<PAGE>
NORTH AMERICAN FUNDS
PRESIDENT'S MESSAGE
- --------------------------------------------------------------------------------
June 20, 1996
Dear Fellow Shareholders:
The first half of 1996 has been a rewarding period for equity investors,
with the strength of the domestic equity markets carrying over from the superb
1995 returns. Domestic bond market returns have moderated from 1995 while the
international equity sector has improved significantly.
The high level of the domestic equity markets serves as a reminder of the
value of a diversified investment program. The North American Funds offer a
number of international and global portfolios that tend to perform differently
than the domestic markets and can serve as a useful hedge against any domestic
market correction that may occur. In addition, we offer fixed income and money
market funds that may serve as a convenient parking place during periods of
market volatility. As always, a diversified portfolio of investments is your
best protection and we urge you to periodically review your portfolio with your
investment adviser.
In March the North American Funds welcomed two additional investment
managers to our team: Founders Asset Management, Inc. ("Founders") and Fred
Alger Management, Inc. ("Alger"). Founders now manages two new portfolios in
the North American Funds: the International Small Cap Fund that invests
primarily in non-U.S. companies with market capitalizations or annual revenues
of $1 billion or less; and the Growth Equity Fund that invests in high quality
domestic growth companies which are generally in the mid and large cap range.
Alger manages the Small/Mid Cap Fund that invests primarily in companies with
market capitalizations between $500 million and $5 billion. Both the Founders
and Alger organizations bring superb long-term track records in these styles of
investing. We will continue to search out top quality investment firms to
manage additional portfolios in the North American Funds.
I am pleased to report that North American Funds was awarded a Key Honors
award by Dalbar for outstanding mutual fund back-office service in 1995. This
award demonstrates our commitment to shareholder service. I invite any comments
you may have as to how we may serve you better in the future.
Thank you for your continued confidence in the North American Funds. As
always, our customer service representatives are available to you daily at (800)
872-8037 from 8.30 a.m. to 5.00 p.m. EST, and our Automated Services Line may be
accessed 24 hours a day at (800) 872-2251.
Sincerely yours,
John D. DesPrez III
President
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Page
----
<S> <C>
Statements of Assets and Liabilities..................................... 1
Statements of Operations................................................. 7
Statements of Changes in Net Assets...................................... 10
Financial Highlights, Selected Per Share Data and Ratios................. 14
Portfolio of Investments:
Small/Mid Cap Fund.................................................. 35
International Small Cap Fund........................................ 36
Growth Equity Fund.................................................. 37
Global Growth Fund.................................................. 39
Value Equity Fund................................................... 41
Growth and Income Fund.............................................. 42
International Growth and Income Fund................................ 44
Asset Allocation Fund............................................... 49
Strategic Income Fund............................................... 52
Investment Quality Bond Fund........................................ 54
U.S. Government Securities Fund..................................... 57
National Municipal Bond Fund........................................ 58
Money Market Fund................................................... 59
Notes to Financial Statements............................................ 61
</TABLE>
i
<PAGE>
NORTH AMERICAN FUNDS
STATEMENTS OF ASSETS AND LIABILITIES - APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL GROWTH GLOBAL
SMALL/MID SMALL CAP EQUITY GROWTH
CAP FUND FUND FUND FUND
------------- ------------- ------------ ------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities, at value* (Includes repurchase
agreements of $671,000 and $390,000 in the
International Small Cap and Growth Equity Funds,
respectively) (See accompanying portfolio of
investments).................................................. $4,438,544 $3,029,141 $3,763,159 $136,982,962
Receivable for forward foreign currency contracts to sell
(Notes 2 and 7)............................................... ----- ----- ----- 22,675,470
Forward foreign currency contracts to buy, at value
(Cost: $50,941 and $14,551,100 in the International
Small Cap and Global Growth Funds, respectively)
(Notes 2 and 7)............................................... ----- 50,744 ----- 14,405,146
Cash........................................................... 220 921 888 -----
Foreign currency (Cost: $79 and $1,603,140 in the
International Small Cap and Global Growth Funds,
respectively)................................................. ----- 79 ----- 1,553,183
Receivables:
Investments sold.......................................... 83,016 ----- 46,353 1,088,904
Fund shares sold.......................................... 335,966 88,680 37,009 45,166
Dividends................................................. 40 4,872 456 380,448
Interest.................................................. 687 89 51 199
Foreign tax withholding reclaim........................... ----- 151 ----- 75,128
From adviser (Note 5)..................................... 9,718 9,917 9,840 34,515
Other assets................................................... 26,263 26,713 26,254 21,258
----------- ------------ ---------- ------------
Total assets....................................... 4,894,454 3,211,307 3,884,010 177,262,379
----------- ------------ ---------- ------------
LIABILITIES
Forward foreign currency contracts to sell, at value
(Cost: $22,675,470) (Notes 2 and 7)........................... ----- ----- ----- 22,407,521
Payables:
Forward foreign currency contracts to buy
(Notes 2 and 7)........................................... ----- 50,941 ----- 14,551,100
Investments purchased...................................... 133,043 50,744 29,403 1,339,907
Fund shares redeemed....................................... ----- ----- ----- 27,671
Dividend and interest withholding tax...................... ----- 796 ----- 55,571
Investment adviser......................................... 2,530 2,064 2,156 100,612
Custodian and transfer agent fees.......................... 8,133 8,680 8,544 46,160
Due to custodian........................................... ----- ----- ----- 1,464
Other accrued expenses..................................... 2,118 2,135 2,141 81,366
------------ ------------ ------------ ---------------
Total liabilities.................................. 145,824 115,360 42,244 38,611,372
------------ ------------ ------------ ---------------
NET ASSETS..................................................... $4,748,630 $3,095,947 $3,841,766 $138,651,007
============ ============ ============ ===============
Net assets consist of:
Accumulated undistributed net investment
income (loss) (Note 2).................................... ($2,652) $ 2,710 $ 504 ($208,973)
Accumulated undistributed net realized gain
(loss) on investments..................................... (9,899) 12,143 2,977 598,296
Unrealized appreciation (depreciation) on:
Investments............................................... 205,035 103,962 219,433 18,840,656
Foreign currency and forward foreign currency
contracts................................................ ----- (18) ----- 73,593
Capital shares at par value of $.001 (Note 3).............. 359 235 288 9,089
Additional paid-in capital................................. 4,555,787 2,976,915 3,618,564 119,338,346
------------ ------------ ------------ --------------
Net assets......................................... $4,748,630 $3,095,947 $3,841,766 $138,651,007
============ ============ ============ ==============
*Investments in securities, at identified cost (Note 2)........ $4,233,509 $2,925,179 $3,543,726 $118,142,306
============ ============ ============ ==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
1
<PAGE>
NORTH AMERICAN FUNDS
STATEMENTS OF ASSETS AND LIABILITIES - APRIL 30, 1996 (UNAUDITED) - CONTINUED
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL GROWTH GLOBAL
SMALL/MID SMALL CAP EQUITY GROWTH
CAP FUND FUND FUND FUND
------------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
NET ASSET VALUES
Class A Shares
Net assets at value.................................... $1,301,764 $869,200 $1,662,575 $27,959,535
Shares outstanding..................................... 98,406 65,902 124,512 1,826,986
Net asset value and redemption price per share.......... $13.23 $13.19 $13.35 $15.30
====== ====== ====== ======
Public offering price per share (100/95.25 of NAV)
On sales of $100,000 or more the offering price
is reduced............................................. $13.89 $13.85 $14.02 $16.06
====== ====== ====== ======
Class B Shares
Net assets at value.................................... $1,675,520 $981,504 $1,260,769 $28,124,376
Shares outstanding..................................... 126,675 74,434 94,444 1,849,329
Net asset value per share $13.23 $13.19 $13.35 $15.21
====== ====== ====== ======
Class C Shares
Net assets at value.................................... $1,771,346 $1,245,243 $918,422 $82,567,096
Shares outstanding..................................... 133,919 94,417 68,798 5,412,978
Net asset value per share............................... $13.23 $13.19 $13.35 $15.25
====== ====== ====== ======
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
NORTH AMERICAN FUNDS
STATEMENTS OF ASSETS AND LIABILITIES - APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL
VALUE GROWTH AND GROWTH AND ASSET
EQUITY INCOME INCOME ALLOCATION
FUND FUND FUND FUND
------------- ------------- ------------- ------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities, at value* (Includes a repurchase
agreement of $14,072,000 in the Asset Allocation Fund)
(See accompanying portfolio of investments)................ $136,517,725 $113,452,652 $24,099,337 $115,867,903
Receivable for forward foreign currency contracts to sell
(Notes 2 and 7)............................................ ----- ----- 8,948,001 -----
Forward foreign currency contracts to buy, at value
(Cost: $4,224,696) (Notes 2 and 7)......................... ----- ----- 4,221,371 -----
Cash........................................................ 667 639 ----- 411
Foreign currency (Cost: $1,818 and $1,283,578 in the
Growth and Income and International Growth and
Income Funds, respectively)................................ ----- 1,841 1,275,671 -----
Receivables:
Investments sold.......................................... ----- 177,939 225,488 8,911,627
Fund shares sold.......................................... 86,030 151,738 106,986 89,454
Dividends................................................. 126,885 215,897 98,854 55,197
Interest.................................................. 1,107 29,906 54,782 566,238
Foreign tax withholding reclaim........................... ----- ----- 25,839 -----
From adviser (Note 5)..................................... 11,334 24,226 19,087 17,320
Deferred organization expenses (Note 2)..................... ----- ----- 6,003 -----
Other assets................................................ 23,663 23,808 16,455 15,742
------------ ------------ ----------- ------------
Total assets........................................... 136,767,411 114,078,646 39,097,874 125,523,892
============ ============ =========== ============
LIABILITIES
Forward foreign currency contracts to sell, at value
(Cost: $8,948,001) (Notes 2 and 7)......................... ----- ----- 9,022,702 -----
Variation margin payable for open futures contracts......... ----- ----- ----- 18,663
Payables:
Forward foreign currency contracts to buy
(Notes 2 and 7).......................................... ----- ----- 4,224,696 -----
Investments purchased..................................... 47,456 55,909 574,988 21,294,086
Fund shares redeemed...................................... 13,990 11,916 32,030 7,749
Dividend and interest withholding tax..................... ----- 3,090 14,650 1,123
Investment adviser........................................ 77,139 64,722 18,329 58,627
Custodian and transfer agent fees......................... 38,316 25,554 6,858 30,807
Due to custodian.......................................... ----- ----- 188,293 -----
Other accrued expenses.................................... 77,595 58,055 14,420 63,198
------------- ------------- ------------ -------------
Total liabilities...................................... 254,496 219,246 14,096,966 21,474,253
------------- ------------- ------------ -------------
NET ASSETS.................................................. $136,512,915 $113,859,400 $25,000,908 $104,049,639
============= ============= ============ =============
Net assets consist of:
Accumulated undistributed net investment
income (loss) (Note 2)................................... $84,285 $344,030 ($403,039) $1,003,353
Accumulated undistributed net realized gain
on investments........................................... 7,735,418 2,257,605 1,114,547 3,650,607
Unrealized appreciation (depreciation) on:
Investments.............................................. 17,640,676 22,065,736 1,557,332 9,009,037
Futures contracts....................................... ----- ----- ----- (132,277)
Foreign currency and forward foreign currency
contracts............................................... ----- 23 (85,612) -----
Capital shares at par value of $.001 (Note 3)............. 8,269 7,033 2,266 8,951
Additional paid-in capital................................ 111,044,267 89,184,973 22,815,414 90,509,968
------------- ------------- ------------ -------------
Net assets............................................. $136,512,915 $113,859,400 $25,000,908 $104,049,639
============= ============= ============ =============
*Investments in securities, at identified cost
(Note 2).................................................. $118,877,049 $ 91,386,916 $22,542,005 $106,858,866
============= ============= ============ =============
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
NORTH AMERICAN FUNDS
STATEMENTS OF ASSETS AND LIABILITIES - APRIL 30, 1996 (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL
VALUE GROWTH AND GROWTH AND ASSET
EQUITY INCOME INCOME ALLOCATION
FUND FUND FUND FUND
----------- ------------ --------------- -------------
NET ASSET VALUES
<S> <C> <C> <C> <C>
Class A Shares
Net assets at value................................... $25,654,817 $15,347,210 $4,009,124 $10,990,143
Shares outstanding.................................... 1,549,814 947,723 363,115 948,683
Net asset value and redemption price per share......... $16.55 $16.19 $11.04 $11.58
====== ====== ====== ======
Public offering price per share (100/95.25 of NAV)
On sales of $100,000 or more the offering price
is reduced............................................ $17.38 $17.00 $11.59 $12.16
====== ====== ====== ======
Class B Shares
Net assets at value................................... $24,816,089 $28,626,205 $13,309,296 $13,233,062
Shares outstanding.................................... 1,508,048 1,772,164 1,206,719 1,144,876
Net asset value per share.............................. $16.46 $16.15 $11.03 $11.56
====== ====== ====== ======
Class C Shares
Net assets at value................................... $86,042,009 $69,885,985 $7,682,488 $79,826,434
Shares outstanding.................................... 5,211,482 4,313,053 696,539 6,857,597
Net asset value per share.............................. $16.51 $16.20 $11.03 $11.64
====== ====== ====== ======
</TABLE>
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
NORTH AMERICAN FUNDS
STATEMENTS OF ASSETS AND LIABILITIES - APRIL 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTMENT U.S. NATIONAL
STRATEGIC QUALITY GOVERNMENT MUNICIPAL MONEY
INCOME BOND SECURITIES BOND MARKET
FUND FUND FUND FUND FUND
------------- ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value* (Includes repurchase
agreements of $23,994,000 and $23,993,000 in the
U.S. Government Securities Fund) (See accompanying
portfolio of investments)............................... $55,609,101 $20,076,643 $147,978,474 $19,921,614 $17,935,400
Receivable for forward foreign currency contracts to sell
(Notes 2 and 7)......................................... $2,840,785 --- --- --- ---
Forward foreign currency contracts to buy, at value
(Cost: $290,160) (Notes 2 and 7)........................ $287,756 --- --- --- ---
Cash..................................................... 565 241 356 --- 4,033
Foreign currency (Cost: $2,054).......................... 919 --- --- --- ---
Receivables:
Fund shares sold.................................... 136,752 10,761 18,780 --- ---
Dividends........................................... 246 --- --- --- ---
Interest............................................ 856,170 326,918 689,733 328,191 24,304
Foreign tax withholding reclaim..................... 1,328 --- --- --- ---
From adviser (Note 5)............................... 11,570 6,072 52,684 6,219 7,380
Deferred organization expenses (Note 2).................. 6,293 --- --- 5,643 ---
Other assets............................................. 16,087 16,572 17,802 13,803 20,173
----------- ------------ ------------ ----------- -----------
Total assets................................... 59,767,572 20,437,207 148,757,829 20,275,470 17,991,290
----------- ------------ ------------ ----------- -----------
LIABILITIES
Forward foreign currency contracts to sell, at value
(Cost: $2,840,785) (Notes 2 and 7)...................... 2,800,037 --- --- --- ---
Payables:
Forward foreign currency contracts to buy
(Notes 2 and 7)..................................... 290,160 --- --- --- ---
Investments purchased............................... 1,626,399 --- 34,093,270 --- ---
Fund shares redeemed................................ 1,835 --- 109,591 --- ---
Dividends........................................... 350,566 109,503 638,483 80,356 74,224
Dividend and interest withholding tax............... --- 532 --- --- ---
Investment adviser.................................. 33,063 10,041 63,685 10,079 4,177
Custodian and transfer agent fees................... 16,151 6,354 31,014 9,821 11,704
Due to custodian.................................... --- --- --- 1,440 ---
Other accrued expenses.............................. 28,888 12,636 70,461 12,248 10,192
Deferred mortgage dollar roll income..................... 909 ----- 24,210 --- ---
----------- ------------ ----------- ----------- -----------
Total liabilities.............................. 5,148,008 139,066 35,030,714 113,944 100,297
----------- ------------ ----------- ----------- -----------
NET ASSETS............................................... $54,619,564 $20,298,141 $113,727,115 $20,161,526 $17,890,993
=========== ============ ============ =========== ===========
Net assets consist of:
Accumulated undistributed net investment
income (loss) (Note 2).............................. ($35,847) $ 9,951 ($1,129,110) ($569) ---
Accumulated undistributed net realized
loss on investments................................. (425,886) (516,601) (3,552,059) (438,522) ---
Unrealized appreciation (depreciation) on:
Investments.......................................... 1,263,861 (187,350) (870,629) 38,227 ---
Foreign currency and forward foreign currency
contracts........................................... 36,196 --- --- --- ---
Capital shares at par value of $.001 (Note 3)........ 5,781 1,992 11,767 2,128 $17,891
Additional paid-in capital........................... 53,775,459 20,990,149 119,267,146 20,560,262 17,873,102
----------- ------------ ------------ ----------- -----------
Net assets..................................... $54,619,564 20,298,141 $113,727,115 $20,161,526 $17,890,993
=========== ============ ============ =========== ===========
*Investments in securities, at identified cost (Note 2).. 54,345,240 20,263,993 148,849,103 19,883,387 17,935,400
=========== ============ ============ =========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statemnets.
5
<PAGE>
NORTH AMERICAN FUNDS
STATEMENTS OF ASSETS AND LIABILITIES - APRIL 30, 1996 (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTMENT U.S. NATIONAL
STRATEGIC QUALITY GOVERNMENT MUNICIPAL MONEY
INCOME BOND SECURITIES BOND MARKET
FUND FUND FUND FUND FUND
-------------- ------------ ------------ ----------- ------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUES
Class A Shares
Net assets at value............................... $10,791,389 $9,420,910 $74,296,582 $7,790,389 $7,833,243
Shares outstanding................................ 1,141,991 924,336 7,687,132 822,454 7,833,243
Net asset and redemption value per share........... $9.45 $10.19 $9.67 $9.47 $1.00
===== ====== ===== ===== -----
Public offering price per share (100/95.25 of NAV)
On sales of $100,000 or more the offering price
is reduced........................................ $9.92 $10.70 $10.15 $9.94 -----
===== ====== ====== ===== ------
Class B Shares
Net assets at value............................... $26,158,346 $4,539,794 19,260,969 $6,082,925 $1,426,929
Shares outstanding................................ 2,768,646 445,731 1,993,252 642,196 1,426,929
Net asset value per share.......................... $9.45 $ 10.19 $9.66 $9.47 $1.00
===== ======= ===== ===== =====
Class C Shares
Net assets at value............................... $17,669,829 $6,337,437 $20,169,564 $ 6,288,212 $8,630,821
Shares outstanding................................ 1,870,187 622,231 2,087,210 663,843 8,630,821
Net asset value and redemption price per share..... $9.45 $10.19 $9.66 $9.47 $1.00
===== ====== ===== ===== =====
</TABLE>
The accompanying notes are an intergal part of the financial statements.
6
<PAGE>
NORTH AMERICAN FUNDS
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED APRIL 30, 1996 (UNAUDITED)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL GROWTH GLOBAL
SMALL/MID SMALL CAP EQUITY GROWTH
CAP FUND * FUND * FUND * FUND
------------ ------------- -------- -----------
<S> <C> <C> <C> <C>
Investment Income:
Interest .............................................. $5,394 $5,223 $4,843 $72,671
Dividends (Net of $799 and $89,489 withholding tax
in the International Small Cap and Global Growth
Funds, respectively).................................. 312 4,259 1,168 894,990
------------ ---------- -------- ----------
Total income....................................... 5,706 9,482 6,011 967,661
------------ ---------- -------- ----------
Expenses:
Distribution for Class A............................... 464 337 496 45,696
Distribution for Class B............................... 1,290 921 1,083 128,306
Distribution for Class C............................... 1,350 1,097 847 409,199
Investment advisers fee (Note 5)....................... 3,668 3,129 3,012 601,260
Custodian fees......................................... 159 238 134 65,045
Transfer agent fees.................................... 8,809 8,809 8,809 157,100
Accounting/administration.............................. 1,565 1,566 1,565 111,029
Audit and legal fees................................... 522 522 522 29,346
Miscellaneous.......................................... 2,477 2,534 2,477 37,794
------------ ---------- -------- ----------
Expenses before reimbursement
by adviser............................................ 20,30 19,153 18,945 1,584,775
Reimbursement of expenses by
adviser (Note 5)...................................... 11,946 12,163 12,168 60,085
------------ ----------- -------- -----------
Net expenses....................................... 8,358 6,990 6,777 1,524,690
------------ ----------- -------- ----------
Net investment income (loss)....................... (2,652) 2,492 (766) (557,029)
------------ ----------- -------- ----------
Realized and unrealized gain (loss) on investments and
foreign currency:
Net realized gain (loss) on:
Investment transactions............................. (9,899) 14,300 2,946 5,094,982
Foreign currency and forward foreign
currency contracts................................. ----- (2,157) 31 (529,388)
Change in unrealized appreciation (depreciation) on:
Investments......................................... 205,035 103,962 219,433 10,690,491
Translation of foreign currency and forward
foreign currency contracts......................... ----- (18) ----- 555,482
------------ ----------- -------- ----------
Net gain on investments and
foreign currency................................ 195,136 116,087 222,410 15,811,567
------------ ----------- -------- ----------
Net increase in net assets
resulting from operations.............................. $192,484 $118,579 $221,644 $15,254,538
============ =========== ======== ===========
</TABLE>
* For the period March 4, 1996 (commencement of
operations) to April 30, 1996.
