-----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, GcdY1dHI2ge7jpqG0MJDcBYZy6E+bPO292RHRR7Rz/3hGxbhBGpLHn+MUQgMhxUX 712kvqfkvtGVmFQUmCiFDQ== 0000950109-96-004311.txt : 19960708 0000950109-96-004311.hdr.sgml : 19960708 ACCESSION NUMBER: 0000950109-96-004311 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 40 CONFORMED PERIOD OF REPORT: 19960430 FILED AS OF DATE: 19960705 SROS: NONE 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: 1940 Act SEC FILE NUMBER: 811-05797 FILM NUMBER: 96591609 BUSINESS ADDRESS: STREET 1: 116 HUNTINGTON AVE CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 8008728037 FORMER COMPANY: FORMER CONFORMED NAME: NORTH AMERICAN SECURITY TRUST DATE OF NAME CHANGE: 19920703 N-30D 1 FORM N-30D NORTH AMERICAN FUNDS PRESIDENT'S MESSAGE - -------------------------------------------------------------------------------- June 20, 1996 Dear Fellow Shareholders: The first half of 1996 has been a rewarding period for equity investors, with the strength of the domestic equity markets carrying over from the superb 1995 returns. Domestic bond market returns have moderated from 1995 while the international equity sector has improved significantly. The high level of the domestic equity markets serves as a reminder of the value of a diversified investment program. The North American Funds offer a number of international and global portfolios that tend to perform differently than the domestic markets and can serve as a useful hedge against any domestic market correction that may occur. In addition, we offer fixed income and money market funds that may serve as a convenient parking place during periods of market volatility. As always, a diversified portfolio of investments is your best protection and we urge you to periodically review your portfolio with your investment adviser. In March the North American Funds welcomed two additional investment managers to our team: Founders Asset Management, Inc. ("Founders") and Fred Alger Management, Inc. ("Alger"). Founders now manages two new portfolios in the North American Funds: the International Small Cap Fund that invests primarily in non-U.S. companies with market capitalizations or annual revenues of $1 billion or less; and the Growth Equity Fund that invests in high quality domestic growth companies which are generally in the mid and large cap range. Alger manages the Small/Mid Cap Fund that invests primarily in companies with market capitalizations between $500 million and $5 billion. Both the Founders and Alger organizations bring superb long-term track records in these styles of investing. We will continue to search out top quality investment firms to manage additional portfolios in the North American Funds. I am pleased to report that North American Funds was awarded a Key Honors award by Dalbar for outstanding mutual fund back-office service in 1995. This award demonstrates our commitment to shareholder service. I invite any comments you may have as to how we may serve you better in the future. Thank you for your continued confidence in the North American Funds. As always, our customer service representatives are available to you daily at (800) 872-8037 from 8.30 a.m. to 5.00 p.m. EST, and our Automated Services Line may be accessed 24 hours a day at (800) 872-2251. Sincerely yours, John D. DesPrez III President NORTH AMERICAN FUNDS FINANCIAL STATEMENTS - --------------------------------------------------------------------------------
Page ---- Statements of Assets and Liabilities..................................... 1 Statements of Operations................................................. 7 Statements of Changes in Net Assets...................................... 10 Financial Highlights, Selected Per Share Data and Ratios................. 14 Portfolio of Investments: Small/Mid Cap Fund.................................................. 35 International Small Cap Fund........................................ 36 Growth Equity Fund.................................................. 37 Global Growth Fund.................................................. 39 Value Equity Fund................................................... 41 Growth and Income Fund.............................................. 42 International Growth and Income Fund................................ 44 Asset Allocation Fund............................................... 49 Strategic Income Fund............................................... 52 Investment Quality Bond Fund........................................ 54 U.S. Government Securities Fund..................................... 57 National Municipal Bond Fund........................................ 58 Money Market Fund................................................... 59 Notes to Financial Statements............................................ 61
i NORTH AMERICAN FUNDS STATEMENTS OF ASSETS AND LIABILITIES - APRIL 30, 1996 (UNAUDITED) - --------------------------------------------------------------------------------
INTERNATIONAL GROWTH GLOBAL SMALL/MID SMALL CAP EQUITY GROWTH CAP FUND FUND FUND FUND ------------- ------------- ------------ ------------ ASSETS Investments in securities, at value* (Includes repurchase agreements of $671,000 and $390,000 in the International Small Cap and Growth Equity Funds, respectively) (See accompanying portfolio of investments).................................................. $4,438,544 $3,029,141 $3,763,159 $136,982,962 Receivable for forward foreign currency contracts to sell (Notes 2 and 7)............................................... ----- ----- ----- 22,675,470 Forward foreign currency contracts to buy, at value (Cost: $50,941 and $14,551,100 in the International Small Cap and Global Growth Funds, respectively) (Notes 2 and 7)............................................... ----- 50,744 ----- 14,405,146 Cash........................................................... 220 921 888 ----- Foreign currency (Cost: $79 and $1,603,140 in the International Small Cap and Global Growth Funds, respectively)................................................. ----- 79 ----- 1,553,183 Receivables: Investments sold.......................................... 83,016 ----- 46,353 1,088,904 Fund shares sold.......................................... 335,966 88,680 37,009 45,166 Dividends................................................. 40 4,872 456 380,448 Interest.................................................. 687 89 51 199 Foreign tax withholding reclaim........................... ----- 151 ----- 75,128 From adviser (Note 5)..................................... 9,718 9,917 9,840 34,515 Other assets................................................... 26,263 26,713 26,254 21,258 ----------- ------------ ---------- ------------ Total assets....................................... 4,894,454 3,211,307 3,884,010 177,262,379 ----------- ------------ ---------- ------------ LIABILITIES Forward foreign currency contracts to sell, at value (Cost: $22,675,470) (Notes 2 and 7)........................... ----- ----- ----- 22,407,521 Payables: Forward foreign currency contracts to buy (Notes 2 and 7)........................................... ----- 50,941 ----- 14,551,100 Investments purchased...................................... 133,043 50,744 29,403 1,339,907 Fund shares redeemed....................................... ----- ----- ----- 27,671 Dividend and interest withholding tax...................... ----- 796 ----- 55,571 Investment adviser......................................... 2,530 2,064 2,156 100,612 Custodian and transfer agent fees.......................... 8,133 8,680 8,544 46,160 Due to custodian........................................... ----- ----- ----- 1,464 Other accrued expenses..................................... 2,118 2,135 2,141 81,366 ------------ ------------ ------------ --------------- Total liabilities.................................. 145,824 115,360 42,244 38,611,372 ------------ ------------ ------------ --------------- NET ASSETS..................................................... $4,748,630 $3,095,947 $3,841,766 $138,651,007 ============ ============ ============ =============== Net assets consist of: Accumulated undistributed net investment income (loss) (Note 2).................................... ($2,652) $ 2,710 $ 504 ($208,973) Accumulated undistributed net realized gain (loss) on investments..................................... (9,899) 12,143 2,977 598,296 Unrealized appreciation (depreciation) on: Investments............................................... 205,035 103,962 219,433 18,840,656 Foreign currency and forward foreign currency contracts................................................ ----- (18) ----- 73,593 Capital shares at par value of $.001 (Note 3).............. 359 235 288 9,089 Additional paid-in capital................................. 4,555,787 2,976,915 3,618,564 119,338,346 ------------ ------------ ------------ -------------- Net assets......................................... $4,748,630 $3,095,947 $3,841,766 $138,651,007 ============ ============ ============ ============== *Investments in securities, at identified cost (Note 2)........ $4,233,509 $2,925,179 $3,543,726 $118,142,306 ============ ============ ============ ==============
The accompanying notes are an integral part of the financial statements. 1 NORTH AMERICAN FUNDS STATEMENTS OF ASSETS AND LIABILITIES - APRIL 30, 1996 (UNAUDITED) - CONTINUED - -----------------------------------------------------------------------------
INTERNATIONAL GROWTH GLOBAL SMALL/MID SMALL CAP EQUITY GROWTH CAP FUND FUND FUND FUND ------------- ------------- ----------- ------------- NET ASSET VALUES Class A Shares Net assets at value.................................... $1,301,764 $869,200 $1,662,575 $27,959,535 Shares outstanding..................................... 98,406 65,902 124,512 1,826,986 Net asset value and redemption price per share.......... $13.23 $13.19 $13.35 $15.30 ====== ====== ====== ====== Public offering price per share (100/95.25 of NAV) On sales of $100,000 or more the offering price is reduced............................................. $13.89 $13.85 $14.02 $16.06 ====== ====== ====== ====== Class B Shares Net assets at value.................................... $1,675,520 $981,504 $1,260,769 $28,124,376 Shares outstanding..................................... 126,675 74,434 94,444 1,849,329 Net asset value per share $13.23 $13.19 $13.35 $15.21 ====== ====== ====== ====== Class C Shares Net assets at value.................................... $1,771,346 $1,245,243 $918,422 $82,567,096 Shares outstanding..................................... 133,919 94,417 68,798 5,412,978 Net asset value per share............................... $13.23 $13.19 $13.35 $15.25 ====== ====== ====== ======
The accompanying notes are an integral part of the financial statements. 2 NORTH AMERICAN FUNDS STATEMENTS OF ASSETS AND LIABILITIES - APRIL 30, 1996 (UNAUDITED) - --------------------------------------------------------------------------------
INTERNATIONAL VALUE GROWTH AND GROWTH AND ASSET EQUITY INCOME INCOME ALLOCATION FUND FUND FUND FUND ------------- ------------- ------------- ------------ ASSETS Investments in securities, at value* (Includes a repurchase agreement of $14,072,000 in the Asset Allocation Fund) (See accompanying portfolio of investments)................ $136,517,725 $113,452,652 $24,099,337 $115,867,903 Receivable for forward foreign currency contracts to sell (Notes 2 and 7)............................................ ----- ----- 8,948,001 ----- Forward foreign currency contracts to buy, at value (Cost: $4,224,696) (Notes 2 and 7)......................... ----- ----- 4,221,371 ----- Cash........................................................ 667 639 ----- 411 Foreign currency (Cost: $1,818 and $1,283,578 in the Growth and Income and International Growth and Income Funds, respectively)................................ ----- 1,841 1,275,671 ----- Receivables: Investments sold.......................................... ----- 177,939 225,488 8,911,627 Fund shares sold.......................................... 86,030 151,738 106,986 89,454 Dividends................................................. 126,885 215,897 98,854 55,197 Interest.................................................. 1,107 29,906 54,782 566,238 Foreign tax withholding reclaim........................... ----- ----- 25,839 ----- From adviser (Note 5)..................................... 11,334 24,226 19,087 17,320 Deferred organization expenses (Note 2)..................... ----- ----- 6,003 ----- Other assets................................................ 23,663 23,808 16,455 15,742 ------------ ------------ ----------- ------------ Total assets........................................... 136,767,411 114,078,646 39,097,874 125,523,892 ============ ============ =========== ============ LIABILITIES Forward foreign currency contracts to sell, at value (Cost: $8,948,001) (Notes 2 and 7)......................... ----- ----- 9,022,702 ----- Variation margin payable for open futures contracts......... ----- ----- ----- 18,663 Payables: Forward foreign currency contracts to buy (Notes 2 and 7).......................................... ----- ----- 4,224,696 ----- Investments purchased..................................... 47,456 55,909 574,988 21,294,086 Fund shares redeemed...................................... 13,990 11,916 32,030 7,749 Dividend and interest withholding tax..................... ----- 3,090 14,650 1,123 Investment adviser........................................ 77,139 64,722 18,329 58,627 Custodian and transfer agent fees......................... 38,316 25,554 6,858 30,807 Due to custodian.......................................... ----- ----- 188,293 ----- Other accrued expenses.................................... 77,595 58,055 14,420 63,198 ------------- ------------- ------------ ------------- Total liabilities...................................... 254,496 219,246 14,096,966 21,474,253 ------------- ------------- ------------ ------------- NET ASSETS.................................................. $136,512,915 $113,859,400 $25,000,908 $104,049,639 ============= ============= ============ ============= Net assets consist of: Accumulated undistributed net investment income (loss) (Note 2)................................... $84,285 $344,030 ($403,039) $1,003,353 Accumulated undistributed net realized gain on investments........................................... 7,735,418 2,257,605 1,114,547 3,650,607 Unrealized appreciation (depreciation) on: Investments.............................................. 17,640,676 22,065,736 1,557,332 9,009,037 Futures contracts....................................... ----- ----- ----- (132,277) Foreign currency and forward foreign currency contracts............................................... ----- 23 (85,612) ----- Capital shares at par value of $.001 (Note 3)............. 8,269 7,033 2,266 8,951 Additional paid-in capital................................ 111,044,267 89,184,973 22,815,414 90,509,968 ------------- ------------- ------------ ------------- Net assets............................................. $136,512,915 $113,859,400 $25,000,908 $104,049,639 ============= ============= ============ ============= *Investments in securities, at identified cost (Note 2).................................................. $118,877,049 $ 91,386,916 $22,542,005 $106,858,866 ============= ============= ============ =============
The accompanying notes are an integral part of the financial statements. 3 NORTH AMERICAN FUNDS STATEMENTS OF ASSETS AND LIABILITIES - APRIL 30, 1996 (UNAUDITED) - CONTINUED - --------------------------------------------------------------------------------
INTERNATIONAL VALUE GROWTH AND GROWTH AND ASSET EQUITY INCOME INCOME ALLOCATION FUND FUND FUND FUND ----------- ------------ --------------- ------------- NET ASSET VALUES Class A Shares Net assets at value................................... $25,654,817 $15,347,210 $4,009,124 $10,990,143 Shares outstanding.................................... 1,549,814 947,723 363,115 948,683 Net asset value and redemption price per share......... $16.55 $16.19 $11.04 $11.58 ====== ====== ====== ====== Public offering price per share (100/95.25 of NAV) On sales of $100,000 or more the offering price is reduced............................................ $17.38 $17.00 $11.59 $12.16 ====== ====== ====== ====== Class B Shares Net assets at value................................... $24,816,089 $28,626,205 $13,309,296 $13,233,062 Shares outstanding.................................... 1,508,048 1,772,164 1,206,719 1,144,876 Net asset value per share.............................. $16.46 $16.15 $11.03 $11.56 ====== ====== ====== ====== Class C Shares Net assets at value................................... $86,042,009 $69,885,985 $7,682,488 $79,826,434 Shares outstanding.................................... 5,211,482 4,313,053 696,539 6,857,597 Net asset value per share.............................. $16.51 $16.20 $11.03 $11.64 ====== ====== ====== ======
The accompanying notes are an integral part of the financial statements. 4 NORTH AMERICAN FUNDS STATEMENTS OF ASSETS AND LIABILITIES - APRIL 30, 1996 (UNAUDITED) - --------------------------------------------------------------------------------
INVESTMENT U.S. NATIONAL STRATEGIC QUALITY GOVERNMENT MUNICIPAL MONEY INCOME BOND SECURITIES BOND MARKET FUND FUND FUND FUND FUND ------------- ------------ ------------ ----------- ----------- ASSETS Investments in securities, at value* (Includes repurchase agreements of $23,994,000 and $23,993,000 in the U.S. Government Securities Fund) (See accompanying portfolio of investments)............................... $55,609,101 $20,076,643 $147,978,474 $19,921,614 $17,935,400 Receivable for forward foreign currency contracts to sell (Notes 2 and 7)......................................... $2,840,785 --- --- --- --- Forward foreign currency contracts to buy, at value (Cost: $290,160) (Notes 2 and 7)........................ $287,756 --- --- --- --- Cash..................................................... 565 241 356 --- 4,033 Foreign currency (Cost: $2,054).......................... 919 --- --- --- --- Receivables: Fund shares sold.................................... 136,752 10,761 18,780 --- --- Dividends........................................... 246 --- --- --- --- Interest............................................ 856,170 326,918 689,733 328,191 24,304 Foreign tax withholding reclaim..................... 1,328 --- --- --- --- From adviser (Note 5)............................... 11,570 6,072 52,684 6,219 7,380 Deferred organization expenses (Note 2).................. 6,293 --- --- 5,643 --- Other assets............................................. 16,087 16,572 17,802 13,803 20,173 ----------- ------------ ------------ ----------- ----------- Total assets................................... 59,767,572 20,437,207 148,757,829 20,275,470 17,991,290 ----------- ------------ ------------ ----------- ----------- LIABILITIES Forward foreign currency contracts to sell, at value (Cost: $2,840,785) (Notes 2 and 7)...................... 2,800,037 --- --- --- --- Payables: Forward foreign currency contracts to buy (Notes 2 and 7)..................................... 290,160 --- --- --- --- Investments purchased............................... 1,626,399 --- 34,093,270 --- --- Fund shares redeemed................................ 1,835 --- 109,591 --- --- Dividends........................................... 350,566 109,503 638,483 80,356 74,224 Dividend and interest withholding tax............... --- 532 --- --- --- Investment adviser.................................. 33,063 10,041 63,685 10,079 4,177 Custodian and transfer agent fees................... 16,151 6,354 31,014 9,821 11,704 Due to custodian.................................... --- --- --- 1,440 --- Other accrued expenses.............................. 28,888 12,636 70,461 12,248 10,192 Deferred mortgage dollar roll income..................... 909 ----- 24,210 --- --- ----------- ------------ ----------- ----------- ----------- Total liabilities.............................. 5,148,008 139,066 35,030,714 113,944 100,297 ----------- ------------ ----------- ----------- ----------- NET ASSETS............................................... $54,619,564 $20,298,141 $113,727,115 $20,161,526 $17,890,993 =========== ============ ============ =========== =========== Net assets consist of: Accumulated undistributed net investment income (loss) (Note 2).............................. ($35,847) $ 9,951 ($1,129,110) ($569) --- Accumulated undistributed net realized loss on investments................................. (425,886) (516,601) (3,552,059) (438,522) --- Unrealized appreciation (depreciation) on: Investments.......................................... 1,263,861 (187,350) (870,629) 38,227 --- Foreign currency and forward foreign currency contracts........................................... 36,196 --- --- --- --- Capital shares at par value of $.001 (Note 3)........ 5,781 1,992 11,767 2,128 $17,891 Additional paid-in capital........................... 53,775,459 20,990,149 119,267,146 20,560,262 17,873,102 ----------- ------------ ------------ ----------- ----------- Net assets..................................... $54,619,564 20,298,141 $113,727,115 $20,161,526 $17,890,993 =========== ============ ============ =========== =========== *Investments in securities, at identified cost (Note 2).. 54,345,240 20,263,993 148,849,103 19,883,387 17,935,400 =========== ============ ============ =========== ===========
The accompanying notes are an integral part of the financial statemnets. 5 NORTH AMERICAN FUNDS STATEMENTS OF ASSETS AND LIABILITIES - APRIL 30, 1996 (UNAUDITED) - CONTINUED - --------------------------------------------------------------------------------
INVESTMENT U.S. NATIONAL STRATEGIC QUALITY GOVERNMENT MUNICIPAL MONEY INCOME BOND SECURITIES BOND MARKET FUND FUND FUND FUND FUND -------------- ------------ ------------ ----------- ------------ NET ASSET VALUES Class A Shares Net assets at value............................... $10,791,389 $9,420,910 $74,296,582 $7,790,389 $7,833,243 Shares outstanding................................ 1,141,991 924,336 7,687,132 822,454 7,833,243 Net asset and redemption value per share........... $9.45 $10.19 $9.67 $9.47 $1.00 ===== ====== ===== ===== ----- Public offering price per share (100/95.25 of NAV) On sales of $100,000 or more the offering price is reduced........................................ $9.92 $10.70 $10.15 $9.94 ----- ===== ====== ====== ===== ------ Class B Shares Net assets at value............................... $26,158,346 $4,539,794 19,260,969 $6,082,925 $1,426,929 Shares outstanding................................ 2,768,646 445,731 1,993,252 642,196 1,426,929 Net asset value per share.......................... $9.45 $ 10.19 $9.66 $9.47 $1.00 ===== ======= ===== ===== ===== Class C Shares Net assets at value............................... $17,669,829 $6,337,437 $20,169,564 $ 6,288,212 $8,630,821 Shares outstanding................................ 1,870,187 622,231 2,087,210 663,843 8,630,821 Net asset value and redemption price per share..... $9.45 $10.19 $9.66 $9.47 $1.00 ===== ====== ===== ===== =====
The accompanying notes are an intergal part of the financial statements. 6 NORTH AMERICAN FUNDS STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED APRIL 30, 1996 (UNAUDITED) - -------------------------------------------------------------------------------
INTERNATIONAL GROWTH GLOBAL SMALL/MID SMALL CAP EQUITY GROWTH CAP FUND * FUND * FUND * FUND ------------ ------------- -------- ----------- Investment Income: Interest .............................................. $5,394 $5,223 $4,843 $72,671 Dividends (Net of $799 and $89,489 withholding tax in the International Small Cap and Global Growth Funds, respectively).................................. 312 4,259 1,168 894,990 ------------ ---------- -------- ---------- Total income....................................... 5,706 9,482 6,011 967,661 ------------ ---------- -------- ---------- Expenses: Distribution for Class A............................... 464 337 496 45,696 Distribution for Class B............................... 1,290 921 1,083 128,306 Distribution for Class C............................... 1,350 1,097 847 409,199 Investment advisers fee (Note 5)....................... 3,668 3,129 3,012 601,260 Custodian fees......................................... 159 238 134 65,045 Transfer agent fees.................................... 8,809 8,809 8,809 157,100 Accounting/administration.............................. 1,565 1,566 1,565 111,029 Audit and legal fees................................... 522 522 522 29,346 Miscellaneous.......................................... 2,477 2,534 2,477 37,794 ------------ ---------- -------- ---------- Expenses before reimbursement by adviser............................................ 20,30 19,153 18,945 1,584,775 Reimbursement of expenses by adviser (Note 5)...................................... 11,946 12,163 12,168 60,085 ------------ ----------- -------- ----------- Net expenses....................................... 8,358 6,990 6,777 1,524,690 ------------ ----------- -------- ---------- Net investment income (loss)....................... (2,652) 2,492 (766) (557,029) ------------ ----------- -------- ---------- Realized and unrealized gain (loss) on investments and foreign currency: Net realized gain (loss) on: Investment transactions............................. (9,899) 14,300 2,946 5,094,982 Foreign currency and forward foreign currency contracts................................. ----- (2,157) 31 (529,388) Change in unrealized appreciation (depreciation) on: Investments......................................... 205,035 103,962 219,433 10,690,491 Translation of foreign currency and forward foreign currency contracts......................... ----- (18) ----- 555,482 ------------ ----------- -------- ---------- Net gain on investments and foreign currency................................ 195,136 116,087 222,410 15,811,567 ------------ ----------- -------- ---------- Net increase in net assets resulting from operations.............................. $192,484 $118,579 $221,644 $15,254,538 ============ =========== ======== ===========
* For the period March 4, 1996 (commencement of operations) to April 30, 1996. The accompanying are an integral part of the financial statements. 7 NORTH AMERICAN FUNDS STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED APRIL 30, 1996 (UNAUDITED) - ------------------------------------------------------------------------------
INTERNATIONAL VALUE GROWTH AND GROWTH AND ASSET EQUITY INCOME INCOME ALLOCATION FUND FUND FUND FUND ---------- -------------- ----------------- -------------- Investment Income: Interest (Net of $880 and $1,211 withholding tax in the International Growth and Income and Asset Allocation Funds, respectively)................. $273,188 $123,244 $95,619 $1,669,183 Dividends (Net of $11,393 and $23,943 withholding tax in the Growth and Income and International Growth and Income Funds, respectively).......... 1,227,111 1,280,616 177,334 712,801 ---------- -------------- ----------------- --------------- Total income............................... 1,500,299 1,403,860 272,953 2,381,984 ---------- -------------- ----------------- --------------- Expenses: Distribution for Class A......................... 44,133 24,086 11,130 18,748 Distribution for Class B......................... 113,576 123,117 56,108 59,790 Distribution for Class C......................... 427,960 337,272 37,993 406,698 Investment advisers fee (Note 5)................. 463,116 369,679 113,311 363,502 Custodian fees................................... 26,855 24,768 25,072 24,352 Transfer agent fees.............................. 153,159 113,731 29,711 103,396 Accounting/administration........................ 109,588 83,981 20,363 85,927 Audit and legal fees............................. 28,359 21,994 5,504 21,975 Amortization of deferred organization expenses (Note 2)........................................ ----- 627 274 ----- Miscellaneous.................................... 27,395 26,533 12,348 22,548 ---------- -------------- ----------------- --------------- Expenses before reimbursement by adviser...................................... 1,394,141 1,125,788 311,814 1,106,936 Reimbursement of expenses by adviser (Note 5)................................ 147,437 117,220 30,254 106,766 ---------- -------------- ----------------- --------------- Net expenses............................... 1,246,704 1,008,568 281,560 1,000,170 ---------- -------------- ----------------- --------------- Net investment income (loss)............... 253,595 395,292 (8,607) 1,381,814 ---------- -------------- ----------------- --------------- Realized and unrealized gain (loss) on investments, futures and foreign currency: Net realized gain (loss) on: Investment transactions......................... 7,744,990 2,298,177 1,441,218 3,726,514 Futures contracts............................... ----- ----- ----- (77,492) Foreign currency and forward foreign currency contracts............................. ----- (40,895) (319,493) ----- Change in unrealized appreciation (depreciation) on: Investments..................................... 8,649,175 8,701,010 1,884,210 1,089,441 Futures contracts............................... ----- ----- ----- (127,905) Translation of foreign currency and forward foreign currency contracts..................... ----- 409 (460,738) ----- ---------- -------------- ----------------- --------------- Net gain on investments, futures and foreign currency...................... 16,394,165 10,958,701 2,545,197 4,610,558 ---------- -------------- ----------------- --------------- Net increase in net assets resulting from operations........................... $16,647,760 $11,353,993 $2,536,590 $5,992,372 =========== ============== ================= ===============
The accompanying notes are an integral part of the financial statements. 8 NORTH AMERICAN FUNDS STATEMENTS OF OPERATION-FOR THE SIX MONTHS ENDED APRIL 30, 1996 (UNAUDITED) - ---------------------------------------------------------------------------
INVESTMENT U.S. NATIONAL STRATEGIC QUALITY GOVERNMENT MUNICIPAL MONEY INCOME BOND SECURITIES BOND MARKET FUND FUND FUND FUND FUND --------- ---------- ---------- --------- ------ Investment Income: Interest (Net of $881 and $532 withholding tax in the Strategic Income and Investment Quality Bond Funds, respectively)............................... $2,524,734 $794,985 $3,944,789 $626,857 $510,972 ------------ ------------ ------------ ------------ ------------ Expenses: Distribution for Class A............................ 18,739 17,756 137,844 5,930 ----- Distribution for Class B............................ 121,102 21,598 88,935 30,859 ----- Distribution for Class C............................ 80,948 34,825 101,589 34,252 ----- Investment advisers fee (Note 5).................... 191,183 64,294 350,619 62,787 18,149 Custodian fees...................................... 26,698 5,086 27,375 4,936 3,630 Transfer agent fees................................. 46,902 26,816 106,150 13,375 34,042 Accounting/administration........................... 40,463 18,111 97,477 17,399 15,199 Audit and legal fees................................ 10,803 4,571 24,089 4,511 4,074 Amortization of deferred organization expenses (Note 2)........................................... 1,254 623 ----- 1,254 ----- Miscellaneous....................................... 17,061 12,706 25,203 17,712 15,103 ------------ ------------ ------------ ------------ ------------ Expenses before reimbursement by adviser......................................... 555,153 206,386 959,281 193,015 90,197 Reimbursement of expenses by adviser (Note 5)................................... 41,695 35,981 106,507 34,036 44,811 ------------ ------------ ------------ ------------ ------------ Net expenses.................................... 513,458 170,405 852,774 158,979 45,386 ------------ ------------ ------------ ------------ ------------ Net investment income........................... 2,011,276 624,580 3,092,015 467,878 465,586 ------------ ------------ ------------ ------------ ------------ Realized and unrealized gain (loss) on investments and foreign currency: Net realized gain (loss) on: Investment transactions............................ 9,824 164,414 (201,356) 33,922 ----- Foreign currency and forward foreign currency contracts................................ (35,375) ----- ----- ----- ----- Change in unrealized appreciation (depreciation) on: Investments........................................ 1,899,937 (875,502) (2,796,711) (358,853) ----- Translation of foreign currency and forward foreign currency contracts........................ 145,396 ----- ----- ----- ----- ------------ ------------ ------------ ------------ ------------ Net gain (loss) on investments and foreign currency................................ 2,019,782 (711,088) (2,998,067) (324,931) ----- ------------ ------------ ------------ ------------ ------------ Net increase (decrease) in net assets resulting from operations............................ $4,031,058 ($86,508) $93,948 $142,947 $465,586 ============= ============ ============ ============ ============
