% due 08/01/24 1,000,000 1,058,220 Texas Electric Utilities Co., 7.875% due 04/01/24 250,000 237,688 ------------ 6,496,393 Telecommunications - 7.24% Esat Holdings, Zero Coupon due 02/01/07 750,000 762,285 Esat Telecommunications Group PLC, 11.875% due 12/01/08 500,000 574,830 Metronet Communications Corp., Zero Coupon due 06/15/08 1,500,000 1,259,025 Public Service Company NM, 7.10% due 08/01/05 250,000 244,720 Rogers Cantel Mobile, Inc., 9.75% due 06/01/16 250,000 245,000 Worldcom, Inc. GA, 7.75% due 04/01/07 250,000 1,000,360 ------------ 4,086,220 TOTAL CORPORATE BONDS (Cost $10,620,840) $10,582,613 ------------ U.S. TREASURY OBLIGATIONS - 1.90% U.S. Treasury Notes - 1.90% 7.25% due 05/15/04 $1,000,000 $1,072,190 ------------ TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,030,711) $1,072,190 ------------ U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.68% Federal Home Loan Banks - 0.36% 5.125% due 09/15/03 $200,000 $201,250 ------------ Federal Home Loan Mortgage Corporation - 2.79% 6.45% due 03/10/04 500,000 521,686 6.875% due 01/15/05 1,000,000 1,054,690 ------------ 1,576,376 Federal National Mortgage Association - 2.64% 6.00% due 05/15/08 400,000 405,436 7.25% due 01/15/10 1,000,000 1,084,840 ------------ 1,490,276 Government National Mortgage Corporation - 1.75% 6.50% due 06/15/29 250,000 222,711 7.00% due 11/15/28 533,474 422,358 7.00% due 12/15/22 375,000 174,697 8.00% due 04/15/30 250,000 167,454 ------------ 987,220
The accompanying notes are an integral part of the financial statements. 112 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Principal Value --------- ----- Resolution Funding FBE Strips - 1.14% Zero Coupon due 04/15/09 $1,000,000 $645,400 ------------ TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $4,630,569) 4,900,522 ------------ SHORT-TERM INVESTMENTS - 0.00% SSGA Money Market Fund 1,000 1,000 ------------ REPURCHASE AGREEMENT - 3.93% Repurchase Agreement with State Street Bank & Trust Co. dated 04/30/01 at 4.52%, to be repurchased at $2,219,275 on 05/01/01, collateralized by U.S. Government Securities (Cost $2,219,000) 2,219,000 2,219,000 ------------ TOTAL INVESTMENTS (Balanced Fund) (Cost $56,706,684) 56,472,318 ------------ - ---------------------------------------------------------------------------- Core Bond Fund - ---------------------------------------------------------------------------- Principal Value --------- ----- CORPORATE BONDS - 31.20% Automobiles - 0.56% Daimler Chrysler, 7.25% due 01/18/06 $2,520,000 $2,586,251 ------------ Banking - 3.49% Asian Development Bank, 6.38% due 10/01/28 2,730,000 2,829,590 Bank America Corp., 7.40% due 01/15/11/\ 1,075,000 1,119,043 Bank One Corp., 6.50% due 02/01/06/\ 3,400,000 3,449,572 Bank One Corp., 7.88% due 08/01/10/\ 2,000,000 2,140,640 First Financial Caribbean Corp., 7.84% due 10/10/06 135,000 136,601 First Union Corp., 6.95% due 11/01/04 3,300,000 3,427,545 Inter-American Development Bank, 7.00% due 06/16/03/\ 2,730,000 2,839,145 ------------ 15,942,136 Chemical Products - 0.02% ICI North America, Inc., 8.88% due 11/15/06 65,000 70,949 ------------ Drugs & Health Care - 0.99% Athena Neurosciences LLC, 7.25% due 02/21/08 2,500,000 2,545,150 Manor Care, Inc., 8.00% due 03/01/08 2,000,000 1,994,780 Mediq/PRN Life Support Services, 11.0% due 06/01/08 10,000 100 ------------ 4,540,030
Principal Value --------- ----- Financial Services - 9.64% CNA Financial Corp., 6.25% due 11/15/03 $3,000,000 $2,964,690 Duke Capital Corp., 7.50% due 10/01/09 1,830,000 1,906,842 Fairfax Financial Holdings Ltd., 8.25% due 10/01/15 2,935,000 2,297,489 Fairfax Financial Holdings Ltd., 7.38% due 03/15/06 3,780,000 3,417,385 Ford Motor Credit Corp., 6.88% due 02/01/06 1,250,000 1,277,800 Ford Motor Credit Corp., 7.50% due 03/15/05/\ 4,665,000 4,847,821 Heller Financial, Inc., 7.38% due 11/01/09/\ 3,270,000 3,392,821 ING Capital Funding, 8.44% due 12/31/49 5,040,000 5,341,095 International Finance Corp., 7.13% due 04/06/05/\ 2,840,000 2,976,519 JP Morgan Chase, 6.75% due 02/01/11 2,150,000 2,162,792 KFW International Finance, Inc., 7.13% due 02/15/05/\ 11,900,000 12,509,875 Morgan Stanley Group, Inc., 6.75% due 04/15/11 1,000,000 991,270 ------------ 44,086,399 Food - Meat Products - 0.52% IBP, Inc., 7.95% due 02/01/10 3,460,000 2,404,880 ------------ Industrials - 0.24% SCL Aereo Santiago, 6.95% due 07/01/12, 144A 100,000 95,704 United Technologies, Inc., 6.35% due 03/01/11 1,000,000 988,690 ------------ 1,084,394 Media - 0.22% AOL Time Warner, Inc., 6.13% due 04/15/06 1,000,000 996,850 ------------ Merchandising - 0.49% K Mart Corp., 7.49% due 07/16/02 2,250,000 2,233,253 ------------ Oil & Gas - 0.43% Pennzoil Company, 10.25% due 11/01/05 205,000 235,080 Pennzoil Company, 10.13% due 11/15/09 625,000 749,581 Kinder Morgan Energy Partners, LP, 6.75% due 03/15/11 1,000,000 988,280 ------------ 1,972,941 Other - 6.28% Calpine CDA Energy, 8.50% due 05/01/08 2,000,000 2,003,324
The accompanying notes are an integral part of the financial statements. 113 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Principal Value --------- ----- Other - cont'd. CIT Group, Inc., 7.50% due 11/14/03/\ $5,225,000 $5,435,463 Embotelladora Arica SA, 9.88% due 03/15/06 3,000,000 3,112,500 IMC Global, Inc., 6.63% due 10/15/01 1,000,000 987,160 Legrand SA, 8.50% due 02/15/25 3,000,000 3,223,296 Mirant Americas Generation, Inc., 8.30% due 05/01/11 1,071,000 1,084,202 Noranda, Inc., 8.38% due 02/15/11 2,500,000 2,549,800 PHH Corp., 8.13% due 02/03/03 3,225,000 3,296,143 SESI LLC, 8.88% due 05/15/11 1,000,000 1,007,077 USEC, Inc., 6.63% due 01/20/06 750,000 671,708 WITCO Corp., 6.60% due 04/01/03 3,500,000 3,450,195 WITCO Corp., 8.50% due 03/15/05 1,850,000 1,886,815 ------------ 28,707,683 Real Estate - 0.00% Grove Worldwide LLC, 9.25% due 05/01/08 15,000 638 ------------ Telecommunications - 4.49% A T & T Wireless Services, Inc., 7.88% due 03/11/11 2,000,000 1,992,180 British Telecommunications PLC, 7.63% due 12/15/05 2,610,000 2,705,474 British Telecommunications PLC, 7.13% due 12/15/10 2,615,000 2,713,612 GST Telecommunications, Inc., 12.75% 11/15/07 20,000 275 Iridium Operations LLC, 11.25% due 07/15/05 25,000 563 KMC Telecom. Holdings, Inc., Step-up due 02/15/08* 50,000 3,000 Metronet Communications Corp., Step-up due 06/15/08/\ 3,910,000 3,281,858 Rogers Wireless, Inc., 9.63% due 05/01/11 1,000,000 1,003,310 Royal KPN NV, 8.00% due 10/01/10 3,025,000 2,940,512 Shaw Communications, Inc., 7.25% due 04/06/11 1,000,000 990,160 Telefonica Europe BV, 7.75% due 09/15/10 2,820,000 2,917,403 Williams Communications Group, Inc., 8.25% due 03/15/04 2,000,000 1,977,020 ------------ 20,525,367
Principal Value --------- ----- Transportation - 0.48% Delta Airlines, Inc., 7.78% due 11/18/08/\ $2,090,000 $2,176,965 Southern Railway Company, 8.75% due 10/15/03 30,000 32,124 ------------ 2,209,089 Utilities - 3.35% Brit Gas, Zero Coupon due 11/04/21 5,900,000 1,247,850 Georgia Power Company, 6.20% due 02/01/06 3,440,000 3,449,770 Northern Illinois Gas Co., 6.63% due 02/01/11 2,150,000 2,099,754 Osprey, Inc., 7.80% due 01/15/03/\ 4,230,000 4,324,350 Pennsylvania Electric Company, 6.63% due 04/01/19/\ 3,675,000 3,291,550 South Carolina Electric & Gas Co., 6.70% due 02/01/11 915,000 907,515 ------------ 15,320,789 TOTAL CORPORATE BONDS (Cost $142,377,793) $142,681,649 ------------ U.S. TREASURY OBLIGATIONS - 5.35% U.S. Treasury Notes - 5.35% 5.00% due 02/15/11 $7,166,000 $6,984,628 5.75% due 11/15/05 16,920,000 17,506,955 ------------ TOTAL U.S. TREASURY OBLIGATIONS (Cost $24,634,578) $24,491,583 ------------ U.S. GOVERNMENT AGENCY OBLIGATIONS - 35.23% Federal Farm Credit Banks - 1.26% 6.75% due 07/07/09/\ $5,540,000 $5,786,696 ------------ Federal Home Loan Banks - 2.73% 5.13% due 09/15/03/\ 400,000 402,500 5.32% due 12/23/08/\ 4,000,000 3,853,120 5.81% due 03/23/09/\ 3,780,000 3,728,630 6.00% due 07/16/03 1,330,000 1,334,333 6.01% due 12/03/08/\ 900,000 880,173 6.70% due 05/07/03/\ 2,300,000 2,301,081 ------------ 12,499,837 Federal Home Loan Mortgage Corp. - 3.90% 6.00% Gold Single TBA** 10,425,000 10,066,693 7.00% due 03/01/12 99,479 101,872 8.00% due 10/01/29-01/01/31 7,390,487 7,646,789 ------------ 17,815,354 Federal National Mortgage Association - 20.42% 5.69% due 01/23/06 2,010,000 2,006,221 6.00% due 05/15/08/\ 1,500,000 1,520,385 6.18% due 07/01/08 19,383 19,495 6.27% due 11/01/07 53,173 53,886 6.29% due 06/01/08 19,391 19,627
The accompanying notes are an integral part of the financial statements. 114 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Principal Value --------- ----- Federal National Mortgage Association - cont'd. 6.30% due 01/01/08 $19,297 $19,577 6.31% due 02/01/08 192,962 193,805 6.34% due 01/01/08 18,944 19,261 6.43% due 01/01/08 19,295 19,699 6.50% TBA** 15,600,000 15,726,828 6.50% TBA** 24,925,000 24,652,321 6.50% due 04/01/29 425,813 421,687 6.98% due 06/01/07 18,448 19,239 7.00% TBA** 32,400,000 32,653,044 7.00% due 09/01/10 - 10/01/28 607,872 615,003 7.04% due 03/01/07 19,225 20,149 7.13% due 06/15/10/\ 9,570,000 10,313,206 7.28% due 10/01/06 19,185 20,291 7.50% due 10/01/10 - 08/01/15 4,897,083 5,052,539 ------------ 93,366,263 FICO Strips - 0.54% Zero Coupon due 05/11/18 7,500,000 2,447,100 ------------ Government National Mortgage Association - 5.85% 6.50% due 06/15/29 898,146 890,844 7.50% due 04/15/22 - 02/15/31 23,967,853 24,521,659 8.00% due 04/15/30/\ 1,295,503 1,339,628 ------------ 26,752,131 Tennessee Valley Authority - 0.53% 5.625% due 01/18/11 2,426,332 ------------ TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $160,393,259) $161,093,713 ------------ FIXED INCOME - OTHER - 8.48% Auto Loans Receivable - 3.78% Aesop Funding II LLC, 6.40% due 10/20/03, 144A $100,000 $101,840 Americredit Automobile Rec, 7.05% due 02/12/05/\ 2,820,000 2,911,644 Associates Automobile Rec, 6.99% due 07/15/08/\ 3,950,000 4,039,820 Daimler Chrysler, 6.70% due 03/08/06/\ 1,000,000 1,035,467 Ford Motor Credit Corp., 6.58% due 11/15/04/\ 4,230,000 4,371,409 Nissan Auto Rec, 5.75% due 06/15/06 2,000,000 2,022,500 WFS Financial 2000 Rec, 7.17% due 02/20/08 2,700,000 2,812,365 ------------ 17,295,045 Credit Cards Receivable - 0.64% Discover Card, 5.60% due 05/16/06 150,000 151,031 Fleet Credit Card, 6.90% due 04/16/07 2,640,000 2,755,500 ------------ 2,906,531
Principal Value --------- ----- Other Asset Backed Securities - 4.06% Continental Airlines, 6.90% due 01/02/18 $91,747 $92,156 Continental Airlines pass-through, 6.65% due 09/15/17 64,699 62,827 Continental Airlines pass-through, 7.08% due 11/01/04 119,573 122,649 CWABS, Inc., 7.30% due 05/25/26 2,610,000 2,684,351 P P & L Transition LLC, 7.05% due 06/25/09 2,820,000 2,929,275 P S E & G Transition Funding LLC, 6.75% due 06/15/16 3,580,000 3,541,945 Peco Energy Trans, 6.13% due 03/01/09 3,780,000 3,730,369 United Airlines pass-through, 7.03% due 04/01/12/\ 2,466,055 2,506,966 United Airlines pass-through, 7.73% due 07/01/10/\ 2,820,000 2,912,101 ------------ 18,582,639 TOTAL FIXED INCOME - OTHER (Cost $37,968,946) $38,784,215 ------------ Shares Value ------ ----- COMMON STOCKS - 0.00% Telecommunication Services - 0.00% SF Holdings Group, Inc., 144A 7 $0 ------------ TOTAL COMMON STOCKS (Cost $26) PREFERRED STOCKS - 0.01% Fairfield Mfg. Co., Inc., PIK 11.25% 26 $15,145 Primedia, Inc., 8.625% 145 11,310 SF Holdings Group, Inc., 13.75%* 2 5,050 XO Communications, Inc. 5 962 ------------ TOTAL PREFERRED STOCKS (Cost $60,478) $32,467 ------------ WARRANTS - 0.00% Concentric Network Corp., Exp. 12/15/07, 144A* 5 $125 KMC Telecom. Holdings, Inc., Exp. 04/15/08, 144A* 50 56 Motient Corp., Exp. 04/01/2008* 5 16 ------------ TOTAL WARRANTS (Cost $0) $197 ------------ Principal Value --------- ----- CORPORATE SHORT-TERM COMMERCIAL PAPER - 19.73% Abbot Laboratories, 4.42% due 05/18/01 $13,300,000 $13,272,240 CVS Corp., 4.43% due 05/15/01 13,385,000 13,361,941
The accompanying notes are an integral part of the financial statements. 115 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Principal Value --------- ----- CORPORATE SHORT-TERM COMMERCIAL PAPER - cont'd. Countrywide Home Loans, Inc., 4.50% due 05/09/01 $10,000,000 $9,990,000 Goldman Sachs Group, 4.55% due 05/01/01 7,217,000 7,217,000 Merrill Lynch & Co., Inc., 4.55% due 05/03/01 10,000,000 9,997,472 Omnicom Finance, Inc., 4.52% due 05/18/01 14,000,000 13,970,118 Textron Financial Corp., 4.50% due 05/15/01 5,000,000 4,991,250 Textron Financial Corp., 4.95% due 05/17/01 10,000,000 9,978,000 United Technologies Corp., 4.62% due 05/04/01 7,439,000 7,436,136 ------------ TOTAL CORPORATE SHORT-TERM COMMERCIAL PAPER (Cost $90,214,157) $90,214,157 ------------ TOTAL INVESTMENTS (Core Bond Fund) (Cost $455,649,237) $457,297,981 ------------ - ------------------------------------------------------------------------- High Yield Bond Fund - ------------------------------------------------------------------------- Principal Value --------- ----- CORPORATE BONDS - 93.15% Aerospace & Defense - 1.34% Dunlop Std. Aerospace Holdings, 11.88% due 05/15/09 $200,000 $210,000 K & F Industries, 9.25% due 10/15/07 700,000 717,500 ------------ 927,500 Airlines - 2.82% Aircraft Service International Group, 11.00% due 08/15/05 800,000 904,000 Atlas Air, Inc.: 8.77% due 01/02/11 414,820 437,809 9.25% due 04/15/08 225,000 213,750 9.70% due 01/02/10 200,000 211,174 Decrane Aircraft Holdings, 12.00% due 09/30/08 200,000 188,000 ------------ 1,954,733 Autos & Auto Related - 2.38% Diamond Triumph Auto, 9.25% due 04/01/08 250,000 223,750 Pep Boys-Manny Moe & Jack: 6.52% due 07/16/07 430,000 333,250 6.63% due 05/15/03 110,000 86,900 Prestolite Electric, Inc., 9.63% due 02/01/08 800,000 368,000 Stanadyne Automotive Corp., 10.25% due 12/15/07 750,000 638,438 ------------ 1,650,338
Principal Value --------- ----- Banks - 1.05% Western Financial Bank: 8.50% due 07/01/03 $500,000 $485,960 8.88% due 08/01/07 250,000 240,000 ------------ 725,960 Business & Commercial Services - 2.13% Americredit Corp., 9.25% due 02/01/04 625,000 618,750 Anthony Crane Rental, 10.38% due 08/01/08 1,050,000 463,312 Integrated Electrical Services, 9.38% due 02/01/09 300,000 292,500 Pierce Leahy Corp., 8.13% due 05/15/08 100,000 98,750 ------------ 1,473,312 Chemicals - 1.53% Geo Specialty Chemicals, Inc., 10.13% due 08/01/08 350,000 304,500 Koppers Industries, Inc., 9.88% due 12/01/07 350,000 336,000 Royster-Clark, Inc., 10.25% due 04/01/09 500,000 420,000 ------------ 1,060,500 Containers - Paper - 0.94% Packaged Ice Inc., Series B, 9.75% due 02/01/05 750,000 652,500 ------------ Electronic Equipment & Services - 1.71% Flextronics International, Inc., 9.88% due 07/01/10 605,000 595,925 Metromedia Fiber Network, Inc., 10.00% due 12/15/09 750,000 498,750 Viasystems, Inc., 9.75% due 06/01/07 150,000 91,500 ------------ 1,186,175 Energy - 4.10% AES Drax Energy, Ltd., 11.50% due 08/30/10 750,000 821,250 AES Corp., 8.75% due 12/15/02 150,000 152,625 8.88% due 02/15/11 500,000 497,625 Avista Corp., 9.75% due 06/01/08 700,000 693,329 KCS Energy, 8.88% due 01/15/06 550,000 506,000 Key Energy Services, Inc., 8.38% due 03/01/08 110,000 112,453 Swift Energy Co., 10.25% due 08/01/09 50,000 53,500 ------------ 2,836,782 Financial Services - 4.23% Charter Communications Holding, 10.75% due 10/01/09 780,000 842,400
The accompanying notes are an integral part of the financial statements. 116 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Principal Value --------- ----- Financial Services - cont'd. LaBranche & Co., Inc., 12.00% due 03/02/07 $555,000 $621,600 Nexstar Finance, Inc., 12.00% due 04/01/08 900,000 884,250 Ono Finance Company PLC., 13.00% due 05/01/09 750,000 577,500 ------------ 2,925,750 Food & Drug Distribution - 3.93% Agrilink Foods, Inc., 11.88% due 11/01/08 1,000,000 840,000 Express Scripts, Inc., 9.63% due 06/15/09 600,000 651,000 Fleming Companies, Inc., 10.63% due 07/31/07 500,000 515,000 Pharmerica, Inc., 8.38 due 04/01/08 750,000 716,250 ------------ 2,722,250 Health Care Providers & Services - 5.02% Healthsouth Corp., 10.75% due 10/01/08 200,000 215,000 Iasis Healthcare Corp., 13.00% due 10/15/09 460,000 494,500 Lifepoint Hospitals Holdings, Inc., 10.75% due 05/15/09 230,000 254,725 Manor Care, Inc., 7.50% due 06/15/06 250,000 249,425 Medpartners, Inc., 7.38% due 10/01/06 200,000 198,000 Omega Healthcare Investments, Inc., 6.95% due 06/15/02 500,000 423,270 Physician Sales & Svc., Inc., 8.50% due 10/01/07 500,000 411,250 PMD Group, Inc., 11.00% due 02/28/11 50,000 51,500 Unilab Corp., 12.75% due 10/01/09 300,000 336,375 Universal Hospital Services, Inc., 10.25% due 03/01/08 1,000,000 840,000 ------------ 3,474,045 Home Builders - 0.93% Beazer Homes USA, Inc., 9.00% due 03/01/04 350,000 345,625 Champion Enterprises, Inc., 7.63% due 05/15/09 475,000 295,944 ------------ 641,569 Household Products - 1.13% Sealy Mattress Company, 10.88% due 12/15/07 750,000 637,500 Sleepmaster LLC, 11.00% due 05/15/09 190,000 146,300 ------------ 783,800
Principal Value --------- ----- Hotels, Restaurants & Leisure - 8.43% Cinemark USA, Inc. Series B, 9.63% due 08/01/08 $500,000 $390,000 Dominos, Inc., 10.38% due 01/15/09 300,000 301,500 Crown Castle International Corp.: 10.38% due 05/15/11 350,000 257,250 10.63% due 11/15/07 350,000 295,750 Hollywood Casino Shreveport, 13.00% due 08/01/06, 144A 1,000,000 1,087,500 Hollywood Park, Inc. Series B: 9.25% due 02/15/07 250,000 245,625 9.50% due 08/01/07 350,000 346,500 Horseshoe Gaming LLC, 9.38% due 06/15/07 500,000 517,500 Isle of Capri Casinos, Inc., 8.75% due 04/15/09 450,000 415,125 Riviera Black Hawk, Inc., 13.00% due 05/01/05 790,000 790,000 Tricon Global Restaurants, 8.87% due 04/15/11 500,000 498,750 YankeeNets LLC, 12.75% due 03/01/07 700,000 689,500 ------------ 5,835,000 Industrial - 0.63% BRL Unvl Equipment, 8.88% due 02/15/08 200,000 206,000 Grant Prideco, Inc., 9.63% due 12/01/07 90,000 94,950 USI American Holdings, Inc., 7.25% due 12/01/06 175,000 138,237 ------------ 439,187 Internet Services - 0.73% Globix Corp., 12.50% due 02/01/10 705,000 176,250 UNOVA, Inc., 6.88% due 03/15/05 800,000 332,000 ------------ 508,250 Machinery - 2.55% Calpine Corp.: 7.75% due 04/15/09 200,000 190,398 8.50% due 05/01/08 850,000 851,413 Lennar Corp., 9.95% due 05/01/10 400,000 437,000 Penhall International Corp., 12.00% due 08/01/06 300,000 288,000 ------------ 1,766,811 Media - 6.43% Coaxial Communications Center, Inc., 10.00% due 08/15/06 600,000 597,000 Cumulus Media, Inc., 10.38% due 07/01/08 870,000 809,100