The accompanying are an integral part of the financial statements.
7
<PAGE>
NORTH AMERICAN FUNDS
STATEMENTS OF OPERATIONS - FOR THE SIX MONTHS ENDED APRIL 30, 1996 (UNAUDITED)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL
VALUE GROWTH AND GROWTH AND ASSET
EQUITY INCOME INCOME ALLOCATION
FUND FUND FUND FUND
---------- -------------- ----------------- --------------
<S> <C> <C> <C> <C>
Investment Income:
Interest (Net of $880 and $1,211 withholding tax
in the International Growth and Income and Asset
Allocation Funds, respectively)................. $273,188 $123,244 $95,619 $1,669,183
Dividends (Net of $11,393 and $23,943 withholding
tax in the Growth and Income and International
Growth and Income Funds, respectively).......... 1,227,111 1,280,616 177,334 712,801
---------- -------------- ----------------- ---------------
Total income............................... 1,500,299 1,403,860 272,953 2,381,984
---------- -------------- ----------------- ---------------
Expenses:
Distribution for Class A......................... 44,133 24,086 11,130 18,748
Distribution for Class B......................... 113,576 123,117 56,108 59,790
Distribution for Class C......................... 427,960 337,272 37,993 406,698
Investment advisers fee (Note 5)................. 463,116 369,679 113,311 363,502
Custodian fees................................... 26,855 24,768 25,072 24,352
Transfer agent fees.............................. 153,159 113,731 29,711 103,396
Accounting/administration........................ 109,588 83,981 20,363 85,927
Audit and legal fees............................. 28,359 21,994 5,504 21,975
Amortization of deferred organization expenses
(Note 2)........................................ ----- 627 274 -----
Miscellaneous.................................... 27,395 26,533 12,348 22,548
---------- -------------- ----------------- ---------------
Expenses before reimbursement
by adviser...................................... 1,394,141 1,125,788 311,814 1,106,936
Reimbursement of expenses by
adviser (Note 5)................................ 147,437 117,220 30,254 106,766
---------- -------------- ----------------- ---------------
Net expenses............................... 1,246,704 1,008,568 281,560 1,000,170
---------- -------------- ----------------- ---------------
Net investment income (loss)............... 253,595 395,292 (8,607) 1,381,814
---------- -------------- ----------------- ---------------
Realized and unrealized gain (loss) on investments,
futures and foreign currency:
Net realized gain (loss) on:
Investment transactions......................... 7,744,990 2,298,177 1,441,218 3,726,514
Futures contracts............................... ----- ----- ----- (77,492)
Foreign currency and forward foreign
currency contracts............................. ----- (40,895) (319,493) -----
Change in unrealized appreciation (depreciation) on:
Investments..................................... 8,649,175 8,701,010 1,884,210 1,089,441
Futures contracts............................... ----- ----- ----- (127,905)
Translation of foreign currency and forward
foreign currency contracts..................... ----- 409 (460,738) -----
---------- -------------- ----------------- ---------------
Net gain on investments, futures
and foreign currency...................... 16,394,165 10,958,701 2,545,197 4,610,558
---------- -------------- ----------------- ---------------
Net increase in net assets
resulting from operations........................... $16,647,760 $11,353,993 $2,536,590 $5,992,372
=========== ============== ================= ===============
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
NORTH AMERICAN FUNDS
STATEMENTS OF OPERATION-FOR THE SIX MONTHS ENDED APRIL 30, 1996 (UNAUDITED)
- ---------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTMENT U.S. NATIONAL
STRATEGIC QUALITY GOVERNMENT MUNICIPAL MONEY
INCOME BOND SECURITIES BOND MARKET
FUND FUND FUND FUND FUND
--------- ---------- ---------- --------- ------
<S> <C> <C> <C> <C> <C>
Investment Income:
Interest (Net of $881 and $532 withholding tax in
the Strategic Income and Investment Quality Bond
Funds, respectively)............................... $2,524,734 $794,985 $3,944,789 $626,857 $510,972
------------ ------------ ------------ ------------ ------------
Expenses:
Distribution for Class A............................ 18,739 17,756 137,844 5,930 -----
Distribution for Class B............................ 121,102 21,598 88,935 30,859 -----
Distribution for Class C............................ 80,948 34,825 101,589 34,252 -----
Investment advisers fee (Note 5).................... 191,183 64,294 350,619 62,787 18,149
Custodian fees...................................... 26,698 5,086 27,375 4,936 3,630
Transfer agent fees................................. 46,902 26,816 106,150 13,375 34,042
Accounting/administration........................... 40,463 18,111 97,477 17,399 15,199
Audit and legal fees................................ 10,803 4,571 24,089 4,511 4,074
Amortization of deferred organization expenses
(Note 2)........................................... 1,254 623 ----- 1,254 -----
Miscellaneous....................................... 17,061 12,706 25,203 17,712 15,103
------------ ------------ ------------ ------------ ------------
Expenses before reimbursement
by adviser......................................... 555,153 206,386 959,281 193,015 90,197
Reimbursement of expenses by
adviser (Note 5)................................... 41,695 35,981 106,507 34,036 44,811
------------ ------------ ------------ ------------ ------------
Net expenses.................................... 513,458 170,405 852,774 158,979 45,386
------------ ------------ ------------ ------------ ------------
Net investment income........................... 2,011,276 624,580 3,092,015 467,878 465,586
------------ ------------ ------------ ------------ ------------
Realized and unrealized gain (loss) on investments and
foreign currency:
Net realized gain (loss) on:
Investment transactions............................ 9,824 164,414 (201,356) 33,922 -----
Foreign currency and forward foreign
currency contracts................................ (35,375) ----- ----- ----- -----
Change in unrealized appreciation (depreciation) on:
Investments........................................ 1,899,937 (875,502) (2,796,711) (358,853) -----
Translation of foreign currency and forward
foreign currency contracts........................ 145,396 ----- ----- ----- -----
------------ ------------ ------------ ------------ ------------
Net gain (loss) on investments and
foreign currency................................ 2,019,782 (711,088) (2,998,067) (324,931) -----
------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations............................ $4,031,058 ($86,508) $93,948 $142,947 $465,586
============= ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
NORTH AMERICAN FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL/MID CAP INTERNATIONAL SMALL GROWTH EQUITY
FUND CAP FUND FUND GLOBAL GROWTH FUND
------------- ------------------- ------------- --------------------------
03/04/96* 03/04/96* 03/04/96* SIX MONTHS
TO TO TO ENDED YEAR
04/30/96 04/30/96 04/30/96 04/30/96 ENDED
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED) 10/31/95
----------- ------------------- ------------- ----------- ----------
<S> <C> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income (loss).............. ($2,652) $2,492 ($766) ($557,029) ($700,789)
Net realized gain (loss) on:
Investment transactions.................. (9,899) 14,300 2,946 5,094,982 (3,295,215)
Foreign currency and forward foreign
currency contracts...................... ----- (2,157) 31 (529,388) 1,789,553
Change in unrealized appreciation
(depreciation) on:
Investments.............................. 205,035 103,962 219,433 10,690,491 (2,565,015)
Foreign currency and forward foreign
currency contracts...................... ----- (18) ----- 555,482 (137,518)
----------- ------------ ----------- ------------ ------------
Net increase (decrease) in net assets
resulting from operations................. 192,484 118,579 221,644 15,254,538 (4,908,984)
Net equalization credits (charges) (Note 2) ----- 218 1,270 (714) (34,561)
Distribution to shareholders from:
Net investment income
Class A................................. ----- ----- ----- (370,725) -----
Class B................................. ----- ----- ----- (247,709) -----
Class C................................. ----- ----- ----- (588,992) -----
Net realized gains on investments and
foreign currency transactions
Class A................................. ----- ----- ----- ----- (277,128)
Class B................................. ----- ----- ----- ----- (2,291,951)
Class C................................. ----- ----- ----- ----- (1,476,968)
Increase (decrease) in net assets from
capital share transactions (Note 3)....... 4,556,146 2,977,150 3,618,852 (5,946,829) 6,043,444
----------- ------------ ----------- ------------ ------------
Increase (decrease) in net assets.......... 4,748,630 3,095,947 3,841,766 8,099,569 (2,946,148)
Net assets at beginning of period.......... ----- ----- ----- 130,551,438 133,497,586
----------- ------------ ----------- ------------ ------------
Net assets at end of period................ $4,748,630 $3,095,947 $3,841,766 $138,651,007 $130,551,438
=========== ============ =========== ============ ============
Accumulated undistributed net
investment income (loss).................. ($2,652) $2,710 $504 ($208,973) $1,556,196
=========== ============ =========== ============ ============
</TABLE>
________________________________
* Commencement of operations
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
<TABLE>
<CAPTION>
INTERNATIONAL
VALUE EQUITY FUND GROWTH AND INCOME FUND GROWTH AND INCOME FUND
------------------------- -------------------------- -------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
04/30/96 ENDED 04/30/96 ENDED 04/30/96 ENDED
(UNAUDITED) 10/31/95 (UNAUDITED) 10/31/95 (UNAUDITED) 10/31/95
------------- ---------- ------------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
Increase in net assets:
Operations:
Net investment income (loss)............. $253,595 $281,091 $395,292 $977,895 ($8,607) $39,864
Net realized gain (loss) on:
Investment transactions............... 7,744,990 10,219,108 2,298,177 716,372 1,441,218 275,761
Foreign currency and forward foreign
currency contracts................... ----- ----- (40,895) 102,753 (319,493) (260,048)
Change in unrealized appreciation
(depreciation) on:
Investments........................... 8,649,175 3,234,064 8,701,010 9,980,846 1,884,210 (326,878)
Foreign currency and forward foreign
currency contracts................... ----- ----- 409 (386) (460,738) 375,126
------------- ---------- ------------- ----------- -------------- ----------
Net increase in net assets
resulting from operations................. 16,647,760 13,734,263 11,353,993 11,777,480 2,536,590 103,825
Net equalization credits (charges) (Note 2) 29,932 21,466 13,789 83,756 (20,304) -----
Distribution to shareholders from:
Net investment income
Class A............................... (215,382) ----- (105,411) (161,680) (56,090) (14,446)
Class B............................... (117,965) ----- (128,862) (104,194) (52,389) (14,765)
Class C............................... (187,986) ----- (283,377) (570,011) (34,562) (12,260)
Net realized gains on investments and
foreign currency transactions
Class A............................... (1,874,732) (890,547) (105,286) (193,161) (75,054) -----
Class B............................... (1,711,898) (316,510) (184,505) (109,460) (104,218) -----
Class C............................... (6,634,855) (3,831,715) (525,694) (1,083,890) (73,099) -----
Increase in net assets from capital
share transactions (Note 3)............... 4,959,070 24,302,675 9,439,243 26,649,617 1,238,404 21,579,276
------------- ------------ ----------- ---------- ------------ ----------
Increase in net assets..................... 10,893,944 33,019,632 19,473,890 36,288,457 3,359,278 21,641,630
Net assets at beginning of period.......... 125,618,971 92,599,339 94,385,510 58,097,053 21,641,630 -----
------------- ------------ ----------- ---------- ------------ ----------
Net assets at end of period................ $136,512,915 $125,618,971 $113,859,400 $94,385,510 $25,000,908 $21,641,630
============= ============ ============ =========== ============ ===========
Accumulated undistributed net
investment income (loss).................. $84,285 $322,091 $344,030 $452,599 ($403,039) ($231,087)
============= ============ ============ =========== ============= ===========
</TABLE>
The accompanying notes are an integral of the financial statement
11
<PAGE>
NORTH AMERICAN FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASSET ALLOCATION FUND STRATEGIC INCOME FUND INVESTMENT QUALITY BOND FUND
------------------------- ------------------------- ----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
04/30/96 ENDED 04/30/96 ENDED 04/30/96 ENDED
(UNAUDITED) 10/31/95 (UNAUDITED) 10/31/95 (UNAUDITED) 10/31/95
----------- ---------- ----------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income................... $1,381,814 $2,757,769 $2,011,276 $2,960,238 $624,580 $1,065,675
Net realized gain (loss) on:
Investment transactions................ 3,726,514 6,529,806 9,824 264,926 164,414 24,835
Futures contracts...................... (77,492) 2,303
Foreign currency and forward foreign
currency contracts..................... --- --- (35,375) (81,640) --- ---
Change in unrealized appreciation
(depreciation) on:
Investments............................ 1,089,441 5,539,360 1,899,937 919,881 (875,502) 1,318,370
Futures contracts...................... (127,905) (4,372)
Foreign currency and forward foreign
currency contracts..................... --- --- 145,396 (109,134) --- ---
------------ ------------ ------------ ----------- ----------- -----------
Net increase (decrease) in net assets
resulting from operations................ 5,992,372 14,824,866 4,031,058 3,954,271 (86,508) 2,408,880
Net equalization credits (charges) (Note 2) 206,146 (54,967) --- --- 2,324 20,893
Distribution to shareholders from:
Net investment income
Class A................................ (342,751) (235,768) (449,498) (974,298) (328,862) (701,998)
Class B................................ (316,830) (110,719) (935,285) (1,054,898) (127,266) (110,088)
Class C................................ (2,066,083) (1,850,266) (626,492) (930,449) (207,594) (255,000)
Net realized gains on investments, futures
and foreign currency transactions
Class A................................ (646,271) (362,509) --- --- --- ---
Class B................................ (692,368) (237,460) --- --- --- ---
Class C................................ (4,999,304) (3,967,004) --- --- --- ---
Increase (decrease) in net assets from
capital share transactions (Note 3)...... 6,380,885 (6,965,262) 7,613,291 14,605,227 23,371 5,614,479
------------ ------------ ------------ ------------ ----------- -----------
Increase (decrease) in net assets........ 3,515,796 1,040,911 9,633,074 15,599,853 (724,535) 6,977,166
Net assets at beginning of period........ 100,533,843 99,492,932 44,986,490 29,386,637 21,022,676 14,045,510
------------ ------------ ------------ ------------ ----------- -----------
Net assets at end of period.............. $104,049,639 $100,533,843 $54,619,564 $44,986,490 $20,298,141 $21,022,676
============ ============ ============ ============ =========== ===========
Accumulated undistributed net
investment income (loss)................. $1,003,353 $2,141,058 ($35,847) ($35,848) $9,951 $46,769
============ ============ ============ ============ =========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
12
<PAGE>
NORTH AMERICAN FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S GOVERNMENT NATIONAL MUNICIPAL
SECURITIES FUND BOND FUND MONEY MARKET FUND
------------------------- ------------------------- ----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
04/30/96 ENDED 04/30/96 ENDED 04/30/96 ENDED
(UNAUDITED) 10/31/95 (UNAUDITED) 10/31/95 (UNAUDITED) 10/31/95
----------- ---------- ----------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income.................. $3,092,015 $7,002,787 $467,878 $801,761 $465,586 $1,208,891
Net realized gain (loss) on
investment transactions................ (201,356) 2,016,765 33,922 (451,322) --- ---
Change in unrealized appreciation
(depreciation) on investments.......... (2,796,711) 4,354,862 (358,853) 1,830,370 --- ---
------------ ------------ ------------ ------------ ------------ ------------
Net increase in net assets
resulting from operations............... 93,948 13,374,414 142,947 2,180,809 465,586 $1,208,891
Net equalization credits (charges) (Note 2) 5 (101,581) --- --- --- ---
Distribution to shareholders from:
Net investment income
Class A............................... (2,664,773) (6,031,782) (197,747) (429,394) (214,401) (467,507)
Class B............................... (542,568) (421,002) (127,859) (188,030) (33,434) (88,435)
Class C............................... (624,192) (1,008,460) (142,269) (184,416) (217,751) (652,949)
Increase (decrease) in net assets from
capital share transactions (Note 3).... 2,106,764 (4,588,211) 158,319 7,339,594 (4,446,455) 1,356,401
------------ ------------ ------------ ------------ ------------ ------------
Increase (decrease) in net assets....... (1,630,786) 1,223,378 (166,609) 8,718,563 (4,446,455) 1,356,401
Net assets at beginning of period....... 115,357,901 114,134,523 20,328,135 11,609,572 22,337,448 20,981,047
------------ ------------ ------------ ------------ ------------ ------------
Net assets at end of period............. $113,727,115 $115,357,901 $20,161,526 $20,328,135 $17,890,993 $22,337,448
============ ============ ============ ============ ============ ============
Accumulated undistributed net
investment loss......................... ($1,129,110) ($389,597) ($569) ($572) --- ---
============ ============ ============ ============ ============ ============
</TABLE>
The accompanying notes are an integral part of the financial statements.
13
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL/MID CAP FUND
-------------------------------------------------------
03/04/96* 03/04/96* 03/04/96*
TO TO TO
04/30/96 04/30/96 04/30/96
(UNAUDITED) (UNAUDITED) (UNAUDITED)
CLASS A CLASS B CLASS C
--------------- --------------- ---------------
<S> <C> <C> <C>
Net asset value, beginning of period..................... $12.50 $12.50 $12.50
Income (loss) from investment operations:
- ----------------------------------------
Net investment loss (B).................................. ---- (0.01) (0.01)
Net realized and unrealized gain on investments.......... 0.73 0.74 0.74
----- ----- -----
Total from investment
operations................................... 0.73 0.73 0.73
Net asset value, end of period........................... $13.23 $13.23 $13.23
====== ====== ======
Total return................................... 5.84% 5.84% 5.84%
Net assets, end of period (000's)....................... $1,302 $1,676 $1,771
Ratio of operating expenses to
average net assets (C)................................. 1.675%(A) 2.325%(A) 2.325%(A)
Ratio of net investment loss to
average net assets..................................... (0.25%)(A) (0.90%)(A) (0.90%)(A)
Portfolio turnover rate.................................. 57%(A) 57%(A) 57%(A)
Average commission rate per share (D).................... $0.074 $0.074 $0.074
</TABLE>
_____________________________
* Commencement of operations.
(A) Annualized
(B) After expense reimbursement by the adviser of $0.04, $0.03 and $0.03 per
share for the Small/Mid Cap Fund - Classes A, B and C respectively, for the
period March 4, 1996 (commencement of operations) to April 30, 1996.
(C) The ratio of operating expenses, before reimbursement by the adviser, was
4.69%, 5.34% and 5.34% for the Small/Mid Cap Fund, Classes A, B and C
respectively, for the period March 4, 1996 (commencement of operations) to
April 30, 1996 on an annualized basis.
(D) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share of all security
trades on which commissions are charged. In certain foreign markets the
relationship between the translated U.S. dollar price per share and
commission paid per share may vary from that of domestic markets.
The accompanying notes are an integral part of the financial statements.
14
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL SMALL CAP FUND
-------------------------------------------------------------------
03/04/96* 03/04/96* 03/04/96*
TO TO TO
04/30/96 04/30/96 04/30/96
(UNAUDITED) (UNAUDITED) (UNAUDITED)
CLASS A CLASS B CLASS C
-------------------- ------------------ -----------------
<S> <C> <C> <C>
Net asset value, beginning of period.............. $12.50 $12.50 $12.50
Income from investment operations:
- ----------------------------------
Net investment income (B)......................... 0.02 0.01 0.01
Net realized and unrealized gain on investments
and foreign currency transactions............... 0.67 0.68 0.68
---- ---- ----
Total from investment
operations............................ 0.69 0.69 0.69
Net asset value, end of period.................... $13.19 $13.19 $13.19
====== ====== ======
Total return............................ 5.52% 5.52% 5.52%
Net assets, end of period (000's)................. $869 $982 $1,245
Ratio of operating expenses to
average net assets (C).......................... 1.90%(A) 2.55%(A) 2.55%(A)
Ratio of net investment income to
average net assets.............................. 1.33%(A) 0.68%(A) 0.68%(A)
Portfolio turnover rate........................... 13%(A) 13%(A) 13%(A)
Average commission rate per share (D)............. $0.015 $0.015 $0.015
</TABLE>
______________________________
* Commencement of operations.
(A) Annualized
(B) After expense reimbursement by the adviser of $0.07, $0.05 and $0.05 per
share for the International Small Cap Fund - Classes A, B and C
respectively, for the period March 4, 1996 (commencement of operations) to
April 30, 1996.
(C) The ratio of operating expenses, before reimbursement by the adviser, was
5.95%, 6.69% and 6.62% for the International Small Cap Fund, Classes A, B
and C respectively, for the period March 4, 1996 (commencement of
operations) to April 30, 1996 on an annualized basis.
(D) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share of all security
trades on which commissions are charged. In certain foreign markets the
relationship between the translated U.S. dollar price per share and
commission paid per share may vary from that of domestic markets.
The accompanying notes are an integral part of the financial statements.