The accompanying notes are an integral part of the financial statements. 9 NORTH AMERICAN FUNDS STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
SMALL/MID CAP INTERNATIONAL SMALL GROWTH EQUITY FUND CAP FUND FUND GLOBAL GROWTH FUND ------------- ------------------- ------------- -------------------------- 03/04/96* 03/04/96* 03/04/96* SIX MONTHS TO TO TO ENDED YEAR 04/30/96 04/30/96 04/30/96 04/30/96 ENDED (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) 10/31/95 ----------- ------------------- ------------- ----------- ---------- Increase (decrease) in net assets: Operations: Net investment income (loss).............. ($2,652) $2,492 ($766) ($557,029) ($700,789) Net realized gain (loss) on: Investment transactions.................. (9,899) 14,300 2,946 5,094,982 (3,295,215) Foreign currency and forward foreign currency contracts...................... ----- (2,157) 31 (529,388) 1,789,553 Change in unrealized appreciation (depreciation) on: Investments.............................. 205,035 103,962 219,433 10,690,491 (2,565,015) Foreign currency and forward foreign currency contracts...................... ----- (18) ----- 555,482 (137,518) ----------- ------------ ----------- ------------ ------------ Net increase (decrease) in net assets resulting from operations................. 192,484 118,579 221,644 15,254,538 (4,908,984) Net equalization credits (charges) (Note 2) ----- 218 1,270 (714) (34,561) Distribution to shareholders from: Net investment income Class A................................. ----- ----- ----- (370,725) ----- Class B................................. ----- ----- ----- (247,709) ----- Class C................................. ----- ----- ----- (588,992) ----- Net realized gains on investments and foreign currency transactions Class A................................. ----- ----- ----- ----- (277,128) Class B................................. ----- ----- ----- ----- (2,291,951) Class C................................. ----- ----- ----- ----- (1,476,968) Increase (decrease) in net assets from capital share transactions (Note 3)....... 4,556,146 2,977,150 3,618,852 (5,946,829) 6,043,444 ----------- ------------ ----------- ------------ ------------ Increase (decrease) in net assets.......... 4,748,630 3,095,947 3,841,766 8,099,569 (2,946,148) Net assets at beginning of period.......... ----- ----- ----- 130,551,438 133,497,586 ----------- ------------ ----------- ------------ ------------ Net assets at end of period................ $4,748,630 $3,095,947 $3,841,766 $138,651,007 $130,551,438 =========== ============ =========== ============ ============ Accumulated undistributed net investment income (loss).................. ($2,652) $2,710 $504 ($208,973) $1,556,196 =========== ============ =========== ============ ============
________________________________ * Commencement of operations The accompanying notes are an integral part of the financial statements. 10
INTERNATIONAL VALUE EQUITY FUND GROWTH AND INCOME FUND GROWTH AND INCOME FUND ------------------------- -------------------------- ------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR 04/30/96 ENDED 04/30/96 ENDED 04/30/96 ENDED (UNAUDITED) 10/31/95 (UNAUDITED) 10/31/95 (UNAUDITED) 10/31/95 ------------- ---------- ------------- ---------- ------------- ---------- Increase in net assets: Operations: Net investment income (loss)............. $253,595 $281,091 $395,292 $977,895 ($8,607) $39,864 Net realized gain (loss) on: Investment transactions............... 7,744,990 10,219,108 2,298,177 716,372 1,441,218 275,761 Foreign currency and forward foreign currency contracts................... ----- ----- (40,895) 102,753 (319,493) (260,048) Change in unrealized appreciation (depreciation) on: Investments........................... 8,649,175 3,234,064 8,701,010 9,980,846 1,884,210 (326,878) Foreign currency and forward foreign currency contracts................... ----- ----- 409 (386) (460,738) 375,126 ------------- ---------- ------------- ----------- -------------- ---------- Net increase in net assets resulting from operations................. 16,647,760 13,734,263 11,353,993 11,777,480 2,536,590 103,825 Net equalization credits (charges) (Note 2) 29,932 21,466 13,789 83,756 (20,304) ----- Distribution to shareholders from: Net investment income Class A............................... (215,382) ----- (105,411) (161,680) (56,090) (14,446) Class B............................... (117,965) ----- (128,862) (104,194) (52,389) (14,765) Class C............................... (187,986) ----- (283,377) (570,011) (34,562) (12,260) Net realized gains on investments and foreign currency transactions Class A............................... (1,874,732) (890,547) (105,286) (193,161) (75,054) ----- Class B............................... (1,711,898) (316,510) (184,505) (109,460) (104,218) ----- Class C............................... (6,634,855) (3,831,715) (525,694) (1,083,890) (73,099) ----- Increase in net assets from capital share transactions (Note 3)............... 4,959,070 24,302,675 9,439,243 26,649,617 1,238,404 21,579,276 ------------- ------------ ----------- ---------- ------------ ---------- Increase in net assets..................... 10,893,944 33,019,632 19,473,890 36,288,457 3,359,278 21,641,630 Net assets at beginning of period.......... 125,618,971 92,599,339 94,385,510 58,097,053 21,641,630 ----- ------------- ------------ ----------- ---------- ------------ ---------- Net assets at end of period................ $136,512,915 $125,618,971 $113,859,400 $94,385,510 $25,000,908 $21,641,630 ============= ============ ============ =========== ============ =========== Accumulated undistributed net investment income (loss).................. $84,285 $322,091 $344,030 $452,599 ($403,039) ($231,087) ============= ============ ============ =========== ============= ===========
The accompanying notes are an integral of the financial statement 11 NORTH AMERICAN FUNDS STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
ASSET ALLOCATION FUND STRATEGIC INCOME FUND INVESTMENT QUALITY BOND FUND ------------------------- ------------------------- ---------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR 04/30/96 ENDED 04/30/96 ENDED 04/30/96 ENDED (UNAUDITED) 10/31/95 (UNAUDITED) 10/31/95 (UNAUDITED) 10/31/95 ----------- ---------- ----------- ---------- ----------- ---------- Increase (decrease) in net assets: Operations: Net investment income................... $1,381,814 $2,757,769 $2,011,276 $2,960,238 $624,580 $1,065,675 Net realized gain (loss) on: Investment transactions................ 3,726,514 6,529,806 9,824 264,926 164,414 24,835 Futures contracts...................... (77,492) 2,303 Foreign currency and forward foreign currency contracts..................... --- --- (35,375) (81,640) --- --- Change in unrealized appreciation (depreciation) on: Investments............................ 1,089,441 5,539,360 1,899,937 919,881 (875,502) 1,318,370 Futures contracts...................... (127,905) (4,372) Foreign currency and forward foreign currency contracts..................... --- --- 145,396 (109,134) --- --- ------------ ------------ ------------ ----------- ----------- ----------- Net increase (decrease) in net assets resulting from operations................ 5,992,372 14,824,866 4,031,058 3,954,271 (86,508) 2,408,880 Net equalization credits (charges) (Note 2) 206,146 (54,967) --- --- 2,324 20,893 Distribution to shareholders from: Net investment income Class A................................ (342,751) (235,768) (449,498) (974,298) (328,862) (701,998) Class B................................ (316,830) (110,719) (935,285) (1,054,898) (127,266) (110,088) Class C................................ (2,066,083) (1,850,266) (626,492) (930,449) (207,594) (255,000) Net realized gains on investments, futures and foreign currency transactions Class A................................ (646,271) (362,509) --- --- --- --- Class B................................ (692,368) (237,460) --- --- --- --- Class C................................ (4,999,304) (3,967,004) --- --- --- --- Increase (decrease) in net assets from capital share transactions (Note 3)...... 6,380,885 (6,965,262) 7,613,291 14,605,227 23,371 5,614,479 ------------ ------------ ------------ ------------ ----------- ----------- Increase (decrease) in net assets........ 3,515,796 1,040,911 9,633,074 15,599,853 (724,535) 6,977,166 Net assets at beginning of period........ 100,533,843 99,492,932 44,986,490 29,386,637 21,022,676 14,045,510 ------------ ------------ ------------ ------------ ----------- ----------- Net assets at end of period.............. $104,049,639 $100,533,843 $54,619,564 $44,986,490 $20,298,141 $21,022,676 ============ ============ ============ ============ =========== =========== Accumulated undistributed net investment income (loss)................. $1,003,353 $2,141,058 ($35,847) ($35,848) $9,951 $46,769 ============ ============ ============ ============ =========== ===========
The accompanying notes are an integral part of the financial statements. 12 NORTH AMERICAN FUNDS STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
U.S GOVERNMENT NATIONAL MUNICIPAL SECURITIES FUND BOND FUND MONEY MARKET FUND ------------------------- ------------------------- ---------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR 04/30/96 ENDED 04/30/96 ENDED 04/30/96 ENDED (UNAUDITED) 10/31/95 (UNAUDITED) 10/31/95 (UNAUDITED) 10/31/95 ----------- ---------- ----------- ---------- ----------- ---------- Increase (decrease) in net assets: Operations: Net investment income.................. $3,092,015 $7,002,787 $467,878 $801,761 $465,586 $1,208,891 Net realized gain (loss) on investment transactions................ (201,356) 2,016,765 33,922 (451,322) --- --- Change in unrealized appreciation (depreciation) on investments.......... (2,796,711) 4,354,862 (358,853) 1,830,370 --- --- ------------ ------------ ------------ ------------ ------------ ------------ Net increase in net assets resulting from operations............... 93,948 13,374,414 142,947 2,180,809 465,586 $1,208,891 Net equalization credits (charges) (Note 2) 5 (101,581) --- --- --- --- Distribution to shareholders from: Net investment income Class A............................... (2,664,773) (6,031,782) (197,747) (429,394) (214,401) (467,507) Class B............................... (542,568) (421,002) (127,859) (188,030) (33,434) (88,435) Class C............................... (624,192) (1,008,460) (142,269) (184,416) (217,751) (652,949) Increase (decrease) in net assets from capital share transactions (Note 3).... 2,106,764 (4,588,211) 158,319 7,339,594 (4,446,455) 1,356,401 ------------ ------------ ------------ ------------ ------------ ------------ Increase (decrease) in net assets....... (1,630,786) 1,223,378 (166,609) 8,718,563 (4,446,455) 1,356,401 Net assets at beginning of period....... 115,357,901 114,134,523 20,328,135 11,609,572 22,337,448 20,981,047 ------------ ------------ ------------ ------------ ------------ ------------ Net assets at end of period............. $113,727,115 $115,357,901 $20,161,526 $20,328,135 $17,890,993 $22,337,448 ============ ============ ============ ============ ============ ============ Accumulated undistributed net investment loss......................... ($1,129,110) ($389,597) ($569) ($572) --- --- ============ ============ ============ ============ ============ ============
The accompanying notes are an integral part of the financial statements. 13 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) - --------------------------------------------------------------------------------
SMALL/MID CAP FUND ------------------------------------------------------- 03/04/96* 03/04/96* 03/04/96* TO TO TO 04/30/96 04/30/96 04/30/96 (UNAUDITED) (UNAUDITED) (UNAUDITED) CLASS A CLASS B CLASS C --------------- --------------- --------------- Net asset value, beginning of period..................... $12.50 $12.50 $12.50 Income (loss) from investment operations: - ---------------------------------------- Net investment loss (B).................................. ---- (0.01) (0.01) Net realized and unrealized gain on investments.......... 0.73 0.74 0.74 ----- ----- ----- Total from investment operations................................... 0.73 0.73 0.73 Net asset value, end of period........................... $13.23 $13.23 $13.23 ====== ====== ====== Total return................................... 5.84% 5.84% 5.84% Net assets, end of period (000's)....................... $1,302 $1,676 $1,771 Ratio of operating expenses to average net assets (C)................................. 1.675%(A) 2.325%(A) 2.325%(A) Ratio of net investment loss to average net assets..................................... (0.25%)(A) (0.90%)(A) (0.90%)(A) Portfolio turnover rate.................................. 57%(A) 57%(A) 57%(A) Average commission rate per share (D).................... $0.074 $0.074 $0.074
_____________________________ * Commencement of operations. (A) Annualized (B) After expense reimbursement by the adviser of $0.04, $0.03 and $0.03 per share for the Small/Mid Cap Fund - Classes A, B and C respectively, for the period March 4, 1996 (commencement of operations) to April 30, 1996. (C) The ratio of operating expenses, before reimbursement by the adviser, was 4.69%, 5.34% and 5.34% for the Small/Mid Cap Fund, Classes A, B and C respectively, for the period March 4, 1996 (commencement of operations) to April 30, 1996 on an annualized basis. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. The accompanying notes are an integral part of the financial statements. 14 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) - --------------------------------------------------------------------------------
INTERNATIONAL SMALL CAP FUND ------------------------------------------------------------------- 03/04/96* 03/04/96* 03/04/96* TO TO TO 04/30/96 04/30/96 04/30/96 (UNAUDITED) (UNAUDITED) (UNAUDITED) CLASS A CLASS B CLASS C -------------------- ------------------ ----------------- Net asset value, beginning of period.............. $12.50 $12.50 $12.50 Income from investment operations: - ---------------------------------- Net investment income (B)......................... 0.02 0.01 0.01 Net realized and unrealized gain on investments and foreign currency transactions............... 0.67 0.68 0.68 ---- ---- ---- Total from investment operations............................ 0.69 0.69 0.69 Net asset value, end of period.................... $13.19 $13.19 $13.19 ====== ====== ====== Total return............................ 5.52% 5.52% 5.52% Net assets, end of period (000's)................. $869 $982 $1,245 Ratio of operating expenses to average net assets (C).......................... 1.90%(A) 2.55%(A) 2.55%(A) Ratio of net investment income to average net assets.............................. 1.33%(A) 0.68%(A) 0.68%(A) Portfolio turnover rate........................... 13%(A) 13%(A) 13%(A) Average commission rate per share (D)............. $0.015 $0.015 $0.015
______________________________ * Commencement of operations. (A) Annualized (B) After expense reimbursement by the adviser of $0.07, $0.05 and $0.05 per share for the International Small Cap Fund - Classes A, B and C respectively, for the period March 4, 1996 (commencement of operations) to April 30, 1996. (C) The ratio of operating expenses, before reimbursement by the adviser, was 5.95%, 6.69% and 6.62% for the International Small Cap Fund, Classes A, B and C respectively, for the period March 4, 1996 (commencement of operations) to April 30, 1996 on an annualized basis. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. The accompanying notes are an integral part of the financial statements. 15 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - --------------------------------------------------------------------------------
GROWTH EQUITY FUND -------------------------------------------------------------------- 03/04/96* 03/04/96* 03/04/96* TO TO TO 04/30/96** 04/30/96** 04/30/96** (UNAUDITED) (UNAUDITED) (UNAUDITED) CLASS A CLASS B CLASS C --------------------- -------------------- -------------------- Net asset value, beginning of period.............. $12.50 $12.50 $12.50 Income from investment operations: - ---------------------------------- Net investment income (B)......................... ----- (0.01) (0.01) Net realized and unrealized gain on investments and foreign currency transactions............... 0.85 0.86 0.86 ---- ---- ---- Total from investment operations............................. 0.85 0.85 0.85 Net asset value, end of period.................... $13.35 $13.35 $13.35 ====== ====== ====== Total return............................ 6.80% 6.80% 6.80% Net assets, end of period (000's)................. $1,663 $1,261 $918 Ratio of operating expenses to average net assets (C).......................... 1.65%(A) 2.30%(A) 2.30%(A) Ratio of net investment income (loss) to average net assets.............................. 0.12%(A) (0.53%)(A) (0.53%)(A) Portfolio turnover rate........................... 143%(A) 143%(A) 143%(A) Average commission rate per share (D)............. $0.058 $0.058 $0.058
____________________________ * Commencement of operations. ** Net investment income per share has been calculated using the average shares method for the period March 4, 1996 (commencement of operations) to April 30, 1996. (A) Annualized (B) After expense reimbursement by the adviser of $0.07, $0.08 and $0.08 per share for the Growth Equity Fund - Classes A, B and C respectively, for the period March 4, 1996 (commencement of operations) to April 30, 1996. (C) The ratio of operating expenses, before reimbursement by the adviser, was 5.09%, 5.96% and 6.25% for the Growth Equity Fund, Classes A, B and C respectively, for the period March 4, 1996 (commencement of operations) to April 30, 1996 on an annualized basis. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. The accompanying notes are an integral part of the financial statements. 16 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - --------------------------------------------------------------------------------
GLOBAL GROWTH FUND ----------------------------------------------------------------------------------- SIX MONTHS SIX MONTHS ENDED YEAR 04/01/94* ENDED YEAR 04/01/94* 04/30/96 ENDED TO 04/30/96 ENDED TO (UNAUDITED) 10/31/95 10/31/95 (UNAUDITED) 10/31/95** 10/31/94 CLASS A CLASS A CLASS A CLASS B CLASS B CLASS B ------------- ------------ ----------- ----------- ----------- ---------- Net asset value, beginning of period......... $13.84 $14.82 $14.13 $13.73 $14.79 $14.13 Income (loss) from investment operations - ---------------------------------------- Net investment income (B).................... (0.03) ------ (0.01) (0.08) (0.09) (0.03) Net realized and unrealized gain (loss) on investments and foreign currency transactions............................... 1.70 (0.54) 0.70 1.70 (0.53) 0.69 ----- ------- ----- ----- ------- ----- Total from investment operations........................ 1.67 (0.54) 0.69 1.62 (0.62) 0.66 Less distributions - ------------------ Dividends from net investment income......... (0.21) ------ ------ (0.14) ------ ------ Distributions from capital gains............. ------ (0.44) ------ ------ (0.44) ------ ------- ------- ------- ------- ------- ------ Total distributions................ (0.21) (0.44) ------ (0.14) (0.44) ------ Net assets value, end of period.............. $15.30 $13.84 $14.82 $15.21 $13.73 $14.79 ======= ======= ======= ======= ======= ====== Total return....................... 12.20% (3.52%) 9.16%(E) 11.89% (4.09%) 8.94%(E) Net assets, end of period (000's)............ $27,960 $23,894 $18,152 $28,124 $23,317 $13,903 Ratio of operating expenses to average net assets (C)..................... 1.75%(A) 1.75% 1.75%(A) 2.40%(A) 2.40% 2.40%(A) Ratio of net investment income (loss) to average net assets................. (0.33%)(A) 0.03% (0.12%)(A) (0.98%)(A) (0.61%) (0.77%)(A) Portfolio turnover rate...................... 64%(A) 57% 54% 64%(A) 57% 54% Average commission rate per share (D)........ $0.028 N/A N/A $0.028 N/A N/A
____________________________ * Commencement of operations ** Net investment income per share has been calculated using the average shares method for fiscal year 1995. (A) Annualized (B) After expense reimbursement by the adviser of $0.01 and $0.01 per share for the Global Growth Fund - Classes A and B respectively, for the six months ended April 30, 1996, $0.02 and $0.02 per share for the Global Growth Fund -Classes A and B respectively, for the year ended October 31, 1995 and $0.01 and $0.01 per share for the Global Growth Fund - Classes A and B respectively, for the period April 1, 1994 to October 31, 1994. (C) The ratio of operating expenses, before reimbursement by the adviser, was 1.85% and 2.50% for the Global Growth Fund - Classes A and B respectively, for the six months ended April 30, 1996 on an annualized basis, 1.92% and 2.58% for the Global Growth Fund - Classes A and B respectively, for the year ended October 31, 1995 and 1.97% and 2.71% for the Global Growth Fund -Classes A and B respectively, for the period April 1, 1994 to October 31, 1994. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. (E) Historical total returns for Classes A and B shares are one year performance returns which include Class C performance prior to April 1, 1994. The accompanying notes are an integral part of the financial statements. 17 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) ________________________________________________________________________________
GLOBAL GROWTH FUND - CLASS C ------------------------------------------------------------------------------------ SIX MONTHS ENDED 04/30/96 YEARS ENDED OCTOBER, 31 ------------------------------------------------------------------ (UNAUDITED) 1995** 1994 1993 1992 1991 ------------- ---------- -------- -------- -------- -------- Net asset value, beginning of period...... $13.73 $14.79 $13.74 $10.33 $10.76 $10.12 Income (loss) from investment operations - ---------------------------------------- Net investment income (loss) (B).......... (0.08) (0.09) (0.10) (0.01) (0.02) 0.25 Net realized and unrealized gain (loss) on investments and foreign currency transactions............................. 1.70 (0.53) 1.15 3.43 (0.37) 0.63 ----- ---- ----- ----- ---- ----- Total from investment operations..................... 1.62 (0.62) 1.05 3.42 (0.39) 0.88 Less distributions - ------------------ Dividends from net investment income...... (0.10) ---- ---- (0.01) ---- (0.24) Distributions from capital gains.......... ---- (0.44) ---- ---- ---- ---- Distributions from capital................ ---- ---- ---- ---- (0.04) ---- ------ ------ ------ ------ ------ ------ Total distributions............. (0.10) (0.44) ------ (0.01) (0.04) (0.24) ====== ====== ======= ====== ====== ====== Net asset value, end of period............ $15.25 $13.73 $14.79 $13.74 $10.33 $10.76 ====== ====== ====== ====== ====== ====== Total return.................... 11.86% (4.09%) 8.94% 33.06% (3.57%) 8.80% Net assets, end of period (000's)......... $82,567 $83,340 $101,443 $63,503 $14,291 $8,828 Ratio of operating expenses to average net assets (C)................ 2.40%(A) 2.40% 2.40% 2.40% 2.52% 1.47% Ratio of net investment income (loss) to average net assets............. (0.98%)(A) (0.64%) (0.91% (0.40%) (0.27%) 1.41% Portfolio turnover rate................... 64%(A) 57% 54% 57% 69% 70% Average commission rate per share (D)..... $0.028 N/A N/A N/A N/A N/A
_____________________________________ * Commencement of operations ** Net investment income per share has been calculated using the average shares method for fiscal year 1995. (A) Annualized (B) After expense reimbursement by the adviser of $0.01 per share for the Global Growth Fund - Class C for the six months ended April 30, 1996 and $0.02, $0.01, $0.02, $0.02 and $0.05 per share for the Global Growth Fund - Class C for the years ended 1995, 1994, 1993, 1992 and 1991, respectively. (C) The ratio of operating expenses, before reimbursement by the adviser, was 2.50% for the Global Growth Fund - Class C for the six months ended April 30, 1996 on an annualized basis and 2.53%, 2.52%, 2.72%, 2.78% and 4.37% for the Global Growth Fund - Class C for the years ended 1995, 1994, 1993, 1992 and 1991, respectively. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. The accompanying notes are an integral part of the financial statements. 18 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) - --------------------------------------------------------------------------------
VALUE EQUITY FUND ---------------------------------------------------------------------------------------- SIX MONTHS SIX MONTHS ENDED YEAR 04/01/94* ENDED YEAR 04/01/94* 04/30/96 ENDED TO 04/30/96 ENDED TO (UNAUDITED) 10/31/95** 10/31/94 (UNAUDITED) 10/31/95** 10/31/94 CLASS A CLASS A CLASS A CLASS B Class B Class B ----------- ------------- ----------- ------------ ---------- --------- Net asset value, beginning of period..... $15.94 14.78 $14.59 $15.84 14.77 $14.59 Income (loss) from investment operations - ----------------------------------------- Net investment income (loss) (B)......... 0.07 0.12 0.02 0.02 0.02 (0.02) Net realized and unrealized gain on investments.......................... 1.96 1.83 0.17 1.97 1.84 0.20 ----- ----- ----- ----- ----- ----- Total from investment operations.................... 2.03 1.95 0.19 1.99 1.86 0.18 Less distributions - ------------------ Distributions from net investment income (0.14) ----- ----- (0.09) ----- ----- Distributions from capital gains......... (1.28) (0.79) ----- (1.28) (0.79) ----- ----- ----- ----- ----- ----- ----- Total distributions............ (1.42) (0.79) ----- (1.37) (0.79) (0.24) ----- ----- ----- ----- ----- ----- Net asset value, end of period.......... $16.55 $15.94 $14.78 $16.46 15.84 $14.77 ====== ====== ====== ====== ===== ====== Total return................... 13.60% 14.22% 4.82%(E) 13.36% 13.58% 4.75%(E) Net assets, end of period (000's)........ $25,655 $22,026 $16,326 $24,816 $19,874 $5,054 Ratio of operating expenses to average net assets (C).......................... 1.34%(A) 1.34% 1.34%(A) 1.99%(A) 1.99% 1.99%(A) Ratio of net investment income (loss) to average net assets...................... 0.90%(A) 0.79% 0.13%(A) 0.25%(A) 0.13% (0.52%)(A) Portfolio turnover rate.................. 83%(A) 54% 39% 83%(A) 54% 39% Average commission rate per share (D).... $0.056 N/A N/A $0.056 N/A N/A
_________________________________________ * Commencement of operations ** Net investment income per share has been calculated using the average shares method for fiscal year 1995. (A) Annualized (B) After expense reimbursement by the adviser of $0.02 and $0.02 per share for the Value Equity Fund - Classes A and B respectively, for the six months ended April 30, 1996, $0.04 and $0.05 per share for the Value Equity Fund - Classes A and B respectively, for the year ended October 31, 1995 and $0.06 and $0.03 per share for the Value Equity Fund - Classes A and B respectively, for the period Apri 1, 1994 to October 31, 1994. (C) The ratio of operating expenses, before reimbursement by the adviser, was 1.56% and 2.21% for the Value Equity Fund - Classes A and B respectively, for the six months ended April 30, 1996 on an annualized basis, 1.62% and 2.32% for the Value Equity Fund - Classes A and B respectively, for the year ended October 31, 1995 and 1.79% and 2.82% for the Value Equity Fund - Classes A and B respectively, for the period April 1, 1994 to October 31, 1994. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. (E) Historical total returns for Classes A and B shares are one year performance returns which include Class C performance prior to April 1, 1994. The accompanying notes are an integral part of the financial statements. 19 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) - --------------------------------------------------------------------------------
VALUE EQUITY FUND - CLASS C --------------------------------------------------------------------------------------- SIX MONTHS ENDED YEARS ENDED OCTOBER 31, 08/28/89* 04/30/96 TO -------------------------------------------------------------- (UNAUDITED) 1995** 1994 1993 1992 1991 1990 10/31/89 ------------ ---------- -------- -------- -------- ---------- -------- --------- Net asset value, beginning of period..... $15.84 $14.77 $14.21 $12.05 $10.70 $ 8.22 $11.19 $12.25 Income (loss) from investment operations - ---------------------------------------- Net investment income (loss) (B)......... 0.02 0.02 (0.07) 0.01 (0.01) 0.02 0.05 0.01 Net realized and unrealized gain (loss) on investments...... 1.97 1.84 0.74 2.15 1.37 2.54 (2.39) (1.07) ------ ------ ------ ------ ------ ------ ------ ------ Total from investment operations.. 1.99 1.86 0.67 2.16 1.36 2.56 (2.34) (1.06) Less distributions - ------------------ Dividends from net investment income..... (0.04) ---- (0.03) ---- ---- (0.03) (0.05) ---- Distributions from capital gains......... (1.28) (0.79) (0.08) ---- ---- ---- (0.58) ---- Distributions from capital............... ---- ---- ---- ---- (0.01) (0.05) ---- ---- ------ ------ ------ ------ ------ ------ ------ ------ Total distributions............... (1.32) (0.79) (0.11) ---- (0.01) (0.08) (0.63) ---- ------ ------ ------ ------ ------ ------ ------ ------ Net asset value, end of period........... $16.51 $15.84 $14.77 $14.21 $12.05 $10.70 $8.22 $11.19 ====== ====== ====== ====== ====== ====== ====== ====== Total return...................... 13.31% 13.58% 4.75% 17.93% 12.75% 31.32% (22.16%) (8.65%) Net assets, end of period (000's)........ $86,042 $83,719 $71,219 $64,223 $24,291 $15,354 $19,370 $30,627 Ratio of operating expenses to average net assets (C)......................... 1.99%(A) 1.99% 1.99% 1.99% 2.47% 2.97% 2.85% 2.57%(A) Ratio of net investment income (loss) to average net assets..................... 0.25%(A) 0.15% (0.49%) 0.27% (0.15%) 0.27% 0.43% 0.37%(A) Portfolio turnover rate.................. 83%(A) 54% 39% 40% 91% 37% 58% 65%(A) Average commission rate per share (D).... $0.056 N/A N/A N/A N/A N/A N/A N/A
______________________________ * Commencement of operations ** Net investment income per share has been calculated using the average shares method for fiscal year 1995. (A) Annualized (B) After expense reimbursement and waiver by the adviser of $0.02 per share for the Value Equity Fund - Class C for the six months ended April 30, 1996 and $0.04, $0.04, $0.02, $0.05 and $0.01 per share for the Value Equity Fund - Class C for the years ended 1995, 1994, 1993, 1992 and 1991, respectively. (C) The ratio of operating expenses, before reimbursement and waiver by the adviser, was 2.21% for the Value Equity Fund - Class C for the six months ended April 30, 1996 on an annualized basis and 2.23%, 2.29%, 2.35%, 3.00% and 3.12% for the Value Equity Fund - Class C for the years ended 1995, 1994, 1993, 1992 and 1991, respectively. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. The accompanying notes are an integral part of the financial statements. 20 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) - --------------------------------------------------------------------------------
GROWTH AND INCOME FUND ---------------------------------------------------------------------------------------- SIX MONTHS SIX MONTHS ENDED YEAR 04/01/94* ENDED YEAR 04/01/94* 04/30/96 ENDED TO 04/30/96 ENDED TO (UNAUDITED) 10/31/95** 10/31/94 (UNAUDITED) 10/31/95** 10/31/94 CLASS A CLASS A CLASS A CLASS B CLASS B CLASS B ------------- ---------- ----------- ----------- ---------- -------------- Net asset value, beginning of period....... $ 14.72 $ 13.09 $12.29 $ 14.69 $ 13.08 $12.29 Income from investment operations - --------------------------------- Net investment income (B).................. 0.10 0.26 0.12 0.05 0.16 0.10 Net realized and unrealized gain on investments........................... 1.61 1.90 0.76 1.62 1.94 0.77 ------ ------ ------ ------ ------ ------ Total from investment operations...................... 1.71 2.16 0.88 1.67 2.10 0.87 Less distributions - ------------------ Dividends from net investment income....... (0.12) (0.23) (0.08) (0.09) (0.19) (0.08) Distributions from capital gains........... (0.12) (0.30) ---- (0.12) (0.30) ---- ------ ------ ------ ------ ------ ------ Total distributions.............. (0.24) (0.53) (0.08) (0.21) (0.49) (0.08) ------ ------ ------ ------ ------ ------ Net asset value, end of period............ $16.19 $14.72 $13.09 $16.15 $14.69 $13.08 ====== ====== ====== ====== ====== ====== Total return..................... 11.76% 17.28% 5.06%(E) 11.46% 16.73% 4.98%(E) Net assets, end of period (000's).......... $15,347 $12,180 $8,134 $28,626 $19,052 $3,885 Ratio of operating expenses to average net assets (C)........................... 1.34%(A) 1.34% 1.34%(A) 1.99%(A) 1.99% 1.99%(A) Ratio of net investment income to average net assets....................... 1.31%(A) 1.91% 1.72%(A) 0.66%(A) 1.14% 1.07%(A) Portfolio turnover rate.................... 39%(A) 40% 45% 39%(A) 40% 45% Average commission rate per share (D)...... $0.053 N/A N/A $0.053 N/A N/A