The accompanying notes are an integral part of the financial statements. 117 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Principal Value --------- ----- Media - cont'd. Golden Sky DBS, Inc., 13.50% due 03/01/07 $900,000 $576,000 Mediacom LLC, 9.50% due 01/15/13 600,000 585,000 Pecunia 1 Vermogensverwalt, 14.00% due 07/15/10 565,000 565,000 Sinclair Broadcast Group, Inc.: 9.00% due 07/15/07 300,000 280,500 10.00% due 09/30/05 300,000 291,000 STC Broadcasting, Inc., 11.00% due 03/15/07 300,000 281,250 United Pan Europe, 13.75% due 02/01/10 144A 1,400,000 469,000 ------------ 4,453,850 Merchandising - 2.55% Big 5 Corporation Series B, 10.88% due 11/15/07 250,000 227,812 Shop At Home, Inc., 11.00% due 04/01/05 750,000 772,500 True Temper Sports, Inc., 10.88% due 12/01/08 750,000 765,000 ------------ 1,765,312 Metals - 1.81% California Steel Industries, Inc., 8.50% due 04/01/09 50,000 46,000 Metals USA, Inc., 8.63% due 02/15/08 300,000 225,000 National Steel Corp., 9.88% due 03/01/09 300,000 117,000 Renco Metals, Inc., 11.50% due 07/01/03 2,150,000 209,625 Renco Steel Holdings, Inc., 10.88% due 02/01/05 300,000 124,500 Russel Metals, Inc., 10.00% due 06/01/09 300,000 291,000 WCI Steel, Inc., 10.00% due 12/01/04 330,000 237,600 ------------ 1,250,725 Natural Gas - 1.63% Amerigas Partners, LP, 10.00% due 04/15/06 525,000 530,250 Leviathan Gas Pipeline Ptnr. Co. Series B, 10.38% due 06/01/09 560,000 599,200 ------------ 1,129,450 Oil - Integrated Domestic - 0.59% Tesoro Petroleum Corp., 9.00% due 07/01/08 400,000 408,000 ------------ Oil & Gas Producers - 2.94% RB Falcon Corp., 9.50% due 12/15/08 25,000 28,338 Frontier Oil Corp., 11.75% due 11/15/09 850,000 887,188 Grey Wolf, Inc., 8.88% due 07/01/07 135,000 137,362
Principal Value --------- ----- Oil & Gas Producers - cont'd. HS Resources, Inc., 9.25% due 11/15/06 $625,000 $650,000 Triton Energy, Ltd., 9.25% due 04/15/05 315,000 329,962 ------------ 2,032,850 Paper & Forest Products - 2.43% Bear Island Paper Company LLC, 10.00% due 12/01/07 1,200,000 1,092,000 Fibermark, Inc., 10.75% due 04/15/11 300,000 302,250 Specialty Paperboard, Inc., 9.38% due 10/15/06 300,000 291,000 ------------ 1,685,250 Pharmaceuticals - 2.92% ICN Pharmaceuticals, Inc.: 8.75% due 11/15/08 144A 1,525,000 1,530,719 9.25% due 08/15/05 250,000 253,125 King Pharmaceuticals, Inc., 10.75% due 02/15/09 220,000 235,400 ------------ 2,019,244 Pollution Control - 0.81% Allied Waste of North America, Inc., 10.00% due 08/01/09 540,000 558,225 ------------ Real Estate - 3.17% Courtyard Marriott II, Ltd., 10.75% due 02/01/08 800,000 822,000 Grove Worldwide LLC, 9.25% due 05/01/08 900,000 38,250 Meditrust Companies, 7.51% due 09/26/03 650,000 585,137 National Health Investors, 7.00% due 02/01/04 200,000 135,268 Rent-a-Center, Inc., 11.00% due 08/15/08 300,000 301,500 WCI Communities, Inc., 10.63% due 02/15/11 300,000 312,375 ------------ 2,194,530 Schools - 1.42% KinderCare Learning Centers, Inc., 9.50% due 02/15/09 1,000,000 980,000 ------------ Telecommunications - 18.18% AirGate PCS, Inc., Variable rate due 10/01/09 900,000 531,000 American Cellular Corp., 9.50% due 10/15/09 525,000 504,000 A T & T Wireless Services, Inc., 7.88% due 03/01/11 250,000 249,023 Benedek Communications Corp., 13.25% due 05/15/06 1,350,000 675,000
The accompanying notes are an integral part of the financial statements. 118 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Principal Value --------- ----- Telecommunications - cont'd. Concentric Network Corp., 12.75% due 12/15/09 $1,170,000 $649,350 Condor Systems, Inc., 11.88% due 05/01/09 500,000 330,000 Ekabel Hessen, 14.50% due 09/01/10 144A 500,000 622,125 ESAT Holdings Series B, 12.50% due 02/01/07 600,000 609,828 Exodus Communications, Inc., 11.63% due 07/15/10 750,000 592,500 Frontiervision Holdings, 11.88% due 09/15/07 1,000,000 1,020,000 Global Crossings Holdings, Ltd., 9.63% due 05/15/08 1,000,000 945,000 GT Group Telecommunications, Inc., 13.25% due 02/01/10, 144A 1,400,000 483,000 Level 3 Communications, Inc.: 11.00% due 03/15/08 500,000 345,000 12.88% due 03/15/10 144A 750,000 262,500 McLeodUSA, Inc., 11.38% due 01/01/09 300,000 256,500 Microcell Telecommunications, 12.00% due 06/01/09 1,500,000 720,000 Netia Holdings B.V.: 10.25% due 11/01/07 250,000 142,500 11.25% due 11/01/07 500,000 270,000 Netia Holdings II B.V., 13.13% due 06/15/09 150,000 111,000 Nextel Communications, 9.38% due 11/15/09 350,000 289,625 Nextlink Communications, Inc., 13.13% due 12/01/09 144A 500,000 125,000 Orbcomm Global Series B, 14.00% due 08/15/04 500,000 6,250 Pegasus Communications Corp., 9.75% due 12/01/06 250,000 235,000 PSI Net, Inc., 11.00% due 08/01/09 280,000 19,600 Rogers Wireless, Inc., 9.63% due 05/01/11 65,000 65,215 Spectrasite Holdings, Inc., 12.88% due 03/15/10 144A 1,000,000 490,000 Telewest Communications PLC., 6.00% due 07/07/05 530,000 435,213 Telewest Fin. Jersey, Ltd., 11.00% due 10/01/07 425,000 412,250 Triton PCS Holdings, Inc., 9.38% due 02/01/11 175,000 167,125 Versatel Telecommunications B.V., 13.25% due 05/15/08 680,000 308,000 Versatel Telecommunications Int'l., 11.88% due 07/15/09 500,000 205,000
Principal Value --------- ----- Telecommunications - cont'd. Williams Communications Group, 8.25% due 03/15/04 144A $300,000 $296,553 11.70% due 08/01/08 450,000 202,500 WinStar Communications, Inc: 14.75% due 04/15/10 144A 750,000 7,500 ------------ 12,583,157 Textiles & Apparel - 0.94% Anvil Knitwear, Inc. Series B, 10.88% due 03/15/07 300,000 282,750 Galey & Lord, Inc., 9.13% due 03/01/08 675,000 364,500 ------------ 647,250 Utilities - Electric - 1.75% Caithness Cosco Funding Corp., 9.05% due 12/15/09 800,000 721,000 ESI Tractebel Acquisition Corp., 7.99% due 12/30/11 500,000 487,775 ------------ 1,208,775 TOTAL CORPORATE BONDS (Cost $70,801,028) $64,481,080 ------------ Shares Value ------ ----- PREFERRED STOCK - 1.59% Adelphia Communications Corp., Exchangeable Series B, 13.00% 6,000 $589,500 Anvil Holdings, Inc., Exchangeable Series B, 13.00% 25,812 509,787 ------------ TOTAL PREFERRED STOCK (Cost $1,090,991) $1,099,287 ------------ WARRANTS - 0.09% GT Group Telecommunications, Inc., Exp. 02/01/10, 144A 1,400 $38,500 Ono Finance Company 500 20,062 ------------ TOTAL WARRANTS (Cost $67,479) $58,562 ------------ PUT OPTIONS - 0.44% Real Estate Investment Trust Meditrust Exercisable Put Option, 7.11%, Exp. 08/15/04 350,000 $308,000 ------------ TOTAL PUT OPTIONS (Cost $228,000) $308,000 ------------ Principal Value --------- ----- REPURCHASE AGREEMENT - 4.73% Repurchase Agreement with State Street Bank & Trust Co. dated 04/30/01 at 4.52%, to be repurchased at $3,276,406 on 05/01/01, collateralized by U.S. Government Securities (Cost $3,276,000) $3,276,000 $3,276,000 ------------ TOTAL INVESTMENTS (High Yield Bond Fund) (Cost $75,463,498) $69,222,929 ------------
The accompanying notes are an integral part of the financial statements. 119 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- Municipal Bond Fund - -------------------------------------------------------------------------------
Principal Value --------- ----- LONG-TERM INVESTMENTS - 95.42% Alabama - 0.39% Alabama Housing Finance Authority Single Family Mortgage Revenue Collateralized Home Mortgage Program, Series B-2, 6.40%, 04/01/25 $85,000 $85,786 ------------ Alaska - 3.00% Anchorage, Alaska, Lease Revenue Bonds, 5.88%, 02/01/13 615,000 659,926 ------------ Arizona - 3.18% Maricopa County, AZ, Industrial Development Authority, 4.50%, 11/01/14 700,000 700,000 ------------ Arkansas - 1.18% Camden, Arkansas, Pollution Control, (International Paper Company Project), 5.70%, 09/01/12 250,000 259,717 ------------ California - 14.01% California Housing Finance Agency Revenue, Series H, 6.15%, 08/01/16 1,000,000 1,031,590 California State Public Works Board, (Regents Univ.,) Series A, 5.25%, 06/01/13 1,000,000 1,045,530 Los Angeles, CA, Department of Water, Series A, 5.38%, 07/01/18 1,000,000 1,005,430 ------------ 3,082,550 Colorado - 7.91% Denver, Colorado, City & County Airport, 6.00%, 11/15/15 750,000 795,817 El Paso County, Colorado, Single Family Prerefunded, Zero Coupon, 09/01/15 2,000,000 944,800 ------------ 1,740,617 District of Columbia - 3.15% District of Columbia Refunding, 5.50%, 06/01/09 650,000 693,583 ------------ Illinois - 3.43% Illinois State Highway Authority Toll, Series A, 5.50%, 01/01/15 225,000 236,484 Chicago, Illinois, Water Revenue, 6.50%, 11/01/15 450,000 517,527 ------------ 754,011
Principal Value --------- ----- Indiana - 0.98% Elkhart County, IN, Hospital Authority, 5.25%, 08/15/28 $250,000 $215,800 ------------ Kansas - 1.57% Wyandotte County, Kansas City, Kansas, Unified Government, 4.50%, 09/01/28 225,000 90,028 Wyandotte County, Kansas City, Kansas, Unified Government Utility System Revenue, 5.75%, 09/01/24 150,000 155,204 ------------ 345,232 Louisiana - 1.07% Louisiana Public Facilities Authority Hospital Revenue Refunding (Touro Infirmary Project), Series A, 5.50%, 08/15/19 250,000 236,207 ------------ Maine - 0.12% Maine State Housing Authority Mortgage Purchase, Revenue Series A-4, 6.375%, 11/15/12 25,000 25,521 ------------ Maryland - 1.32% Maryland State Transit Authority, Facility projects Revenue Bond, 6.80%, 07/01/16 250,000 291,068 ------------ Massachusetts - 7.73% Massachusetts State Health & Educational Facilities, Partners Healthcare System, 5.13%, 07/01/19 5.75%, 07/01/21 700,000 676,179 Massachusetts State Turnpike Authority, Series A, 5.00%, 01/01/13 1,000,000 1,024,840 ------------ 1,701,019 Michigan - 1.19% Michigan State Hospital Finance Authority, Ascension Health Credit Service, 5.25%, 11/15/09 250,000 260,828 ------------ Nevada - 2.27% Nevada Housing Division, Single-Family Revenue Program, B-2, 6.95%, 10/01/26 210,000 217,205 Nevada Housing Division, Single-Family Revenue Program, Issue C, 6.35%, 10/01/12 275,000 281,641 ------------ 498,846 New Jersey - 3.62% New Jersey State Highway, Garden St. Pkwy., 5.25%, 01/01/18 800,000 795,840 ------------
The accompanying notes are an integral part of the financial statements. 120 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Principal Value --------- ----- New York - 13.89% New York, New York, Series B, Gen. Oblig., 5.75%, 08/01/14 $750,000 $798,345 New York State Dorm. Authority, Mental Health Services Facility, 6.00%, 02/15/08 250,000 271,700 New York State Environmental Facilities Corporation Pollution Control Revenue Refunding (IBM Corporation Project), 7.125%, 07/01/12 480,000 487,147 New York State Mortgage Agency Revenue, Series 40-A, 6.35%, 04/01/21 315,000 324,737 New York State Mortgage Agency Revenue, Series 77A, 4.70%, 04/01/11 225,000 222,743 New York, NY, Municipal Water, Series C, 5.13%, 16/15/33 1,000,000 950,900 ------------ 3,055,572 North Dakota - 3.19% North Dakota State Water Commission Facilities Authority Revenue, Series A, 6.00%, 08/01/12 640,000 702,803 ------------ Oklahoma - 1.14% Oklahoma Development Finance Auth., Public Service of Oklahoma Project, Zero Coupon, 06/01/14 250,000 251,020 ------------ Pennsylvania - 2.70% Philadelphia, Pennsylvania, Water & Wastewater Revenue, 6.25%, 08/01/12 450,000 508,694 Pine Richland School District, Series A, Zero Coupon, 09/01/23 300,000 84,753 ------------ 593,447 South Carolina - 2.34% Greenville, SC, Hospital Systems Facility, 5.50%, 05/01/26 250,000 249,663 South Carolina State Public Revnue, 5.625%, 01/01/13 250,000 265,390 ------------ 515,053 Tennessee - 2.22% Humphreys County, Tennessee, Industrial Development Board Solid Waste Disposal Revenue (Inland Container Corp. Project), 6.70%, 05/01/24 450,000 487,512 ------------
Principal Value --------- ----- Texas - 9.60% Argyle, Texas, Independent School District, Zero Coupon, 08/15/14 $270,000 $133,323 Austin, Texas, Water & Wastewater, 6.50%, 05/15/05 400,000 436,344 Kerrville, Texas, Independent School District, 6.00%, 08/15/13 200,000 217,648 Lower Colorado River Authority, Texas Revenue, 6.00%, 05/15/10 250,000 274,858 Lower Colorado River Authority, Texas Prerefunded, 5.25%, 01/01/15 200,000 206,498 Port Arthur, Texas, Navigation District, Zero Coupon, 03/01/10 900,000 584,253 Texas State Veterans Housing Assistance, 6.80%, 12/01/23 65,000 67,766 Tsleta, TX, Independent School District, 5.25%, 11/15/20 200,000 192,892 ------------ 2,113,582 Washington - 1.06% Central Puget Sound, Washington, Regional, 5.25%, 02/01/13 225,000 233,176 ------------ Wisconsin - 2.54% Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Series D, 6.10%, 07/01/24 55,000 56,216 Wisconsin State Health & Educational Facilities Authority Revenue, Mercy Hospital of Janesville, Incorporated, 6.60%, 08/15/22 500,000 503,775 ------------ 559,991 Wyoming - 0.64% Green River-Sweetwater County, Wyoming, 4.50%, 03/01/14 140,000 140,115 ------------ TOTAL LONG TERM INVESTMENTS (Cost $20,847,603) $20,998,822 ------------ SHORT-TERM INVESTMENTS - 4.58% SSGA Municipal Money Market Fund $1,007,502 $1,007,502 ------------ TOTAL INVESTMENTS (Municipal Bond Fund) (Cost $21,855,105) $22,006,324 ------------
The accompanying notes are an integral part of the financial statements. 121 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - -------------------------------------------------------------------------------- - ------------------------------------------------------------------------- Strategic Income Fund - -------------------------------------------------------------------------
Principal Value --------- ----- CORPORATE BONDS - 43.67% Aerospace & Defense - 0.09% Dunlop Std. Aerospace Holdings PLC, 11.88% due 05/15/09 $30,000 $31,500 ------------ Auto Related - 0.99% Pep Boys- Manny Moe & Jack, 6.52% due 07/16/07 100,000 77,500 Prestolite Electric, Inc., 9.63% due 02/01/08 50,000 23,000 Stanadyne Automotive Corp., 10.25% due 12/15/07 275,000 234,094 ------------ 334,594 Banks - 0.09% Western Financial Bank, 8.88% due 08/01/07 30,000 28,800 ------------ Business & Commercial Services - 1.32% Americredit Corp., 9.25% due 02/01/04 25,000 24,750 Cendant Corp., 7.75% due 12/01/03 100,000 100,320 Condor Systems, Inc., 11.88% due 05/01/09 25,000 16,500 Iron Mountain, Inc., 10.13% due 10/01/06 250,000 265,000 National Equipment Services, Inc. Series B, 10.00% due 11/30/04 50,000 20,250 National Equipment Services, Inc. Series C, 10.00% due 11/30/04 50,000 20,250 ------------ 447,070 Chemicals - 0.05% Geo Specialty Chemicals, Inc. 10.13% due 08/01/08 20,000 17,400 ------------ Crude Petroleum & Natural Gas - 1.70% Pennzoil Company, 10.25% due 11/01/05 500,000 573,365 ------------ Electronic Equipment & Services - 0.57% Breed Technologies, Inc., 9.25% due 04/15/08 500,000 2,500 Flextronics International, Ltd.: 8.75% due 10/15/07 60,000 56,400 9.88% due 07/01/10 135,000 132,975 ------------ 191,875 Energy - 1.07% AES Corp., 8.75% due 12/15/02 160,000 162,800 Avista Corp., 9.75% due 06/01/08 150,000 148,571 Key Energy Services, Inc., 8.38% due 03/01/08 50,000 51,115 ------------ 362,486
Principal Value --------- ----- Finance Companies - 1.37% Ono Finance Company PLC, 13.00% due 05/01/09 $600,000 $462,000 ------------ Food & Drug Distribution - 1.82% Agrilink Foods, Inc. 11.88% due 11/01/08 300,000 252,000 Express Scripts, Inc., 9.63% due 06/15/09 50,000 54,250 Pharmerica, Inc., 8.38% due 04/01/08 325,000 310,375 ------------ 616,625 Health Care Providers & Services - 2.90% Iasis Healthcare Corp., 13.00% due 10/15/09 135,000 145,125 Lifepoint Hospitals, Inc., 10.75% due 05/15/09 50,000 55,375 Manor Care, Inc., 7.50% due 06/15/06 250,000 249,425 Omega Healthcare Investments, Inc. 6.95% due 06/15/02 135,000 114,283 Physician Sales & Svc., Inc., 8.50% due 10/01/07 150,000 123,375 Universal Hospital Services, Inc., 10.25% due 03/01/08 350,000 294,000 ------------ 981,583 Home Builders - 0.08% Beazer Homes USA, Inc.: 8.88% due 04/01/08 3,000 3,004 9.00% due 03/01/04 25,000 24,688 ------------ 27,692 Hotels, Restaurants & Leisure - 4.87% Cinemark USA, Inc., 9.63% due 08/01/08 100,000 78,000 Crown Castle International Corp., Zero Coupon due 05/15/11 350,000 257,250 Hollywood Casino, Shreveport, 13.0% due 08/01/06 400,000 435,000 Isle of Capri Casinos, Inc., 8.75% due 04/15/09 25,000 23,063 Riviera Black Hawk, Inc., 13.00% due 05/01/05 320,000 320,000 Speedway Motorsports, Inc., 8.50% due 08/15/07 350,000 357,875 Tricon Global Restaurants, Inc., 8.88% due 04/15/11 175,000 174,563 ------------ 1,645,751 Industrial - 0.31% BRL Universal Equipment, 8.88% due 02/15/08 100,000 103,000 ------------ Internet Services - 0.55% Globix Corp., 12.50% due 01/01/10 160,000 40,000 Unova, Inc., 6.88% due 03/15/05 350,000 145,250 ------------ 185,250
The accompanying notes are an integral part of the financial statements. 122 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Principal Value --------- ----- Machinery - 1.11% Lennar Corp., 9.95% due 05/01/10 $125,000 $136,563 Pennhall International, Inc., 12.0% due 08/01/06 250,000 240,000 ------------ 376,563 Media - 3.07% Cumulus Media, Inc., 10.375% due 07/01/08 290,000 269,700 Golden Sky DBS, Inc., Variable rate due 03/01/07 400,000 256,000 Nexstar Financial LLC, 12.00% due 04/01/08 170,000 167,025 Pecunia 1 Vermogensverwaltung, 14.00% due 07/15/10 210,000 210,000 Susquehanna Media Co., 8.50% due 05/15/09 50,000 51,000 United Pan Europe, 11.25% due 02/01/10 250,000 83,750 ------------ 1,037,475 Merchandising - 2.51% Big 5 Corp., 10.875% due 11/15/07 125,000 113,906 Rent-a-Center, Inc., 11.00% due 08/15/08 300,000 301,500 Shop at Home, Inc., 11.00% due 04/01/05 100,000 103,000 True Temper Sports, Inc., 10.875% due 12/01/08 325,000 331,500 ------------ 849,906 Natural Gas - 1.38% Amerigas Partners LP, 10.00% due 04/15/06 250,000 252,500 Leviathan Gas Pipeline Partners, 10.38% due 06/01/09 200,000 214,000 ------------ 466,500 Oil & Gas Producers - 2.37% Frontier Oil Corp., 11.75% due 11/15/09 200,000 208,750 Grey Wolf, Inc., 8.875% due 07/01/07 25,000 25,437 HS Resources, Inc., 9.25% due 11/15/06 50,000 52,000 HS Resources, Inc. Series B, 9.25% due 11/15/06 250,000 261,250 Tesoro Petroleum Corp., 9.00% due 07/01/08 250,000 255,000 ------------ 802,437 Paper & Forest Products - 1.42% Bear Island Paper Co. LLC, 10.00% due 12/01/07 285,000 259,350 Fibermark, Inc., 10.75% due 04/15/11 100,000 100,750
Principal Value --------- ----- Paper & Forest Products - cont'd. Specialty Paperboard, Inc., 9.38% due 10/15/06 $125,000 $121,250 ------------ 481,350 Pharmaceuticals - 0.51% ICN Pharmaceuticals, Inc., 8.75% due 11/15/08 170,000 170,637 ------------ Pollution Control - 0.49% Allied Waste Industries, Inc., 10.00% due 08/01/09 160,000 165,400 ------------ Real Estate - 1.32% Courtyard Marriott II LP, 10.75% due 02/01/08 300,000 308,250 Grove Worldwide, Inc., 9.25% due 05/01/08 175,000 7,437 HMH Properties, Inc., 7.875% due 08/01/08 100,000 97,500 National Health Investors, 7.00% due 02/01/04 50,000 33,817 ------------ 447,004 Steel - 0.48% Metals, Inc., 11.50% due 07/01/03 500,000 48,750 Renco Steel Holdings, Inc., 10.875% due 02/01/05 100,000 41,500 WCI Steel, Inc., 10.00% due 12/01/04 100,000 72,000 ------------ 162,250 Telecommunication Services - 10.53% A T & T Wireless Services, Inc., 7.88% due 03/01/11 100,000 99,609 Adelphia Communications Corp., 9.50% due 02/15/04 46,998 45,001 Benedek Communications Corp., 13.25% due 05/15/06 280,000 140,000 Charter Communications Holdings, 10.75% due 10/01/09 200,000 216,000 Coaxial Communications, Inc., 10.00% due 08/15/06 25,000 24,875 Concentric Network Corp., 12.75% due 12/15/07 150,000 83,250 Ekabel Hessen, 14.50% due 09/01/10 130,000 128,375 Exodus Communications, Inc., 11.63% due 07/15/10 30,000 23,700 Frontiervision Holdings, 11.88% due 09/15/07 400,000 408,000 GT Group Telecommunications, Inc., 13.25% due 02/01/10 150,000 51,750 Global Crossings Holdings, Ltd., 9.63% due 05/15/08 200,000 189,000 Level 3 Communications, Inc., 12.88% due 03/15/10 550,000 192,500