15
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GROWTH EQUITY FUND
--------------------------------------------------------------------
03/04/96* 03/04/96* 03/04/96*
TO TO TO
04/30/96** 04/30/96** 04/30/96**
(UNAUDITED) (UNAUDITED) (UNAUDITED)
CLASS A CLASS B CLASS C
--------------------- -------------------- --------------------
<S> <C> <C> <C>
Net asset value, beginning of period.............. $12.50 $12.50 $12.50
Income from investment operations:
- ----------------------------------
Net investment income (B)......................... ----- (0.01) (0.01)
Net realized and unrealized gain on investments
and foreign currency transactions............... 0.85 0.86 0.86
---- ---- ----
Total from investment
operations............................. 0.85 0.85 0.85
Net asset value, end of period.................... $13.35 $13.35 $13.35
====== ====== ======
Total return............................ 6.80% 6.80% 6.80%
Net assets, end of period (000's)................. $1,663 $1,261 $918
Ratio of operating expenses to
average net assets (C).......................... 1.65%(A) 2.30%(A) 2.30%(A)
Ratio of net investment income (loss) to
average net assets.............................. 0.12%(A) (0.53%)(A) (0.53%)(A)
Portfolio turnover rate........................... 143%(A) 143%(A) 143%(A)
Average commission rate per share (D)............. $0.058 $0.058 $0.058
</TABLE>
____________________________
* Commencement of operations.
** Net investment income per share has been calculated using the average
shares method for the period March 4, 1996 (commencement of operations) to
April 30, 1996.
(A) Annualized
(B) After expense reimbursement by the adviser of $0.07, $0.08 and $0.08 per
share for the Growth Equity Fund - Classes A, B and C respectively, for the
period March 4, 1996 (commencement of operations) to April 30, 1996.
(C) The ratio of operating expenses, before reimbursement by the adviser, was
5.09%, 5.96% and 6.25% for the Growth Equity Fund, Classes A, B and C
respectively, for the period March 4, 1996 (commencement of operations) to
April 30, 1996 on an annualized basis.
(D) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share of all security
trades on which commissions are charged. In certain foreign markets the
relationship between the translated U.S. dollar price per share and
commission paid per share may vary from that of domestic markets.
The accompanying notes are an integral part of the financial statements.
16
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL GROWTH FUND
-----------------------------------------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR 04/01/94* ENDED YEAR 04/01/94*
04/30/96 ENDED TO 04/30/96 ENDED TO
(UNAUDITED) 10/31/95 10/31/95 (UNAUDITED) 10/31/95** 10/31/94
CLASS A CLASS A CLASS A CLASS B CLASS B CLASS B
------------- ------------ ----------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period......... $13.84 $14.82 $14.13 $13.73 $14.79 $14.13
Income (loss) from investment operations
- ----------------------------------------
Net investment income (B).................... (0.03) ------ (0.01) (0.08) (0.09) (0.03)
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions............................... 1.70 (0.54) 0.70 1.70 (0.53) 0.69
----- ------- ----- ----- ------- -----
Total from investment
operations........................ 1.67 (0.54) 0.69 1.62 (0.62) 0.66
Less distributions
- ------------------
Dividends from net investment income......... (0.21) ------ ------ (0.14) ------ ------
Distributions from capital gains............. ------ (0.44) ------ ------ (0.44) ------
------- ------- ------- ------- ------- ------
Total distributions................ (0.21) (0.44) ------ (0.14) (0.44) ------
Net assets value, end of period.............. $15.30 $13.84 $14.82 $15.21 $13.73 $14.79
======= ======= ======= ======= ======= ======
Total return....................... 12.20% (3.52%) 9.16%(E) 11.89% (4.09%) 8.94%(E)
Net assets, end of period (000's)............ $27,960 $23,894 $18,152 $28,124 $23,317 $13,903
Ratio of operating expenses to
average net assets (C)..................... 1.75%(A) 1.75% 1.75%(A) 2.40%(A) 2.40% 2.40%(A)
Ratio of net investment income
(loss) to average net assets................. (0.33%)(A) 0.03% (0.12%)(A) (0.98%)(A) (0.61%) (0.77%)(A)
Portfolio turnover rate...................... 64%(A) 57% 54% 64%(A) 57% 54%
Average commission rate per share (D)........ $0.028 N/A N/A $0.028 N/A N/A
</TABLE>
____________________________
* Commencement of operations
** Net investment income per share has been calculated using the average
shares method for fiscal year 1995.
(A) Annualized
(B) After expense reimbursement by the adviser of $0.01 and $0.01 per share for
the Global Growth Fund - Classes A and B respectively, for the six months
ended April 30, 1996, $0.02 and $0.02 per share for the Global Growth
Fund -Classes A and B respectively, for the year ended October 31, 1995 and
$0.01 and $0.01 per share for the Global Growth Fund - Classes A and B
respectively, for the period April 1, 1994 to October 31, 1994.
(C) The ratio of operating expenses, before reimbursement by the adviser, was
1.85% and 2.50% for the Global Growth Fund - Classes A and B respectively,
for the six months ended April 30, 1996 on an annualized basis, 1.92% and
2.58% for the Global Growth Fund - Classes A and B respectively, for the
year ended October 31, 1995 and 1.97% and 2.71% for the Global Growth
Fund -Classes A and B respectively, for the period April 1, 1994 to October
31, 1994.
(D) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share of all security
trades on which commissions are charged. In certain foreign markets the
relationship between the translated U.S. dollar price per share and
commission paid per share may vary from that of domestic markets.
(E) Historical total returns for Classes A and B shares are one year
performance returns which include Class C performance prior to April 1,
1994.
The accompanying notes are an integral part of the financial statements.
17
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
________________________________________________________________________________
<TABLE>
<CAPTION>
GLOBAL GROWTH FUND - CLASS C
------------------------------------------------------------------------------------
SIX MONTHS ENDED
04/30/96 YEARS ENDED OCTOBER, 31
------------------------------------------------------------------
(UNAUDITED) 1995** 1994 1993 1992 1991
------------- ---------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period...... $13.73 $14.79 $13.74 $10.33 $10.76 $10.12
Income (loss) from investment operations
- ----------------------------------------
Net investment income (loss) (B).......... (0.08) (0.09) (0.10) (0.01) (0.02) 0.25
Net realized and
unrealized gain (loss) on investments and
foreign currency
transactions............................. 1.70 (0.53) 1.15 3.43 (0.37) 0.63
----- ---- ----- ----- ---- -----
Total from investment
operations..................... 1.62 (0.62) 1.05 3.42 (0.39) 0.88
Less distributions
- ------------------
Dividends from net investment income...... (0.10) ---- ---- (0.01) ---- (0.24)
Distributions from capital gains.......... ---- (0.44) ---- ---- ---- ----
Distributions from capital................ ---- ---- ---- ---- (0.04) ----
------ ------ ------ ------ ------ ------
Total distributions............. (0.10) (0.44) ------ (0.01) (0.04) (0.24)
====== ====== ======= ====== ====== ======
Net asset value, end of period............ $15.25 $13.73 $14.79 $13.74 $10.33 $10.76
====== ====== ====== ====== ====== ======
Total return.................... 11.86% (4.09%) 8.94% 33.06% (3.57%) 8.80%
Net assets, end of period (000's)......... $82,567 $83,340 $101,443 $63,503 $14,291 $8,828
Ratio of operating expenses
to average net assets (C)................ 2.40%(A) 2.40% 2.40% 2.40% 2.52% 1.47%
Ratio of net investment income
(loss) to average net assets............. (0.98%)(A) (0.64%) (0.91% (0.40%) (0.27%) 1.41%
Portfolio turnover rate................... 64%(A) 57% 54% 57% 69% 70%
Average commission rate per share (D)..... $0.028 N/A N/A N/A N/A N/A
</TABLE>
_____________________________________
* Commencement of operations
** Net investment income per share has been calculated using the average
shares method for fiscal year 1995.
(A) Annualized
(B) After expense reimbursement by the adviser of $0.01 per share for the
Global Growth Fund - Class C for the six months ended April 30, 1996 and
$0.02, $0.01, $0.02, $0.02 and $0.05 per share for the Global Growth Fund -
Class C for the years ended 1995, 1994, 1993, 1992 and 1991, respectively.
(C) The ratio of operating expenses, before reimbursement by the adviser, was
2.50% for the Global Growth Fund - Class C for the six months ended April
30, 1996 on an annualized basis and 2.53%, 2.52%, 2.72%, 2.78% and 4.37%
for the Global Growth Fund - Class C for the years ended 1995, 1994, 1993,
1992 and 1991, respectively.
(D) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share of all security
trades on which commissions are charged. In certain foreign markets the
relationship between the translated U.S. dollar price per share and
commission paid per share may vary from that of domestic markets.
The accompanying notes are an integral part of the financial statements.
18
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE EQUITY FUND
----------------------------------------------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR 04/01/94* ENDED YEAR 04/01/94*
04/30/96 ENDED TO 04/30/96 ENDED TO
(UNAUDITED) 10/31/95** 10/31/94 (UNAUDITED) 10/31/95** 10/31/94
CLASS A CLASS A CLASS A CLASS B Class B Class B
----------- ------------- ----------- ------------ ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period..... $15.94 14.78 $14.59 $15.84 14.77 $14.59
Income (loss) from investment operations
- -----------------------------------------
Net investment income (loss) (B)......... 0.07 0.12 0.02 0.02 0.02 (0.02)
Net realized and unrealized gain
on investments.......................... 1.96 1.83 0.17 1.97 1.84 0.20
----- ----- ----- ----- ----- -----
Total from investment
operations.................... 2.03 1.95 0.19 1.99 1.86 0.18
Less distributions
- ------------------
Distributions from net investment income (0.14) ----- ----- (0.09) ----- -----
Distributions from capital gains......... (1.28) (0.79) ----- (1.28) (0.79) -----
----- ----- ----- ----- ----- -----
Total distributions............ (1.42) (0.79) ----- (1.37) (0.79) (0.24)
----- ----- ----- ----- ----- -----
Net asset value, end of period.......... $16.55 $15.94 $14.78 $16.46 15.84 $14.77
====== ====== ====== ====== ===== ======
Total return................... 13.60% 14.22% 4.82%(E) 13.36% 13.58% 4.75%(E)
Net assets, end of period (000's)........ $25,655 $22,026 $16,326 $24,816 $19,874 $5,054
Ratio of operating expenses to average
net assets (C).......................... 1.34%(A) 1.34% 1.34%(A) 1.99%(A) 1.99% 1.99%(A)
Ratio of net investment income (loss) to
average net assets...................... 0.90%(A) 0.79% 0.13%(A) 0.25%(A) 0.13% (0.52%)(A)
Portfolio turnover rate.................. 83%(A) 54% 39% 83%(A) 54% 39%
Average commission rate per share (D).... $0.056 N/A N/A $0.056 N/A N/A
</TABLE>
_________________________________________
* Commencement of operations
** Net investment income per share has been calculated using the average
shares method for fiscal year 1995.
(A) Annualized
(B) After expense reimbursement by the adviser of $0.02 and $0.02 per share for
the Value Equity Fund - Classes A and B respectively, for the six months
ended April 30, 1996, $0.04 and $0.05 per share for the Value Equity Fund -
Classes A and B respectively, for the year ended October 31, 1995 and $0.06
and $0.03 per share for the Value Equity Fund - Classes A and B
respectively, for the period Apri 1, 1994 to October 31, 1994.
(C) The ratio of operating expenses, before reimbursement by the adviser, was
1.56% and 2.21% for the Value Equity Fund - Classes A and B respectively,
for the six months ended April 30, 1996 on an annualized basis, 1.62% and
2.32% for the Value Equity Fund - Classes A and B respectively, for the
year ended October 31, 1995 and 1.79% and 2.82% for the Value Equity Fund -
Classes A and B respectively, for the period April 1, 1994 to October 31,
1994.
(D) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share of all security
trades on which commissions are charged. In certain foreign markets the
relationship between the translated U.S. dollar price per share and
commission paid per share may vary from that of domestic markets.
(E) Historical total returns for Classes A and B shares are one year
performance returns which include Class C performance prior to April 1,
1994.
The accompanying notes are an integral part of the financial statements.
19
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE EQUITY FUND - CLASS C
---------------------------------------------------------------------------------------
SIX
MONTHS
ENDED YEARS ENDED OCTOBER 31, 08/28/89*
04/30/96 TO
--------------------------------------------------------------
(UNAUDITED) 1995** 1994 1993 1992 1991 1990 10/31/89
------------ ---------- -------- -------- -------- ---------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period..... $15.84 $14.77 $14.21 $12.05 $10.70 $ 8.22 $11.19 $12.25
Income (loss) from investment operations
- ----------------------------------------
Net investment income (loss) (B)......... 0.02 0.02 (0.07) 0.01 (0.01) 0.02 0.05 0.01
Net realized and unrealized gain
(loss) on investments...... 1.97 1.84 0.74 2.15 1.37 2.54 (2.39) (1.07)
------ ------ ------ ------ ------ ------ ------ ------
Total from investment operations.. 1.99 1.86 0.67 2.16 1.36 2.56 (2.34) (1.06)
Less distributions
- ------------------
Dividends from net investment income..... (0.04) ---- (0.03) ---- ---- (0.03) (0.05) ----
Distributions from capital gains......... (1.28) (0.79) (0.08) ---- ---- ---- (0.58) ----
Distributions from capital............... ---- ---- ---- ---- (0.01) (0.05) ---- ----
------ ------ ------ ------ ------ ------ ------ ------
Total distributions............... (1.32) (0.79) (0.11) ---- (0.01) (0.08) (0.63) ----
------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of period........... $16.51 $15.84 $14.77 $14.21 $12.05 $10.70 $8.22 $11.19
====== ====== ====== ====== ====== ====== ====== ======
Total return...................... 13.31% 13.58% 4.75% 17.93% 12.75% 31.32% (22.16%) (8.65%)
Net assets, end of period (000's)........ $86,042 $83,719 $71,219 $64,223 $24,291 $15,354 $19,370 $30,627
Ratio of operating expenses to average
net assets (C)......................... 1.99%(A) 1.99% 1.99% 1.99% 2.47% 2.97% 2.85% 2.57%(A)
Ratio of net investment income (loss) to
average net assets..................... 0.25%(A) 0.15% (0.49%) 0.27% (0.15%) 0.27% 0.43% 0.37%(A)
Portfolio turnover rate.................. 83%(A) 54% 39% 40% 91% 37% 58% 65%(A)
Average commission rate per share (D).... $0.056 N/A N/A N/A N/A N/A N/A N/A
</TABLE>
______________________________
* Commencement of operations
** Net investment income per share has been calculated using the average
shares method for fiscal year 1995.
(A) Annualized
(B) After expense reimbursement and waiver by the adviser of $0.02 per share
for the Value Equity Fund - Class C for the six months ended April 30, 1996
and $0.04, $0.04, $0.02, $0.05 and $0.01 per share for the Value Equity
Fund - Class C for the years ended 1995, 1994, 1993, 1992 and 1991,
respectively.
(C) The ratio of operating expenses, before reimbursement and waiver by the
adviser, was 2.21% for the Value Equity Fund - Class C for the six months
ended April 30, 1996 on an annualized basis and 2.23%, 2.29%, 2.35%, 3.00%
and 3.12% for the Value Equity Fund - Class C for the years ended 1995,
1994, 1993, 1992 and 1991, respectively.
(D) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share of all security
trades on which commissions are charged. In certain foreign markets the
relationship between the translated U.S. dollar price per share and
commission paid per share may vary from that of domestic markets.
The accompanying notes are an integral part of the financial statements.
20
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GROWTH AND INCOME FUND
----------------------------------------------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR 04/01/94* ENDED YEAR 04/01/94*
04/30/96 ENDED TO 04/30/96 ENDED TO
(UNAUDITED) 10/31/95** 10/31/94 (UNAUDITED) 10/31/95** 10/31/94
CLASS A CLASS A CLASS A CLASS B CLASS B CLASS B
------------- ---------- ----------- ----------- ---------- --------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period....... $ 14.72 $ 13.09 $12.29 $ 14.69 $ 13.08 $12.29
Income from investment operations
- ---------------------------------
Net investment income (B).................. 0.10 0.26 0.12 0.05 0.16 0.10
Net realized and unrealized gain
on investments........................... 1.61 1.90 0.76 1.62 1.94 0.77
------ ------ ------ ------ ------ ------
Total from investment
operations...................... 1.71 2.16 0.88 1.67 2.10 0.87
Less distributions
- ------------------
Dividends from net investment income....... (0.12) (0.23) (0.08) (0.09) (0.19) (0.08)
Distributions from capital gains........... (0.12) (0.30) ---- (0.12) (0.30) ----
------ ------ ------ ------ ------ ------
Total distributions.............. (0.24) (0.53) (0.08) (0.21) (0.49) (0.08)
------ ------ ------ ------ ------ ------
Net asset value, end of period............ $16.19 $14.72 $13.09 $16.15 $14.69 $13.08
====== ====== ====== ====== ====== ======
Total return..................... 11.76% 17.28% 5.06%(E) 11.46% 16.73% 4.98%(E)
Net assets, end of period (000's).......... $15,347 $12,180 $8,134 $28,626 $19,052 $3,885
Ratio of operating expenses to average
net assets (C)........................... 1.34%(A) 1.34% 1.34%(A) 1.99%(A) 1.99% 1.99%(A)
Ratio of net investment income to
average net assets....................... 1.31%(A) 1.91% 1.72%(A) 0.66%(A) 1.14% 1.07%(A)
Portfolio turnover rate.................... 39%(A) 40% 45% 39%(A) 40% 45%
Average commission rate per share (D)...... $0.053 N/A N/A $0.053 N/A N/A
</TABLE>
______________________________
* Commencement of operations
** Net investment income per share has been calculated using the average shares
method for fiscal year 1995.
(A) Annualized
(B) After expense reimbursement by the adviser of $0.02 and $0.02 per share for
the Growth and Income Fund - Classes A and B respectively, for the six
months ended April 30, 1996, $0.05 and $0.05 per share for the Growth and
Income Fund - Classes A and B respectively, for the year ended October 31,
1995 and $0.05 and $0.12 per share for the Growth and Income Fund - Classes
A and B respectively, for the period April 1, 1994 to October 31, 1994.
(C) The ratio of operating expenses, before reimbursement by the adviser, was
1.58% and 2.23% for the Growth and Income Fund - Classes A and B
respectively, for the six months ended April 30, 1996 on an annualized
basis, 1.69% and 2.33% for the Growth and Income Fund - Classes A and B
respectively, for the year ended October 31, 1995 and 2.08% and 3.12% for
the Growth and Income Fund - Classes A and B respectively, for the period
April 1, 1994 to October 31, 1994.
(D) For fiscal years beginning on or after September 1, 1995, a fund is required
to disclose its average commission rate per share of all security trades on
which commissions are charged. In certain foreign markets the relationship
between the translated U.S. dollar price per share and commission paid per
share may vary from that of domestic markets.
(E) Historical total returns for Classes A and B shares are one year performance
returns which include Class C performance prior to April 1, 1994.
The accompanying notes are an integral part of the finanical statements.
21
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GROWTH AND INCOME FUND - CLASS C
------------------------------------------------------------------------------
SIX MONTHS 05/01/91*
ENDED YEARS ENDED OCTOBER, 31 TO
04/30/96
(UNAUDITED) 1995 1994 1993 1992 10/31/91
------------ ---------- ---------- ---------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period......... $14.71 $13.08 $12.71 $11.21 $10.51 $10.00
Income from investment operations
- ---------------------------------
Net investment income (B).................... 0.05 0.18 0.15 0.14 0.18 0.11
Net realized and unrealized gain
on investments............................. 1.63 1.90 0.46 1.48 0.70 0.47
------ ------ ------ ------ ------ ------
Total from investment
operations....................... 1.68 2.08 0.61 1.62 0.88 0.58
Less distributions
- ------------------
Dividends from net investment income......... (0.07) (0.15) (0.13) (0.12) (0.18) (0.07)
Distributions from capital gains............. (0.12) (0.30) (0.11) ------ ------ -----
----- ----- ----- ------- ------- ------
Total distributions................ (0.19) (0.45) (0.24) (0.12) (0.18) (0.07)
----- ----- ----- ----- ----- -----
Net asset value, end of period............... $16.20 $14.71 $13.08 $12.71 $11.21 $10.51
====== ====== ====== ====== ====== ======
Total return....................... 11.50% 16.56% 4.85% 14.57% 8.42% 5.88%
Net assets, end of period (000's)............ $69,886 $63,154 $46,078 $37,483 $10,821 $2,090
Ratio of operating expenses to average
net assets (C)............................. 1.99%(A) 1.99% 1.99% 1.99% 1.94% 1.85%(A)
Ratio of net investment income to average
net assets................................. 0.66%(A) 1.26% 1.11% 1.12% 1.51% 2.05%(A)
Portfolio turnover rate...................... 39%(A) 40% 45% 37% 48% 111%(A)
Average commission rate per share (D)........ $0.053 N/A N/A N/A N/A N/A
</TABLE>
______________________________
* Commencement of operations
(A) Annualized
(B) After expense reimbursement and waiver by the adviser of $0.02 per share for
the Growth and Income Fund - Class C for the six months ended April 30, 1996
and $0.04, $0.05, $0.06, $0.15 and $0.37 per share for the Growth and Income
Fund - Class C for the years ended 1995, 1994, 1993 and 1992 and the period
May 1, 1991 (commencement of operations) to October 31, 1991, respectively.