______________________________ * Commencement of operations ** Net investment income per share has been calculated using the average shares method for fiscal year 1995. (A) Annualized (B) After expense reimbursement by the adviser of $0.02 and $0.02 per share for the Growth and Income Fund - Classes A and B respectively, for the six months ended April 30, 1996, $0.05 and $0.05 per share for the Growth and Income Fund - Classes A and B respectively, for the year ended October 31, 1995 and $0.05 and $0.12 per share for the Growth and Income Fund - Classes A and B respectively, for the period April 1, 1994 to October 31, 1994. (C) The ratio of operating expenses, before reimbursement by the adviser, was 1.58% and 2.23% for the Growth and Income Fund - Classes A and B respectively, for the six months ended April 30, 1996 on an annualized basis, 1.69% and 2.33% for the Growth and Income Fund - Classes A and B respectively, for the year ended October 31, 1995 and 2.08% and 3.12% for the Growth and Income Fund - Classes A and B respectively, for the period April 1, 1994 to October 31, 1994. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. (E) Historical total returns for Classes A and B shares are one year performance returns which include Class C performance prior to April 1, 1994. The accompanying notes are an integral part of the finanical statements. 21 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) - --------------------------------------------------------------------------------
GROWTH AND INCOME FUND - CLASS C ------------------------------------------------------------------------------ SIX MONTHS 05/01/91* ENDED YEARS ENDED OCTOBER, 31 TO 04/30/96 (UNAUDITED) 1995 1994 1993 1992 10/31/91 ------------ ---------- ---------- ---------- --------- ----------- Net asset value, beginning of period......... $14.71 $13.08 $12.71 $11.21 $10.51 $10.00 Income from investment operations - --------------------------------- Net investment income (B).................... 0.05 0.18 0.15 0.14 0.18 0.11 Net realized and unrealized gain on investments............................. 1.63 1.90 0.46 1.48 0.70 0.47 ------ ------ ------ ------ ------ ------ Total from investment operations....................... 1.68 2.08 0.61 1.62 0.88 0.58 Less distributions - ------------------ Dividends from net investment income......... (0.07) (0.15) (0.13) (0.12) (0.18) (0.07) Distributions from capital gains............. (0.12) (0.30) (0.11) ------ ------ ----- ----- ----- ----- ------- ------- ------ Total distributions................ (0.19) (0.45) (0.24) (0.12) (0.18) (0.07) ----- ----- ----- ----- ----- ----- Net asset value, end of period............... $16.20 $14.71 $13.08 $12.71 $11.21 $10.51 ====== ====== ====== ====== ====== ====== Total return....................... 11.50% 16.56% 4.85% 14.57% 8.42% 5.88% Net assets, end of period (000's)............ $69,886 $63,154 $46,078 $37,483 $10,821 $2,090 Ratio of operating expenses to average net assets (C)............................. 1.99%(A) 1.99% 1.99% 1.99% 1.94% 1.85%(A) Ratio of net investment income to average net assets................................. 0.66%(A) 1.26% 1.11% 1.12% 1.51% 2.05%(A) Portfolio turnover rate...................... 39%(A) 40% 45% 37% 48% 111%(A) Average commission rate per share (D)........ $0.053 N/A N/A N/A N/A N/A
______________________________ * Commencement of operations (A) Annualized (B) After expense reimbursement and waiver by the adviser of $0.02 per share for the Growth and Income Fund - Class C for the six months ended April 30, 1996 and $0.04, $0.05, $0.06, $0.15 and $0.37 per share for the Growth and Income Fund - Class C for the years ended 1995, 1994, 1993 and 1992 and the period May 1, 1991 (commencement of operations) to October 31, 1991, respectively. (C) The ratio of operating expenses, before reimbursement and waiver by the adviser, was 2.23% for the Growth and Income Fund - Class C for the six months ended April 30, 1996 on an annualized basis and 2.26%, 2.38%, 2.46%, 3.18% and 10.69% for the Growth and Income Fund - Class C for the years ended 1995, 1994, 1993 and 1992 and the period May 1, 1991 (commencement of operations) to October 31, 1991, respectively. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. The accompanying notes are an integral part of the finanical statements. 22 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) - --------------------------------------------------------------------------------
INTERNATIONAL GROWTH AND INCOME FUND ---------------------------------------------------------------------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED 01/09/95* ENDED 01/09/95* ENDED 01/09/95* 04/30/96** TO 04/30/96** TO 04/30/96** TO (UNAUDITED) 10/31/95** (UNAUDITED) 10/31/95** (UNAUDITED) 10/31/95** CLASS A CLASS A CLASS B CLASS B CLASS C CLASS C ----------- ----------- ------------ ----------- ----------- ----------- Net asset value, beginning of period........... $10.11 $10.00 $10.10 $10.00 $10.10 $10.00 Income (loss) from investment operations: - ----------------------------------------- Net investment income (loss) (B)............... 0.01 0.06 (0.01) 0.01 (0.01) 0.01 Net realized and unrealized gain on investments and foreign currency transactions............ 1.10 0.08 1.10 0.12 1.09 0.12 ----- ----- ----- ----- ----- ----- Total from investment operations........ 1.11 0.14 1.09 0.13 1.08 0.13 Less distributions - ------------------ Dividends from net investment income........... (0.08) (0.03) (0.05) (0.03) (0.05) (0.03) Distributions from capital gains............... (0.10) ---- (0.11) ---- (0.10) ---- ----- ----- ----- ----- ----- ----- Total distributions..................... (0.18) (0.03) (0.16) (0.03) (0.15) (0.03) ----- ----- ----- ----- ----- ----- Net asset value, end of period................. $11.04 $10.11 $11.03 $10.10 $11.03 $10.10 ====== ====== ====== ====== ====== ====== Total return............................ 11.13% 1.37% 10.87% 1.28% 10.82% 1.28% Net assets, end of period (000's).............. $4,009 $6,897 $13,309 $8,421 $7,683 $6,324 Ratio of operating expenses to average net assets (C)....................... 1.75%(A) 1.75%(A) 2.40%(A) 2.40%(A) 2.40%(A) 2.40%(A) Ratio of net investment income (loss) to average net assets........................... 0.51%(A) 0.70%(A) (0.14%)(A) 0.15%(A) (0.14%)(A) 0.13%(A) Portfolio turnover rate........................ 132%(A) 69%(A) 132%(A) 69%(A) 132%(A) 69%(A) Average commission rate per share (D).......... $0.025 N/A $0.025 N/A $0.025 N/A
_______________________________ * Commencement of operations. ** Net investment income per share has been calculated using the average shares method for the six months ended April 30, 1996 and the fiscal year ended October 31, 1995. (A) Annualized (B) After expense reimbursement by the adviser of $0.01, $0.01 and $0.01 per share for the International Growth and Income Fund - Classes A, B and C respectively, for the six months ended April 30, 1996 and $0.04, $0.04 and $0.04 per share for the International Growth and Income Fund - Classes A, B and C respectively, for the period January 9, 1995 (commencement of operations) to October 31, 1995. (C) The ratio of operating expenses, before reimbursement by the adviser, was 2.00%, 2.65% and 2.65% for the International Growth and Income Fund, Classes A, B and C respectively, for the six months ended April 30, 1996 on an annualized basis and 2.18%, 2.93% and 2.93% for the International Growth and Income Fund, Classes A, B and C respectively, for the period January 9, 1995 (commencement of operations) to October 31, 1995. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. The accompanying notes are an integral part of the financial statements. 23 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) - --------------------------------------------------------------------------------
ASSET ALLOCATION FUND -------------------------------------------------------------------------------- SIX MONTHS SIX MONTHS ENDED YEAR 04/01/94* ENDED YEAR 04/01/94* 04/30/96** ENDED TO 04/30/96** ENDED TO (UNAUDITED) 10/31/95** 10/31/94 (UNAUDITED) 10/31/95** 10/31/94 CLASS A CLASS A CLASS A CLASS B CLASS B CLASS B ----------- ----------- ----------- ----------- ----------- ----------- Net asset value, beginning of period........... $ 12.02 $ 11.13 $ 11.06 $ 11.98 $ 11.12 $ 11.06 Income (loss) from investment operations: - ----------------------------------------- Net investment income (loss) (B)............... 0.22 0.38 0.17 0.18 0.30 0.12 Net realized and unrealized gain (loss) on investments........................ 0.49 1.35 (0.10) 0.50 1.36 (0.06) ------- ------- ------- ------- ------- ------- Total from investment operations........ 0.71 1.73 0.07 0.68 1.66 0.06 Less distributions - ------------------ Dividends from net investment income........... (0.40) (0.32) ---- (0.35) (0.28) ---- Distributions from capital gains............... (0.75) (0.52) ---- (0.75) (0.52) ---- ------- ------- ------- ------- ------- ------- Total distributions..................... (1.15) (0.84) ---- (1.10) (0.80) ---- ------- ------- ------- ------- ------- ------- Net asset value, end of period................. $ 11.58 $ 12.02 $ 11.13 $ 11.56 $ 11.98 $ 11.12 ======= ======= ======= ======= ======= ======= Total return............................ 6.22% 16.95% 0.76%(E) 5.94% 16.31% 0.67%(E) Net assets, end of period (000's).............. $10,990 $10,033 $ 7,830 $13,233 $ 9,875 $ 4,760 Ratio of operating expenses to average net assets (C)............................... 1.34%(A) 1.34% 1.34%(A) 1.99%(A) 1.99% 1.99%(A) Ratio of net investment income to average net assets................................... 3.23%(A) 3.39% 2.72%(A) 2.58%(A) 2.69% 2.07%(A) Portfolio turnover rate........................ 224%(A) 226% 246% 224%(A) 226% 246% Average commission rate per share (D).......... $ 0.058 N/A N/A $ 0.058 N/A N/A
____________________________ * Commencement of operations ** Net investment income per share has been calculated using the average shares method for fiscal year 1995. (A) Annualized (B) After expense reimbursement by the adviser of $0.02 and $0.02 for the Asset Allocation Fund - Classes A and B respectively, for the six months ended April 30, 1996, $0.04 and $0.04 for the Asset Allocation Fund - Classes A and B respectively, for the year ended October 31, 1995 and $0.03 and $0.04 for the Asset Allocation Fund - Classes A and B respectively, for the period April 1, 1994 to October 31, 1994. (C) The ratio of operating expenses, before reimbursement by the adviser, was 1.57% and 2.22% for the Asset Allocation Fund - Classes A and B respectively, for the six months ended April 30, 1996 on an annualized basis, 1.69% and 2.37% for the Asset Allocation Fund - Classes A and B respectively, for the year ended October 31, 1995 and 1.86% and 2.73% for the Asset Allocation Fund -Classes A and B respectively, for the period April 1, 1994 to October 31, 1994. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. (E) Historical total returns for Classes A and B shares are one year performance returns which include Class C performance prior to April 1, 1994. The accaompanying notes are an integral part of the financial statements. 24 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) - --------------------------------------------------------------------------------
ASSET ALLOCATION FUND - CLASS C (E) ------------------------------------------------------------------------------------------ SIX MONTHS ENDED 08/28/89* 04/30/96 YEARS ENDED OCTOBER 31, -------------------------------------------------------------- TO (UNAUDITED) 1995** 1994 1993 1992 1991 1990 10/31/89 ------------ --------- -------- -------- -------- --------- -------- ---------- Net asset value, beginning of period............................. $12.02 $11.12 $11.52 $10.20 $ 9.76 $ 8.12 $ 9.84 $10.17 Income (loss) from investment operations - ---------------------------------------- Net investment income (B).............. 0.18 0.31 0.22 0.21 0.20 0.27 0.32 0.05 Net realized and unrealized gain (loss) on investments................ 0.50 1.35 (0.15) 1.30 0.87 1.70 (1.66) (0.38) ------ ------ ------ ------ ------ ------ ------ ------ Total from investment operations.................. 0.68 1.66 0.07 1.51 1.07 1.97 (1.34) (0.33) Less distributions - ------------------ Dividends from net investment income.................... (0.31) (0.24) (0.18) (0.09) (0.19) (0.33) (0.26) ---- Distributions from capital gains................................. (0.75) (0.52) (0.29) (0.10) (0.44) ---- ---- ---- Distributions from capital............. ---- ---- ---- ---- ---- ---- (0.12) ---- ----- ----- ----- ----- ----- ----- ----- ----- Total distributions.......... (1.06) (0.76) (0.47) (0.19) (0.63) (0.33) (0.38) ---- ------ ------ ------ ------ ------ ------ ------ ----- Net asset value, end of period......... $11.64 $12.02 $11.12 $11.52 $10.20 $ 9.76 $ 8.12 $ 9.84 ====== ====== ====== ====== ====== ====== ====== ====== Total return................. 5.95% 16.25% 0.67% 15.02% 11.25% 24.53% (13.97%) (3.24%) Net assets, end of period (000's)...... $79,827 $80,626 $86,902 $96,105 $48,160 $30,724 $34,713 $43,915 Ratio of operating expenses to average net assets (C)............... 1.99%(A) 1.99% 1.99% 1.99% 2.40% 2.88% 2.63% 2.13%(A) Ratio of net investment income to average net assets.................... 2.58%(A) 2.76% 1.93% 1.96% 1.93% 2.77% 3.34% 3.09%(A) Portfolio turnover rate................ 224%(A) 226% 246% 196% 171% 84% 73% 84%(A) Average commission rate per share (D)......................... $0.058 N/A N/A N/A N/A N/A N/A N/A
_____________________________ * Commencement of operations ** Net investment income per share has been calculated using the average shares method for fiscal year 1995. (A) Annualized (B) After expense reimbursement and waiver by the adviser of $0.01 for the Asset Allocation Fund - Class C for the six months ended April 30, 1996 and $0.03, $0.04, $0.03 and $0.04 for the Asset Allocation Fund - Class C for the years ended 1995, 1994, 1993 and 1992, respectively. (C) The ratio of operating expenses, before reimbursement and waiver by the adviser, was 2.22% for the Asset Allocation Fund - Class C for the six months ended April 30, 1996 on an annualized basis and 2.24%, 2.22%, 2.28% and 2.89% for the Asset Allocation Fund - Class C for the years ended 1995, 1994, 1993 and 1992, respectively. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. (E) On July 10, 1992, the Aggressive Fund and Conservative Fund portfolios of the old Asset Allocation Funds were liquidated and shares were exchanged for shares of the new Asset Allocation Fund. The new Asset Allocation Fund is comprised of the Moderate Fund portfolio of the old Asset Allocation Fund (the accounting "survivor") and the assets of the former Aggressive and Conservative portfolios of the old Asset Allocation Funds. For purposes of presenting financial highlights - selected per share data and ratios, only the historical results of the old Moderate Fund have been presented since it is considered the accounting survivor of the merger because the investment objective of the new Asset Allocation Fund is substantially the same as that of the old Moderate Fund. At the date of the merger, 3,567,198 shares of the old Moderate Fund with a per share value of $8.11 were decreased to 2,891,572 shares with a per share value of $10.00, similar to a reverse stock split, and re-named as shares of the new Asset Allocation Fund. The historical per share data presented above has been adjusted as though a reverse stock split had occurred at the beginning of the earliest period presented which results in fewer shares outstanding at a correspondingly higher net asset value per share. The accompanying notes are an integral part of the financial statements. 25 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) - --------------------------------------------------------------------------------
STRATEGIC INCOME FUND --------------------------------------------------------------------------------- SIX MONTHS SIX MONTHS ENDED YEAR 11/01/93* ENDED YEAR 04/01/94* 04/30/96 ENDED TO 04/30/96 ENDED TO (UNAUDITED) 10/31/95 10/31/94 (UNAUDITED) 10/31/95 10/31/94 CLASS A CLASS A CLASS A CLASS B CLASS B CLASS B ------------- ------------ ----------- ------------- --------- ---------- Net asset value, beginning of period............................... $9.07 $8.90 $10.00 $9.07 $8.90 $9.31 Income (loss) from investment operations - ---------------------------------------- Net investment income (B)................ 0.39 0.78 0.65 0.36 0.73 0.38 Net realized and unrealized gain (loss) on investments and foreign currency transactions........................... 0.38 0.18 (1.10) 0.38 0.17 (0.41) ----- ----- ----- ----- ----- ----- Total from investment operations................... 0.77 0.96 (0.45) 0.74 0.90 (0.03) Less distributions - ------------------ Dividends from net investment income..... (0.39) (0.79) (0.65) (0.36) (0.73) (0.38) ------ ------ ------ ------ ------ ------ Net asset value, end of period........... $9.45 $9.07 $8.90 $9.45 $9.07 $8.90 ===== ====== ===== ===== ===== ===== Total return................... 8.62% 11.43% (3.79%) 8.28% 10.72% (4.18%)(E) Net assets, end of period (000's)........ $10,792 $10,041 $15,507 $26,158 $20,672 $5,440 Ratio of operating expenses to average net assets (C)................. 1.50%(A) 1.07% 0.41% 2.15%(A) 1.95% 1.00%(A) Ratio of net investment income to average net assets............ 8.41%(A) 9.08% 8.26% 7.76%(A) 8.10% 8.59%(A) Portfolio turnover rate.................. 150%(A) 180% 136% 150%(A) 180% 136% Average commission rate per share (D).... N/A N/A N/A N/A N/A N/A STRATEGIC INCOME FUND --------------------------------------------------------- SIX MONTHS ENDED YEAR 04/01/94* 04/30/96 ENDED TO (UNAUDITED) 10/31/95 10/31/94 CLASS C CLASS C CLASS C ----------------- ---------- ---------- Net asset value, beginning of period..... $9.07 $8.90 $9.31 Income (loss) from investment operations - ---------------------------------------- Net investment income (B).. 0.36 0.73 0.38 Net realized and unrealized gain (loss) on investments and foreign currency transactions........................... 0.38 0.17 (0.41) ---- ---- ---- Total from investment operations................... 0.74 0.90 (0.03) Less distributions - ------------------ Dividends from net investment income..... (0.36) (0.73) (0.38) ----- ----- ---- Net asset value, end of period........... $9.45 $9.07 $8.90 ===== ===== ===== Total return................... 8.28% 10.72% (4.20%)(E) Net assets, end of period (000's)........ $17,670 $14,273 $8,439 Ratio of operating expenses to average net assets (C)................. 2.15%(A) 1.95% 1.00%(A) Ratio of net investment income to average net assets..................... 7.76%(A) 8.25% 8.59%(A) Portfolio turnover rate.................. 150%(A) 180% 136% Average commission rate per share (D).... N/A N/A N/A
______________________________ * Commencement of operations (A) Annualized (B) After expense reimbursement and waiver by the adviser of $0.01, $0.05 and $0.04 per share for the Strategic Income Fund - Class A for the six months ended April 30, 1996 and the years ended 1995 and 1994, respectively, $0.01 and $0.01 for the Strategic Income Fund - Classes B and C respectively, for the six months ended April 30, 1996, $0.04 and $0.05 for the Strategic Income Fund - Classes B and C respectively, for the year ended October 31, 1995 and $0.05 and $0.04 for the Strategic Income Fund - Classes B and C respectively, for the period April 1, 1994 to October 31, 1994. (C) The ratio of operating expenses, before reimbursement and waiver by the adviser, was 1.69%, 1.69% and 0.96% for the Strategic Income Fund - Class A for the six months ended April 30, 1996 on an annualized basis and the years ended 1995 and 1994, respectively. The ratio of operating expenses, before reimbursement and waiver by the adviser, was 2.30% and 2.32% for the Strategic Income Fund - Classes B and C respectively, for the six months ended April 30, 1996 on an annualized basis, 2.38% and 2.37% for the Strategic Income Fund - Classes B and C respectively, for the year ended October 31, 1995 and 2.04% and 1.96% for the Strategic Income Fund - Classes B and C respectively, for the period April 1, 1994 to October 31, 1994. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. (E) Historical total returns for Classes B and C shares are one year performance returns which include Class A performance prior to April 1, 1994. The accompanying notes are an integral part of the financial statements. 26 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) - --------------------------------------------------------------------------------
INVESTMENT QUALITY BOND FUND - CLASS A --------------------------------------------------------------------------------- SIX MONTHS ENDED 05/01/91* 04/30/96 YEARS ENDED OCTOBER, 31 TO ------------------------------------------------- (UNAUDITED) 1995 1994 1993 1992 10/31/91 ------------ --------- --------- --------- --------- ----------- Net asset value, beginning of period......... $10.56 $9.74 $11.16 $10.56 $10.26 $10.00 Income (loss) from investment operations Net investment income (B).................... 0.32 0.68 0.60 0.66 0.82 0.40 Net realized and unrealized gain (loss) on investments.............................. (0.35) 0.82 (1.37) 0.64 0.27 0.30 ------ ------ ------ ----- ----- ----- Total from investment operations......................... (0.03) 1.50 (0.77) 1.30 1.09 0.70 Less distributions - ------------------ Dividends from net investment income......... (0.34) (0.68) (0.56) (0.64) (0.79) (0.40) Distributions from capital gains............. ----- ----- (0.09) (0.06) ----- ----- Distributions from capital................... ----- ----- ----- ----- ----- (0.04) ------ ------- ------- ------- ------ ------ Total distributions................. (0.34) (0.68) (0.65) (0.70) (0.79) (0.44) ------ ------ ------ ------ ------ ------ Net asset value, end of period............... $10.19 $10.56 $9.74 $11.16 $10.56 $10.26 ====== ====== ====== ====== ====== ====== Total return....................... (0.34%) 15.91% (7.08%) 12.66% 11.00% 7.21% Net assets, end of period (000's)............ $9,421 $10,345 $11,150 $14,674 $6,773 $2,713 Ratio of operating expenses to average net assets (C)...................... 1.25%(A) 1.25% 1.25%(A) 0.98% 0.00% 0.00%(A) Ratio of net investment income to average net assets.......................... 6.18%(A) 6.72% 5.86%(A) 5.82% 7.76% 7.08%(A) Portfolio turnover rate...................... 45%(A) 132% 186% 41% 44% 39%(A) Average commission rate per share (D)........ N/A N/A N/A N/A N/A N/A
_____________________________________ * Commencement of operations (A) Annualized (B) After expense reimbursement and waiver by the adviser of $0.02, $0.05, $0.06, $0.07, $0.27 and $0.19 per share for the Investment Quality Bond Fund Class A for the six months ended April 30, 1996, the years ended 1995, 1994, 1993 and 1992 and the period May 1, 1991 (commencement of operations) to October 31, 1991, respectively. (C) The ratio of operating expenses, before reimbursement and waiver by the adviser, was 1.56%, 1.73%, 1.74%, 1.57%, 2.56% and 3.37% for the Investment Quality Bond Fund - Class A for the six months ended April 30, 1996 on an annualized basis, the years ended 1995, 1994, 1993 and 1992 and the period May 1, 1991 (commencement of operations) to October 31, 1991, respectively. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. The accompanying notes are an integral part of the financial statement 27 NORTH AMERIDAN FUNDS FINANCIAL HIGHLIGHTS (FOR OUTSTANDING THROUGHOUT THE PERIOD) - --------------------------------------------------------------------------------
INVESTMENT QUALITY BOND FUND -------------------------------------------------------------------------------- SIX MONTHS SIX MONTHS ENDED YEAR 04/01/94* ENDED YEAR 04/01/94* 04/30/96 ENDED TO 04/30/96 ENDED TO (UNAUDITED) 10/31/95 10/31/94 (UNAUDITED) 10/31/95 10/31/94 CLASS B CLASS B CLASS B CLASS C CLASS C CLASS C ------------ --------- ---------- ----------- ---------- ---------- Net asset value, beginning of period......... $10.55 $9.74 $10.21 $10.55 $9.74 $10.21 Income (loss) from investment operations - ---------------------------------------- Net investment income (B).................... 0.29 0.61 0.33 0.29 0.61 0.33 Net realized and unrealized gain (loss) on investments.............................. (0.34) 0.82 (0.51) (0.34) 0.82 (0.51) ----- ----- ----- ----- ----- ----- Total from investment operations...... (0.05) 1.43 (0.18) (0.05) 1.43 (0.18) Less distributions - ------------------ Dividends from net investment income......... (0.31) (0.62) (0.29) (0.31) (0.62) (0.29) Net asset value, end of period............... $10.19 $10.55 $9.74 $10.19 $10.55 $9.74 ====== ====== ====== ====== ====== ====== Total return....................... (0.53%) 15.12% (7.34%)(E) (0.53%) 15.12% (7.34%)(E) Net assets, end of period (000's)............ $4,540 $3,472 $489 $6,337 $7,206 $2,406 Ratio of operating expenses to average net assets (C)...................... 1.90%(A) 1.90% 1.90%(A) 1.90%(A) 1.90% 1.90%(A) Ratio of net investment income to average net assets.......................... 5.53%(A) 5.95% 5.70%(A) 5.53%(A) 6.00% 5.70%(A) Portfolio turnover rate...................... 45%(A) 132% 186% 45%(A) 132% 186% Average commission rate per share (D)........ N/A N/A N/A N/A N/A N/A
_____________________________________ * Commencement of operations (A) Annualized (B) After expense reimbursement by the adviser of $0.02 and $0.02 per share for the Investment Quality Bond Fund - Classes B and C respectively, for the six months ended April 30, 1996, $0.08 and $0.06 per share for the Investment Quality Bond Fund - Classes B and C respectively, for the year ended October 31, 1995 and $0.19 and $0.07 per share for the Investment Quality Bond Fund- Classes B and C respectively, for the period April 1, 1994 to October 31, 1994. (C) The ratio of operating expenses, before reimbursement by the adviser, was 2.29% and 2.24% for the Investment Quality Bond Fund - Classes B and C respectively, for the six months ended April 30, 1996 on an annualized basis, 2.69% and 2.50% for the Investment Quality Bond Fund - Classes B and C respectively, for the year ended October 31, 1995 and 4.88% and 3.05% for the Investment Quality Bond Fund - Classes B and C respectively, for the period April 1, 1994 to October 31, 1994. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. (E) Historical total returns for Classes B and C shares are one year performance returns which include Class A performance prior to April 1, 1994. The accompanying notes are an integral part of the financial statements. 28 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) - -------------------------------------------------------------------------------
U.S. GOVERNMENT SECURITIES FUND - CLASS A -------------------------------------------------------------------------------------- SIX MONTHS ENDED 08/28/89* 04/30/96 YEARS ENDED OCTOBER 31, TO --------------------------------------------------------------- (UNAUDITED) 1995 1994 1993 1992 1991 1990 10/31/89 ----------- ---------- -------- ---------- -------- -------- -------- -------- Net asset value, beginning of period................... $ 9.98 $ 9.45 $10.35 $10.04 $ 9.89 $ 9.47 $ 9.74 $ 9.73 Income (loss) from investment operations - ---------------------- Net investment income (B).... 0.27 0.63 0.53 0.51 0.74 0.84 0.75 0.15 Net realized and unrealized gain (loss) on investments............. (0.24) 0.57 (0.74) 0.34 0.13 0.42 (0.20) 0.01 ------ ------ ------ ------ ------ ------ ------ ------ Total from investment operations............ 0.03 1.20 (0.21) 0.85 0.87 1.26 0.55 0.16 Less distributions - ------------------ Dividends from net investment income........... (0.34) (0.67) (0.50) (0.50) (0.72) (0.84) (0.75) (0.15) Distributions from capital gains....................... ----- ----- (0.19) (0.04) ----- ----- ----- ----- Distributions from capital... ----- ----- ----- ----- ----- ----- (0.07) ----- ------ ------ ------ ------ ------ ------ ------ ------ Total distributions..... (0.34) (0.67) (0.69) (0.54) (0.72) (0.84) (0.82) (0.15) ------ ------ ------ ------ ------ ------ ------ ------ Net asset value, end of period...................... $ 9.67 $ 9.98 $ 9.45 $10.35 $10.04 $ 9.89 $ 9.47 $ 9.74 ====== ====== ====== ====== ====== ====== ====== ====== Total return............ 0.22% 13.15% (2.13%) 8.64% 9.15% 13.86% 5.90% 1.66% Net assets, end of period (000's)..................... $74,297 $81,179 $100,622 $163,296 $118,543 $45,662 $43,299 $56,069 Ratio of operating expenses to average net assets (C)........... 1.25%(A) 1.25% 1.25% 1.07% 0.24% 0.68% 2.28% 2.18%(A) Ratio of net investment income to average net assets............... 5.51%(A) 6.54% 5.39% 4.97% 7.21% 8.65% 7.89% 8.54%(A) Portfolio turnover rate.... 162%(A) 469% 279% 208% 108% 195% 71% 93%(A) Average commission rate per share (D)............. N/A N/A N/A N/A N/A N/A N/A N/A
______________________________ * Commencement of operations (A) Annualized (B) After expense reimbursement and waiver by the adviser of $0.01, $0.02, $0.02, $0.04, $0.19, $0.18 and $0.03 per share for the U.S. Government Securities Fund - Class A for the six months ended April 30, 1996 and the years ended 1995, 1994, 1993, 1992, 1991 and 1990, respectively. (C) The ratio of operating expenses, before reimbursement and waiver by the adviser, was 1.44%, 1.45%, 1.47%, 1.42%, 2.13%, 2.61% and 2.57% for the six months ended April 30, 1996 on an annualized basis and the years ended 1995, 1994, 1993, 1992, 1991 and 1990, respectively. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. The accompanying notes are an integral part of the financial statements. 29 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) - --------------------------------------------------------------------------------
U.S. GOVERNMENT SECURITIES FUND ------------------------------------------------------------------------- SIX MONTHS SIX MONTHS ENDED YEAR 04/01/94* ENDED YEAR 04/01/94* 04/30/96 ENDED TO 04/30/96 ENDED TO (UNAUDITED) 10/31/95 10/31/94 (UNAUDITED) 10/31/95 10/31/94 CLASS B CLASS B CLASS B CLASS C CLASS C CLASS C ---------- --------- --------- ----------- --------- --------- Net asset value, beginning $9.98 $9.45 $9.77 $9.98 $9.45 $9.77 of period................. Income (loss) from investment operations - ---------------------- Net investment income (B).. 0.25 0.56 0.29 0.25 0.56 0.26 Net realized and unrealized gain (loss) on investments........... (0.26) 0.58 (0.35) (0.26) 0.58 (0.32) ------- ------- --------- ------- ------- ------- Total from investment operations.......... (0.01) 1.14 (0.06) (0.01) 1.14 (0.06) Less distributions - ------------------ Dividends from net (0.31) (0.61) (0.26) (0.31) (0.61) (0.26) investment income......... ------- ------- --------- ------- ------- ------- Net asset value, end of $9.66 $9.98 $9.45 $9.66 $9.98 $9.45 period.................... ======= ======= ========= ======= ======= ======= Total return.......... (0.18%) 12.45% (2.44%)(E) (0.18%) 12.45% (2.44%)(E) Net assets, end of period (000's)................... $19,261 $13,993 $ 2,746 $20,169 $20,186 $10,766 Ratio of operating expenses to average net assets (C)........... 1.90%(A) 1.90% 1.90%(A) 1.90%(A) 1.90% 1.90%(A) Ratio of net investment income to average net assets............... 4.86%(A) 5.53% 5.06%(A) 4.86%(A) 5.74% 5.06%(A) Portfolio turnover rate.... 162%(A) 469% 279% 162%(A) 469% 279% Average commission rate N/A N/A N/A N/A N/A N/A per share (D).............