The accompanying notes are an integral part of the financial statements. 123 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Principal Value --------- ----- Telecommunication Services - cont'd. Metromedia Fiber Network, Inc., 10.00% due 11/15/08 $100,000 $66,500 Microcell Telecommunications, 12.00% due 06/01/09 325,000 156,000 Netia Holdings II B.V., 13.125% due 06/15/09 300,000 222,000 Nextel Communications, 9.95% due 02/15/08 750,000 498,750 PSI Net, Inc., 11.0% due 08/01/09 15,000 1,050 Pegasus Communications Corp., 9.75% due 12/01/06 35,000 32,900 Rogers Wireless, Inc., 9.63% due 05/01/11 35,000 35,115 Spectrasite Holdings, Inc., 12.875% due 03/15/10 600,000 294,000 Telewest Communication PLC, Step up to 11.00% due 10/01/07 500,000 485,000 Versatel Telecommunications B.V. 13.25% due 05/15/08 130,000 59,800 Versatel Telecommunications Int'l., Inc., 13.25% due 05/15/08 40,000 16,800 Williams Communications Group, 11.70% due 08/01/08 200,000 90,000 ------------ 3,559,975 Textiles - 0.28% Galey & Lord, Inc., 9.13% due 03/01/08 175,000 94,500 ------------ Utilities - Electric - 0.42% CaithnessCoso Funding Corp. 9.05% due 09/12/15 50,000 45,062 ESI Tractebel Acquisition Corp., 7.99% due 23/30/11 100,000 97,555 ------------ 142,617 TOTAL CORPORATE BONDS (Cost $16,334,274) $14,765,605 ------------ U.S. GOVERNMENT AGENCY OBLIGATIONS - 11.59% 6.50% due 05/01/29 $135,249 $134,065 7.00% due 06/01/29 196,372 198,152 8.50% due 05/01/08 209,006 220,539 ------------ 552,756 Federal Home Loan Mortgage Corporation - 0.61% 10.00% due 05/15/20 175,206 184,294 11.565% due 06/15/21 116,049 20,689 ------------ 204,983 Federal National Mortgage Assoc. - 4.81% 7.50% due 01/01/30 482,441 492,239 7.50% due 09/01/30 231,795 236,659 5.50% due 01/01/29 45,279 42,350 5.50% due 06/01/29 437,889 409,562
Principal Value --------- ----- Federal National Mortgage Assoc. - cont'd. 8.00% due 11/01/28 $391,837 $406,895 13.00% TBA 31,638 37,323 ------------ 1,625,028 Federal National Mortgage Assoc. - CMO - 0.99% 8.80% due 01/25/19, REMIC 272,370 287,435 10.40% due 04/25/19, REMIC 43,323 47,100 ------------ 334,535 Federal National Mortgage Assoc. - Interest Only - 1.97% Interest Only due 02/25/35, REMIC 5,440,542 251,997 Interest Only due 10/17/36, REMIC 12,489,782 75,930 Interest Only due 06/25/38, REMIC 6,071,285 260,488 ------------ 666,097 Government National Mortgage Assoc. - 1.58% 7.50% due 07/15/27 219,861 225,219 7.50% due 10/15/27 244,158 250,108 7.50% due 10/15/27 57,321 58,718 ------------ 534,045 TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $4,493,643) $3,917,444 ------------ FIXED INCOME - OTHER - 18.66% Collateralized Mortgage Obligations - 4.35% First Union Residential Securities, 7.00% due 08/25/28 $238,365 $226,008 Mid State Trust VI, Class A, 7.34% due 07/01/35 1,228,058 1,246,859 ------------ 1,472,867 Commercial Mortgage Backed Securities - 5.66% Commercial Mortgage Asset Trust, 7.35% due 08/17/13 1,200,000 1,228,175 DLJ Commercial Mortgage Corp., Interest Only Strips: due 05/10/23 9,424,844 343,795 due 11/12/31 7,412,299 341,083 ------------ 1,913,053 Residential Subordinate Securities - 8.65% GE Capital Management Services, Inc., 6.75% due 11/25/28 972,031 929,029 PNC Mortgage Securities Corp., 6.734% due 07/25/28 407,296 376,655 6.750% due 05/25/28 338,687 312,954 6.770% due 03/25/29 488,839 467,388 6.838% due 05/25/28 458,758 431,319 6.910% due 04/25/29 436,084 406,626 ------------ 2,923,971 TOTAL FIXED INCOME - OTHER (Cost $6,469,771) $6,309,891 ------------
The accompanying notes are an integral part of the financial statements. 124 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Principal Value --------- ----- FOREIGN GOVERNMENT OBLIGATIONS - 23.46% Algeria - 1.28% 7.69% due 03/04/10 $540,000 $432,000 ------------ Republic of Argentina - 0.35% 7.62% due 03/31/05 144,000 118,879 ------------ Federal Republic of Brazil - 3.49% 7.69% due 04/15/12 600,000 423,000 8.00% due 04/15/14 1,001,136 757,760 ------------ 1,180,760 National Republic of Bulgaria - 0.89% 3.00% due 07/28/12 400,000 301,000 ------------ Republic of Equador - 0.91% 4.00% due 08/15/30 800,000 307,040 ------------ Government of France - 0.32% 5.50% due 04/25/29 125,000 107,801 ------------ Federal Republic of Germany - 1.10% 4.00% due 07/04/09 110,000 91,254 4.25% due 11/26/04 200,000 174,877 5.63% due 01/04/28 120,000 106,789 ------------ 372,920 Republic of Greece - 0.45% 8.80% due 06/19/07 146,735 153,280 ------------ Republic of Italy - 0.26% 5.25% due 11/01/29 110,000 88,531 ------------ Government of Mexico - 4.28% 6.25% due 12/31/19 1,400,000 1,219,750 8.12% due 12/30/19 250,000 227,500 ------------ 1,447,250 Government of Morocco - 0.84% 6.84% due 01/01/09 323,810 285,373 ------------ Kingdom of Norway - 1.27% 5.75% due 11/30/04 4,000,000 427,936 ------------ Government of Peru - 2.21% 3.75% FRB due 03/07/17 1,400,000 749,000 ------------ Russian Federation - 1.24% 2.50% due 03/31/30 1,000,000 417,500 ------------ Republic of South Africa - 2.67% 12.0% due 02/28/05 3,500,000 442,909 13.00% due 08/31/10 3,500,000 458,689 ------------ 901,598 Kingdom of Spain - 0.22% 6.15% due 01/31/13 80,000 75,487 ------------ Kingdom of Sweden - 0.26% 10.25% due 05/05/03 800,000 86,599 ------------ Republic of Venezuela - 1.42% 7.63% due 03/31/07 571,425 479,997 ------------ TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $7,994,040) $7,932,951 ------------
Shares Value ------ ----- COMMON STOCK UNIT - 0.01% Ono Finance Company 144A TOTAL COMMON STOCK UNIT (Cost $0) 100 $4,013 ------------ PREFERRED STOCK - 1.63% Other - 0.90% Anvil Holdings, Inc. 15,487 $305,868 TCR Holdings-Class B 570 6 TCR Holdings-Class C 314 3 TCR Holdings-Class D 827 8 TCR Holdings-Class E 1,711 17 ------------ 305,902 ------------ Telecommunications - 0.73% Adelphia Communications Corp., Series B, 13.00% 2,500 245,624 ------------ TOTAL PREFERRED STOCK (Cost $540,069) $551,526 ------------ RIGHTS & WARRANTS - 0.13% Crude Petroleum & Natural Gas - 0.12% Terex Corporation, Zero Coupon due 05/15/02 2,000 $39,850 Other - 0.00% BCP Holdings Corp. exp. 04/15/04 500 0 Telephone - 0.00% In-flight Phone Corp., Zero Coupon due 05/15/02 1,000 0 ------------ Telecommunications - 0.01% GT Group Telecommunications, Inc., Zero Coupon due 02/0110 144A 150 4,125 ------------ TOTAL RIGHTS & WARRANTS (Cost $7,176) $43,975 ------------ PUT OPTIONS - 0.85% Real Estate Investment Trust - 0.85% Meditrust Exercisable Put Option, 7.11%, Exp. 08/15/04 326,000 $286,880 ------------ TOTAL PUT OPTIONS (Cost $233,097) $286,880 ------------ TOTAL INVESTMENTS (Strategic Income Fund) (Cost $36,072,070) $33,812,285 ------------ - ------------------------------------------------------------------------------ U.S. Government Securities Fund - ------------------------------------------------------------------------------ Principal Value --------- ----- U.S. TREASURY OBLIGATIONS - 1.84% U.S. Treasury Bonds - 1.03% 6.13% due 08/15/29 $600,000 $618,468 ------------ U.S. Treasury Notes - 0.81% 5.00% due 02/15/11 500,000 487,345 ------------ TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,141,645) $1,105,813 ------------
The accompanying notes are an integral part of the financial statements. 125 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Principal Value --------- ----- U.S. GOVERNMENT AGENCY OBLIGATIONS - 82.65% Federal Farm Credit Banks - 2.79% 4.38% due 05/01/03 $500,000 $496,330 5.64% due 04/04/11 500,000 479,845 6.00% due 03/07/11 200,000 197,656 6.30% due 12/03/13 500,000 496,479 ------------ 1,670,310 Federal Home Loan Banks - 4.63% 5.00% due 02/14/03 1,000,000 1,004,220 5.80% due 09/02/08/\ 1,500,000 1,494,375 6.70% due 05/07/03 275,000 275,129 ------------ 2,773,724 Federal Home Loan Mortgage Corporation - 34.21% 5.62% due 03/20/06 2,000,000 1,995,000 6.88% due 01/15/05/\ 7,500,000 7,910,175 5.25% due 01/15/06 1,000,000 992,660 5.88% due 03/21/11 500,000 484,765 6.00% Gold Single TBA** 3,000,000 2,976,570 6.50% Gold Single TBA** 2,800,000 2,824,500 7.00% Gold Single TBA** 3,000,000 3,026,250 8.00% due 06/01/08 97,107 100,275 8.25% due 07/01/06 71,275 73,773 8.50% due 05/01/08 86,161 89,967 11.75% due 08/01/13 29,890 33,653 ------------ 20,507,588 Federal National Mortgage Assoc. - 26.22% 5.50% due 03/15/11 500,000 480,235 5.50% due 06/16/06 1,000,000 997,340 5.69% due 01/23/06 260,000 259,511 6.50% TBA** 3,000,000 2,967,180 6.53% due 05/25/30 REMIC 2,750,000 2,761,282 6.60% due 12/28/28 REMIC 1,708,578 1,736,505 6.78% due 01/17/03 REMIC 498,984 502,180 7.125% due 02/15/05/\ 5,500,000 5,850,625 8.00% due 08/01/04 6,312 6,401 8.50% due 08/01/02 10,961 11,082 11.00% due 02/01/15 261 295 11.50% due 04/01/19 123,136 140,797 ------------ 15,713,433 Government National Mortgage Assoc. - 2.36% 7.50% due 04/15/02 32,952 33,373 7.75% due 04/15/04 28,098 28,981 8.00% due 11/15/06 - 02/15/08 19,602 20,537 9.00% due 12/15/16 515,271 547,022 11.00% due 11/20/14 - 09/20/15 6,642 7,318 11.25% due 10/20/15 3,680 4,037 11.50% due 03/15/13 - 09/20/15 270,877 302,533 12.50% due 09/15/14 15,447 17,651 13.00% due 01/15/11 - 06/15/15 156,739 181,396 13.25% due 07/15/14 37,844 43,450 13.50% due 11/15/12 - 02/15/13 32,515 37,758 15.00% due 07/15/11 - 09/15/12 39,450 47,042
Principal Value --------- ----- Government National Mortgage Assoc. - cont'd. 15.50% due 08/15/11 - 09/15/11 $113,763 $133,398 16.00% due 11/15/11 8,930 10,699 ------------ 1,415,195 International Bank for Reconst. & Development - 1.41% 4.75% due 04/30/04 500,000 500,215 5.00% due 03/28/06 350,000 344,187 ------------ 844,402 Student Loan Marketing Assoc. - 5.81% 4.75% due 04/23/04 3,000,000 2,983,470 5.25% due 03/15/06 500,000 495,705 ------------ 3,479,175 Tennessee Valley Authority - 5.22% 5.63% due 01/18/11 3,250,000 3,129,198 ------------ TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $49,406,818) $49,533,025 ------------ REPURCHASE AGREEMENTS - 15.51% Repurchase Agreement with State Street Bank & Trust Co. dated 04/30/01 at 4.52%, to be repurchased at $9,297,151 on 05/01/01, collateralized by U.S. Government Securities (Cost $9,296,000)/\ $9,296,000 $ 9,296,000 ------------ TOTAL INVESTMENTS (U.S. Government Securities Fund) (Cost $59,844,463) $ 59,934,838 ------------ - ---------------------------------------------------------------------------- Money Market Fund - ---------------------------------------------------------------------------- Principal Value --------- ----- COMMERCIAL PAPER - 100.00% Ace INA Holdings, Inc., 5.46% due 05/04/01 $738,000 $737,664 Ace INA Holdings, Inc., 5.17% due 05/18/01 276,000 275,326 Ace INA Holdings, Inc., 4.83% due 06/07/01 1,100,000 1,094,539 BancOne Corp., 5.00% due 05/10/01 400,000 399,500 BancOne Corp., 5.21% due 05/17/01 724,000 722,317 BancOne Corp., 5.20% due 05/18/01 1,000,000 997,544 Baxter International, Inc., 4.90% due 05/16/01 500,000 498,979 Baxter International, Inc., 5.14% due 05/25/01 500,000 498,287 Baxter International, Inc., 4.31% due 06/22/01 347,000 344,840 Bear Stearns Co's, Inc., 4.77% due 06/11/01 1,066,000 1,060,209
The accompanying notes are an integral part of the financial statements. 126 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Principal Value --------- ----- COMMERCIAL PAPER - cont'd. Bear Stearns Co's, Inc., 5.17% due 06/15/01 $1,000,000 $1,000,179 Bellsouth Telecommunications, Inc., 4.77% due 05/29/01 460,000 458,293 Bellsouth Telecommunications, Inc., 4.75% due 06/08/01 1,628,000 1,619,837 CVS Corp., 4.90% due 05/21/01 462,000 460,742 Ciesco L.P., 4.85% due 05/01/01 1,500,000 1,500,000 Ciesco L.P., 4.58% due 07/10/01 600,000 594,657 Coca Cola Co., 4.80% due 06/05/01 1,000,000 995,333 Countrywide Home Loans, Inc., 4.70% due 05/02/01 743,000 742,903 Delaware Funding Corp., 4.77% due 06/15/01 750,000 745,528 Dover Corporation, 4.95% due 05/02/01 635,000 634,913 Dover Corporation, 4.36% due 06/06/01 1,500,000 1,493,460 Dupont E I DE Nemours & Co., 4.78% due 05/09/01 1,000,000 998,938 Eastman Kodak Company, 4.75% due 06/26/01 500,000 496,306 Eastman Kodak Company, 4.63% due 07/12/01 600,000 594,444 Eastman Kodak Company, 4.68% due 07/17/01 1,000,000 989,990 Federal Home Loan Mtg Corp., 4.04% due 09/13/01 900,000 886,365 Federal Home Loan Mtg Corp., 4.78% due 04/05/02 2,000,000 2,000,000 Federal National Mtg Assn., 4.08% due 09/27/01 424,000 416,840 Ford Motor Credit Corp., 4.83% due 10/01/01 1,800,000 1,801,147 Fortune Brands, Inc., 4.93% due 05/03/01 1,100,000 1,099,699 General Dynamics Corp., 5.00% due 05/04/01 802,000 801,666 General Dynamics Corp., 5.00% due 05/11/01 1,000,000 998,611 General Dynamics Corp., 4.7% due 06/13/01 400,000 397,754 General Motors Acceptance Corp., 5.03% due 07/11/01 2,000,000 2,001,350 Goldman Sachs Group LP, 6.73% due 05/15/01 1,000,000 1,000,000
Principal Value --------- ----- COMMERCIAL PAPER - cont'd. Goldman Sachs Group LP, 4.22% due 07/24/01 $1,000,000 $990,153 Govco, Inc., 5.25% due 05/16/01 983,000 980,850 Govco, Inc., 4.81% due 06/15/01 1,100,000 1,093,386 Harley Davidson Dealer Funding, 4.90% due 05/14/01 800,000 798,584 Harley Davidson Dealer Funding, 4.98% due 05/14/01 540,000 539,029 Harley Davidson Dealer Funding, 4.87% due 05/31/01 800,000 796,753 Jefferson Pilot Corp., 4.70% due 07/02/01 1,000,000 991,906 Marsh & McLennan Cos, Inc., 4.80% due 05/21/01 1,006,000 1,003,317 Merrill Lynch & Co., Inc., 5.605 due 11/01/01 1,500,000 1,500,670 Merrill Lynch & Co., Inc., 5.117% due 03/05/02 500,000 501,301 Morgan Stanley Dean Witter, 4.70% due 06/14/01 1,087,000 1,080,756 Morgan Stanley Dean Witter, 4.787% due 06/20/01 1,000,000 1,000,000 Nationsbank Corp., 5.208% due 07/19/01 1,000,000 1,000,947 Receivables Capital Corp., 4.50% due 05/25/01 613,000 611,161 Salomon Smith Barney Holdings, Inc., 5.13% due 06/12/01 2,000,000 2,000,687 Schering Corp., 4.88% due 05/08/01 752,000 751,286 Snap-on Tools Corp., 4.62% due 07/10/01 585,000 579,745 Snap-on Tools Corp., 4.11% due 10/22/01 1,563,000 1,531,951 Textron Financial Corp., 4.93% due 10/17/01 1,000,000 1,000,750 Textron Financial Corp., 4.76% due 05/18/01 923,000 920,925 WindMill Funding Corp., 4.85% due 05/16/01 609,000 607,769 ------------ TOTAL COMMERCIAL PAPER $51,640,088 ------------ TOTAL INVESTMENTS (Money Market Fund) (Cost 51,640,088) $51,640,088 ------------
The accompanying notes are an integral part of the financial statements. 127 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Municipal Money Market Fund - -------------------------------------------------------------------------------
Principal Value --------- ----- SHORT-TERM INVESTMENTS - 100.00% Arizona - 2.84% Arizona Health Facilities Authority, 4.20% due 10/01/15 $200,000 $200,000 ------------ Colorado - 5.68% Colorado Health Facilities Authority, 4.15% due 05/15/20 100,000 100,000 Colorado Health Facilities Authority, Skyline Project, 4.25% due 02/15/31 300,000 300,000 ------------ 400,000 Florida - 10.64% Broward County Industrial Development, 4.25% due 04/01/08 200,000 200,000 Orlando Special Assessment, 4.15% due 10/01/21 250,000 250,000 St. Johns County Housing Finance Authority, 4.25% due 03/01/30 300,000 300,000 ------------ 750,000 Illinois - 11.35% Chicago, Illinois, 4.20% due 01/01/12 300,000 300,000 Illinois Health Facilities Authority, 4.30% due 11/15/29 300,000 300,000 Illinois State Toll Highway Authority, 4.25% due 01/01/16 200,000 200,000 ------------ 800,000 Indiana - 7.09% Indiana Secondary Market Educational Loans, 4.30% due 12/01/14 300,000 300,000 Marion Indiana Economic Development, 4.30% due 06/30/01 200,000 200,000 ------------ 500,000 Kansas - 4.26% Shawnee Industrial Development, 4.50% due 12/01/09 300,000 300,000 ------------ Kentucky - 4.97% Ashland Kentucky Pollution Control, 4.10% due 04/01/09 100,000 100,000 Kentucky Higher Education Student Loan, 4.25% due 06/01/26 250,000 250,000 ------------ 350,000
Principal Value --------- ----- Maine - 4.25% Maine State Housing Authority, 4.30% due 10/28/32 $300,000 $300,000 ------------ Maryland - 1.42% Community Development Admin., Avalon Lea Apartments Project, 4.15% due 06/15/26 100,000 100,000 ------------ Michigan - 5.67% Bruce Township Hospital Finance, 4.10% due 05/01/18 200,000 200,000 Detroit Michigan Sewage Disposal, 4.20% due 07/01/23 200,000 200,000 ------------ 400,000 Minnesota - 3.55% Duluth Minnesota Tax Increment Revenue, 4.20% due 09/01/10 250,000 250,000 ------------ Missouri - 7.09% Missouri Higher Education Student Loans, 4.40% due 03/01/20 300,000 300,000 St. Louis Planned Industrial Expansion, 4.5% due 04/01/14 200,000 200,000 ------------ 500,000 Ohio - 4.97% Cuyahoga County Ohio Industrial Development, 4.15% due 11/01/14 100,000 100,000 Franklin County Ohio Industrial Development, 3.50% due 11/01/14 250,000 250,000 ------------ 350,000 Pennsylvania - 2.84% Philadelphia Pennsylvania Authority for Industrial Development, 4.30% due 12/01/08 200,000 200,000 ------------ Rhode Island - 4.25% Rhode Island Health & Education, 4.30% due 09/01/30 300,000 300,000 ------------ South Carolina - 10.57% Piedmont Municipal Power Agency, 4.20% due 01/01/19 250,000 250,000 South Carolina Educational Facilities Authority, 4.25% due 10/01/26 300,000 300,000 Regional Medical Center, 4.10% due 02/15/28 195,000 195,000 ------------ 745,000
The accompanying notes are an integral part of the financial statements. 128 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Principal Value --------- ----- Texas - 2.84% North Texas Higher Education Authority, 4.30% due 04/01/20 $200,000 $200,000 ------------ Wisconsin - 3.57% Milwaukee County Series A, 5.35% due 09/01/01 250,000 251,421 ------------ Other - 2.15% SSGA Municipal Money Market Fund (Cost $151,565) 151,565 151,565 ------------ TOTAL INVESTMENTS (Municipal Money Market Fund) (Cost 7,047,986) $7,047,986 ------------ - ------------------------------------------------------------------------------ Aggressive Growth LifeStyle Fund - ------------------------------------------------------------------------------ Shares Value ------ ----- AFFILIATED INVESTMENT COMPANIES - 100.0% INTERNATIONAL EQUITY SECURITIES - 24.8% North American International Equity Fund - Class I (Cost - $6,581,103) 685,069 $5,727,174 ------------ DOMESTIC EQUITY SECURITIES - 65.4% North American Growth & Income Fund - Class I 159,077 $3,450,379 North American Large Cap Growth Fund - Class I 359,577 4,652,933 North American Mid Cap Growth Fund - Class I 99,862 1,194,353 North American Mid Cap Value Fund - Class I 205,376 2,873,208 North American Small Cap Growth Fund - Class I 212,720 2,948,295 ------------ TOTAL DOMESTIC EQUITY SECURITIES (Cost - $17,189,015) $15,119,168 ------------ BONDS - 9.8% North American Core Bond Fund - Class I 229,461 2,273,964 ------------ TOTAL BONDS (Cost $2,258,508) $2,273,964 ------------ TOTAL INVESTMENTS (Aggressive Growth LifeStyle Fund) (Cost $26,028,626) $23,120,306 ------------ - ------------------------------------------------------------------------------ Moderate Growth LifeStyle Fund - ------------------------------------------------------------------------------ Shares Value ------ ----- AFFILIATED INVESTMENT COMPANIES - 100.0% INTERNATIONAL EQUITY SECURITIES - 18.0% North American International Equity Fund - Class I (Cost $5,302,337) 553,715 $4,629,056 ------------ DOMESTIC EQUITY SECURITIES - 47.4% North American Growth & Income Fund - Class I 166,673 3,615,136