(C) The ratio of operating expenses, before reimbursement and waiver by the
adviser, was 2.23% for the Growth and Income Fund - Class C for the six
months ended April 30, 1996 on an annualized basis and 2.26%, 2.38%, 2.46%,
3.18% and 10.69% for the Growth and Income Fund - Class C for the years
ended 1995, 1994, 1993 and 1992 and the period May 1, 1991 (commencement of
operations) to October 31, 1991, respectively.
(D) For fiscal years beginning on or after September 1, 1995, a fund is required
to disclose its average commission rate per share of all security trades on
which commissions are charged. In certain foreign markets the relationship
between the translated U.S. dollar price per share and commission paid per
share may vary from that of domestic markets.
The accompanying notes are an integral part of the finanical statements.
22
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL GROWTH AND INCOME FUND
----------------------------------------------------------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED 01/09/95* ENDED 01/09/95* ENDED 01/09/95*
04/30/96** TO 04/30/96** TO 04/30/96** TO
(UNAUDITED) 10/31/95** (UNAUDITED) 10/31/95** (UNAUDITED) 10/31/95**
CLASS A CLASS A CLASS B CLASS B CLASS C CLASS C
----------- ----------- ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........... $10.11 $10.00 $10.10 $10.00 $10.10 $10.00
Income (loss) from investment operations:
- -----------------------------------------
Net investment income (loss) (B)............... 0.01 0.06 (0.01) 0.01 (0.01) 0.01
Net realized and unrealized gain on investments
and foreign currency transactions............ 1.10 0.08 1.10 0.12 1.09 0.12
----- ----- ----- ----- ----- -----
Total from investment operations........ 1.11 0.14 1.09 0.13 1.08 0.13
Less distributions
- ------------------
Dividends from net investment income........... (0.08) (0.03) (0.05) (0.03) (0.05) (0.03)
Distributions from capital gains............... (0.10) ---- (0.11) ---- (0.10) ----
----- ----- ----- ----- ----- -----
Total distributions..................... (0.18) (0.03) (0.16) (0.03) (0.15) (0.03)
----- ----- ----- ----- ----- -----
Net asset value, end of period................. $11.04 $10.11 $11.03 $10.10 $11.03 $10.10
====== ====== ====== ====== ====== ======
Total return............................ 11.13% 1.37% 10.87% 1.28% 10.82% 1.28%
Net assets, end of period (000's).............. $4,009 $6,897 $13,309 $8,421 $7,683 $6,324
Ratio of operating expenses to
average net assets (C)....................... 1.75%(A) 1.75%(A) 2.40%(A) 2.40%(A) 2.40%(A) 2.40%(A)
Ratio of net investment income (loss) to
average net assets........................... 0.51%(A) 0.70%(A) (0.14%)(A) 0.15%(A) (0.14%)(A) 0.13%(A)
Portfolio turnover rate........................ 132%(A) 69%(A) 132%(A) 69%(A) 132%(A) 69%(A)
Average commission rate per share (D).......... $0.025 N/A $0.025 N/A $0.025 N/A
</TABLE>
_______________________________
* Commencement of operations.
** Net investment income per share has been calculated using the average
shares method for the six months ended April 30, 1996 and the fiscal year
ended October 31, 1995.
(A) Annualized
(B) After expense reimbursement by the adviser of $0.01, $0.01 and $0.01 per
share for the International Growth and Income Fund - Classes A, B and C
respectively, for the six months ended April 30, 1996 and $0.04, $0.04 and
$0.04 per share for the International Growth and Income Fund - Classes A, B
and C respectively, for the period January 9, 1995 (commencement of
operations) to October 31, 1995.
(C) The ratio of operating expenses, before reimbursement by the adviser, was
2.00%, 2.65% and 2.65% for the International Growth and Income Fund,
Classes A, B and C respectively, for the six months ended April 30, 1996 on
an annualized basis and 2.18%, 2.93% and 2.93% for the International Growth
and Income Fund, Classes A, B and C respectively, for the period January 9,
1995 (commencement of operations) to October 31, 1995.
(D) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share of all security
trades on which commissions are charged. In certain foreign markets the
relationship between the translated U.S. dollar price per share and
commission paid per share may vary from that of domestic markets.
The accompanying notes are an integral part of the financial statements.
23
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASSET ALLOCATION FUND
--------------------------------------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR 04/01/94* ENDED YEAR 04/01/94*
04/30/96** ENDED TO 04/30/96** ENDED TO
(UNAUDITED) 10/31/95** 10/31/94 (UNAUDITED) 10/31/95** 10/31/94
CLASS A CLASS A CLASS A CLASS B CLASS B CLASS B
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........... $ 12.02 $ 11.13 $ 11.06 $ 11.98 $ 11.12 $ 11.06
Income (loss) from investment operations:
- -----------------------------------------
Net investment income (loss) (B)............... 0.22 0.38 0.17 0.18 0.30 0.12
Net realized and unrealized gain
(loss) on investments........................ 0.49 1.35 (0.10) 0.50 1.36 (0.06)
------- ------- ------- ------- ------- -------
Total from investment operations........ 0.71 1.73 0.07 0.68 1.66 0.06
Less distributions
- ------------------
Dividends from net investment income........... (0.40) (0.32) ---- (0.35) (0.28) ----
Distributions from capital gains............... (0.75) (0.52) ---- (0.75) (0.52) ----
------- ------- ------- ------- ------- -------
Total distributions..................... (1.15) (0.84) ---- (1.10) (0.80) ----
------- ------- ------- ------- ------- -------
Net asset value, end of period................. $ 11.58 $ 12.02 $ 11.13 $ 11.56 $ 11.98 $ 11.12
======= ======= ======= ======= ======= =======
Total return............................ 6.22% 16.95% 0.76%(E) 5.94% 16.31% 0.67%(E)
Net assets, end of period (000's).............. $10,990 $10,033 $ 7,830 $13,233 $ 9,875 $ 4,760
Ratio of operating expenses to average
net assets (C)............................... 1.34%(A) 1.34% 1.34%(A) 1.99%(A) 1.99% 1.99%(A)
Ratio of net investment income to average
net assets................................... 3.23%(A) 3.39% 2.72%(A) 2.58%(A) 2.69% 2.07%(A)
Portfolio turnover rate........................ 224%(A) 226% 246% 224%(A) 226% 246%
Average commission rate per share (D).......... $ 0.058 N/A N/A $ 0.058 N/A N/A
</TABLE>
____________________________
* Commencement of operations
** Net investment income per share has been calculated using the average
shares method for fiscal year 1995.
(A) Annualized
(B) After expense reimbursement by the adviser of $0.02 and $0.02 for the Asset
Allocation Fund - Classes A and B respectively, for the six months ended
April 30, 1996, $0.04 and $0.04 for the Asset Allocation Fund - Classes A
and B respectively, for the year ended October 31, 1995 and $0.03 and $0.04
for the Asset Allocation Fund - Classes A and B respectively, for the
period April 1, 1994 to October 31, 1994.
(C) The ratio of operating expenses, before reimbursement by the adviser, was
1.57% and 2.22% for the Asset Allocation Fund - Classes A and B
respectively, for the six months ended April 30, 1996 on an annualized
basis, 1.69% and 2.37% for the Asset Allocation Fund - Classes A and B
respectively, for the year ended October 31, 1995 and 1.86% and 2.73% for
the Asset Allocation Fund -Classes A and B respectively, for the period
April 1, 1994 to October 31, 1994.
(D) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share of all security
trades on which commissions are charged. In certain foreign markets the
relationship between the translated U.S. dollar price per share and
commission paid per share may vary from that of domestic markets.
(E) Historical total returns for Classes A and B shares are one year
performance returns which include Class C performance prior to April 1,
1994.
The accaompanying notes are an integral part of the financial statements.
24
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASSET ALLOCATION FUND - CLASS C (E)
------------------------------------------------------------------------------------------
SIX MONTHS
ENDED 08/28/89*
04/30/96 YEARS ENDED OCTOBER 31,
-------------------------------------------------------------- TO
(UNAUDITED) 1995** 1994 1993 1992 1991 1990 10/31/89
------------ --------- -------- -------- -------- --------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period............................. $12.02 $11.12 $11.52 $10.20 $ 9.76 $ 8.12 $ 9.84 $10.17
Income (loss) from investment operations
- ----------------------------------------
Net investment income (B).............. 0.18 0.31 0.22 0.21 0.20 0.27 0.32 0.05
Net realized and unrealized gain
(loss) on investments................ 0.50 1.35 (0.15) 1.30 0.87 1.70 (1.66) (0.38)
------ ------ ------ ------ ------ ------ ------ ------
Total from investment
operations.................. 0.68 1.66 0.07 1.51 1.07 1.97 (1.34) (0.33)
Less distributions
- ------------------
Dividends from net
investment income.................... (0.31) (0.24) (0.18) (0.09) (0.19) (0.33) (0.26) ----
Distributions from capital
gains................................. (0.75) (0.52) (0.29) (0.10) (0.44) ---- ---- ----
Distributions from capital............. ---- ---- ---- ---- ---- ---- (0.12) ----
----- ----- ----- ----- ----- ----- ----- -----
Total distributions.......... (1.06) (0.76) (0.47) (0.19) (0.63) (0.33) (0.38) ----
------ ------ ------ ------ ------ ------ ------ -----
Net asset value, end of period......... $11.64 $12.02 $11.12 $11.52 $10.20 $ 9.76 $ 8.12 $ 9.84
====== ====== ====== ====== ====== ====== ====== ======
Total return................. 5.95% 16.25% 0.67% 15.02% 11.25% 24.53% (13.97%) (3.24%)
Net assets, end of period (000's)...... $79,827 $80,626 $86,902 $96,105 $48,160 $30,724 $34,713 $43,915
Ratio of operating expenses to
average net assets (C)............... 1.99%(A) 1.99% 1.99% 1.99% 2.40% 2.88% 2.63% 2.13%(A)
Ratio of net investment income to
average net assets.................... 2.58%(A) 2.76% 1.93% 1.96% 1.93% 2.77% 3.34% 3.09%(A)
Portfolio turnover rate................ 224%(A) 226% 246% 196% 171% 84% 73% 84%(A)
Average commission rate
per share (D)......................... $0.058 N/A N/A N/A N/A N/A N/A N/A
</TABLE>
_____________________________
* Commencement of operations
** Net investment income per share has been calculated using the average shares
method for fiscal year 1995.
(A) Annualized
(B) After expense reimbursement and waiver by the adviser of $0.01 for the Asset
Allocation Fund - Class C for the six months ended April 30, 1996 and $0.03,
$0.04, $0.03 and $0.04 for the Asset Allocation Fund - Class C for the years
ended 1995, 1994, 1993 and 1992, respectively.
(C) The ratio of operating expenses, before reimbursement and waiver by the
adviser, was 2.22% for the Asset Allocation Fund - Class C for the six
months ended April 30, 1996 on an annualized basis and 2.24%, 2.22%, 2.28%
and 2.89% for the Asset Allocation Fund - Class C for the years ended 1995,
1994, 1993 and 1992, respectively.
(D) For fiscal years beginning on or after September 1, 1995, a fund is required
to disclose its average commission rate per share of all security trades on
which commissions are charged. In certain foreign markets the relationship
between the translated U.S. dollar price per share and commission paid per
share may vary from that of domestic markets.
(E) On July 10, 1992, the Aggressive Fund and Conservative Fund portfolios of
the old Asset Allocation Funds were liquidated and shares were exchanged for
shares of the new Asset Allocation Fund. The new Asset Allocation Fund is
comprised of the Moderate Fund portfolio of the old Asset Allocation Fund
(the accounting "survivor") and the assets of the former Aggressive and
Conservative portfolios of the old Asset Allocation Funds. For purposes of
presenting financial highlights - selected per share data and ratios, only
the historical results of the old Moderate Fund have been presented since it
is considered the accounting survivor of the merger because the investment
objective of the new Asset Allocation Fund is substantially the same as that
of the old Moderate Fund. At the date of the merger, 3,567,198 shares of the
old Moderate Fund with a per share value of $8.11 were decreased to
2,891,572 shares with a per share value of $10.00, similar to a reverse
stock split, and re-named as shares of the new Asset Allocation Fund. The
historical per share data presented above has been adjusted as though a
reverse stock split had occurred at the beginning of the earliest period
presented which results in fewer shares outstanding at a correspondingly
higher net asset value per share.
The accompanying notes are an integral part of the financial statements.
25
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC INCOME FUND
---------------------------------------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR 11/01/93* ENDED YEAR 04/01/94*
04/30/96 ENDED TO 04/30/96 ENDED TO
(UNAUDITED) 10/31/95 10/31/94 (UNAUDITED) 10/31/95 10/31/94
CLASS A CLASS A CLASS A CLASS B CLASS B CLASS B
------------- ------------ ----------- ------------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period............................... $9.07 $8.90 $10.00 $9.07 $8.90 $9.31
Income (loss) from investment operations
- ----------------------------------------
Net investment income (B)................ 0.39 0.78 0.65 0.36 0.73 0.38
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions........................... 0.38 0.18 (1.10) 0.38 0.17 (0.41)
----- ----- ----- ----- ----- -----
Total from investment
operations................... 0.77 0.96 (0.45) 0.74 0.90 (0.03)
Less distributions
- ------------------
Dividends from net investment income..... (0.39) (0.79) (0.65) (0.36) (0.73) (0.38)
------ ------ ------ ------ ------ ------
Net asset value, end of period........... $9.45 $9.07 $8.90 $9.45 $9.07 $8.90
===== ====== ===== ===== ===== =====
Total return................... 8.62% 11.43% (3.79%) 8.28% 10.72% (4.18%)(E)
Net assets, end of period (000's)........ $10,792 $10,041 $15,507 $26,158 $20,672 $5,440
Ratio of operating expenses to
average net assets (C)................. 1.50%(A) 1.07% 0.41% 2.15%(A) 1.95% 1.00%(A)
Ratio of net investment
income to average net assets............ 8.41%(A) 9.08% 8.26% 7.76%(A) 8.10% 8.59%(A)
Portfolio turnover rate.................. 150%(A) 180% 136% 150%(A) 180% 136%
Average commission rate per share (D).... N/A N/A N/A N/A N/A N/A
<CAPTION>
STRATEGIC INCOME FUND
---------------------------------------------------------
SIX MONTHS
ENDED YEAR 04/01/94*
04/30/96 ENDED TO
(UNAUDITED) 10/31/95 10/31/94
CLASS C CLASS C CLASS C
----------------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period..... $9.07 $8.90 $9.31
Income (loss) from investment operations
- ----------------------------------------
Net investment income (B).. 0.36 0.73 0.38
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions........................... 0.38 0.17 (0.41)
---- ---- ----
Total from investment
operations................... 0.74 0.90 (0.03)
Less distributions
- ------------------
Dividends from net investment income..... (0.36) (0.73) (0.38)
----- ----- ----
Net asset value, end of period........... $9.45 $9.07 $8.90
===== ===== =====
Total return................... 8.28% 10.72% (4.20%)(E)
Net assets, end of period (000's)........ $17,670 $14,273 $8,439
Ratio of operating expenses to
average net assets (C)................. 2.15%(A) 1.95% 1.00%(A)
Ratio of net investment income to
average net assets..................... 7.76%(A) 8.25% 8.59%(A)
Portfolio turnover rate.................. 150%(A) 180% 136%
Average commission rate per share (D).... N/A N/A N/A
</TABLE>
______________________________
* Commencement of operations
(A) Annualized
(B) After expense reimbursement and waiver by the adviser of $0.01, $0.05 and
$0.04 per share for the Strategic Income Fund - Class A for the six months
ended April 30, 1996 and the years ended 1995 and 1994, respectively, $0.01
and $0.01 for the Strategic Income Fund - Classes B and C respectively, for
the six months ended April 30, 1996, $0.04 and $0.05 for the Strategic
Income Fund - Classes B and C respectively, for the year ended October 31,
1995 and $0.05 and $0.04 for the Strategic Income Fund - Classes B and C
respectively, for the period April 1, 1994 to October 31, 1994.
(C) The ratio of operating expenses, before reimbursement and waiver by the
adviser, was 1.69%, 1.69% and 0.96% for the Strategic Income Fund - Class A
for the six months ended April 30, 1996 on an annualized basis and the years
ended 1995 and 1994, respectively. The ratio of operating expenses, before
reimbursement and waiver by the adviser, was 2.30% and 2.32% for the
Strategic Income Fund - Classes B and C respectively, for the six months
ended April 30, 1996 on an annualized basis, 2.38% and 2.37% for the
Strategic Income Fund - Classes B and C respectively, for the year ended
October 31, 1995 and 2.04% and 1.96% for the Strategic Income Fund - Classes
B and C respectively, for the period April 1, 1994 to October 31, 1994.
(D) For fiscal years beginning on or after September 1, 1995, a fund is required
to disclose its average commission rate per share of all security trades on
which commissions are charged. In certain foreign markets the relationship
between the translated U.S. dollar price per share and commission paid per
share may vary from that of domestic markets.
(E) Historical total returns for Classes B and C shares are one year performance
returns which include Class A performance prior to April 1, 1994.
The accompanying notes are an integral part of the financial statements.
26
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTMENT QUALITY BOND FUND - CLASS A
---------------------------------------------------------------------------------
SIX MONTHS
ENDED 05/01/91*
04/30/96 YEARS ENDED OCTOBER, 31 TO
-------------------------------------------------
(UNAUDITED) 1995 1994 1993 1992 10/31/91
------------ --------- --------- --------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period......... $10.56 $9.74 $11.16 $10.56 $10.26 $10.00
Income (loss) from investment operations
Net investment income (B).................... 0.32 0.68 0.60 0.66 0.82 0.40
Net realized and unrealized gain (loss)
on investments.............................. (0.35) 0.82 (1.37) 0.64 0.27 0.30
------ ------ ------ ----- ----- -----
Total from investment
operations......................... (0.03) 1.50 (0.77) 1.30 1.09 0.70
Less distributions
- ------------------
Dividends from net investment income......... (0.34) (0.68) (0.56) (0.64) (0.79) (0.40)
Distributions from capital gains............. ----- ----- (0.09) (0.06) ----- -----
Distributions from capital................... ----- ----- ----- ----- ----- (0.04)
------ ------- ------- ------- ------ ------
Total distributions................. (0.34) (0.68) (0.65) (0.70) (0.79) (0.44)
------ ------ ------ ------ ------ ------
Net asset value, end of period............... $10.19 $10.56 $9.74 $11.16 $10.56 $10.26
====== ====== ====== ====== ====== ======
Total return....................... (0.34%) 15.91% (7.08%) 12.66% 11.00% 7.21%
Net assets, end of period (000's)............ $9,421 $10,345 $11,150 $14,674 $6,773 $2,713
Ratio of operating expenses to
average net assets (C)...................... 1.25%(A) 1.25% 1.25%(A) 0.98% 0.00% 0.00%(A)
Ratio of net investment income to
average net assets.......................... 6.18%(A) 6.72% 5.86%(A) 5.82% 7.76% 7.08%(A)
Portfolio turnover rate...................... 45%(A) 132% 186% 41% 44% 39%(A)
Average commission rate per share (D)........ N/A N/A N/A N/A N/A N/A
</TABLE>
_____________________________________
* Commencement of operations
(A) Annualized
(B) After expense reimbursement and waiver by the adviser of $0.02, $0.05,
$0.06, $0.07, $0.27 and $0.19 per share for the Investment Quality Bond Fund
Class A for the six months ended April 30, 1996, the years ended 1995, 1994,
1993 and 1992 and the period May 1, 1991 (commencement of operations) to
October 31, 1991, respectively.
(C) The ratio of operating expenses, before reimbursement and waiver by the
adviser, was 1.56%, 1.73%, 1.74%, 1.57%, 2.56% and 3.37% for the Investment
Quality Bond Fund - Class A for the six months ended April 30, 1996 on an
annualized basis, the years ended 1995, 1994, 1993 and 1992 and the period
May 1, 1991 (commencement of operations) to October 31, 1991, respectively.
(D) For fiscal years beginning on or after September 1, 1995, a fund is required
to disclose its average commission rate per share of all security trades on
which commissions are charged. In certain foreign markets the relationship
between the translated U.S. dollar price per share and commission paid per
share may vary from that of domestic markets.