______________________________ * Commencement of operations (A) Annualized (B) After expense reimbursement by the adviser of $0.01 and $0.01 per share for the U.S. Government Securities Fund - Classes B and C respectively, for the six months ended April 30, 1996, $0.04 and $0.03 per share for the U.S. Government Securities Fund - Classes B and C respectively, for the year ended October 31, 1995 and $0.08 and $0.03 per share for the U.S. Government Securities Fund - Classes B and C respectively, for the period April 1, 1994 to October 31, 1994. (C) The ratio of operating expenses, before reimbursement by the adviser, was 2.09% and 2.09% for the U.S. Government Securities Fund - Classes B and C respectively, for the six months ended April 30, 1996 on an annualized basis, 2.28% and 2.15% for the U.S. Government Securities Fund - Classes B and C respectively, for the year ended October 31, 1995 and 3.40% and 2.44% for the U.S. Government Securities Fund - Classes B and C respectively, for the period April 1, 1994 to October 31, 1994. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. (E) Historical total returns for Classes B and C shares are one year performance returns which include Class A performance prior to April 1, 1994. The accompanying notes are an integral part of the financial statements. 30 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) - --------------------------------------------------------------------------------
NATIONAL MUNICIPAL BOND FUND - CLASS A ------------------------------------------------------------ SIX MONTHS ENDED 07/06/93* 04/30/96 YEARS ENDED OCTOBER 31, TO (UNAUDITED) 1995 1994 10/31/93 ------------- ----------- ----------- ----------- Net asset value, beginning of period............... $ 9.62 $ 8.82 $10.25 $10.00 Income (loss) from investment operations - ---------------------------------------- Net investment income (B).......................... 0.24 0.51 0.51 0.17 Net realized and unrealized gain (loss) on investments................................... (0.15) 0.80 (1.43) 0.24 ----- ----- ----- ----- Total from investment operations............ 0.09 1.31 (0.92) 0.41 Less distributions - ------------------ Dividends from net investment income............... (0.24) (0.51) (0.51) (0.16) ----- ----- ----- ----- Net asset value, end of period..................... $ 9.47 $ 9.62 $ 8.82 $10.25 ====== ====== ====== ====== Total return................................ 0.92% 15.26% (9.24%) 4.17% Net assets, end of period (000's).................. $7,791 $7,618 $7,663 $9,131 Ratio of operating expenses to average net assets (C)........................... 0.99%(A) 0.80% 0.57% 0.23%(A) Ratio of net investment income to average net assets............................... 5.02%(A) 5.55% 5.28% 4.86%(A) Portfolio turnover rate............................ 68%(A) 44% 6% 150%(A) Average commission rate per share (D).............. N/A N/A N/A N/A
_____________________________ * Commencement of operations (A) Annualized (B) After expense reimbursement and waiver by the adviser of $0.01, $0.05, $0.07 and $0.03 per share for the National Municipal Bond Fund - Class A for the six months ended April 30, 1996, the years ended 1995 and 1994 and the period July 6, 1993 (commencement of operations) to October 31, 1993, respectively. (C) The ratio of operating expenses, before reimbursement and waiver by the adviser, was 1.27%, 1.34%, 1.26% and 1.10% for the National Municipal Bond Fund - Class A for the six months ended April 30, 1996 on an annualized basis, the years ended 1995 and 1994 and the period July 6, 1993 (commencement of operations) to October 31, 1993, respectively. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. The accompanying notes are an integral part of the financial statements. 31 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) - --------------------------------------------------------------------------------
NATIONAL MUNICIPAL BOND FUND -------------------------------------------------------------------------- SIX MONTHS SIX MONTHS ENDED YEAR 04/01/94* ENDED YEAR 04/01/94* 04/30/96 ENDED TO 04/30/96 ENDED TO (UNAUDITED) 10/31/95 10/31/94 (UNAUDITED) 10/31/95 10/31/94 CLASS B CLASS B CLASS B CLASS C CLASS C CLASS C ------------- ---------- --------- ------------ ---------- ---------- Net asset value, beginning of period............... $ 9.62 $ 8.81 $ 9.30 $ 9.62 $ 8.81 $ 9.30 Income (loss) from investment operations - ---------------------------------------- Net investment income (B).......................... 0.20 0.43 0.25 0.20 0.43 0.25 Net realized and unrealized gain (loss) on investments................................... (0.15) 0.81 (0.49) (0.15) 0.81 (0.49) ----- ----- ----- ----- ----- ----- Total from investment operations............ 0.05 1.24 (0.24) 0.05 1.24 (0.24) Less distributions - ------------------ Dividends from net investment income............... (0.20) (0.43) (0.25) (0.20) (0.43) (0.25) ----- ----- ----- ----- ----- ----- Net asset value, end of period..................... $ 9.47 $ 9.62 $ 8.81 $ 9.47 $ 9.62 $ 8.81 ====== ====== ====== ====== ====== ====== Total return................................ 0.50% 14.42% (9.71%)(D) 0.50% 14.42% (9.71%)(D) Net assets, end of period (000's).................. $6,083 $5,876 $2,036 $6,288 $6,834 $1,911 Ratio of operating expenses to average net assets (C)........................... 1.84%(A) 1.70% 1.24%(A) 1.84%(A) 1.70% 1.24%(A) Ratio of net investment income to average net assets............................... 4.17%(A) 4.59% 4.62%(A) 4.17%(A) 4.53% 4.62%(A) Portfolio turnover rate............................ 68%(A) 44% 6% 68%(A) 44% 6% Average commission rate per share (D).............. N/A N/A N/A N/A N/A N/A
______________________________ * Commencement of operations (A) Annualized (B) After expense reimbursement and waiver by the adviser of $0.01 and $0.02 per share for the National Municipal Bond Fund - Classes B and C respectively, for the six months ended April 30, 1996, $0.07 and $0.09 per share for the National Municipal Bond Fund - Classes B and C respectively, for the year ended October 31, 1995 and $0.09 and $0.09 per share for the National Municipal Bond Fund - Classes B and C respectively, for the period April 1, 1994 to October 31, 1994. (C) The ratio of operating expenses, before reimbursement and waiver by the adviser, was 2.12% and 2.26% for the National Municipal Bond Fund - Classes B and C respectively, for the six months ended April 30, 1996 on an annualized basis, 2.41% and 2.63% for the National Municipal Bond Fund - Classes B and C respectively, for the year ended October 31, 1995 and 2.81% and 2.78% for the National Municipal Bond Fund - Classes B and C respectively, for the period April 1, 1994 to October 31, 1994. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. (E) Historical total returns for Classes B and C shares are one year performance returns which include Class A performance prior to April 1, 1994. The accompanying notes are an integral part of the financial statements. 32 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) - ------------------------------------------------------------------------------
MONEY MARKET FUND - CLASS A ----------------------------------------------------------------------------------------------- SIX MONTHS ENDED 08/28/89* 04/30/96 YEARS ENDED OCTOBER 31, TO ------------------------------------------------------------------ (UNAUDITED) 1995 1994 1993 1992 1991 1990 10/31/89 ------------ -------- --------- -------- ------- -------- -------- -------- Net asset value, beginning of period......................... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 Income from investment operations - --------------------------------- Net investment income (B).......... 0.03 0.05 0.03 0.03 0.04 0.06 0.06 0.01 Less distributions - ------------------ Dividends from net investment income................. (0.03) (0.05) (0.03) (0.03) (0.04) (0.06 (0.06) (0.01) ----- ------ ------ ------ ------ ----- ------ ------ Net asset value, end of period............................ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ===== ===== ===== ===== ===== ===== ===== ===== Total return............. 2.59% 5.60% 3.48% 2.80% 3.69% 6.22 5.76% 0.53% Net assets, end of period (000's)........................... $7,833 $11,379 $8,499 $18,109 $2,244 3,421 $4,526 $7,781 Ratio of operating expenses to average net assets (C)................... 0.50%(A) 0.50% 0.50% 0.50% 0.50% 1.00 2.45% 1.96%(A) Ratio of net investment income to average net assets............... 5.14%(A) 5.45% 3.40% 2.75% 3.77% 6.01 5.52% 6.59%(A) Average commission rate per share (D)..................... N/A N/A N/A N/A N/A N/A N/A N/A
____________________ * Commencement of operations (A) Annualized (B) After expense reimbursement and waiver by the adviser of $0.002, $0.004, $0.0044, $0.0084, $0.0211, $0.0270 and $0.0002 per share for the Money Market Fund - Class A for the six months ended April 30, 1996 and the years ended 1995, 1994, 1993, 1992, 1991 and 1990, respectively. (C) The ratio of operating expenses, before reimbursement and waiver by the adviser, was 0.95%, 0.96%, 0.95%, 1.32%, 2.71%, 2.68% and 2.47% for the Money Market Fund - Class A for the six months ended April 30, 1996 and the years ended 1995, 1994, 1993, 1992, 1991 and 1990, respectively. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per share may vary from that of domestic markets. The accompanying notes are an integral part of the financial statements. 33 NORTH AMERICAN FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD) - -------------------------------------------------------------------------------
MONEY MARKET FUND ---------------------------------------------------------------------------------------------------- SIX MONTHS SIX MONTHS ENDED YEAR 04/01/94* ENDED YEAR 04/01/94* 04/30/96 ENDED TO 04/30/96 ENDED TO (UNAUDITED) 10/31/95 10/31/94 (UNAUDITED) 10/31/95 10/31/94 CLASS B CLASS B CLASS B CLASS C CLASS C CLASS C ------------- ---------- ---------- ----------- ----------- ------------ Net asset value, beginning of period..................... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 Income from investment - ---------------------- operations ---------- Net investment income (B)...... 0.03 0.05 0.02 0.03 0.05 0.02 Less distributions - ------------------ Dividends from net investment income............. (0.03) (0.05) (0.02) (0.03) (0.05) (0.02) ------ ------ ------ ----- ------ ------ Net asset value, end of period........................ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 ===== ===== ===== ===== ===== ===== Total return......... 2.59% 5.60% 3.48%(E) 2.59% 5.60% 3.48%(E) Net assets, end of period (000's)....................... $1,427 $1,564 $312 $8,631 $9,394 $12,170 Ratio of operating expenses to average net assets (C)............... 0.50%(A) 0.50% 0.50%(A) 0.50%(A) 0.50% 0.50%(A) Ratio of net investment income to average net assets................... 5.14%(A) 5.52% 3.96%(A) 5.14%(A) 5.46% 3.96%(A) Average commission rate per share (D)................. N/A N/A N/A N/A N/A N/A
____________________ * Commencement of operations (A) Annualized (B) After expense reimbursement by the adviser of $0.004 and $0.002 per share for the Money Market Fund - Classes B and C respectively, for the six months ended April 30, 1996, $0.009 and $0.005 per share for the Money Market Fund- Classes B and C respectively, for the year ended October 31, 1995 and $0.0228 and $0.0037 per share for the Money Market Fund - Classes B and C respectively, for the period April 1, 1994 to October 31, 1994. (C) The ratio of operating expenses, before reimbursement by the adviser, was 1.29% and 1.00% for the Money Market Fund - Classes B and C respectively, for the six months ended April 30, 1996 on an annualized basis, 1.41% and 0.95% for the Money Market Fund - Classes B and C respectively, for the year ended October 31, 1995 and 4.83% and 1.18% for the Money Market Fund - Classes B and C respectively, for the period April 1, 1994 to October 31, 1994. (D) For fiscal years beginning on or after September 1, 1995, a fund is required to disclose its average commission rate per share of all security trades on which commissions are charged. In certain foreign markets the relationship between the translated U.S. dollar price per share and commission paid per sahre may vary from that of domestic markets. (E) Historical total returns for Classes B and C shares are one year performance returns which include Class A performance prior to April 1, 1994. The accompanying notes are an integral part of the financial statements. 34 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - -------------------------------------------------------------------------------- SMALL/MID CAP FUND
Shares Value ------ ----- COMMON STOCKS - 76.39% ALUMINUM - 0.97% Reynolds Metals Company* 800 $43,000 ------ APPAREL & TEXTILES - 3.19% Cintas Corporation 500 26,875 G & K Services, Class A 1,000 26,625 Gucci Group NV* 1,200 65,250 Tommy Hilfiger Corporation* 500 22,750 ------ 141,500 BROADCASTING - 2.22% Chancellor Broadcasting Company, Class A* 1,000 25,500 Clear Channel Communications* 500 33,875 Evergreen Media, Class A* 1,000 39,250 ------ 98,625 BUSINESS SERVICES - 4.02% America Online, Incorporated* 300 19,200 The Gymboree Corporation* 1,000 25,875 Loewen Group, Incorporated 1,000 29,875 Service Corporation International 1,400 74,375 Steris Corporation* 900 29,250 ------- 178,575 CHEMICALS - 0.63% Waters Corporation* 1,000 27,875 ------ COMPUTERS & BUSINESS EQUIPMENT - 5.17% 3Com Corporation* 1,900 87,637 Digital Equipment Corporation* 500 29,875 Seagate Technology* 600 34,800 Sundstrand Corpration 2,100 77,175 ------- 229,487 DRUGS & HEALTH CARE - 19.46% American Oncology Resources, Incorporated* 1,000 47,750 BioChem Pharma, Incorporated* 2,000 91,000 CNS, Incorporated* 1,500 29,625 Conceptus, Incorporated* 1,000 19,750 Cygnus, Incorporated 1,000 21,375 Cytotherapeutics* 1,000 14,750 Fuisz Technologies, Ltd.* 2,500 63,750 General Nutrition Companies, Incorporated* 4,000 78,000 Genzyme Corporation* 500 6,875 Guidant Corporation 1,400 78,575 Healthsource, Incorporated* 2,900 98,962 IDEXX Laboratories, Incorporated* 1,000 44,500 Neuromedical Systems, Incorporated* 2,500 54,688 Oxford Health Plans, Incorporated* 1,100 55,550 Phycor, Incorporated* 1,000 49,250 United Healthcare Corporation 700 40,950 VISX, Incorporated* 2,000 68,500 ------- 863,850 Shares Value ------ ----- ELECTRONICS - 9.63% Adaptec, Incorporated* 400 $23,000 Altera Corporation* 1,300 68,575 Glenayre Technologies, Incorporated* 2,000 93,000 Hologic, Incorporated* 3,000 88,500 Linear Technology Corporation 1,000 34,375 Maxim Integrated Products, Incorporated* 600 20,550 Xilinx, Incorporated* 2,700 99,562 ------- 427,562 FINANCIAL SERVICES - 3.79% Case Corporation 800 40,400 Green Tree Financial Corporation 1,400 47,250 Money Store, Incorporated 3,200 80,800 ------- 168,450 FOOD & BEVERAGES - 1.63% Outback Steakhouse, Incorporated* 1,800 72,225 ------ HOTELS AND RESTAURANTS - 4.85% Boston Chicken, Incorporated* 2,500 80,000 Lone Star Steakhouse and Saloon* 2,000 82,750 Mirage Resorts, Incorporated* 1,000 52,375 ------- 215,125 INSURANCE - 0.60% CompDent Corporation* 600 26,550 ------ MEDICAL SUPPLIES - 0.81% Heartport, Incorporated* 1,000 35,750 ------ MOBILE HOMES - 0.83% Clayton Homes, Incorporated 2,000 37,000 ------ OFFICE FURNISHINGS & SUPPLIES - 3.02% OfficeMax, Incorporated* 3,300 86,625 Viking Office Products, Incorporated* 800 47,500 ------- 134,125 PLASTICS - 0.56% Sealed Air Corporation* 700 24,763 ------ POLLUTION CONTROL - 2.41% United Waste System, Incorporated* 1,000 55,000 USA Waste Services, Incorporated* 2,000 52,000 ------- 107,000 RETAIL TRADE - 1.30% Charming Shoppes, Incorporated* 5,000 32,187 Nordstrom, Incorporated 500 25,438 ------ 57,625 SOFTWARE - 6.39% CompuServe, Incorporated* 2,000 57,000 Compuware Corporation* 2,900 82,650 Inference Corporation, Class A* 1,000 18,125 Informix Corporation* 4,000 105,500 Microchip Technology, Incorporated* 800 20,400 ------- 283,675
The accompanying notes are an integral part of the financial statements. 35 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Shares Value ------ ----- TELECOMMUNICATION SERVICES - 1.56% Ascend Communications, Incorporated* 800 $49,200 Cascade Communications Corporation* 200 20,050 ------ 69,250 TELEPHONE - 3.35% LCI International, Incorporated* 1,200 31,200 Worldcom, Incorporated* 2,500 117,500 ------- 148,700 TOTAL COMMON STOCKS (Cost $3,185,677) $3,390,712 --------- SHORT TERM INVESTMENTS - 23.61% Baltimore Gas & Electric Company, 5.27% due 05/07/96 150,000 149,868 Bridgestone/Firestone, 5.35% due 05/02/96 150,000 149,978 Dynamic Funding Corporation, 5.35% due 05/07/96 211,000 210,812 Fayette Funding, Ltd., 5.30% due 05/07/96 150,000 149,868 Pepsico, Incorporated, 5.25% due 05/08/96 170,000 169,826 Seven Seas Money Market Fund 217,480 217,480 --------- 1,047,832 TOTAL INVESTMENTS (Small/Mid Cap Fund) (Cost $4,233,509) $4,438,544 ========= INTERNATIONAL SMALL CAP FUND Shares Value ------ ----- COMMON STOCKS- 77.85% AGRICULTURAL MACHINERY - 1.83% Kverneland AS 2,500 $5,559 ----- ALUMINUM - 1.65% Madeco SA 2,000 50,000 ------ AUTOMOBILES - 1.83% Mabuchi Motor Company 900 55,408 ------ BANKING - 3.27% Banco de A. Edwards, ADR 2,200 46,475 Banco Latinoamericano de Exportaciones SA 950 52,606 ------ 99,081 BROADCASTING - 3.57% Flextech PLC 6,500 50,196 Sistem Televisyen Malaysia 13,000 57,875 ------- 108,071 BUSINESS SERVICES - 1.77% Kobenhavns Lufthavne 575 53,583 ------ Shares Value ------ ----- CHEMICALS - 1.38% Budi Acid Jaya 14,500 $41,943 ------ CONGLOMERATES - 2.08% Hunter Douglas NV 1,000 63,146 ------ CONTAINERS & GLASS - 1.85% Republic Glass Holdings 140,000 56,171 ------ DRUGS & HEALTH CARE - 3.82% Medeva PLC 3,575 54,519 Schwarz Pharma AG 1,000 61,075 ------- 115,594 ELECTRICAL EQUIPMENT - 1.64% TLG PLC 21,000 49,769 ------ ELECTRONICS - 4.11% Austria Mikro Systeme International AG 200 24,320 Gandalf Technologies, Incorporated* 3,300 58,575 VTech Holdings, Ltd.* 24,150 41,522 ------- 124,417 FINANCIAL SERVICES - 5.14% Guoco Group 9,000 44,793 JBA Holdings 7,500 57,354 Manhattan Card Company 90,000 53,520 ------- 155,667 FOOD & BEVERAGES - 3.29% Grolsch NV* 1,300 55,687 J.D. Wetherspoon PLC 3,300 43,964 ------ 99,651 HOUSEHOLD APPLIANCES FURNISHING - 1.55% Industrie Natuzzi SPA, ADR 900 46,800 ------ INDUSTRIAL MACHINERY - 5.33% IHC Caland NV 1,200 47,132 KCI Konecranes International* 750 13,638 Tomra Systems AS 5,000 46,045 Valmet 4,000 54,550 ------- 161,365 INTERNATIONAL OIL - 1.63% Gulf Canada Resources, Ltd.* 9,000 49,500 ------ LEISURE TIME - 5.12% AAPC, Ltd. 75,009 50,084 Euro Disney SCA 17,000 50,663 Village Roadshow 12,000 54,203 ------- 154,950 MISCELLANEOUS - 3.31% Bulgari SPA* 4,100 51,184 De Rigo SPA, ADR* 1,600 49,200 ------- 100,384
The accompanying notes are an integral part of the financial statements. 36 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Shares Value ------ ----- OFFICE FURNISHINGS & SUPPLIES - 1.24% Corporate Express Australia* 5,000 $9,230 Turbon International AG 900 28,219 ------ 37,449 PAPER - 1.63% Guilbert SA 300 49,289 ------ PETROLEUM SERVICES - 1.88% Petroleum Geological Services AS* 1,800 56,925 ------ PUBLISHING - 0.89% Dorling Kindersley Holdings PLC 3,000 26,961 ------ RETAIL TRADE - 6.65% Harvey Nichols PLC* 1,500 7,293 Matahari Putra Prima 21,000 47,922 Next PLC 6,500 51,859 Paris Miki, Incorporated 1,000 42,350 Santa Isabel SA* 1,800 51,975 ------- 201,399 SOFTWARE - 5.18% Baan Company NV* 900 54,000 Psion PLC 3,500 60,854 TT Tieto OY 1,200 42,152 ------- 157,006 TELECOMMUNICATION SERVICES - 1.53% Comcast UK Cable Partners, Ltd.* 3,500 46,375 ------ TELEPHONE - 1.81% Cellular Communications International* 1,500 54,750 ------ TOYS, AMUSEMENTS & SPORTING GOODS - 2.28% Skis Rossignol SA 200 69,086 ------ TRANSPORTATION - 0.59% ASG AB 1,000 17,842 ------ TOTAL COMMON STOCKS (Cost $2,254,179) $2,358,141 --------- REPURCHASE AGREEMENT - 22.15% Principal Amount Value ------ ----- $671,000 Repurchase Agreement with State Street Bank & Trust Company dated 04/30/96 at 4.75%, to be repurchased at $671,089 on 05/01/96, collateralized by $665,000 U.S. Treasury Notes, 7.875% due 04/15/09 (valued at $691,879, including interest) $671,000 ------- TOTAL INVESTMENTS (International Small Cap Fund) (Cost $2,925,179) $3,029,141 ========= GROWTH EQUITY FUND Shares Value ------ ----- COMMON STOCKS - 88.93% AEROSPACE - 4.60% Boeing Company 125 $10,266 Computer Sciences Corporation* 325 24,050 Lockheed Martin Corporation 175 14,109 Sun Microsystems, Incorporated* 1,000 54,250 U.S. Robotics Corporation* 450 70,425 ------- 173,100 APPAREL & TEXTILES - 1.34% Gucci Group NV* 875 47,578 Talbots, Incorporated 100 2,875 ------ 50,453 BANKING - 0.62% JP Morgan & Company, Incorporated 150 12,619 PNC Bank Corporation 350 10,587 ------ 23,206 BROADCASTING - 0.45% Infinity Broadcasting Corporation* 587 17,023 ------ BUSINESS SERVICES - 4.52% America Online, Incorporated* 925 59,200 Fiserv, Incorporated* 750 22,875 Medaphis Corporation* 750 34,594 Stratacom, Incorporated* 1,025 53,300 ------ 169,969 CHEMICALS - 0.85% The B.F. Goodrich Company 800 31,800 ------ COMPUTERS & BUSINESS EQUIPMENT - 5.43% Cabletron Systems, Incorporated* 400 30,150 Cisco Systems, Incorporated* 875 45,391 Fore Systems* 400 31,600 Stratus Computer, Incorporated* 450 12,656 Unisys Corporation* 2,325 13,950 Xircom, Incorporated* 4,375 70,547 ------- 204,294 CONGLOMERATES - 1.05% ITT Corporation* 650 39,569 ------ CONTAINERS & GLASS - 1.00% Crown Cork & Seal, Incorporated* 800 37,700 ------ DRUGS & HEALTH CARE - 14.69% Astra AB 1,150 50,788 Baxter International, Incorporated 800 35,400 Bristol Myers Squibb Company 425 34,956 Cardinal Health, Incorporated 450 28,238 Centocor, Incorporated* 1,100 44,000 Cephalon, Incorporated* 875 25,156 Columbia/HCA Healthcare Corporation 975 51,797 Guidant Corporation 1,450 81,381 Healthsource, Incorporated* 150 5,119 Johnson & Johnson 450 41,625
The accompanying notes are an integral part of the financial statement. 37 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Shares Value ------ ----- DRUGS & HEALTH CARE - CONTINUED Manor Care, Incorporated 325 $13,041 Medpartners/Mullikin, Incorporated* 350 10,106 Medtronic, Incorporated 100 5,313 Merck & Company, Incorporated 350 21,175 Pfizer, Incorporated 175 12,053 Pharmacia & Upjohn, Incorporated 625 23,906 Phycor, Incorporated* 650 32,013 SmithKline Beecham PLC* 425 22,950 Tenet Healthcare Corporation* 675 13,837 ------- 552,854 ELECTRONICS - 7.34% Gateway 2000, Incorporated* 750 26,156 Gemstar International Group, Ltd.* 1,000 33,125 Maxim Integrated Products, Incorporated* 50 1,713 Newbridge Networks Corporation* 1,000 64,375 Octel Communications Corporation* 425 19,019 Picturetel Corporation* 1,100 37,400 Silicon Graphics, Incorporated* 2,500 74,062 Xilinx, Incorporated* 550 20,281 ------- 276,131 FINANCIAL SERVICES - 3.55% Chase Manhattan Corporation 634 43,667 Federal Home Loan Mortgage Corporation 450 37,519 Federal National Mortgage Association 975 29,859 Money Store, Incorporated 900 22,725 ------- 133,770 FOOD & BEVERAGES - 0.92% Cheesecake Factory* 1,325 34,781 ------- HOTELS & RESTAURANTS - 8.32% HFS, Incorporated 2,300 118,162 Marriot International, Incorporated 975 47,531 McDonalds Corporation 850 40,694 Mirage Resorts, Incorporated* 625 32,734 Planet Hollywood International, Incorporated 1,150 29,181 Sun International Hotels, Ltd.* 1,050 44,888 ------- 313,190 HOUSEHOLD PRODUCTS - 0.96% Stanley Works 575 36,081 ------- INSURANCE - 2.12% Prudential Reinsurance Holdings, Incorporated* 1,325 30,144 Travelers/Aetna Property Casual Corporation 1,800 49,725 ------- 79,869 INTERNATIONAL OIL - 2.04% Gulf Canada Resources, Ltd. 10,300 56,650 Mobil Corporation 175 20,125 ------- 76,775 Shares Value ------ ----- LEISURE TIME - 1.33% Harrah's Entertainment, Incorporated* 1,450 $50,025 ------- MISCELLANEOUS - 2.14% Outdoor System, Incorporated* 3,500 80,500 ------- MOBIL HOMES - 0.37% Fleetwood Enterprises, Incorporated 525 13,781 ------- OFFICE FURNISHINGS & SUPPLIES - 1.84% Nashua Corporation* 5,000 69,375 ------- RETAIL TRADE - 4.51% Federated Department Stores, Incorporated* 1,225 40,884 GAP, Incorporated 1,325 39,916 Home Depot, Incorporated 1,075 50,928 Kohl's Corporation* 450 15,469 Sears Roebuck & Company 450 22,444 ------- 169,641 SOFTWARE - 10.00% BMC Software, Incorporated* 850 51,744 Cadence Design Systems, Incorporated 1,100 57,475 Computer Associates International, Incorporated 800 58,700 Madge NV* 425 12,537 Microsoft Corporation* 350 39,681 Parametric Technology Corporation* 1,450 58,363 PeopleSoft, Incorporated* 675 42,525 Pyxis Corporation* 225 5,681 Shared Medical System 725 49,663 ------- 376,369 TELECOMMUNICATION SERVICES - 6.18% Ascend Communications, Incorporated 1,425 87,638 Orange PLC, ADR* 2,300 41,400 Paging Network, Incorporated* 1,900 44,650 Premisys Communications, Incorporated* 900 39,375 QUALCOMM, Incorporated* 500 19,375 ------- 232,438 TELEPHONE - 2.76% American Telephone & Telegraph Corporation 1,025 62,781 Worldcom, Incorporated* 875 41,125 ------- 103,906 TOTAL COMMON STOCKS (Cost $3,124,940) $3,346,600 ---------- PREFERRED STOCKS - 0.71% SOFTWARE - 0.71% SAP AG 200 26,559 ------ TOTAL PREFERRED STOCKS (Cost $28,786) $26,559 ------
The accompanying notes are an integral part of the financial statements. 38 NORTH AMERICAN FUNDS PORTFOLIO INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Principal Amount Value ------ ----- REPURCHASE AGREEMENT - 10.36% $390,000 Repurchase Agreement with State Street Bank & Trust Company dated 04/30/96 at 4.75%, to be repurchased at $390,051 on 05/01/96, collateralized by $415,000 U.S. Treasury Bill, 5.42% due 02/29/00 (valued at $399,950, including interest) $390,000 -------- TOTAL INVESTMENTS (Growth Equity Fund) (Cost $3,543,726) $3,763,159 ========= GLOBAL GROWTH FUND Shares Value ------ ----- COMMON STOCKS - 97.44% AEROSPACE - 0.84% British Aerospace 87,900 $1,151,843 ---------- ALUMINUM - 0.52% Aluminum Company of America 11,400 711,075 ------- APPAREL & TEXTILES - 1.11% Itochu Corporation 200,000 1,523,828 --------- AUTO PARTS - 1.15% Danaher Corporation 40,000 1,575,000 --------- AUTOMOBILES - 2.99% Daimler-Benz AG* 3,524 1,930,155 Fiat SPA 634,599 2,163,405 --------- 4,093,560 BANKING - 6.93% Bangkok Bank 61,800 895,989 BankAmerica Corporation 15,700 1,189,275 Hang Seng Bank 132,000 1,339,538 HSBC Holdings 98,800 1,462,740 Sakura Bank 78,000 917,165 Societe Generale 11,460 1,330,624 Sumitomo Bank 56,000 1,199,178 Sumitomo Trust & Banking 79,000 1,155,490 --------- 9,489,999 BROADCASTING - 1.36% Wolters Kluwer NV 17,050 1,863,709 --------- BUILDING CONSTRUCTION - 0.97% Fluor Corporation 20,000 1,322,500 New World Infrastructure, Ltd.* 158 351 --------- 1,322,851 BUSINESS SERVICES - 4.11% Eaux (Cie Generale Des) 13,160 1,431,237 Havas 17,210 1,429,421 Shares Value ------ ----- BUSINESS SERVICES - CONTINUED The Interpublic Group of Companies, Incorporated 23,000 $1,075,250 Secom Company 24,000 1,697,816 --------- 5,633,724 CHEMICALS - 5.22% Ciba-Geigy Corporation AG 1,100 1,276,659 The Dow Chemical Company 19,000 1,688,625 Hoechst AG 5,105 1,719,340 Sekisui Chemical 55,000 694,039 Sumitomo Chemical 65,000 346,112 Toray Industries, Incorporated 210,000 1,429,377 --------- 7,154,152 COMPUTERS & BUSINESS EQUIPMENT - 2.14% International Business Machines Corporation 1,760 189,200 Olivetti & C. SPA* 4,281,700 2,741,165 --------- 2,930,365 CONGLOMERATES - 3.71% Berjaya Sports 266,000 853,487 BTR 286,400 1,379,618 Hutchison Whampoa 282,000 1,749,854 Renong Berhad 631,000 1,098,360 --------- 5,081,319 CONSTRUCTION MATERIALS - 0.98% Maeda Road Construction 73,000 1,339,898 --------- CONTAINERS & GLASS - 0.82% Mark IV Industries, Incorporated 54,354 1,127,852 --------- DOMESTIC OIL - 1.10% Phillips Petroleum Company 36,300 1,506,450 --------- DRUGS & HEALTH CARE - 6.01% Astra AB, Free, Class A 105,735 4,700,823 Astra AB, Free, Class B 26,265 1,159,957 Bristol Myers Squibb Company 2,100 172,725 Isolyser, Incorporated* 44,000 781,000 Morrison Health Care, Incorporated 10,083 160,068 Sandoz AG 1,150 1,255,960 --------- 8,230,533 ELECTRICAL EQUIPMENT - 3.72% General Electric Company 27,500 2,131,250 Mitsubishi Electric Corporation 100,000 787,725 NEC Corporation 50,000 635,725 Sumitomo Electric Industries 107,000 1,534,343 --------- 5,089,043 ELECTRONICS - 3.22% AMP, Incorporated 32,800 1,467,800 Intel Corporation 7,600 514,900 Rohm Company 30,000 1,910,043 TDK Corporation 9,000 515,367 --------- 4,408,110
The accompanying notes are an integral part of the financial statements. 39 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Shares Value ------ ----- FINANCIAL SERVICES - 1.58% Daiwa Securities 125,000 $1,923,904 Yamaichi Securities Company 30,000 237,178 --------- 2,161,082 FOOD & BEVERAGES - 2.43% Fraser & Neave 94,800 1,051,985 House Food Corporation 54,000 1,084,078 Universal Foods Corporation 34,600 1,185,050 --------- 3,321,113 GAS EXPLORATION - 0.25% Companhia Energetica De Sao Paulo 37,100 342,129 --------- GAS & PIPELINE UTILITIES - 1.39% Osaka Gas Company 475,000 1,902,634 --------- GOLD - 0.77% Placer Dome, Incorporated 38,200 1,060,050 --------- HOMEBUILDERS - 2.00% Taisei Corporation 49,000 379,427 Toyo Exterior Company 35,000 990,392 Yokogawa Bridge Corporation 92,000 1,372,019 --------- 2,741,838 HOTELS AND RESTAURANTS - 1.46% HFS, Incorporated* 32,000 1,644,000 Morrison Fresh Cooking, Incorprated 7,562 54,825 Ruby Tuesday, Incorporated 15,125 306,281 --------- 2,005,106 HOUSEHOLD APPLIANCES FURNISHING - 2.39% Sharp Corporation 143,000 2,488,026 Sony Corporation 12,000 780,078 --------- 3,268,104 INDUSTRIAL MACHINERY - 5.20% Ebara Corporation 100,000 1,558,243 Exedy Corporation 57,300 1,024,339 Kawasaki Heavy Industry 90,000 465,466 Keppel Corporation 152,000 1,373,168 Kolbenschmidt AG* 6,538 743,100 Mitsubishi Heavy Industries, Ltd. 220,000 1,964,342 --------- 7,128,658 INSURANCE - 1.28% American International Group, Incorporated 7,000 639,625 Tokio Marine & Fire Insurance Company 81,000 1,115,052 --------- 1,754,677 LEISURE TIME - 1.02% Genting BHD 66,000 592,949 Resorts World BHD 133,000 805,479 --------- 1,398,428 LIQUOR - 1.29% LVMH Moet Hennessy 6,910 1,767,783 --------- MUTUAL FUNDS - 1.51% India Gateway Fund* 73,890 472,157 Indian Opportunities Fund* 34,018 389,843 Shares Value ------ ----- MUTUAL FUNDS - CONTINUED Korea Equity Fund, Incorporated 64,000 $600,000 The R.O.C. Taiwan Fund* 56,300 605,225 --------- 2,067,225 NEWSPAPERS - 0.80% Gannett, Incorporated 16,000 1,094,000 --------- NON-FERROUS METALS - 4.08% QNI, Ltd. 1,248,200 3,088,633 Sumitomo Sitix 45,000 1,049,663 WMC, Ltd. 199,167 1,451,901 --------- 5,590,197 PAPER - 0.61% Schmalbach Lubeca AG* 4,705 832,879 --------- PETROLEUM SERVICES - 2.51% Broken Hill Property 73,400 1,129,541 Schlumberger, Ltd. 26,200 2,312,150 --------- 3,441,691 REAL ESTATE - 2.35% Mitsubishi Estate 68,000 955,595 New World Development Company 95,000 426,152 Sun Hung Kai Properties 192,000 1,830,522 --------- 3,212,269 RETAIL GROCERY - 0.64% Hac Kimisawa Company 65,500 882,893 --------- RETAIL TRADE - 5.77% Carrefour 2,610 2,039,512 Friedman's, Incorporated, Class A* 31,000 798,250 Home Depot, Incorporated 15,600 739,050 Wal-Mart Stores, Incorporated 50,000 1,193,750 Walgreen Company 56,000 1,792,000 Xebio Company 36,000 1,342,192 --------- 7,904,754 SOFTWARE - 1.05% NTT Data Communication Systems --------- Company 41 1,434,540 --------- STEEL - 1.71% Nippon Steel Corporation 560,000 2,023,613 NKK Corporation* 102,000 319,832 --------- 2,343,445 TELECOMMUNICATION SERVICES - 0.76% American Portable Telecom, Incorporated* 6,500 97,500 Cable and Wireless PLC 121,000 949,894 --------- 1,047,394 TELEPHONE - 5.84% American Telephone & Telegraph Corporation 10,000 612,500 British Telecommunications PLC 254,100 1,394,241 DDI Corporation 235 2,019,645 Nippon Telegraph & Telephone Corporation 94 728,780 Telefonica De Espana SA 165,360 2,944,500
The accompanting notes are an integral part of the financial statements. 40 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - continued (showing percentage of total value of investments) - --------------------------------------------------------------------------------
