40 West 57th Street, 18th Floor New York, New York
|
10019
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(Address of principal executive offices)
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(Zip code)
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Item 1.
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Reports to Stockholders.
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SEMI-ANNUAL REPORT
April 30, 2011
(Unaudited)
|
||||
TOTAL RETURN
U.S. TREASURY
FUND, INC.
MANAGED MUNICIPAL
FUND, INC.
NORTH AMERICAN
GOVERNMENT BOND
FUND, INC.
ISI STRATEGY
FUND, INC.
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||||
|
ISI Funds Semi-Annual Report – Table of Contents
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Investment Advisor’s Message
|
1
|
Performance Comparisons
|
2
|
Shareholder Expense Examples
|
10
|
Portfolio Profiles
|
13
|
Schedules of Investments
|
14
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Statements of Assets and Liabilities
|
27
|
Statements of Operations
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31
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Statements of Changes in Net Assets
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33
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Financial Highlights
|
39
|
Notes to Financial Statements
|
46
|
Notice to Shareholders
|
56
|
Investment Advisor’s Message
|
4/30/2011
|
1 |
Total Return US Treasury Fund –
Performance Comparison1 (Unaudited)
|
2 |
Total Return US Treasury Fund –
Performance Comparison1 (Unaudited) (continued)
|
Cumulative Total Returns (With Sales Charge)
|
Average Annual Total Returns (With Sales Charge)
|
|||||||||
Periods Ended
April 30, 2011
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Since Inception2
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Since Inception2
|
Total Return US Treasury Fund
|
0.71%
|
10.64%
|
27.77%
|
59.03%
|
322.98%
|
0.71%
|
3.43%
|
5.02%
|
4.75%
|
6.55%
|
Barclays Capital Treasury Index3
|
4.64%
|
14.26%
|
33.97%
|
69.28%
|
369.75%
|
4.64%
|
4.54%
|
6.02%
|
5.40%
|
7.06%
|
Barclays Capital Intermediate Treasury Index3
|
4.33%
|
13.56%
|
32.09%
|
60.43%
|
315.02%
|
4.33%
|
4.33%
|
5.72%
|
4.84%
|
6.48%
|
Barclays Capital Long-Term Treasury Index3
|
6.31%
|
16.80%
|
40.96%
|
93.28%
|
556.15%
|
6.31%
|
5.31%
|
7.11%
|
6.81%
|
8.65%
|
1
|
Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance information presented in the graph and table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. All performance assumes the reinvestment of dividends and capital gain distributions and includes the Fund’s maximum 3.00% sales charge. Distributions of the Fund’s capital gains and non-US Treasury income may be subject to state and local taxes. Management is not aware of any single index that is truly representative of the Fund since its active maturity management policy allows the manager to adjust the weighted average maturity throughout each US Treasury sector. Currently, the Fund’s weighted average maturity is approximately 6.51 years.
|
2
|
The Fund’s inception date is August 10, 1988. Benchmark returns are for the periods beginning August 31, 1988.
|
3
|
The Barclays Capital Treasury Index is an unmanaged index reflecting the performance of all public Treasury obligations and does not focus on one particular segment of the Treasury market. The Barclays Capital Intermediate Treasury Index is an unmanaged index reflecting the performance of US Treasury securities in the intermediate-term Treasury sector. The Barclays Capital Long-Term Treasury Index is an unmanaged index reflecting the performance of US Treasury securities in the long-term Treasury sector. Benchmark returns do not reflect expenses or sales charges that have been deducted from the Fund’s returns.
|
Expense Ratio Information as of:
|
October 31, 2010
(As disclosed in March 1, 2011 Summary Prospectus)
|
Gross Expense Ratio
|
0.82%
|
3 |
Managed Municipal Fund –
Performance Comparison1 (Unaudited)
|
4 |
Managed Municipal Fund –
Performance Comparison1 (Unaudited) (continued)
|
Cumulative Total Returns (With Sales Charge)
|
Average Annual Total Returns (With Sales Charge)
|
|||||||||
Periods Ended
April 30, 2011
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Since Inception
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Since Inception
|
Managed Municipal Fund - ISI Class A Shares2
|
-1.54%
|
6.95%
|
16.37%
|
42.57%
|
182.28%
|
-1.54%
|
2.26%
|
3.08%
|
3.61%
|
5.02%
|
Managed Municipal Fund - ISI Class I Shares3
|
—
|
—
|
—
|
—
|
-1.68%
|
—
|
—
|
—
|
—
|
-1.68%*
|
Barclays Capital General Obligation Index4
|
3.15%
|
16.35%
|
28.15%
|
64.06%
|
252.05%
|
3.15%
|
5.18%
|
5.09%
|
5.08%
|
6.12%
|
Barclays Capital Prerefunded Municipal Bond Index4
|
2.48%
|
13.19%
|
25.16%
|
51.69%
|
199.04%
|
2.48%
|
4.22%
|
4.59%
|
4.25%
|
5.31%
|
Consumer Price Index5
|
3.20%
|
4.73%
|
11.65%
|
27.04%
|
63.44%
|
3.20%
|
1.55%
|
2.23%
|
2.42%
|
2.73%
|
1
|
Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance information presented in the graph and table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. All performance assumes the reinvestment of dividends and capital gain distributions and includes the sales charges, if applicable. ISI Class A Shares have a maximum 3.00% sales charge. Distributions of the Fund’s income and capital gains may be subject to state and local taxes.
|
2
|
The ISI Class A Shares inception date is February 26, 1990. Benchmark returns are for the periods beginning February 28, 1990.
|
3
|
The ISI Class I Shares inception date is October 7, 2010. Benchmark returns are for the period beginning October 31, 2010.
|
4
|
The Barclays Capital General Obligation Index is an unmanaged index reflecting general municipal bond market performance. The Barclays Capital Prerefunded Municipal Bond Index, an unmanaged index, is a subcomponent of the general Barclays Capital Municipal Bond Index, and contains only bonds from that index that have been prerefunded or escrowed to maturity. Benchmark returns do not reflect expenses or sales charges that have been deducted from the Fund’s returns.
|
5
|
The Consumer Price Index is a widely used measure of inflation.
|
*
|
Not Annualized.
|
Expense Ratio Information as of:
|
October 31, 2010
(As disclosed in March 1, 2011 Summary Prospectus)
|
Gross Expense Ratio – Class A
|
0.97%
|
Gross Expense Ratio – Class I
|
0.70%
|
5 |
North American Government Bond Fund –
Performance Comparison1 (Unaudited)
|
6 |
North American Government Bond Fund –
Performance Comparison1 (Unaudited) (continued)
|
Cumulative Total Returns (With Sales Charge)
|
Average Annual Total Returns (With Sales Charge)
|
|||||||||
Periods Ended
April 30, 2011
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Since Inception
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Since Inception
|
North American Government Bond Fund - ISI Class A Shares2
|
3.36%
|
11.98%
|
32.22%
|
69.09%
|
177.80%
|
3.36%
|
3.85%
|
5.75%
|
5.39%
|
5.75%
|
North American Government Bond Fund - ISI Class C Shares3
|
4.71%
|
13.26%
|
31.97%
|
—
|
37.06%
|
4.71%
|
4.24%
|
5.71%
|
—
|
4.04%
|
North American Government Bond Fund - ISI Class I Shares4
|
—
|
—
|
—
|
—
|
1.90%
|
—
|
—
|
—
|
—
|
1.90%*
|
Barclays Capital Intermediate Treasury Index5
|
4.33%
|
13.56%
|
32.09%
|
60.43%
|
164.60%
|
4.33%
|
4.33%
|
5.72%
|
4.84%
|
5.48%
|
Barclays Capital Emerging Americas Index: Mexico Section / Citigroup US Broad Investment-Grade Bond Index Mexico Sector / Barclays Capital Global Aggregate Index: Mexico Section6
|
8.18%
|
2.41%
|
26.68%
|
103.01%
|
468.91%
|
8.18%
|
0.80%
|
4.84%
|
7.34%
|
9.99%
|
Consumer Price Index7
|
3.20%
|
4.73%
|
11.65%
|
27.04%
|
63.44%
|
3.20%
|
1.55%
|
2.23%
|
2.42%
|
2.73%
|
1
|
Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance information presented in the graph and table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. All performance assumes the reinvestment of dividends and capital gain distributions and includes sales charges, if applicable. ISI Class A shares have a maximum 3.00% sales charge. ISI Class C Shares have a maximum 1.00% contingent deferred sales charge in the first year, which is eliminated thereafter.
|
2
|
ISI Class A Shares inception date is January 15, 1993. Benchmark returns are for the periods beginning January 31, 1993.
|
3
|
ISI Class C Shares inception date is May 16, 2003. Cumulative and annualized returns for the Barclays Capital Intermediate Treasury Index from May 31, 2003 through April 30, 2011 were 35.68% and 3.93%, respectively.
|
4
|
ISI Class I Shares inception date is September 16, 2010. Benchmark returns are for the periods beginning September 30, 2010.
|
5
|
The Barclays Capital Intermediate Treasury Index is an unmanaged index reflecting the performance of US Treasury securities in the intermediate-term Treasury sector. Benchmark returns do not reflect expenses or sales charges that have been deducted from the Fund’s returns.
|
6
|
Reflects the performance of the Barclays Capital Emerging Americas Index: Mexico Section through October 31, 2004 and the Citigroup US Broad Investment-Grade Bond Index Mexico Sector from that date through October 31, 2006 and the Barclays Capital Global Aggregate Index: Mexico from October 31, 2006 through April 30, 2011. The Barclays Capital Emerging Americas Index: Mexico Section has been discontinued. Barclays Capital Emerging Americas Index: Mexico Section was an unmanaged sub-index of the Barclays Capital Emerging Americas Index reflecting the performance of selected Mexican debt instruments with maturities of one year or more. The Citigroup US Broad Investment-Grade Bond Index Mexico Sector is an unmanaged sub-index of the Citigroup US Broad Investment-Grade Bond Index reflecting the performance of selected Mexican debt instruments with maturities of one year or more. The Barclays Capital Global Aggregate Index: Mexico Section is an unmanaged sub-index of Barclays Capital Global Aggregate Index which provides broad-based measure of global investment-grade fixed income markets. The Mexico Section reflects the US dollar performance of selected Mexican government peso-denominated debt instruments with maturities of one year or more. Benchmark returns do not reflect expenses or sales charges that have been deducted from the Fund’s returns.
|
7
|
The Consumer Price Index is a widely used measure of inflation.
|
*
|
Not Annualized.
|
Expense Ratio Information as of:
|
October 31, 2010
(As disclosed in March 1, 2011 Summary Prospectus)
|
Gross Expense Ratio – Class A
|
1.15%
|
Gross Expense Ratio – Class C
|
1.78%
|
Gross Expense Ratio – Class I
|
0.69%
|
7 |
ISI Strategy Fund –
Performance Comparison1 (Unaudited)
|
8 |
ISI Strategy Fund –
Performance Comparison1 (Unaudited) (continued)
|
Cumulative Total Returns (With Sales Charge)
|
Average Annual Total Returns (With Sales Charge)
|
|||||||||
Periods Ended
April 30, 2011
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Since Inception2
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Since Inception2
|
ISI Strategy Fund
|
10.97%
|
8.74%
|
19.27%
|
51.77%
|
92.36%
|
10.97%
|
2.83%
|
3.59%
|
4.26%
|
4.92%
|
Wilshire 5000 (Full Cap) Index3
|
18.39%
|
9.80%
|
19.79%
|
49.55%
|
211.37%
|
18.39%
|
3.17%
|
3.68%
|
4.11%
|
8.72%
|
Consumer Price Index4
|
3.20%
|
4.73%
|
11.65%
|
27.04%
|
63.44%
|
3.20%
|
1.55%
|
2.23%
|
2.42%
|
2.73%
|
Lipper Flexible Portfolio Funds Average5
|
15.16%
|
11.73%
|
28.49%
|
59.51%
|
97.64%
|
15.16%
|
3.77%
|
5.14%
|
4.78%
|
5.14%
|
1
|
Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The performance information presented in the graph and table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. All performance assumes the reinvestment of dividends and capital gain distributions and includes the Fund’s maximum 3.00% sales charge.
|
2
|
The Fund’s inception date is September 16, 1997. Benchmark returns are for the periods beginning September 30, 1997.
|
3
|
The DJ Wilshire 5000 (Full Cap) Index is an unmanaged index that represents the broadest measure of the US equity market. Benchmark returns do not reflect expenses or sales charges that have been deducted from the Fund’s returns.
|
4
|
The Consumer Price Index is a widely used measure of inflation.
|
5
|
Lipper figures represent the average total returns by all mutual funds designated by Lipper as falling into the category indicated. The Lipper Flexible Portfolio Funds Average category includes funds that allocate their investments across various asset classes, including domestic common stocks, bonds and money market instruments with a focus on total return.