The accompanying notes are an integral part of the financial statement
27
<PAGE>
NORTH AMERIDAN FUNDS
FINANCIAL HIGHLIGHTS (FOR OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTMENT QUALITY BOND FUND
--------------------------------------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR 04/01/94* ENDED YEAR 04/01/94*
04/30/96 ENDED TO 04/30/96 ENDED TO
(UNAUDITED) 10/31/95 10/31/94 (UNAUDITED) 10/31/95 10/31/94
CLASS B CLASS B CLASS B CLASS C CLASS C CLASS C
------------ --------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period......... $10.55 $9.74 $10.21 $10.55 $9.74 $10.21
Income (loss) from investment operations
- ----------------------------------------
Net investment income (B).................... 0.29 0.61 0.33 0.29 0.61 0.33
Net realized and unrealized gain (loss)
on investments.............................. (0.34) 0.82 (0.51) (0.34) 0.82 (0.51)
----- ----- ----- ----- ----- -----
Total from investment operations...... (0.05) 1.43 (0.18) (0.05) 1.43 (0.18)
Less distributions
- ------------------
Dividends from net investment income......... (0.31) (0.62) (0.29) (0.31) (0.62) (0.29)
Net asset value, end of period............... $10.19 $10.55 $9.74 $10.19 $10.55 $9.74
====== ====== ====== ====== ====== ======
Total return....................... (0.53%) 15.12% (7.34%)(E) (0.53%) 15.12% (7.34%)(E)
Net assets, end of period (000's)............ $4,540 $3,472 $489 $6,337 $7,206 $2,406
Ratio of operating expenses to
average net assets (C)...................... 1.90%(A) 1.90% 1.90%(A) 1.90%(A) 1.90% 1.90%(A)
Ratio of net investment income to
average net assets.......................... 5.53%(A) 5.95% 5.70%(A) 5.53%(A) 6.00% 5.70%(A)
Portfolio turnover rate...................... 45%(A) 132% 186% 45%(A) 132% 186%
Average commission rate per share (D)........ N/A N/A N/A N/A N/A N/A
</TABLE>
_____________________________________
* Commencement of operations
(A) Annualized
(B) After expense reimbursement by the adviser of $0.02 and $0.02 per share for
the Investment Quality Bond Fund - Classes B and C respectively, for the
six months ended April 30, 1996, $0.08 and $0.06 per share for the
Investment Quality Bond Fund - Classes B and C respectively, for the year
ended October 31, 1995 and $0.19 and $0.07 per share for the Investment
Quality Bond Fund- Classes B and C respectively, for the period April 1,
1994 to October 31, 1994.
(C) The ratio of operating expenses, before reimbursement by the adviser, was
2.29% and 2.24% for the Investment Quality Bond Fund - Classes B and C
respectively, for the six months ended April 30, 1996 on an annualized
basis, 2.69% and 2.50% for the Investment Quality Bond Fund - Classes B and
C respectively, for the year ended October 31, 1995 and 4.88% and 3.05% for
the Investment Quality Bond Fund - Classes B and C respectively, for the
period April 1, 1994 to October 31, 1994.
(D) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share of all security
trades on which commissions are charged. In certain foreign markets the
relationship between the translated U.S. dollar price per share and
commission paid per share may vary from that of domestic markets.
(E) Historical total returns for Classes B and C shares are one year
performance returns which include Class A performance prior to April 1,
1994.
The accompanying notes are an integral part of the financial statements.
28
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. GOVERNMENT SECURITIES FUND - CLASS A
--------------------------------------------------------------------------------------
SIX
MONTHS
ENDED 08/28/89*
04/30/96 YEARS ENDED OCTOBER 31, TO
---------------------------------------------------------------
(UNAUDITED) 1995 1994 1993 1992 1991 1990 10/31/89
----------- ---------- -------- ---------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period................... $ 9.98 $ 9.45 $10.35 $10.04 $ 9.89 $ 9.47 $ 9.74 $ 9.73
Income (loss) from
investment operations
- ----------------------
Net investment income (B).... 0.27 0.63 0.53 0.51 0.74 0.84 0.75 0.15
Net realized and
unrealized gain (loss)
on investments............. (0.24) 0.57 (0.74) 0.34 0.13 0.42 (0.20) 0.01
------ ------ ------ ------ ------ ------ ------ ------
Total from investment
operations............ 0.03 1.20 (0.21) 0.85 0.87 1.26 0.55 0.16
Less distributions
- ------------------
Dividends from net
investment income........... (0.34) (0.67) (0.50) (0.50) (0.72) (0.84) (0.75) (0.15)
Distributions from capital
gains....................... ----- ----- (0.19) (0.04) ----- ----- ----- -----
Distributions from capital... ----- ----- ----- ----- ----- ----- (0.07) -----
------ ------ ------ ------ ------ ------ ------ ------
Total distributions..... (0.34) (0.67) (0.69) (0.54) (0.72) (0.84) (0.82) (0.15)
------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of
period...................... $ 9.67 $ 9.98 $ 9.45 $10.35 $10.04 $ 9.89 $ 9.47 $ 9.74
====== ====== ====== ====== ====== ====== ====== ======
Total return............ 0.22% 13.15% (2.13%) 8.64% 9.15% 13.86% 5.90% 1.66%
Net assets, end of period
(000's)..................... $74,297 $81,179 $100,622 $163,296 $118,543 $45,662 $43,299 $56,069
Ratio of operating
expenses to average
net assets (C)........... 1.25%(A) 1.25% 1.25% 1.07% 0.24% 0.68% 2.28% 2.18%(A)
Ratio of net investment
income to average
net assets............... 5.51%(A) 6.54% 5.39% 4.97% 7.21% 8.65% 7.89% 8.54%(A)
Portfolio turnover rate.... 162%(A) 469% 279% 208% 108% 195% 71% 93%(A)
Average commission rate
per share (D)............. N/A N/A N/A N/A N/A N/A N/A N/A
</TABLE>
______________________________
* Commencement of operations
(A) Annualized
(B) After expense reimbursement and waiver by the adviser of $0.01, $0.02,
$0.02, $0.04, $0.19, $0.18 and $0.03 per share for the U.S. Government
Securities Fund - Class A for the six months ended April 30, 1996 and the
years ended 1995, 1994, 1993, 1992, 1991 and 1990, respectively.
(C) The ratio of operating expenses, before reimbursement and waiver by the
adviser, was 1.44%, 1.45%, 1.47%, 1.42%, 2.13%, 2.61% and 2.57% for the six
months ended April 30, 1996 on an annualized basis and the years ended 1995,
1994, 1993, 1992, 1991 and 1990, respectively.
(D) For fiscal years beginning on or after September 1, 1995, a fund is required
to disclose its average commission rate per share of all security trades on
which commissions are charged. In certain foreign markets the relationship
between the translated U.S. dollar price per share and commission paid per
share may vary from that of domestic markets.
The accompanying notes are an integral part of the financial statements.
29
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. GOVERNMENT SECURITIES FUND
-------------------------------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR 04/01/94* ENDED YEAR 04/01/94*
04/30/96 ENDED TO 04/30/96 ENDED TO
(UNAUDITED) 10/31/95 10/31/94 (UNAUDITED) 10/31/95 10/31/94
CLASS B CLASS B CLASS B CLASS C CLASS C CLASS C
---------- --------- --------- ----------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning $9.98 $9.45 $9.77 $9.98 $9.45 $9.77
of period.................
Income (loss) from
investment operations
- ----------------------
Net investment income (B).. 0.25 0.56 0.29 0.25 0.56 0.26
Net realized and
unrealized gain (loss)
on investments........... (0.26) 0.58 (0.35) (0.26) 0.58 (0.32)
------- ------- --------- ------- ------- -------
Total from investment
operations.......... (0.01) 1.14 (0.06) (0.01) 1.14 (0.06)
Less distributions
- ------------------
Dividends from net (0.31) (0.61) (0.26) (0.31) (0.61) (0.26)
investment income......... ------- ------- --------- ------- ------- -------
Net asset value, end of $9.66 $9.98 $9.45 $9.66 $9.98 $9.45
period.................... ======= ======= ========= ======= ======= =======
Total return.......... (0.18%) 12.45% (2.44%)(E) (0.18%) 12.45% (2.44%)(E)
Net assets, end of period
(000's)................... $19,261 $13,993 $ 2,746 $20,169 $20,186 $10,766
Ratio of operating
expenses to average
net assets (C)........... 1.90%(A) 1.90% 1.90%(A) 1.90%(A) 1.90% 1.90%(A)
Ratio of net investment
income to average
net assets............... 4.86%(A) 5.53% 5.06%(A) 4.86%(A) 5.74% 5.06%(A)
Portfolio turnover rate.... 162%(A) 469% 279% 162%(A) 469% 279%
Average commission rate N/A N/A N/A N/A N/A N/A
per share (D).............
</TABLE>
______________________________
* Commencement of operations
(A) Annualized
(B) After expense reimbursement by the adviser of $0.01 and $0.01 per share for
the U.S. Government Securities Fund - Classes B and C respectively, for the
six months ended April 30, 1996, $0.04 and $0.03 per share for the U.S.
Government Securities Fund - Classes B and C respectively, for the year
ended October 31, 1995 and $0.08 and $0.03 per share for the U.S. Government
Securities Fund - Classes B and C respectively, for the period April 1, 1994
to October 31, 1994.
(C) The ratio of operating expenses, before reimbursement by the adviser, was
2.09% and 2.09% for the U.S. Government Securities Fund - Classes B and C
respectively, for the six months ended April 30, 1996 on an annualized
basis, 2.28% and 2.15% for the U.S. Government Securities Fund - Classes B
and C respectively, for the year ended October 31, 1995 and 3.40% and 2.44%
for the U.S. Government Securities Fund - Classes B and C respectively, for
the period April 1, 1994 to October 31, 1994.
(D) For fiscal years beginning on or after September 1, 1995, a fund is required
to disclose its average commission rate per share of all security trades on
which commissions are charged. In certain foreign markets the relationship
between the translated U.S. dollar price per share and commission paid per
share may vary from that of domestic markets.
(E) Historical total returns for Classes B and C shares are one year performance
returns which include Class A performance prior to April 1, 1994.
The accompanying notes are an integral part of the financial statements.
30
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NATIONAL MUNICIPAL BOND FUND - CLASS A
------------------------------------------------------------
SIX MONTHS
ENDED 07/06/93*
04/30/96 YEARS ENDED OCTOBER 31, TO
(UNAUDITED) 1995 1994 10/31/93
------------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period............... $ 9.62 $ 8.82 $10.25 $10.00
Income (loss) from investment operations
- ----------------------------------------
Net investment income (B).......................... 0.24 0.51 0.51 0.17
Net realized and unrealized gain (loss)
on investments................................... (0.15) 0.80 (1.43) 0.24
----- ----- ----- -----
Total from investment operations............ 0.09 1.31 (0.92) 0.41
Less distributions
- ------------------
Dividends from net investment income............... (0.24) (0.51) (0.51) (0.16)
----- ----- ----- -----
Net asset value, end of period..................... $ 9.47 $ 9.62 $ 8.82 $10.25
====== ====== ====== ======
Total return................................ 0.92% 15.26% (9.24%) 4.17%
Net assets, end of period (000's).................. $7,791 $7,618 $7,663 $9,131
Ratio of operating expenses to
average net assets (C)........................... 0.99%(A) 0.80% 0.57% 0.23%(A)
Ratio of net investment income to
average net assets............................... 5.02%(A) 5.55% 5.28% 4.86%(A)
Portfolio turnover rate............................ 68%(A) 44% 6% 150%(A)
Average commission rate per share (D).............. N/A N/A N/A N/A
</TABLE>
_____________________________
* Commencement of operations
(A) Annualized
(B) After expense reimbursement and waiver by the adviser of $0.01, $0.05,
$0.07 and $0.03 per share for the National Municipal Bond Fund - Class A
for the six months ended April 30, 1996, the years ended 1995 and 1994 and
the period July 6, 1993 (commencement of operations) to October 31, 1993,
respectively.
(C) The ratio of operating expenses, before reimbursement and waiver by the
adviser, was 1.27%, 1.34%, 1.26% and 1.10% for the National Municipal Bond
Fund - Class A for the six months ended April 30, 1996 on an annualized
basis, the years ended 1995 and 1994 and the period July 6, 1993
(commencement of operations) to October 31, 1993, respectively.
(D) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share of all security
trades on which commissions are charged. In certain foreign markets the
relationship between the translated U.S. dollar price per share and
commission paid per share may vary from that of domestic markets.
The accompanying notes are an integral part of the financial statements.
31
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NATIONAL MUNICIPAL BOND FUND
--------------------------------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR 04/01/94* ENDED YEAR 04/01/94*
04/30/96 ENDED TO 04/30/96 ENDED TO
(UNAUDITED) 10/31/95 10/31/94 (UNAUDITED) 10/31/95 10/31/94
CLASS B CLASS B CLASS B CLASS C CLASS C CLASS C
------------- ---------- --------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period............... $ 9.62 $ 8.81 $ 9.30 $ 9.62 $ 8.81 $ 9.30
Income (loss) from investment operations
- ----------------------------------------
Net investment income (B).......................... 0.20 0.43 0.25 0.20 0.43 0.25
Net realized and unrealized gain (loss)
on investments................................... (0.15) 0.81 (0.49) (0.15) 0.81 (0.49)
----- ----- ----- ----- ----- -----
Total from investment operations............ 0.05 1.24 (0.24) 0.05 1.24 (0.24)
Less distributions
- ------------------
Dividends from net investment income............... (0.20) (0.43) (0.25) (0.20) (0.43) (0.25)
----- ----- ----- ----- ----- -----
Net asset value, end of period..................... $ 9.47 $ 9.62 $ 8.81 $ 9.47 $ 9.62 $ 8.81
====== ====== ====== ====== ====== ======
Total return................................ 0.50% 14.42% (9.71%)(D) 0.50% 14.42% (9.71%)(D)
Net assets, end of period (000's).................. $6,083 $5,876 $2,036 $6,288 $6,834 $1,911
Ratio of operating expenses to
average net assets (C)........................... 1.84%(A) 1.70% 1.24%(A) 1.84%(A) 1.70% 1.24%(A)
Ratio of net investment income to
average net assets............................... 4.17%(A) 4.59% 4.62%(A) 4.17%(A) 4.53% 4.62%(A)
Portfolio turnover rate............................ 68%(A) 44% 6% 68%(A) 44% 6%
Average commission rate per share (D).............. N/A N/A N/A N/A N/A N/A
</TABLE>
______________________________
* Commencement of operations
(A) Annualized
(B) After expense reimbursement and waiver by the adviser of $0.01 and $0.02
per share for the National Municipal Bond Fund - Classes B and C
respectively, for the six months ended April 30, 1996, $0.07 and $0.09 per
share for the National Municipal Bond Fund - Classes B and C respectively,
for the year ended October 31, 1995 and $0.09 and $0.09 per share for the
National Municipal Bond Fund - Classes B and C respectively, for the period
April 1, 1994 to October 31, 1994.
(C) The ratio of operating expenses, before reimbursement and waiver by the
adviser, was 2.12% and 2.26% for the National Municipal Bond Fund - Classes
B and C respectively, for the six months ended April 30, 1996 on an
annualized basis, 2.41% and 2.63% for the National Municipal Bond Fund -
Classes B and C respectively, for the year ended October 31, 1995 and 2.81%
and 2.78% for the National Municipal Bond Fund - Classes B and C
respectively, for the period April 1, 1994 to October 31, 1994.
(D) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share of all security
trades on which commissions are charged. In certain foreign markets the
relationship between the translated U.S. dollar price per share and
commission paid per share may vary from that of domestic markets.
(E) Historical total returns for Classes B and C shares are one year
performance returns which include Class A performance prior to April 1,
1994.
The accompanying notes are an integral part of the financial statements.
32
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET FUND - CLASS A
-----------------------------------------------------------------------------------------------
SIX MONTHS
ENDED 08/28/89*
04/30/96 YEARS ENDED OCTOBER 31, TO
------------------------------------------------------------------
(UNAUDITED) 1995 1994 1993 1992 1991 1990 10/31/89
------------ -------- --------- -------- ------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period......................... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Income from investment operations
- ---------------------------------
Net investment income (B).......... 0.03 0.05 0.03 0.03 0.04 0.06 0.06 0.01
Less distributions
- ------------------
Dividends from net
investment income................. (0.03) (0.05) (0.03) (0.03) (0.04) (0.06 (0.06) (0.01)
----- ------ ------ ------ ------ ----- ------ ------
Net asset value, end of
period............................ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== ===== ===== ===== =====
Total return............. 2.59% 5.60% 3.48% 2.80% 3.69% 6.22 5.76% 0.53%
Net assets, end of period
(000's)........................... $7,833 $11,379 $8,499 $18,109 $2,244 3,421 $4,526 $7,781
Ratio of operating
expenses to average
net assets (C)................... 0.50%(A) 0.50% 0.50% 0.50% 0.50% 1.00 2.45% 1.96%(A)
Ratio of net investment
income to
average net assets............... 5.14%(A) 5.45% 3.40% 2.75% 3.77% 6.01 5.52% 6.59%(A)
Average commission rate
per share (D)..................... N/A N/A N/A N/A N/A N/A N/A N/A
</TABLE>
____________________
* Commencement of operations
(A) Annualized
(B) After expense reimbursement and waiver by the adviser of $0.002, $0.004,
$0.0044, $0.0084, $0.0211, $0.0270 and $0.0002 per share for the Money
Market Fund - Class A for the six months ended April 30, 1996 and the years
ended 1995, 1994, 1993, 1992, 1991 and 1990, respectively.
(C) The ratio of operating expenses, before reimbursement and waiver by the
adviser, was 0.95%, 0.96%, 0.95%, 1.32%, 2.71%, 2.68% and 2.47% for the
Money Market Fund - Class A for the six months ended April 30, 1996 and the
years ended 1995, 1994, 1993, 1992, 1991 and 1990, respectively.
(D) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share of all security
trades on which commissions are charged. In certain foreign markets the
relationship between the translated U.S. dollar price per share and
commission paid per share may vary from that of domestic markets.
The accompanying notes are an integral part of the financial statements.
33
<PAGE>
NORTH AMERICAN FUNDS
FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET FUND
----------------------------------------------------------------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR 04/01/94* ENDED YEAR 04/01/94*
04/30/96 ENDED TO 04/30/96 ENDED TO
(UNAUDITED) 10/31/95 10/31/94 (UNAUDITED) 10/31/95 10/31/94
CLASS B CLASS B CLASS B CLASS C CLASS C CLASS C
------------- ---------- ---------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period..................... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Income from investment
- ----------------------
operations
----------
Net investment income (B)...... 0.03 0.05 0.02 0.03 0.05 0.02
Less distributions
- ------------------
Dividends from net
investment income............. (0.03) (0.05) (0.02) (0.03) (0.05) (0.02)
------ ------ ------ ----- ------ ------
Net asset value, end of
period........................ $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== ===== =====
Total return......... 2.59% 5.60% 3.48%(E) 2.59% 5.60% 3.48%(E)
Net assets, end of period
(000's)....................... $1,427 $1,564 $312 $8,631 $9,394 $12,170
Ratio of operating
expenses to average
net assets (C)............... 0.50%(A) 0.50% 0.50%(A) 0.50%(A) 0.50% 0.50%(A)
Ratio of net investment
income to average
net assets................... 5.14%(A) 5.52% 3.96%(A) 5.14%(A) 5.46% 3.96%(A)
Average commission rate
per share (D)................. N/A N/A N/A N/A N/A N/A
</TABLE>
____________________
* Commencement of operations
(A) Annualized
(B) After expense reimbursement by the adviser of $0.004 and $0.002 per share
for the Money Market Fund - Classes B and C respectively, for the six
months ended April 30, 1996, $0.009 and $0.005 per share for the Money
Market Fund- Classes B and C respectively, for the year ended October 31,
1995 and $0.0228 and $0.0037 per share for the Money Market Fund - Classes
B and C respectively, for the period April 1, 1994 to October 31, 1994.
(C) The ratio of operating expenses, before reimbursement by the adviser, was
1.29% and 1.00% for the Money Market Fund - Classes B and C respectively,
for the six months ended April 30, 1996 on an annualized basis, 1.41% and
0.95% for the Money Market Fund - Classes B and C respectively, for the
year ended October 31, 1995 and 4.83% and 1.18% for the Money Market Fund -
Classes B and C respectively, for the period April 1, 1994 to October 31,
1994.
(D) For fiscal years beginning on or after September 1, 1995, a fund is
required to disclose its average commission rate per share of all security
trades on which commissions are charged. In certain foreign markets the
relationship between the translated U.S. dollar price per share and
commission paid per sahre may vary from that of domestic markets.
(E) Historical total returns for Classes B and C shares are one year
performance returns which include Class A performance prior to April 1,
1994.
The accompanying notes are an integral part of the financial statements.