Shares Value ------ ----- TELEPHONE - CONTINUED Telephone & Data Systems, Incorporated 6,500 $302,250 ------- 8,001,916 TIRES & RUBBER - 0.72% Michelin Company Generale De Establishment, Class B 19,770 979,796 ------- TRUCKING & FREIGHT - 1.13% Yamato Transport 127,000 1,554,037 --------- TOTAL COMMON STOCKS (Cost $114,910,798) $133,471,949 ----------- PREFERRED STOCKS - 1.45% AUTOMOBILES - 1.45% Porsche AG* 3,629 1,984,109 --------- TOTAL PREFERRED STOCKS (Cost $1,727,508) $1,984,109 --------- WARRANTS - 0.02% CONGLOMERATES - 0.02% Renong BHD (Expiration date 08/31/00; Strike price MYR 4.10)* 78,875 22,145 $22,145 TOTAL WARRANTS (Cost $0) ------ RIGHTS - 0.00% CONGLOMERATES - 0.00% Renong BHD (Expiration date 02/28/01; Strike price MYR 4.10; 4.00% ICULS) 126,200 759 --- TOTAL RIGHTS (Cost $0) $759 --- Principal Amount Value ------ ----- REPURCHASE AGREEMENT- 1.10% $1,504,000 Repurchase Agreement with State Street Bank & Trust Company dated 04/30/96 at 4.75%, to be repurchased at $1,504,198 on 05/01/96, collateralized by $1,505,000 U.S. Treasury Notes, 6.25% due 05/31/00 (valued at $1,575,603, including interest) $1,504,000 --------- TOTAL INVESTMENTS (Global Growth Fund) (Cost $118,142,306) $136,982,962 =========== VALUE EQUITY FUND Shares Value ------ ----- COMMON STOCKS - 94.42% AEROSPACE - 4.41% McDonnell Douglas Corporation 22,900 $2,209,850 Northrop Grumman Corporation 61,600 3,811,500 --------- 6,021,350 Shares Value ------ ----- AIR TRAVEL - 1.87% AMR Corporation* 25,100 $2,240,175 Continental Airlines, Incorporated* 5,600 317,800 ---------- 2,557,975 AUTOMOBILES - 2.66% Ford Motor Company 101,300 3,634,138 --------- BANKING - 8.12% BankAmerica Corporation 40,400 3,060,300 MBNA Corporation 52,800 1,498,200 J.P. Morgan & Company, Incorporated 25,400 2,136,775 NationsBank Corporation 49,400 3,939,650 Republic New York Corporation 5,100 302,812 Standard Federal Bancorporation 3,700 146,613 ---------- 11,084,350 CHEMICALS - 2.07% Geon Company 106,600 2,824,900 --------- COMPUTERS & BUSINESS EQUIPMENT - 2.90% Compaq Computer Corporation* 84,800 3,953,800 --------- CONTAINERS & GLASS - 1.09% Owens-Illinois, Incorporated* 93,900 1,490,663 --------- DOMESTIC OIL - 2.63% Atlantic Richfield Company 16,700 1,966,425 Tenneco, Incorporated 29,600 1,624,300 --------- 3,590,725 DRUGS & HEALTH CARE - 7.28% Baxter International, Incorporated 14,800 654,900 Columbia/HCA Healthcare Corporation 38,500 2,045,312 Millipore Corporation 47,400 1,984,875 Tambrands, Incorporated 21,500 1,029,313 Tenet Healthcare Corporation* 156,800 3,214,400 U.S. Healthcare, Incorporated 19,500 1,016,437 --------- 9,945,237 ELECTRIC UTILITIES - 1.20% Long Island Lighting Company 101,200 1,644,500 --------- ELECTRICAL EQUIPMENT - 1.78% Fisher Scientific International, Incorporated 64,900 2,425,638 --------- ELECTRONICS - 4.73% Avnet, Incorporated 39,500 2,083,625 Intel Corporation 62,300 4,220,825 Perkin Elmer Corporation 2,900 159,137 --------- 6,463,587 FINANCIAL SERVICES - 4.69% Federal Home Loan Mortgage Corporation 15,700 1,308,987 Federal National Mortgage Association 48,800 1,494,500 First USA, Incorporated 36,600 2,058,750 Fleet Financial Group, Incorported 35,777 1,538,411 --------- 6,400,648
The accompanying notes are an integral part of the financial statement. 41 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Shares Value ------ ----- FOOD & BEVERAGES - 0.79% Chiquita Brands International, Incorporated 73,500 $1,074,937 --------- FOREST PRODUCTS - 2.71% Georgia Pacific Corporation 47,500 3,693,125 --------- HOMEBUILDERS - 2.00% Centex Corporation 45,900 1,239,300 Lennar Corporation 59,900 1,497,500 --------- 2,736,800 INDUSTRIAL MACHINERY -1.03% Silicon Valley Group, Incorporated* 52,500 1,404,375 --------- INSURANCE - 4.41% Integon Corporation 54,790 1,054,708 Lincoln National Corporation, Incorporated 38,200 1,843,150 PartnerRe, Ltd. 110,700 3,127,275 --------- 6,025,133 INTERNATIONAL OIL - 4.00% Mobil Corporation 12,200 1,403,000 Royal Dutch Petroleum Company 4,900 701,925 Texaco, Incorporated 39,300 3,360,150 --------- 5,465,075 INVESTMENT COMPANIES - 1.60% Lehman Brothers Holdings, Incorporated 86,000 2,182,250 --------- LEISURE TIME - 0.91% Brunswick Corporation 56,600 1,245,200 --------- LIQUOR - 1.00% Anheuser-Busch Companies, Incorporated 20,300 1,362,638 --------- MISCELLANEOUS - 2.14% Lucent Technologies, Incorporated* 83,000 2,915,375 --------- NEWSPAPERS - 1.02% Knight-Ridder, Incorporated 19,200 1,389,600 --------- PAPER - 1.63% Stone Container Corporation 130,700 2,221,900 --------- PETROLEUM SERVICES - 0.32% Tosco Corporation 8,100 433,350 ------- RAILROADS & EQUIPMENT - 0.88% Trinity Industries, Incorporated 34,250 1,194,469 --------- RETAIL TRADE - 6.26% Dillard Department Stores, Incorporated 72,100 2,893,012 J.C. Penney Company,Incorporated 28,200 1,395,900 Shares Value ------ ----- RETAIL TRADE - CONTINUED Sears, Roebuck and Company 18,500 $922,688 Wal-Mart Stores, Incorporated 139,400 3,328,175 --------- 8,539,775 TELECOMMUNICATION SERVICES - 4.03% Tele-Communications, Incorporated* 141,200 2,700,450 Valassis Communications, Incorporated* 178,100 2,805,075 --------- 5,505,525 TELEPHONE - 1.88% American Telephone & Telegraph Corporation 41,900 2,566,375 --------- TIRES & RUBBER - 2.12% The Goodyear Tire & Rubber Company 55,500 2,892,937 --------- TOBACCO - 6.06% Philip Morris Companies, Incorporated 52,300 4,713,538 RJR Nabisco Holdings Corporation 44,200 1,320,475 Universal Corporation 93,200 2,236,800 --------- 8,270,813 TRUCKING & FREIGHT - 4.20% Consolidated Freightways, Incorporated 149,900 3,916,137 Kirby Corporation* 103,400 1,822,425 --------- 5,738,562 TOTAL COMMON STOCKS (Cost $111,255,049) $128,895,725 ----------- REPURCHASE AGREEMENT - 5.58% Principal Amount Value ------ ----- $7,622,000 Repurchase Agreement with State Street Bank & Trust Company dated 04/30/96 at 5.23%, to be repurchased at $7,623,107 on 05/01/96, collateralized by $7,760,000 U.S. Treasury Notes, 6.125% due 07/31/00 (valued at $7,933,197, including interest) $7,622,000 --------- TOTAL INVESTMENTS (Value Equity Fund) (Cost $136,517,725 $118,877,049) =========== GROWTH & INCOME FUND Shares Value ------ ----- COMMON STOCKS - 96.83% AEROSPACE - 1.97% Boeing Company 12,500 $ 1,026,562 Northrop Grumman 19,500 1,206,563 Corporation --------- 2,233,125 ALUMINUM - 1.06% Alcan Aluminium, Ltd 37,700 1,201,687 ---------
The accompanying notes are an integral part of the financial statement. 42 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Shares Value ------ ----- AUTOMOBILES - 2.82% Chrysler Corporation 24,068 $1,510,267 Ford Motor Company 47,103 1,689,820 --------- 3,200,087 BANKING - 6.14% Citicorp 26,000 2,047,500 J.P. Morgan & Company, Incorporated 21,700 1,825,512 Nationsbank Corporation 27,600 2,201,100 Republic New York Corporation 15,000 890,625 --------- 6,964,737 BROADCASTING - 1.70% Viacom, Incorporated* 47,000 1,927,000 --------- BUSINESS SERVICES - 1.86% First Data Corporation 16,800 1,276,800 Nokia Corporation, ADR 23,000 836,625 --------- 2,113,425 CHEMICALS - 2.86% The Dow Chemical Company 23,600 2,097,450 Zeneca Group PLC, ADR 18,300 1,148,325 --------- 3,245,775 COMPUTERS & BUSINESS EQUIPMENT - 6.35% 3Com Corporation* 24,000 1,107,000 Compaq Computer Corporation* 13,500 629,437 Hewlett-Packard Company 17,200 1,821,050 International Business Machines Corporation 23,000 2,472,500 Xerox Corporation 8,000 1,172,000 --------- 7,201,987 CONSTRUCTION & MINING EQUIPMENT - 1.08% Foster Wheeler Corporation 26,500 1,225,625 --------- DOMESTIC OIL - 1.98% Unocal Corporation 70,000 2,248,750 --------- DRUGS & HEALTH CARE - 9.66% Abbott Laboratories 48,000 1,950,000 Bristol-Myers Squibb Company 13,200 1,085,700 Johnson & Johnson 14,000 1,295,000 McKesson Corporation 30,000 1,428,750 Pfizer, Incorporated 32,200 2,217,775 Rhone Poulenc Rorer, Incorporated 28,200 1,748,400 Warner Lambert Company 11,000 1,229,250 ---------- 10,954,875 ELECTRIC UTILITIES - 3.45% DPL, Incorporated 45,000 1,029,375 Pinnacle West Capital Corporation 48,000 1,278,000 Texas Utilities Company 40,000 1,610,000 --------- 3,917,375 ELECTRICAL EQUIPMENT - 3.02% General Electric Company 25,000 1,937,500 Hubbell, Incorporated 23,000 1,486,375 --------- 3,423,875 ELECTRONICS - 2.86% AMP, Incorporated 51,000 2,282,250 Shares Value ------ ----- ELECTRONICS - CONTINUED Intel Corporation 14,200 $962,050 --------- 3,244,300 FINANCIAL SERVICES - 4.29% Allstate Corporation 26,500 1,030,188 American Express Company 31,000 1,503,500 Federal National Mortgage Association 35,600 1,090,250 State Street Boston Corporation 25,000 1,246,875 --------- 4,870,813 FOOD & BEVERAGES - 3.31% General Mills, Incorporated 18,000 999,000 PepsiCo, Incorporated 16,000 1,016,000 Sara Lee Corporation 56,000 1,736,000 --------- 3,751,000 FOREST PRODUCTS - 0.96% Georgia-Pacific Corporation 14,000 1,088,500 --------- HOUSEHOLD PRODUCTS - 2.42% Colgate Palmolive Company 16,000 1,226,000 Procter & Gamble Company 18,000 1,521,000 --------- 2,747,000 INDUSTRIAL MACHINERY - 1.92% Keystone International, Incorporated 47,000 1,028,125 York International Corporation 24,000 1,152,000 --------- 2,180,125 INSURANCE - 3.22% Chubb Corporation 19,300 1,826,263 General Re Corporation 12,800 1,828,800 --------- 3,655,063 INTERNATIONAL OIL - 4.76% Amoco Corporation 25,700 1,876,100 Chevron Corporation 30,000 1,740,000 Exxon Corporation 21,000 1,785,000 --------- 5,401,100 LIQUOR - 1.18% Anheuser-Busch Companies, 19,900 Incorporated 1,335,787 --------- MISCELLANEOUS - 0.35% Lucent Technologies, Incorporated* 11,400 400,425 ------- NEWSPAPERS - 1.51% Gannett, Incorporated 25,100 1,716,213 --------- NON-FERROUS METALS - 0.88% Engelhard Corporation 39,825 1,000,603 --------- PAPER - 4.27% International Paper Company 50,000 1,993,750 Kimberly Clark Corporation 22,000 1,597,750 Minnesota Mining & Manufacturing 19,000 1,249,250 Company --------- 4,840,750 PETROLEUM SERVICES - 1.68% Schlumberger, Ltd. 21,600 1,906,200 ---------
The accompanying notes are an integral part of the financial statements. 43 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Shares Value ------ ----- PHOTOGRAPHY - 0.55% Eastman Kodak Company 8,200 $627,300 ------- POLLUTION CONTROL - 1.42% Browning Ferris Industries, Incorporated 50,000 1,612,500 --------- PUBLISHING - 1.24% Dun & Bradstreet Corporation 23,000 1,400,125 --------- RAILROADS & EQUIPMENT - 1.20% Union Pacific Corporation 20,000 1,362,500 --------- REAL ESTATE - 0.67% Storage USA, Incorporated 22,900 758,563 ------- RETAIL TRADE - 4.51% J.C. Penney Company, Incorporated 19,000 940,500 The May Department Stores Company 30,500 1,555,500 Rite Aid Corporation 44,000 1,303,500 Wal-Mart Stores, Incorporated 55,000 1,313,125 --------- 5,112,625 SOFTWARE - 1.85% Microsoft Corporation 4,400 498,850 Policy Management Systems Corporation* 34,000 1,598,000 --------- 2,096,850 TELEPHONE - 5.81% AT&T Corporation 31,000 1,898,750 NYNEX Corporation 34,000 1,670,250 U.S. West, Incorporated 55,629 1,821,850 Vodafone Group PLC, ADR 30,000 1,203,750 --------- 6,594,600 TIRES AND RUBBER - 1.01% The Goodyear Tire and Rubber Company 22,000 1,146,750 --------- TOBACCO - 1.01% Philip Morris Companies, Incorporated 12,700 1,144,587 --------- TOTAL COMMON STOCKS (Cost $88,199,082) $109,852,602 ----------- PREFERRED STOCKS - 1.38% COMPUTERS & BUSINESS EQUIPMENT - 0.64% Ceridian Corporation 7,000 728,000 ------- MISCELLANEOUS - 0.74% Sun, Incorporated 27,100 840,100 ------- TOTAL PREFERRED STOCKS (Cost $1,175,581) $1,568,100 --------- Principal Amount Value ------ ----- CONVERTIBLE BONDS - 1.68% Beverly Enterprises, Incorporated 5.50% due 08/01/18 $1,200,000 $1,236,000 Noble Affiliates, Incorporated, 4.25% due 11/01/03 630,000 670,950 ------- TOTAL CONVERTIBLE BONDS (Cost $1,887,253) $1,906,950. ---------- Principal Amount Value ------ ----- REPURCHASE AGREEMENT - 0.11% $125,000 Repurchase Agreement with Aubrey Lanston dated 04/30/96 at 5.32%, to be repurchased at $125,018 on 05/01/96, collateralized by $121,000 U.S. Treasury Bonds, 7.625% due 02/15/07 (valued at $127,842, including interest) $125,000 ------- TOTAL INVESTMENTS (Growth & Income Fund) (Cost $91,386,916) $113,452,652 =========== INTERNATIONAL GROWTH & INCOME FUND Shares Value ------ ----- COMMON STOCKS - 84.71% AGRICULTURAL MACHINERY - 0.29% Kvaerner* 1,800 $69,456 ------ AIR TRAVEL - 0.25% Singapore Airlines 6,000 60,606 ------ APPAREL & TEXTILES - 1.11% Christian Dior 1,105 147,333 Gunze, Ltd.* 6,000 39,405 Tomen Corporation 20,000 81,832 ------- 268,570 AUTOMOBILES - 3.15% Fiat SPA* 20,000 68,182 Honda Motor Company 2,000 45,696 Nissan Motor Company, Ltd.* 16,000 135,213 Rolls Royce 14,000 49,947 Toyota Motor Corporation 12,000 274,174 Volkswagen AG* 540 186,420 ------- 759,632 BANKING - 13.04% ABN AMRO Holdings NV* 1,500 77,648 Asahi Bank, Ltd. 10,000 129,057 Bank of Ireland 12,000 86,688 Barclays* 7,000 77,661 Banco Intercontinental Espanol 900 94,670 Banco Popular Espanol SA 450 74,575 Chugoku Bank 3,000 55,064 Credit Company De France* 1,800 90,183
The accompanying notes are an integral part of the financial statements. 44 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Shares Value ------ ----- BANKING - CONTINUED Credit Local De France* 650 $51,333 CS Holdings AG* 1,275 115,783 Dai Ichi Kangyo Bank 8,000 162,898 Daiwa Bank 23,000 179,198 Deutsche Bank AG* 3,000 143,778 Dresdner Bank AG* 2,800 70,453 Deutsche Pfandbrief & Hypobk* 2,240 76,379 Fukui Bank 10,000 62,999 Generale De Banque* 200 70,521 Hokkaido Takushoku Bank, Ltd. 30,000 86,898 HSBC Holdings - j* 5,300 78,467 HSBC Holdings - HKD* 7,200 107,504 Hyakugo Bank 4,000 26,193 Lloyds TSB Group PLC 23,420 112,288 National Australia Bank, Ltd. 13,400 120,211 National Westminster* 7,000 64,542 Public Bank BHD* 26,000 74,560 Sakura Bank 10,000 117,585 Sanwa Bank 5,000 101,334 Schweizerischer Bankverein* 360 134,826 Shiga Bank 8,000 51,929 Societe Generale* 393 45,631 Standard Chartered Bank* 7,000 65,543 Toyo Trust & Banking 15,000 163,472 United Overseas Bank* 11,000 107,199 Yasuda Trust & Banking 10,000 66,345 --------- 3,143,415 BROADCASTING - 1.47% News Corporation 12,400 72,666 Pearson 7,000 73,973 Television Broadcast* 20,000 80,150 TV Francaise* 380 41,180 Wolters Kluwer NV 800 87,447 ------- 355,416 BUILDING CONSTRUCTION - 0.22% SXL Corporation* 5,000 53,057 ------ BUSINESS SERVICES - 1.55% Eaux Cie Generale* 858 93,313 Havas Advertising* 500 56,701 Inchcape PLC 10,000 43,956 SGS Holdings 130 51,828 South West Water 5,150 52,950 Toppan Printing Company 5,000 73,610 ------- 372,358 CHEMICALS - 4.40% Air Liquide* 561 101,941 Allied Colloids 25,000 49,676 BASF AG* 300 81,912 Bayer AG 590 189,999 BOC Group 3,000 41,683 Ciba-Geigy AG 160 185,696 Kuraray Company 5,000 57,837 Mitsubishi Chemical* 6,000 32,924 Shares Value ------ ----- CHEMICALS - CONTINUED Mitsubishi Gas Chemical* 15,000 $73,993 Mitsui Petrochemical Industry 4,000 33,765 Mitsui Toatsu Chemicals* 20,000 88,715 Rhone-Poulenc SA, Class A* 1,420 34,074 Solvay SA 150 88,509 --------- 1,060,724 CONGLOMERATES - 2.23% Asatsu, Incorporated 1,000 43,975 BTR 20,200 97,305 Hanson 8,300 24,614 Hutchison Whampoa* 14,000 86,872 QP Corporation 4,000 40,534 Sime Darby BHD 27,000 74,720 Swire Pacific* 14,000 119,449 Tomkins 12,000 49,496 ------- 536,965 CONSTRUCTION MATERIALS - 0.52% Lafarge* 63 4,035 Sommer Allibert* 140 39,988 Tarmac 41,000 80,544 ------- 124,567 CONTAINERS & GLASS - 0.60% Asahi Glass Company, Ltd. 2,000 24,282 Caradon PLC 17,400 60,244 Compagnie De Saint-Gobain* 500 59,893 ------- 144,419 DRUGS & HEALTH CARE - 6.36% Amersham International 6,500 104,892 Chugai Pharmaceutical Company 6,000 58,506 Essilor International* 250 63,280 Glaxo Wellcome* 21,000 254,636 Hafslund Nycomed, Class B* 1,800 50,277 Kyowa Hakko Kogyo 5,000 49,233 Lion Corporation 9,000 56,527 Nippon Shinyaku Company 4,000 43,593 Ono Pharmaceutical* 1,000 37,761 Roche Holdings AG* 19 149,432 Sandoz AG 235 256,653 Sanofi* 1,182 95,383 Santen Pharmaceutical Company 2,000 46,843 SmithKline Beecham, Class A 16,300 172,987 Synthelabo* 1,175 91,658 --------- 1,531,661 ELECTRIC UTILITIES - 2.63% Electrabel* 435 97,557 Empresa Nacional De Electricidad SA 1,600 100,503 Fuerzas Electricas De Cataluna SA, Series A 12,300 85,965 Hong Kong Electric* 29,500 93,814 National Power 9,200 77,625 Shikoku Electric Power, Incorporated 2,000 49,137 Tokyo Electric Power 4,700 128,054 ------- 632,655
The accompanying notes are an integral part of the financial statements. 45 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Shares Value ------ ----- ELECTRICAL EQUIPMENT - 3.77% Alcatel Alsthom Cie Generale D'Electric* 910 $85,585 BBC Brown Boveri AG* 30 36,147 BICC Group PLC 10,000 52,235 Fuji Electric Company 20,000 115,864 General Electric Company 10,000 53,967 Hitachi, Ltd. 15,000 162,038 Ryoyo Electro Corporation 2,000 51,432 Sanden Corporation* 8,000 59,500 Siemens AG 475 260,107 Toenec Corporation 3,000 30,687 ------- 907,562 ELECTRONICS - 0.90% Alps Electric Company, Ltd.* 5,000 58,793 Kyocera Corporation 1,000 75,331 Kyowa Exeo Corporation 3,000 31,260 Racal Electronics 9,800 50,896 ------- 216,280 FINANCIAL SERVICES - 0.76% Cetelem 400 85,844 Inernationale Nederlanden Groep NV* 1,260 97,285 ------- 183,129 FOOD & BEVERAGES - 3.49% Allied Domecq PLC 9,000 69,569 Danone* 460 69,523 Guinness 12,000 86,347 Hillsdown Holdings 25,000 67,740 Itoham Foods, Incorporated* 6,000 48,812 Japan Tobacco, Incorporated 2 18,508 Nestle SA* 90 100,105 Orkla* 1,600 73,064 Seita* 2,000 77,020 Snow Brand Milk Products Company, Ltd.* 6,000 Southcorp Holdings, Ltd.* 43,100 117,145 Tingyi Holding Company 32,000 8,894 Yamazaki Baking Company 3,000 61,374 ------- 841,636 FOREST PRODUCTS - 0.19% Sumitomo Forestry Company 3,000 46,174 ------ GAS & PIPELINE UTILITIES - 0.60% British Gas PLC 19,000 67,500 Hyder 2,200 24,341 Osaka Gas Company 13,000 52,072 ------- 143,913 GAS EXPLORATION - 0.93% Elf Aquitaine* 1,969 146,432 ENI SPA 18,000 77,785 ------- 224,217 HOMEBUILDERS - 1.09% Bilfinger & Berger Bauaktiengesellschaft AG* 180 68,136 Bouygues* 782 79,449 Shares Value ------ ----- HOMEBUILDERS - CONTINUED Daiwa Danchi Company* 5,000 $32,503 Kinden Corporation* 2,200 35,123 Okumura Corporation* 5,000 47,799 ------- 263,010 HOUSEHOLD APPLIANCES FURNISHING- 1.58% Matsushita Electric Industrial Company, Ltd. 10,000 176,856 Sony Corporation 2,000 130,013 Thorn Emi PLC 2,700 74,887 ------- 381,756 HOUSEHOLD PRODUCTS - 0.89% Kao Corporation 3,000 40,151 Unilever 3,500 64,067 Unilever NV 800 109,157 ------- 213,375 INDUSTRIAL MACHINERY - 3.43% Daiken Corporation 3,000 27,647 Daikin Industries 7,000 77,625 Ebara Corporation 6,000 93,495 Fischer AG 30 35,760 Glynwed International PLC 11,000 61,019 IMI PLC* 7,000 55,570 Kawasaki Heavy Industry 6,000 31,031 Lucas Industries 17,000 54,892 M.A.N. AG 230 61,493 Mannesmann AG* 250 85,407 Mitsubishi Heavy Industry 10,000 89,288 Okamura Corporation 1,000 8,967 Sidel* 200 47,605 Tsubakimoto Chain 7,000 49,453 Valeo* 850 47,176 ------- 826,428 INSURANCE - 5.41% Abbey National* 7,000 59,852 Aegon NV* 1,100 52,384 Allianz AG Holdings* 80 137,435 Assicurazioni Generali* 4,000 99,744 AXA Company* 1,170 69,713 Britannic Assurance* 3,000 36,264 Chuo Trust & Banking 6,000 60,227 CKAG Colonia Konzern AG* 125 85,734 Fortis AG* 680 84,460 Guardian Royal Exchange 21,000 71,286 Munchener Ruckvers 72 130,747 Compagnie Financiere Richemont AG* 30 43,975 Sun Alliance Group 9,000 48,096 Tokio Marine & Fire Insurance Company* 10,000 Union des Assurance Federales* 1,270 154,341 Zurich Versicherung* 110 30,743 --------- 1,302,662 INTERNATIONAL OIL - 1.58% The British Petroleum Company 15,175 136,947 Cosmo Oil Company 10,000 65,485
The accompanying notes are an integral part of the financial statements. 46 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Shares Value ------ ----- INTERNATIONAL OIL - CONTINUED RWE AG 2,710 $ 78,862 Shell Transport & Trading Company 7,500 98,958 -------- 380,252 INVESTMENT COMPANIES - 1.32% Marubeni Corporation 13,000 77,922 Nomura Securities* 11,000 239,759 -------- 317,681 LEISURE TIME - 0.67% Granada Group PLC 7,638 94,685 Japan Airport Terminal 3,000 43,306 Rank Organization 3,000 24,070 -------- 162,061 MINING - 0.58% DSM NV* 910 92,938 Mitsui Mining & Smelting Company* 10,000 45,887 -------- 138,825 MISCELLANEOUS - 0.36% Renault* 1,900 57,616 Yuasa Trading Company* 5,000 29,540 -------- 87,156 NON-FERROUS METALS - 0.52% RTZ Corporation PLC 4,000 62,983 WMC, Ltd. 8,700 63,422 -------- 126,405 PAPER - 0.28% New OJI Paper Company 4,000 36,977 Nippon Paper Industries 4,000 29,291 -------- 66,268 PETROLEUM SERVICES - 3.48% Broken Hill Proprietary Company, Ltd. 8,560 131,729 Norsk Hydro AS* 4,500 205,149 Repsol SA 3,000 110,024 Royal Dutch Petroleum Company* 1,920 273,517 Total SA "B" Shares* 1,740 118,088 -------- 838,507 PUBLISHING - 0.83% Elsevier NV* 2,460 37,040 Lagardere Groupe* 2,425 65,089 Reuters Holdings 8,600 97,354 -------- 199,483 RAILROADS & EQUIPMENT - 0.85% East Japan Railway Company 20 106,878 Hitachi Transport Systems 5,000 54,491 Nagoya Railroad Company 8,000 43,287 -------- 204,656 REAL ESTATE - 1.71% Cheung Kong Holdings* 31,000 221,414 Mepc 9,000 58,054 Mitsui Fudosan Company 5,000 65,962 Sun Hung Kai Properties 7,000 66,738 -------- 412,168 Shares Value ------ ----- RETAIL GROCERY - 0.94% Izumi Company* 4,000 $ 84,891 Maruetsu, Incorporated* 8,000 72,654 Sainsbury 12,600 69,420 -------- 226,965 RETAIL TRADE - 4.00% Argyll Group 11,200 55,975 Ava Allgemeine Handles-Der Verbr AG* 350 86,420 Carrefour 160 125,027 Castorama Dubois* 15 2,871 Daiei, Incorporated 4,000 54,299 Delhaize Le Lion* 1,300 64,215 Familymart Company 1,100 53,841 Izumiya Company 3,000 57,359 Kingfisher 10,000 89,493 Marks & Spencer 9,800 65,427 Pinault-Printemps-Redoute SA* 200 60,726 Promodes* 360 103,454 Sears PLC 42,000 63,540 Takashimaya Company, Ltd. 5,000 81,736 -------- 964,383 STEEL - 1.87% Arbed SA* 400 43,583 Nippon Steel Corporation* 63,000 227,657 Thyssen AG 700 126,886 Usinor Sacilor* 3,400 52,604 -------- 450,730 TELEPHONE - 2.87% British Telecommunications 30,500 167,353 Hong Kong Telecommunications, Ltd. 53,600 102,204 Kon PTT Nederland* 1,100 41,278 Singapore Telecommunications, Ltd.* 23,000 56,608 Telekom Italia* 40,000 81,562 Telefonica De Espana SA 7,100 126,427 Vodafone Group 29,100 116,304 -------- 691,736 TIRES AND RUBBER - 0.67% Continental AG* 4,000 69,110 Yokohama Rubber Company 14,000 93,552 -------- 162,662 TOBACCO - 0.35% B.A.T. Industries 11,300 85,392 -------- TOYS, AMUSEMENTS & SPORTING GOODS - 0.29% Mizuno Company 7,000 70,264 -------- TRUCKING & FREIGHT - 0.68% Kawasaki Kisen Kaisha, Ltd. 10,000 36,901 Nippon Express Company 4,000 41,680 Peninsular & Oriental Steam Navigation Company 4,100 32,279 Societe Industrielle de Transports Automobiles SA* 250 54,185 -------- 165,045
The accompanying notes are an integral part of the financial statements. 47 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Shares Value ------ ----- TOTAL COMMON STOCKS (Cost $18,895,980) $20,414,282 ---------- PREFERRED STOCKS - 0.92% ELECTRICAL EQUIPMENT - 0.27% Legrand 500 $64,248 ------ FOOD & BEVERAGES - 0.37% Henkel Kgaa* 230 88,190 ------ INDUSTRIAL MACHINERY - 0.28% GEA AG* 220 68,404 ------ TOTAL PREFERRED STOCKS (Cost $205,834) $220,842 ------- WARRANTS - 1.14%* ELECTRICAL EQUIPMENT - 0.18% Philips Electronics NV (Expiration date 06/30/98; Strike price NLG 34) 2,800 44,855 ------ FINANCIAL SERVICES - 0.59% Veba International Finance BV (Expiration date 04/06/98; Strike price DEM 375) 590 141,440 ------- MINING - 0.12% Dowa Mining Company (Expiration date 12/09/97; Strike price yen 428) 17 28,050 ------ MISCELLANEOUS - 0.18% United Overseas Land (Expiration date 06/09/97; Strike price SGD 1.50) 43,000 43,434 ------ NON-FERROUS METALS - 0.07% Maeda Corporation (Expiration date 02/05/97; Strike price $856) 10 17,625 ------ TOTAL WARRANTS (Cost $230,782) $275,404 ------- Principal Amount Value ------ ----- CONVERTIBLE BONDS - 3.25% Bot Cayman Finance, 4.25% due 03/31/49 YEN 20,000,000 $261,460 Commerce Asset Holding, 1.75% due 09/26/04 $85,000 105,931 Daido Hoxan, Incorporated, 1.60% due 03/29/02 YEN 5,000,000 56,164 Matsushita Electric Works, 2.70% due 05/31/02 3,000,000 36,394 NEC Corporation, 1.90% due 03/30/01 9,000,000 118,044 Ricoh Company, 1.50% due 03/29/02 4,000,000 47,034 Principal Amount Value ------ ----- CONVERTIBLE BONDS - CONTINUED Smiss Re Finance Bermuda, 2.00% due 07/06/00 $70,000 $78,050 Telekom Malaysia BHD, 4.00% due 10/03/04 75,000 79,922 ------ TOTAL CONVERTIBLE BONDS (Cost $751,994) $782,999 ------- CORPORATE BONDS - 2.21% Treuhandanstalt, 7.75% due 10/01/02 DEM 110,000 79,290 7.125% due 01/29/03 650,000 454,011 ------- TOTAL CORPORATE BONDS (Cost $556,962) $533,301 ------- FOREIGN GOVERNMENT OBLIGATIONS - 7.77% GOVERNMENT OF CANADA - 0.73% 8.75% due 12/01/05 CAD 80,000 62,499 9.75% due 06/01/01 140,000 114,119 ------- 176,618 KINGDOM OF DENMARK - 0.27% 7.00% due 12/15/04 DKK 50,000 8,493 8.00% due 11/15/01 260,000 47,577 8.00% due 03/15/06 45,000 8,042 ------ 64,112 GOVERNMENT OF FRANCE - 0.94% 7.50% due 04/25/05 FRF 800,000 167,214 8.50% due 04/25/03 272,000 60,080 ------- 227,294 GOVERNMENT OF GERMANY - 0.74% 6.00% due 01/05/06 DEM 280,000 178,619 ------- GOVERNMENT OF GREAT BRITAIN - 1.52% United Kingdom Treasury 7.00% due 11/06/01 POUND 50,000 73,433 7.50% due 12/07/06 59,009 85,525 8.00% due 12/07/00 111,000 171,062 8.50% due 12/07/05 24,000 37,325 ------- 367,345 GOVERNMENT OF JAPAN - 2.17% 6.60% due 06/20/01 YEN 46,000,000 $522,422 ------- GOVERNMENT OF NETHERLAND - 1.40% 6.00% due 01/15/06 NLG 141,000 80,741 6.25% due 07/15/98 180,000 110,280 6.75% due 11/15/05 240,000 145,078 ------- 336,099 TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $1,900,453) $1,872,509 --------- TOTAL INVESTMENTS (International Growth Growth & Income Fund) (Cost $22,542,005) $24,099,337 ==========
The accompanying notes are an integral part of the financial statements. 48 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - -------------------------------------------------------------------------------- ASSET ALLOCATION FUND
Shares Value ------ ----- COMMON STOCKS - 43.80% AEROSPACE - 2.24% Lockheed Martin Corporation 3,700 $298,312 McDonnell Douglas Corporation 15,000 1,447,500 Northrop Grumman Corporation 13,800 853,875 ------- 2,599,687 AIR TRAVEL - 1.06% AMR Corporation* 11,000 981,750 Continental Airlines, Incorporated* 4,400 249,700 --------- 1,231,450 AUTO PARTS - 0.63% Lear Seating Corporation* 22,300 735,900 ------- AUTOMOBILES - 1.63% Ford Motor Company 52,600 1,887,025 --------- BANKING - 2.92% BankAmerica Corporation 14,100 1,068,075 J.P. Morgan & Company, Incorporated 5,300 445,863 NationsBank Corporation 20,600 1,642,850 Standard Federal Bancorporation 5,600 221,900 --------- 3,378,688 CHEMICALS - 0.80% Geon Company 35,000 927,500 ------- COMPUTERS & BUSINESS EQUIPMENT - 1.24% Compaq Computer Corporation* 21,700 1,011,762 Storage Technology Corporation* 13,800 424,350 --------- 1,436,112 CONTAINERS & GLASS - 0.90% Owens-Illinois, Incorporated* 65,600 1,041,400 --------- DOMESTIC OIL - 1.35% Ashland, Incorporated 13,100 538,738 Atlantic Richfield Company 8,700 1,024,425 --------- 1,563,163 DRUGS & HEALTH CARE - 1.33% Columbia/HCA Healthcare Corporation 10,700 568,437 Tenet Healthcare Corporation* 47,400 971,700 --------- 1,540,137 ELECTRIC UTILITIES - 1.79% CMS Energy Corporation 15,000 436,875 Entergy Corporation 10,600 280,900 Long Island Lighting Company 83,300 1,353,625 --------- 2,071,400 ELECTRONICS - 1.88% Avnet, Incorporated 22,500 1,186,875 Intel Corporation 14,700 995,925 --------- 2,182,800 FINANCIAL SERVICES - 2.46% Allstate Corporation 12,100 470,388 Fleet Financial Group, Incorporated 14,359 617,437 Shares Value ------ ----- FINANCIAL SERVICES - CONTINUED Greenpoint Financial Corporation 42,000 $1,212,750 Travelers Group, Incorporated 8,900 547,350 --------- 2,847,925 FOOD & BEVERAGES - 0.86% Chiquita Brands International, Incorporated 68,000 994,500 --------- FOREST PRODUCTS - 1.02% Georgia-Pacific Corporation 15,200 1,181,800 --------- HOMEBUILDERS - 1.06% Centex Corporation 14,100 380,700 Lennar Corporation 33,800 845,000 --------- 1,225,700 HOUSEHOLD APPLIANCES FURNISHING - 0.28% Sunbeam Corporation 23,300 323,288 ------- INSURANCE - 2.94% CIGNA Corporation 4,600 521,525 Integon Corporation 40,390 777,508 Lincoln National Corporation, Incorporated 25,000 1,206,250 PartnerRe, Ltd. 31,900 901,175 --------- 3,406,458 INTERNATIONAL OIL - 1.95% Mobil Corporation 4,700 540,500 Royal Dutch Petroleum Company 4,100 587,325 Texaco, Incorporated 13,200 1,128,600 --------- 2,256,425 INVESTMENT COMPANIES - 0.53% Lehman Brothers Holdings, Incorporated 24,200 614,075 ------- LEISURE TIME - 1.25% Brunswick Corporation 34,300 754,600 Outboard Marine Corporation 35,300 697,175 --------- 1,451,775 LIQUOR - 0.68% Anheuser-Busch Companies, Incorporated 11,700 785,362 ------- MISCELLANEOUS - 1.05% Lucent Technologies, Incorporated* 34,700 1,218,838 --------- PAPER - 1.40% Champion International Corporation 10,600 511,450 Stone Container Corporation 65,500 1,113,500 --------- 1,624,950 PETROLEUM SERVICES - 0.93% Tosco Corporation 20,100 1,075,350 --------- RETAIL GROCERY - 0.28% Fleming Companies, Incorporated 23,800 327,250 -------
The accompanying notes are an integral part of the financial statements. 49 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Shares Value ------ ----- RETAIL TRADE - 2.83% J.C. Penney Company, Incorporated 21,900 $1,084,050 Sears, Roebuck and Company 21,900 1,092,262 Supervalu, Incorporated 34,500 1,104,000 --------- 3,280,312 SOFTWARE - 0.17% Autodesk, Incorporated 4,900 199,675 ------- TELECOMMUNICATION SERVICES - 0.73% Loral Space & Communications* 10,100 145,187 Valassis Communications, Incorporated* 44,300 697,725 ------- 842,912 TIRES AND RUBBER - 1.42% The Goodyear Tire and Rubber Company 31,600 1,647,150 --------- TOBACCO - 3.12% Philip Morris Companies, Incorporated 21,100 1,901,638 RJR Nabisco Holdings Corporation 33,740 1,007,982 Universal Corporation 29,200 700,800 --------- 3,610,420 TRUCKING & FREIGHT - 1.07% Consolidated Freightways, Incorporated 47,400 1,238,325 --------- TOTAL COMMON STOCKS (Cost $41,284,143) $50,747,752 ---------- Principal Amount Value ------ ----- CORPORATE BONDS - 14.13% ELECTRIC UTILITIES - 0.25% Central Maine Power Company, 7.375% due 01/01/99 $290,000 $291,659 ------- FINANCE & BANKING - 8.23% Auburn Hills Trust, 12.00% due 05/01/20 250,000 359,855 BCO Commercio Exterior, 8.625% due 06/02/00 230,000 233,543 BankAmerica Corporation, 7.75% due 07/15/02 400,000 413,404 BanPonce Financial Corporation, 5.17% due 07/15/96 1,000,000 998,430 Capital One Financial, 8.625% due 01/15/97 900,000 915,165 Chrysler Financial Corporation, 10.34% due 05/15/08 600,000 600,750 Comdisco, Incorporated, 7.33% due 03/06/97 500,000 505,030 Continental Bank, N.A., 11.25% due 07/01/01 700,000 763,063 12.50% due 04/01/01 450,000 553,595 Corporation Andina De Fomento, 7.25% due 04/30/98 680,000 683,400 Principal Amount Value ------ ----- FINANCE & BANKING - CONTINUED Corporacion Andina De Fomento, 7.375% due 07/21/00 $110,000 $108,250 Countrywide Funding Corporation, 8.43% due 11/16/99 500,000 524,085 Financiera Energetica Nacional, 6.625% due 12/13/96 360,000 359,550 9.00% due 10/08/99 40,000 41,450 Ford Motor Credit Company, 6.80% due 08/15/97 800,000 804,592 General Motors Acceptance Corporation, 7.50% due 11/04/97 175,000 178,307 General Motors Acceptance Corporation, 7.625% due 03/09/98 575,000 587,863 Golden West Financial Corporation, 10.25% due 12/01/00 600,000 678,456 Security Pacific Corporation, 11.50% due 11/15/00 200,000 234,442 --------- 9,543,230 PETROLEUM SERVICES - 0.56% Empresa Col De Petroleos, 7.25% due 07/08/98 650,000 646,750 ------- INDUSTRIALS - 2.50% Comdisco, Incorporated, 9.75% due 01/15/97 250,000 256,285 News America Holdings, Incorporated, 7.50% due 03/01/00 550,000 558,899 News America Holdings, Incorporated, 9.125% due 10/15/99 351,000 375,384 Panamerican Beverages, Incorporated, 8.125% due 04/01/03 173,000 169,085 RJR Nabisco, Incorporated, 8.00% due 07/15/01 220,000 215,877 RJR Nabisco, Incorporated, 8.625% due 12/01/02 250,000 251,025 Tenneco, Incorporated, 10.00% due 08/01/98 1,000,000 1,069,480 --------- 2,896,035 OTHER - 1.73% British Aerospace Finance, Incorporated, 7.55% due 05/15/97 350,000 353,329 Time Warner, Incorporated, 7.975% due 08/15/04 1,650,000 1,649,026 --------- 2,002,355 TELEPHONE - 0.86% 360 Communications, 7.125% due 03/01/03 250,000 239,347 Tele-Communications, Incorporated, 7.00% due 08/04/97 750,000 754,560 ------- 993,907 TOTAL CORPORATE BONDS (Cost $16,721,295) $16,373,936 ----------