|
Expense Ratio Information as of:
|
October 31, 2010
(As disclosed in March 1, 2011 Summary Prospectus)
|
Gross Expense Ratio
|
1.06%
|
9 |
Shareholder Expense Examples (Unaudited)
|
10 |
Shareholder Expense Examples (Unaudited) (continued)
|
Total Return US Treasury Fund
|
||||
|
Beginning
Account Value
November 1, 2010
|
Ending
Account Value
April 30, 2011
|
Expenses Paid
During Period(1)
|
Annualized
Expense Ratio
|
Based on Actual Fund Return
|
$1,000.00
|
$975.40
|
$4.41
|
0.90%
|
Based on Hypothetical 5% Return
|
$1,000.00
|
$1,020.33
|
$4.51
|
0.90%
|
Managed Municipal Fund – Class A
|
||||
|
Beginning
Account Value
November 1, 2010
|
Ending
Account Value
April 30, 2011
|
Expenses Paid
During Period(1)
|
Annualized
Expense Ratio
|
Based on Actual Fund Return
|
$1,000.00
|
$989.50
|
$4.93
|
1.00%
|
Based on Hypothetical 5% Return
|
$1,000.00
|
$1,019.84
|
$5.01
|
1.00%
|
Managed Municipal Fund – Class I
|
||||
|
Beginning
Account Value
November 1, 2010
|
Ending
Account Value
April 30, 2011
|
Expenses Paid
During Period(1)
|
Annualized
Expense Ratio
|
Based on Actual Fund Return
|
$1,000.00
|
$991.70
|
$3.65
|
0.74%
|
Based on Hypothetical 5% Return
|
$1,000.00
|
$1,021.12
|
$3.71
|
0.74%
|
North American Government Bond Fund – Class A
|
||||
|
Beginning
Account Value
November 1, 2010
|
Ending
Account Value
April 30, 2011
|
Expenses Paid
During Period(1)
|
Annualized
Expense Ratio
|
Based on Actual Fund Return
|
$1,000.00
|
$998.70
|
$5.90
|
1.19%
|
Based on Hypothetical 5% Return
|
$1,000.00
|
$1,018.89
|
$5.96
|
1.19%
|
North American Government Bond Fund – Class C
|
||||
|
Beginning
Account Value
November 1, 2010
|
Ending
Account Value
April 30, 2011
|
Expenses Paid
During Period(1)
|
Annualized
Expense Ratio
|
Based on Actual Fund Return
|
$1,000.00
|
$996.30
|
$8.86
|
1.79%
|
Based on Hypothetical 5% Return
|
$1,000.00
|
$1,015.92
|
$8.95
|
1.79%
|
(1)
|
Expenses are equal to the Fund’s annualized expense ratio for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
|
11 |
Shareholder Expense Examples (Unaudited) (continued)
|
North American Government Bond Fund – Class I
|
||||
|
Beginning
Account Value
November 1, 2010
|
Ending
Account Value
April 30, 2011
|
Expenses Paid
During Period(1)
|
Annualized
Expense Ratio
|
Based on Actual Fund Return
|
$1,000.00
|
$1,001.50
|
$3.82
|
0.77%
|
Based on Hypothetical 5% Return
|
$1,000.00
|
$1,020.98
|
$3.86
|
0.77%
|
ISI Strategy Fund
|
||||
|
Beginning
Account Value
November 1, 2010
|
Ending
Account Value
April 30, 2011
|
Expenses Paid
During Period(1)
|
Annualized
Expense Ratio
|
Based on Actual Fund Return
|
$1,000.00
|
$1,137.20
|
$5.46
|
1.03%
|
Based on Hypothetical 5% Return
|
$1,000.00
|
$1,019.69
|
$5.16
|
1.03%
|
(1)
|
Expenses are equal to the Fund’s annualized expense ratio for the period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
|
12 |
Portfolio Profiles (Unaudited)
|
Portfolio Profiles (as a % of Net Assets)
|
April 30, 2011
|
Total Return US Treasury Fund
|
|
US Treasury Obligations
|
97.50%
|
Repurchase Agreements
|
1.80%
|
Other Assets and Liabilities
|
0.70%
|
100.00%
|
|
Managed Municipal Fund
|
|
Aaa Municipal Obligations*
|
77.51%
|
Aa Municipal Obligations*
|
10.39%
|
NR Municipal Obligations*
|
0.41%
|
US Treasury Obligations
|
4.79%
|
Repurchase Agreements
|
6.13%
|
Other Assets and Liabilities
|
0.77%
|
100.00%
|
|
* Ratings are based on Moody’s Investors Service, Inc.
|
|
North American Government Bond Fund
|
|
Canadian Securities
|
18.00%
|
Mexican Securities
|
9.45%
|
US Treasury Obligations
|
70.42%
|
Repurchase Agreements
|
0.94%
|
Other Assets and Liabilities
|
1.19%
|
100.00%
|
|
ISI Strategy Fund
|
|
Consumer Discretionary
|
8.72%
|
Consumer Staples
|
7.82%
|
Energy
|
13.40%
|
Financials
|
13.48%
|
Health Care
|
11.47%
|
Industrials
|
10.03%
|
Information Technology
|
16.90%
|
Materials
|
4.05%
|
Telecommunication Services
|
1.09%
|
Utilities
|
2.02%
|
US Treasury Obligations
|
9.41%
|
Repurchase Agreements
|
1.61%
|
Other Assets and Liabilities
|
0.00%
|
100.00%
|
13 |
Total Return US Treasury Fund
|
Schedule of Investments
|
April 30, 2011 (Unaudited)
|
Security
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
|
Market
Value
|
|||||||||
US TREASURY OBLIGATIONS - 97.50%
|
|||||||||||||
US Treasury Notes
|
1.000% |
08/31/11
|
$ | 13,500,000 | $ | 13,542,714 | |||||||
US Treasury Notes
|
1.000% |
10/31/11
|
3,000,000 | 3,013,359 | |||||||||
US Treasury Notes
|
0.625% |
07/31/12
|
2,000,000 | 2,008,212 | |||||||||
US Treasury Notes
|
2.000% |
01/31/16
|
11,000,000 | 11,067,034 | |||||||||
US Treasury Notes
|
3.750% |
11/15/18
|
1,370,000 | 1,459,693 | |||||||||
US Treasury Notes
|
3.125% |
05/15/19
|
5,300,000 | 5,375,361 | |||||||||
US Treasury Notes
|
2.625% |
08/15/20
|
7,000,000 | 6,657,112 | |||||||||
US Treasury Bonds
|
8.125% |
08/15/19
|
10,000,000 | 13,862,500 | |||||||||
US Treasury Bonds
|
8.750% |
08/15/20
|
11,300,000 | 16,428,256 | |||||||||
US Treasury Bonds
|
7.875% |
02/15/21
|
1,000,000 | 1,389,219 | |||||||||
US Treasury Bonds
|
6.375% |
08/15/27
|
6,000,000 | 7,706,250 | |||||||||
Total US Treasury Obligations (Cost $81,560,755)
|
$ | 82,509,710 |
Security
|
Principal
Amount
|
Market
Value
|
||||||
REPURCHASE AGREEMENTS - 1.80%
|
||||||||
JPMorgan Chase, N.A.
|
||||||||
Dated 04/29/11, 0.01%, principal and interest in the amount of $1,528,001 to be repurchased 05/02/11, collateralized by US Treasury Inflation-Protected Notes, par value of $1,219,100 due 07/15/14 and 01/15/15 with a combined value of $1,560,270 (Cost $1,528,000)
|
$ | 1,528,000 | $ | 1,528,000 | ||||
Total Investments - 99.30% (Cost $83,088,755)*
|
$ | 84,037,710 | ||||||
Other Assets in Excess of Liabilities - 0.70%
|
590,847 | |||||||
Net Assets - 100.00%
|
$ | 84,628,557 |
*
|
Cost for Federal income tax purposes is $83,088,755 and net unrealized appreciation on a tax basis consists of:
|
Gross Unrealized Appreciation
|
$ | 1,446,134 | ||
Gross Unrealized Depreciation
|
(497,179 | ) | ||
Net Unrealized Appreciation
|
$ | 948,955 |
14 |
Managed Municipal Fund
|
Schedule of Investments
|
April 30, 2011 (Unaudited)
|
Security
|
Interest
Rate
|
Maturity
Date
|
Ratings
(Moody’s/
S&P)1
|
Principal
Amount
|
Market
Value
|
|||||||||
MUNICIPAL BONDS - 88.31%
|
||||||||||||||
General Obligation - 66.17%
|
||||||||||||||
Alexandria, VA, Capital Improvements
|
4.250% |
06/15/21
|
Aaa/AAA
|
$ | 3,300,000 | $ | 3,433,617 | |||||||
Arlington County, VA, Public Improvements
|
4.500% |
01/15/28
|
Aaa/AAA
|
1,600,000 | 1,611,568 | |||||||||
Austin, TX, Public Improvements, Series A
|
3.500% |
09/01/30
|
Aaa/AAA
|
2,500,000 | 2,164,375 | |||||||||
Baltimore County, MD
|
4.000% |
08/01/22
|
Aaa/AAA
|
1,665,000 | 1,785,546 | |||||||||
Dallas, TX
|
4.000% |
02/15/16
|
Aa1/AA+
|
2,450,000 | 2,515,121 | |||||||||
Delaware State, Series B
|
3.000% |
07/01/19
|
Aaa/AAA
|
1,400,000 | 1,456,784 | |||||||||
Delaware State, Series B
|
3.250% |
01/01/21
|
Aaa/AAA
|
2,000,000 | 2,037,900 | |||||||||
Du Page County, IL, Jail Project
|
5.600% |
01/01/21
|
Aaa/AAA
|
1,600,000 | 1,835,664 | |||||||||
Florida State, Board of Education, Public Education, Series I
|
4.125% |
06/01/21
|
Aa1/AAA
|
3,000,000 | 3,070,980 | |||||||||
Georgia State, Series B
|
4.250% |
04/01/25
|
Aaa/AAA
|
1,120,000 | 1,151,438 | |||||||||
Georgia State, Series G
|
4.125% |
10/01/23
|
Aaa/AAA
|
2,000,000 | 2,078,740 | |||||||||
Henrico County, VA, Public Improvements
|
4.250% |
07/15/24
|
Aaa/AAA
|
2,830,000 | 2,908,844 | |||||||||
Maryland State, Capital Improvements, Series A
|
4.000% |
02/15/20
|
Aaa/AAA
|
4,000,000 | 4,196,240 | |||||||||
Mecklenburg County, NC
|
3.500% |
02/01/26
|
Aaa/AAA
|
2,000,000 | 1,911,880 | |||||||||
Mecklenburg County, NC, Public Improvements, Series A
|
4.000% |
02/01/20
|
Aaa/AAA
|
3,000,000 | 3,108,720 | |||||||||
Mecklenburg County, NC, Public Improvements, Series B
|
4.000% |
03/01/27
|
Aaa/AAA
|
1,000,000 | 1,004,980 | |||||||||
Minnesota State, State Trunk Highway, Series B
|
4.000% |
08/01/30
|
Aa1/AAA
|
2,830,000 | 2,750,166 | |||||||||
Missouri State, Fourth State Building, Series A
|
4.125% |
10/01/19
|
Aaa/AAA
|
2,000,000 | 2,045,160 | |||||||||
Montgomery County, MD, Public Improvements, Series A
|
4.000% |
05/01/21
|
Aaa/AAA
|
2,450,000 | 2,502,381 | |||||||||
Prince Georges County, MD, Public Improvements
|
4.125% |
07/15/26
|
Aaa/AAA
|
2,000,000 | 2,033,620 | |||||||||
Salt Lake City, UT, School District, School Board Guaranty, Series A
|
4.500% |
03/01/20
|
Aaa/NR
|
2,240,000 | 2,401,997 | |||||||||
South Carolina State, Coastal Carolina University, Series A
|
4.000% |
04/01/28
|
Aaa/AA+
|
1,000,000 | 992,440 | |||||||||
South Carolina State, Highway, Series A
|
3.000% |
08/01/22
|
Aaa/AA+
|
1,475,000 | 1,437,166 | |||||||||
Tennessee State, Series A
|
5.000% |
05/01/26
|
Aaa/AA+
|
500,000 | 538,480 | |||||||||
Tennessee State, Series A
|
5.000% |
05/01/27
|
Aaa/AA+
|
2,075,000 | 2,221,952 | |||||||||
Tennessee State, Series A
|
4.000% |
05/01/28
|
Aaa/AA+
|
2,000,000 | 1,991,440 | |||||||||
Tennessee State, Series A
|
3.625% |
05/01/31
|
Aaa/AA+
|
2,000,000 | 1,762,300 | |||||||||
Texas, Water Financial Assistance, Series C-1
|
5.000% |
08/01/39
|
Aaa/AA+
|
3,515,000 | 3,611,627 |
15 |
Managed Municipal Fund
|
Schedule of Investments (continued)
|
April 30, 2011 (Unaudited)
|
Security
|
Interest
Rate
|
Maturity
Date
|
Ratings
(Moody’s/
S&P)1
|
Principal
Amount
|
Market
Value
|
|||||||||
MUNICIPAL BONDS - 88.31% (continued)
|
||||||||||||||
General Obligation - 66.17% (continued)
|
||||||||||||||
Utah State, Series A
|
3.000% |
07/01/18
|
Aaa/AAA
|
$ | 1,000,000 | $ | 1,036,960 | |||||||
Virginia State, Series B
|
4.250% |
06/01/26
|
Aaa/AAA
|
2,500,000 | 2,546,325 | |||||||||
Washington State, Series F
|
4.500% |
07/01/27
|
Aa1/AA+
|
2,500,000 | 2,536,875 | |||||||||
Washington, MD, Suburban Sanitation District, Water Supply
|
4.250% |
06/01/26
|
Aaa/AAA
|
2,500,000 | 2,545,175 | |||||||||
$ | 69,226,461 | |||||||||||||
Prerefunded2 Issues - 3.57%
|
||||||||||||||
Arlington County, VA, Public Improvements, 01/15/13 @ 100
|
4.500% |
01/15/28
|
NR/NR
|
$ | 400,000 | $ | 427,032 | |||||||
Delaware State, Series A, 01/01/12 @ 100
|
4.200% |
01/01/20
|
Aaa/AAA
|
1,675,000 | 1,719,237 | |||||||||
Gwinnett County, GA, Water & Sewer Authority, 08/01/12 @ 100
|
5.250% |
08/01/24
|
Aaa/AAA
|
1,500,000 | 1,592,205 | |||||||||
$ | 3,738,474 | |||||||||||||
Revenue Bonds - 18.57%
|
||||||||||||||
Colorado, Water Resources & Power Development Authority, Series A
|
4.000% |
09/01/29
|
Aaa/AAA
|
$ | 2,000,000 | $ | 1,896,300 | |||||||
Fairfax County, VA, Water Authority Water Revenue
|
4.500% |
04/01/27
|
Aaa/AAA
|
2,500,000 | 2,561,950 | |||||||||
Florida, Water Pollution Control Financing, Series A
|
5.000% |
01/15/29
|
Aaa/AAA
|
500,000 | 521,230 | |||||||||
Florida, Water Pollution Control Financing, Series A
|
5.100% |
01/15/29
|
Aaa/AAA
|
550,000 | 577,549 | |||||||||
Gwinnett County, GA, Water & Sewer Authority, Series A
|
4.000% |
08/01/28
|
Aaa/AAA
|
2,000,000 | 1,981,440 | |||||||||
Kansas State, Development Finance Authority, Series DW-1
|
3.000% |
04/01/20
|
Aaa/AAA
|
2,865,000 | 2,885,112 | |||||||||
Kansas State, Development Finance Authority, Series DW-1
|
3.125% |
04/01/22
|
Aaa/AAA
|
2,975,000 | 2,919,219 | |||||||||
Texas, Water Development Board Revenue, State Revolving Fund-Senior Lien, Series A
|
4.750% |
07/15/20
|
Aaa/AAA
|
3,000,000 | 3,004,260 | |||||||||
Virginia State Resources Authority Clean Water Revenue
|
4.500% |
10/01/28
|
Aaa/AAA
|
3,000,000 | 3,077,130 | |||||||||
$ | 19,424,190 | |||||||||||||
Total Municipal Bonds (Cost $90,588,991)
|
$ | 92,389,125 | ||||||||||||
US TREASURY OBLIGATION - 4.79%
|
||||||||||||||
US Treasury Notes (Cost $5,012,432)
|
1.000% |
08/31/11
|
—
|
$ | 5,000,000 | $ | 5,015,820 |
16 |
Managed Municipal Fund
|
Schedule of Investments (continued)
|
April 30, 2011 (Unaudited)
|
Security
|
Principal
Amount
|
Market
Value
|
||||||
REPURCHASE AGREEMENTS - 6.13%
|
||||||||
JPMorgan Chase, N.A.