Shares Value ------ ----- DOMESTIC EQUITY SECURITIES - cont'd. North American Large Cap Growth Fund - Class I 222,011 $2,872,825 North American Mid Cap Growth Fund - Class I 67,262 804,455 North American Mid Cap Value Fund - Class I 212,109 2,967,400 North American Small Cap Growth Fund - Class I 143,279 1,985,845 ------------ TOTAL DOMESTIC EQUITY SECURITIES (Cost $13,115,735) $12,245,660 ------------ BONDS - 34.6% North American Core Bond Fund - Class I 772,765 7,658,103 North American High Yield Bond Fund - Class I 159,352 1,281,194 ------------ TOTAL BONDS (Cost $8,867,246) $8,939,297 ------------ TOTAL INVESTMENTS (Moderate Growth LifeStyle Fund) (Cost $27,285,318) $25,814,013 ------------ - -------------------------------------------------------------------------- Conservative Growth LifeStyle Fund - -------------------------------------------------------------------------- Shares Value ------ ----- AFFILIATED INVESTMENT COMPANIES - 100.0% INTERNATIONAL EQUITY SECURITIES - 10.0% North American International Equity Fund - Class I (Cost $2,172,136) 227,157 $1,899,036 ------------ DOMESTIC EQUITY SECURITIES - 35.4% North American Growth & Income Fund - Class I 105,497 2,288,220 North American Large Cap Growth Fund - Class I 149,039 1,928,569 North American Mid Cap Growth Fund - Class I 33,113 396,029 North American Mid Cap Value Fund - Class I 88,530 1,238,540 North American Small Cap Growth Fund - Class I 63,484 879,885 ------------ TOTAL DOMESTIC EQUITY SECURITIES (Cost $7,209,991) $6,731,242 ------------ BONDS - 54.6% North American Core Bond Fund - Class I 951,042 9,424,830 North American High Yield Bond Fund - Class I 117,669 946,062 ------------ TOTAL BONDS (Cost $10,209,546) $10,370,892 ------------ TOTAL INVESTMENTS (Conservative Growth LifeStyle Fund) (Cost $19,591,673) $19,001,169 ------------
The accompanying notes are an integral part of the financial statements. 129 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - April 30, 2001 (Unaudited) (showing percentage of total value of investments) - -------------------------------------------------------------------------------- Key to Currency Abbreviations AUD - Australian Dollar Key to Security Abbreviations and Legend FRB Floating Rate Bond. The interest rates shown on FRBs are the current interest rates at October 31, 1999, which are subject to change based on the terms of the security. REMIC Real Estate Mortgage Investment Conduit TBA To Be Announced /\ Collateral for forward commitments * Non-Income producing ** Purchased on a forward commitment (Note 2) The accompanying notes are an integral part of the financial statements. 130 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - ------------------------------------------------------------------------------- 1. ORGANIZATION OF THE TRUST. North American Funds (the "Trust") is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, (the "Investment Company Act") as an open-end management investment company. It is a series company, which means it has several portfolios, each with a stated investment objective which it pursues through separate investment policies. As of April 30, 2001, the Trust offered twenty-four portfolios, and the following twenty-three portfolios are included in this report: U.S. Equity Funds: Growth & Income Fund ("Growth & Income") Large Cap Growth Fund (formerly the Growth Equity Fund) ("Large Cap Growth") Mid Cap Growth Fund (formerly the Small/Mid Cap Fund) ("Mid Cap Growth") Mid Cap Value Fund ("Mid Cap Value") Science & Technology Fund ("Science & Technology") Small Cap Growth Fund (formerly the Emerging Growth Fund) ("Small Cap Growth") Small Cap Index Fund ("Small Cap Index") Socially Responsible Fund ("Socially Responsible") Stock Index Fund ("Stock Index") International/Global Equity Funds: Global Equity Fund ("Global Equity") International Equity Fund, ("International Equity") International Small Cap Fund ("International Small Cap") Balanced Funds: Balanced Fund ("Balanced") Income Funds: Core Bond Fund (formerly the Investment Quality Bond Fund) ("Core Bond") High Yield Bond Fund ("High Yield Bond") Municipal Bond Fund, (formerly the National Municipal Bond Fund) ("Municipal Bond") Strategic Income Fund ("Strategic Income") U.S. Government Securities Fund ("U.S. Government Securities") Money Market Funds: Money Market Fund ("Money Market") Municipal Money Market Fund ("Municipal Money Market") LifeStyle Funds: Aggressive Growth LifeStyle Fund ("Aggressive Growth LifeStyle") Moderate Growth LifeStyle Fund ("Moderate Growth LifeStyle") Conservative Growth LifeStyle Fund ("Conservative Growth LifeStyle") All of the portfolios are diversified management investment companies except for Small Cap Growth, Aggressive Growth LifeStyle, Moderate Growth LifeStyle and Conservative Growth LifeStyle, which are non-diversified management investment companies. The Trust offers Class A, Class B, Class C, Class I and, in Core Bond and High Yield, Class II shares. Class A shares are sold with a front-end sales charge up to 5.75%. Class B and Class C shares are sold without an initial sales charge. Class B 131 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - ------------------------------------------------------------------------------- Note 1 - continued shares are sold with a contingent deferred sales charge which declines from 5% to zero depending on the period of time shares are held. Class C shares are sold with a contingent deferred sales charge of 1% in the first year after purchase. The redemption price per share may differ from the net asset value per share. Class B shares will automatically convert to Class A shares of the same portfolio eight years after purchase. Class I and Class II shares are sold only through institutional investment plans and other eligible programs as described in the prospectus and have no front-end or contingent deferred sales charges. All five classes of shares have identical voting, dividend, liquidation and other rights, except that each class has exclusive voting rights with respect to its distribution plan (See Note 5). Investment income, realized and unrealized capital gains and losses and common expenses of each portfolio are allocated on a pro-rata basis to each class based on their relative net assets. Effective March 10, 2000 CypressTree Investments, Inc. ("CypressTree") sold substantially all of its assets including all of the stock of CypressTree Asset Management Corporation, Inc. ("CAM"), the Trust's investment adviser, and all of the stock of CypressTree Funds Distributors, Inc. ("CFD"), the Trust's distributor, to American General Corporation ("American General"). The acquisition by American General of CypressTree's assets (herein "the Acquisition") took place pursuant to a Purchase Agreement dated February 25, 2000. The closing of the Acquisition on March 10, 2000 (the "Closing") constituted an assignment of the investment advisory agreement between CAM and the Trust with respect to the Funds, and of the distribution agreement between CFD and the Trust. Under the Investment Company Act of 1940, as amended (the "Investment Company Act"), these assignments operated to terminate automatically each of the investment advisory and distribution agreements. American General Asset Management Corp., Inc. ("AGAM") , a subsidiary of American General Corporation, serves as investment adviser and American General Fund Distributors, Inc,. ("AGFD") serves as principal underwriter for the Trust, effective March 10, 2000. Previously, those services were provided by CAM, a wholly-owned subsidiary of CypressTree. AGFD serves as distributor for the Trust. Previously, this service was provided by CFD, also a wholly- owned subsidiary of CypressTree. Effective March 10, 2000, Founders Asset Management LLC became sub-adviser to Global Equity, INVESCO Funds Group, Inc. became sub-adviser to Mid Cap Growth and Balanced, and American General Investment Management, L.P. ("AGIM") became sub-adviser to Strategic Income, Core Bond, Municipal Bond, U.S. Government Securities and Money Market. 2. SIGNIFICANT ACCOUNTING POLICIES. The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The preparation of financial statements is in conformity with generally accepted accounting principles and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Security Valuation. Securities which are traded on a recognized exchange are valued at the last sale price as of the close of business on a principal securities exchange (domestic or foreign) or, lacking any sales, at the closing bid price. Securities traded only in the over-the-counter market are valued at the last bid price quoted by brokers making markets in the securities at the close of trading on the New York Stock Exchange. Portfolio debt securities purchased with an original maturity greater than sixty days are valued by pricing agents, approved by the Board of Trustees, whose quotations reflect broker/dealer supplied valuations and electronic data processing techniques. Other assets and securities for which no such quotation or valuations are readily available are valued at their fair value as determined in good faith under consistently applied procedures established by and under the general supervision of the Trustees. Investments of Money Market and Municipal Money Market are valued using the amortized cost method, permitted in accordance with Rule 2a-7 under the Investment Company Act. This method involves valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. The LifeStyle Funds' securities are valued at the net asset values per share of the underlying funds. 132 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - ------------------------------------------------------------------------------- Note 2 - continued Foreign Currency Translations. The accounting records of the Trust are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis: (i) market value of securities, other assets and other liabilities at the current rate of exchange of such currencies against U.S. dollars; and (ii) purchases and sales of securities, income and expenses at the rate of exchange quoted on the respective dates of such transactions. Gains and losses that arise from changes in foreign exchange rates have been segregated from gains and losses that arise from changes in the market prices of investments. These gains and losses are included with gains and losses on foreign currency and forward foreign currency contracts in the Statements of Operations. Forward Foreign Currency Contracts. All portfolios, with the exception of U.S. Government Securities, Municipal Bond, Money Market and Municipal Money Market, may purchase and sell forward foreign currency contracts in order to hedge a specific transaction or portfolio position. The net U.S. dollar value of foreign currency underlying all contractual commitments held at the end of the period and the resulting net unrealized appreciation (depreciation) and related net receivable or payable amount are determined daily using forward currency exchange rates supplied by a quotation service. The Portfolio could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. Net realized gains (losses) on forward foreign currency contracts, shown in the Statements of Operations, includes net gains or losses realized by a portfolio on contracts which have matured. Options Contracts. The Trust may use option contracts to hedge against changes in the value of securities the Trust owns or expects to purchase. The Trust may also write options on securities it owns or in which it may invest in an attempt to increase its current returns. The potential risk to the Trust is that the change in value of options contracts may not correspond to the change in value of the hedged instruments, but is generally limited to the premium originally paid. Also, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, or if the counterparty to the contract is unable to perform. When the contract is closed, the Trust records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. Exchange traded options are valued at the quoted daily settlement prices established by the exchange on which they trade. Forward Commitments. The Trust may purchase debt securities on a "when-issued" or "forward delivery" basis. Delivery and payment for securities which have been purchased or sold on a forward commitment basis can take place a month or more (not to exceed 120 days) after the date of the transaction. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The Trust will establish a segregated account consisting of cash or liquid high-quality debt securities equal to the amount of the commitment to purchase when-issued or forward delivery securities. The value of the securities underlying a forward commitment to purchase securities, and any subsequent fluctuations in their value, is taken into account when determining the portfolio's net asset value starting on the day the portfolio agrees to purchase the securities. At April 30, 2001, the forward commitments were $83,744,840 in Core Bond and $11,849,737 in U.S. Government Securities. Mortgage Dollar Rolls. Each of the portfolios except the Money Market Fund and the Municipal Money Market Fund may enter into mortgage dollar rolls in which they sell mortgage-backed securities for normal delivery in the current month and simultaneously contract to repurchase similar, but not identical, securities at the same price on an agreed upon date. The portfolio receives compensation as consideration for entering into the commitment to repurchase. The compensation is recorded as deferred income and amortized to income over the roll period. As the holder, the counterparty receives all principal and interest payments, including prepayments, made with respect to the similar security. Mortgage dollar rolls may 133 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - ------------------------------------------------------------------------------- Note 2 - continued be renewed with a new sale and repurchase price with a cash settlement made at renewal without physical delivery of the securities subject to the contract. Futures Contracts. The Trust may enter into futures contacts. Upon entering into a futures contract, the portfolio is required to deposit with the custodian on behalf of the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount, which is known as the "initial margin". The potential risk to the Trust is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. Also, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, or if the counterparty to the contract is unable to perform. Subsequent payments, called "variation margin", are made or received by the portfolio, depending upon the fluctuation of the value of the futures contract. When futures contracts are closed, the difference between the opening value at the date of purchase and the value at closing is recorded as realized gain/(loss) in the Statement of Operations. Futures contracts are valued at the most recent settlement price. Securities Lending. Certain portfolios of the Trust may lend portfolio securities in amounts up to 33 1/3% of the portfolio's total non-cash assets to brokers, dealers and other financial institutions, provided such loans are callable at any time and are at all times fully collateralized by cash, cash equivalents, short-term investments or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, and marked to market to the value of the loaned securities on a daily basis. The portfolio may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower of the securities fail financially. Consequently, loans of portfolio securities will only be made to firms deemed by the Subadvisers to be creditworthy. The portfolio receives compensation for lending its securities either in the form of fees or by retaining a portion of interest on the investment of any cash received as collateral. Cash collateral provided is invested in the State Street Bank and Trust Company Navigator Securities Lending Trust. The related income is included as interest income in the Statements of Operations. All collateral received will be in an amount equal to at least 100% of the market value of the loaned securities and should be maintained at that level during the period of the loan. During the loan period, the portfolio continues to retain rights of ownership, including dividends and interest of the loaned securities. At April 30, 2001, the value of the securities loaned amounted to $1,454,044, $2,132,759, $10,221,234, $8,112,606, $3,498,324, $9,847,862, $27,192,137, and $1,356,525 in Growth & Income, Large Cap Growth, Mid Cap Growth, Small Cap Growth, Global Equity, International Equity, Core Bond and Strategic Income, respectively. At April 30, 2001, the value of collateral amounted to $1,502,815, $2,192,493, $10,635,388, $8,496,602, $3,678,391, $10,361,917, $27,751,505, and $2,010,158 in Growth & Income, Large Cap Growth, Mid Cap Growth, Small Cap Growth, Global Equity, International Equity, Core Bond and Strategic Income, respectively. Organization Costs. Costs incurred by the Small Cap Growth portfolio in connection with its organization are being amortized on a straight line basis over a five-year period. Federal Income Taxes. The Trust's policy is for each portfolio to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended, and to distribute all of its taxable income to its shareholders. Accordingly, no federal income tax provision is required. Each portfolio is treated as a separate taxpayer for federal income tax purposes. Distributions of Income and Gains. Distributions of net investment income are declared as a dividend to shareholders of record as of the close of business each day and are paid monthly for Core Bond, High Yield Bond, Municipal Bond, Strategic Income, U.S. Government Securities, Money Market and Municipal Money Market. Distributions of net investment income, if any, are declared as a dividend annually to shareholders of the remaining portfolios. During any particular year, net realized gains from investments, futures and foreign currency transactions for each portfolio, in excess of available capital loss carryforwards of each portfolio, would be taxable to the portfolio if not distributed and, therefore, will be distributed to shareholders. An additional distribution may be made to the extent necessary to avoid the payment of a federal excise tax. 134 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - ------------------------------------------------------------------------------- Note 2 - continued Capital Loss Carryforwards. At April 30, 2001, capital loss carryforwards available to offset future recognized gains were approximately:
Capital Loss Carryforwards Expiration Year ------------------------------------------------------- Portfolio 2003 2004 2005 2006 2007 2008 - --------- --------- ---- -------- --------- ---------- ---------- Science & Technology - - - - - $1,069,495 Growth & Income - - $974,573 $232,312 $5,251,432 - Socially Responsible - - - - - 159,082 Stock Index - - - - - 16,953 Global Equity - - - - - 2,339,194 Balanced - - - - - 2,378,112 Core Bond $329,026 - - 7,250,820 7,004,605 7,052,964 High Yield Bond - - - 710,603 3,014,754 Municipal Bond 24,157 - - 20,931 262,544 3,360 Strategic Income - - 110,152 - 3,866,240 3,438,003 U. S. Government Securities 1,062,756 - - - 594,779 1,075,945 Money Market - - 1,130 1,156 - 461
As a result of the reorganization of the American General Series Portfolio Company 2 ("AGSPC2") into some of these portfolios during the year ended October 31, 2000, certain capital loss carryforwards may be subject to limitations on use pursuant to applicable U.S. Federal Income Tax law. Therefore, it is possible not all of these capital losses will be available for use. Repurchase and Reverse Repurchase Agreements. Each portfolio may enter into repurchase agreements and, additionally, U.S. Government Securities may enter into reverse repurchase agreements. When a portfolio enters into a repurchase agreement through its custodian, it receives delivery of securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the market value is equal to 102% of the repurchase price, and such portfolio will take constructive receipt of all securities underlying the repurchase agreements until such agreements expire. If the seller defaults, a portfolio would suffer a loss to the extent that proceeds from the sale of underlying securities were less than the repurchase price. Under a reverse repurchase agreement, U.S. Government Securities may sell a debt security and agree to repurchase it at an agreed upon time and at an agreed upon price. Foreign Securities. Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in securities of domestic companies and the United States Government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of foreign companies and foreign governments may be less liquid and their prices more volatile than those of securities of comparable domestic companies and the United States Government. Other. Investment security transactions are accounted for on trade date. Interest income is accrued as earned. Dividend income and distributions to shareholders are recorded on the ex-dividend date. All original issue discounts are accreted for financial and federal income tax reporting purposes. The Trust uses the First In, First Out method for determining realized gain or loss on investments, futures and foreign currency for both financial and federal income tax reporting purposes. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Capital Accounts. The Trust reports the accumulated undistributed net investment income (loss) and accumulated undistributed net realized gain (loss) accounts on a basis approximating amounts available for future tax distributions (or to offset future taxable realized gains when a capital loss carryforward is available). Accordingly, each portfolio of the Trust may periodically make reclassifications among certain capital accounts without impacting the net asset value. 135 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - -------------------------------------------------------------------------------- 3. CAPITAL SHARES. Share activity for the period ended April 30, 2001, is as follows:
Shares Capital Shares Capital ----------- ------------ --------- ------------ Class A Class B ------------------------- ---------------------- Growth & Income - --------------- Sold.................... 519,707 $11,398,710 319,663 $6,955,345 Reinvestment of distributions.......... 190,492 4,272,720 443,256 9,654,263 Redeemed................ (361,799) (8,139,218) (968,973) (20,710,024) ----------- ------------ --------- ------------ Net increase/(decrease)... 348,400 $7,532,212 (206,054) ($4,100,416) ----------- ------------ --------- ------------ Class C Class I ------------------------- ---------------------- Growth & Income - --------------- Sold.................... 371,066 $8,728,824 233,834 $5,300,262 Reinvestment of distributions.......... 680,220 14,890,044 48,347 1,087,339 Redeemed................ (1,272,793) (29,122,800) (119,471) (2,650,943) ----------- ------------ --------- ------------ Net increase/(decrease)... (221,507) ($5,503,932) 162,710 $3,736,658 ----------- ------------ --------- ------------ Class A Class B ------------------------- ---------------------- Large Cap Growth - ---------------- Sold.................... 141,887 $2,055,404 248,607 $3,525,809 Reinvestment of distributions.......... 4,607 74,835 18,388 270,036 Redeemed................ (111,984) (1,551,172) (279,550) (3,752,457) ----------- ------------ --------- ------------ Net increase/(decrease)... 34,510 $579,067 (12,555) $43,388 ----------- ------------ --------- ------------ Class C Class I ------------------------- ---------------------- Large Cap Growth - ---------------- Sold.................... 97,446 $1,401,095 705,551 $10,333,816 Reinvestment of distributions.......... 10,855 159,345 10,584 162,572 Redeemed................ (419,244) (5,673,780) (453,219) (6,715,366) ----------- ------------ --------- ------------ Net increase/(decrease)... (310,943) ($4,113,340) 262,916 $3,781,022 ----------- ------------ --------- ------------ Class A Class B ------------------------- ---------------------- Mid Cap Growth - -------------- Sold.................... 191,183 $2,627,671 353,640 $4,621,187 Redeemed................ (126,885) (1,655,408) (308,940) (3,877,028) ----------- ------------ --------- ------------ Net increase/(decrease)... 64,298 $972,263 44,700 $744,159 ----------- ------------ --------- ------------ Class C Class I ------------------------- ---------------------- Mid Cap Growth - -------------- Sold.................... 164,236 $2,226,211 285,859 $3,694,888 Redeemed................ (292,048) (3,529,090) (181,858) (2,378,592) ----------- ------------ --------- ------------ Net increase/(decrease)... (127,812) ($1,302,879) 104,001 $1,316,296 ----------- ------------ --------- ------------ Class A Class B ------------------------- ---------------------- Mid Cap Value - ------------- Sold.................... 114,388 $1,552,714 229,498 $3,033,758 Reinvestment of distributions.......... 1,156 15,647 3,145 41,589 Redeemed................ (56,839) (741,234) (38,031) (500,513) ----------- ------------ --------- ------------ Net increase/(decrease)... 58,705 $827,127 194,612 $2,574,834 ----------- ------------ --------- ------------ Class C Class I ------------------------- ---------------------- Mid Cap Value - ------------- Sold.................... 303,369 $3,991,644 241,593 $3,255,619 Reinvestment of distributions.......... 436 5,738 4,433 59,848 Redeemed................ (21,619) (280,213) (237,448) (3,225,634) ----------- ------------ --------- ------------ Net increase/(decrease)... 282,186 $3,717,169 8,578 $89,833 ----------- ------------ --------- ------------
136 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - -------------------------------------------------------------------------------- Note 3 - continued
Shares Capital Shares Capital Shares Capital --------- ----------- --------- ------------ ----------- ------------ Class A Class B ---------------------- ------------------------- Science & Technology - -------------------- Sold.................... 315,092 $1,920,815 1,002,442 $5,872,633 Redeemed................ (107,579) (561,584) (248,831) (1,492,041) --------- ------------ ----------- ------------ Net increase/(decrease)... 207,513 $1,359,218 753,611 $4,380,592 --------- ------------ ----------- ------------ Class C Class I ---------------------- ------------------------- Science & Technology - -------------------- Sold.................... 179,820 $1,063,666 - - Redeemed................ (38,612) (228,269) - - --------- ------------ ----------- ------------ Net increase/(decrease)... 141,208 $835,397 - - --------- ------------ ----------- ------------ Class A Class B ---------------------- ------------------------- Small Cap Growth - ---------------- Sold.................... 99,213 $1,478,924 207,265 $2,959,619 Reinvestment of distributions.......... 215 3,028 452 5,642 Redeemed................ (58,161) (870,431) (92,745) (1,254,372) --------- ------------ ----------- ------------ Net increase/(decrease)... 41,267 $611,521 114,972 $1,710,889 --------- ------------ ----------- ------------ Class C Class I ---------------------- ------------------------- Small Cap Growth - ---------------- Sold.................... 49,484 $713,394 448,662 $6,487,130 Reinvestment of distributions.......... 79 1,173 344 5,329 Redeemed................ (45,006) (631,086) (382,890) (5,695,830) --------- ------------ ----------- ------------ Net increase/(decrease)... 4,557 $83,564 66,116 $796,629 --------- ------------ ----------- ------------ Class A Class B Class C --------------------- ---------------------- ------------------------- Small Cap Index - --------------- Sold.................... 28,568 $261,113 61,230 $558,244 9,490 $85,681 Reinvestment of distributions.......... 5,992 54,070 6,245 55,488 50 445 Redeemed................ (7,124) (67,101) (22,494) (204,638) (2,800) (24,913) --------- ----------- --------- ------------ ----------- ------------ Net increase/(decrease)... 27,436 $248,082 44,981 $409,094 6,740 $61,213 --------- ----------- --------- ------------ ----------- ------------ Class A Class B ---------------------- ------------------------- Socially Responsible - -------------------- Sold.................... 9,553 $108,304 36,256 $386,942 Redeemed................ (5,267) (54,558) (12,347) (129,682) --------- ------------ ----------- ------------ Net increase/(decrease)... 4,286 $53,746 23,909 $257,260 --------- ------------ ----------- ------------ Class C Class I ---------------------- ------------------------- Socially Responsible Sold.................... 593 $6,590 59,732 $624,283 Reinvestment of distributions.......... - - 20,463 216,146 Redeemed................ (1) (20) (29,569) (316,997) --------- ------------ ----------- ------------ Net increase/(decrease)... 592 $6,570 50,626 $523,432 --------- ------------ ----------- ------------ Class A Class B Class C --------------------- ---------------------- ------------------------- Stock Index Sold.................... 138,124 $1,570,148 440,226 $4,954,198 87,304 $998,618 Reinvestment of distributions.......... 7,717 91,811 5,799 71,139 152 1,840 Redeemed................ (58,025) (638,799) (166,022) (1,885,636) (11,229) (120,940) --------- ----------- --------- ------------ ----------- ------------ Net increase/(decrease)... 87,816 $1,023,160 280,003 $3,139,701 76,227 $879,518 --------- ----------- --------- ------------ ----------- ------------ Class A Class B Class C --------------------- ---------------------- ------------------------- Global Equity Sold.................... 437,025 $4,023,236 80,941 $726,180 1,166,826 $10,887,329 Redeemed................ (532,343) (4,969,249) (332,522) (3,005,165) (1,506,093) (14,227,191) --------- ----------- --------- ------------ ----------- ------------ Net increase/(decrease)... (95,318) ($946,013) (251,581) ($2,278,985) (339,267) ($3,339,862) --------- ----------- --------- ------------ ----------- ------------
137 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - -------------------------------------------------------------------------------- Note 3 - continued
Shares Capital Shares Capital Shares Capital ----------- ------------ ----------- ------------ ----------- ------------ Class A Class B ------------------------- ------------------------- International Equity - -------------------- Sold.................... 3,748,118 $31,159,679 82,009 $717,892 Reinvestment of distributions.......... 103,972 911,830 289,812 2,495,493 Redeemed................ (3,431,172) (28,866,917) (396,887) (3,324,591) ----------- ------------ ----------- ------------ Net increase/(decrease)... 420,918 $3,204,592 (25,066) ($111,206) ----------- ------------ ----------- ------------ Class C Class I ------------------------- ------------------------- International Equity - -------------------- Sold.................... 126,981 $1,049,314 961,047 $8,594,365 Reinvestment of distributions.......... 71,262 611,443 288,888 2,527,768 Redeemed................ (199,027) (1,722,049) (520,869) (4,584,727) ----------- ------------ ----------- ------------ Net increase/(decrease)... (784) ($61,292) 729,066 $6,537,406 ----------- ------------ ----------- ------------ Class A Class B Class C ------------------------- ------------------------- ------------------------- International Small Cap - ----------------------- Sold.................... 1,623,036 $22,651,102 80,259 $1,249,331 177,991 $2,541,751 Reinvestment of distributions.......... 15,999 254,549 40,577 616,795 30,445 464,624 Redeemed................ (1,583,759) (22,468,241) (118,813) (1,687,564) (275,666) (3,980,501) ----------- ------------ ----------- ------------ ----------- ------------ Net increase/(decrease)... 55,276 $437,410 2,023 $178,562 (67,230) $(974,126) ----------- ------------ ----------- ------------ ----------- ------------ Class A Class B ------------------------- ------------------------- Balanced - -------- Sold.................... 173,412 $1,462,305 144,576 $1,246,581 Reinvestment of distributions.......... 10,085 87,644 10,140 85,846 Redeemed................ (84,564) (719,360) (264,524) (2,233,070) ----------- ------------ ----------- ------------ Net increase/(decrease)... 98,933 $830,589 (109,808) $(900,643) ----------- ------------ ----------- ------------ Class C Class I ------------------------- ------------------------- Balanced - -------- Sold.................... 144,438 $1,248,227 37,678 $324,858 Reinvestment of distributions.......... 21,216 186,702 8,659 75,342 Redeemed................ (467,409) (4,079,192) (26,129) (222,269) ----------- ------------ ----------- ------------ Net increase/(decrease)... (301,755) ($2,644,263) 20,208 $177,931 ----------- ------------ ----------- ------------ Class A Class B ------------------------- ------------------------- Core Bond - --------- Sold.................... 92,057 $910,937 36,595 $362,014 Reinvestment of distributions.......... 7,007 69,258 8,767 86,503 Redeemed................ (44,021) (434,864) (129,652) (1,281,457) ----------- ------------ ----------- ------------ Net increase/(decrease)... 55,043 $545,331 (84,290) $(832,940) ----------- ------------ ----------- ------------ Class C Class I Class II ------------------------- ------------------------- ------------------------- Core Bond - --------- Sold.................... 44,058 $437,464 1,000,996 $9,883,956 - - Reinvestment of distributions.......... 5,169 51,048 49,509 490,197 795,257 $7,854,239 Redeemed................ (33,614) (331,219) (897,815) (8,880,196) (1,352,737) (13,400,000) ----------- ------------ ----------- ------------ ----------- ------------ Net increase/(decrease)... 15,613 $157,293 152,690 $1,493,957 (557,480) ($5,545,761) ----------- ------------ ----------- ------------ ----------- ------------ Class A Class B ------------------------- ------------------------- High Yield Bond - --------------- Sold.................... 36,948 $312,167 295,243 $2,483,415 Reinvestment of distributions.......... 848 7,069 5,445 45,180 Redeemed................ (741) (6,127) (148,577) (1,248,314) ----------- ------------ ----------- ------------ Net increase/(decrease)... 37,055 $313,109 152,111 $1,280,281 ----------- ------------ ----------- ------------ Class C Class I Class II ------------------------- ------------------------- ------------------------- High Yield Bond - --------------- Sold.................... 89,054 $746,035 329,279 $2,681,465 70,828 $442,305 Reinvestment of distributions.......... 2,481 20,637 6,581 55,753 274,646 2,295,246 Redeemed................ (24,798) (207,179) (58,764) (492,980) - - ----------- ------------ ----------- ------------ ----------- ------------ Net increase/(decrease)... 66,737 $559,493 277,096 $2,244,238 345,474 $2,737,551 ----------- ------------ ----------- ------------ ----------- ------------
138 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - -------------------------------------------------------------------------------- Note 3 - continued
Shares Capital Shares Capital Shares Capital ----------- ------------ ------------ ------------ ----------- ------------ Class A Class B Class C ------------------------- --------------------------- ------------------------- Municipal Bond - -------------- Sold.................... 142,491 $1,405,330 256,086 $2,561,813 233,089 $2,314,012 Reinvestment of distributions.......... 11,028 109,259 7,852 77,797 3,065 30,485 Redeemed................ (93,694) (923,906) (143,186) (1,414,161) (69,969) (688,152) ----------- ------------ ------------ ------------ ----------- ------------ Net increase/(decrease)... 59,825 $590,683 120,752 $1,225,449 166,185 $1,656,345 ----------- ------------ ------------ ------------ ----------- ------------ Class A Class B --------------------------- ------------------------- Strategic Income - ---------------- Sold.................... 329,349 $2,645,579 172,734 $1,399,996 Reinvestment of distributions.......... 20,637 166,053 43,135 346,918 Redeemed................ (202,800) (1,631,936) (558,700) (4,483,103) ------------ ------------ ----------- ------------ Net increase/(decrease)... 147,186 $1,179,696 (342,831) ($2,736,189) ------------ ------------ ----------- ------------ Class C Class I --------------------------- ------------------------- Strategic Income - ---------------- Sold.................... 156,996 $1,280,023 - - Reinvestment of distributions.......... 34,543 277,869 12,778 $102,943 Redeemed................ (298,919) (2,395,357) - - ------------ ------------ ----------- ------------ Net increase/(decrease)... (107,380) ($837,465) 12,778 $102,943 ------------ ------------ ----------- ------------ Class A Class B Class C ------------------------- --------------------------- ------------------------- U.S. Government Securities - --------------- Sold.................... 4,784,678 $46,829,520 696,492 $6,769,403 996,090 $9,659,672 Reinvestment of distributions.......... 56,100 544,094 15,375 148,721 19,205 181,452 Redeemed................ (4,743,437) (46,366,852) (595,021) (5,801,001) (1,053,024) (10,213,501) ----------- ------------ ------------ ------------ ----------- ------------ Net increase/(decrease)... 97,341 $1,006,762 116,846 $1,117,123 (37,729) ($372,377) ----------- ------------ ------------ ------------ ----------- ------------ Class A Class B --------------------------- ------------------------- Money Market - ------------ Sold.................... 26,537,024 $26,537,024 7,833,109 $7,833,109 Reinvestment of distributions.......... 629,073 629,073 185,628 185,628 Redeemed................ (26,651,586) (26,651,587) (6,245,240) (6,245,241) ------------ ------------ ----------- ------------ Net increase/(decrease)... 514,511 $514,510 1,773,497 $1,773,496 ------------ ------------ ----------- ------------ Class C Class I --------------------------- ------------------------- Money Market - ------------ Sold.................... 17,304,608 $17,304,608 1,604,422 $1,604,422 Reinvestment of distributions.......... 168,814 168,814 150,942 150,942 Redeemed................ (16,906,663) (16,906,665) (970,777) (986,070) ------------ ------------ ----------- ------------ Net increase/(decrease)... 566,759 $566,757 784,587 $769,294 ------------ ------------ ----------- ------------ Class A Class B Class C ------------------------- --------------------------- ------------------------- Municipal Money Market - ---------------------- Sold.................... 294,580 $294,580 28,409 $28,410 75,050 $75,050 Reinvestment of distributions.......... 61,874 61,874 39,295 39,295 1,282 1,282 Redeemed................ (529,227) (529,227) (148,761) (148,762) (54,000) (54,000) ----------- ------------ ------------ ------------ ----------- ------------ Net increase/(decrease)... (172,773) ($172,773) (81,057) ($81,057) 22,332 $22,332 ----------- ------------ ------------ ------------ ----------- ------------ Class A Class B --------------------------- ------------------------- Aggressive Growth LifeStyle - ----------------- Sold.................... 72,034 $705,979 300,466 $3,077,643 Reinvestment of distributions.......... 71,677 706,323 243,396 2,403,215 Redeemed................ (54,942) (506,344) (65,159) (637,085) ------------ ------------ ----------- ------------ Net increase/(decrease)... 88,769 $905,958 478,703 $4,843,773 ------------ ------------ ----------- ------------ Class C Class I --------------------------- ------------------------- Aggressive Growth LifeStyle - ----------------- Sold.................... 8,176 $87,179 121,380 $1,169,104 Reinvestment of distributions.......... 3,655 36,216 88,598 874,251 Redeemed................ (6,528) (58,080) (20,053) (200,905) ------------ ------------ ----------- ------------ Net increase/(decrease)... 5,303 $65,315 189,925 $1,842,450 ------------ ------------ ----------- ------------