The accompanying notes are an integral part of the financial statements. 50 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Principal Amount Value ------ ----- U.S. TREASURY OBLIGATIONS - 8.79% U.S. TREASURY STRIPS - 4.06% Principal Only due 08/15/99**** $1,370,000 $ 1,115,591 Principal Only due 11/15/04**** 3,970,000 2,240,191 Principal Only due 08/15/09**** 1,500,000 593,430 Principal Only due 08/15/20 1,800,000 314,298 Principal Only due 05/15/20**** 2,480,000 440,969 ----------- 4,704,479 U.S. TREASURY BONDS - 1.25% 8.00% due 11/15/21 150,000 165,914 8.125% due 08/15/21 130,000 145,600 8.50% due 02/15/20 100,000 115,937 8.75% due 05/15/17 680,000 802,930 8.75% due 08/15/20 180,000 214,116 ----------- 1,444,497 U.S TREASURY NOTES - 3.48% 5.625% due 10/31/97 2,600,000 2,588,612 7.25% due 08/15/04 600,000 621,654 7.50% due 10/31/99**** 800,000 829,128 ----------- 4,039,394 TOTAL U.S. TREASURY OBLIGATIONS (Cost $10,062,120) $10,188,370 ----------- U.S. GOVERNMENT AGENCY OBLIGATIONS - 15.01% FEDERAL HOME LOAN MORTGAGE CORPORATION - 2.33% 6.125% due 09/20/00 370,000 363,699 7.50% TBA** 2,000,000 1,978,740 8.20% due 01/16/98 350,000 356,289 ----------- 2,698,728 FEDERAL NATIONAL MORTGAGE ASSOCIATION - 7.69% zero coupon, due 03/09/02 940,000 885,659 6.00% TBA** 2,000,000 1,893,740 6.11% due 09/20/00 330,000 324,172 6.50% due 01/01/26 - 02/01/26 1,009,999 947,187 7.00% TBA** 4,000,000 3,856,240 7.50% TBA** 1,000,000 1,006,250 ----------- 8,913,248 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 4.99% 7.00% TBA** 1,000,000 962,810 7.00% due 08/15/23 975,452 943,126 7.50% TBA** 3,000,000 2,965,290 9.00% due 07/15/16 - 01/15/22 858,124 912,700 ----------- 5,783,926 U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $17,522,088) $17,395,902 ----------- FIXED INCOME - OTHER - 5.07% GUARANTEED - 0.05% Resolution Funding Corporation, zero coupon due 01/15/21 390,000 64,159 ----------- Principal Amount Value ------ ----- MISCELLANEOUS ASSET BACKED SECURITIES - 3.26% Case Equipment Loan Trust, 7.30% due 03/15/02 $ 373,424 $ 379,305 Chevy Chase Auto Receivables, Series 1995, Class 2A, 5.80% due 06/15/02 257,026 255,338 Discover Card Master Trust 1, Series 1996-4, Class A, 5.81% due 10/16/13 1,520,000 1,519,042 Discover Card Master Trust 1, Series 1996-2, Class A, 5.72% due 07/18/05 220,000 220,000 Discover Card Master Trust 1, Series 1994-2, Class A, 5.85% due 10/16/04 130,000 130,853 Fingerhut Master Trust, Series 1996-1, Class A, 6.45% due 02/20/02 450,000 446,670 MBNA Master Credit Card Trust, Series 1995-D, Class A, 6.05% due 11/15/02 640,000 626,797 Premier Auto Trust, Series 933, Class A3, 4.90% due 12/15/98 147,132 145,935 Premier Auto Trust, Series 1995 Class A5, 7.90% due 05/04/99 50,000 51,031 ----------- 3,774,971 OTHER COLLATERIZED MORTGAGE OBLIGATIONS - 1.76% Household Financial Corporation, Series 1991, Class A, 7.25% due 08/19/06 76,032 76,292 Navistar Financial Corporation Owner Trust, Series 1995-A, Class A2, 6.55% due 11/20/01 253,703 254,655 Sears Credit Account Master Trust, Series 1995, Class A, 7.00% due 10/15/04 300,000 303,561 Standard Credit Card Master Trust, Series 1995, Class A, 7.85% due 02/07/02 510,000 529,763 Standard Credit Card Master Trust, Series 1994, Class A, 8.25% due 11/07/03 820,000 870,225 ----------- 2,034,496 TOTAL FIXED INCOME - OTHER (Cost $5,943,377) $ 5,873,626 ----------- FOREIGN BONDS - 1.05% State of Israel, 6.375% due 12/15/05 235,000 218,867 Province of Quebec, Canada, 13.25% due 09/15/14 500,000 612,630 YPF Sociedad Anonima, 7.50% due 10/26/02 302,294 302,022 Republic of Columbia, 9.25% due 02/03/00 80,000 82,798 ----------- 1,216,317 TOTAL FOREIGN BONDS (Cost $1,253,843) $ 1,216,317 -----------
The accompanying notes are an integral of the financial statements. 51 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Principal Amount Value ------ ----- REPURCHASE AGREEMENT - 12.15%*** $14,072,000 Repurchase Agreement with State Street Bank & Trust Company dated 04/30/96 at 5.23%, to be repurchased at $14,074,044 on 05/01/96, collateralized by $14,255,000 U.S. Treasury Notes, 6.125% due 07/31/00 (valued at $14,573,161, including interest) $14,072,000 ----------- TOTAL INVESTMENTS (Asset Allocation Fund) (Cost $106,858,866) $115,867,903 ============
STRATEGIC INCOME FUND
Principal Amount Value --------- ----- CORPORATE BONDS - 45.32% BUSINESS SERVICES - 1.75% A Plus Network, Incorporated, 11.875% due 11/01/05 $500,000 $507,500 Borg-Warner Security Corporation, 9.125% due 05/01/03 500,000 465,000 ------- 972,500 DRUGS & HEALTH CARE - 1.96% Dade International, Incorporated, Series B, 13.00% due 02/01/05 500,000 592,500 Paracelsus Healthcare Corporation, 9.875% due 10/15/03 500,000 500,000 --------- 1,092,500 ENERGY & UTILITIES - 0.85% Petro PSC Properties, 12.50% due 06/01/02 500,000 470,000 --------- FINANCE & BANKING - 4.48% Empress River Casino Finance Corporation, 10.75% due 04/01/02 500,000 521,250 Foamex Capital Corporation, 11.875% due 10/01/04 500,000 477,500 Mellon Financial Company, 9.75% due 06/15/01 500,000 557,050 Trump Atlantic City, 11.25% due 05/01/06 500,000 507,500 Venture Holdings Trust, 9.75% due 04/01/04 500,000 427,500 --------- 2,490,800 FOOD & BEVERAGES - 0.40% Flagstar Corporation, 10.75% due 09/15/01 250,000 222,500 --------- FOOD STORES - 1.91% Big V Supermarkets, Incorporated, 11.00% due 02/15/04 250,000 223,125 Carr Gottstein Foods Company, 12.00% due 11/15/05 400,000 408,000 Principal Amount Value --------- ----- FOOD STORES - CONTINUED Penn Traffic Company, 9.625% due 04/15/05 $500,000 $430,000 --------- 1,061,125 GENERAL OBLIGATION - 0.38% United States Leasing International, 8.45% due 01/25/05 200,000 212,706 --------- HOUSEHOLD APPLIANCES & FURNISHING - 0.86% Decorative Home Accents, Incorporated, 13.00% due 06/30/02 500,000 480,000 --------- INDUSTRIALS - 16.26% Alvey Systems, Incorporated, 11.375% due 01/31/03 500,000 515,000 Berry Plastics Corporation, 12.25% due 04/15/04 650,000 705,250 Brooks Fiber Properties, Step up to 10.875% due 03/01/06 500,000 277,500 Exide Electronics Group, Incorporated, 11.50% due 03/15/06 500,000 520,000 Forest Oil Corporation, 11.25% due 09/01/03 500,000 495,000 Hollinger, Incorporated, zero coupon, due 10/05/13 1,500,000 483,750 Inernational Semi Tech Microelectronic, Step up to 11.50% due 08/15/03 1,000,000 600,000 Jordan Industries, Incorporated, 10.375% due 08/01/03 450,000 411,750 KSC Energy, Incorporated, 11.00% due 01/15/03 500,000 536,250 Marcus Cable Company, 14.25% due 12/15/05 750,000 465,000 NL Industries, Incorporated, Step up to 13.00% due 10/15/05 750,000 577,500 Norcal Waste Systems, Incorporated, 12.50% due 11/15/05 500,000 510,000 Plastic Specialties & Technologies, Incorporated, 11.25% due 12/01/03 500,000 486,250 Revlon Worldwide Corporation, Series B, zero coupon due 03/15/98 500,000 402,500 SC International Services, Incorporated, 13.00% due 10/01/05 500,000 540,000 Specialty Equipment Companies, Incorporated, 11.375% due 12/01/03 250,000 258,750 Talley Manufactoring & Technology, Incorporated, 10.75% due 10/15/03 500,000 505,000 Terex Corporation, 13.75% due 05/15/02 500,000 502,500 Unisys Corporation, 12.00% due 04/15/03 250,000 250,625 --------- 9,042,625
The accompanying notes are in an integral of the financial statements. 52 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Principal Amount Value ------ ----- LEATHER PRODUCTS - 0.46% Samsonite Corporation, 11.125% due 07/15/05 $250,000 $253,750 ------- LEISURE TIME - 0.92% Hollywood Casino, Incorporated, 12.75% due 11/01/03 250,000 246,250 Showboat Marina Casino, 13.50% due 03/15/03 250,000 267,500 ------- 513,750 OTHER - 4.67% American Media Operations, Incorporated,10.625% due 05/01/03 500,000 498,750 Herff Jones, Incorporated, 11.00% due 08/15/05 500,000 540,000 Hines Horticulture, Incorporated, 11.75% due 10/05/05 500,000 521,250 Outdoor Systems, Incorporated, 10.75% due 08/15/03 500,000 507,500 The Selmer Company, Incorporated, 11.00% due 05/15/05 500,000 527,500 --------- 2,595,000 RETAIL TRADE - 4.01% Apparel Retailers, Incorporated, Series B, Step-up to 12.75% due 08/15/05 1,000,000 720,000 Cole National Group, Incorporated, 11.25% due 10/01/01 500,000 510,000 Finlay Fine Jewerly Corporation, 10.625% due 05/01/03 500,000 490,000 Hills Stores Company, 10.75% due 09/30/03 500,000 507,500 --------- 2,227,500 STEEL - 0.88% Algoma Steel, Incorporated, 12.375% due 07/15/05 500,000 491,250 ------- TELEPHONE - 1.87% In Flight Phone Corporation, Step up to 14.00% due 05/15/02 650,000 195,000 Telex Communications, Incorporated, 12.00% due 07/15/04 550,000 580,250 Wireless One, Incorporated, 13.00% due 10/15/03 250,000 265,000 --------- 1,040,250 TELECOMMUNICATION SERVICES -3.66% Adelphia Communications Corporation, 12.50% due 05/15/02 500,000 507,500 International Cabletel, Incorporated, Step up to 11.50% due 02/01/06 1,000,000 582,500 People's Choice TV Corporation, Step up to 13.125% due 06/01/04 750,000 468,750 Principal Amount Value ------ ----- TELECOMMUNICATION SERVICES - CONTINUED United International Holdings, Incorporated, zero coupon due 11/15/99 $750,000 $476,250 --------- 2,035,000 TOTAL CORPORATE BONDS (Cost $25,145,342) $25,201,256 ---------- U.S. TREASURY OBLIGATIONS - 9.69% U.S. TREASURY NOTES - 9.69% 5.625% due 02/28/01 2,730,000 2,642,121 5.625% due 02/15/06 1,830,000 1,696,758 5.875% due 11/15/05 1,110,000 1,046,863 --------- 5,385,742 TOTAL U.S. TREASURY OBLIGATIONS (Cost $5,518,983) $5,385,742 --------- U.S. GOVERNMENT AGENCY OBLIGATIONS - 10.57% FEDERAL HOME LOAN MORTGAGE CORPORATION - 3.26% 5.89% due 07/24/00 450,000 438,611 6.50% TBA** 700,000 657,342 8.50% due 05/01/08 690,834 715,338 --------- 1,811,291 FEDERAL NATIONAL MORTGAGE ASSOCIATION - 6.49% 6.50% due 03/01/26 - 04/01/26 2,500,000 2,344,525 7.00% TBA** 837,500 807,400 7.52% due 08/26/05 300,000 295,624 13.00% due 01/01/99 135,632 160,301 --------- 3,607,850 STUDENT LOAN MARKETING ASSOCIATION - 0.82% 7.20% due 11/09/00 450,000 457,875 ------- TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $5,902,887) $5,877,016 --------- FOREIGN GOVERNMENT OBLIGATIONS - 25.81% REPUBLIC OF ARGENTINA - 5.64% 6.312% due 03/31/05 4,108,500 3,137,867 --------- COMMONWEALTH OF AUSTRALIA - 0.22% 6.75% due 11/15/06 180,000 122,481 ------- FEDERAL REPUBLIC OF BRAZIL - 5.21% 4.50% due 04/15/14 1,894,147 1,138,856 5.00% due 04/15/24 1,500,000 742,500 6.00% due 09/15/13 750,000 445,312 6.50% due 04/15/06 750,000 570,938 --------- 2,897,606 NATIONAL REPUBLIC OF BULGARIA - 2.43% 2.00% due 07/28/12 4,500,000 1,350,000 ---------
The accompanying notes are an integral part of the financial statements. 53 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Principal Amount Value ------ ----- GOVERNMENT OF CANADA - 0.73% 6.25% due 02/01/98 CAD 76,000 $56,017 9.00% due 12/01/04 442,000 350,062 ------- 406,079 GOVERNMENT OF COSTA RICA - 0.32% Series B, 6.25% due 05/21/15 $300,000 177,000 ------- KINGDOM OF DENMARK - 0.16% 7.00% due 12/15/04 DKK 170,000 28,876 9.00% due 11/15/98 310,000 57,577 ------- 86,453 REPUBLIC OF ECUADOR - 1.43% 3.00% due 02/27/15 - 02/28/15 $1,822,223 797,222 ------- FEDERAL REPUBLIC OF GERMANY - 1.97% 6.00% due 02/20/98-02/16/06 DEM 1,650,000 1,093,759 --------- GOVERNMENT OF NETHERLAND - 0.84% 6.25% due 07/15/98 NLG 230,000 140,913 7.00% due 06/15/05 530,000 326,165 ------- 467,078 GOVERNMENT OF MEXICO - 2.37% Series B, 6.25% due 12/31/19 $2,000,000 1,317,500 --------- GOVERNMENT OF POLAND - 3.84% 2.75% due 10/27/24 750,000 409,688 3.75% due 10/27/14 2,250,000 1,726,875 --------- 2,136,563 GOVERNMENT OF UNITED KINGDOM - 0.65% Great British Treasury, 7.00% due 11/06/01 POUND 110,000 161,552 8.25% due 12/07/05 130,000 202,177 ------- 363,729 TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $12,999,028) $14,353,337 ----------- COMMON STOCKS - 0.01% Shares Value ------ ----- HOUSEHOLD APPLIANCES & FURNISHING - 0.01% Decorative Home Accents, Incorporated 500 5,000 ----- TOTAL COMMON STOCKS (Cost $5,000) $5,000 ------ WARRANTS - 0.02%* FINANCIAL SERVICES - 0.01% BPC Holdings Corporation (Expiration date 04/15/04; strike price $18.797) 500 $7,500 ------ TELEPHONE - 0.01% Wireless One, Incorporated (Expiration date 10/15/00; strike price $11.50) 750 5,250 ----- TOTAL WARRANTS (Cost $0) $12,750 ------- Principal Amount Value ------ ----- REPURCHASE AGREEMENT - 8.58%*** $4,774,000 Repurchase Agreement with UBS Securities dated 04/30/96 at 5.29%, to be repurchased at $4,774,702 on 05/01/96, collateralized by $4,830,000 U.S. Treasury Notes, 6.00% due 08/31/97 (valued at $4,920,300, including interest) $4,774,000 ---------- TOTAL INVESTMENTS (Strategic Income Fund) (Cost $54,345,240) $55,609,101 =========== INVESTMENT QUALITY BOND FUND Principal Amount Value ------ ----- CORPORATE BONDS - 41.22% AIR TRAVEL - 1.42% United Airlines, 7.27% due 01/30/13 $300,000 $284,241 -------- BROADCASTING - 0.52% Chancellor Broadcasting Company, 9.375% due 10/01/04 10,000 9,625 EZ Communications, Incorporated 9.75% due 12/01/05 25,000 24,375 Granite Broadcasting Corporation, 10.375 due 05/15/05 25,000 25,000 Young Broadcasting, Incorporated, 9.00% due 01/15/06 50,000 46,250 ------- 105,250 DRUG & HEALTH CARE - 0.37% Beverly Enterprises, 9.00%, 02/15/06 20,000 18,800 OrNda Healthcorp, 11.375%, 08/15/04 50,000 55,875 ------ 74,675 ELECTRIC UTILITIES - 3.23% Cincinnati Gas & Electric Company, 6.90% due 06/01/25 200,000 193,722 The Cleveland Electric Illuminating Company, 9.50% due 05/15/05 25,000 24,339 El Paso Electric Company, 8.90% due 02/01/06 50,000 49,375 Rochester Gas & Electric Corporation, 8.25% due 03/15/02 100,000 104,446 Virginia Electric & Power Company, 9.375% due 06/01/98 262,000 276,095 ------- 647,977 FINANCE & BANKING - 19.65% American General Finance Corporation, 8.00% due 02/15/05 230,000 239,110 Associates Corporation of North America, 6.95% due 08/01/02 320,000 320,099 BankAmerica Corporation, 9.50% due 04/01/01 114,000 126,069
The accompanying notes are an integral part of the financial statements. 54 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS - --------------------------------------------------------------------------------
Principal Amount Value ------ ----- FINANCE & BANKING - CONTINUED BanPonce Financial Corporation, 6.80% due 12/21/05 $250,000 $238,173 Beneficial Corporation, 8.40% due 05/15/08 75,000 81,220 8.90% due 06/06/01 30,000 32,452 Comerica, Incorporated, 7.125% due 12/01/13 175,000 160,958 Commercial Credit Group, Incorporated, 10.00% due 05/01/99 50,000 54,439 Equitable Life Assurance Society of the United States, 6.95% due 12/01/05 250,000 239,855 First National Bank of Boston, 8.00% due 09/15/04 225,000 233,255 First Union Corporation, 7.50% due 04/15/35 300,000 311,463 General Motors Acceptance Corporation, 6.00% due 01/11/99 150,000 148,066 General Motors Acceptance Corporation, 7.00% due 09/15/02 200,000 198,968 International Lease Finance Corporation, 7.50% due 03/01/99 200,000 204,340 NBD Bancorp, 8.25% due 11/01/24 300,000 334,674 Norwest Corporation, 6.00% due 03/15/00 100,000 97,731 Republic New York Corporation, 9.70% due 02/01/09 100,000 117,728 9.75% due 12/01/00 155,000 172,269 Sun Canada Financial Company, 7.25% due 12/15/15 200,000 186,516 Texaco Capital, Incorporated, 8.93% due 07/23/01 60,000 65,193 Trump Atlantic City, 11.25% due 05/01/06 15,000 15,225 United Bankshares, Incorporated, 8.625% due 04/15/98 200,000 207,102 Wells Fargo & Company, 8.75% due 05/01/02 150,000 160,893 ---------- 3,945,798 FOOD STORES - 0.11% Big V Supermarkets, Incorporated, 11.00% due 02/15/04 25,000 22,312 ---------- GAS & PIPELINE UTILITIES - 0.25% Transport De Gas Del Sur, 10.25% due 04/25/01 50,000 50,312 ---------- HOMEBUILDERS - 0.24% Continental Homes Holding, Corporation, 10.00% due 04/15/06 50,000 49,000 ---------- Principal Amount Value ------ ----- INDUSTRIALS - 6.80% Allied-Signal, Incorporated 9.875% due 06/01/02 $100,000 $113,392 Amoco Canada Petroleum Company, Ltd., 7.95% due 10/01/22 100,000 101,310 Armco, Incorporated, 9.375% due 11/01/00 50,000 48,750 Bell & Howell Company, Step-up to 11.50% due 03/01/05 50,000 33,625 Cablevision Systems Corporation, 9.25% due 11/01/05 25,000 24,375 Cincinnati Milacron, Incorporated, 7.875% due 05/15/00 130,000 129,675 Coastal Corporation, 8.75% due 05/15/99 400,000 418,156 Container Corporation of America, 9.75% due 04/01/03 50,000 50,000 Dominion Textile (USA), Incorporated, 9.25% due 04/01/06 20,000 19,775 Fort Howard Corporation, 9.25% due 03/15/01 50,000 49,500 Interlake Corporation, 12.00% due 11/15/01 25,000 26,000 K & F Industries, Incorporated, 11.875% due 12/01/03 50,000 54,000 News America Holdings, Incorporated, 9.25% due 02/01/13 150,000 162,010 Plains Resources, Incorporated, 10.25% due 03/15/06 50,000 50,750 Repap New Brunswick, Incorporated, 9.875% due 07/15/00 50,000 49,875 Westvaco Corporation, 9.65% due 03/01/02 30,000 33,165 ---------- 1,364,358 METAL PRODUCTS - 0.26% Howmet Corporation, 10.00%, 12/01/03 50,000 52,750 ---------- NON-BANK FINANCE - 1.36% KFW International Financial, Incorporated, 8.85% due 06/15/99 50,000 53,262 9.125% due 05/15/01 200,000 220,414 ---------- 273,676 PUBLISHING - 1.91% Time Warner, Incorporated, 9.125% due 01/15/13 295,000 308,771 S.D. Warren Company, 12.00% due 12/15/04 25,000 26,063 World Color Press, Incorporated, 9.125% due 03/15/03 50,000 49,000 ---------- 383,834
The accompanying notes are an integral part of the financial statements. 55 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - -------------------------------------------------------------------------------
Principal Amount Value ------ ----- TELECOMMUNICATION SERVICES - 1.71% Comcast Corporation, 9.125% due 10/15/06 $50,000 $49,875 Heritage Media Corporation, 11.00% due 06/15/02 50,000 53,313 Tele-Communications, Incorporated, 9.80% due 02/01/12 200,000 213,240 Videotron, Ltd., 10.25% due 10/15/02 25,000 26,000 ------- 342,428 TELEPHONE - 2.84% 360 Communications, 7.125% due 03/01/03 150,000 143,609 Arch Communications Group, Incorporated, Step-up to 10.875% due 03/15/08 50,000 27,875 GTE Florida, Incorporated, 6.31% due 12/15/02 200,000 191,996 Illinois Bell Telephone Company, 7.625% due 04/01/06 35,000 35,468 MobileMedia Communications, Incorporated, 9.375% due 11/01/07 50,000 48,000 New York Telephone Company, 7.875% due 06/15/17 100,000 97,891 Paging Network, Incorporated, 10.125% due 08/01/07 25,000 25,812 ------- 570,651 TRANSPORTATION - 0.55% CSX Corporation, 9.04% due 02/28/97 75,000 76,585 Southern Railway Company, 8.75% due 10/15/03 30,000 32,876 ------- 109,461 TOTAL CORPORATE BONDS (Cost $8,263,727) $8,276,723 --------- U.S. TREASURY OBLIGATIONS - 23.45% U.S. TREASURY BONDS - 23.45% 10.75% due 02/15/03 1,650,000 2,021,762 12.00% due 08/15/13 1,900,000 2,686,125 --------- 4,707,887 TOTAL U.S. TREASURY OBLIGATIONS (Cost $4,805,036) $4,707,887 --------- U.S. GOVERNMENT AGENCY OBLIGATIONS - 25.03% FEDERAL HOME LOAN MORTGAGE CORPORATION - 13.29% 6.50% due 02/01/11 - 04/01/24 1,472,970 1,397,621 7.00% due 10/01/25 890,843 859,939 8.00% due 11/15/99 400,000 410,124 --------- 2,667,684 FEDERAL NATIONAL MORTGAGE ASSOCIATION - 4.38% 4.50% due 01/25/98, REMIC 102,486 100,788 6.25% due 11/25/19, REMIC 500,000 482,185 6.60% due 09/25/18, REMIC 300,000 296,625 ------- 879,598 Principal Amount Value ------ ----- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 7.36% 7.00% due 06/15/23 - 10/15/23 $839,712 $811,884 8.00% due 10/15/16 - 04/15/17 649,361 665,212 --------- 1,477,096 TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $5,098,552) $5,024,378 --------- FIXED INCOME - OTHER - 4.60% MISCELLANEOUS ASSET BACKED SECURITIES - 4.60% Advanta Credit Card Master Trust, Series 1994, Class A, 5.78% due 10/01/01 300,000 301,125 Premier Auto Trust, Series 1993, Class A2, 4.65% due 11/02/99 84,689 83,498 Western Financial Grantor Trust, Series 1995, Class A1, 7.10% due 07/01/00 154,381 156,452 World Omni Automobile Lease, 6.05% due 11/25/01 200,000 198,936 World Omni Automobile Lease, Series 1994, Class A, 6.45% due 09/25/00 181,948 182,572 ------- 922,583 TOTAL FIXED INCOME - OTHER (Cost $918,045) $922,583 ------- FOREIGN BONDS - 4.07% CANADA - 2.12% Hydro-Quebec, 8.05% due 07/07/24 400,000 424,716 ------- GOVERNMENT OF ITALY - 0.88% 6.875% due 09/27/23 200,000 176,460 ------- JAPAN - 1.07% Japan Financial Corporation, 9.125% due 10/11/00 200,000 215,896 ------- TOTAL FOREIGN BONDS (Cost $850,633) $817,072 ------- Principal Amount Value ------ ----- REPURCHASE AGREEMENT - 1.63% $328,000 Repurchase Agreement with Swiss Bank dated 04/30/96 at 5.31%, to be repurchased at $328,048 on 05/01/96, collateralized by $230,000 U.S. Treasury Bonds, 11.25% due 02/15/15 (valued at $335,884, including interest) $328,000 -------- TOTAL INVESTMENTS (Investment Quality Bond Fund) (Cost $20,263,993) $20,076,643 ==========
The accompanying notes are an integral part of the financial statements. 56 U.S. GOVERNMENT SECURITIES FUND
Principal Amount Value ------ ----- U.S. TREASURY OBLIGATIONS - 7.29% U.S. TREASURY NOTES - 7.29% 5.00% due 01/31/98 6,000,000 $5,899,680 6.125% due 05/31/97 2,000,000 2,007,500 6.50% due 08/15/05 2,920,000 2,879,850 ---------- 10,787,030 TOTAL U.S. TREASURY OBLIGATIONS (Cost $11,065,969) $10,787,030 ---------- U.S. GOVERNMENT AGENCY OBLIGATIONS - 59.38% FEDERAL HOME LOAN MORTGAGE CORPORATION - 22.77% 6.00% due 05/01/09 - 10/01/10 23,314,496 22,104,125 6.50% TBA** 11,000,000 10,329,660 8.00% due 06/01/08 298,558 306,861 8.25% due 07/01/06 279,864 288,271 8.50% due 05/01/08 572,630 590,839 11.75% due 08/01/13 66,934 74,685 ---------- 33,694,441 FEDERAL NATIONAL MORTGAGE ASSOCIATION - 23.99% 6.50% due 12/01/99 - 04/01/26 9,000,003 8,440,292 7.00% TBA** 8,737,500 8,423,474 7.52% due 08/26/05 4,000,000 3,941,656 8.00% due 08/01/04 90,419 92,491 8.25% due 03/25/06, REMIC 675,000 695,668 8.50% due 08/01/02 182,929 189,833 9.50% due 08/01/22 3,432,545 3,694,277 11.00% due 02/01/15 741 827 11.50% due 04/01/19 - 02/01/20 3,236,999 3,652,727 12.00% due 04/01/16 640,000 736,600 12.50% due 08/01/11 - 07/01/15 2,246,145 2,615,305 13.00% due 01/01/99 1,869,585 2,209,616 14.50% due 11/01/14 648,623 800,239 ---------- 35,493,005 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 12.62% 7.00% TBA** 15,700,000 15,116,117 7.50% due 04/15/02 - 02/15/07 561,642 563,267 7.75% due 04/15/04 78,635 79,755 8.00% due 11/15/06 - 02/15/08 45,135 46,418 10.25% due 02/15/00 - 03/15/01 256,297 267,428 10.50% due 01/15/01 19,756 20,972 11.00% due 03/15/00 - 09/20/15 229,745 248,066 11.25% due 04/15/98 - 10/20/15 20,832 22,971 11.50% due 08/20/00 - 09/15/20 714,863 804,129 11.75% due 09/15/98 1,447 1,520 12.25% due 10/15/13 - 06/15/15 484,599 562,740 12.50% due 09/15/14 80,944 94,199 13.25% due 07/15/14 73,082 85,963 Principal Amount Value ------ ----- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - CONTINUED 13.50% due 11/15/12 - 02/15/13 74,170 $88,210 14.50% due 06/15/11 8,954 10,555 15.00% due 07/15/11 - 09/15/12 175,774 216,281 15.50% due 07/15/11 - 12/15/11 357,243 447,893 ---------- 18,676,484 TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $88,405,977) $87,863,930 ---------- COLLATERALIZED MORTGAGE OBLIGATIONS - 0.90% Drexel Burnham Lambert, 9.30% due 06/01/17 (Collateralized by GNMA, 10.00%) 39,843 40,354 Merrill Lynch Trust XXV, 8.75% due 03/20/19 (Collateralized by FHLMC, 10.00%) 42,173 42,621 Shearson Lehman, Incorporated, 7.50% due 06/01/18 (Collateralized by GNMA, 11.50%) 1,273,870 1,257,539 --------- 1,340,514 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,390,157) $1,340,514 --------- Principal Amount Value ------ ----- REPURCHASE AGREEMENTS - 32.43%*** $23,994,000 Repurchase Agreement with UBS Securities dated 04/30/96 at 5.29%, to be repurchased at $23,997,526 on 05/01/96, collateralized by $23,650,000 U.S. Treasury Notes, 7.50% due 10/31/99 (valued at $24,477,750, including interest) $23,994,000 23,993,000 Repurchase Agreement with State Street Bank & Trust Company dated 04/30/96 at 5.25%, to be repurchased at $23,996,499 on 05/01/96, collateralized by $24,240,000 U.S. Treasury Notes, 6.50% due 09/30/96 (valued at $24,604,276, including interest) 23,993,000 ----------- $47,987,000 TOTAL INVESTMENTS (U.S. Government Securities Fund) (Cost $148,849,103) $147,978,474 ===========
The accompanying notes are an integral part of the financial statements. 57 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - -------------------------------------------------------------------------------- NATIONAL MUNICIPAL BOND FUND
Principal Amount Value ------ ----- LONG-TERM INVESTMENTS - 97.49% ALABAMA - 2.86% Alabama Housing Finance Authority Single Family Mortgage Revenue Collateralized Home Mortgage Program, Series B-2, 6.40%, 04/01/25 $560,000 $569,755 ------- CALIFORNIA - 9.92% California State Public Works Board Lease Revenue, Various Community College Projects, 7.00%, 03/01/14 500,000 542,040 Los Angeles, California Harbor Department Revenue, Series B, 6.625%, 08/01/19 390,000 406,150 Santa Clara, California Electric Revenue, Series A, 6.25%, 07/01/13 1,000,000 1,027,170 --------- 1,975,360 FLORIDA - 7.36% Gainesville, Florida Utilities Systems Revenue, Series A, 5.20%, 02/01/22 500,000 452,185 Jacksonville, Florida Water & Sewer Revenue, 6.35%, 08/01/25 1,000,000 1,014,330 --------- 1,466,515 ILLINOIS - 10.25% Illinois Health Facilities Authority Revenue (OSF Health Care System), 6.00%, 11/15/23 200,000 190,940 Illinois Health Facilities Authority Revenue (Hospital Association Project), 7.00%, 02/15/22 200,000 206,380 Chicago, Illinois Wastewater Transmission Revenue, 5.125%, 01/01/25 1,000,000 874,710 Chicago, Illinois Wastewater Transmission Revenue, 6.375%, 01/01/24 750,000 770,662 --------- 2,042,692 INDIANA - 0.76% Indiana Bond Bank Special Program (Sanitary District of City of Gary, Indiana Project), Series B, 6.20%, 02/01/13 150,000 151,707 ------- IOWA - 0.76% Iowa Finance Authority Hospital Facility Revenue Refunding (Trinity Regional Hospital Project), 7.00%, 07/01/12 150,000 151,650 ------- LOUISIANA - 2.38% Louisiana Public Facilities Authority Hospital Revenue Refunding (Touro Infirmary Project), Series A, 6.125%, 08/15/23 500,000 473,815 ------- MAINE - 0.13% Maine State Housing Authority Mortgage Purchase, Series A-4, 6.375%, 11/15/12 25,000 25,263 ------ Principal Amount Value ------ ----- NEBRASKA - 5.96% Nebraska Higher Education Loan Program Income Revenue, 6.65%, 06/01/08 $1,200,000 $1,187,172 --------- NEVADA - 6.92% Clark County, Nevada Passenger Facilities, Charge Revenue, 5.75%, 07/01/23 500,000 469,945 Nevada Housing Division, Single-Family Program, 6.35%, 10/01/12 600,000 599,352 Nevada Housing Division, Single-Family Program, Series B-2, 6.95%, 10/01/26 300,000 308,631 --------- 1,377,928 NEW JERSEY - 5.36% New Jersey Economic Development Authority Water Facilities Revenue (New Jersey American Water Company, Incorporated Project) 6.875%, 11/01/34 1,000,000 1,068,250 --------- NEW YORK - 20.61% Metropolitan Transportation Authority, New York Service Contract (Transit Facilities), Series O, 6.25%, 07/01/14 375,000 387,499 New York State Local Government Assistance Corporation, Series A, 6.00%, 04/01/16 1,000,000 991,910 New York State Dormitory Authority Revenue, State University Educational Facilities, Series A, 6.25%, 05/15/08 500,000 513,165 New York State Environmental Facilities Corporation Pollution Control Revenue Refunding (IBM Corporation Project), 7.125%, 07/01/12 580,000 622,827 New York State Mortgage Agency Revenue, Series 40-A, 6.35%, 04/01/21 630,000 637,434 Triborough Bridging & Tunell Authority Revenue, Series Y, 5.50%, 01/01/17 1,000,000 953,640 --------- 4,106,475 PENNSYLVANIA - 4.86% Monroeville, Pennsylvania Hospitals Authority Hospitals Revenue, 6.25%, 10/01/15 1,000,000 968,300 ------- SOUTH CAROLINA - 2.44% Greenville Hospital Systems Hospital Facilities Revenue, Series B, 5.70%, 05/01/12 500,000 487,210 ------- SOUTH DAKOTA - 0.23% South Dakota Housing Development Authority, Homeowner Mortgage, Series D, 6.85%, 05/01/26 45,000 45,999 ------
The accompanying notes are an integral part of the financial statements. 58 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Principal Amount Value ------ ----- TENNESSEE - 2.38% Humphreys County, Tennessee Industrial Development Board Solid Waste Disposal Revenue (E.I. Du Pont Denemours & Company Project), 6.70%, 05/01/24 $450,000 $473,436 ------- TEXAS - 4.29% Lower Neches Valley Authority, Texas Industrial Development Corporation Sewer Facilities Revenue, Mobil Oil Refining Corporation, 6.40%, 03/01/30 750,000 757,500 Texas State Veterans Housing Assistance, 6.80%, 12/01/23 95,000 96,934 ------- 854,434 VIRGINIA - 1.51% Virginia State Housing Development Authority Commonwealth Mortgage, Subseries I-1, 6.55%, 07/01/17 300,000 301,242 ------- WASHINGTON - 2.39% Washington State Health Care Facilities Authority Revenue, 5.50%, 10/01/14 500,000 475,535 ------- WISCONSIN - 6.12% Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Series D, 6.10%, 07/01/24 200,000 199,206 Wisconsin State Health & Educational Facilities Authority Revenue, Mercy Hospital of Janesville, Incorporated, 6.60%, 08/15/22 1,000,000 1,019,670 --------- 1,218,876 TOTAL LONG-TERM INVESTMENTS (Cost $19,383,387) $19,421,614 ---------- SHORT-TERM INVESTMENTS - 2.51% CALIFORNIA - 3.38% Los Angeles County, California Industrial Development Authority, Industrial Development Revenue, VR, 5.10%, 04/31/96 500,000 500,000 ------- TOTAL SHORT-TERM INVESTMENTS (Cost $500,000) $500,000 ------- TOTAL INVESTMENTS (National Municipal Bond Fund) (Cost $19,883,387) $19,921,614 ========== MONEY MARKET FUND Principal Amount Value ------ ----- U.S. GOVERNMENT AGENCY OBLIGATIONS - 5.43% FEDERAL HOME LOAN MORTGAGE CORPORATION - 5.43% 5.19% due 07/16/96 $985,000 $974,208 ------- TOTAL U.S. GOVERNMENT OBLIGATIONS $974,208 ------- U.S. TREASURY OBLIGATIONS - 4.54% U.S. TREASURY NOTES - 4.54% 7.50% due 01/31/97 800,000 813,640 ------- TOTAL U.S. TREASURY OBLIGATIONS $813,640 ------- COMMERCIAL PAPER - 90.03% Associates Corporation of North America, 5.08% due 06/10/96 500,000 497,178 Bank of Tokyo, 5.48% due 05/15/96 500,000 500,002 Banque National de Paris, 5.51% due 05/21/96 500,000 498,469 Bear Stearns Companies, Incorporated, 5.33% due 06/19/96 500,000 496,373 Beneficial Corporation, 5.22% due 05/21/96 500,000 498,550 BHP Finance USA, 5.34% due 07/09/96 500,000 494,882 Centric Funding Corporation, 5.20% due 05/03/96 315,000 314,909 Chevron Transport Corporation, 5.10% due 06/27/96 600,000 595,155 Chrysler Financial Corporation, 5.30% due 07/02/96 600,000 594,523 CIT Group Holdings, Incorporated, 5.32% due 06/13/96 500,000 496,823 The Coca-Cola Company, 5.15% due 05/06/96 500,000 499,642 Corporate Recievables Corporation, 5.33% due 06/17/96 500,000 496,521 Dean Witter Discover & Company, 5.20% due 05/08/96 500,000 499,494 E.I. Du Pont De Nemours & Company, 5.30% due 05/09/96 250,000 249,705 Falcon Asset Securitization, 5.30% due 06/05/96 500,000 497,424 First National Bank of Boston, 5.10% due 07/22/96 500,000 494,192 Ford Motor Credit Corporation, 5.25% due 08/01/96 500,000 493,292 Hitachi America, Ltd., 5.34% due 10/09/96 500,000 488,059
The accompanying notes are an integral part of the financial statements. 59 NORTH AMERICAN FUNDS PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED (SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS) - --------------------------------------------------------------------------------
Principal Amount Value --------- ----- COMMERCIAL PAPER - continued Household International, Incorporated, 5.20% due 05/15/96 $500,000 $498,989 Island Finance of Puerto Rico, Incorporated, 5.35% due 06/06/96 500,000 497,325 Merrill Lynch & Company, Incorported, 5.33% due 06/19/96 500,000 496,373 New Center Asset Trust, 5.27% due 09/26/96 100,000 97,833 5.31% due 05/08/96 500,000 499,484 Northern States Power Company, 5.35% due 05/07/96 350,000 349,688 Philip Morris Companies, Incorporated, 5.35% due 05/08/96 330,000 329,657 Preferred Receivables Funding, 5.30% due 06/05/96 600,000 596,908 Province de Quebec, 5.08% due 07/17/96 600,000 593,481 Ranger Funding Corporation, 5.30% due 08/02/96 500,000 493,154 Sears Roebuck Acceptance Corporation, 5.03% due 06/13/96 500,000 496,996 SunTrust Banks, Incorporated, 5.10% due 05/08/96 500,000 499,504 Tampa Electric Company, 5.35% due 05/08/96 500,000 499,480 Toshiba America, Incorporated, 5.07% due 05/13/96 500,000 499,155 Wilmington Trust Company, 5.15% due 05/13/96 500,000 500,000 Zeneca Wilmington Company, 5.30% due 07/17/96 500,000 494,332 TOTAL COMMERCIAL PAPER $16,147,552 ---------- TOTAL INVESTMENTS (Money Market Fund) $17,935,400 =========== Key to Currency Abbreviations ----------------------------- AUD - Australian Dollar BEF - Belgian Franc CAD - Canadian Dollar DKK - Danish Krone FRF - French Franc DEM - German Deustche Mark (POUND) - Great British Pound HKD - Hong Kong Dollar ITL - Italian Lira (YEN) - Japanese Yen MYR - Malaysian Ringgit NLG - Netherland Guilder SGD - Singapore Dollar ESP - Spanish Peseta CHF - Swiss Franc Key to Security Abbreviations and Legend ---------------------------------------- ADR - American Depository Receipt FRN - Floating Rate Note ICULS - Irredeemable Convertible Unsecured Loan Stock REMIC - Real Estate Mortgage Investment Conduit TBA - To Be Announced VR - Variable Rate Demand Note (Maturity date shown is the date of next interest rate change and coupon rate is the rate effective as of April 30, 1996.) * - Non-Income producing ** - Purchased on a forward commitment (Note 2) *** - At April 30, 1996 a portion of this security was pledged to cover forward commitments purchased. **** - At April 30, 1996 a portion of this security was pledged to cover margin requirements for open futures contracts.