|
||||||||
Dated 04/29/11, 0.01%, principal and interest in the amount of $6,413,003 to be repurchased 05/02/11, collateralized by US Treasury Inflation-Protected Notes, par value of $5,649,800 due 01/15/14, 01/15/15, 07/15/16, 07/15/18, 07/15/20, and 01/15/21 with a combined value of $6,543,341 (Cost $6,413,000)
|
$ | 6,413,000 | $ | 6,413,000 | ||||
Total Investments - 99.23% (Cost $102,014,423)*
|
$ | 103,817,945 | ||||||
Other Assets in Excess of Liabilities - 0.77%
|
800,889 | |||||||
Net Assets - 100.00%
|
$ | 104,618,834 |
1
|
Moody’s Municipal Bond Ratings:
|
||
Aaa
|
Judged to be of the best quality.
|
||
Aa
|
Judged to be of high quality by all standards. Issues are sometimes denoted with a 1, 2 or 3, which denote a high, medium or low ranking within the rating.
|
||
S&P Municipal Bond Ratings:
|
|||
AAA
|
Of the highest quality.
|
||
AA
|
The second strongest capacity of payment of debt services. Those issues determined to possess very strong safety characteristics are denoted with a plus (+) sign.
|
||
NR
|
Bond is not rated by this rating organization.
|
||
2
|
Prerefunded: Bonds which are prerefunded are collateralized by US Treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.
|
||
*
|
Cost for Federal income tax purposes is $102,014,423 and net unrealized appreciation on a tax basis consists of:
|
Gross Unrealized Appreciation
|
$ | 2,777,565 | ||
Gross Unrealized Depreciation
|
(974,043 | ) | ||
Net Unrealized Appreciation
|
$ | 1,803,522 |
17 |
North American Government Bond Fund
|
Schedule of Investments
|
April 30, 2011 (Unaudited)
|
Security
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount1
|
Market
Value
|
|||||||||
CANADIAN SECURITIES - 18.00%
|
|||||||||||||
Canadian Government Bonds
|
1.500% |
03/01/12
|
CAD 2,000,000
|
$ | 2,117,148 | ||||||||
Canadian Government Bonds
|
1.500% |
06/01/12
|
2,000,000 | 2,115,859 | |||||||||
Canadian Government Bonds
|
3.750% |
06/01/12
|
7,500,000 | 8,125,112 | |||||||||
Canadian Government Bonds
|
3.500% |
06/01/13
|
3,100,000 | 3,390,391 | |||||||||
Canadian Government Bonds
|
4.000% |
06/01/17
|
9,000,000 | 10,165,629 | |||||||||
Total Canadian Securities (Cost $23,306,504)
|
$ | 25,914,139 | |||||||||||
MEXICAN SECURITIES - 9.45%
|
|||||||||||||
Mexican Bono2
|
9.000% |
12/20/12
|
MXN 31,782,400
|
$ | 2,926,255 | ||||||||
Mexican Bono2
|
6.000% |
06/18/15
|
23,850,000 | 2,045,678 | |||||||||
Mexican Bono2
|
8.000% |
12/17/15
|
93,907,000 | 8,630,255 | |||||||||
Total Mexican Securities (Cost $13,154,808)
|
$ | 13,602,188 | |||||||||||
US TREASURY OBLIGATIONS - 70.42%
|
|||||||||||||
US Treasury Notes
|
1.000% |
08/31/11
|
$ | 9,000,000 | $ | 9,028,476 | |||||||
US Treasury Notes
|
2.000% |
01/31/16
|
12,000,000 | 12,073,128 | |||||||||
US Treasury Notes
|
2.125% |
02/29/16
|
3,750,000 | 3,789,844 | |||||||||
US Treasury Notes
|
3.125% |
05/15/19
|
11,600,000 | 11,764,940 | |||||||||
US Treasury Notes
|
2.625% |
08/15/20
|
11,850,000 | 11,269,540 | |||||||||
US Treasury Bonds
|
8.750% |
05/15/17
|
12,800,000 | 17,462,003 | |||||||||
US Treasury Bonds
|
8.875% |
08/15/17
|
10,300,000 | 14,214,804 | |||||||||
US Treasury Bonds
|
8.125% |
08/15/19
|
6,500,000 | 9,010,625 | |||||||||
US Treasury Bonds
|
8.500% |
02/15/20
|
6,000,000 | 8,547,186 | |||||||||
US Treasury Bonds
|
8.750% |
08/15/20
|
2,300,000 | 3,343,804 | |||||||||
US Treasury Bonds
|
7.875% |
02/15/21
|
650,000 | 902,992 | |||||||||
Total US Treasury Obligations (Cost $100,692,490)
|
$ | 101,407,342 |
18 |
North American Government Bond Fund
|
Schedule of Investments (continued)
|
April 30, 2011 (Unaudited)
|
Security
|
Principal
Amount
|
Market
Value
|
||||||
REPURCHASE AGREEMENTS - 0.94%
|
||||||||
JPMorgan Chase, N.A.
|
||||||||
Dated 04/29/11, 0.01%, principal and interest in the amount of $1,354,001 to be repurchased 05/02/11, collateralized by US Treasury Inflation-Protected Note, par value of $1,055,000 due 07/15/14 with a value of $1,383,030 (Cost $1,354,000)
|
$ | 1,354,000 | $ | 1,354,000 | ||||
Total Investments - 98.81% (Cost $138,507,802)*
|
$ | 142,277,669 | ||||||
Other Assets in Excess of Liabilities - 1.19%
|
1,713,593 | |||||||
Net Assets - 100.00%
|
$ | 143,991,262 |
CAD
|
Canadian dollar
|
MXN
|
Mexican peso
|
1
|
Principal Amount is shown in US dollars unless otherwise noted.
|
2
|
Bonos are fixed rate, local currency-denominated coupon bonds issued by the Mexican government.
|
*
|
Cost for Federal income tax purposes is $138,507,802 and net unrealized appreciation on a tax basis consists of:
|
Gross Unrealized Appreciation
|
$ | 4,617,793 | ||
Gross Unrealized Depreciation
|
(847,926 | ) | ||
Net Unrealized Appreciation
|
$ | 3,769,867 |
19 |
ISI Strategy Fund
|
Schedule of Investments
|
April 30, 2011 (Unaudited)
|
Security
|
Shares
|
Market
Value
|
||||||
COMMON STOCKS - 88.98%
|
||||||||
Consumer Discretionary - 8.72%
|
||||||||
Auto Components - 0.01%
|
||||||||
Goodyear Tire & Rubber Co. (The)*
|
190 | $ | 3,449 | |||||
Automobiles - 0.10%
|
||||||||
Ford Motor Co.*
|
4,400 | 68,068 | ||||||
Hotels, Restaurants & Leisure - 2.40%
|
||||||||
International Game Technology
|
11,650 | 206,088 | ||||||
Las Vegas Sands Corp.*
|
9,700 | 455,997 | ||||||
Marriott International, Inc. - Class A
|
4,806 | 169,652 | ||||||
McDonald's Corp.
|
10,376 | 812,545 | ||||||
1,644,282 | ||||||||
Household Durables - 0.64%
|
||||||||
Fortune Brands, Inc.
|
5,113 | 332,754 | ||||||
Whirlpool Corp.
|
1,200 | 103,416 | ||||||
436,170 | ||||||||
Internet & Catalog Retail - 0.32%
|
||||||||
Blue Nile, Inc.*
|
1,500 | 85,500 | ||||||
Expedia, Inc.
|
3,195 | 79,971 | ||||||
Overstock.com, Inc.*
|
4,057 | 56,392 | ||||||
221,863 | ||||||||
Media - 2.99%
|
||||||||
Cablevision Systems Corp. - New York Group - Class A
|
9,058 | 319,113 | ||||||
CBS Corp. - Class B - Non-Voting Shares
|
5,413 | 136,516 | ||||||
Comcast Corp. - Class A
|
11,050 | 289,952 | ||||||
DIRECTV - Class A*
|
11,760 | 571,419 | ||||||
Interpublic Group of Cos., Inc. (The)
|
95 | 1,116 | ||||||
Liberty Global, Inc. - Class A*
|
5,666 | 263,469 | ||||||
Liberty Media Corp. - Starz - Series A*
|
846 | 65,015 | ||||||
News Corp. - Class A
|
605 | 10,781 | ||||||
Sirius XM Radio, Inc.*
|
41,300 | 82,187 | ||||||
Time Warner Cable, Inc.
|
883 | 68,989 | ||||||
Virgin Media, Inc.
|
650 | 19,669 | ||||||
Walt Disney Co. (The)
|
5,113 | 220,370 | ||||||
2,048,596 | ||||||||
Security
|
Shares
|
Market
Value
|
||||||
Multi-Line Retail - 0.40%
|
||||||||
Dollar General Corp.*
|
2,595 | $ | 84,571 | |||||
Macy's, Inc.
|
3,000 | 71,730 | ||||||
Sears Holdings Corp.*
|
700 | 60,179 | ||||||
Target Corp.
|
1,251 | 61,424 | ||||||
277,904 | ||||||||
Specialty Retail - 1.56%
|
||||||||
Abercrombie & Fitch Co. - Class A
|
2,100 | 148,680 | ||||||
Foot Locker, Inc.
|
3,232 | 69,553 | ||||||
Gap, Inc. (The)
|
7,669 | 178,227 | ||||||
Home Depot, Inc. (The)
|
5,113 | 189,897 | ||||||
Limited Brands, Inc.
|
2,500 | 102,900 | ||||||
Lowe's Cos., Inc.
|
4,110 | 107,887 | ||||||
PetSmart, Inc.
|
2,500 | 105,425 | ||||||
Systemax, Inc.*
|
4,121 | 53,367 | ||||||
Williams-Sonoma, Inc.
|
2,700 | 117,207 | ||||||
1,073,143 | ||||||||
Textiles, Apparel & Luxury Goods - 0.30%
|
||||||||
NIKE, Inc. - Class B
|
2,500 | 205,800 | ||||||
Consumer Staples - 7.82%
|
||||||||
Beverages - 0.54%
|
||||||||
Coca-Cola Co. (The)
|
2,500 | 168,650 | ||||||
Constellation Brands, Inc.*
|
4,900 | 109,711 | ||||||
PepsiCo, Inc.
|
1,328 | 91,486 | ||||||
369,847 | ||||||||
Food & Staples Retailing - 1.77%
|
||||||||
CVS Caremark Corp.
|
200 | 7,248 | ||||||
Kroger Co. (The)
|
2,600 | 63,206 | ||||||
Safeway, Inc.
|
2,700 | 65,637 | ||||||
Sysco Corp.
|
2,100 | 60,711 | ||||||
Wal-Mart Stores, Inc.
|
13,006 | 715,070 | ||||||
Walgreen Co.
|
3,700 | 158,064 | ||||||
Whole Foods Market, Inc.
|
2,300 | 144,348 | ||||||
1,214,284 | ||||||||
Food Products - 1.33%
|
||||||||
Dole Food Co., Inc.*
|
3,200 | 44,192 | ||||||
General Mills, Inc.
|
4,926 | 190,045 | ||||||
Hershey Co. (The)
|
5,113 | 295,071 | ||||||
Hormel Foods Corp.
|
10,226 | 300,747 | ||||||
McCormick & Co., Inc. - Non-Voting Shares
|
1,598 | 78,494 | ||||||
908,549 |
20 |
ISI Strategy Fund
|
Schedule of Investments (continued)
|
April 30, 2011 (Unaudited)
|
Security
|
Shares
|
Market
Value
|
||||||
COMMON STOCKS - 88.98% (continued)
|
||||||||
Consumer Staples - 7.82% (continued)
|
||||||||
Household Products - 1.04%
|
||||||||
Procter & Gamble Co. (The)
|
11,021 | $ | 715,263 | |||||
Personal Products - 0.69%
|
||||||||
Avon Products, Inc.
|
5,100 | 149,838 | ||||||
Herbalife Ltd.
|
3,576 | 321,053 | ||||||
470,891 | ||||||||
Tobacco - 2.45%
|
||||||||
Altria Group, Inc.
|
5,252 | 140,963 | ||||||
Philip Morris International, Inc.
|
16,689 | 1,158,884 | ||||||
Reynolds American, Inc.
|
10,326 | 383,198 | ||||||
1,683,045 | ||||||||
Energy - 13.40%
|
||||||||
Energy Equipment & Services - 1.77%
|
||||||||
Complete Production Services, Inc.*
|
95 | 3,224 | ||||||
Halliburton Co.
|
4,200 | 212,016 | ||||||
McDermott International, Inc.*
|
4,600 | 106,214 | ||||||
Patterson-UTI Energy, Inc.
|
14,440 | 449,229 | ||||||
RPC, Inc.
|
13,800 | 373,290 | ||||||
Unit Corp.*
|
1,100 | 69,322 | ||||||
1,213,295 | ||||||||
Oil, Gas & Consumable Fuels - 11.63%
|
||||||||
Alpha Natural Resources, Inc.*
|
6,800 | 395,556 | ||||||
Arch Coal, Inc.
|
2,200 | 75,460 | ||||||
Berry Petroleum Co. - Class A
|
3,060 | 162,578 | ||||||
Chesapeake Energy Corp.
|
6,600 | 222,222 | ||||||
Chevron Corp.
|
9,702 | 1,061,787 | ||||||
Clean Energy Fuels Corp.*
|
9,990 | 170,229 | ||||||
ConocoPhillips
|
8,950 | 706,423 | ||||||
Continental Resources, Inc.*
|
4,110 | 282,275 | ||||||
Crosstex Energy, Inc.
|
6,500 | 68,575 | ||||||
Energy XXI (Bermuda) Ltd.*
|
1,900 | 68,875 | ||||||
Exxon Mobil Corp.
|
27,341 | 2,406,008 | ||||||
Frontier Oil Corp.*
|
3,200 | 89,408 | ||||||
General Maritime Corp.
|
9,100 | 19,474 | ||||||
Goodrich Petroleum Corp.*
|
3,200 | 71,904 | ||||||
Holly Corp.
|
2,900 | 167,910 | ||||||
Marathon Oil Corp.
|
9,223 | 498,411 | ||||||
Massey Energy Co.
|
1,100 | 75,064 | ||||||
McMoRan Exploration Co.*
|
5,000 | 91,550 | ||||||
Security
|
Shares
|
Market
Value
|
||||||
Oil, Gas & Consumable Fuels - 11.63% (continued)
|
||||||||
Murphy Oil Corp.
|
2,400 | $ | 185,952 | |||||
Petrohawk Energy Corp.*
|
3,100 | 83,731 | ||||||
Quicksilver Resources, Inc.*
|
10,000 | 148,500 | ||||||
Ship Finance International Ltd.
|
5,112 | 102,189 | ||||||
Southern Union Co.
|
2,100 | 62,790 | ||||||
Southwestern Energy Co.*
|
500 | 21,930 | ||||||
Sunoco, Inc.
|
1,400 | 59,724 | ||||||
Teekay Corp.