139 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - -------------------------------------------------------------------------------- Note 3 - continued
Shares Capital Shares Capital ----------- ------------ ----------- ------------ Class A Class B ------------------------- ------------------------- Moderate Growth LifeStyle - --------------- Sold.................... 112,203 $1,209,613 352,378 $3,642,335 Reinvestment of distributions.......... 51,382 516,345 154,083 1,555,730 Redeemed................ (11,722) (116,683) (90,628) (925,513) ----------- ------------ ----------- ------------ Net increase/(decrease)... 151,863 $1,609,275 415,833 $4,272,552 ----------- ------------ ----------- ------------ Class C Class I ------------------------- ------------------------- Moderate Growth LifeStyle - --------------- Sold.................... 47,582 $485,617 279,866 $3,105,658 Reinvestment of distributions.......... 3,045 30,642 72,733 426,916 Redeemed................ (4,157) (39,028) (25,192) (255,256) ----------- ------------ ----------- ------------ Net increase/(decrease)... 46,470 $477,231 327,407 $3,277,318 ----------- ------------ ----------- ------------ Class A Class B ------------------------- ------------------------- Conservative Growth LifeStyle - ------------------- Sold.................... 45,139 $472,561 158,616 $1,682,531 Reinvestment of distributions.......... 42,833 428,349 123,535 1,241,014 Redeemed................ (39,520) (376,134) (145,454) (1,441,831) ----------- ------------ ----------- ------------ Net increase/(decrease)... 48,452 $524,776 136,697 $1,481,714 ----------- ------------ ----------- ------------ Class C Class I ------------------------- ------------------------- Conservative Growth LifeStyle - ------------------- Sold.................... 45,321 $469,936 101,509 $1,045,672 Reinvestment of distributions.......... 2,766 27,953 55,665 557,065 Redeemed................ (6,428) (66,107) (22,249) (221,564) ----------- ------------ ----------- ------------ Net increase/(decrease)... 41,659 $431,782 134,925 $1,381,173 ----------- ------------ ----------- ------------ Share activity for the year ended October 31, 2000, was as follows: Class A Class B ------------------------- ------------------------- Growth & Income - --------------- Sold.................... 520,232 $14,345,704 650,532 $17,609,391 Shares issued in connection with the merger of North American Equity- Income................. 304,952 8,608,176 610,686 16,835,378 Shares issued in connection with the merger of North American Tax- Sensitive Equity....... 9,543 269,386 82,798 2,282,585 Shares issued in connection with the merger of AGSPC2 Large Cap Value.............. 92,804 2,619,669 274,941 7,579,579 Reinvestment of distributions.......... 105,709 2,884,282 315,780 8,444,061 Redeemed................ (605,069) (16,899,847) (1,601,437) (43,338,250) ----------- ------------ ----------- ------------ Net increase/(decrease)... 428,171 $11,827,370 333,300 9,412,744 ----------- ------------ ----------- ------------ Class C Class I ------------------------- ------------------------- Growth & Income - --------------- Sold.................... 1,062,513 $29,009,747 276,505 $7,842,218 Shares issued in connection with the merger of North American Equity-Income. 1,410,041 39,042,706 - - Shares issued in connection with the merger of North American Tax-Sensitive Equity................. 81,780 2,264,394 - - Shares issued in connection with the merger of AGSPC2 Large Cap Value.............. - - 162,787 4,598,570 Reinvestment of distributions.......... 449,765 12,080,942 Redeemed................ (2,073,452) (56,268,644) (60,597) (1,642,017) ----------- ------------ ----------- ------------ Net increase/(decrease)... 930,647 $26,129,145 378,695 $10,798,771 ----------- ------------ ----------- ------------
140 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - -------------------------------------------------------------------------------- Note 3 - continued
Shares Capital Shares Capital Shares Capital -------- -------- --------- ------------ --------- ------------ Class A Class B ---------------------- ---------------------- Large Cap Growth - ---------------- Sold.................... 180,298 $3,963,213 510,101 $11,202,280 Shares issued in connection with the merger of AGSPC2 Large Cap Growth............. 240,358 5,302,772 922,147 19,731,175 Reinvestment of distributions.......... 74,768 1,502,311 265,589 5,130,551 Redeemed................ (237,334) (5,349,958) (551,390) (12,079,257) --------- ------------ --------- ------------ Net increase/(decrease)... 258,090 $5,418,338 1,146,447 $23,984,749 --------- ------------ --------- ------------ Class C Class I ---------------------- ---------------------- Large Cap Growth - ---------------- Sold.................... 542,311 $12,012,298 817,135 $17,838,190 Shares issued in connection with the merger of AGSPC2 Large Cap Growth............. - - 297,894 6,578,574 Reinvestment of distributions.......... 214,569 4,238,969 82,237 1,547,705 Redeemed................ (395,536) (8,550,664) (159,511) (3,393,150) --------- ------------ --------- ------------ Net increase/(decrease)... 361,344 $7,700,603 1,037,755 $22,570,919 --------- ------------ --------- ------------ Class A Class B ---------------------- ---------------------- Mid Cap Growth - -------------- Sold.................... 236,428 $4,958,839 398,588 $8,068,295 Shares issued in connection with the merger of AGSPC2 Mid Cap Growth............. 112,209 2,428,094 326,329 6,785,306 Reinvestment of distributions.......... 152,684 2,771,897 446,218 7,770,631 Redeemed................ (168,892) (3,635,675) (366,298) (7,489,811) --------- ------------ --------- ------------ Net increase/(decrease)... 332,429 $6,523,155 804,837 $15,134,421 --------- ------------ --------- ------------ Class C Class I ---------------------- ---------------------- Mid Cap Growth - -------------- Sold.................... 478,136 $9,593,264 139,968 $3,018,075 Shares issued in connection with the merger of AGSPC2 Mid Cap Growth............. - - 471,490 10,228,987 Reinvestment of distributions.......... 372,559 6,549,451 106,192 1,883,847 Redeemed................ (559,008) (11,298,090) (69,387) (1,465,582) --------- ------------ --------- ------------ Net increase/(decrease)... 291,687 $4,844,625 648,263 $13,665,327 --------- ------------ --------- ------------ Class A Class B ---------------------- ---------------------- Mid Cap Value - ------------- Sold.................... 144,253 $1,841,667 472,924 $5,823,819 Reinvestment of distributions.......... 31,579 373,702 88,412 1,029,601 Redeemed................ (118,255) (1,550,678) (384,551) (4,956,358) --------- ------------ --------- ------------ Net increase/(decrease)... 57,577 $664,691 176,785 $1,897,062 --------- ------------ --------- ------------ Class C Class I Class II ------------------- ---------------------- ---------------------- Mid Cap Value - ------------- Sold.................... 43,900 $601,390 1,252,181 $16,290,616 11,121 $137,028 Reinvestment of distributions.......... 2,397 29,983 68,110 845,335 16,112 181,253 Redeemed................ (599,402) (7,827,596) (149,144) (1,862,031) -------- -------- --------- ------------ --------- ------------ Net increase/(decrease)... 46,297 $631,373 720,889 $9,308,355 (121,911) ($1,543,750) -------- -------- --------- ------------ --------- ------------
141 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - -------------------------------------------------------------------------------- Note 3 - continued
Shares Capital Shares Capital Shares Capital -------- ---------- --------- ----------- --------- ------------ Class A Class B --------------------- ---------------------- Science & Technology - -------------------- Sold.................... 604,655 $5,510,690 2,111,172 $18,832,737 Reinvestment of distributions.......... Redeemed................ (32,401) (283,380) (138,114) (1,184,568) --------- ----------- --------- ------------ Net increase/(decrease)... 572,254 $5,227,310 1,973,058 $17,648,169 --------- ----------- --------- ------------ Class C Class I --------------------- ---------------------- Science & Technology - -------------------- Sold.................... 136,418 $1,133,849 66,676 $666,741 Reinvestment of distributions.......... Redeemed................ (234) (1,808) --------- ----------- --------- ------------ Net increase/(decrease)... 136,184 $1,132,041 66,676 $666,741 --------- ----------- --------- ------------ Class A Class B --------------------- ---------------------- Small Cap Growth - ---------------- Sold.................... 179,013 $3,493,309 256,423 $4,499,113 Shares issued in connection with the merger of AGSPC2 Small Cap Growth............. 257,697 5,093,883 754,012 14,548,655 Reinvestment of distributions.......... 21,216 354,265 50,039 812,730 Redeemed................ (81,989) (1,648,781) (246,538) (4,858,401) --------- ----------- --------- ------------ Net increase/(decrease)... 375,937 $7,292,693 813,936 $15,002,097 --------- ----------- --------- ------------ Class C Class I --------------------- ---------------------- Small Cap Growth - ---------------- Sold.................... 185,962 $3,432,164 434,971 $8,306,602 Shares issued in connection with the merger of AGSPC2 Small Cap Growth............. - - 469,456 9,303,218 Reinvestment of distributions.......... 11,278 182,974 45,510 762,287 Redeemed................ (33,565) (598,912) (133,113) (2,503,418) --------- ----------- --------- ------------ Net increase/(decrease)... 163,675 $3,016,226 816,824 $15,868,689 --------- ----------- --------- ------------ Class A Class B Class C -------------------- --------------------- ---------------------- Small Cap Index - --------------- Sold.................... 23,750 $275,800 96,627 $1,116,799 3,483 $39,259 Reinvestment of distributions.......... 70,177 702,455 88,320 874,356 337 3,142 Redeemed................ (13,488) (156,325) (21,268) (240,302) -------- ---------- --------- ----------- --------- ------------ Net increase/(decrease)... 80,439 $821,930 163,679 $1,750,853 3,820 $42,401 -------- ---------- --------- ----------- --------- ------------ Class A Class B --------------------- ---------------------- Socially Responsible - -------------------- Sold.................... 28,809 $352,586 89,213 $1,088,674 Reinvestment of distributions.......... 6,476 78,486 11,019 133,425 Redeemed................ (12,932) (157,649) (35,336) (424,336) --------- ----------- --------- ------------ Net increase/(decrease)... 22,353 $273,423 64,896 $797,763 --------- ----------- --------- ------------ Class C Class I Class II -------------------- --------------------- ---------------------- Socially Responsible - -------------------- Sold.................... 4,696 $59,576 852,292 $10,531,657 8 $100 Reinvestment of distributions.......... - 8,931 108,358 5,774 70,009 Redeemed................ (533,794) (6,608,539) (132,317) (1,631,480) -------- ---------- --------- ----------- --------- ------------ Net increase/(decrease)... 4,696 $59,576 327,429 $4,031,476 (126,535) ($1,561,371) -------- ---------- --------- ----------- --------- ------------ Class A Class B Class C -------------------- --------------------- ---------------------- Stock Index - ----------- Sold.................... 257,610 $3,300,025 1,030,761 $13,150,515 39,852 $506,404 Reinvestment of distributions.......... 7,328 94,341 11,656 148,815 1 19 Redeemed................ (52,165) (667,516) (296,871) (3,762,586) -------- ---------- --------- ----------- --------- ------------ Net increase/(decrease). 212,773 $2,726,850 745,546 $9,536,744 39,853 $506,423 -------- ---------- --------- ----------- --------- ------------
142 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - -------------------------------------------------------------------------------- Note 3 - continued
Shares Capital Shares Capital Shares Capital --------- ------------ ----------- ------------- ----------- ------------- Class A Class B Class C ---------------------- -------------------------- -------------------------- Global Equity - ------------- Sold.................... 561,515 $6,564,695 61,443 $779,179 2,354,014 $29,022,558 Reinvestment of distributions.......... 102,952 1,452,654 223,719 3,087,303 391,138 5,421,137 Redeemed................ (676,962) (8,745,579) (952,125) (12,058,568) (3,783,257) (47,863,041) --------- ------------ ----------- ------------- ----------- ------------- Net increase/(decrease)... (12,495) ($728,230) (666,963) ($8,192,086) (1,038,105) ($13,419,346) --------- ------------ ----------- ------------- ----------- ------------- Class A Class B -------------------------- -------------------------- International Equity - -------------------- Sold.................... 752,978 $8,539,000 223,968 $2,565,738 Shares issued in connection with the merger of AGSPC2 International Growth... 241,933 2,836,359 540,423 6,262,957 Shares issued in connection with the merger of AGSPC2 International Value.... 275,839 3,233,635 577,643 6,694,306 Reinvestment of distributions.......... 27,241 318,993 85,506 992,722 Redeemed................ (921,853) (10,575,559) (883,545) (10,072,806) ----------- ------------- ----------- ------------- Net increase/(decrease)... 376,138 $4,352,428 543,995 $6,442,917 ----------- ------------- ----------- ------------- Class C Class I -------------------------- -------------------------- International Equity - -------------------- Sold.................... 162,734 $1,895,481 998,106 $11,225,802 Shares issued in connection with the merger of AGSPC2 International Growth... - - 362,776 4,259,720 Shares issued in connection with the merger of AGSPC2 International Value.... - - 505,421 5,934,659 Reinvestment of distributions.......... 40,660 472,060 - - Redeemed................ (310,335) (3,546,141) (276,032) (2,977,809) ----------- ------------- ----------- ------------- Net increase/(decrease)... (106,941) ($1,178,600) 1,590,271 $18,442,372 ----------- ------------- ----------- ------------- Class A Class B Class C ---------------------- -------------------------- -------------------------- International Small Cap - ----------------------- Sold.................... 617,132 $15,273,632 302,823 $7,405,887 354,827 $9,376,657 Reinvestment of distributions.......... 28,290 633,967 75,949 1,644,481 61,882 1,343,520 Redeemed................ (455,514) (11,482,589) (149,996) (3,534,129) (207,100) (4,854,566) --------- ------------ ----------- ------------- ----------- ------------- Net increase/(decrease)... 189,908 $4,425,010 228,776 $5,516,239 209,609 $5,865,611 --------- ------------ ----------- ------------- ----------- ------------- Class A Class B -------------------------- -------------------------- Balanced - -------- Sold.................... 239,789 $2,221,399 169,192 $1,578,042 Shares issued in connection with the merger of AGSPC2 Balanced............... 260,076 2,429,626 850,413 7,900,334 Reinvestment of distributions.......... 97,337 845,859 207,921 1,802,749 Redeemed................ (320,654) (2,974,969) (898,843) (8,259,026) ----------- ------------- ----------- ------------- Net increase/(decrease)... 276,548 $2,521,915 328,683 $3,022,099 ----------- ------------- ----------- ------------- Class C Class I -------------------------- -------------------------- Balanced - -------- Sold.................... 147,231 $1,400,824 206,780 $1,973,415 Shares issued in connection with the merger of AGSPC2 Balanced............... 448,772 4,196,897 Reinvestment of distributions.......... 787,946 6,942,381 Redeemed................ (2,057,592) (19,112,110) (28,756) (271,671) ----------- ------------- ----------- ------------- Net increase/(decrease)... (1,122,415) ($10,768,905) 626,796 $5,898,641 ----------- ------------- ----------- -------------
143 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - -------------------------------------------------------------------------------- Note 3 - continued