34
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED)
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
SMALL/MID CAP FUND
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
COMMON STOCKS - 76.39%
ALUMINUM - 0.97%
Reynolds Metals Company* 800 $43,000
------
APPAREL & TEXTILES - 3.19%
Cintas Corporation 500 26,875
G & K Services, Class A 1,000 26,625
Gucci Group NV* 1,200 65,250
Tommy Hilfiger Corporation* 500 22,750
------
141,500
BROADCASTING - 2.22%
Chancellor Broadcasting Company,
Class A* 1,000 25,500
Clear Channel Communications* 500 33,875
Evergreen Media, Class A* 1,000 39,250
------
98,625
BUSINESS SERVICES - 4.02%
America Online, Incorporated* 300 19,200
The Gymboree Corporation* 1,000 25,875
Loewen Group, Incorporated 1,000 29,875
Service Corporation International 1,400 74,375
Steris Corporation* 900 29,250
-------
178,575
CHEMICALS - 0.63%
Waters Corporation* 1,000 27,875
------
COMPUTERS & BUSINESS EQUIPMENT - 5.17%
3Com Corporation* 1,900 87,637
Digital Equipment Corporation* 500 29,875
Seagate Technology* 600 34,800
Sundstrand Corpration 2,100 77,175
-------
229,487
DRUGS & HEALTH CARE - 19.46%
American Oncology Resources,
Incorporated* 1,000 47,750
BioChem Pharma, Incorporated* 2,000 91,000
CNS, Incorporated* 1,500 29,625
Conceptus, Incorporated* 1,000 19,750
Cygnus, Incorporated 1,000 21,375
Cytotherapeutics* 1,000 14,750
Fuisz Technologies, Ltd.* 2,500 63,750
General Nutrition Companies,
Incorporated* 4,000 78,000
Genzyme Corporation* 500 6,875
Guidant Corporation 1,400 78,575
Healthsource, Incorporated* 2,900 98,962
IDEXX Laboratories, Incorporated* 1,000 44,500
Neuromedical Systems, Incorporated* 2,500 54,688
Oxford Health Plans, Incorporated* 1,100 55,550
Phycor, Incorporated* 1,000 49,250
United Healthcare Corporation 700 40,950
VISX, Incorporated* 2,000 68,500
-------
863,850
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
ELECTRONICS - 9.63%
Adaptec, Incorporated* 400 $23,000
Altera Corporation* 1,300 68,575
Glenayre Technologies, Incorporated* 2,000 93,000
Hologic, Incorporated* 3,000 88,500
Linear Technology Corporation 1,000 34,375
Maxim Integrated Products,
Incorporated* 600 20,550
Xilinx, Incorporated* 2,700 99,562
-------
427,562
FINANCIAL SERVICES - 3.79%
Case Corporation 800 40,400
Green Tree Financial Corporation 1,400 47,250
Money Store, Incorporated 3,200 80,800
-------
168,450
FOOD & BEVERAGES - 1.63%
Outback Steakhouse, Incorporated* 1,800 72,225
------
HOTELS AND RESTAURANTS - 4.85%
Boston Chicken, Incorporated* 2,500 80,000
Lone Star Steakhouse and Saloon* 2,000 82,750
Mirage Resorts, Incorporated* 1,000 52,375
-------
215,125
INSURANCE - 0.60%
CompDent Corporation* 600 26,550
------
MEDICAL SUPPLIES - 0.81%
Heartport, Incorporated* 1,000 35,750
------
MOBILE HOMES - 0.83%
Clayton Homes, Incorporated 2,000 37,000
------
OFFICE FURNISHINGS & SUPPLIES - 3.02%
OfficeMax, Incorporated* 3,300 86,625
Viking Office Products, Incorporated* 800 47,500
-------
134,125
PLASTICS - 0.56%
Sealed Air Corporation* 700 24,763
------
POLLUTION CONTROL - 2.41%
United Waste System, Incorporated* 1,000 55,000
USA Waste Services, Incorporated* 2,000 52,000
-------
107,000
RETAIL TRADE - 1.30%
Charming Shoppes, Incorporated* 5,000 32,187
Nordstrom, Incorporated 500 25,438
------
57,625
SOFTWARE - 6.39%
CompuServe, Incorporated* 2,000 57,000
Compuware Corporation* 2,900 82,650
Inference Corporation, Class A* 1,000 18,125
Informix Corporation* 4,000 105,500
Microchip Technology, Incorporated* 800 20,400
-------
283,675
</TABLE>
The accompanying notes are an integral part of the financial statements.
35
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
TELECOMMUNICATION SERVICES - 1.56%
Ascend Communications, Incorporated* 800 $49,200
Cascade Communications Corporation* 200 20,050
------
69,250
TELEPHONE - 3.35%
LCI International, Incorporated* 1,200 31,200
Worldcom, Incorporated* 2,500 117,500
-------
148,700
TOTAL COMMON STOCKS
(Cost $3,185,677) $3,390,712
---------
SHORT TERM INVESTMENTS - 23.61%
Baltimore Gas & Electric Company,
5.27% due 05/07/96 150,000 149,868
Bridgestone/Firestone,
5.35% due 05/02/96 150,000 149,978
Dynamic Funding Corporation,
5.35% due 05/07/96 211,000 210,812
Fayette Funding, Ltd.,
5.30% due 05/07/96 150,000 149,868
Pepsico, Incorporated,
5.25% due 05/08/96 170,000 169,826
Seven Seas Money Market Fund 217,480 217,480
---------
1,047,832
TOTAL INVESTMENTS
(Small/Mid Cap Fund) (Cost $4,233,509) $4,438,544
=========
INTERNATIONAL SMALL CAP FUND
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
COMMON STOCKS- 77.85%
AGRICULTURAL MACHINERY - 1.83%
Kverneland AS 2,500 $5,559
-----
ALUMINUM - 1.65%
Madeco SA 2,000 50,000
------
AUTOMOBILES - 1.83%
Mabuchi Motor Company 900 55,408
------
BANKING - 3.27%
Banco de A. Edwards, ADR 2,200 46,475
Banco Latinoamericano
de Exportaciones SA 950 52,606
------
99,081
BROADCASTING - 3.57%
Flextech PLC 6,500 50,196
Sistem Televisyen Malaysia 13,000 57,875
-------
108,071
BUSINESS SERVICES - 1.77%
Kobenhavns Lufthavne 575 53,583
------
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
CHEMICALS - 1.38%
Budi Acid Jaya 14,500 $41,943
------
CONGLOMERATES - 2.08%
Hunter Douglas NV 1,000 63,146
------
CONTAINERS & GLASS - 1.85%
Republic Glass Holdings 140,000 56,171
------
DRUGS & HEALTH CARE - 3.82%
Medeva PLC 3,575 54,519
Schwarz Pharma AG 1,000 61,075
-------
115,594
ELECTRICAL EQUIPMENT - 1.64%
TLG PLC 21,000 49,769
------
ELECTRONICS - 4.11%
Austria Mikro Systeme International AG 200 24,320
Gandalf Technologies, Incorporated* 3,300 58,575
VTech Holdings, Ltd.* 24,150 41,522
-------
124,417
FINANCIAL SERVICES - 5.14%
Guoco Group 9,000 44,793
JBA Holdings 7,500 57,354
Manhattan Card Company 90,000 53,520
-------
155,667
FOOD & BEVERAGES - 3.29%
Grolsch NV* 1,300 55,687
J.D. Wetherspoon PLC 3,300 43,964
------
99,651
HOUSEHOLD APPLIANCES FURNISHING - 1.55%
Industrie Natuzzi SPA, ADR 900 46,800
------
INDUSTRIAL MACHINERY - 5.33%
IHC Caland NV 1,200 47,132
KCI Konecranes International* 750 13,638
Tomra Systems AS 5,000 46,045
Valmet 4,000 54,550
-------
161,365
INTERNATIONAL OIL - 1.63%
Gulf Canada Resources, Ltd.* 9,000 49,500
------
LEISURE TIME - 5.12%
AAPC, Ltd. 75,009 50,084
Euro Disney SCA 17,000 50,663
Village Roadshow 12,000 54,203
-------
154,950
MISCELLANEOUS - 3.31%
Bulgari SPA* 4,100 51,184
De Rigo SPA, ADR* 1,600 49,200
-------
100,384
</TABLE>
The accompanying notes are an integral part of the financial statements.
36
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
OFFICE FURNISHINGS & SUPPLIES - 1.24%
Corporate Express Australia* 5,000 $9,230
Turbon International AG 900 28,219
------
37,449
PAPER - 1.63%
Guilbert SA 300 49,289
------
PETROLEUM SERVICES - 1.88%
Petroleum Geological Services AS* 1,800 56,925
------
PUBLISHING - 0.89%
Dorling Kindersley Holdings PLC 3,000 26,961
------
RETAIL TRADE - 6.65%
Harvey Nichols PLC* 1,500 7,293
Matahari Putra Prima 21,000 47,922
Next PLC 6,500 51,859
Paris Miki, Incorporated 1,000 42,350
Santa Isabel SA* 1,800 51,975
-------
201,399
SOFTWARE - 5.18%
Baan Company NV* 900 54,000
Psion PLC 3,500 60,854
TT Tieto OY 1,200 42,152
-------
157,006
TELECOMMUNICATION SERVICES - 1.53%
Comcast UK Cable Partners, Ltd.* 3,500 46,375
------
TELEPHONE - 1.81%
Cellular Communications
International* 1,500 54,750
------
TOYS, AMUSEMENTS & SPORTING GOODS - 2.28%
Skis Rossignol SA 200 69,086
------
TRANSPORTATION - 0.59%
ASG AB 1,000 17,842
------
TOTAL COMMON STOCKS
(Cost $2,254,179) $2,358,141
---------
REPURCHASE AGREEMENT - 22.15%
Principal
Amount Value
------ -----
$671,000 Repurchase Agreement with State
Street Bank & Trust Company dated
04/30/96 at 4.75%, to be repurchased
at $671,089 on 05/01/96, collateralized
by $665,000 U.S. Treasury Notes,
7.875% due 04/15/09 (valued at
$691,879, including interest) $671,000
-------
TOTAL INVESTMENTS (International
Small Cap Fund) (Cost $2,925,179) $3,029,141
=========
<CAPTION>
GROWTH EQUITY FUND
Shares Value
------ -----
<S> <C> <C>
COMMON STOCKS - 88.93%
AEROSPACE - 4.60%
Boeing Company 125 $10,266
Computer Sciences Corporation* 325 24,050
Lockheed Martin Corporation 175 14,109
Sun Microsystems, Incorporated* 1,000 54,250
U.S. Robotics Corporation* 450 70,425
-------
173,100
APPAREL & TEXTILES - 1.34%
Gucci Group NV* 875 47,578
Talbots, Incorporated 100 2,875
------
50,453
BANKING - 0.62%
JP Morgan & Company, Incorporated 150 12,619
PNC Bank Corporation 350 10,587
------
23,206
BROADCASTING - 0.45%
Infinity Broadcasting Corporation* 587 17,023
------
BUSINESS SERVICES - 4.52%
America Online, Incorporated* 925 59,200
Fiserv, Incorporated* 750 22,875
Medaphis Corporation* 750 34,594
Stratacom, Incorporated* 1,025 53,300
------
169,969
CHEMICALS - 0.85%
The B.F. Goodrich Company 800 31,800
------
COMPUTERS & BUSINESS EQUIPMENT - 5.43%
Cabletron Systems, Incorporated* 400 30,150
Cisco Systems, Incorporated* 875 45,391
Fore Systems* 400 31,600
Stratus Computer, Incorporated* 450 12,656
Unisys Corporation* 2,325 13,950
Xircom, Incorporated* 4,375 70,547
-------
204,294
CONGLOMERATES - 1.05%
ITT Corporation* 650 39,569
------
CONTAINERS & GLASS - 1.00%
Crown Cork & Seal, Incorporated* 800 37,700
------
DRUGS & HEALTH CARE - 14.69%
Astra AB 1,150 50,788
Baxter International, Incorporated 800 35,400
Bristol Myers Squibb Company 425 34,956
Cardinal Health, Incorporated 450 28,238
Centocor, Incorporated* 1,100 44,000
Cephalon, Incorporated* 875 25,156
Columbia/HCA Healthcare Corporation 975 51,797
Guidant Corporation 1,450 81,381
Healthsource, Incorporated* 150 5,119
Johnson & Johnson 450 41,625
</TABLE>
The accompanying notes are an integral part of the financial statement.
37
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
DRUGS & HEALTH CARE - CONTINUED
Manor Care, Incorporated 325 $13,041
Medpartners/Mullikin, Incorporated* 350 10,106
Medtronic, Incorporated 100 5,313
Merck & Company, Incorporated 350 21,175
Pfizer, Incorporated 175 12,053
Pharmacia & Upjohn, Incorporated 625 23,906
Phycor, Incorporated* 650 32,013
SmithKline Beecham PLC* 425 22,950
Tenet Healthcare Corporation* 675 13,837
-------
552,854
ELECTRONICS - 7.34%
Gateway 2000, Incorporated* 750 26,156
Gemstar International Group, Ltd.* 1,000 33,125
Maxim Integrated Products,
Incorporated* 50 1,713
Newbridge Networks Corporation* 1,000 64,375
Octel Communications Corporation* 425 19,019
Picturetel Corporation* 1,100 37,400
Silicon Graphics, Incorporated* 2,500 74,062
Xilinx, Incorporated* 550 20,281
-------
276,131
FINANCIAL SERVICES - 3.55%
Chase Manhattan Corporation 634 43,667
Federal Home Loan Mortgage
Corporation 450 37,519
Federal National Mortgage Association 975 29,859
Money Store, Incorporated 900 22,725
-------
133,770
FOOD & BEVERAGES - 0.92%
Cheesecake Factory* 1,325 34,781
-------
HOTELS & RESTAURANTS - 8.32%
HFS, Incorporated 2,300 118,162
Marriot International, Incorporated 975 47,531
McDonalds Corporation 850 40,694
Mirage Resorts, Incorporated* 625 32,734
Planet Hollywood International,
Incorporated 1,150 29,181
Sun International Hotels, Ltd.* 1,050 44,888
-------
313,190
HOUSEHOLD PRODUCTS - 0.96%
Stanley Works 575 36,081
-------
INSURANCE - 2.12%
Prudential Reinsurance Holdings,
Incorporated* 1,325 30,144
Travelers/Aetna Property Casual
Corporation 1,800 49,725
-------
79,869
INTERNATIONAL OIL - 2.04%
Gulf Canada Resources, Ltd. 10,300 56,650
Mobil Corporation 175 20,125
-------
76,775
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
LEISURE TIME - 1.33%
Harrah's Entertainment, Incorporated* 1,450 $50,025
-------
MISCELLANEOUS - 2.14%
Outdoor System, Incorporated* 3,500 80,500
-------
MOBIL HOMES - 0.37%
Fleetwood Enterprises, Incorporated 525 13,781
-------
OFFICE FURNISHINGS & SUPPLIES - 1.84%
Nashua Corporation* 5,000 69,375
-------
RETAIL TRADE - 4.51%
Federated Department Stores,
Incorporated* 1,225 40,884
GAP, Incorporated 1,325 39,916
Home Depot, Incorporated 1,075 50,928
Kohl's Corporation* 450 15,469
Sears Roebuck & Company 450 22,444
-------
169,641
SOFTWARE - 10.00%
BMC Software, Incorporated* 850 51,744
Cadence Design Systems,
Incorporated 1,100 57,475
Computer Associates International,
Incorporated 800 58,700
Madge NV* 425 12,537
Microsoft Corporation* 350 39,681
Parametric Technology Corporation* 1,450 58,363
PeopleSoft, Incorporated* 675 42,525
Pyxis Corporation* 225 5,681
Shared Medical System 725 49,663
-------
376,369
TELECOMMUNICATION SERVICES - 6.18%
Ascend Communications, Incorporated 1,425 87,638
Orange PLC, ADR* 2,300 41,400
Paging Network, Incorporated* 1,900 44,650
Premisys Communications,
Incorporated* 900 39,375
QUALCOMM, Incorporated* 500 19,375
-------
232,438
TELEPHONE - 2.76%
American Telephone & Telegraph
Corporation 1,025 62,781
Worldcom, Incorporated* 875 41,125
-------
103,906
TOTAL COMMON STOCKS
(Cost $3,124,940) $3,346,600
----------
PREFERRED STOCKS - 0.71%
SOFTWARE - 0.71%
SAP AG 200 26,559
------
TOTAL PREFERRED STOCKS (Cost $28,786) $26,559
------
</TABLE>
The accompanying notes are an integral part of the financial statements.
38
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
REPURCHASE AGREEMENT - 10.36%
$390,000 Repurchase Agreement with State
Street Bank & Trust Company dated
04/30/96 at 4.75%, to be repurchased
at $390,051 on 05/01/96, collateralized
by $415,000 U.S. Treasury Bill, 5.42%
due 02/29/00 (valued at $399,950,
including interest) $390,000
--------
TOTAL INVESTMENTS
(Growth Equity Fund) (Cost $3,543,726) $3,763,159
=========
<CAPTION>
GLOBAL GROWTH FUND
Shares Value
------ -----
<S> <C> <C>
COMMON STOCKS - 97.44%
AEROSPACE - 0.84%
British Aerospace 87,900 $1,151,843
----------
ALUMINUM - 0.52%
Aluminum Company of America 11,400 711,075
-------
APPAREL & TEXTILES - 1.11%
Itochu Corporation 200,000 1,523,828
---------
AUTO PARTS - 1.15%
Danaher Corporation 40,000 1,575,000
---------
AUTOMOBILES - 2.99%
Daimler-Benz AG* 3,524 1,930,155
Fiat SPA 634,599 2,163,405
---------
4,093,560
BANKING - 6.93%
Bangkok Bank 61,800 895,989
BankAmerica Corporation 15,700 1,189,275
Hang Seng Bank 132,000 1,339,538
HSBC Holdings 98,800 1,462,740
Sakura Bank 78,000 917,165
Societe Generale 11,460 1,330,624
Sumitomo Bank 56,000 1,199,178
Sumitomo Trust & Banking 79,000 1,155,490
---------
9,489,999
BROADCASTING - 1.36%
Wolters Kluwer NV 17,050 1,863,709
---------
BUILDING CONSTRUCTION - 0.97%
Fluor Corporation 20,000 1,322,500
New World Infrastructure, Ltd.* 158 351
---------
1,322,851
BUSINESS SERVICES - 4.11%
Eaux (Cie Generale Des) 13,160 1,431,237
Havas 17,210 1,429,421
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
BUSINESS SERVICES - CONTINUED
The Interpublic Group of
Companies, Incorporated 23,000 $1,075,250
Secom Company 24,000 1,697,816
---------
5,633,724
CHEMICALS - 5.22%
Ciba-Geigy Corporation AG 1,100 1,276,659
The Dow Chemical Company 19,000 1,688,625
Hoechst AG 5,105 1,719,340
Sekisui Chemical 55,000 694,039
Sumitomo Chemical 65,000 346,112
Toray Industries, Incorporated 210,000 1,429,377
---------
7,154,152
COMPUTERS & BUSINESS EQUIPMENT - 2.14%
International Business Machines
Corporation 1,760 189,200
Olivetti & C. SPA* 4,281,700 2,741,165
---------
2,930,365
CONGLOMERATES - 3.71%
Berjaya Sports 266,000 853,487
BTR 286,400 1,379,618
Hutchison Whampoa 282,000 1,749,854
Renong Berhad 631,000 1,098,360
---------
5,081,319
CONSTRUCTION MATERIALS - 0.98%
Maeda Road Construction 73,000 1,339,898
---------
CONTAINERS & GLASS - 0.82%
Mark IV Industries, Incorporated 54,354 1,127,852
---------
DOMESTIC OIL - 1.10%
Phillips Petroleum Company 36,300 1,506,450
---------
DRUGS & HEALTH CARE - 6.01%
Astra AB, Free, Class A 105,735 4,700,823
Astra AB, Free, Class B 26,265 1,159,957
Bristol Myers Squibb Company 2,100 172,725
Isolyser, Incorporated* 44,000 781,000
Morrison Health Care, Incorporated 10,083 160,068
Sandoz AG 1,150 1,255,960
---------
8,230,533
ELECTRICAL EQUIPMENT - 3.72%
General Electric Company 27,500 2,131,250
Mitsubishi Electric Corporation 100,000 787,725
NEC Corporation 50,000 635,725
Sumitomo Electric Industries 107,000 1,534,343
---------
5,089,043
ELECTRONICS - 3.22%
AMP, Incorporated 32,800 1,467,800
Intel Corporation 7,600 514,900
Rohm Company 30,000 1,910,043
TDK Corporation 9,000 515,367
---------
4,408,110
</TABLE>
The accompanying notes are an integral part of the financial statements.