|
1,250 | 42,487 | ||||||
Tesoro Corp.*
|
4,400 | 119,328 | ||||||
USEC, Inc.*
|
10,015 | 45,869 | ||||||
W&T Offshore, Inc.
|
7,100 | 190,351 | ||||||
Whiting Petroleum Corp.*
|
2,000 | 139,000 | ||||||
World Fuel Services Corp.
|
3,500 | 138,530 | ||||||
7,974,090 | ||||||||
Financials - 13.48%
|
||||||||
Capital Markets - 3.34%
|
||||||||
Artio Global Investors, Inc.
|
6,600 | 108,438 | ||||||
BlackRock, Inc. - Class A
|
2,346 | 459,675 | ||||||
Charles Schwab Corp. (The)
|
14,435 | 264,305 | ||||||
E*TRADE Financial Corp.*
|
20,300 | 329,672 | ||||||
Invesco Ltd.
|
4,511 | 112,188 | ||||||
Morgan Stanley
|
4,612 | 120,604 | ||||||
SEI Investments Co.
|
6,566 | 146,619 | ||||||
TD AMERITRADE Holding Corp.*
|
34,870 | 751,100 | ||||||
2,292,601 | ||||||||
Commercial Banks - 1.53%
|
||||||||
Centerstate Banks, Inc.
|
496 | 3,085 | ||||||
Cullen/Frost Bankers, Inc.
|
5,263 | 311,780 | ||||||
FirstMerit Corp.
|
3,500 | 61,145 | ||||||
MB Financial, Inc.
|
4,900 | 101,381 | ||||||
Susquehanna Bancshares, Inc.
|
6,112 | 56,353 | ||||||
Webster Financial Corp.
|
3,000 | 64,560 | ||||||
Wells Fargo & Co.
|
15,363 | 447,217 | ||||||
1,045,521 | ||||||||
Consumer Finance - 0.14%
|
||||||||
Advance America Cash Advance Centers, Inc.
|
3,360 | 19,757 | ||||||
Dollar Financial Corp.*
|
3,400 | 78,166 | ||||||
97,923 | ||||||||
Diversified Financial Services - 2.52%
|
||||||||
Bank of America Corp.
|
35,721 | 438,654 | ||||||
Citigroup, Inc.*
|
14,702 | 67,482 |
21 |
ISI Strategy Fund
|
Schedule of Investments (continued)
|
April 30, 2011 (Unaudited)
|
Security
|
Shares
|
Market
Value
|
||||||
COMMON STOCKS - 88.98% (continued)
|
||||||||
Financials - 13.48% (continued)
|
||||||||
Diversified Financial Services - 2.52% (continued)
|
||||||||
CME Group, Inc.
|
852 | $ | 251,996 | |||||
JPMorgan Chase & Co.
|
20,881 | 952,800 | ||||||
Leucadia National Corp.
|
500 | 19,330 | ||||||
1,730,262 | ||||||||
Insurance - 3.52%
|
||||||||
Allstate Corp. (The)
|
2,400 | 81,216 | ||||||
American Equity Investment Life Holding Co.
|
10,400 | 133,744 | ||||||
Brown & Brown, Inc.
|
14,000 | 361,900 | ||||||
Cincinnati Financial Corp.
|
4,712 | 149,276 | ||||||
CNA Financial Corp.*
|
8,200 | 254,528 | ||||||
CNO Financial Group, Inc.*
|
15,600 | 125,736 | ||||||
Endurance Specialty Holdings Ltd.
|
3,000 | 133,020 | ||||||
Loews Corp.
|
7,920 | 350,539 | ||||||
MetLife, Inc.
|
6,275 | 293,607 | ||||||
Protective Life Corp.
|
6,280 | 168,995 | ||||||
Prudential Financial, Inc.
|
4,163 | 264,017 | ||||||
StanCorp Financial Group, Inc.
|
101 | 4,353 | ||||||
Unitrin, Inc.
|
2,965 | 89,662 | ||||||
2,410,593 | ||||||||
Real Estate Investment Trusts - 1.56%
|
||||||||
American Capital Agency Corp.
|
14,250 | 414,818 | ||||||
Hatteras Financial Corp.
|
23,008 | 653,657 | ||||||
1,068,475 | ||||||||
Thrifts & Mortgage Finance - 0.87%
|
||||||||
First Niagara Financial Group, Inc.
|
5,113 | 73,627 | ||||||
Flagstar Bancorp, Inc.*
|
9,500 | 14,820 | ||||||
New York Community Bancorp, Inc.
|
21,800 | 361,880 | ||||||
Radian Group, Inc.
|
6,200 | 36,766 | ||||||
TFS Financial Corp.
|
10,000 | 108,800 | ||||||
595,893 | ||||||||
Health Care - 11.47%
|
||||||||
Biotechnology - 0.75%
|
||||||||
Acorda Therapeutics, Inc.*
|
3,000 | 84,120 | ||||||
Amylin Pharmaceuticals, Inc.*
|
7,300 | 97,090 | ||||||
Cepheid, Inc.*
|
5,080 | 164,135 | ||||||
GTx, Inc.*
|
1,000 | 4,260 | ||||||
Incyte Corp.*
|
4,100 | 75,768 | ||||||
Security
|
Shares
|
Market
Value
|
||||||
Biotechnology - 0.75% (continued)
|
||||||||
Myriad Genetics, Inc.*
|
3,000 | $ | 64,320 | |||||
Neurocrine Biosciences, Inc.*
|
2,900 | 22,301 | ||||||
511,994 | ||||||||
Health Care Equipment & Supplies - 1.38%
|
||||||||
Baxter International, Inc.
|
502 | 28,564 | ||||||
Conceptus, Inc.*
|
5,290 | 81,625 | ||||||
IDEXX Laboratories, Inc.*
|
5,163 | 420,423 | ||||||
Meridian Bioscience, Inc.
|
3,105 | 76,724 | ||||||
Sirona Dental Systems, Inc.*
|
4,800 | 273,936 | ||||||
STERIS Corp.
|
1,748 | 62,998 | ||||||
944,270 | ||||||||
Health Care Providers & Services - 4.75%
|
||||||||
AmerisourceBergen Corp.
|
10,700 | 434,848 | ||||||
Brookdale Senior Living, Inc.*
|
10,000 | 272,400 | ||||||
Catalyst Health Solutions, Inc.*
|
2,500 | 148,900 | ||||||
Community Health Systems, Inc.*
|
13,800 | 424,074 | ||||||
Express Scripts, Inc.*
|
1,500 | 85,110 | ||||||
Health Management Associates, Inc. - Class A*
|
12,000 | 135,360 | ||||||
Health Net, Inc.*
|
16,500 | 549,450 | ||||||
LifePoint Hospitals, Inc.*
|
2,000 | 83,220 | ||||||
Magellan Health Services, Inc.*
|
3,100 | 161,262 | ||||||
McKesson Corp.
|
1,200 | 99,612 | ||||||
Medco Health Solutions, Inc.*
|
1,230 | 72,976 | ||||||
MEDNAX, Inc.*
|
2,900 | 205,668 | ||||||
Omnicare, Inc.
|
10,000 | 314,200 | ||||||
Owens & Minor, Inc.
|
1,100 | 37,895 | ||||||
Select Medical Holdings Corp.*
|
7,900 | 70,468 | ||||||
Team Health Holdings, Inc.*
|
7,600 | 151,088 | ||||||
WellPoint, Inc.
|
171 | 13,131 | ||||||
3,259,662 | ||||||||
Health Care Technology - 0.43%
|
||||||||
Allscripts Healthcare Solutions, Inc.*
|
12,450 | 268,173 | ||||||
Omnicell, Inc.*
|
1,600 | 24,608 | ||||||
292,781 | ||||||||
Life Sciences Tools & Services - 0.84%
|
||||||||
Bruker Corp.*
|
22,800 | 450,072 | ||||||
Pharmaceutical Product Development, Inc.
|
4,000 | 123,400 | ||||||
573,472 |
22 |
ISI Strategy Fund
|
Schedule of Investments (continued)
|
April 30, 2011 (Unaudited)
|
Security
|
Shares
|
Market
Value
|
||||||
COMMON STOCKS - 88.98% (continued)
|
||||||||
Health Care - 11.47% (continued)
|
||||||||
Pharmaceuticals - 3.32%
|
||||||||
Abbott Laboratories
|
4,546 | $ | 236,574 | |||||
Allergan, Inc.
|
921 | 73,275 | ||||||
Bristol-Myers Squibb Co.
|
2,803 | 78,764 | ||||||
Johnson & Johnson
|
13,038 | 856,857 | ||||||
Medicis Pharmaceutical Corp. - Class A
|
2,500 | 88,650 | ||||||
Merck & Co., Inc.
|
3,302 | 118,707 | ||||||
Pfizer, Inc.
|
36,340 | 761,687 | ||||||
ViroPharma, Inc.*
|
3,400 | 65,586 | ||||||
2,280,100 | ||||||||
Industrials - 10.03%
|
||||||||
Aerospace & Defense - 1.99%
|
||||||||
AAR Corp.*
|
2,052 | 53,434 | ||||||
Alliant Techsystems, Inc.
|
4,300 | 303,795 | ||||||
Boeing Co. (The)
|
1,300 | 103,714 | ||||||
Goodrich Corp.
|
1,153 | 101,890 | ||||||
Honeywell International, Inc.
|
3,609 | 220,979 | ||||||
Huntington Ingalls Industries, Inc.*
|
718 | 28,720 | ||||||
Northrop Grumman Corp.
|
4,311 | 274,223 | ||||||
United Technologies Corp.
|
3,108 | 278,415 | ||||||
1,365,170 | ||||||||
Air Freight & Logistics - 0.39%
|
||||||||
FedEx Corp.
|
856 | 81,894 | ||||||
United Parcel Service, Inc. - Class B
|
2,500 | 187,425 | ||||||
269,319 | ||||||||
Airlines - 0.15%
|
||||||||
United Continental Holdings, Inc.*
|
4,502 | 102,736 | ||||||
Building Products - 0.09%
|
||||||||
Griffon Corp.*
|
4,700 | 59,878 | ||||||
Commercial Services & Supplies - 0.36%
|
||||||||
ABM Industries, Inc.
|
500 | 12,160 | ||||||
ACCO Brands Corp.*
|
95 | 923 | ||||||
Cenveo, Inc.*
|
700 | 4,536 | ||||||
EnerNOC, Inc.*
|
3,230 | 57,849 | ||||||
Geo Group, Inc. (The)*
|
2,900 | 77,372 | ||||||
United Stationers, Inc.*
|
1,200 | 86,472 | ||||||
Security
|
Shares
|
Market
Value
|
||||||
Commercial Services & Supplies - 0.36% (continued)
|
||||||||
US Ecology, Inc.
|
540 | $ | 9,914 | |||||
249,226 | ||||||||
Construction & Engineering - 0.61%
|
||||||||
Aecom Technology Corp.*
|
2,000 | 54,520 | ||||||
Shaw Group, Inc. (The)*
|
5,300 | 206,170 | ||||||
Tutor Perini Corp.
|
5,800 | 154,628 | ||||||
415,318 | ||||||||
Electrical Equipment - 0.25%
|
||||||||
American Superconductor Corp.*
|
3,500 | 41,475 | ||||||
General Cable Corp.*
|
2,600 | 126,100 | ||||||
167,575 | ||||||||
Industrial Conglomerates - 1.05%
|
||||||||
3M Co.
|
2,456 | 238,748 | ||||||
General Electric Co.
|
23,560 | 481,802 | ||||||
720,550 | ||||||||
Machinery - 3.13%
|
||||||||
Actuant Corp. - Class A
|
2,000 | 55,520 | ||||||
Blount International, Inc.*
|
3,800 | 63,080 | ||||||
Briggs & Stratton Corp.
|
2,900 | 68,411 | ||||||
Caterpillar, Inc.
|
3,567 | 411,667 | ||||||
Graco, Inc.
|
3,490 | 174,605 | ||||||
Illinois Tool Works, Inc.
|
1,191 | 69,566 | ||||||
Joy Global, Inc.
|
5,163 | 521,205 | ||||||
Manitowoc Co., Inc. (The)
|
6,700 | 148,673 | ||||||
Meritor, Inc.*
|
1,800 | 30,978 | ||||||
Mueller Industries, Inc.
|
3,300 | 129,096 | ||||||
Navistar International Corp.*
|
5,850 | 406,692 | ||||||
Timken Co. (The)
|
1,200 | 67,668 | ||||||
2,147,161 | ||||||||
Professional Services - 0.71%
|
||||||||
Acacia Research - Acacia Technologies*
|
2,800 | 115,108 | ||||||
Mistras Group, Inc.*
|
1,200 | 21,984 | ||||||
Verisk Analytics, Inc. - Class A*
|
10,600 | 348,740 | ||||||
485,832 | ||||||||
Road & Rail - 0.51%
|
||||||||
Union Pacific Corp.
|
3,400 | 351,798 | ||||||
Trading Companies & Distributors - 0.79%
|
||||||||
Aircastle Ltd.
|
597 | 7,438 | ||||||
Fastenal Co.
|
5,363 | 359,804 |
23 |
ISI Strategy Fund
|
Schedule of Investments (continued)
|
April 30, 2011 (Unaudited)
|
Security
|
Shares
|
Market
Value
|
||||||
COMMON STOCKS - 88.98% (continued)
|
||||||||
Industrials - 10.03% (continued)
|
||||||||
Trading Companies & Distributors - 0.79% (continued)
|
||||||||
Titan Machinery, Inc.*
|
500 | $ | 15,730 | |||||
United Rentals, Inc.*
|
500 | 14,710 | ||||||
WESCO International, Inc.*
|
2,300 | 142,485 | ||||||
540,167 | ||||||||
Information Technology - 16.90%
|
||||||||
Communications Equipment - 0.31%
|
||||||||
Brocade Communications Systems, Inc.*
|
10,500 | 65,625 | ||||||
Cisco Systems, Inc.*
|
3,160 | 55,490 | ||||||
Motorola Solutions, Inc.*
|
2,000 | 91,760 | ||||||
212,875 | ||||||||
Computers & Peripherals - 3.60%
|
||||||||
Apple, Inc.*
|
6,113 | 2,128,730 | ||||||
Hewlett-Packard Co.
|
1,700 | 68,629 | ||||||
Lexmark International, Inc.*
|
1,700 | 54,825 | ||||||
NCR Corp.*
|
3,100 | 61,411 | ||||||
QLogic Corp.*
|
3,700 | 66,526 | ||||||
STEC, Inc.*
|
4,120 | 86,190 | ||||||
2,466,311 | ||||||||
Electronic Equipment, Instruments & Components - 2.60%
|
||||||||
Agilent Technologies, Inc.*
|
1,768 | 88,241 | ||||||
Anixter International, Inc.
|
4,500 | 338,130 | ||||||
AVX Corp.