The accompanying notes are an integral part of the financial statements. 60 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS - (UNAUDITED) - -------------------------------------------------------------------------------- 1. ORGANIZATION OF THE FUND. North American Funds (the "Fund") is an open-end, diversified management investment company. The Fund is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended. 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, 1996, the Fund offered the following thirteen portfolios: the Small/Mid Cap Fund, the International Small Cap Fund, the Growth Equity Fund, the Global Growth Fund, the Value Equity Fund (formerly, the Growth Fund), the Growth and Income Fund, the International Growth and Income Fund, the Asset Allocation Fund, the Strategic Income Fund, the Investment Quality Bond Fund, the U.S. Government Securities Fund, the National Municipal Bond Fund and the Money Market Fund. On April 1, 1994, the multiple class structure as approved by the Board of Trustees and shareholders was implemented. The Fund offers Class A, Class B and Class C shares. Class A shares are sold with a front-end sales charge up to 4.75%. Class B 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 B shares will automatically convert to Class A shares of the same portfolio six years after purchase. Class C shares are sold without an initial sales charge. Class C shares will automatically convert to Class A shares of the same portfolio ten years after purchase. All three 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. Classes A, B and C of the Money Market Fund have the same expense structure and no distribution expense. NASL Financial Services, Inc. ("NASL Financial"), a wholly-owned subsidiary of North American Security Life Insurance Company, serves as investment adviser, principal underwriter and distributor for the Fund. NEW PORTFOLIOS. On March 4, 1996, the Small/Mid Cap, International Small Cap and Growth Equity Funds commenced operations. Fred Alger Management, Inc. is the subadviser to the Small/Mid Cap Fund. The subadviser to the International Small Cap and Growth Equity Funds is Founders Asset Management, Inc. 2. SIGNIFICANT ACCOUNTING POLICIES. The Fund follows the policies described below when preparing the portfolios' financial statements. These policies are in accordance with generally accepted accounting principles. BASIS OF PRESENTATION. The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, all adjustments necessary for a fair presentation of the financial position and the results of operations have been included. Results for the six months ended April 30, 1996 are not necessarily indicative of annual results. SECURITY VALUATION. Securities held by the Money Market Fund and money market instruments with remaining maturities of 60 days or less held by the other portfolios are valued at either the amortized cost basis or original cost plus accrued interest, both of which approximate current market value. All other securities held by the Fund 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 Exchange. 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. FOREIGN CURRENCY TRANSLATIONS. The accounting records of the Fund 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. 61 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS - CONTINUED - -------------------------------------------------------------------------------- NOTE 2 - CONTINUED FORWARD FOREIGN CURRENCY CONTRACTS. All portfolios with the exception of the U.S. Government Securities, National Municipal Bond and Money Market Funds 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 using forward currency exchange rates supplied by a quotation service. The Fund 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 or which the portfolio has terminated by entering into an offsetting commitment. FUTURES. All portfolios other than the U.S. Government Securities and Money Market Fund may purchase and sell financial futures contracts and options on those contracts. The portfolios invest in contracts based on financial instruments such as U.S. Treasury bonds or notes or on securities indices such as the S&P 500 Index, in order to hedge against a decline in the value of securities owned by the portfolios. When a portfolio sells a futures contract based on a financial instrument, the portfolio becomes obligated to deliver that kind of instrument at an agreed upon date for a specified price. The portfolio realizes a gain or loss depending on whether the price of an offsetting purchase is less or more than the price of the initial sale or on whether the price of an offsetting sale is more or less than the price of the initial purchase. The portfolio could be exposed to risks if it could not close out futures positions because of an illiquid secondary market or the inability of counterparties to meet the terms of their contracts. Upon entering into futures contracts, the portfolio is required to deposit with a broker an amount, initial margin, which represents 5% of the purchase price indicated in the futures contract. Payments to and from the broker, known as variation margin, are required to be made on a daily basis as the price of the futures contract fluctuates, making the long or short positions in the contract more or less valuable. If the position is closed out by taking an opposite position prior to the settlement date of the futures contract, a final determination of variation margin is made, cash is required to be paid to or released by the broker, and the portfolio realizes a gain or loss. FORWARD COMMITMENTS. The Fund may make forward commitments to purchase and sell securities. 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 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, 1996, forward commitments in the Asset Allocation, Strategic Income and U.S. Government Securities Funds were valued at $12,663,070, $1,464,742 and $33,869,251, respectively. MORTGAGE DOLLAR ROLLS. The Strategic Income and U. S. Government Securities Funds may enter into mortgage dollar rolls in which they sell mortgage securities for 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 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. SECURITIES LENDING. The Fund may lend its portfolio securities in amounts up to 33% of its 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 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. 62 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS - CONTINUED - -------------------------------------------------------------------------------- SECURITIES LENDING - CONTINUED 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. Income generated from the investment of cash collateral 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 must 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, 1996, the value of the securities loaned amounted to $15,100,348, $2,925,275, $656,519, $2,338,583, $136,800, $2,217,631 and $51,218 in the Global Growth, Value Equity, Growth and Income, International Growth and Income, Asset Allocation, Strategic Income and Investment Quality Bond Funds, respectively. At April 30, 1996, the value of cash collateral amounted to $16,124,710, $3,001,500, $679,320, $2,491,890, $139,200, $2,260,758 and $52,500 in the Global Growth, Value Equity, Growth and Income, International Growth and Income, Asset Allocation, Strategic Income and Investment Quality Bond Funds, respectively. ORGANIZATION COSTS. Cost incurred by the Fund in connection with its organization, its initial registration with the Securities and Exchange Commission and with various states, and the initial public offering of its shares is being amortized on a straight line basis over a five-year period for the Growth and Income, International Growth and Income, Strategic Income, Investment Quality Bond and the National Municipal Bond Funds. In the event that any of the initial shares of each of the Growth and Income and Investment Quality Bond Funds are redeemed by NASL Financial during the amortization period, the portfolios of the Fund will be reimbursed for any unamortized organization expenses in the same proportion as the number of initial shares being redeemed bears to the number of initial shares outstanding at the time of such redemption. All costs incurred by the implemention of the multiple class structure were borne by NASL Financial. FEDERAL INCOME TAXES. The Fund'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. Distribution of net investment income is declared as a dividend to shareholders of record as of the close of business each day and is paid monthly for the Investment Quality Bond and U.S. Government Securities Funds, semi-annually to shareholders of the Growth and Income and International Growth and Income Funds, and annually to shareholders of the Small/Mid Cap, International Small Cap, Growth Equity, Global Growth, Value Equity and Asset Allocation Funds. All of the net investment income of the Strategic Income, National Municipal Bond and Money Market Funds is declared as a dividend to shareholders of record as of the close of business each day and is paid monthly. During any particular year, net realized gains from investment 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 four percent federal excise tax. EQUALIZATION. The Fund follows the accounting practice known as equalization, by which a portion of the proceeds from sales and costs of repurchases of the Fund's shares are allocated, on a per share basis, to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or redemptions of the Fund's shares. REPURCHASE AND REVERSE REPURCHASE AGREEMENTS. Each portfolio may enter into repurchase agreements and, additionally, the U.S. Government Securities Fund may enter into reverse repurchase agreements. When a portfolio enters into a repurchase agreement through its custodian, it receives delivery of the underlying 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 resale 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, the U.S. Government Securities Fund may sell a debt security and agree to repurchase it at an agreed upon time and at an agreed upon price. OTHER. Investment security transactions are accounted for on the 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 Fund uses the First In, First Out method for determining realized gain or loss on investments for both financial and federal income tax reporting purposes. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities. Actual results may differ from these estimates. 63 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS - CONTINUED - -------------------------------------------------------------------------------- 3. CAPITAL SHARES. Share activity for the six months ended April 30, 1996 is as follows:
ADDITIONAL SHARES PAR VALUE PAID-IN CAPITAL ----------------- -------------------- --------------------- SMALL/MID CAP FUND-CLASS A Outstanding at March 4, 1996 (commencement of operations)............................. --- -- --- Sold........................................ 98,494 $98 $1,242,988 Redeemed.................................... (88) -- (1,102) ------ --- ---------- Net increase.............................. 98,406 98 1,241,886 ------ --- ---------- Outstanding at April 30, 1996............... 98,406 $98 $1,241,886 ====== === ========== SMALL/MID CAP FUND-CLASS B Outstanding at March 4, 1996 (commencement of operations)............................. --- --- --- Sold........................................ 126,675 $127 $1,609,644 Redeemed.................................... --- --- --- ------- ---- ---------- Net increase.............................. 126,675 127 1,609,644 ------- ---- ---------- Outstanding at April 30, 1996............... 126,675 $127 $1,609,644 ======= ==== ========== SMALL/MID CAP FUND-CLASS C Outstanding at March 4, 1996 (commencement of operations)............................. --- --- --- Sold........................................ 134,208 $134 $1,708,029 Redeemed.................................... (289) --- (3,772) ------- ---- ---------- Net increase.............................. 133,919 134 1,704,257 ------- ---- ---------- Outstanding at April 30, 1996............... 133,919 $134 $1,704,257 ======= ==== ========== INTERNATIONAL SMALL CAP FUND-CLASS A Outstanding at March 4, 1996 (commencement of operations)............................. --- -- --- Sold........................................ 65,902 $66 $832,110 Redeemed.................................... --- -- --- ------ --- -------- Net increase.............................. 65,902 66 832,110 ------ --- -------- Outstanding at April 30, 1996............... 65,902 $66 $832,110 ====== === ======== INTERNATIONAL SMALL CAP FUND-CLASS B Outstanding at March 4, 1996 (commencement of operations)............................. --- -- --- Sold........................................ 74,434 $74 $944,820 Redeemed.................................... --- -- --- ------ --- -------- Net increase.............................. 74,434 74 944,820 ------ --- -------- Outstanding at April 30, 1996............... 74,434 $74 $944,820 ====== === ======== INTERNATIONAL SMALL CAP FUND-CLASS C Outstanding at March 4, 1996 (commencement of operations)............................. --- -- --- Sold........................................ 94,423 $95 $1,200,058 Redeemed.................................... (6) -- (73) ------ --- ---------- Net increase.............................. 94,417 95 1,199,985 ------ --- ---------- Outstanding at April 30, 1996............... 94,417 $95 $1,199,985 ====== === ========== GROWTH EQUITY FUND-CLASS A Outstanding at March 4, 1996 (commencement of operations)............................. --- --- --- Sold........................................ 124,512 $125 $1,563,710 Redeemed.................................... --- --- --- ------- ---- ---------- Net increase.............................. 124,512 125 1,563,710 ------- ---- ---------- Outstanding at April 30, 1996............... 124,512 $125 $1,563,710 ======= ==== ==========
64 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS - CONTINUED - -------------------------------------------------------------------------------- NOTE 3 - CONTINUED
ADDITIONAL SHARES PAR VALUE PAID-IN CAPITAL -------------- --------------- -------------------- GROWTH EQUITY FUND-CLASS B Outstanding at March 4, 1996 (commencement of operations)............................. ---- -- ---- Sold........................................ 94,444 $94 $1,185,573 Redeemed.................................... ---- -- ---- ------ --- ---------- Net increase.............................. 94,444 94 1,185,573 ------ --- ---------- Outstanding at April 30, 1996............... 94,444 $94 $1,185,573 ====== === ========== GROWTH EQUITY FUND-CLASS C Outstanding at March 4, 1996 (commencement.. ---- --- ---- of operations)............................. 72,459 $73 $916,656 Sold........................................ (3,661) (4) (47,375) Redeemed.................................... ------ --- -------- 68,798 69 869,281 Net increase.............................. ------ --- -------- 68,798 $69 $869,281 Outstanding at April 30, 1996............... ====== === ======== GLOBAL GROWTH FUND-CLASS A Outstanding at October 31, 1995............. 1,726,660 $1,727 $ 24,333,372 Sold........................................ 1,215,793 1,216 17,099,239 Reinvestment of distributions............... 26,266 26 369,806 Redeemed.................................... (1,141,733) (1,142) (16,146,712) ---------- ------- ------------ Net increase.............................. 100,326 100 1,322,333 ---------- ------- ------------ Outstanding at April 30, 1996............... 1,826,986 $1,827 $ 25,655,705 ========== ======= ============ GLOBAL GROWTH FUND-CLASS B Outstanding at October 31, 1995............. 1,698,251 $1,698 $23,880,103 Sold........................................ 336,940 337 4,762,749 Reinvestment of distributions............... 16,612 17 233,046 Redeemed.................................... (202,474) (203) (2,890,131) --------- ------ ----------- Net increase.............................. 151,078 151 2,105,664 --------- ------ ----------- Outstanding at April 30, 1996............... 1,849,329 $1,849 $25,985,767 ========= ====== =========== GLOBAL GROWTH FUND-CLASS C Outstanding at October 31, 1995............. 6,069,937 $6,070 $77,071,294 Sold........................................ 444,339 444 6,325,249 Reinvestment of distributions............... 38,847 39 546,504 Redeemed.................................... (1,140,145) (1,140) (16,246,173) ---------- ------- ------------ Net decrease.............................. (656,959) (657) (9,374,420) ---------- ------- ------------ Outstanding at April 30, 1996............... 5,412,978 $5,413 $67,696,874 ========== ======= ============ VALUE EQUITY FUND-CLASS A Outstanding at October 31, 1995............. 1,381,954 $1,382 $20,109,792 Sold........................................ 598,901 599 9,632,285 Reinvestment of distributions............... 137,074 137 2,054,578 Redeemed.................................... (568,115) (568) (9,144,323) --------- ------ ----------- Net increase.............................. 167,860 168 2,542,540 --------- ------ ----------- Outstanding at April 30, 1996............... 1,549,814 $1,550 $22,652,332 ========= ====== =========== VALUE EQUITY FUND-CLASS B Outstanding at October 31, 1995............. 1,254,421 $1,254 $18,921,823 Sold........................................ 363,679 364 5,799,863 Reinvestment of distributions............... 113,112 113 1,704,453 Redeemed.................................... (223,164) (223) (3,540,089) --------- ------ ----------- Net increase.............................. 253,627 254 3,964,227 --------- ------ ----------- Outstanding at April 30, 1996............... 1,508,048 $1,508 $22,886,050 ========= ====== ===========
65 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS - CONTINUED - -------------------------------------------------------------------------------- NOTE 3 - CONTINUED
ADDITIONAL SHARES PAR VALUE PAID-IN CAPITAL -------------- --------------- -------------------- VALUE EQUITY FUND-CLASS C Outstanding at October 31,1995.............. 5,284,502 $5,285 $67,053,930 Sold........................................ 503,003 503 8,058,675 Reinvestment of distributions............... 439,091 439 6,651,838 Redeemed.................................... (1,015,114) (1,016) (16,258,558) ---------- ------- ------------ Net decrease.............................. (73,020) (74) (1,548,045) ---------- ------- ------------ Outstanding at April 30, 1996............... 5,211,482 $5,211 $65,505,885 ========== ======= ============ GROWTH AND INCOME FUND-CLASS A Outstanding at October 31, 1995............. 827,682 $828 $10,769,205 Sold........................................ 195,440 196 3,034,151 Reinvestment of distributions............... 13,380 13 201,267 Redeemed.................................... (88,779) (89) (1,375,273) ------- ---- ----------- Net increase.............................. 120,041 120 1,860,145 ------- ---- ----------- Outstanding at April 30, 1996............... 947,723 $948 $12,629,350 ======= ==== =========== GROWTH AND INCOME FUND-CLASS B Outstanding at October 31, 1995............. 1,297,356 $1,297 $17,462,876 Sold........................................ 560,428 561 8,649,759 Reinvestment of distributions............... 19,071 19 287,950 Redeemed.................................... (104,691) (105) (1,633,800) --------- ------ ----------- Net increase.............................. 474,808 475 7,303,909 --------- ------ ----------- Outstanding at April 30, 1996............... 1,772,164 $1,772 $24,766,785 ========= ====== =========== GROWTH AND INCOME FUND-CLASS C Outstanding at October 31, 1995............. 4,292,794 $4,293 $51,514,264 Sold........................................ 617,899 618 9,599,288 Reinvestment of distributions............... 50,231 50 757,210 Redeemed.................................... (647,871) (648) (10,081,924) --------- ------ ------------ Net increase.............................. 20,259 20 274,574 --------- ------ ------------ Outstanding at April 30, 1996............... 4,313,053 $4,313 $51,788,838 ========= ====== ============ INTERNATIONAL GROWTH & INCOME FUND-CLASS A Outstanding at October 31, 1995............. 682,252 $ 682 $6,889,119 Sold........................................ 127,693 128 1,347,649 Reinvestment of distributions............... 12,258 12 127,603 Redeemed.................................... (459,088) (459) (4,849,952) -------- ----- ----------- Net decrease.............................. (319,137) (319) (3,374,700) -------- ----- ----------- Outstanding at April 30, 1996............... 363,115 $363 $3,514,419 ======== ===== =========== INTERNATIONAL GROWTH & INCOME FUND-CLASS B Outstanding at October 31, 1995............. 834,017 $834 $8,385,870 Sold....................................... 430,343 430 4,525,391 Reinvestment of distributions.............. 13,587 14 141,835 Redeemed................................... (71,228) (71) (755,729) --------- ------ ----------- Net increase.............................. 372,702 373 3,911,497 --------- ------ ----------- Outstanding at April 30, 1996............... 1,206,719 $1,207 $12,297,367 ========= ====== =========== INTERNATIONAL GROWTH & INCOME FUND-CLASS C Outstanding at October 31, 1995............. 626,235 $626 $6,302,145 Sold........................................ 253,209 253 2,667,826 Reinvestment of distributions............... 9,958 10 104,054 Redeemed.................................... (192,863) (193) (2,070,397) -------- ----- ----------- Net increase.............................. 70,304 70 701,483 -------- ----- ----------- Outstanding at April 30, 1996............... 696,539 $ 696 $ 7,003,628 ======== ===== ===========
66 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS - CONTINUED - -------------------------------------------------------------------------------- NOTE 3 - CONTINUED
ADDITIONAL SHARES PAR VALUE PAID-IN CAPITAL ------------- --------------- -------------------- ASSET ALLOCATION FUND-CLASS A Outstanding at October 31, 1995................... 834,714 $835 $ 9,207,069 Sold.............................................. 112,443 112 1,305,570 Reinvestment of distributions..................... 85,976 86 941,431 Redeemed.......................................... (84,450) (84) (971,247) ------- ---- ----------- Net increase.................................... 113,969 114 1,275,754 ------- ---- ----------- Outstanding at April 30, 1996..................... 948,683 $949 $10,482,823 ======= ==== =========== ASSET ALLOCATION FUND-CLASS B Outstanding at October 31, 1995.................. 824,443 $824 $ 9,061,513 Sold.............................................. 279,661 280 3,256,689 Reinvestment of distributions..................... 85,887 86 943,699 Redeemed.......................................... (45,115) (45) (527,499) --------- ------ ----------- Net increase.................................... 320,433 321 3,672,889 --------- ------ ----------- Outstanding at April 30, 1996..................... 1,144,876 $1,145 $12,734,402 ========= ====== =========== ASSET ALLOCATION FUND-CLASS C Outstanding at October 31, 1995................... 6,706,025 $6,706 $65,861,087 Sold.............................................. 379,855 380 4,430,143 Reinvestment of distributions..................... 577,601 577 6,358,727 Redeemed.......................................... (805,884) (806) (9,357,214) --------- ------ ----------- Net increase.................................... 151,572 151 1,431,656 --------- ------ ----------- Outstanding at April 30, 1996..................... 6,857,597 $6,857 $67,292,743 ========= ====== =========== STRATEGIC INCOME FUND-CLASS A Outstanding at October 31, 1995................... 1,107,567 $1,107 $11,964,570 Sold.............................................. 173,111 173 1,611,023 Reinvestment of distributions..................... 24,314 25 228,601 Redeemed.......................................... (163,001) (163) (1,534,806) --------- ------ ----------- Net increase.................................... 34,424 35 304,818 --------- ------ ----------- Outstanding at April 30, 1996..................... 1,141,991 $1,142 $12,269,388 ========= ====== =========== STRATEGIC INCOME FUND-CLASS B Outstanding at October 31, 1995................... 2,280,183 $2,280 $20,129,660 Sold.............................................. 646,021 646 6,041,156 Reinvestment of distributions..................... 40,798 41 383,757 Redeemed.......................................... (198,356) (198) (1,862,266) --------- ------ ----------- Net increase.................................... 488,463 489 4,562,647 --------- ------ ----------- Outstanding at April 30, 1996..................... 2,768,646 $2,769 $24,692,307 ========= ====== =========== STRATEGIC INCOME FUND-CLASS C Outstanding at October 31, 1995................... 1,574,343 $1,574 $14,068,758 Sold.............................................. 556,049 556 5,203,140 Reinvestment of distributions..................... 42,881 43 403,188 Redeemed.......................................... (303,086) (303) (2,861,322) --------- ------ ----------- Net increase.................................... 295,844 296 2,745,006 --------- ------ ----------- Outstanding at April 30, 1996..................... 1,870,187 $1,870 $16,813,764 ========= ====== ===========
67 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS - CONTINUED - -------------------------------------------------------------------------------- NOTE 3 - CONTINUED
ADDITIONAL SHARES PAR VALUE PAID-IN CAPITAL ------------- --------------- -------------------- INVESTMENT QUALITY BOND FUND-CLASS A Outstanding at October 31, 1995................... 979,526 $ 980 $10,738,901 Sold.............................................. 46,913 47 494,823 Reinvestment of distributions..................... 21,105 21 223,478 Redeemed.......................................... (123,208) (124) (1,286,849) -------- ----- ----------- Net decrease..................................... (55,190) (56) (568,548) -------- ----- ----------- Outstanding at April 30, 1996..................... 924,336 $924 $10,170,353 ======== ===== =========== INVESTMENT QUALITY BOND FUND-CLASS B Outstanding at October 31, 1995................... 328,970 $329 $3,312,807 Sold.............................................. 156,831 157 1,659,918 Reinvestment of distributions..................... 8,366 8 88,316 Redeemed.......................................... (48,436) (48) (508,504) ------- ---- ---------- Net increase..................................... 116,761 117 1,239,730 ------- ---- ---------- Outstanding at April 30, 1996..................... 445,731 $446 $4,552,537 ======= ==== ========== INVESTMENT QUALITY BOND FUND-CLASS C Outstanding at October 31, 1995................... 683,013 $683 $6,915,070 Sold.............................................. 171,017 171 1,788,679 Reinvestment of distributions..................... 14,997 15 158,687 Redeemed.......................................... (246,796) (247) (2,595,177) -------- ----- ----------- Net decrease..................................... (60,782) (61) (647,811) -------- ----- ----------- Outstanding at April 30, 1996..................... 622,231 $622 $6,267,259 ======== ===== =========== U.S. GOVERNMENT SECURITIES FUND-CLASS A Outstanding at October 31, 1995................... 8,130,813 $8,130 $84,036,450 Sold.............................................. 362,210 362 3,587,481 Reinvestment of distributions..................... 149,896 150 1,495,231 Redeemed.......................................... (955,787) (955) (9,500,108) --------- ------ ----------- Net decrease..................................... (443,681) (443) (4,417,396) --------- ------ ----------- Outstanding at April 30, 1996..................... 7,687,132 $7,687 $79,619,054 ========= ====== =========== U.S. GOVERNMENT SECURITIES FUND-CLASS B Outstanding at October 31, 1995................... 1,402,069 $1,402 $13,649,755 Sold.............................................. 803,330 803 8,007,825 Reinvestment of distributions..................... 31,753 32 316,550 Redeemed.......................................... (243,900) (244) (2,423,055) --------- ------ ----------- Net increase..................................... 591,183 591 5,901,320 --------- ------ ----------- Outstanding at April 30, 1996..................... 1,993,252 $1,993 $19,551,075 ========= ====== =========== U.S. GOVERNMENT SECURITIES FUND-CLASS C Outstanding at October 31, 1995................... 2,022,679 $2,023 $19,474,359 Sold.............................................. 645,992 646 6,396,370 Reinvestment of distributions..................... 43,952 44 438,413 Redeemed.......................................... (625,413) (626) (6,212,125) --------- ------ ----------- Net increase..................................... 64,531 64 622,658 --------- ------ ----------- Outstanding at April 30, 1996..................... 2,087,210 $2,087 $20,097,017 ========= ====== ===========
68 NORTH AMERICAN FUDS NOTES TO FINANCIAL STATEMENTS - CONTINUED - -------------------------------------------------------------------------------- NOTE 3 - CONTINUED
ADDITIONAL SHARES PAR VALUE PAID-IN CAPITAL -------- ----------- --------------- NATIONAL MUNICIPAL BOND FUND-CLASS A Outstanding at October 31, 1995........................ 791,917 $792 $8,182,439 Sold................................................... 72,361 72 701,915 Reinvestment of distributions.......................... 9,342 9 91,234 Redeemed............................................... (51,166) (51) (494,456) ------- ---- ---------- Net decrease.......................................... (30,537) (30) (298,693) ------- ---- ---------- Outstanding at April 30, 1996.......................... 822,454 $822 $8,481,132 ======= ==== ========== NATIONAL MUNICIPAL BOND FUND-CLASS B Outstanding at October 31, 1995........................ 610,972 $611 $5,609,968 Sold................................................... 91,216 91 885,851 Reinvestment of distributions.......................... 7,648 8 74,683 Redeemed............................................... (67,640) (68) (654,424) ------- ---- ---------- Net increase.......................................... 31,224 31 306,110 ------- ---- ---------- Outstanding at April 30, 1996.......................... 642,196 $642 $5,916,078 ======= ==== ========== NATIONAL MUNICIPAL BOND FUND-CLASS C Outstanding at October 31, 1995........................ 710,507 $711 $6,609,550 Sold................................................... 76,802 77 747,421 Reinvestment of distributions.......................... 9,553 9 93,244 Redeemed............................................... (133,019) (133) (1,287,163) -------- ----- ----------- Net decrease.......................................... (46,664) (47) (446,498) -------- ----- ----------- Outstanding at April 30, 1996.......................... 663,843 $664 $6,163,052 ======== ===== =========== MONEY MARKET FUND-CLASS A Outstanding at October 31, 1995........................ 11,378,848 $11,379 $11,367,470 Sold................................................... 22,919,903 22,920 22,896,983 Reinvestment of distributions.......................... 171,462 171 171,291 Redeemed............................................... (26,636,970) (26,637) (26,610,333) ----------- -------- ------------ Net decrease......................................... (3,545,605) (3,546) (3,542,059) ----------- -------- ------------ Outstanding at April 30, 1996.......................... 7,833,243 $7,833 $7,825,410 =========== ======== ============ MONEY MARKET FUND-CLASS B Outstanding at October 31, 1995........................ 1,564,104 $1,564 $1,562,539 Sold................................................... 2,899,188 2,899 2,896,289 Reinvestment of distributions.......................... 23,620 23 23,597 Redeemed............................................... (3,059,983) (3,060) (3,056,923) ---------- ------- ----------- Net decrease......................................... (137,175) (138) (137,037) ---------- ------- ----------- Outstanding at April 30, 1996.......................... 1,426,929 $1,427 $1,425,502 ========== ======= =========== MONEY MARKET FUND-CLASS C Outstanding at October 31, 1995........................ 9,394,496 $9,395 $9,385,101 Sold................................................... 9,747,028 9,747 9,737,281 Reinvestment of distributions.......................... 169,018 169 168,849 Redeemed............................................... (10,679,721) (10,680) (10,669,041) ----------- -------- ------------ Net decrease......................................... (763,675) (764) (762,911) ----------- -------- ------------ Outstanding at April 30, 1996.......................... 8,630,821 $8,631 $8,622,190 =========== ======== ============
69 4. PURCHASES AND SALES OF SECURITIES. The following table summarizes the securities transactions (excluding short-term investments) for all portfolios, excluding the Money Market Fund, for the six months ended April 30, 1996:
PURCHASES SALES ----------------------------------- ----------------------------------- PORTFOLIO U.S. GOVERNMENT OTHER ISSUES U.S. GOVERNMENT OTHER ISSUES - ------------- ----------------- --------------- ----------------- -------------- Small/Mid Cap....................... ------ $3,444,651 ------ $249,075 International Small Cap............. ------ 2,278,179 ------ 38,300 Growth Equity....................... ------ 3,679,902 ------ 529,122 Global Growth....................... ------ 42,818,806 ------ 49,642,848 Value Equity........................ ------ 51,398,850 ------ 54,018,433 Growth and Income................... ------ 30,848,744 ------ 20,067,337 International Growth & Income....... ------ 17,558,170 ------ 15,752,889 Asset Allocation.................... $92,091,371 21,676,994 $89,179,151 25,282,891 Strategic Income.................... 34,302,116 26,521,133 30,395,804 24,776,394 Investment Quality Bond............. 2,381,581 2,589,577 3,528,050 1,077,652 U.S. Government Securities.......... 233,354,908 568,080 239,041,185 219,086 National Municipal Bond............. ------ 6,882,880 ------ 7,049,706
Purchases and sales (maturities) for the Money Market Fund for the six months ended April 30, 1996 were $123,018,198 and $125,170,593, respectively. At April 30, 1996, 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 - ------------- --------------- -------------- ---------------- --------------- Small/Mid Cap $4,233,176 $204,702 $272,155 $67,453 International Small Cap............ 2,925,179 103,962 131,410 27,448 Growth Equity...................... 3,541,535 217,242 246,946 29,704 Global Growth...................... 118,255,574 18,953,924 21,886,501 2,932,577 Value Equity....................... 118,877,049 17,640,676 18,534,973 894,297 Growth and Income.................. 91,390,474 22,069,294 22,565,692 496,398 International Growth and Income.... 22,487,968 1,503,295 1,981,721 478,426 Asset Allocation.................... 106,824,694 8,974,865 10,212,439 1,237,574 Strategic Income.................... 54,316,072 1,234,693 2,548,474 1,313,781 Investment Quality Bond............. 20,238,240 (213,103) 173,581 386,684 U.S. Government Securities.......... 148,835,457 (884,275) 320,947 1,205,222 National Municipal Bond............. 19,883,387 38,227 269,255 231,028
The following is a summary of futures contracts activity for the six months ended April 30, 1996:
SALES OF FUTURES CONTRACTS PURCHASES OF FUTURES CONTRACTS ------------------------------- ----------------------------------------------- AGGREGATE AGGREGATE NUMBER OF FACE VALUE NUMBER OF FACE VALUE OF UNREALIZED CONTRACTS OF CONTRACTS CONTRACTS CONTRACTS LOSS ------------- -------------- ------------- --------------- -------------- ASSET ALLOCATION FUND: U.S. TREASURY BOND FUTURES: Outstanding, October 31, 1995...................... 7 $ 700,000 38 $ 3,800,000 Contracts opened.......... 15 1,500,000 128 12,800,000 Contracts closed.......... (22) (2,200,000) (132) (13,200,000) --- ----------- ---- ------------ Outstanding, April 30, 1996 --- ---- 34 $ 3,400,000 $(132,277) === =========== ==== ============ =========
70 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS - CONTINUED - -------------------------------------------------------------------------------- 5. INVESTMENT ADVISORY AGREEMENTS. The Fund maintains an Investment Advisory Agreement with NASL Financial ("the Adviser"). The Adviser is responsible for managing the corporate and business affairs of the Fund 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 Fund. As compensation for its services, the Adviser receives a fee from the Fund computed separately for each portfolio at an annual percentage of average net assets as follows:
BETWEEN BETWEEN $50,000,000 $200,000,000 FIRST AND AND EXCESS OVER PORTFOLIO $50,000,000 $200,000,000 $500,000,000 $500,000,000 - ------------- -------------- ------------------ ------------------ --------------- Small/Mid Cap.................... .925% .900% .875% .850% International Small Cap.......... 1.050% 1.000% .900% .800% Growth Equity.................... .900% .850% .825% .800% Global Growth.................... .900% .900% .700% .700% Value Equity..................... .725% .675% .625% .550% Growth and Income................ .725% .675% .625% .550% International Growth and Income.. .900% .850% .800% .750% Asset Allocation................. .725% .675% .625% .550% Strategic Income................. .750% .700% .650% .600% Investment Quality Bond.......... .600% .600% .525% .475% U.S. Government Securities....... .600% .600% .525% .475% National Municipal Bond.......... .600% .600% .600% .600% Money Market..................... .200% .200% .200% .145%
DISTRIBUTION PLAN AND EXPENSE REIMBURSEMENT. Pursuant to the Investment Advisory Agreement, NASL Financial will reduce the advisory fee or if necessary reimburse each portfolio of the Fund (excluding taxes, portfolio brokerage commissions, interest, certain litigation and indemnification expenses, extraordinary expenses and all of the portfolio's distribution fees) for expenses incurred in excess (Expense limitation) of the following annual percentages of average net assets as highlighted in the table below. The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940 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 fund, other than the Money Market Fund, of a monthly distribution fee to NASL Financial, as principal underwriter for the Fund as highlighted in the table below:
PORTFOLIO CLASS A CLASS B CLASS C - --------------- -------------- -------------- --------------- SMALL/MID CAP Management fees......... 0.925% 0.925% 0.925% Other expenses.......... 0.400% 0.400% 0.400% ------ ------ ------ Expense limitation...... 1.325% 1.325% 1.325% ====== ====== ====== Rule 12b-1 fees......... 0.350% 1.000% 1.000% ====== ====== ====== INTERNATIONAL SMALL CAP Management fees......... 1.050% 1.050% 1.050% Other expenses.......... 0.500% 0.500% 0.500% ------ ------ ------ Expense limitation...... 1.550% 1.550% 1.550% ====== ====== ====== Rule 12b-1 fees......... 0.350% 1.000% 1.000% ====== ====== ====== GROWTH EQUITY Management fees......... 0.900% 0.900% 0.900% Other expenses.......... 0.400% 0.400% 0.400% ------ ------ ------ Expense limitation...... 1.300% 1.300% 1.300% ====== ====== ====== Rule 12b-1 fees......... 0.350% 1.000% 1.000% ====== ====== ======
71 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS - CONTINUED - -------------------------------------------------------------------------------- NOTE 5 - CONTINUED
PORTFOLIO CLASS A CLASS B CLASS C - ------------- ------------- ------------ ------------- GLOBAL GROWTH Management fees................. 0.900% 0.900% 0.900% Other expenses.................. 0.500% 0.500% 0.500% ------ ------ ------- Expense limitation.............. 1.400% 1.400% 1.400% ====== ====== ======= Rule 12b-1 fees................. 0.350% 1.000% 1.000% ====== ====== ======= VALUE EQUITY Management fees................. 0.725% 0.725% 0.725% Other expenses.................. 0.265% 0.265% 0.265% ------ ------ ------- Expense limitation.............. 0.990% 0.990% 0.990% ====== ====== ======= Rule 12b-1 fees................. 0.350% 1.000% 1.000% ====== ====== ======= GROWTH AND INCOME Management fees................. 0.725% 0.725% 0.725% Other expenses.................. 0.265% 0.265% 0.265% ------ ------ ------- Expense limitation.............. 0.990% 0.990% 0.990% ====== ====== ======= Rule 12b-1 fees................. 0.350% 1.000% 1.000% ====== ====== ======= INTERNATIONAL GROWTH AND INCOME Management fees................. 0.900% 0.900% 0.900% Other expenses.................. 0.500% 0.500% 0.500% ------ ------ ------ Expense limitation.............. 1.400% 1.400% 1.400% ====== ====== ====== Rule 12b-1 fees................. 0.350% 1.000% 1.000% ====== ====== ====== ASSET ALLOCATION Management fees................. 0.725% 0.725% 0.725% Other expenses.................. 0.265% 0.265% 0.265% ------ ------ ------ Expense limitation.............. 0.990% 0.990% 0.990% ====== ====== ====== Rule 12b-1 fees................. 0.350% 1.000% 1.000% ====== ====== ====== STRATEGIC INCOME Management fees................. 0.750% 0.750% 0.750% Other expenses.................. 0.400% 0.400% 0.400% ------ ------ ------ Expense limitation.............. 1.150% 1.150% 1.150% ====== ====== ====== Rule 12b-1 fees................. 0.350% 1.000% 1.000% ====== ====== ====== INVESTMENT QUALITY BOND Management fees................. 0.600% 0.600% 0.600% Other expenses.................. 0.300% 0.300% 0.300% ------ ------ ------ Expense limitation.............. 0.900% 0.900% 0.900% ====== ====== ====== Rule 12b-1 fees................. 0.350% 1.000% 1.000% ====== ====== ====== U.S. GOVERNMENT SECURITIES Management fees................. 0.600% 0.600% 0.600% Other expenses.................. 0.300% 0.300% 0.300% ------ ------ ------ Expense limitation.............. 0.900% 0.900% 0.900% ====== ====== ====== Rule 12b-1 fees................. 0.350% 1.000% 1.000% ====== ====== ======
72 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS - CONTINUED - -------------------------------------------------------------------------------- NOTE 5 - CONTINUED
PORTFOLIO CLASS A CLASS B CLASS C - ------------- ------------- --------------- ------------- NATIONAL MUNICIPAL BOND Management fees................... 0.600% 0.600% 0.600% Other expenses.................... 0.240% 0.240% 0.240% ------ ------ ------ Expense limitation................ 0.840% 0.840% 0.840% ====== ====== ====== Rule 12b-1 fees................... 0.150% 1.000% 1.000% ====== ====== ====== MONEY MARKET Management fees................... 0.200% 0.200% 0.200% Other expenses.................... 0.300% 0.300% 0.300% ------ ------ ------ Expense limitation................ 0.500% 0.500% 0.500% ====== ====== ======
In accordance with the Investment Advisory agreement, NASL Financial, in addition to providing advisory services, provides accounting and administrative services for which NASL Financial charged $604,233 to the Fund, before reimbursement based on expense limitations, for the six months ended April 30, 1996. 6. TRUSTEE'S FEES. The Fund pays each Trustee who is not an employee or a director of the Adviser or its affiliates a fee of $1,000 plus travel expenses for each Board of Trustees meeting attended and an annual retainer of $4,000. 7. COMMITMENTS. At April 30, 1996, the International Small Cap, Global Growth, International Growth and Income and Strategic Income Funds had 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, 1996 were as follows:
NET CONTRACTS UNREALIZED TO IN EXCHANGE SETTLEMENT APPRECIATION DELIVER FOR DATE VALUE (DEPRECIATION) --------------- -------------- -------------- -------------- ---------------- INTERNATIONAL SMALL CAP PURCHASES $16,310 POUNDS 10,795 05/01/96 $16,190 $(120) 11,803 POUNDS 7,824 05/02/96 11,778 (25) 13,855 MYR 34,527 05/02/96 13,848 (7) 8,973 POUNDS 5,931 05/03/96 8,928 (45) ------- ------- ------ $50,941 $50,744 $(197) ======= ======= ------ $(197) ====== GLOBAL GROWTH SALES Hong Kong Dollar.......... 1,071,127 $ 138,478 05/01/96 $ 138,469 $ 9 Australian Dollar......... 937,732 734,995 05/02/96 736,632 (1,637) Japanese Yen.............. 22,364,852 211,728 05/02/96 213,803 (2,075) German Deutsche Mark...... 8,060,000 5,485,180 06/20/96 5,280,689 204,491 French Franc.............. 40,135,000 7,970,489 06/20/96 7,784,550 185,939 Japanese Yen.............. 857,343,000 8,134,600 06/20/96 8,253,378 (118,778) ----------- ----------- --------- $22,675,470 $22,407,521 $ 267,949 =========== =========== ========= PURCHASES $ 618,545 AUD 787,454 05/02/96 $ 618,581 $ 36 193,317 YEN 20,420,108 05/02/96 195,211 1,894 530,302 AUD 669,743 05/03/96 526,114 (4,188) 5,366,008 DEM 8,060,000 06/20/96 5,280,689 (85,319) 7,842,929 FRF 40,135,000 06/20/96 7,784,551 (58,378) ----------- ----------- --------- $14,551,100 $14,405,146 $(145,955) =========== =========== ========= $ 121,994 =========
73 NORTH AMERICAN FUNDS NOTES TO FINANCIAL STATEMENTS - CONTINUED - -------------------------------------------------------------------------------- NOTE 7- CONTINUED
NET CONTRACTS UNREALIZED TO IN EXCHANGE SETTLEMENT APPRECIATION DELIVER FOR DATE VALUE (DEPRECIATION) --------------- -------------- -------------- -------------- ---------------- INTERNATIONAL GROWTH AND INCOME SALES German Deutsche Mark..... 908,105 $ 610,630 05/22/96 $ 593,946 $ 16,684 Japanese Yen............. 878,855,981 8,337,371 05/22/96 8,428,756 (91,385) ---------- ---------- --------- $8,948,001 $9,022,702 $ (74,701) ========== ========== ========= PURCHASES $ 125,000 DEM 189,764 05/22/96 $ 124,115 $ (885) 4,099,696 YEN 427,215,842 05/22/96 4,097,256 (2,440) ---------- ---------- --------- $4,224,696 $4,221,371 $ (3,325) ========== ========== --------- $ (78,026) ========= STRATEGIC INCOME SALES Australian Dollar......... 165,392 $ 128,675 07/22/96 $ 129,327 $ (652) Belgian Franc............. 3,958,120 129,182 07/22/96 126,386 2,796 Canadian Dollar........... 556,807 408,516 07/22/96 409,545 (1,029) Danish Krone.............. 2,195,605 380,917 07/22/96 373,484 7,433 German Deutsche Mark...... 1,652,103 1,104,372 07/22/96 1,084,764 19,608 Great British Pound....... 126,139 191,732 07/22/96 189,649 2,083 Netherland Guilder........ 829,152 497,391 07/22/96 486,882 10,509 ---------- ---------- --------- $2,840,785 $2,800,037 $ 40,748 ========== ========== ========= PURCHASES $290,160 DKK 1,691,636 07/22/96 $ 287,756 $ (2,404) ======== ---------- --------- $ 38,344 =========
74 EX-27.1 2 FDS VALUE EQUITY FUND 011
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 011 VALUE EQUITY FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 118,877,049 136,517,725 225,356 23,663 667 136,767,411 47,456 0 207,040 254,496 0 111,052,536 1,549,814 1,381,954 84,285 0 7,735,418 0 17,640,676 136,512,915 1,227,111 273,188 0 1,246,704 253,595 7,744,990 8,649,175 16,647,760 29,932 215,382 1,874,732 0 598,901 568,115 137,074 10,893,944 322,091 10,211,913 0 0 463,116 0 1,394,141 133,892,956 15.94 0.07 1.96 0.14 1.28 0 16.55 1.34 0 0
EX-27.2 3 FDS VALUE EQUITY FUND 012
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 012 VALUE EQUITY FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 118,877,049 136,517,725 225,356 23,663 667 136,767,411 47,456 0 207,040 254,496 0 111,052,536 1,508,048 1,254,421 84,285 0 7,735,418 0 17,640,676 136,512,915 1,227,111 273,188 0 1,246,704 253,595 7,744,990 8,649,175 16,647,760 29,932 117,965 1,711,898 0 363,679 223,164 113,112 10,893,944 322,091 10,211,913 0 0 463,116 0 1,394,141 133,892,956 15.84 0.02 1.97 0.09 1.28 0 16.46 1.99 0 0
EX-27.3 4 FDS VALUE EQUITY FUND 013
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 013 VALUE EQUITY FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 118,877,049 136,517,725 225,356 23,663 667 136,767,411 47,456 0 207,040 254,496 0 111,052,536 5,211,482 5,284,502 84,285 0 7,735,418 0 17,640,676 136,512,915 1,227,111 273,188 0 1,246,704 253,595 7,744,990 8,649,175 16,647,760 29,932 187,986 6,634,855 0 503,003 1,015,114 439,091 10,893,944 322,091 10,211,913 0 0 463,116 0 1,394,141 133,892,956 15.84 0.02 1.97 0.04 1.28 0 16.51 1.99 0 0
EX-27.4 5 FDS US GOVERNMENT SECURITIES FUND 021
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 021 U.S. GOVERNMENT SECURITIES FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 148,849,103 147,978,474 761,197 17,802 356 148,757,829 34,093,270 0 937,444 35,030,714 0 119,278,913 7,687,132 8,130,813 (1,129,110) 0 (3,552,059) 0 (870,629) 113,727,115 0 3,944,789 0 852,774 3,092,015 (201,356) (2,796,711) 93,948 5 2,664,773 0 0 362,210 955,787 149,896 (1,630,786) (389,597) (3,350,703) 0 0 350,619 0 959,281 117,001,786 9.98 0.27 (0.24) 0.34 0 0 9.67 1.25 0 0
EX-27.5 6 FDS US GOVERNMENT SECURITIES FUND 022
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 022 U.S. GOVERNMENT SECURITIES FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 148,849,103 147,978,474 761,197 17,802 356 148,757,829 34,093,270 0 937,444 35,030,714 0 119,278,913 1,993,252 1,402,069 (1,129,110) 0 (3,552,059) 0 (870,629) 113,727,115 0 3,944,789 0 852,774 3,092,015 (201,356) (2,796,711) 93,948 5 542,568 0 0 803,330 243,900 31,753 (1,630,786) (389,597) (3,350,703) 0 0 350,619 0 959,281 117,001,786 9.98 0.25 (0.26) 0.31 0 0 9.66 1.90 0 0
EX-27.6 7 FDS US GOVERNMENT SECURITIES FUND 023
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 023 U.S. GOVERNMENT SECURITIES FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 148,849,103 147,978,474 761,197 17,802 356 148,757,829 34,093,270 0 937,444 35,030,714 0 119,278,913 2,087,210 2,022,679 (1,129,110) 0 (3,552,059) 0 (870,629) 113,727,115 0 3,944,789 0 852,774 3,092,015 (201,356) (2,796,711) 93,948 5 624,192 0 0 645,992 625,413 43,952 (1,630,786) (389,597) (3,350,703) 0 0 350,619 0 959,281 117,001,786 9.98 0.25 (0.26) 0.31 0 0 9.66 1.90 0 0
EX-27.7 8 FDS MONEY MARKET FUND 031 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 031 MONEY MARKET FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 17,935,400 17,935,400 31,684 20,173 4,033 17,991,290 0 0 100,297 100,297 0 17,890,993 7,833,243 11,378,848 0 0 0 0 0 17,890,993 0 510,972 0 45,386 465,586 0 0 465,586 0 214,401 0 0 22,919,903 26,636,970 171,462 (4,446,455) 0 0 0 0 18,149 0 90,197 18,199,005 1.00 0.03 0 0.03 0 0 1.00 0.50 0 0
EX-27.8 9 FDS MONEY MARKET FUND 032 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 032 MONEY MARKET FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 17,935,400 17,935,400 31,684 20,173 4,033 17,991,290 0 0 100,297 100,297 0 17,890,993 1,426,929 1,564,104 0 0 0 0 0 17,890,993 0 510,972 0 45,386 465,586 0 0 465,586 0 33,434 0 0 2,899,188 3,059,983 23,620 (4,446,455) 0 0 0 0 18,149 0 90,197 18,199,005 1.00 0.03 0 0.03 0 0 1.00 0.50 0 0
EX-27.9 10 FDS MONEY MARKET FUND 033 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 033 MONEY MARKET FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 17,935,400 17,935,400 31,684 20,173 4,033 17,991,290 0 0 100,297 100,297 0 17,890,993 8,630,821 9,394,496 0 0 0 0 0 17,890,993 0 510,972 0 45,386 465,586 0 0 465,586 0 217,751 0 0 9,747,028 10,679,721 169,018 (4,446,455) 0 0 0 0 18,149 0 90,197 18,199,005 1.00 0.03 0 0.03 0 0 1.00 0.50 0 0
EX-27.10 11 FDS GLOBAL GROWTH FUND 071
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 071 GLOBAL GROWTH FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 118,142,306 136,982,962 1,624,360 21,258 38,633,799 177,262,379 38,298,528 0 312,844 38,611,372 0 119,347,435 1,826,986 1,726,660 (208,973) 0 598,296 0 18,914,249 138,651,007 894,990 72,671 0 1,524,690 (557,029) 4,565,594 11,245,973 15,254,538 (714) 370,725 0 0 1,215,793 1,141,733 26,266 8,099,569 1,556,196 (3,967,298) 0 0 601,260 0 1,584,775 133,980,277 13.84 (0.03) 1.70 0.21 0 0 15.30 1.75 0 0
EX-27.11 12 FDS GLOBAL GROWTH FUND 072
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 072 GLOBAL GROWTH FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 118,142,306 136,982,962 1,624,360 21,258 38,633,799 177,262,379 38,298,528 0 312,844 38,611,372 0 119,347,435 1,849,329 1,698,251 (208,973) 0 598,296 0 18,914,249 138,651,007 894,990 72,671 0 1,524,690 (557,029) 4,565,594 11,245,973 15,254,538 (714) 247,709 0 0 336,940 202,474 16,612 8,099,569 1,556,196 (3,967,298) 0 0 601,260 0 1,584,775 133,980,277 13.73 (0.08) 1.70 0.14 0 0 15.21 2.40 0 0
EX-27.12 13 FDS GLOBAL GROWTH FUND 073
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 073 GLOBAL GROWTH FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 118,142,306 136,982,962 1,624,360 21,258 38,633,799 177,262,379 38,298,528 0 312,844 38,611,372 0 119,347,435 5,412,978 6,069,937 (208,973) 0 598,296 0 18,914,249 138,651,007 894,990 72,671 0 1,524,690 (557,029) 4,565,594 11,245,973 15,254,538 (714) 588,992 0 0 444,339 1140,145 38,847 8,099,569 1,556,196 (3,967,298) 0 0 601,260 0 1,584,775 133,980,277 13.73 (0.08) 1.70 0.10 0 0 15.25 2.40 0 0
EX-27.13 14 FDS INVESTMENT QUALITY BOND FUND 081
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 081 INVESTMENT QUALITY BOND FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 20,263,993 20,076,643 343,751 16,572 241 20,437,207 0 0 139,066 139,066 0 20,992,141 924,336 979,526 9,951 0 (516,601) 0 (187,350) 20,298,141 0 794,985 0 170,405 624,580 164,414 (875,502) (86,508) 2,324 328,862 0 0 46,913 123,208 21,105 (724,535) 46,769 (681,015) 0 0 64,294 0 206,386 21,466,017 10.56 0.32 (0.35) 0.34 0 0 10.19 1.25 0 0
EX-27.14 15 FDS INVESTMENT QUALITY BOND FUND 082
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 082 INVESTMENT QUALITY BOND FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 20,263,993 20,076,643 343,751 16,572 241 20,437,207 0 0 139,066 139,066 0 20,992,141 445,731 328,970 9,951 0 (516,601) 0 (187,350) 20,298,141 0 794,985 0 170,405 624,580 164,414 (875,502) (86,508) 2,324 127,266 0 0 156,831 48,436 8,366 (724,535) 46,769 (681,015) 0 0 64,294 0 206,386 21,466,017 10.55 0.29 (0.34) 0.31 0 0 10.19 1.90 0 0
EX-27.15 16 FDS INVESTMENT QUALITY BOND FUND 083
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 083 INVESTMENT QUALITY BOND FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 20,263,993 20,076,643 343,751 16,572 241 20,437,207 0 0 139,066 139,066 0 20,992,141 622,231 683,013 9,951 0 (516,601) 0 (187,350) 20,298,141 0 794,985 0 170,405 624,580 164,414 (875,502) (86,508) 2,324 207,594 0 0 171,017 246,796 14,997 (724,535) 46,769 (681,015) 0 0 64,294 0 206,386 21,466,017 10.55 0.29 (0.34) 0.31 0 0 10.19 1.90 0 0
EX-27.16 17 FDS GROWTH & INCOME FUND 091
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 091 GROWTH & INCOME FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 91,386,916 113,452,652 599,706 23,808 2,480 114,078,646 55,909 0 163,337 219,246 0 89,192,006 947,723 827,682 344,030 0 2,257,605 0 22,065,759 113,859,400 1,280,616 123,244 0 1,008,568 395,292 2,257,282 8,701,419 11,353,993 13,789 105,411 105,286 0 195,440 88,779 13,380 19,473,890 452,599 815,808 0 0 369,679 0 1,125,788 106,131,831 14.72 0.10 1.61 0.12 0.12 0 16.19 1.34 0 0
EX-27.17 18 FDS GROWTH & INCOME FUND 092
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 092 GROWTH & INCOME FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 91,386,916 113,452,652 599,706 23,808 2,480 114,078,646 55,909 0 163,337 219,246 0 89,192,006 1,772,164 1,297,356 344,030 0 2,257,605 0 22,065,759 113,859,400 1,280,616 123,244 0 1,008,568 395,292 2,257,282 8,701,419 11,353,993 13,789 128,862 184,505 0 560,428 104,691 19,071 19,473,890 452,599 815,808 0 0 369,679 0 1,125,788 106,131,831 14.69 0.05 1.62 0.09 0.12 0 16.15 1.99 0 0
EX-27.18 19 FDS GROWTH & INCOME FUND 093
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 093 GROWTH & INCOME FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 91,386,916 113,452,652 599,706 23,808 2,480 114,078,646 55,909 0 163,337 219,246 0 89,192,006 4,313,053 4,292,794 344,030 0 2,257,605 0 22,065,759 113,859,400 1,280,616 123,244 0 1,008,568 395,292 2,257,282 8,701,419 11,353,993 13,789 283,377 525,694 0 617,899 647,871 50,231 19,473,890 452,599 815,808 0 0 369,679 0 1,125,788 106,131,831 14.71 0.05 1.63 0.07 0.12 0 16.20 1.99 0 0
EX-27.19 20 FDS ASSET ALLOCATION FUND 101
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 101 ASSET ALLOCATION FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 106,858,866 115,867,903 9,639,836 15,742 411 125,523,892 21,294,086 0 180,167 21,474,253 0 90,518,919 948,683 834,714 1,003,353 0 3,650,607 0 8,876,760 104,049,639 712,801 1,669,183 0 1,000,170 1,381,814 3,649,022 961,536 5,992,372 206,146 342,751 646,271 0 112,443 84,450 85,976 3,515,796 2,141,058 6,339,527 0 0 363,502 0 1,106,936 104,296,663 12.02 0.22 0.49 0.40 0.75 0 11.58 1.34 0 0
EX-27.20 21 FDS ASSET ALLOCATION FUND 102
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 102 ASSET ALLOCATION FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 106,858,866 115,867,903 9,639,836 15,742 411 125,523,892 21,294,086 0 180,167 21,474,253 0 90,518,919 1,144,876 824,443 1,003,353 0 3,650,607 0 8,876,760 104,049,639 712,801 1,669,183 0 1,000,170 1,381,814 3,649,022 961,536 5,992,372 206,146 316,830 692,368 0 279,661 45,115 85,887 3,515,796 2,141,058 6,339,527 0 0 363,502 0 1,106,936 104,296,663 11.98 0.18 0.50 0.35 0.75 0 11.56 1.99 0 0
EX-27.21 22 FDS ASSET ALLOCATION FUND 103
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 103 ASSET ALLOCATION FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 106,858,866 115,867,903 9,639,836 15,742 411 125,523,892 21,294,086 0 180,167 21,474,253 0 90,518,919 6,857,597 6,706,025 1,003,353 0 3,650,607 0 8,876,760 104,049,639 712,801 1,669,183 0 1,000,170 1,381,814 3,649,022 961,536 5,992,372 206,146 2,066,083 4,999,304 0 379,855 805,884 577,601 3,515,796 2,141,058 6,339,527 0 0 363,502 0 1,106,936 104,296,663 12.02 0.18 0.50 0.31 0.75 0 11.64 1.99 0 0
EX-27.22 23 FDS NATIONAL MUNICIPAL BOND FUND 111
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 111 NATIONAL MUNICIPAL BOND FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 19,883,387 19,921,614 334,410 19,446 0 20,275,470 0 0 113,944 113,944 0 20,562,390 822,454 791,917 (569) 0 (438,522) 0 38,227 20,161,526 0 626,857 0 158,979 467,878 33,922 (358,853) 142,947 0 197,747 0 0 72,361 51,166 9342 (166,609) (572) (472,444) 0 0 62,787 0 193,015 20,974,134 9.62 0.24 (0.15) 0.24 0 0 9.47 0.99 0 0
EX-27.23 24 FDS NATIONAL MUNICIPAL BOND FUND 112 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. [LEGEND] 0000848103 NORTH AMERICAN FUNDS 112 NATIONAL MUNICIPAL BOND FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 19,883,387 19,921,614 334,410 19,446 0 20,275,470 0 0 113,944 113,944 0 20,562,390 642,196 610,972 (569) 0 (438,522) 0 38,227 20,161,526 0 626,857 0 158,979 467,878 33,922 (358,853) 142,947 0 127,859 0 0 91,216 67,640 7,648 (166,609) (572) (472,444) 0 0 62,787 0 193,015 20,974,134 9.62 0.20 (0.15) 0.20 0 0 9.47 1.84 0 0
EX-27.24 25 FDS NATIONAL MUNICIPAL BOND FUND 113
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 113 NATIONAL MUNICIPAL BOND FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 19,883,387 19,921,614 334,410 19,446 0 20,275,470 0 0 113,944 113,944 0 20,562,390 663,843 710,507 (569) 0 (438,522) 0 38,227 20,161,526 0 626,857 0 158,979 467,878 33,922 (358,853) 142,947 0 142,269 0 0 76,802 133,019 9,553 (166,609) (572) (472,444) 0 0 62,787 0 193,015 20,974,134 9.62 0.20 (0.15) 0.20 0 0 9.47 1.84 0 0
EX-27.25 26 FDS STRATEGIC INCOME FUND 131
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 131 STRATEGIC INCOME FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 54,345,240 55,609,101 1,006,066 22,380 3,130,025 59,767,572 4,716,596 0 431,412 5,148,008 0 53,781,240 1,141,991 1,107,567 (35,847) 0 (425,886) 0 1,300,057 54,619,564 0 2,524,734 0 513,458 2,011,276 (25,551) 2,045,333 4,031,058 0 449,498 0 0 173,111 163,001 24,314 9,633,074 (35,848) (400,335) 0 0 191,183 0 555,153 51,109,423 9.07 0.39 0.38 0.39 0 0 9.45 1.50 0 0
EX-27.26 27 FDS STARTEGIC INCOME FUND 132
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 132 STRATEGIC INCOME FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 54,345,240 55,609,101 1,006,066 22,380 3,130,025 59,767,572 4,716,596 0 431,412 5,148,008 0 53,781,240 2,768,646 2,280,183 (35,847) 0 (425,886) 0 1,300,057 54,619,564 0 2,524,734 0 513,458 2,011,276 (25,551) 2,045,333 4,031,058 0 935,285 0 0 646,021 198,356 40,798 9,633,074 (35,848) (400,335) 0 0 191,183 0 555,153 51,109,423 9.07 0.36 0.38 0.36 0 0 9.45 2.15 0 0
EX-27.27 28 FDS STRATEGIC INCOME FUND 133
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 133 STRATEGIC INCOME FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 54,345,240 55,609,101 1,006,066 22,380 3,130,025 59,767,572 4,716,596 0 431,412 5,148,008 0 53,781,240 1,870,187 1,574,343 (35,847) 0 (425,886) 0 1,300,057 54,619,564 0 2,524,734 0 513,458 2,011,276 (25,551) 2,045,333 4,031,058 0 626,492 0 0 556,049 303,086 42,881 9,633,074 (35,848) (400,335) 0 0 191,183 0 555,153 51,109,423 9.07 0.36 0.38 0.36 0 0 9.45 2.15 0 0
EX-27.28 29 FDS INTERNATIONAL GROWTH & INCOME FUND 141
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 141 INTERNATIONAL GROWTH & INCOME FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 22,542,005 24,099,337 531,036 22,458 14,445,043 39,097,874 13,822,386 0 274,580 14,096,966 0 22,817,680 363,115 682,252 (403,039) 0 1,114,547 0 1,471,720 25,000,908 177,334 95,619 0 281,560 (8,607) 1,121,725 1,423,472 2,536,590 (20,304) 56,090 75,054 0 127,693 459,088 12,258 3,359,278 (231,087) 245,193 0 0 113,311 0 311,814 25,249,321 10.11 0.01 1.10 0.08 0.10 0 11.04 1.75 0 0
EX-27.29 30 FDS INTERNATIONAL GROWTH & INCOME FUND 142
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 142 INTERNATIONAL GROWTH & INCOME FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 22,542,005 24,099,337 531,036 22,458 14,445,043 39,097,874 13,822,386 0 274,580 14,096,966 0 22,817,680 1,206,719 834,017 (403,039) 0 1,114,547 0 1,471,720 25,000,908 177,334 95,619 0 281,560 (8,607) 1,121,725 1,423,472 2,536,590 (20,304) 52,389 104,218 0 430,343 71,228 13,587 3,359,278 (231,087) 245,193 0 0 113,311 0 311,814 25,249,321 10.10 (0.01) 1.10 0.05 0.11 0 11.03 2.40 0 0
EX-27.30 31 FDS INTERNATIONAL GROWTH & INCOME FUND 143
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 143 INTERNATIONAL GROWTH & INCOME FUND 1 USD 6-MOS OCT-31-1996 NOV-01-1995 APR-30-1996 1 22,542,005 24,099,337 531,036 22,458 14,445,043 39,097,874 13,822,386 0 274,580 14,096,966 0 22,817,680 696,539 626,235 (403,039) 0 1,114,547 0 1,471,720 25,000,908 177,334 95,619 0 281,560 (8,607) 1,121,725 1,423,472 2,536,590 (20,304) 34,562 73,099 0 253,209 192,863 9,958 3,359,278 (231,087) 245,193 0 0 113,311 0 311,814 25,249,321 10.10 (0.01) 1.09 0.05 0.10 0 11.03 2.40 0 0
EX-27.31 32 FDS SMALL/MID CAP FUND 151
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 151 SMALL/MID CAP FUND 1 USD 2-MOS OCT-31-1996 MAR-04-1996 APR-30-1996 1 4,233,509 4,438,544 429,427 26,263 220 4,894,454 133,043 0 12,781 145,824 0 4,556,146 98,406 0 (2,652) 0 (9,899) 0 205,035 4,748,630 312 5,394 0 8,358 (2,652) (9,899) 205,035 192,484 0 0 0 0 98,494 88 0 4,748,630 0 0 0 0 3,668 0 20,304 2,495,321 12.50 0 0.73 0 0 0 13.23 1.675 0 0
EX-27.32 33 FDS SMALL/MID CAP FUND 152
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 152 SMALL/MID CAP FUND 1 USD 2-MOS OCT-31-1996 MAR-04-1996 APR-30-1996 1 4,233,509 4,438,544 429,427 26,263 220 4,894,454 133,043 0 12,781 145,824 0 4,556,146 126,675 0 (2,652) 0 (9,899) 0 205,035 4,748,630 312 5,394 0 8,358 (2,652) (9,899) 205,035 192,484 0 0 0 0 126,675 0 0 4,748,630 0 0 0 0 3,668 0 20,304 2,495,321 12.50 (0.01) 0.74 0 0 0 13.23 2.325 0 0
EX-27.33 34 FDS SMALL/MID CAP FUND 153
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 153 SMALL/MID CAP FUND 1 USD 2-MOS OCT-31-1996 MAR-04-1996 APR-30-1996 1 4,233,509 4,438,544 429,427 26,263 220 4,894,454 133,043 0 12,781 145,824 0 4,556,146 133,919 0 (2,652) 0 (9,899) 0 205,035 4,748,630 312 5,394 0 8,358 (2,652) (9,899) 205,035 192,484 0 0 0 0 134,208 289 0 4,748,630 0 0 0 0 3,668 0 20,304 2,495,321 12.50 (0.01) 0.74 0 0 0 13.23 2.325 0 0
EX-27.34 35 FDS INTERNATIONAL SMALL CAP FUND 161
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 161 INTERNATIONAL SMALL CAP FUND 1 USD 2-MOS OCT-31-1996 MAR-04-1996 APR-30-1996 1 2,925,179 3,029,141 103,709 26,713 51,744 3,211,307 101,685 0 13,675 115,360 0 2,977,150 65,902 0 2,710 0 12,143 0 103,944 3,095,947 4,259 5,223 0 6,990 2,492 12,143 103,944 118,579 218 0 0 0 65,902 0 0 3,095,947 0 0 0 0 3,129 0 19,153 1,875,928 12.50 0.02 0.67 0 0 0 13.19 1.90 0 0
EX-27.35 36 FDS INTERNATIONAL SMALL CAP FUND 162
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 162 INTERNATIONAL SMALL CAP FUND 1 USD 2-MOS OCT-31-1996 MAR-04-1996 APR-30-1996 1 2,925,179 3,029,141 103,709 26,713 51,744 3,211,307 101,685 0 13,675 115,360 0 2,977,150 74,434 0 2,710 0 12,143 0 103,944 3,095,947 4,259 5,223 0 6,990 2,492 12,143 103,944 118,579 218 0 0 0 74,434 0 0 3,095,947 0 0 0 0 3,129 0 19,153 1,875,928 12.50 0.01 0.68 0 0 0 13.19 2.55 0 0
EX-27.36 37 FDS INTERNATIONAL SMALL CAP FUND 163
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 163 INTERNATIONAL SMALL CAP FUND 1 USD 2-MOS OCT-31-1996 MAR-04-1996 APR-30-1996 1 2,925,179 3,029,141 103,709 26,713 51,744 3,211,307 101,685 0 13,675 115,360 0 2,977,150 94,417 0 2,710 0 12,143 0 103,944 3,095,947 4,259 5,223 0 6,990 2,492 12,143 103,944 118,579 218 0 0 0 94,423 6 0 3,095,947 0 0 0 0 3,129 0 19,153 1,875,928 12.50 0.01 0.68 0 0 0 13.19 2.55 0 0
EX-27.37 38 FDS GROWTH EQUITY FUND 171
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 171 GROWTH EQUITY FUND 1 USD 2-MOS OCT-31-1996 MAR-04-1996 APR-30-1996 1 3,543,726 3,763,159 93,709 26,254 888 3,884,010 29,403 0 12,841 42,244 0 3,618,852 124,512 0 504 0 2,977 0 219,433 3,841,766 1,168 4,843 0 6,777 (766) 2,977 219,433 221,644 1,270 0 0 0 124,512 0 0 3,841,766 0 0 0 0 3,012 0 18,945 2,106,116 12.50 0 0.85 0 0 0 13.35 1.65 0 0
EX-27.38 39 FDS GROWTH EQUITY FUND 172
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 172 GROWTH EQUITY FUND 1 USD 2-MOS OCT-31-1996 MAR-04-1996 APR-30-1996 1 3,543,726 3,763,159 93,709 26,254 888 3,884,010 29,403 0 12,841 42,244 0 3,618,852 94,444 0 504 0 2,977 0 219,433 3,841,766 1,168 4,843 0 6,777 (766) 2,977 219,433 221,644 1,270 0 0 0 94,444 0 0 3,841,766 0 0 0 0 3,012 0 18,945 2,106,116 12.50 (0.01) 0.86 0 0 0 13.35 2.30 0 0
EX-27.39 40 FDS GROWTH EQUITY FUND 173
6 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000848103 NORTH AMERICAN FUNDS 173 GROWTH EQUITY FUND 1 USD 2-MOS OCT-31-1996 MAR-04-1996 APR-30-1996 1 3,543,726 3,763,159 93,709 26,254 888 3,884,010 29,403 0 12,841 42,244 0 3,618,852 68,798 0 504 0 2,977 0 219,433 3,841,766 1,168 4,843 0 6,777 (766) 2,977 219,433 221,644 1,270 0 0 0 72,459 3,661 0 3,841,766 0 0 0 0 3,012 0 18,945 2,106,116 12.50 (0.01) 0.86 0 0 0 13.35 2.30 0 0
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