Shares Capital Shares Capital Shares Capital --------- ------------ ----------- ------------ ----------- ------------ Class A Class B ------------------------- ------------------------- Core Bond - --------- Sold.................... 86,061 $836,397 61,183 $592,169 Shares issued in connection with the merger of AGSPC2 Core Bond................... 18,563 178,964 49,200 474,337 Shares issued in connection with the merger of AGSPC2 Domestic Bond.......... 340,668 3,284,382 1,140,806 10,998,835 Reinvestment of distributions.......... 18,168 175,504 24,870 240,124 Redeemed................ (417,481) (4,015,632) (1,197,400) (11,469,196) ----------- ------------ ----------- ------------ Net increase/(decrease)... 45,979 $459,615 78,659 $836,269 ----------- ------------ ----------- ------------ Class C Class I Class II ---------------------- ------------------------- ------------------------- Core Bond - --------- Sold.................... 46,061 $448,966 1,808,854 $17,383,782 8 $75 Shares issued in connection with the merger of AGSPC2 Core Bond................... - - 23,609 235,590 33,038,051 318,569,797 Shares issued in connection with the merger of AGSPC2 Domestic Bond.......... - - 693,472 6,688,535 - - Reinvestment of distributions.......... 19,488 188,367 40,452 391,593 700,635 6,764,917 Redeemed................ (242,315) (2,350,556) (491,180) (4,754,531) (622,731) (6,000,000) --------- ------------ ----------- ------------ ----------- ------------ Net increase/(decrease)... (176,766) ($1,713,223) 2,075,207 $19,937,089 33,115,963 $319,334,789 --------- ------------ ----------- ------------ ----------- ------------ Class A Class B ------------------------- ------------------------- High Yield Bond - --------------- Sold.................... 32,163 $300,163 122,781 $1,123,161 Reinvestment of distributions.......... 1,170 10,572 8,193 73,989 Redeemed................ (3,512) (33,029) (13,772) (123,026) ----------- ------------ ----------- ------------ Net increase/(decrease)... 29,821 $277,706 117,202 $1,074,124 ----------- ------------ ----------- ------------ Class C Class I Class II ---------------------- ------------------------- ------------------------- High Yield Bond - --------------- Sold.................... 63,079 $567,367 1,605 $14,414 7,091,254 $63,681,758 Reinvestment of distributions.......... 601 5,208 150 1,368 704,361 6,390,330 Redeemed................ - - (1,596) (14,336) (7,088,114) (63,648,633) --------- ------------ ----------- ------------ ----------- ------------ Net increase/(decrease)... 63,680 $572,575 159 $1,446 707,501 $6,423,455 --------- ------------ ----------- ------------ ----------- ------------ Class A Class B Class C ---------------------- ------------------------- ------------------------- Municipal Bond - -------------- Sold.................... 138,950 $1,317,668 9,870 $94,254 1,628 $15,403 Shares issued in connection with the merger of AGSPC2 Municipal Bond......... 344,682 3,290,627 414,403 3,955,889 - - Reinvestment of distributions.......... 16,903 160,992 13,996 133,257 7,966 75,353 Redeemed................ (162,218) (1,539,938) (215,733) (2,051,175) (185,975) (1,760,691) --------- ------------ ----------- ------------ ----------- ------------ Net increase/(decrease)... 338,317 $3,229,349 222,536 $2,132,225 (176,381) ($1,669,935) --------- ------------ ----------- ------------ ----------- ------------ Class A Class B ------------------------- ------------------------- Strategic Income - ---------------- Sold.................... 235,425 $1,934,596 188,191 $1,554,585 Shares issued in connection with the merger of AGSPC2 Strategic Bond......... 210,906 1,732,804 266,623 2,190,838 Reinvestment of distributions.......... 53,247 440,576 118,611 981,318 Redeemed................ (765,027) (6,343,100) (1,218,211) (10,106,970) ----------- ------------ ----------- ------------ Net increase/(decrease)... (265,449) ($2,235,124) (644,786) ($5,380,229) ----------- ------------ ----------- ------------ Class C Class I ------------------------- ------------------------- Strategic Income - ---------------- Sold.................... 194,141 $1,597,500 9 $75 Shares issued in connection with the merger of AGSPC2 Strategic Bond......... - - 328,991 2,705,249 Reinvestment of distributions.......... 110,714 916,823 8,751 69,194 Redeemed................ (1,138,865) (9,482,491) (8,294) (67,939) ----------- ------------ ----------- ------------ Net increase/(decrease)... (834,010) ($6,968,168) 329,457 ($2,706,579) ----------- ------------ ----------- ------------
144 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - -------------------------------------------------------------------------------- Note 3 - continued
Shares Capital Shares Capital Shares Capital ----------- ------------ ------------ ------------ ------------ ------------ Class A Class B Class C ------------------------- --------------------------- --------------------------- U.S. Government Securities - --------------- Sold.................... 260,706 $2,454,069 251,432 $2,371,338 2,953,663 $27,736,875 Reinvestment of distributions.......... 132,162 1,124,755 41,149 348,322 44,282 374,449 Redeemed................ (994,682) (9,334,232) (675,339) (6,148,543) (3,404,934) (31,970,103) ----------- ------------ ------------ ------------ ------------ ------------ Net increase/(decrease)... (601,814) ($5,755,408) (382,758) ($3,428,883) (406,989) ($3,858,779) ----------- ------------ ------------ ------------ ------------ ------------ Class A Class B --------------------------- --------------------------- Money Market - ------------ Sold.................... 35,256,844 $35,256,844 10,939,422 $10,939,422 Shares issued in connection with the merger of AGSPC2 Money Market................. 16,037,970 16,037,970 4,757,994 4,757,994 Reinvestment of distributions.......... 732,440 732,440 268,711 268,711 Redeemed................ (32,448,147) (32,448,147) (12,420,665) (12,420,665) ------------ ------------ ------------ ------------ Net increase/(decrease)... 19,579,107 $19,579,107 3,545,462 $3,545,462 ------------ ------------ ------------ ------------ Class C Class I --------------------------- --------------------------- Money Market - ------------ Sold.................... 30,703,970 $30,703,970 2,867,349 $2,867,349 Shares issued in connection with the merger of AGSPC2 Money Market................. 5,610,626 5,610,626 Reinvestment of distributions.......... 371,257 371,257 108,376 108,376 Redeemed................ (32,524,278) (32,524,278) (2,475,554) (2,461,485) ------------ ------------ ------------ ------------ Net increase/(decrease)... (1,449,051) ($1,449,051) 6,110,797 $6,124,866 ------------ ------------ ------------ ------------ Class A Class B Class C ------------------------- --------------------------- --------------------------- Municipal Money Market - ---------------------- Sold.................... 2,115,643 $2,115,642 416,013 $416,013 112,080 $112,080 Reinvestment of distributions.......... 86,176 86,176 43,881 43,882 235 235 Redeemed................ (1,401,118) (1,401,118) (524,290) (524,290) (4,000) (4,000) ----------- ------------ ------------ ------------ ------------ ------------ Net increase/(decrease)... 800,701 $800,700 (64,396) ($64,395) 108,314 $108,314 ----------- ------------ ------------ ------------ ------------ ------------ Class A Class B --------------------------- --------------------------- Aggressive Growth LifeStyle - ----------------- Sold.................... 154,794 $2,051,325 657,584 $8,804,810 Reinvestment of distributions.......... 19,409 250,862 58,467 692,034 Redeemed................ (16,440) (218,429) (72,094) (957,709) ------------ ------------ ------------ ------------ Net increase/(decrease)... 157,763 $2,083,758 643,957 $8,539,135 ------------ ------------ ------------ ------------ Class C Class I Class II ------------------------- --------------------------- --------------------------- Aggressive Growth LifeStyle - ----------------- Sold.................... 14,397 $188,274 629,278 $8,586,698 8 $100 Reinvestment of distributions.......... 21,903 282,055 5,380 71,165 Redeemed................ (387,895) (5,353,647) (131,036) (1,765,000) ----------- ------------ ------------ ------------ ------------ ------------ Net increase/(decrease)... 14,397 $188,274 263,286 $3,515,106 (125,648) ($1,693,735) ----------- ------------ ------------ ------------ ------------ ------------ Class A Class B --------------------------- --------------------------- Moderate Growth LifeStyle - --------------- Sold.................... 118,463 $1,454,170 538,571 $6,583,591 Reinvestment of distributions.......... 15,307 185,162 46,680 565,594 Redeemed................ (20,669) (251,696) (91,454) (1,118,453) ------------ ------------ ------------ ------------ Net increase/(decrease)... 113,101 $1,387,636 493,797 $6,030,732 ------------ ------------ ------------ ------------ Class C Class I Class II ------------------------- --------------------------- --------------------------- Moderate Growth LifeStyle - --------------- Sold.................... 15,078 $188,489 740,368 $9,290,421 8 $100 Reinvestment of distributions.......... 16 187 18,336 221,379 4,909 59,739 Redeemed................ (442,764) (5,612,543) (131,311) (1,628,183) ----------- ------------ ------------ ------------ ------------ ------------ Net increase/(decrease)... 15,094 $188,676 315,940 $3,899,257 (126,394) ($1,568,344) ----------- ------------ ------------ ------------ ------------ ------------
145 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - ------------------------------------------------------------------------------- Note 3 - continued
Shares Capital Shares Capital Shares Capital -------- -------- --------- ----------- --------- ------------ Class A Class B --------------------- ---------------------- Conservative Growth LifeStyle - ------------------- Sold.................... 132,543 $1,548,028 363,073 $4,240,024 Reinvestment of distributions.......... 12,294 141,683 40,395 466,977 Redeemed................ (11,888) (138,955) (44,929) (528,305) --------- ----------- --------- ------------ Net increase/(decrease)... 132,949 $1,550,756 358,539 $4,178,696 --------- ----------- --------- ------------ Class C Class I Class II ------------------- --------------------- ---------------------- Conservative Growth LifeStyle - ------------------- Sold.................... 12,844 $152,493 662,195 $7,849,117 9 $100 Reinvestment of distributions.......... - 14,757 170,114 4,837 55,734 Redeemed................ (426,915) (5,103,384) (132,197) (1,547,920) -------- -------- --------- ----------- --------- ------------ Net increase/(decrease)... 12,844 $152,493 250,037 $2,915,847 (127,351) $(1,492,086) -------- -------- --------- ----------- --------- ------------
4. PURCHASES AND SALES OF SECURITIES. The following table summarizes the securities transactions (excluding short-term investments) for all portfolios, excluding Money Market and Municipal Money Market, for the period ended April 30, 2001:
Purchases Sales ----------------------------- ----------------------------- Portfolio U. S. Government Other Issues U. S. Government Other Issues - --------- ---------------- ------------ ---------------- ------------ Growth & Income......... $36,624,699 $65,048,890 Large Cap Growth........ 65,708,227 67,168,726 Mid Cap Growth.......... 22,882,177 21,138,256 Mid Cap Value........... 37,824,333 31,773,274 Science & Technology.... 19,255,603 11,935,106 Small Cap Growth........ 19,413,813 14,585,781 Small Cap Index......... 2,597,658 1,742,100 Socially Responsible.... 4,166,621 2,507,188 Stock Index............. 6,107,489 660,337 Global Equity........... 16,348,575 24,547,441 International Equity.... 9,900,452 11,287,524 International Small Cap. 59,257,483 62,403,324 Balanced................ 18,876,958 20,878,328 Core Bond............... $151,731,269 979,670,334 $131,084,435 987,691,552 High Yield Bond......... 36,487,525 23,949,120 Municipal Bond.......... 26,190,184 21,841,584 Strategic Income........ 11,728,019 14,152,883 U.S. Government Securities............. 107,592,115 101,131,493 Aggressive Growth LifeStyle.............. 16,025,844 11,823,419 Moderate Growth LifeStyle.............. 18,455,596 10,817,619 Conservative Growth LifeStyle.............. 12,458,713 10,143,852
At April 30, 2001, tax basis net unrealized appreciation was equal to the aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value as follows:
Tax Basis Net Unrealized Tax Basis Tax Basis Tax Basis Appreciation Unrealized Unrealized Portfolio Cost (Depreciation) Appreciation Depreciation - --------- ------------ -------------- ------------ ------------- Growth & Income.......... $223,904,936 $ 43,841,306 $62,012,218 ($18,170,912) Large Cap Growth......... 62,894,740 (2,958,970) 2,259,224 (5,218,194) Mid Cap Growth........... 64,903,423 (13,538,894) 5,457,903 (18,996,797) Mid Cap Value............ 27,704,269 2,425,051 2,792,491 (367,440) Science & Technology..... 24,316,957 (5,481,090) 789,866 (6,270,956) Small Cap Growth......... 34,609,799 (1,051,516) 4,385,383 (5,436,899) Small Cap Index.......... 9,039,180 (634,329) 1,300,793 (1,935,122) Socially Responsible..... 10,865,754 (299,168) 776,580 (1,075,748)
146 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - ------------------------------------------------------------------------------- Note 4 - continued
Tax Basis Net Unrealized Tax Basis Tax Basis Tax Basis Appreciation Unrealized Unrealized Portfolio Cost (Depreciation) Appreciation Depreciation - --------- ----------- -------------- ------------ ------------ Stock Index............... $36,344,735 ($2,022,922) $2,706,588 ($4,729,510) Global Equity............. 25,791,991 (1,299,784) 1,264,846 (2,564,630) International Equity...... 51,436,665 (5,184,378) 1,563,065 (6,747,443) International Small Cap... 18,158,492 466,037 1,080,757 (614,720) Balanced.................. 56,961,399 (280,586) 3,976,908 (4,257,494) Core Bond................. 455,650,116 1,647,866 5,820,940 (4,173,074) High Yield Bond........... 75,528,837 (6,303,795) 2,019,327 (8,323,122) Municipal Bond............ 21,855,105 151,219 382,587 (231,368) Strategic Income.......... 36,134,896 (2,316,512) 1,151,681 (3,468,193) U.S. Government Securities............... 59,858,198 76,645 496,799 (420,154) Aggressive Growth LifeStyle................ 26,420,455 (3,300,149) 160,225 (3,460,374) Moderate Growth LifeStyle. 27,543,075 (1,729,062) 269,706 (1,998,768) Conservative Growth LifeStyle................ 19,893,735 (892,566) 245,653 (1,138,219)
5. INVESTMENT ADVISORY AGREEMENT. The Trust maintains an Investment Advisory Agreement with AGAM, pursuant to approval by the Trust's Board of Trustees and shareholders. AGAM is responsible for managing the corporate and business affairs of the Trust and for selecting and compensating subadvisers to handle the investment and reinvestment of the assets of each portfolio, subject to the supervision of the Trustees of the Trust. As compensation for its services, AGAM receives a fee from the Trust computed separately for each portfolio at an annual percentage of average net assets as follows:
Between Between $50 million $200 million First and and Excess over Portfolio $50 million $200 million $500 million $500 million - --------- ----------- ------------ ------------ ------------ Growth & Income........... .725% .675% .625% .550% Large Cap Growth.......... .900% .850% .825% .800% Mid Cap Growth............ .925% .900% .875% .850% Mid Cap Value............. See below/1/ Science & Technology...... .900% .900% .900% .900% Small Cap Growth.......... .950% .950% .950% .950% Small Cap Index........... .280% .280% .280% .270% Socially Responsible/2../. .650% .650% .650% .650% Stock Index............... .270% .270% .270% .260% Global Equity............. .900% .900% .700% .700% International Equity...... .900% .850% .800% .750% International Small Cap... 1.050% 1.000% .900% .800% Balanced.................. .775% .725% .675% .625% Aggressive Growth LifeStyle................ .100% .100% .100% .100% Moderate Growth LifeStyle. .100% .100% .100% .100% Conservative Growth LifeStyle................ .100% .100% .100% .100% Core Bond................. .600% .600% .525% .475% High Yield Bond/3......./. .825% .825% .725% .675% Municipal Bond............ .600% .600% .600% .600% Strategic Income.......... .750% .700% .650% .600% U. S. Government Securities............... .600% .600% .525% .475% Money Market.............. .200% .200% .200% .145% Municipal Money Market/4.............../. .350% .350% .350% .350%
1 The Management fee schedule for Mid Cap Value from July 7, 2000 is as follows: 0.900% on the first $100 million, 0.875% between $100 million and $250 million, 0.850% between $250 million and $500 million, 0.825% between $500 million and $750 million, and 0.800% on the excess over $750 million of the average net assets of the Fund. Prior to that date, the Management fee was as follows: 0.750% on the first $100 million, 0.725% between $100 million and $250 million, 0.700% between $250 million and $500 million, 0.675% between $500 million and $750 million, and 0.650% on the excess over $750 million of the average net assets of the Fund. 2 Prior to July 7, 2000, the Management fee schedule for Socially Responsible was .25% of the average net assets of the Fund. 3 Prior to July 7, 2000, the Management fee schedule for High Yield was as follows: 0.700% on the first $200 million, 0.600% between $200 million and $500 million and 0.450% on the excess over $500 million of the average net assets of the Fund. 4 Prior to July 7, 2000, the Management fee schedule for Municipal Money Market was as follows: 0.500% on the first $200 million, 0.450% between $200 million and $500 million and 0.400% on the excess over $500 million of the average net assets of the Fund. 147 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - ------------------------------------------------------------------------------- Note 5 - continued For the period ended April 30, 2001, AGAM paid aggregate subadvisory fees of $2,320,336. In addition, AGAM retained net investment advisory fees of $2,060,924 after payment of subadvisory fees, which were allocated among the portfolios as follows:
Fee % of Net Assets Fee % of Net Assets Paid to Paid to Retained Retained by Portfolio Sub-adviser Sub-adviser by AGAM AGAM - --------- ----------- --------------- -------- --------------- Growth & Income........... $386,778 0.27% $577,408 0.40% Large Cap Growth.......... 167,997 0.49% 138,311 0.40% Mid Cap Growth............ 152,688 0.52% 117,285 0.40% Mid Cap Value............. 62,800 0.50% 50,240 0.40% Science & Technology...... 56,741 0.60% 28,370 0.30% Small Cap Growth.......... 94,445 0.55% 68,687 0.40% Small Cap Index........... 1,173* 0.03% 9,780 0.25% Socially Responsible...... 13,345* 0.25% 21,352 0.40% Stock Index............... 3,301* 0.02% 41,025 0.25% Global Equity............. 71,718 0.50% 57,374 0.40% International Equity...... 114,126 0.50% 91,300 0.40% International Small Cap... 71,793 0.65% 44,174 0.40% Balanced.................. 109,147 0.37% 119,094 0.40% Core Bond................. 404,789* 0.23% 602,042 0.34% High Yield Bond........... 149,441* 0.45% 124,534 0.37% Municipal Bond............ 23,581* 0.25% 33,013 0.35% Strategic Income.......... 63,054* 0.35% 72,061 0.40% U. S. Government Securities............... 53,641* 0.23% 88,856 0.37% Money Market.............. 19,085* 0.08% 31,809 0.13% Municipal Money Market.... 9,050* 0.25% 3,621 0.10% Aggressive Growth LifeStyle................ 11,474* 0.10% - - Moderate Growth LifeStyle. 9,542* 0.10% - - Conservative Growth LifeStyle................ 11,215* 0.10% - -
* Fund is sub-advised by AGIM, a wholly-owned indirect subsidiary of American General Corporation. Expense Reimbursement and Distribution Plan. Pursuant to the Investment Advisory Agreement, AGAM will reduce the advisory fee, or, if necessary, reimburse each portfolio of the Trust for expenses (excluding taxes, portfolio brokerage commissions, interest, certain litigation and indemnification expenses and extraordinary expenses) incurred through February 28, 2002 in excess of the following annual percentages of average net assets as highlighted in the table below. (Expense limitation). AGAM may later recapture expenses it deferred or reimbursed during the three prior fiscal years in the event the fund's actual expenses are less than the expense limitation.