|
7,480 | 121,999 | ||||||
Brightpoint, Inc.*
|
7,250 | 73,370 | ||||||
Ingram Micro, Inc. - Class A*
|
12,310 | 230,566 | ||||||
Insight Enterprises, Inc.*
|
4,800 | 82,368 | ||||||
Itron, Inc.*
|
3,130 | 170,366 | ||||||
L-1 Identity Solutions, Inc.*
|
1,142 | 13,395 | ||||||
Plexus Corp.*
|
500 | 18,245 | ||||||
Sanmina-SCI Corp.*
|
3,900 | 45,708 | ||||||
ScanSource, Inc.*
|
1,674 | 59,879 | ||||||
SYNNEX Corp.*
|
2,200 | 73,766 | ||||||
Tech Data Corp.*
|
4,669 | 248,064 | ||||||
TTM Technologies, Inc.*
|
3,700 | 70,744 | ||||||
Vishay Intertechnology, Inc.*
|
7,700 | 146,916 | ||||||
1,781,757 | ||||||||
Internet Software & Services - 1.49%
|
||||||||
Earthlink, Inc.
|
13,300 | 109,326 | ||||||
Google, Inc. - Class A*
|
1,406 | 765,005 | ||||||
Security
|
Shares
|
Market
Value
|
||||||
Internet Software & Services - 1.49% (continued)
|
||||||||
WebMD Health Corp.*
|
1,200 | $ | 69,444 | |||||
Yahoo!, Inc.*
|
4,400 | 78,100 | ||||||
1,021,875 | ||||||||
IT Services - 3.69%
|
||||||||
CACI International, Inc. - Class A*
|
990 | 60,499 | ||||||
Cardtronics, Inc.*
|
3,033 | 64,451 | ||||||
Convergys Corp.*
|
10,200 | 147,900 | ||||||
CoreLogic, Inc.*
|
3,000 | 55,230 | ||||||
DST Systems, Inc.
|
2,500 | 123,275 | ||||||
Fidelity National Information Services, Inc.
|
280 | 9,268 | ||||||
Heartland Payment Systems, Inc.
|
6,122 | 122,195 | ||||||
International Business Machines Corp.
|
8,744 | 1,491,552 | ||||||
Lender Processing Services, Inc.
|
2,240 | 65,923 | ||||||
ManTech International Corp. - Class A*
|
1,400 | 61,446 | ||||||
SAIC, Inc.*
|
4,800 | 83,520 | ||||||
Teradata Corp.*
|
1,933 | 108,094 | ||||||
Unisys Corp.*
|
4,540 | 134,747 | ||||||
2,528,100 | ||||||||
Office Electronics - 0.08%
|
||||||||
Xerox Corp.
|
5,300 | 53,477 | ||||||
Semiconductors & Semiconductor Equipment - 2.24%
|
||||||||
Amkor Technology, Inc.*
|
10,000 | 67,000 | ||||||
Integrated Device Technology, Inc.*
|
28,653 | 233,092 | ||||||
Intel Corp.
|
10,099 | 234,196 | ||||||
Intersil Corp. - Class A
|
14,555 | 214,977 | ||||||
MEMC Electronic Materials, Inc.*
|
6,700 | 79,261 | ||||||
OmniVision Technologies, Inc.*
|
2,600 | 87,360 | ||||||
Photronics, Inc.*
|
2,600 | 22,698 | ||||||
Rambus, Inc.*
|
3,770 | 75,023 | ||||||
SunPower Corp. - Class A*
|
3,600 | 78,372 | ||||||
Teradyne, Inc.*
|
5,112 | 82,303 | ||||||
Texas Instruments, Inc.
|
10,275 | 365,071 | ||||||
1,539,353 |
24 |
ISI Strategy Fund
|
Schedule of Investments (continued)
|
April 30, 2011 (Unaudited)
|
Security
|
Shares
|
Market
Value
|
||||||
COMMON STOCKS - 88.98% (continued)
|
||||||||
Information Technology - 16.90% (continued)
|
||||||||
Software - 2.89%
|
||||||||
ANSYS, Inc.*
|
5,113 | $ | 282,698 | |||||
Blackbaud, Inc.
|
2,910 | 80,491 | ||||||
Cadence Design Systems, Inc.*
|
16,250 | 168,675 | ||||||
Epicor Software Corp.*
|
2,100 | 26,250 | ||||||
Microsoft Corp.
|
31,122 | 809,794 | ||||||
Oracle Corp.
|
7,169 | 258,442 | ||||||
Pegasystems, Inc.
|
2,850 | 105,821 | ||||||
Quest Software, Inc.*
|
7,000 | 180,320 | ||||||
Taleo Corp. - Class A*
|
1,900 | 68,913 | ||||||
1,981,404 | ||||||||
Materials - 4.05%
|
||||||||
Chemicals - 2.36%
|
||||||||
A. Schulman, Inc.
|
3,058 | 77,429 | ||||||
Cytec Industries, Inc.
|
5,113 | 300,031 | ||||||
Dow Chemical Co. (The)
|
4,169 | 170,887 | ||||||
Olin Corp.
|
4,388 | 112,947 | ||||||
PolyOne Corp.*
|
4,377 | 63,379 | ||||||
Rockwood Holdings, Inc.*
|
3,058 | 173,511 | ||||||
RPM International, Inc.
|
12,608 | 296,288 | ||||||
Spartech Corp.*
|
3,420 | 24,419 | ||||||
W.R. Grace & Co.*
|
8,851 | 401,481 | ||||||
1,620,372 | ||||||||
Containers & Packaging - 0.32%
|
||||||||
Boise, Inc.
|
6,380 | 62,652 | ||||||
Graham Packaging Co., Inc.*
|
6,866 | 157,918 | ||||||
Graphic Packaging Holding Co.*
|
335 | 1,839 | ||||||
222,409 | ||||||||
Metals & Mining - 1.37%
|
||||||||
Freeport-McMoRan Copper & Gold, Inc.
|
2,000 | 110,060 | ||||||
Metals USA Holdings Corp.*
|
2,600 | 44,200 | ||||||
Royal Gold, Inc.
|
1,595 | 97,263 | ||||||
Southern Copper Corp.
|
8,585 | 321,594 | ||||||
Titanium Metals Corp.*
|
4,512 | 90,375 | ||||||
United States Steel Corp.
|
95 | 4,532 | ||||||
Walter Energy, Inc.
|
1,400 | 193,508 | ||||||
Worthington Industries, Inc.
|
3,559 | 76,768 | ||||||
938,300 | ||||||||
Security
|
Shares
|
Market
Value
|
||||||
Telecommunication Services - 1.09%
|
||||||||
Diversified Telecommunication Services - 0.84%
|
||||||||
CenturyLink, Inc.
|
11,449 | $ | 466,890 | |||||
Cogent Communications Group, Inc.*
|
4,100 | 59,491 | ||||||
Global Crossing Ltd.*
|
1,820 | 42,552 | ||||||
Level 3 Communications, Inc.*
|
1,000 | 1,560 | ||||||
PAETEC Holding Corp.*
|
902 | 3,247 | ||||||
573,740 | ||||||||
Wireless Telecommunication Services - 0.25%
|
||||||||
American Tower Corp. - Class A*
|
1,900 | 99,389 | ||||||
MetroPCS Communications, Inc.*
|
4,500 | 75,735 | ||||||
175,124 | ||||||||
Utilities - 2.02%
|
||||||||
Electric Utilities - 1.00%
|
||||||||
Exelon Corp.
|
7,819 | 329,571 | ||||||
NV Energy, Inc.
|
14,400 | 218,736 | ||||||
PPL Corp.
|
5,113 | 140,250 | ||||||
688,557 | ||||||||
Multi-Utilities - 0.57%
|
||||||||
Alliant Energy Corp.
|
2,300 | 90,942 | ||||||
Ameren Corp.
|
10,200 | 298,962 | ||||||
389,904 | ||||||||
Water Utilities - 0.45%
|
||||||||
American Water Works Co., Inc.
|
10,400 | 305,552 | ||||||
Total Common Stocks (Cost $45,956,031)
|
$ | 61,005,926 |
25 |
ISI Strategy Fund
|
Schedule of Investments (continued)
|
April 30, 2011 (Unaudited)
|
Security
|
Interest
Rate
|
Maturity
Date
|
Principal
Amount
|
Market
Value
|
|||||||||
US TREASURY OBLIGATIONS - 9.41%
|
|||||||||||||
US Treasury Notes
|
3.875% |
10/31/12
|
$ | 500,000 | $ | 526,094 | |||||||
US Treasury Notes
|
2.000% |
01/31/16
|
800,000 | 804,875 | |||||||||
US Treasury Notes
|
2.625% |
08/15/20
|
2,000,000 | 1,902,032 | |||||||||
US Treasury Bonds
|
8.125% |
08/15/19
|
1,900,000 | 2,633,875 | |||||||||
US Treasury Bonds
|
8.750% |
08/15/20
|
400,000 | 581,531 | |||||||||
Total US Treasury Obligations (Cost $6,442,280)
|
$ | 6,448,407 |
Security
|
Principal
Amount
|
Market
Value
|
||||||
REPURCHASE AGREEMENTS - 1.61%
|
||||||||
JPMorgan Chase, N.A.
|
||||||||
Dated 04/29/11, 0.01%, principal and interest in the amount of $1,102,000 to be repurchased 05/02/11, collateralized by US Treasury Inflation-Protected Note, par value of $860,000 due 07/15/14 with a value of $1,127,399 (Cost $1,102,000)
|
$ | 1,102,000 | $ | 1,102,000 | ||||
Total Investments - 100.00% (Cost $53,500,311)**
|
$ | 68,556,333 | ||||||
Other Assets in Excess of Liabilities – 0.00%
|
1,184 | |||||||
Net Assets - 100.00%
|
$ | 68,557,517 |
*
|
Non-income producing security.
|
**
|
Cost for Federal income tax purposes is $53,500,311 and net unrealized appreciation on a tax basis consists of:
|
Gross Unrealized Appreciation
|
$ | 16,754,146 | ||
Gross Unrealized Depreciation
|
(1,698,124 | ) | ||
Net Unrealized Appreciation
|
$ | 15,056,022 |
The difference between the federal income tax cost of portfolio investments and the Schedule of Investments cost is due to certain timing differences in the recognition of capital gains and losses under income tax regulations and accounting principles generally accepted in the United States. These timing differences are temporary in nature and are due to the tax deferral of losses on wash sales.
|
26 |
ISI FUNDS
|
Statements of Assets and Liabilities
|
April 30, 2011 (Unaudited)
|
Total Return
US Treasury
Fund
|
Managed
Municipal
Fund
|
|||||||
ASSETS
|
||||||||
Investments in securities:
|
||||||||
At cost
|
$ | 81,560,755 | $ | 95,601,423 | ||||
At value (Note 1)
|
$ | 82,509,710 | $ | 97,404,945 | ||||
Investments in Repurchase Agreements:
|
||||||||
At cost
|
$ | 1,528,000 | $ | 6,413,000 | ||||
At value
|
$ | 1,528,000 | $ | 6,413,000 | ||||
Total investments in securities:
|
||||||||
At cost
|
$ | 83,088,755 | $ | 102,014,423 | ||||
At value
|
$ | 84,037,710 | $ | 103,817,945 | ||||
Cash
|
265 | 912 | ||||||
Interest receivable
|
702,558 | 1,022,673 | ||||||
Receivable for capital shares sold
|
2,312 | 24,389 | ||||||
Other assets
|
16,130 | 63,219 | ||||||
TOTAL ASSETS
|
84,758,975 | 104,929,138 | ||||||
LIABILITIES
|
||||||||
Distributions payable
|
43,619 | 101,702 | ||||||
Payable for capital shares redeemed
|
5,059 | 132,349 | ||||||
Accrued investment advisory fees (Note 2)
|
29,580 | 34,366 | ||||||
Accrued distribution fees (Note 2)
|
17,339 | 20,916 | ||||||
Accrued transfer agent fees (Note 2)
|
10,835 | 3,356 | ||||||
Accrued administration fees (Note 2)
|
10,357 | 10,711 | ||||||
Other accrued expenses and liabilities
|
13,629 | 6,904 | ||||||
TOTAL LIABILITIES
|
130,418 | 310,304 | ||||||
NET ASSETS
|
$ | 84,628,557 | $ | 104,618,834 | ||||
NET ASSETS CONSIST OF:
|
||||||||
Paid-in capital
|
$ | 83,604,862 | $ | 102,856,670 | ||||
Undistributed (distributions in excess of) net investment income
|
(288,582 | ) | 92 | |||||
Accumulated net realized gains (losses) from security transactions
|
363,322 | (41,450 | ) | |||||
Net unrealized appreciation on investments
|
948,955 | 1,803,522 | ||||||
Net assets
|
$ | 84,628,557 | $ | 104,618,834 |
27 |
ISI FUNDS
|
Statements of Assets and Liabilities (continued)
|
April 30, 2011 (Unaudited)
|
Total Return
US Treasury
Fund
|
Managed
Municipal
Fund
|
|||||||
SHARES OF CAPITAL STOCK OUTSTANDING OF $0.001 PAR VALUE
|
||||||||
ISI Class A Shares (50,000,000 shares authorized)
|
— | 9,703,254 | ||||||
ISI Class I Shares (5,000,000 shares authorized)
|
— | 268,104 | ||||||
ISI Shares (115,000,000 shares authorized)
|
8,686,163 | — | ||||||
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
|
||||||||
ISI Class A Shares (based on net assets of $101,804,373)
|
$ | — | $ | 10.49 | ||||
ISI Class I Shares (based on net assets of $2,814,461)
|
$ | — | $ | 10.50 | ||||
ISI Shares (based on net assets of $84,628,557)
|
$ | 9.74 | $ | — | ||||
MAXIMUM OFFERING PRICE VALUE PER SHARE (100/97) X NET ASSET VALUE PER SHARE
|
||||||||
ISI Class A Shares
|
$ | — | $ | 10.81 | ||||
ISI Shares
|
$ | 10.04 | $ | — |
28 |
ISI FUNDS
|
Statements of Assets and Liabilities
|
April 30, 2011 (Unaudited)
|
North American Government Bond Fund
|
ISI
Strategy
Fund
|
|||||||
ASSETS
|
||||||||
Investments in securities:
|
||||||||
At cost
|
$ | 138,507,802 | $ | 53,500,311 | ||||
At value (Note 1)
|
$ | 142,277,669 | $ | 68,556,333 | ||||
Cash
|
436 | 691 | ||||||
Dividends and interest receivable, at value
|
2,007,064 | 91,391 | ||||||
Receivable for capital shares sold
|
201,035 | 4,978 | ||||||
Other assets
|
72,771 | 28,680 | ||||||
TOTAL ASSETS
|
144,558,975 | 68,682,073 | ||||||
LIABILITIES
|
||||||||
Distributions payable
|
121,944 | — | ||||||
Payable for capital shares redeemed
|
306,412 | 60,736 | ||||||
Accrued investment advisory fees (Note 2)
|
47,209 | 22,059 | ||||||
Accrued distribution fees (Note 2)
|
48,321 | 13,787 | ||||||
Accrued shareholder servicing fees (Note 2)
|
3,515 | — | ||||||
Accrued transfer agent fees (Note 2)
|
8,977 | 2,888 | ||||||
Accrued administration fees (Note 2)
|
15,245 | 20,306 | ||||||
Other accrued expenses and liabilities
|
16,090 | 4,780 | ||||||
TOTAL LIABILITIES
|
567,713 | 124,556 | ||||||
NET ASSETS
|
$ | 143,991,262 | $ | 68,557,517 | ||||
NET ASSETS CONSIST OF:
|
||||||||
Paid-in capital
|
$ | 140,567,566 | $ | 56,823,847 | ||||
Distributions in excess of net investment income
|
(785,357 | ) | (6,508 | ) | ||||
Accumulated net realized gains (losses) from security and foreign currency transactions
|
406,302 | (3,315,844 | ) | |||||
Net unrealized appreciation on investments and foreign currencies
|
3,802,751 | 15,056,022 | ||||||
Net assets
|
$ | 143,991,262 | $ | 68,557,517 |
29 |
ISI FUNDS
|
Statements of Assets and Liabilities (continued)
|
April 30, 2011 (Unaudited)
|
North American
Government
Bond Fund
|
ISI
Strategy
Fund
|
|||||||
SHARES OF CAPITAL STOCK OUTSTANDING OF $0.001 PAR VALUE
|
||||||||
ISI Class A Shares (50,000,000 shares authorized)
|
14,831,284 | — | ||||||
ISI Class C Shares (5,000,000 shares authorized)
|
2,187,654 | — | ||||||
ISI Class I Shares (5,000,000 shares authorized)
|
1,556,943 | — | ||||||
ISI Shares (25,000,000 shares authorized)
|
— | 4,938,561 | ||||||
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE
|
||||||||
ISI Class A Shares (based on net assets of $115,017,097)
|
$ | 7.76 | $ | — | ||||
ISI Class C Shares (based on net assets of $16,884,367)*
|
$ | 7.72 | $ | — | ||||
ISI Class I Shares (based on net assets of $12,089,798)
|
$ | 7.77 | $ | — | ||||
ISI Shares (based on net assets of $68,557,517)
|
$ | — | $ | 13.88 | ||||
MAXIMUM OFFERING PRICE VALUE PER SHARE (100/97) X NET ASSET VALUE PER SHARE
|
||||||||
ISI Class A Shares
|
$ | 8.00 | $ | — | ||||
ISI Shares
|
$ | — | $ | 14.31 |
*
|
Contingent deferred sales charge of 1.00% is imposed on the sale of shares if redeemed within the first year of purchase.