39
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
FINANCIAL SERVICES - 1.58%
Daiwa Securities 125,000 $1,923,904
Yamaichi Securities Company 30,000 237,178
---------
2,161,082
FOOD & BEVERAGES - 2.43%
Fraser & Neave 94,800 1,051,985
House Food Corporation 54,000 1,084,078
Universal Foods Corporation 34,600 1,185,050
---------
3,321,113
GAS EXPLORATION - 0.25%
Companhia Energetica De Sao Paulo 37,100 342,129
---------
GAS & PIPELINE UTILITIES - 1.39%
Osaka Gas Company 475,000 1,902,634
---------
GOLD - 0.77%
Placer Dome, Incorporated 38,200 1,060,050
---------
HOMEBUILDERS - 2.00%
Taisei Corporation 49,000 379,427
Toyo Exterior Company 35,000 990,392
Yokogawa Bridge Corporation 92,000 1,372,019
---------
2,741,838
HOTELS AND RESTAURANTS - 1.46%
HFS, Incorporated* 32,000 1,644,000
Morrison Fresh Cooking, Incorprated 7,562 54,825
Ruby Tuesday, Incorporated 15,125 306,281
---------
2,005,106
HOUSEHOLD APPLIANCES FURNISHING - 2.39%
Sharp Corporation 143,000 2,488,026
Sony Corporation 12,000 780,078
---------
3,268,104
INDUSTRIAL MACHINERY - 5.20%
Ebara Corporation 100,000 1,558,243
Exedy Corporation 57,300 1,024,339
Kawasaki Heavy Industry 90,000 465,466
Keppel Corporation 152,000 1,373,168
Kolbenschmidt AG* 6,538 743,100
Mitsubishi Heavy Industries, Ltd. 220,000 1,964,342
---------
7,128,658
INSURANCE - 1.28%
American International Group,
Incorporated 7,000 639,625
Tokio Marine & Fire Insurance Company 81,000 1,115,052
---------
1,754,677
LEISURE TIME - 1.02%
Genting BHD 66,000 592,949
Resorts World BHD 133,000 805,479
---------
1,398,428
LIQUOR - 1.29%
LVMH Moet Hennessy 6,910 1,767,783
---------
MUTUAL FUNDS - 1.51%
India Gateway Fund* 73,890 472,157
Indian Opportunities Fund* 34,018 389,843
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
MUTUAL FUNDS - CONTINUED
Korea Equity Fund, Incorporated 64,000 $600,000
The R.O.C. Taiwan Fund* 56,300 605,225
---------
2,067,225
NEWSPAPERS - 0.80%
Gannett, Incorporated 16,000 1,094,000
---------
NON-FERROUS METALS - 4.08%
QNI, Ltd. 1,248,200 3,088,633
Sumitomo Sitix 45,000 1,049,663
WMC, Ltd. 199,167 1,451,901
---------
5,590,197
PAPER - 0.61%
Schmalbach Lubeca AG* 4,705 832,879
---------
PETROLEUM SERVICES - 2.51%
Broken Hill Property 73,400 1,129,541
Schlumberger, Ltd. 26,200 2,312,150
---------
3,441,691
REAL ESTATE - 2.35%
Mitsubishi Estate 68,000 955,595
New World Development Company 95,000 426,152
Sun Hung Kai Properties 192,000 1,830,522
---------
3,212,269
RETAIL GROCERY - 0.64%
Hac Kimisawa Company 65,500 882,893
---------
RETAIL TRADE - 5.77%
Carrefour 2,610 2,039,512
Friedman's, Incorporated, Class A* 31,000 798,250
Home Depot, Incorporated 15,600 739,050
Wal-Mart Stores, Incorporated 50,000 1,193,750
Walgreen Company 56,000 1,792,000
Xebio Company 36,000 1,342,192
---------
7,904,754
SOFTWARE - 1.05%
NTT Data Communication Systems ---------
Company 41 1,434,540
---------
STEEL - 1.71%
Nippon Steel Corporation 560,000 2,023,613
NKK Corporation* 102,000 319,832
---------
2,343,445
TELECOMMUNICATION SERVICES - 0.76%
American Portable Telecom,
Incorporated* 6,500 97,500
Cable and Wireless PLC 121,000 949,894
---------
1,047,394
TELEPHONE - 5.84%
American Telephone & Telegraph
Corporation 10,000 612,500
British Telecommunications PLC 254,100 1,394,241
DDI Corporation 235 2,019,645
Nippon Telegraph & Telephone Corporation 94 728,780
Telefonica De Espana SA 165,360 2,944,500
</TABLE>
The accompanting notes are an integral part of the financial statements.
40
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - continued
(showing percentage of total value of investments)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
TELEPHONE - CONTINUED
Telephone & Data Systems,
Incorporated 6,500 $302,250
-------
8,001,916
TIRES & RUBBER - 0.72%
Michelin Company Generale De
Establishment, Class B 19,770 979,796
-------
TRUCKING & FREIGHT - 1.13%
Yamato Transport 127,000 1,554,037
---------
TOTAL COMMON STOCKS
(Cost $114,910,798) $133,471,949
-----------
PREFERRED STOCKS - 1.45%
AUTOMOBILES - 1.45%
Porsche AG* 3,629 1,984,109
---------
TOTAL PREFERRED STOCKS
(Cost $1,727,508) $1,984,109
---------
WARRANTS - 0.02%
CONGLOMERATES - 0.02%
Renong BHD (Expiration date
08/31/00; Strike price MYR 4.10)* 78,875 22,145
$22,145
TOTAL WARRANTS (Cost $0) ------
RIGHTS - 0.00%
CONGLOMERATES - 0.00%
Renong BHD (Expiration date 02/28/01;
Strike price MYR 4.10; 4.00% ICULS) 126,200 759
---
TOTAL RIGHTS (Cost $0) $759
---
Principal
Amount Value
------ -----
<S> <C>
REPURCHASE AGREEMENT- 1.10%
$1,504,000 Repurchase Agreement with State
Street Bank & Trust Company dated
04/30/96 at 4.75%, to be repurchased
at $1,504,198 on 05/01/96, collateralized
by $1,505,000 U.S. Treasury Notes,
6.25% due 05/31/00 (valued at
$1,575,603, including interest) $1,504,000
---------
TOTAL INVESTMENTS
(Global Growth Fund) (Cost $118,142,306) $136,982,962
===========
<CAPTION>
VALUE EQUITY FUND
Shares Value
------ -----
<S> <C> <C>
COMMON STOCKS - 94.42%
AEROSPACE - 4.41%
McDonnell Douglas Corporation 22,900 $2,209,850
Northrop Grumman Corporation 61,600 3,811,500
---------
6,021,350
Shares Value
------ -----
<S> <C> <C>
AIR TRAVEL - 1.87%
AMR Corporation* 25,100 $2,240,175
Continental Airlines, Incorporated* 5,600 317,800
----------
2,557,975
AUTOMOBILES - 2.66%
Ford Motor Company 101,300 3,634,138
---------
BANKING - 8.12%
BankAmerica Corporation 40,400 3,060,300
MBNA Corporation 52,800 1,498,200
J.P. Morgan & Company, Incorporated 25,400 2,136,775
NationsBank Corporation 49,400 3,939,650
Republic New York Corporation 5,100 302,812
Standard Federal Bancorporation 3,700 146,613
----------
11,084,350
CHEMICALS - 2.07%
Geon Company 106,600 2,824,900
---------
COMPUTERS & BUSINESS EQUIPMENT - 2.90%
Compaq Computer Corporation* 84,800 3,953,800
---------
CONTAINERS & GLASS - 1.09%
Owens-Illinois, Incorporated* 93,900 1,490,663
---------
DOMESTIC OIL - 2.63%
Atlantic Richfield Company 16,700 1,966,425
Tenneco, Incorporated 29,600 1,624,300
---------
3,590,725
DRUGS & HEALTH CARE - 7.28%
Baxter International, Incorporated 14,800 654,900
Columbia/HCA Healthcare Corporation 38,500 2,045,312
Millipore Corporation 47,400 1,984,875
Tambrands, Incorporated 21,500 1,029,313
Tenet Healthcare Corporation* 156,800 3,214,400
U.S. Healthcare, Incorporated 19,500 1,016,437
---------
9,945,237
ELECTRIC UTILITIES - 1.20%
Long Island Lighting Company 101,200 1,644,500
---------
ELECTRICAL EQUIPMENT - 1.78%
Fisher Scientific International,
Incorporated 64,900 2,425,638
---------
ELECTRONICS - 4.73%
Avnet, Incorporated 39,500 2,083,625
Intel Corporation 62,300 4,220,825
Perkin Elmer Corporation 2,900 159,137
---------
6,463,587
FINANCIAL SERVICES - 4.69%
Federal Home Loan Mortgage
Corporation 15,700 1,308,987
Federal National Mortgage Association 48,800 1,494,500
First USA, Incorporated 36,600 2,058,750
Fleet Financial Group, Incorported 35,777 1,538,411
---------
6,400,648
</TABLE>
The accompanying notes are an integral part of the financial statement.
41
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
FOOD & BEVERAGES - 0.79%
Chiquita Brands International,
Incorporated 73,500 $1,074,937
---------
FOREST PRODUCTS - 2.71%
Georgia Pacific Corporation 47,500 3,693,125
---------
HOMEBUILDERS - 2.00%
Centex Corporation 45,900 1,239,300
Lennar Corporation 59,900 1,497,500
---------
2,736,800
INDUSTRIAL MACHINERY -1.03%
Silicon Valley Group, Incorporated* 52,500 1,404,375
---------
INSURANCE - 4.41%
Integon Corporation 54,790 1,054,708
Lincoln National Corporation,
Incorporated 38,200 1,843,150
PartnerRe, Ltd. 110,700 3,127,275
---------
6,025,133
INTERNATIONAL OIL - 4.00%
Mobil Corporation 12,200 1,403,000
Royal Dutch Petroleum Company 4,900 701,925
Texaco, Incorporated 39,300 3,360,150
---------
5,465,075
INVESTMENT COMPANIES - 1.60%
Lehman Brothers Holdings,
Incorporated 86,000 2,182,250
---------
LEISURE TIME - 0.91%
Brunswick Corporation 56,600 1,245,200
---------
LIQUOR - 1.00%
Anheuser-Busch Companies,
Incorporated 20,300 1,362,638
---------
MISCELLANEOUS - 2.14%
Lucent Technologies, Incorporated* 83,000 2,915,375
---------
NEWSPAPERS - 1.02%
Knight-Ridder, Incorporated 19,200 1,389,600
---------
PAPER - 1.63%
Stone Container Corporation 130,700 2,221,900
---------
PETROLEUM SERVICES - 0.32%
Tosco Corporation 8,100 433,350
-------
RAILROADS & EQUIPMENT - 0.88%
Trinity Industries, Incorporated 34,250 1,194,469
---------
RETAIL TRADE - 6.26%
Dillard Department Stores,
Incorporated 72,100 2,893,012
J.C. Penney Company,Incorporated 28,200 1,395,900
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
RETAIL TRADE - CONTINUED
Sears, Roebuck and Company 18,500 $922,688
Wal-Mart Stores,
Incorporated 139,400 3,328,175
---------
8,539,775
TELECOMMUNICATION SERVICES - 4.03%
Tele-Communications, Incorporated* 141,200 2,700,450
Valassis Communications, Incorporated*
178,100 2,805,075
---------
5,505,525
TELEPHONE - 1.88%
American Telephone & Telegraph
Corporation 41,900 2,566,375
---------
TIRES & RUBBER - 2.12%
The Goodyear Tire & Rubber Company 55,500 2,892,937
---------
TOBACCO - 6.06%
Philip Morris Companies, Incorporated 52,300 4,713,538
RJR Nabisco Holdings Corporation 44,200 1,320,475
Universal Corporation 93,200 2,236,800
---------
8,270,813
TRUCKING & FREIGHT - 4.20%
Consolidated Freightways,
Incorporated 149,900 3,916,137
Kirby Corporation* 103,400 1,822,425
---------
5,738,562
TOTAL COMMON STOCKS
(Cost $111,255,049) $128,895,725
-----------
<CAPTION>
<S> <C>
REPURCHASE AGREEMENT - 5.58%
Principal
Amount Value
------ -----
$7,622,000 Repurchase Agreement with State
Street Bank & Trust Company dated
04/30/96 at 5.23%, to be repurchased
at $7,623,107 on 05/01/96,
collateralized by $7,760,000 U.S.
Treasury Notes, 6.125% due
07/31/00 (valued at $7,933,197,
including interest) $7,622,000
---------
TOTAL INVESTMENTS
(Value Equity Fund) (Cost $136,517,725
$118,877,049) ===========
GROWTH & INCOME FUND
Shares Value
------ -----
<S> <C> <C>
COMMON STOCKS - 96.83%
AEROSPACE - 1.97%
Boeing Company 12,500 $ 1,026,562
Northrop Grumman 19,500 1,206,563
Corporation ---------
2,233,125
ALUMINUM - 1.06%
Alcan Aluminium, Ltd 37,700 1,201,687
---------
</TABLE>
The accompanying notes are an integral part of the financial statement.
42
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------ -----
AUTOMOBILES - 2.82%
<S> <C> <C>
Chrysler Corporation 24,068 $1,510,267
Ford Motor Company 47,103 1,689,820
---------
3,200,087
BANKING - 6.14%
Citicorp 26,000 2,047,500
J.P. Morgan & Company, Incorporated 21,700 1,825,512
Nationsbank Corporation 27,600 2,201,100
Republic New York Corporation 15,000 890,625
---------
6,964,737
BROADCASTING - 1.70%
Viacom, Incorporated* 47,000 1,927,000
---------
BUSINESS SERVICES - 1.86%
First Data Corporation 16,800 1,276,800
Nokia Corporation, ADR 23,000 836,625
---------
2,113,425
CHEMICALS - 2.86%
The Dow Chemical Company 23,600 2,097,450
Zeneca Group PLC, ADR 18,300 1,148,325
---------
3,245,775
COMPUTERS & BUSINESS EQUIPMENT - 6.35%
3Com Corporation* 24,000 1,107,000
Compaq Computer Corporation* 13,500 629,437
Hewlett-Packard Company 17,200 1,821,050
International Business Machines
Corporation 23,000 2,472,500
Xerox Corporation 8,000 1,172,000
---------
7,201,987
CONSTRUCTION & MINING EQUIPMENT - 1.08%
Foster Wheeler Corporation 26,500 1,225,625
---------
DOMESTIC OIL - 1.98%
Unocal Corporation 70,000 2,248,750
---------
DRUGS & HEALTH CARE - 9.66%
Abbott Laboratories 48,000 1,950,000
Bristol-Myers Squibb Company 13,200 1,085,700
Johnson & Johnson 14,000 1,295,000
McKesson Corporation 30,000 1,428,750
Pfizer, Incorporated 32,200 2,217,775
Rhone Poulenc Rorer, Incorporated 28,200 1,748,400
Warner Lambert Company 11,000 1,229,250
----------
10,954,875
ELECTRIC UTILITIES - 3.45%
DPL, Incorporated 45,000 1,029,375
Pinnacle West Capital Corporation 48,000 1,278,000
Texas Utilities Company 40,000 1,610,000
---------
3,917,375
ELECTRICAL EQUIPMENT - 3.02%
General Electric Company 25,000 1,937,500
Hubbell, Incorporated 23,000 1,486,375
---------
3,423,875
ELECTRONICS - 2.86%
AMP, Incorporated 51,000 2,282,250
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
ELECTRONICS - CONTINUED
Intel Corporation 14,200 $962,050
---------
3,244,300
FINANCIAL SERVICES - 4.29%
Allstate Corporation 26,500 1,030,188
American Express Company 31,000 1,503,500
Federal National Mortgage Association 35,600 1,090,250
State Street Boston Corporation 25,000 1,246,875
---------
4,870,813
FOOD & BEVERAGES - 3.31%
General Mills, Incorporated 18,000 999,000
PepsiCo, Incorporated 16,000 1,016,000
Sara Lee Corporation 56,000 1,736,000
---------
3,751,000
FOREST PRODUCTS - 0.96%
Georgia-Pacific Corporation 14,000 1,088,500
---------
HOUSEHOLD PRODUCTS - 2.42%
Colgate Palmolive Company 16,000 1,226,000
Procter & Gamble Company 18,000 1,521,000
---------
2,747,000
INDUSTRIAL MACHINERY - 1.92%
Keystone International, Incorporated 47,000 1,028,125
York International Corporation 24,000 1,152,000
---------
2,180,125
INSURANCE - 3.22%
Chubb Corporation 19,300 1,826,263
General Re Corporation 12,800 1,828,800
---------
3,655,063
INTERNATIONAL OIL - 4.76%
Amoco Corporation 25,700 1,876,100
Chevron Corporation 30,000 1,740,000
Exxon Corporation 21,000 1,785,000
---------
5,401,100
LIQUOR - 1.18%
Anheuser-Busch Companies,
19,900
Incorporated 1,335,787
---------
MISCELLANEOUS - 0.35%
Lucent Technologies, Incorporated* 11,400 400,425
-------
NEWSPAPERS - 1.51%
Gannett, Incorporated 25,100 1,716,213
---------
NON-FERROUS METALS - 0.88%
Engelhard Corporation 39,825 1,000,603
---------
PAPER - 4.27%
International Paper Company 50,000 1,993,750
Kimberly Clark Corporation 22,000 1,597,750
Minnesota Mining & Manufacturing
19,000 1,249,250
Company ---------
4,840,750
PETROLEUM SERVICES - 1.68%
Schlumberger, Ltd. 21,600 1,906,200
---------
</TABLE>
The accompanying notes are an integral part of the financial statements.
43
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
PHOTOGRAPHY - 0.55%
Eastman Kodak Company 8,200 $627,300
-------
POLLUTION CONTROL - 1.42%
Browning Ferris Industries,
Incorporated 50,000 1,612,500
---------
PUBLISHING - 1.24%
Dun & Bradstreet Corporation 23,000 1,400,125
---------
RAILROADS & EQUIPMENT - 1.20%
Union Pacific Corporation 20,000 1,362,500
---------
REAL ESTATE - 0.67%
Storage USA, Incorporated 22,900 758,563
-------
RETAIL TRADE - 4.51%
J.C. Penney Company, Incorporated 19,000 940,500
The May Department Stores Company 30,500 1,555,500
Rite Aid Corporation 44,000 1,303,500
Wal-Mart Stores, Incorporated 55,000 1,313,125
---------
5,112,625
SOFTWARE - 1.85%
Microsoft Corporation 4,400 498,850
Policy Management Systems
Corporation* 34,000 1,598,000
---------
2,096,850
TELEPHONE - 5.81%
AT&T Corporation 31,000 1,898,750
NYNEX Corporation 34,000 1,670,250
U.S. West, Incorporated 55,629 1,821,850
Vodafone Group PLC, ADR 30,000 1,203,750
---------
6,594,600
TIRES AND RUBBER - 1.01%
The Goodyear Tire and Rubber
Company 22,000 1,146,750
---------
TOBACCO - 1.01%
Philip Morris Companies,
Incorporated 12,700 1,144,587
---------
TOTAL COMMON STOCKS
(Cost $88,199,082) $109,852,602
-----------
PREFERRED STOCKS - 1.38%
COMPUTERS & BUSINESS EQUIPMENT - 0.64%
Ceridian Corporation 7,000 728,000
-------
MISCELLANEOUS - 0.74%
Sun, Incorporated 27,100 840,100
-------
TOTAL PREFERRED STOCKS
(Cost $1,175,581) $1,568,100
---------
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
CONVERTIBLE BONDS - 1.68%
Beverly Enterprises,
Incorporated
5.50% due 08/01/18 $1,200,000 $1,236,000
Noble Affiliates,
Incorporated,
4.25% due 11/01/03 630,000 670,950
-------
TOTAL CONVERTIBLE BONDS
(Cost $1,887,253) $1,906,950.
----------
<CAPTION>
Principal
Amount Value
------ -----
<S> <C>
REPURCHASE AGREEMENT - 0.11%
$125,000 Repurchase Agreement with Aubrey
Lanston dated 04/30/96 at 5.32%,
to be repurchased at $125,018 on
05/01/96, collateralized by $121,000
U.S. Treasury Bonds, 7.625% due
02/15/07 (valued at $127,842,
including interest) $125,000
-------
TOTAL INVESTMENTS
(Growth & Income Fund) (Cost $91,386,916) $113,452,652
===========
INTERNATIONAL GROWTH & INCOME FUND
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
COMMON STOCKS - 84.71%
AGRICULTURAL MACHINERY - 0.29%
Kvaerner* 1,800 $69,456
------
AIR TRAVEL - 0.25%
Singapore Airlines 6,000 60,606
------
APPAREL & TEXTILES - 1.11%
Christian Dior 1,105 147,333
Gunze, Ltd.* 6,000 39,405
Tomen Corporation 20,000 81,832
-------
268,570
AUTOMOBILES - 3.15%
Fiat SPA* 20,000 68,182
Honda Motor Company 2,000 45,696
Nissan Motor Company, Ltd.* 16,000 135,213
Rolls Royce 14,000 49,947
Toyota Motor Corporation 12,000 274,174
Volkswagen AG* 540 186,420
-------
759,632
BANKING - 13.04%
ABN AMRO Holdings NV* 1,500 77,648
Asahi Bank, Ltd. 10,000 129,057
Bank of Ireland 12,000 86,688
Barclays* 7,000 77,661
Banco Intercontinental Espanol 900 94,670
Banco Popular Espanol SA 450 74,575
Chugoku Bank 3,000 55,064
Credit Company De France* 1,800 90,183
</TABLE>
The accompanying notes are an integral part of the financial statements.