Class A Class B Class C Class I Class II ------- ------- ------- ------- -------- Growth & Income........................ 1.46% 2.11% 2.11% 1.36% Large Cap Growth....................... 1.37% 2.02% 2.02% 1.27% Mid Cap Growth......................... 1.53% 2.18% 2.18% 1.43% Mid Cap Value.......................... 1.78% 2.43% 2.43% 1.68% Science & Technology................... 1.50% 2.15% 2.15% 1.40% Small Cap Growth....................... 1.60% 2.25% 2.25% 1.50% Small Cap Index........................ 1.50% 2.15% 2.15% 1.40% Socially Responsible................... 1.30% 1.95% 1.95% 1.20% Stock Index............................ 0.75% 1.40% 1.40% 0.65% Global Equity.......................... 2.17% 2.82% 2.82% 2.07% International Equity................... 1.70% 2.35% 2.35% 1.60% International Small Cap................ 1.95% 2.60% 2.60% 1.85% Balanced............................... 1.71% 2.36% 2.36% 1.61% Core Bond.............................. 1.33% 1.98% 1.98% 1.23% 0.98% High Yield Bond........................ 1.57% 2.22% 2.22% 1.47% 1.15% Municipal Bond......................... 1.05% 1.90% 1.90% Strategic Income....................... 1.57% 2.22% 2.22% 1.47% U. S. Government Securities............ 1.30% 1.95% 1.95% 1.20%
148 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - ------------------------------------------------------------------------------- Note 5 - continued
Class A Class B Class C Class I Class II ------- ------- ------- ------- -------- Money Market........................... 0.80% 0.80% 0.80% 0.80% Municipal Money Market................. 0.80% 0.80% 0.80% Aggressive Growth LifeStyle............ 0.20% 0.85% 0.85% 0.10% Moderate Growth LifeStyle.............. 0.20% 0.85% 0.85% 0.10% Conservative Growth LifeStyle.......... 0.20% 0.85% 0.85% 0.10%
Prior to March 1, 2001, the funds' expense limitation percentages were as follows:
Class A Class B Class C Class I Class II ------- ------- ------- ------- -------- Growth & Income........................ 1.46% 2.11% 2.11% 1.29% Large Cap Growth....................... 1.17% 1.82% 1.82% 1.07% Mid Cap Growth......................... 1.48% 2.13% 2.13% 1.38% Mid Cap Value.......................... 1.78% 2.43% 2.43% 1.68% Science & Technology................... 1.10% 1.75% 1.75% 1.00% Small Cap Growth....................... 1.22% 1.87% 1.87% 1.12% Small Cap Index........................ 1.00% 1.65% 1.65% 0.90% Socially Responsible................... 1.20% 1.85% 1.85% 1.10% Stock Index............................ 0.70% 1.35% 1.35% 0.60% Global Equity.......................... 1.87% 2.52% 2.52% 1.77% International Equity................... 1.50% 2.15% 2.15% 1.40% International Small Cap................ 1.85% 2.50% 2.50% 1.75% Balanced............................... 1.51% 2.16% 2.16% 1.41% Core Bond.............................. 1.30% 1.95% 1.95% 1.20% 0.95% High Yield Bond........................ 1.55% 2.20% 2.20% 1.45% 1.13% Municipal Bond......................... 1.00% 1.85% 1.85% Strategic Income....................... 1.55% 2.20% 2.20% 1.45% U. S. Government Securities............ 1.25% 1.90% 1.90% 1.15% Money Market........................... 0.70% 0.70% 0.70% 0.70% Municipal Money Market................. 0.75% 0.75% 0.75% Aggressive Growth LifeStyle............ 0.20% 0.85% 0.85% 0.10% Moderate Growth LifeStyle.............. 0.20% 0.85% 0.85% 0.10% Conservative Growth LifeStyle.......... 0.20% 0.85% 0.85% 0.10%
The Trust has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 under the Investment Company Act to use its assets to finance certain activities relating to the distribution of its shares to investors. The Plan is a "compensation" plan providing for the payment by each portfolio, other than Money Market and Municipal Money Market, of a monthly distribution fee to AGFD as principal underwriter for the Trust as follows: Class A 0.35% of average daily net assets, except for Municipal Bond, which charges 0.15% of average daily net assets Class B 1.00% of average daily net assets Class C 1.00% of average daily net assets The amounts payable by Aggressive Growth LifeStyle, Moderate Growth LifeStyle and Conservative Growth LifeStyle ("LifeStyle Funds") under the Plan will be reduced by any amounts payable with respect to the Institutional Class I Shares of each Portfolio in which a LifeStyle Fund invests, pursuant to the Administrative and Shareholder Services Agreement dated July 7, 2000, between the LifeStyle Funds and AGAM. Under the Administrative and Shareholder Services Agreement, Class I Shares are subject to a 0.25% Service Fee. In accordance with the Investment Advisory agreement, AGAM, in addition to providing advisory services, provides accounting and administrative services for which AGAM charged $708,296 to the Trust, before reimbursement based on expense limitations, for the period ended April 30, 2001. AGFD received $79,935 in front-end sales charges and $498,488 in contingent deferred sales charges during the period. 149 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - ------------------------------------------------------------------------------- Note 5 - continued At April 30, 2001, the American General Retirement Plan, a Defined Benefit Pension Plan sponsored by American General Corporation, owned directly or indirectly 92% of the outstanding shares of Core Bond and 98% of the outstanding shares of High Yield Bond. At April 30, 2001, VALIC, an indirect wholly-owned subsidiary of American General Corporation, owned over 5% of the outstanding shares of Mid Cap Growth, Mid Cap Value, Small Cap Growth, Small Cap Index, Socially Responsible, Stock Index, International Equity, Balanced, Municipal Bond, Strategic Income, Municipal Money Market, Aggressive Growth LifeStyle, Moderate Growth LifeStyle and Conservative Growth LifeStyle. In addition, at April 30, 2001, one shareholder owned over 5% of the outstanding shares of Mid Cap Growth, Small Cap Growth, Socially Responsible and Municipal Money Market. Aggressive Growth LifeStyle owned over 5% of the outstanding shares of Large Cap Growth, Mid Cap Value, Small Cap Growth and International Equity; Moderate Growth LifeStyle owned over 5% of the outstanding shares of Mid Cap Value, Small Cap Growth and International Equity. 6. TRUSTEE'S FEES. The Trust pays each Trustee who is not an employee or a director of the Adviser or its affiliates a fee of $900 plus travel expenses for each Board of Trustees meeting attended and an annual retainer of $3,600. 7. LINE OF CREDIT. The Trust has entered into an agreement with Fleet Bank that provides a $20,000,000 Line of Credit to the Trust which may be used for temporary or emergency purposes. The Trust pays a commitment fee of $20,000 annually, and interest is charged on any borrowed amounts at the currently effective Federal Funds Rate plus .55%. This Line of Credit was not used during the period ended April 30, 2001. 8. COMMITMENTS. At April 30, 2001, Global Equity, International Equity, and International Small Cap entered into forward foreign currency contracts which contractually obligate the portfolio to deliver currencies at future dates. Open sale and purchase contracts at April 30, 2001, were as follows: FORWARD CONTRACTS
Net Contracts Unrealized to Settlement Appreciation Deliver In Exchange For Date Value (Depreciation) ----------- ----------------------------- ---------- ---------- -------------- Global Equity - ------------- Sales British Pounds.......... 44,315 $63,778 05/02/01 $63,392 $386 ----------- ----------- ---------- --------- International Equity - -------------------- Purchases $1,128,000 Euro 1,253,779 06/01/01 $1,111,962 ($16,038) 351,947 Euro 393,691 06/15/01 349,096 (2,851) 247,333 Hong Kong Dollars 1,929,000 06/15/01 247,392 59 2,371,395 Japanese Yen 288,951,771 06/01/01 2,348,024 (23,371) 4,140,021 Japanese Yen 510,399,894 06/15/01 4,153,814 13,793 ----------- ---------- --------- $8,238,696 $8,210,288 ($28,408) --------- Sales Euro.................... 1,137,846 $1,037,233 50/15/01 $1,008,956 $28,277 Japanese Yen............ 888,733 7,173 05/07/01 7,192 (19) Japanese Yen............ 318,680,809 2,716,028 06/01/01 2,589,603 126,425 Japanese Yen............ 473,838,363 3,940,387 06/15/01 3,856,262 84,125 ----------- ---------- --------- $7,700,821 $7,462,013 $238,808 --------- $210,400 =========
150 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - -------------------------------------------------------------------------------- Note 8 - continued
Net Unrealized Contracts Settlement Appreciation to Deliver In Exchange For Date Value (Depreciation) ---------- ------------------------------- ---------- ---------- -------------- International Small Cap - ----------------------- Purchases $149,049 Canadian Dollars 229,566 05/02/01 $149,457 $408 115,373 Euro 128,104 05/02/01 113,659 (1,714) 129,492 Euro 144,597 05/03/01 128,293 (1,199) 251,209 Great British Pounds 174,693 05/02/01 249,899 (1,310) 98,816 Japanese Yen 12,193,883 05/02/01 98,684 (132) 53,365 Swedish Krona 539,548 05/02/01 52,608 (757) 128,295 Swedish Krona 1,299,246 05/03/01 126,673 (1,622) ---------- ---------- -------- $925,599 $919,273 ($6,326) -------- Sales Danish Krone........... 318,044 $38,307 05/01/01 $37,789 $518 Euro................... 186,869 168,124 05/02/01 165,798 2,326 Euro................... 114,535 102,946 05/03/01 101,621 1,325 Great British Pounds... 40,138 57,687 05/01/01 57,418 269 Great British Pounds... 84,885 122,002 05/02/01 121,428 574 Hong Kong Dollars...... 536,921 68,836 05/02/01 68,845 (9) Japanese Yen........... 20,795,234 169,135 05/01/01 168,294 841 Japanese Yen........... 35,207,256 285,310 05/02/01 284,930 380 Mexican Peso........... 122,155 13,153 05/02/01 13,192 (39) New Zealand Dollar..... 273,917 112,088 05/01/01 113,184 (1,096) ---------- ---------- -------- $1,137,588 $1,132,499 $5,089 ---------- ($1,237) ----------
9. FUTURES CONTRACTS. Futures contracts outstanding at April 30, 2001, were as follows:
Net Unrealized Aggregate Expiration Total Appreciation Cost Date Value (Depreciation) ---------- ---------- ---------- -------------- Small Cap Index - --------------- Russell 2000 Index (Long)...... $719,725 06/01/01 $730,800 $11,075 ---------- ---------- --------- Socially Responsible - -------------------- S&P Mini 500 Index (Long)...... $236,950 06/15/01 $250,860 $13,910 S&P 500 Index (Long)........... 634,075 06/14/01 627,150 (6,925) ---------- ---------- --------- $871,025 $878,010 $6,985 ---------- ---------- --------- Stock Index - ----------- S&P Mini 500 Index (Long)...... $2,722,883 06/01/01 $2,822,175 $99,292 S&P 500 Index (Long)........... 317,037 06/01/01 313,575 (3,462) ---------- ---------- --------- $3,039,920 $3,135,750 $95,830 ---------- ---------- --------- International Equity - -------------------- Hang Seng Stock Index (Long)... $253,398 05/30/01 $257,341 $3,943 Dax Index (Short).............. (667,379) 06/15/01 (696,491) (29,112) Topix Index (Short)............ (416,380) 06/07/01 (443,815) (27,435) ---------- ---------- --------- ($830,361) ($882,965) ($52,604) ---------- ---------- ---------
151 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - ------------------------------------------------------------------------------- 10. ACQUISITIONS. On July 10, 2000, the certain portfolios, as listed below, (each an "Acquiring Fund" acquired the assets and certain liabilities of other funds, also listed below, (each an "Acquiring Fund") in tax-free exchanges approved by the shareholders. The number and value of shares issued by the Acquiring Fund are presented in the schedule of Capital Stock Activity (Note 3). Net asset and unrealized appreciation (depreciation) as of the reorganization date were as follows: Acquisition of AGSPC2 Money Market Fund by the North American Money Market Fund: Net Assets of North American Money Market prior to merger.......... $19,870,100 Net Assets of AGSPC2 Money Market prior to merger.................. $26,406,587 Aggregate net assets of North American Money Market immediately following the acquisition......................................... $46,276,687
Acquisition of AGSPC2 Core Bond Fund and the AGSPC2 Domestic Bond Fund by the North American Core Bond Fund: Net Assets of North American Core Bond prior to merger............ $9,221,390 Net Assets of AGSPC2 Core Bond prior to merger.................... $319,450,486 Net Assets of AGSPC2 Domestic Bond prior to merger................ $20,971,752 Aggregate net assets of North American Core Bond immediately following the acquisition........................................ $349,643,628 Unrealized depreciation in AGSPC2 Core Bond....................... $7,569,361 Unrealized depreciation in AGSPC2 Domestic Bond................... $213,402
Acquisition of the North American Equity-Income Fund, the North American Tax- Sensitive Equity Fund, and the AGSPC2 Large Cap Value Fund by the North American Growth & Income Fund: Net Assets of North American Growth & Income prior to merger...... $285,707,092 Net Assets of North American Equity-Income prior to merger........ $64,486,260 Net Assets of North American Tax-Sensitive Equity prior to merger. $4,816,365 Net Assets of AGSPC2 Large Cap Value prior to merger.............. $14,797,818 Aggregate net assets of North American Growth & Income immediately following the acquisition........................................ $369,807,535 Unrealized appreciation in North American Equity-Income........... $3,612,632 Unrealized appreciation in North American Tax-Sensitive Equity.... $1,361,977 Unrealized appreciation in AGSPC2 Large Cap Value................. $548,794
Acquisition of AGSPC2 Balanced Fund by the North American Balanced Fund: Net Assets of North American Balanced prior to merger.............. $53,829,259 Net Assets of AGSPC2 Balanced prior to merger...................... $14,526,857 Aggregate net assets of North American Balanced immediately following the acquisition......................................... $68,356,116 Unrealized appreciation in AGSPC2 Balanced......................... $1,064,064
Acquisition of AGSPC2 Municipal Bond Fund by the North American Municipal Bond Fund: Net Assets of North American Municipal Bond prior to merger........ $10,011,129 Net Assets of AGSPC2 Municipal Bond prior to merger................ $7,246,516 Aggregate net assets of North American Municipal Bond immediately following the acquisition......................................... $17,257,645 Unrealized depreciation in AGSPC2 Municipal Bond................... $294,879
152 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - ------------------------------------------------------------------------------- Note 10 - continued Acquisition of AGSPC2 International Growth Fund and the AGSPC2 International Value Fund by the North American International Equity Fund: Net Assets of North American International Equity prior to merger.. $24,631,389 Net Assets of AGSPC2 International Growth prior to merger.......... $13,359,036 Net Assets of AGSPC2 International Value prior to merger........... $15,862,600 Aggregate net assets of North American International Equity immediately following the acquisition............................. $53,853,025 Unrealized appreciation in AGSPC2 International Growth............. $2,221,695 Unrealized appreciation in AGSPC2 International Value.............. $3,791,004
Acquisition of AGSPC2 Strategic Bond Fund by the North American Strategic Income Fund: Net Assets of North American Strategic Income prior to merger...... $37,517,037 Net Assets of AGSPC2 Strategic Bond prior to merger................ $6,626,303 22Aggregate net assets of North American Strategic Income immediately following the acquisition............................. $44,143,340 Unrealized depreciation in AGSPC2 Strategic Bond................... $134,632
Acquisition of AGSPC2 Mid Cap Growth Fund by the North American Mid Cap Growth Fund: Net Assets of North American Mid Cap Growth prior to merger........ $56,193,139 Net Assets of AGSPC2 Mid Cap Growth prior to merger................ $19,442,387 Aggregate net assets of North American Mid Cap Growth immediately following the acquisition......................................... $75,635,526 Unrealized appreciation in AGSPC2 Mid Cap Growth................... $2,332,158
Acquisition of AGSPC2 Large Cap Growth Fund by the North American Large Cap Growth Fund: Net Assets of North American Large Cap Growth prior to merger...... $55,136,766 Net Assets of AGSPC2 Large Cap Growth prior to merger.............. $31,612,521 Aggregate net assets of North American Large Cap Growth immediately following the acquisition......................................... $86,749,287 Unrealized appreciation in AGSPC2 Large Cap Growth................. $4,904,896
Acquisition of AGSPC2 Small Cap Growth Fund by the North American Small Cap Growth Fund: Net Assets of North American Small Cap Growth prior to merger...... $6,647,129 Net Assets of AGSPC2 Small Cap Growth prior to merger.............. $28,945,756 Aggregate net assets of North American Small Cap Growth immediately following the acquisition......................................... $35,592,885 Unrealized appreciation in AGSPC2 Small Cap Growth................. $5,088,462
153 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS (Unaudited) - ------------------------------------------------------------------------------- Note 10 - continued On July 10, 2000, certain newly established portfolios, as listed below (each an "Acquiring Fund"), acquired the assets and liabilities of certain funds or portfolios, also listed below (each an "Acquired Portfolio") pursuant to a plan of reorganization approved by its shareholders. The reorgainzation was accomplished by a tax-free exchange for shares of the Acquiring Fund in an amount equal to the outstanding interests of the Acquired Portfolio.
Acquiring Fund Acquired Portfolio - -------------- ------------------ Mid Cap Value AGSPC2 Mid Cap Value Science & Technology AGSPC2 Science & Technology Small Cap Index AGSPC2 Small Cap Index Socially Responsible AGSPC2 Socially Responsible Stock Index AGSPC2 Stock Index High Yield Bond AGSPC2 High Yield Bond Municipal Money Market AGSPC2 Municipal Money Market Aggressive Growth LifeStyle AGSPC2 Aggressive Growth Lifestyle Moderate Growth LifeStyle AGSPC2 Moderate Growth Lifestyle Conservative Growth LifeStyle AGSPC2 Conservative Growth Lifestyle
11. SUBSEQUENT EVENT. On May 11, 2001, American General Corporation, the parent of American General Asset Management Corp., Inc., and American General Fund Distributors, Inc., respectively the investment adviser and distributor to the North American Funds, announced that it had terminated its previously announced merger agreement with London-based Prudential Plc, and concurrently agreed to be acquired by American International Group, Inc. American International Group, Inc. is one of the world's leading insurance and financial services organizations and is the largest underwriter of commercial and industrial insurance in the United States. It is currently anticipated that the transaction, which is subject to approval by American General Corporation shareholders, regulatory approvals and other conditions, will close by the end of 2001. Fund shareholders will be asked to approve new advisory agreements due to the acquisition. Proxy materials will be mailed out in the Fall of 2001 to notify fund shareholders of the shareholder meeting date and any other issues for which a vote is required. 154 Trustees Alice T. Kane, Chairperson Dr. Judith L. Craven William F. Devin Dr. Timothy J. Ebner Judge Gustavo E. Gonzales, Jr. Kenneth J. Lavery Dr. John E. Maupin, Jr. Ben H. Love Officers Alice T. Kane, President John I. Fitzgerald, Vice President and Secretary Nori L. Gabert, Vice President and Assistant Secretary Todd L. Spillane, Vice President and Assistant Secretary Thomas J. Brown, Vice President and Treasurer John N. Packs, Vice President and Assistant Treasurer Evelyn M. Curran, Vice President Adviser American General Asset Management Corp. 286 Congress Street Boston, MA 02210 Distributor American General Funds Distributors, Inc. 286 Congress Street Boston, MA 02210 Transfer and Dividend Agent State Street Bank and Trust Company P.O. Box 8505 Boston, MA 02266-8505 North American Funds Shareholder Services 286 Congress Street Boston, MA 02210 800-872-8037 NORTH AMERICAN FUNDS 286 Congress Street, Boston, MA 02210 www.northamericanfunds.com -----END PRIVACY-ENHANCED MESSAGE-----