|
30 |
ISI FUNDS
|
Statements of Operations
|
Six Months Ended April 30, 2011 (Unaudited)
|
Total Return
US Treasury
Fund
|
Managed
Municipal
Fund
|
|||||||
INVESTMENT INCOME
|
||||||||
Interest
|
$ | 1,037,604 | $ | 1,938,871 | ||||
Other income
|
394 | — | ||||||
TOTAL INVESTMENT INCOME
|
1,037,998 | 1,938,871 | ||||||
EXPENSES
|
||||||||
Investment advisory fees (Note 2)
|
112,855 | 208,787 | ||||||
Distribution fees (Note 2):
|
||||||||
ISI Class A Shares
|
— | 127,428 | ||||||
ISI Shares
|
111,224 | — | ||||||
Administration fees (Note 2)
|
35,769 | 38,542 | ||||||
Professional fees
|
36,153 | 36,489 | ||||||
Transfer agent fees (Note 2):
|
||||||||
ISI Class A Shares
|
— | 16,975 | ||||||
ISI Class I Shares
|
— | 267 | ||||||
ISI Shares
|
28,400 | — | ||||||
Registration fees
|
14,415 | 24,525 | ||||||
Custody fees
|
27,982 | 34,172 | ||||||
Compliance consulting fees (Note 2)
|
9,886 | 10,142 | ||||||
Directors' fees and expenses
|
9,116 | 9,280 | ||||||
Other expenses
|
16,433 | 11,698 | ||||||
TOTAL EXPENSES
|
402,233 | 518,305 | ||||||
NET INVESTMENT INCOME
|
635,765 | 1,420,566 | ||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
|
||||||||
Net realized gains (losses) from security transactions
|
363,440 | (41,364 | ) | |||||
Net change in unrealized appreciation/depreciation on investments
|
(3,467,839 | ) | (2,653,578 | ) | ||||
NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS
|
(3,104,399 | ) | (2,694,942 | ) | ||||
NET DECREASE IN NET ASSETS FROM OPERATIONS
|
$ | (2,468,634 | ) | $ | (1,274,376 | ) |
31 |
ISI FUNDS
|
Statements of Operations
|
Six Months Ended April 30, 2011 (Unaudited)
|
North American
Government Bond Fund
|
ISI
Strategy
Fund
|
|||||||
INVESTMENT INCOME
|
||||||||
Dividends
|
$ | — | $ | 616,974 | ||||
Interest
|
2,214,149 | 97,694 | ||||||
TOTAL INVESTMENT INCOME
|
2,214,149 | 714,668 | ||||||
EXPENSES
|
||||||||
Investment advisory fees (Note 2)
|
293,973 | 129,148 | ||||||
Distribution fees (Note 2):
|
||||||||
ISI Class A Shares
|
236,855 | — | ||||||
ISI Class C Shares
|
71,020 | — | ||||||
ISI Shares
|
— | 80,718 | ||||||
Administration fees (Note 2)
|
54,193 | 20,059 | ||||||
Professional fees
|
48,233 | 25,454 | ||||||
Transfer agent fees (Note 2):
|
||||||||
ISI Class A Shares
|
39,817 | — | ||||||
ISI Class C Shares
|
6,486 | — | ||||||
ISI Class I Shares
|
2,197 | — | ||||||
ISI Shares
|
— | 15,298 | ||||||
Registration fees
|
21,513 | 14,664 | ||||||
Shareholder servicing fees (Note 2):
|
||||||||
ISI Class C Shares
|
23,673 | — | ||||||
Compliance consulting fees (Note 2)
|
15,846 | 5,592 | ||||||
Directors' fees and expenses
|
13,262 | 5,396 | ||||||
Custody fees
|
52,790 | 23,186 | ||||||
Other expenses
|
30,367 | 12,253 | ||||||
TOTAL EXPENSES
|
910,225 | 331,768 | ||||||
NET INVESTMENT INCOME
|
1,303,924 | 382,900 | ||||||
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES (Note 1)
|
||||||||
Net realized gains (losses) from:
|
||||||||
Security transactions
|
424,483 | 2,352,536 | ||||||
Foreign currency transactions
|
(17,983 | ) | — | |||||
Net change in unrealized appreciation/depreciation on:
|
||||||||
Investments
|
(2,202,774 | ) | 5,698,664 | |||||
Foreign currency translation
|
19,430 | — | ||||||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES
|
(1,776,844 | ) | 8,051,200 | |||||
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
|
$ | (472,920 | ) | $ | 8,434,100 |
32 |
Total Return US Treasury Fund
|
Statements of Changes in Net Assets
|
|
Six Months
Ended
April 30,
2011
(Unaudited)
|
Year
Ended
October 31,
2010
|
||||||
FROM OPERATIONS
|
||||||||
Net investment income
|
$ | 635,765 | $ | 1,532,943 | ||||
Net realized gains from security transactions
|
363,440 | 994,042 | ||||||
Net change in net unrealized appreciation/depreciation on investments
|
(3,467,839 | ) | 4,202,408 | |||||
Net increase (decrease) in net assets from operations
|
(2,468,634 | ) | 6,729,393 | |||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income
|
(635,765 | ) | (1,532,943 | ) | ||||
From net realized gains from security transactions
|
(14,107 | ) | (5,616,815 | ) | ||||
In excess of net investment income
|
(288,582 | ) | — | |||||
Decrease in net assets from distributions to shareholders
|
(938,454 | ) | (7,149,758 | ) | ||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||
Proceeds from shares sold
|
1,600,511 | 5,698,834 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders
|
629,141 | 5,284,575 | ||||||
Payments for shares redeemed
|
(11,986,760 | ) | (25,065,786 | ) | ||||
Net decrease in net assets from capital share transactions
|
(9,757,108 | ) | (14,082,377 | ) | ||||
TOTAL DECREASE IN NET ASSETS
|
(13,164,196 | ) | (14,502,742 | ) | ||||
NET ASSETS
|
||||||||
Beginning of period
|
97,792,753 | 112,295,495 | ||||||
End of period
|
$ | 84,628,557 | $ | 97,792,753 | ||||
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME
|
$ | (288,582 | ) | $ | — | |||
CAPITAL SHARE ACTIVITY
|
||||||||
Shares sold
|
163,317 | 577,733 | ||||||
Shares reinvested
|
64,383 | 550,435 | ||||||
Shares redeemed
|
(1,231,909 | ) | (2,546,872 | ) | ||||
Net decrease in shares outstanding
|
(1,004,209 | ) | (1,418,704 | ) | ||||
Shares outstanding, beginning of period
|
9,690,372 | 11,109,076 | ||||||
Shares outstanding, end of period
|
8,686,163 | 9,690,372 |
33 |
Managed Municipal Fund
|
Statements of Changes in Net Assets
|
Six Months
Ended
April 30,
2011
(Unaudited)
|
Year
Ended
October 31,
2010
|
|||||||
FROM OPERATIONS
|
||||||||
Net investment income
|
$ | 1,420,566 | $ | 3,077,914 | ||||
Net realized gains (losses) from security transactions
|
(41,364 | ) | 720,306 | |||||
Net change in net unrealized appreciation/depreciation on investments
|
(2,653,578 | ) | 985,144 | |||||
Net increase (decrease) in net assets from operations
|
(1,274,376 | ) | 4,783,364 | |||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income
|
||||||||
ISI Class A Shares
|
(1,382,866 | ) | (3,078,368 | ) | ||||
ISI Class I Shares
|
(37,890 | ) | (182 | ) | ||||
From net realized gains from security transactions
|
||||||||
ISI Class A Shares
|
(702,786 | ) | (345,235 | ) | ||||
ISI Class I Shares
|
(17,284 | ) | — | |||||
Decrease in net assets from distributions to shareholders
|
(2,140,826 | ) | (3,423,785 | ) | ||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||
Proceeds from shares sold
|
||||||||
ISI Class A Shares
|
5,242,616 | 22,551,334 | ||||||
ISI Class I Shares
|
3,070,073 | 76,591 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders
|
||||||||
ISI Class A Shares
|
1,344,835 | 2,006,694 | ||||||
ISI Class I Shares
|
26,363 | 182 | ||||||
Payments for shares redeemed
|
||||||||
ISI Class A Shares
|
(13,637,300 | ) | (14,638,906 | ) | ||||
ISI Class I Shares
|
(291,026 | ) | (11 | ) | ||||
Net increase (decrease) in net assets from capital share transactions
|
(4,244,439 | ) | 9,995,884 | |||||
TOTAL INCREASE (DECREASE) IN NET ASSETS
|
(7,659,641 | ) | 11,355,463 | |||||
NET ASSETS
|
||||||||
Beginning of period
|
112,278,475 | 100,923,012 | ||||||
End of period
|
$ | 104,618,834 | $ | 112,278,475 | ||||
UNDISTRIBUTED NET INVESTMENT INCOME
|
$ | 92 | $ | 282 |
34 |
Managed Municipal Fund
|
Statements of Changes in Net Assets (continued)
|
Six Months
Ended
April 30,
2011
(Unaudited)
|
Year
Ended
October 31,
2010
|
|||||||
CAPITAL SHARE ACTIVITY
|
||||||||
Shares sold
|
||||||||
ISI Class A Shares
|
503,890 | 2,089,357 | ||||||
ISI Class I Shares
|
286,853 | 7,001 | ||||||
Shares reinvested
|
||||||||
ISI Class A Shares
|
129,755 | 186,500 | ||||||
ISI Class I Shares
|
2,537 | 17 | ||||||
Shares redeemed
|
||||||||
ISI Class A Shares
|
(1,298,517 | ) | (1,357,843 | ) | ||||
ISI Class I Shares
|
(28,303 | ) | (1 | ) | ||||
Net increase (decrease) in shares outstanding
|
||||||||
ISI Class A Shares
|
(664,872 | ) | 918,014 | |||||
ISI Class I Shares
|
261,087 | 7,017 | ||||||
Shares outstanding, beginning of period
|
||||||||
ISI Class A Shares
|
10,368,126 | 9,450,112 | ||||||
ISI Class I Shares
|
7,017 | — | ||||||
Shares outstanding, end of period
|
||||||||
ISI Class A Shares
|
9,703,254 | 10,368,126 | ||||||
ISI Class I Shares
|
268,104 | 7,017 |
35 |
North American Government Bond Fund
|
Statements of Changes in Net Assets
|
Six Months
Ended
April 30,
2011
(Unaudited)
|
Year
Ended
October 31,
2010
|
|||||||
FROM OPERATIONS
|
||||||||
Net investment income
|
$ | 1,303,924 | $ | 2,679,004 | ||||
Net realized gains from security and foreign currency transactions
|
406,500 | 2,892,343 | ||||||
Net change in net unrealized appreciation/depreciation on investments and foreign currency translation
|
(2,183,344 | ) | 8,160,933 | |||||
Net increase (decrease) in net assets from operations
|
(472,920 | ) | 13,732,280 | |||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income
|
||||||||
ISI Class A Shares
|
(1,079,765 | ) | (2,397,132 | ) | ||||
ISI Class C Shares
|
(115,271 | ) | (281,317 | ) | ||||
ISI Class I Shares
|
(108,888 | ) | (555 | ) | ||||
From net realized gains from security transactions
|
||||||||
ISI Class A Shares
|
(122,468 | ) | (3,838,365 | ) | ||||
ISI Class C Shares
|
(19,625 | ) | (740,785 | ) | ||||
ISI Class I Shares
|
(9,142 | ) | (586 | ) | ||||
In excess of net investment income
|
||||||||
ISI Class A Shares
|
(623,112 | ) | — | |||||
ISI Class C Shares
|
(112,058 | ) | — | |||||
ISI Class I Shares
|
(50,187 | ) | — | |||||
Decrease in net assets from distributions to shareholders
|
(2,240,516 | ) | (7,258,740 | ) | ||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||
Proceeds from shares sold
|
||||||||
ISI Class A Shares
|
11,881,665 | 31,062,656 | ||||||
ISI Class C Shares
|
1,474,702 | 3,451,857 | ||||||
ISI Class I Shares
|
12,382,004 | 193,289 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders
|
||||||||
ISI Class A Shares
|
1,168,385 | 4,030,261 | ||||||
ISI Class C Shares
|
152,212 | 664,834 | ||||||
ISI Class I Shares
|
64,116 | 1,141 | ||||||
Payments for shares redeemed
|
||||||||
ISI Class A Shares
|
(30,246,200 | ) | (39,092,239 | ) | ||||
ISI Class C Shares
|
(7,275,759 | ) | (6,715,972 | ) | ||||
ISI Class I Shares
|
(439,144 | ) | (8 | ) | ||||
Net decrease in net assets from capital share transactions
|
(10,838,019 | ) | (6,404,181 | ) | ||||
TOTAL INCREASE (DECREASE) IN NET ASSETS
|
(13,551,455 | ) | 69,359 |
36 |
North American Government Bond Fund
|
Statements of Changes in Net Assets (continued)
|
Six Months
Ended
April 30,
2011
(Unaudited)
|
Year
Ended
October 31,
2010
|
|||||||
NET ASSETS
|
||||||||
Beginning of period
|
157,542,717 | 157,473,358 | ||||||
End of period
|
$ | 143,991,262 | $ | 157,542,717 | ||||
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME
|
$ | (785,357 | ) | $ | — | |||
CAPITAL SHARE ACTIVITY
|
||||||||
Shares sold
|
||||||||
ISI Class A Shares
|
1,549,789 | 4,064,217 | ||||||
ISI Class C Shares
|
192,655 | 452,123 | ||||||
ISI Class I Shares
|
1,580,757 | 24,780 | ||||||
Shares reinvested
|
||||||||
ISI Class A Shares
|
152,028 | 532,705 | ||||||
ISI Class C Shares
|
19,898 | 88,248 | ||||||
ISI Class I Shares
|
8,310 | 145 | ||||||
Shares redeemed
|
||||||||
ISI Class A Shares
|
(3,910,377 | ) | (5,136,420 | ) | ||||
ISI Class C Shares
|
(948,299 | ) | (885,939 | ) | ||||
ISI Class I Shares
|
(57,048 | ) | (1 | ) | ||||
Net increase (decrease) in shares outstanding
|
||||||||
ISI Class A Shares
|
(2,208,560 | ) | (539,498 | ) | ||||
ISI Class C Shares
|
(735,746 | ) | (345,568 | ) | ||||
ISI Class I Shares
|
1,532,019 | 24,924 | ||||||
Shares outstanding, beginning of period
|
||||||||
ISI Class A Shares
|
17,039,844 | 17,579,342 | ||||||
ISI Class C Shares
|
2,923,400 | 3,268,968 | ||||||
ISI Class I Shares
|
24,924 | — | ||||||
Shares outstanding, end of period
|
||||||||
ISI Class A Shares
|
14,831,284 | 17,039,844 | ||||||
ISI Class C Shares
|
2,187,654 | 2,923,400 | ||||||
ISI Class I Shares
|
1,556,943 | 24,924 |
37 |
ISI Strategy Fund
|
Statements of Changes in Net Assets
|
Six Months
Ended
April 30,
2011
(Unaudited)
|
Year
Ended
October 31,
2010
|
|||||||
FROM OPERATIONS
|
||||||||
Net investment income
|
$ | 382,900 | $ | 809,776 | ||||
Net realized gains (losses) from security transactions
|
2,352,536 | (488,595 | ) | |||||
Net change in net unrealized appreciation/depreciation on investments
|
5,698,664 | 8,625,267 | ||||||
Net increase in net assets from operations
|
8,434,100 | 8,946,448 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS
|
||||||||
From net investment income
|
(399,163 | ) | (809,407 | ) | ||||
FROM CAPITAL SHARE TRANSACTIONS
|
||||||||
Proceeds from shares sold
|
4,808,303 | 5,666,622 | ||||||
Net asset value of shares issued in reinvestment of distributions to shareholders
|
346,462 | 705,681 | ||||||
Payments for shares redeemed
|
(5,076,910 | ) | (7,795,400 | ) | ||||
Net increase (decrease) in net assets from capital share transactions
|
77,855 | (1,423,097 | ) | |||||
TOTAL INCREASE IN NET ASSETS
|
8,112,792 | 6,713,944 | ||||||
NET ASSETS
|
||||||||
Beginning of period
|
60,444,725 | 53,730,781 | ||||||
End of period
|
$ | 68,557,517 | $ | 60,444,725 | ||||
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME
|
$ | (6,508 | ) | $ | 9,755 | |||
CAPITAL SHARE ACTIVITY
|
||||||||
Shares sold
|
374,043 | 486,397 | ||||||
Shares reinvested
|
26,375 | 61,148 | ||||||
Shares redeemed
|
(385,795 | ) | (674,109 | ) | ||||
Net increase (decrease) in shares outstanding
|
14,623 | (126,564 | ) | |||||
Shares outstanding, beginning of period
|
4,923,938 | 5,050,502 | ||||||
Shares outstanding, end of period
|
4,938,561 | 4,923,938 |
38 |
Total Return US Treasury Fund
|
|
Six Months Ended
April 30,
2011
|
Years Ended October 31,
|
||||||||||||||||||||||
(Unaudited)
|
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||||||
Net asset value at beginning of period
|
$ | 10.09 | $ | 10.11 | $ | 9.59 | $ | 9.50 | $ | 9.42 | $ | 9.33 | ||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment income(a)
|
0.07 | 0.15 | 0.17 | 0.28 | 0.35 | 0.32 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments
|
(0.32 | ) | 0.50 | 0.70 | 0.16 | 0.08 | 0.12 | |||||||||||||||||
Total from investment operations
|
(0.25 | ) | 0.65 | 0.87 | 0.44 | 0.43 | 0.44 | |||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.07 | ) | (0.15 | ) | (0.17 | ) | (0.28 | ) | (0.34 | ) | (0.35 | ) | ||||||||||||
Distributions from net realized gains
|
(0.00 | )* | (0.52 | ) | (0.18 | ) | (0.07 | ) | (0.00 | )* | — | |||||||||||||
Return of capital
|
— | — | — | — | (0.01 | ) | — | |||||||||||||||||
In excess of net investment income
|
(0.03 | ) | — | — | — | — | — | |||||||||||||||||
Total distributions
|
(0.10 | ) | (0.67 | ) | (0.35 | ) | (0.35 | ) | (0.35 | ) | (0.35 | ) | ||||||||||||
Net asset value at end of period
|
$ | 9.74 | $ | 10.09 | $ | 10.11 | $ | 9.59 | $ | 9.50 | $ | 9.42 | ||||||||||||
TOTAL RETURN(b)
|
(2.46 | )%(d) | 6.85 | % | 9.05 | % | 4.61 | % | 4.66 | % | 4.83 | % | ||||||||||||
Net assets at end of period (000's)
|
$ | 84,629 | $ | 97,793 | $ | 112,295 | $ | 119,973 | $ | 124,768 | $ | 153,784 | ||||||||||||
Ratio of expenses to average net assets
|
0.90 | %(e) | 0.82 | % | 0.80 | % | 0.79 | % | 0.79 | % | 0.76 | %(c) | ||||||||||||
Ratio of net investment income to average net assets
|
1.43 | %(e) | 1.49 | % | 1.68 | % | 2.86 | % | 3.68 | % | 3.44 | %(c) | ||||||||||||
Portfolio turnover rate
|
17 | %(d) | 44 | % | 109 | % | 70 | % | 29 | % | 51 | % |
(a)
|
Calculated using the average shares outstanding for the period.
|
(b)
|
Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
(c)
|
The October 31, 2006 ratios of expenses and net investment income to average net assets were unaffected by the waiver of distribution fees during the year.
|
(d)
|
Not annualized.
|
(e)
|
Annualized.
|
*
|
Amount less than $0.005 per share.
|
39 |
Managed Municipal Fund - Class A
|
|
Six Months
Ended
April 30,
2011
|
Years Ended October 31,
|
||||||||||||||||||||||
(Unaudited)
|
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||||||
Net asset value at beginning of period
|
$ | 10.82 | $ | 10.68 | $ | 9.96 | $ | 10.61 | $ | 10.80 | $ | 10.68 | ||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment income(a)
|
0.14 | 0.31 | 0.32 | 0.36 | 0.38 | 0.39 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments
|
(0.26 | ) | 0.18 | 0.74 | (0.50 | ) | (0.14 | ) | 0.10 | |||||||||||||||
Total from investment operations
|
(0.12 | ) | 0.49 | 1.06 | (0.14 | ) | 0.24 | 0.49 | ||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.14 | ) | (0.31 | ) | (0.32 | ) | (0.47 | ) | (0.34 | ) | (0.34 | ) | ||||||||||||
Distributions from net realized gains
|
(0.07 | ) | (0.04 | ) | (0.02 | ) | (0.04 | ) | (0.09 | ) | (0.03 | ) | ||||||||||||
Total distributions
|
(0.21 | ) | (0.35 | ) | (0.34 | ) | (0.51 | ) | (0.43 | ) | (0.37 | ) | ||||||||||||
Net asset value at end of period
|
$ | 10.49 | $ | 10.82 | $ | 10.68 | $ | 9.96 | $ | 10.61 | $ | 10.80 | ||||||||||||
TOTAL RETURN(b)
|
(1.05 | )%(c) | 4.62 | % | 10.68 | % | (1.44 | )% | 2.29 | % | 4.68 | % | ||||||||||||
Net assets at end of period (000's)
|
$ | 101,804 | $ | 112,203 | $ | 100,923 | $ | 75,072 | $ | 73,038 | $ | 82,880 | ||||||||||||
Ratio of expenses to average net assets
|
1.00 | %(d) | 0.97 | % | 0.97 | % | 0.96 | % | 0.94 | % | 0.91 | % | ||||||||||||
Ratio of net investment income to average net assets
|
2.71 | %(d) | 2.89 | % | 3.02 | % | 3.48 | % | 3.57 | % | 3.63 | % | ||||||||||||
Portfolio turnover rate
|
5 | %(c) | 22 | % | 10 | % | 7 | % | 5 | % | 7 | % |
(a)
|
Calculated using the average shares outstanding for the period.
|
(b)
|
Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
(c)
|
Not annualized.
|
(d)
|
Annualized.
|
40 |
Managed Municipal Fund - Class I
|
|
Six Months
Ended
April 30,
2011
(Unaudited)
|
Period
Ended
October 31,
2010(a)
|
||||||
Net asset value at beginning of period
|
$ | 10.82 | $ | 10.94 | ||||
Income (loss) from investment operations:
|
||||||||
Net investment income(b)
|
0.15 | 0.02 | ||||||
Net realized and unrealized losses on investments
|
(0.25 | ) | (0.11 | ) | ||||
Total from investment operations
|
(0.10 | ) | (0.09 | ) | ||||
Less distributions:
|
||||||||
Dividends from net investment income
|
(0.15 | ) | (0.03 | ) | ||||
Distributions from net realized gains
|
(0.07 | ) | — | |||||
Total distributions
|
(0.22 | ) | (0.03 | ) | ||||
Net asset value at end of period
|
$ | 10.50 | $ | 10.82 | ||||
TOTAL RETURN(c)
|
(0.83 | )%(d) | (0.86 | )%(d) | ||||
Net assets at end of period (000's)
|
$ | 2,815 | $ | 76 | ||||
Ratio of expenses to average net assets
|
0.74 | %(e) | 0.70 | %(e) | ||||
Ratio of net investment income to average net assets
|
3.00 | %(e) | 2.83 | %(e) | ||||
Portfolio turnover rate
|
5 | %(d) | 22 | %(d) |
(a)
|
Class I commenced operations on October 7, 2010.
|
(b)
|
Calculated using the average shares outstanding for the period.
|
(c)
|
Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
(d)
|
Not annualized.
|
(e)
|
Annualized.
|
41 |
North American Government Bond Fund - Class A
|
|
Six Months
Ended
April 30,
2011
|
Years Ended October 31,
|
||||||||||||||||||||||
(Unaudited)
|
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||||||
Net asset value at beginning of period
|
$ | 7.89 | $ | 7.56 | $ | 7.22 | $ | 7.53 | $ | 7.41 | $ | 7.34 | ||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment income(a)
|
0.07 | 0.14 | 0.14 | 0.23 | 0.26 | 0.25 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments and foreign currencies
|
(0.08 | ) | 0.56 | 0.56 | (0.18 | ) | 0.22 | 0.18 | ||||||||||||||||
Total from investment operations
|
(0.01 | ) | 0.70 | 0.70 | 0.05 | 0.48 | 0.43 | |||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.07 | ) | (0.14 | ) | (0.08 | ) | (0.19 | ) | (0.35 | ) | (0.30 | ) | ||||||||||||
Distributions from net realized gains
|
(0.01 | ) | (0.23 | ) | (0.28 | ) | (0.14 | ) | — | (0.01 | ) | |||||||||||||
Return of capital
|
— | — | — | (0.03 | ) | (0.01 | ) | (0.05 | ) | |||||||||||||||
In excess of net investment income
|
(0.04 | ) | — | — | — | — | — | |||||||||||||||||
Total distributions
|
(0.12 | ) | (0.37 | ) | (0.36 | ) | (0.36 | ) | (0.36 | ) | (0.36 | ) | ||||||||||||
Net asset value at end of period
|
$ | 7.76 | $ | 7.89 | $ | 7.56 | $ | 7.22 | $ | 7.53 | $ | 7.41 | ||||||||||||
TOTAL RETURN(b)
|
(0.13 | )%(d) | 9.53 | % | 9.80 | % | 0.51 | % | 6.71 | % | 6.04 | % | ||||||||||||
Net assets at end of period (000's)
|
$ | 115,017 | $ | 134,383 | $ | 132,814 | $ | 140,326 | $ | 131,748 | $ | 146,854 | ||||||||||||
Ratio of expenses to average net assets
|
1.19 | %(e) | 1.15 | % | 1.13 | % | 1.11 | % | 1.11 | % | 1.06 | %(c) | ||||||||||||
Ratio of net investment income to average net assets
|
1.82 | %(e) | 1.85 | % | 1.87 | % | 2.97 | % | 3.54 | % | 3.47 | %(c) | ||||||||||||
Portfolio turnover rate
|
19 | %(d) | 48 | % | 131 | % | 108 | % | 49 | % | 53 | % |
(a)
|
Calculated using the average shares outstanding for the period.
|
(b)
|
Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
(c)
|
The October 31, 2006 ratios of expenses and net investment income to average net assets were unaffected by the waiver of distribution fees during the year.
|
(d)
|
Not annualized.
|
(e)
|
Annualized.
|
42 |
North American Government Bond Fund - Class C
|
|
Six Months
Ended
April 30,
2011
|
Years Ended October 31,
|
||||||||||||||||||||||
(Unaudited)
|
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||||||
Net asset value at beginning of period
|
$ | 7.85 | $ | 7.54 | $ | 7.21 | $ | 7.52 | $ | 7.40 | $ | 7.33 | ||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment income(a)
|
0.05 | 0.09 | 0.09 | 0.18 | 0.21 | 0.21 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments and foreign currencies
|
(0.08 | ) | 0.56 | 0.55 | (0.18 | ) | 0.22 | 0.17 | ||||||||||||||||
Total from investment operations
|
(0.03 | ) | 0.65 | 0.64 | 0.00 | 0.43 | 0.38 | |||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.05 | ) | (0.11 | ) | (0.03 | ) | (0.14 | ) | (0.30 | ) | (0.25 | ) | ||||||||||||
Distributions from net realized gains
|
(0.01 | ) | (0.23 | ) | (0.28 | ) | (0.14 | ) | — | (0.01 | ) | |||||||||||||
Return of capital
|
— | — | — | (0.03 | ) | (0.01 | ) | (0.05 | ) | |||||||||||||||
In excess of net investment income
|
(0.04 | ) | — | — | — | — | — | |||||||||||||||||
Total distributions
|
(0.10 | ) | (0.34 | ) | (0.31 | ) | (0.31 | ) | (0.31 | ) | (0.31 | ) | ||||||||||||
Net asset value at end of period
|
$ | 7.72 | $ | 7.85 | $ | 7.54 | $ | 7.21 | $ | 7.52 | $ | 7.40 | ||||||||||||
TOTAL RETURN(b)
|
(0.37 | )%(c) | 8.85 | % | 8.97 | % | (0.12 | )% | 6.03 | % | 5.35 | % | ||||||||||||
Net assets at end of period (000's)
|
$ | 16,884 | $ | 22,963 | $ | 24,659 | $ | 20,636 | $ | 16,848 | $ | 15,579 | ||||||||||||
Ratio of expenses to average net assets
|
1.79 | %(d) | 1.78 | % | 1.76 | % | 1.73 | % | 1.74 | % | 1.72 | % | ||||||||||||
Ratio of net investment income to average net assets
|
1.22 | %(d) | 1.23 | % | 1.22 | % | 2.34 | % | 2.93 | % | 2.81 | % | ||||||||||||
Portfolio turnover rate
|
19 | %(c) | 48 | % | 131 | % | 108 | % | 49 | % | 53 | % |
(a)
|
Calculated using the average shares outstanding for the period.
|
(b)
|
Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
(c)
|
Not annualized.
|
(d)
|
Annualized.
|
43 |
North American Government Bond Fund - Class I
|
|
Six Months
Ended
April 30,
2011
(Unaudited)
|
Period
Ended
October 31,
2010(a)
|
||||||
Net asset value at beginning of period
|
$ | 7.89 | $ | 7.80 | ||||
Income (loss) from investment operations:
|
||||||||
Net investment income(b)
|
0.09 | 0.02 | ||||||
Net realized and unrealized gains (losses) on investments and foreign currencies
|
(0.08 | ) | 0.12 | |||||
Total from investment operations
|
0.01 | 0.14 | ||||||
Less distributions:
|
||||||||
Dividends from net investment income
|
(0.08 | ) | (0.02 | ) | ||||
Distributions from net realized gains
|
(0.01 | ) | (0.03 | ) | ||||
In excess of net investment income
|
(0.04 | ) | — | |||||
Total distributions
|
(0.13 | ) | (0.05 | ) | ||||
Net asset value at end of period
|
$ | 7.77 | $ | 7.89 | ||||
TOTAL RETURN(c)
|
0.15 | %(d) | 1.74 | %(d) | ||||
Net assets at end of period (000's)
|
$ | 12,090 | $ | 197 | ||||
Ratio of expenses to average net assets
|
0.77 | %(e) | 0.69 | %(e) | ||||
Ratio of net investment income to average net assets
|
2.26 | %(e) | 2.25 | %(e) | ||||
Portfolio turnover rate
|
19 | %(d) | 48 | %(d) |
(a)
|
Class I commenced operations on September 16, 2010.
|
(b)
|
Calculated using the average shares outstanding for the period.
|
(c)
|
Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
(d)
|
Not annualized.
|
(e)
|
Annualized.
|
44 |
ISI Strategy Fund
|
|
Six Months
Ended
April 30,
2011
|
Years Ended October 31,
|
||||||||||||||||||||||
(Unaudited)
|
2010
|
2009
|
2008
|
2007
|
2006
|
|||||||||||||||||||
Net asset value at beginning of period
|
$ | 12.28 | $ | 10.64 | $ | 9.63 | $ | 14.82 | $ | 13.54 | $ | 12.12 | ||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment income(a)
|
0.08 | 0.16 | 0.11 | 0.13 | 0.17 | 0.15 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments
|
1.60 | 1.64 | 1.02 | (4.39 | ) | 1.65 | 1.42 | |||||||||||||||||
Total from investment operations
|
1.68 | 1.80 | 1.13 | (4.26 | ) | 1.82 | 1.57 | |||||||||||||||||
Less distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.08 | ) | (0.16 | ) | (0.12 | ) | (0.13 | ) | (0.17 | ) | (0.15 | ) | ||||||||||||
Distributions from net realized gains
|
— | — | — | (0.80 | ) | (0.37 | ) | — | ||||||||||||||||
Total distributions
|
(0.08 | ) | (0.16 | ) | (0.12 | ) | (0.93 | ) | (0.54 | ) | (0.15 | ) | ||||||||||||
Net asset value at end of period
|
$ | 13.88 | $ | 12.28 | $ | 10.64 | $ | 9.63 | $ | 14.82 | $ | 13.54 | ||||||||||||
TOTAL RETURN(b)
|
13.72 | %(c) | 17.05 | % | 11.84 | % | (30.49 | )% | 13.79 | % | 13.01 | % | ||||||||||||
Net assets at end of period (000's)
|
$ | 68,558 | $ | 60,445 | $ | 53,731 | $ | 53,245 | $ | 80,535 | $ | 69,438 | ||||||||||||
Ratio of expenses to average net assets
|
1.03 | %(d) | 1.06 | % | 1.10 | % | 0.99 | % | 0.96 | % | 0.95 | % | ||||||||||||
Ratio of net investment income to average net assets
|
1.19 | %(d) | 1.40 | % | 1.19 | % | 1.02 | % | 1.21 | % | 1.17 | % | ||||||||||||
Portfolio turnover rate
|
23 | %(c) | 38 | % | 55 | % | 42 | % | 62 | % | 41 | % |
(a)
|
Calculated using the average shares outstanding for the period.
|
(b)
|
Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
(c)
|
Not annualized.
|
(d)
|
Annualized.
|
45 |
ISI Funds
|
A.
|
Organization
|
B.
|
Valuation of Securities
|
46 |
ISI Funds
|
47 |
ISI Funds
|
Total Return
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
US Treasury Obligations
|
$ | — | $ | 82,509,710 | $ | — | $ | 82,509,710 | ||||||||
Repurchase Agreements
|
— | 1,528,000 | — | 1,528,000 | ||||||||||||
Total
|
$ | — | $ | 84,037,710 | $ | — | $ | 84,037,710 | ||||||||
Managed Municipal
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Municipal Bonds
|
$ | — | $ | 92,389,125 | $ | — | $ | 92,389,125 | ||||||||
US Treasury Obligation
|
— | 5,015,820 | — | 5,015,820 | ||||||||||||
Repurchase Agreements
|
— | 6,413,000 | — | 6,413,000 | ||||||||||||
Total
|
$ | — | $ | 103,817,945 | $ | — | $ | 103,817,945 | ||||||||
North American
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Canadian Securities
|
$ | — | $ | 25,914,139 | $ | — | $ | 25,914,139 | ||||||||
Mexican Securities
|
— | 13,602,188 | — | 13,602,188 | ||||||||||||
US Treasury Obligations
|
— | 101,407,342 | — | 101,407,342 | ||||||||||||
Repurchase Agreements
|
— | 1,354,000 | — | 1,354,000 | ||||||||||||
Total
|
$ | — | $ | 142,277,669 | $ | — | $ | 142,277,669 | ||||||||
Strategy
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
$ | 61,005,926 | $ | — | $ | — | $ | 61,005,926 | ||||||||
US Treasury Obligations
|
— | 6,448,407 | — | 6,448,407 | ||||||||||||
Repurchase Agreements
|
— | 1,102,000 | — | 1,102,000 | ||||||||||||
Total
|
$ | 61,005,926 | $ | 7,550,407 | $ | — | $ | 68,556,333 |
C.
|
Securities Transactions and Investment Income
|
48 |
ISI Funds
|
D.
|
Distributions
|
E.
|
Federal Income Taxes
|
F.
|
Foreign Currency Translation
|
49 |
ISI Funds
|
G.
|
Forward Foreign Currency Contracts
|
H.
|
Repurchase Agreements
|
I.
|
Estimates
|
50 |
ISI Funds
|
51 |
ISI Funds
|
52 |
ISI Funds
|
Ordinary
Income
|
Tax-Exempt
Income
|
Long-Term
Capital Gains
|
||||||||||||||||||||||
|
April 30,
2011
|
October 31,
2010 |
April 30,
2011
|
October 31,
2010 |
April 30,
2011
|
October 31,
2010 |
||||||||||||||||||
Total Return
|
$ | 936,505 | * | $ | 3,775,835 | $ | — | $ | — | $ | 1,949 | $ | 3,373,923 | |||||||||||
Managed Municipal
|
7,280 | 25,543 | 1,403,286 | 3,053,007 | 594,326 | 345,235 | ||||||||||||||||||
North American
|
2,234,775 | * | 5,420,092 | — | — | 5,741 | 1,838,648 | |||||||||||||||||
Strategy
|
399,163 | * | 809,407 | — | — | — | — |
*
|
A portion of the ordinary income is short-term gains that are taxed as ordinary income for tax purposes. However, these short-term gains may be offset by losses incurred through October 31, 2011 and therefore could be treated as return of capital.
|
Total
Return
|
Managed
Municipal
|
North
American
|
Strategy
|
|||||||||||||
Undistributed ordinary income
|
$ | 76,573 | $ | 126,576 | $ | 314,696 | $ | 9,755 | ||||||||
Undistributed tax-exempt income
|
— | 102,319 | — | — | ||||||||||||
Accumulated undistributed long-term capital gains
|
1,922 | 594,262 | 5,708 | — | ||||||||||||
Capital loss carryforwards
|
— | — | — | (5,592,059 | ) | |||||||||||
Net unrealized appreciation (depreciation)
|
4,416,794 | 4,457,100 | 5,986,095 | 9,281,037 | ||||||||||||
Other gains (losses)
|
— | — | — | — | ||||||||||||
Other temporary differences
|
(64,506 | ) | (102,891 | ) | (169,367 | ) | — | |||||||||
Total
|
$ | 4,430,783 | $ | 5,177,366 | $ | 6,137,132 | $ | 3,698,733 |
53 |
ISI Funds
|
|
Non-US Government Obligations
|
US Government Obligations
|
||||||||||||||
|
Purchases
|
Sales
|
Purchases
|
Sales
|
||||||||||||
Total Return
|
$ | — | $ | — | $ | 11,008,594 | $ | 12,201,484 | ||||||||
Managed Municipal
|
4,298,955 | 8,094,380 | — | — | ||||||||||||
North American
|
— | 11,817,763 | 23,920,652 | 12,568,281 | ||||||||||||
Strategy
|
17,562,765 | 13,678,628 | 800,625 | 890,297 |
54 |
ISI Funds
|
55 |
Notice to Shareholders (Unaudited)
|
56 |
Louis E. Levy
Chairman
W. Murray Jacques
Director
Edward A. Kuczmarski
Director
R. Alan Medaugh
President
Director
Nancy Lazar
Vice President
Carrie L. Butler
Vice President
|
Edward J. Veilleux
Vice President
Chief Compliance Officer
Thomas D. Stevens*
Vice President
Stephen V. Killorin
Vice President
Treasurer
Margaret M. Beeler
Vice President
Secretary
Edward S. Hyman
Senior Economic Advisor
* Thomas D. Stevens is an officer for only the ISI Strategy Fund.
|
Investment Advisor
|
|
ISI, Inc.
40 West 57th Street, 18th Floor
New York, NY 10019
(800) 955-7175
|
|
Shareholder Servicing Agent
|
|
State Street Bank & Trust Company
One Lincoln Street
Boston, MA 02111
|
|
Distributor
|
|
ISI Group, Inc.
40 West 57th Street, 18th Floor
New York, NY 10019
(800) 955-7175
|
Item 2.
|
Code of Ethics.
|
Item 3.
|
Audit Committee Financial Expert.
|
Item 4.
|
Principal Accountant Fees and Services.
|
Item 5.
|
Audit Committee of Listed Registrants.
|
Item 6.
|
Schedule of Investments.
|
|
(a)
|
A Schedule of Investments is included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.
|
|
(b)
|
Not applicable
|
Item 7.
|
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
|
Not applicable
|
Item 8.
|
Portfolio Managers of Closed-End Management Investment Companies.
|
Not applicable
|
Item 9.
|
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
|
Not applicable
|
Item 10.
|
Submission of Matters to a Vote of Security Holders.
|
Item 11.
|
Controls and Procedures.
|
|
(a)
|
Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.
|
|
(b)
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
Item 12.
|
Exhibits.
|
|
(a)
|
(1)
|
Not applicable.
|
|
(2)
|
Separate certifications of the Registrant’s Principal Executive Officer and Principal Financial Officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are attached hereto.
|
|
(3)
|
Not applicable
|
|
(b)
|
Certifications of the Registrant’s Principal Executive Officer and Principal Financial Officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto. These certifications are being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and are not being filed as part of the Form N-CSR with the Commission.
|
By (Signature and Title)*
|
/s/ R. Alan Medaugh
|
||
R. Alan Medaugh, President
|
|||
Date
|
June 30, 2011
|
By (Signature and Title)*
|
/s/ R. Alan Medaugh
|
||
R. Alan Medaugh, President
|
|||
Date
|
June 30, 2011
|
||
By (Signature and Title)*
|
/s/ Stephen V. Killorin
|
||
Stephen V. Killorin, Treasurer
|
|||
Date
|
June 30, 2011
|
Date: June 30, 2011
|
|
/s/ R. Alan Medaugh
R. Alan Medaugh, President
|
Date: June 30, 2011
|
|
/s/ Stephen V. Killorin
Stephen V. Killorin, Treasurer
|
|
1.
|
The Registrant’s periodic report on Form N-CSR for the period ended April 30, 2011 (the “Form N-CSR”) fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended; and
|
|
2.
|
The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
|
CHIEF EXECUTIVE OFFICER
|
CHIEF FINANCIAL OFFICER
|
|
North American Government Bond Fund, Inc.
|
North American Government Bond Fund, Inc.
|
|
/s/ R. Alan Medaugh
|
/s/ Stephen V. Killorin
|
|
R. Alan Medaugh, President
|
Stephen V. Killorin, Treasurer
|
|
Date: June 30, 2011
|
Date: June 30, 2011
|
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