44
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
BANKING - CONTINUED
Credit Local De France* 650 $51,333
CS Holdings AG* 1,275 115,783
Dai Ichi Kangyo Bank 8,000 162,898
Daiwa Bank 23,000 179,198
Deutsche Bank AG* 3,000 143,778
Dresdner Bank AG* 2,800 70,453
Deutsche Pfandbrief & Hypobk* 2,240 76,379
Fukui Bank 10,000 62,999
Generale De Banque* 200 70,521
Hokkaido Takushoku Bank, Ltd. 30,000 86,898
HSBC Holdings - j* 5,300 78,467
HSBC Holdings - HKD* 7,200 107,504
Hyakugo Bank 4,000 26,193
Lloyds TSB Group PLC 23,420 112,288
National Australia Bank, Ltd. 13,400 120,211
National Westminster* 7,000 64,542
Public Bank BHD* 26,000 74,560
Sakura Bank 10,000 117,585
Sanwa Bank 5,000 101,334
Schweizerischer Bankverein* 360 134,826
Shiga Bank 8,000 51,929
Societe Generale* 393 45,631
Standard Chartered Bank* 7,000 65,543
Toyo Trust & Banking 15,000 163,472
United Overseas Bank* 11,000 107,199
Yasuda Trust & Banking 10,000 66,345
---------
3,143,415
BROADCASTING - 1.47%
News Corporation 12,400 72,666
Pearson 7,000 73,973
Television Broadcast* 20,000 80,150
TV Francaise* 380 41,180
Wolters Kluwer NV 800 87,447
-------
355,416
BUILDING CONSTRUCTION - 0.22%
SXL Corporation* 5,000 53,057
------
BUSINESS SERVICES - 1.55%
Eaux Cie Generale* 858 93,313
Havas Advertising* 500 56,701
Inchcape PLC 10,000 43,956
SGS Holdings 130 51,828
South West Water 5,150 52,950
Toppan Printing Company 5,000 73,610
-------
372,358
CHEMICALS - 4.40%
Air Liquide* 561 101,941
Allied Colloids 25,000 49,676
BASF AG* 300 81,912
Bayer AG 590 189,999
BOC Group 3,000 41,683
Ciba-Geigy AG 160 185,696
Kuraray Company 5,000 57,837
Mitsubishi Chemical* 6,000 32,924
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
CHEMICALS - CONTINUED
Mitsubishi Gas Chemical* 15,000 $73,993
Mitsui Petrochemical Industry 4,000 33,765
Mitsui Toatsu Chemicals* 20,000 88,715
Rhone-Poulenc SA, Class A* 1,420 34,074
Solvay SA 150 88,509
---------
1,060,724
CONGLOMERATES - 2.23%
Asatsu, Incorporated 1,000 43,975
BTR 20,200 97,305
Hanson 8,300 24,614
Hutchison Whampoa* 14,000 86,872
QP Corporation 4,000 40,534
Sime Darby BHD 27,000 74,720
Swire Pacific* 14,000 119,449
Tomkins 12,000 49,496
-------
536,965
CONSTRUCTION MATERIALS - 0.52%
Lafarge* 63 4,035
Sommer Allibert* 140 39,988
Tarmac 41,000 80,544
-------
124,567
CONTAINERS & GLASS - 0.60%
Asahi Glass Company, Ltd. 2,000 24,282
Caradon PLC 17,400 60,244
Compagnie De Saint-Gobain* 500 59,893
-------
144,419
DRUGS & HEALTH CARE - 6.36%
Amersham International 6,500 104,892
Chugai Pharmaceutical Company 6,000 58,506
Essilor International* 250 63,280
Glaxo Wellcome* 21,000 254,636
Hafslund Nycomed, Class B* 1,800 50,277
Kyowa Hakko Kogyo 5,000 49,233
Lion Corporation 9,000 56,527
Nippon Shinyaku Company 4,000 43,593
Ono Pharmaceutical* 1,000 37,761
Roche Holdings AG* 19 149,432
Sandoz AG 235 256,653
Sanofi* 1,182 95,383
Santen Pharmaceutical Company 2,000 46,843
SmithKline Beecham, Class A 16,300 172,987
Synthelabo* 1,175 91,658
---------
1,531,661
ELECTRIC UTILITIES - 2.63%
Electrabel* 435 97,557
Empresa Nacional De Electricidad SA 1,600 100,503
Fuerzas Electricas De Cataluna SA,
Series A 12,300 85,965
Hong Kong Electric* 29,500 93,814
National Power 9,200 77,625
Shikoku Electric Power, Incorporated 2,000 49,137
Tokyo Electric Power 4,700 128,054
-------
632,655
</TABLE>
The accompanying notes are an integral part of the financial statements.
45
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
ELECTRICAL EQUIPMENT - 3.77%
Alcatel Alsthom Cie Generale D'Electric* 910 $85,585
BBC Brown Boveri AG* 30 36,147
BICC Group PLC 10,000 52,235
Fuji Electric Company 20,000 115,864
General Electric Company 10,000 53,967
Hitachi, Ltd. 15,000 162,038
Ryoyo Electro Corporation 2,000 51,432
Sanden Corporation* 8,000 59,500
Siemens AG 475 260,107
Toenec Corporation 3,000 30,687
-------
907,562
ELECTRONICS - 0.90%
Alps Electric Company, Ltd.* 5,000 58,793
Kyocera Corporation 1,000 75,331
Kyowa Exeo Corporation 3,000 31,260
Racal Electronics 9,800 50,896
-------
216,280
FINANCIAL SERVICES - 0.76%
Cetelem 400 85,844
Inernationale Nederlanden Groep NV* 1,260 97,285
-------
183,129
FOOD & BEVERAGES - 3.49%
Allied Domecq PLC 9,000 69,569
Danone* 460 69,523
Guinness 12,000 86,347
Hillsdown Holdings 25,000 67,740
Itoham Foods, Incorporated* 6,000 48,812
Japan Tobacco, Incorporated 2 18,508
Nestle SA* 90 100,105
Orkla* 1,600 73,064
Seita* 2,000 77,020
Snow Brand Milk Products
Company, Ltd.* 6,000
Southcorp Holdings, Ltd.* 43,100 117,145
Tingyi Holding Company 32,000 8,894
Yamazaki Baking Company 3,000 61,374
-------
841,636
FOREST PRODUCTS - 0.19%
Sumitomo Forestry Company 3,000 46,174
------
GAS & PIPELINE UTILITIES - 0.60%
British Gas PLC 19,000 67,500
Hyder 2,200 24,341
Osaka Gas Company 13,000 52,072
-------
143,913
GAS EXPLORATION - 0.93%
Elf Aquitaine* 1,969 146,432
ENI SPA 18,000 77,785
-------
224,217
HOMEBUILDERS - 1.09%
Bilfinger & Berger
Bauaktiengesellschaft AG* 180 68,136
Bouygues* 782 79,449
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
HOMEBUILDERS - CONTINUED
Daiwa Danchi Company* 5,000 $32,503
Kinden Corporation* 2,200 35,123
Okumura Corporation* 5,000 47,799
-------
263,010
HOUSEHOLD APPLIANCES FURNISHING- 1.58%
Matsushita Electric Industrial
Company, Ltd. 10,000 176,856
Sony Corporation 2,000 130,013
Thorn Emi PLC 2,700 74,887
-------
381,756
HOUSEHOLD PRODUCTS - 0.89%
Kao Corporation 3,000 40,151
Unilever 3,500 64,067
Unilever NV 800 109,157
-------
213,375
INDUSTRIAL MACHINERY - 3.43%
Daiken Corporation 3,000 27,647
Daikin Industries 7,000 77,625
Ebara Corporation 6,000 93,495
Fischer AG 30 35,760
Glynwed International PLC 11,000 61,019
IMI PLC* 7,000 55,570
Kawasaki Heavy Industry 6,000 31,031
Lucas Industries 17,000 54,892
M.A.N. AG 230 61,493
Mannesmann AG* 250 85,407
Mitsubishi Heavy Industry 10,000 89,288
Okamura Corporation 1,000 8,967
Sidel* 200 47,605
Tsubakimoto Chain 7,000 49,453
Valeo* 850 47,176
-------
826,428
INSURANCE - 5.41%
Abbey National* 7,000 59,852
Aegon NV* 1,100 52,384
Allianz AG Holdings* 80 137,435
Assicurazioni Generali* 4,000 99,744
AXA Company* 1,170 69,713
Britannic Assurance* 3,000 36,264
Chuo Trust & Banking 6,000 60,227
CKAG Colonia Konzern AG* 125 85,734
Fortis AG* 680 84,460
Guardian Royal Exchange 21,000 71,286
Munchener Ruckvers 72 130,747
Compagnie Financiere Richemont AG* 30 43,975
Sun Alliance Group 9,000 48,096
Tokio Marine & Fire Insurance
Company* 10,000
Union des Assurance Federales* 1,270 154,341
Zurich Versicherung* 110 30,743
---------
1,302,662
INTERNATIONAL OIL - 1.58%
The British Petroleum Company 15,175 136,947
Cosmo Oil Company 10,000 65,485
</TABLE>
The accompanying notes are an integral part of the financial statements.
46
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
INTERNATIONAL OIL - CONTINUED
RWE AG 2,710 $ 78,862
Shell Transport & Trading Company 7,500 98,958
--------
380,252
INVESTMENT COMPANIES - 1.32%
Marubeni Corporation 13,000 77,922
Nomura Securities* 11,000 239,759
--------
317,681
LEISURE TIME - 0.67%
Granada Group PLC 7,638 94,685
Japan Airport Terminal 3,000 43,306
Rank Organization 3,000 24,070
--------
162,061
MINING - 0.58%
DSM NV* 910 92,938
Mitsui Mining & Smelting Company* 10,000 45,887
--------
138,825
MISCELLANEOUS - 0.36%
Renault* 1,900 57,616
Yuasa Trading Company* 5,000 29,540
--------
87,156
NON-FERROUS METALS - 0.52%
RTZ Corporation PLC 4,000 62,983
WMC, Ltd. 8,700 63,422
--------
126,405
PAPER - 0.28%
New OJI Paper Company 4,000 36,977
Nippon Paper Industries 4,000 29,291
--------
66,268
PETROLEUM SERVICES - 3.48%
Broken Hill Proprietary Company, Ltd. 8,560 131,729
Norsk Hydro AS* 4,500 205,149
Repsol SA 3,000 110,024
Royal Dutch Petroleum Company* 1,920 273,517
Total SA "B" Shares* 1,740 118,088
--------
838,507
PUBLISHING - 0.83%
Elsevier NV* 2,460 37,040
Lagardere Groupe* 2,425 65,089
Reuters Holdings 8,600 97,354
--------
199,483
RAILROADS & EQUIPMENT - 0.85%
East Japan Railway Company 20 106,878
Hitachi Transport Systems 5,000 54,491
Nagoya Railroad Company 8,000 43,287
--------
204,656
REAL ESTATE - 1.71%
Cheung Kong Holdings* 31,000 221,414
Mepc 9,000 58,054
Mitsui Fudosan Company 5,000 65,962
Sun Hung Kai Properties 7,000 66,738
--------
412,168
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
RETAIL GROCERY - 0.94%
Izumi Company* 4,000 $ 84,891
Maruetsu, Incorporated* 8,000 72,654
Sainsbury 12,600 69,420
--------
226,965
RETAIL TRADE - 4.00%
Argyll Group 11,200 55,975
Ava Allgemeine Handles-Der Verbr AG* 350 86,420
Carrefour 160 125,027
Castorama Dubois* 15 2,871
Daiei, Incorporated 4,000 54,299
Delhaize Le Lion* 1,300 64,215
Familymart Company 1,100 53,841
Izumiya Company 3,000 57,359
Kingfisher 10,000 89,493
Marks & Spencer 9,800 65,427
Pinault-Printemps-Redoute SA* 200 60,726
Promodes* 360 103,454
Sears PLC 42,000 63,540
Takashimaya Company, Ltd. 5,000 81,736
--------
964,383
STEEL - 1.87%
Arbed SA* 400 43,583
Nippon Steel Corporation* 63,000 227,657
Thyssen AG 700 126,886
Usinor Sacilor* 3,400 52,604
--------
450,730
TELEPHONE - 2.87%
British Telecommunications 30,500 167,353
Hong Kong Telecommunications, Ltd. 53,600 102,204
Kon PTT Nederland* 1,100 41,278
Singapore Telecommunications, Ltd.* 23,000 56,608
Telekom Italia* 40,000 81,562
Telefonica De Espana SA 7,100 126,427
Vodafone Group 29,100 116,304
--------
691,736
TIRES AND RUBBER - 0.67%
Continental AG* 4,000 69,110
Yokohama Rubber Company 14,000 93,552
--------
162,662
TOBACCO - 0.35%
B.A.T. Industries 11,300 85,392
--------
TOYS, AMUSEMENTS & SPORTING GOODS - 0.29%
Mizuno Company 7,000 70,264
--------
TRUCKING & FREIGHT - 0.68%
Kawasaki Kisen Kaisha, Ltd. 10,000 36,901
Nippon Express Company 4,000 41,680
Peninsular & Oriental Steam
Navigation Company 4,100 32,279
Societe Industrielle de Transports
Automobiles SA* 250 54,185
--------
165,045
</TABLE>
The accompanying notes are an integral part of the financial statements.
47
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
TOTAL COMMON STOCKS
(Cost $18,895,980) $20,414,282
----------
PREFERRED STOCKS - 0.92%
ELECTRICAL EQUIPMENT - 0.27%
Legrand 500 $64,248
------
FOOD & BEVERAGES - 0.37%
Henkel Kgaa* 230 88,190
------
INDUSTRIAL MACHINERY - 0.28%
GEA AG* 220 68,404
------
TOTAL PREFERRED STOCKS
(Cost $205,834) $220,842
-------
WARRANTS - 1.14%*
ELECTRICAL EQUIPMENT - 0.18%
Philips Electronics NV (Expiration
date 06/30/98; Strike price NLG 34) 2,800 44,855
------
FINANCIAL SERVICES - 0.59%
Veba International Finance BV (Expiration
date 04/06/98; Strike price DEM 375) 590 141,440
-------
MINING - 0.12%
Dowa Mining Company (Expiration
date 12/09/97; Strike price yen 428) 17 28,050
------
MISCELLANEOUS - 0.18%
United Overseas Land (Expiration
date 06/09/97; Strike price SGD 1.50) 43,000 43,434
------
NON-FERROUS METALS - 0.07%
Maeda Corporation (Expiration date
02/05/97; Strike price $856) 10 17,625
------
TOTAL WARRANTS
(Cost $230,782) $275,404
-------
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C> <C>
CONVERTIBLE BONDS - 3.25%
Bot Cayman Finance,
4.25% due 03/31/49 YEN 20,000,000 $261,460
Commerce Asset Holding,
1.75% due 09/26/04 $85,000 105,931
Daido Hoxan, Incorporated,
1.60% due 03/29/02 YEN 5,000,000 56,164
Matsushita Electric Works,
2.70% due 05/31/02 3,000,000 36,394
NEC Corporation,
1.90% due 03/30/01 9,000,000 118,044
Ricoh Company,
1.50% due 03/29/02 4,000,000 47,034
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C> <C>
CONVERTIBLE BONDS - CONTINUED
Smiss Re Finance Bermuda,
2.00% due 07/06/00 $70,000 $78,050
Telekom Malaysia BHD,
4.00% due 10/03/04 75,000 79,922
------
TOTAL CONVERTIBLE BONDS
(Cost $751,994) $782,999
-------
CORPORATE BONDS - 2.21%
Treuhandanstalt,
7.75% due 10/01/02 DEM 110,000 79,290
7.125% due 01/29/03 650,000 454,011
-------
TOTAL CORPORATE BONDS
(Cost $556,962) $533,301
-------
FOREIGN GOVERNMENT OBLIGATIONS - 7.77%
GOVERNMENT OF CANADA - 0.73%
8.75% due 12/01/05 CAD 80,000 62,499
9.75% due 06/01/01 140,000 114,119
-------
176,618
KINGDOM OF DENMARK - 0.27%
7.00% due 12/15/04 DKK 50,000 8,493
8.00% due 11/15/01 260,000 47,577
8.00% due 03/15/06 45,000 8,042
------
64,112
GOVERNMENT OF FRANCE - 0.94%
7.50% due 04/25/05 FRF 800,000 167,214
8.50% due 04/25/03 272,000 60,080
-------
227,294
GOVERNMENT OF GERMANY - 0.74%
6.00% due 01/05/06 DEM 280,000 178,619
-------
GOVERNMENT OF GREAT BRITAIN - 1.52%
United Kingdom Treasury
7.00% due 11/06/01 POUND 50,000 73,433
7.50% due 12/07/06 59,009 85,525
8.00% due 12/07/00 111,000 171,062
8.50% due 12/07/05 24,000 37,325
-------
367,345
GOVERNMENT OF JAPAN - 2.17%
6.60% due 06/20/01 YEN 46,000,000 $522,422
-------
GOVERNMENT OF NETHERLAND - 1.40%
6.00% due 01/15/06 NLG 141,000 80,741
6.25% due 07/15/98 180,000 110,280
6.75% due 11/15/05 240,000 145,078
-------
336,099
TOTAL FOREIGN GOVERNMENT
OBLIGATIONS (Cost $1,900,453) $1,872,509
---------
TOTAL INVESTMENTS (International Growth
Growth & Income Fund) (Cost $22,542,005) $24,099,337
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
48
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
COMMON STOCKS - 43.80%
AEROSPACE - 2.24%
Lockheed Martin Corporation 3,700 $298,312
McDonnell Douglas Corporation 15,000 1,447,500
Northrop Grumman Corporation 13,800 853,875
-------
2,599,687
AIR TRAVEL - 1.06%
AMR Corporation* 11,000 981,750
Continental Airlines, Incorporated* 4,400 249,700
---------
1,231,450
AUTO PARTS - 0.63%
Lear Seating Corporation* 22,300 735,900
-------
AUTOMOBILES - 1.63%
Ford Motor Company 52,600 1,887,025
---------
BANKING - 2.92%
BankAmerica Corporation 14,100 1,068,075
J.P. Morgan & Company, Incorporated 5,300 445,863
NationsBank Corporation 20,600 1,642,850
Standard Federal Bancorporation 5,600 221,900
---------
3,378,688
CHEMICALS - 0.80%
Geon Company 35,000 927,500
-------
COMPUTERS & BUSINESS EQUIPMENT - 1.24%
Compaq Computer Corporation* 21,700 1,011,762
Storage Technology Corporation* 13,800 424,350
---------
1,436,112
CONTAINERS & GLASS - 0.90%
Owens-Illinois, Incorporated* 65,600 1,041,400
---------
DOMESTIC OIL - 1.35%
Ashland, Incorporated 13,100 538,738
Atlantic Richfield Company 8,700 1,024,425
---------
1,563,163
DRUGS & HEALTH CARE - 1.33%
Columbia/HCA Healthcare Corporation 10,700 568,437
Tenet Healthcare Corporation* 47,400 971,700
---------
1,540,137
ELECTRIC UTILITIES - 1.79%
CMS Energy Corporation 15,000 436,875
Entergy Corporation 10,600 280,900
Long Island Lighting Company 83,300 1,353,625
---------
2,071,400
ELECTRONICS - 1.88%
Avnet, Incorporated 22,500 1,186,875
Intel Corporation 14,700 995,925
---------
2,182,800
FINANCIAL SERVICES - 2.46%
Allstate Corporation 12,100 470,388
Fleet Financial Group, Incorporated 14,359 617,437
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
FINANCIAL SERVICES - CONTINUED
Greenpoint Financial Corporation 42,000 $1,212,750
Travelers Group, Incorporated 8,900 547,350
---------
2,847,925
FOOD & BEVERAGES - 0.86%
Chiquita Brands International,
Incorporated 68,000 994,500
---------
FOREST PRODUCTS - 1.02%
Georgia-Pacific Corporation 15,200 1,181,800
---------
HOMEBUILDERS - 1.06%
Centex Corporation 14,100 380,700
Lennar Corporation 33,800 845,000
---------
1,225,700
HOUSEHOLD APPLIANCES FURNISHING - 0.28%
Sunbeam Corporation 23,300 323,288
-------
INSURANCE - 2.94%
CIGNA Corporation 4,600 521,525
Integon Corporation 40,390 777,508
Lincoln National Corporation,
Incorporated 25,000 1,206,250
PartnerRe, Ltd. 31,900 901,175
---------
3,406,458
INTERNATIONAL OIL - 1.95%
Mobil Corporation 4,700 540,500
Royal Dutch Petroleum Company 4,100 587,325
Texaco, Incorporated 13,200 1,128,600
---------
2,256,425
INVESTMENT COMPANIES - 0.53%
Lehman Brothers Holdings,
Incorporated 24,200 614,075
-------
LEISURE TIME - 1.25%
Brunswick Corporation 34,300 754,600
Outboard Marine Corporation 35,300 697,175
---------
1,451,775
LIQUOR - 0.68%
Anheuser-Busch Companies,
Incorporated 11,700 785,362
-------
MISCELLANEOUS - 1.05%
Lucent Technologies, Incorporated* 34,700 1,218,838
---------
PAPER - 1.40%
Champion International Corporation 10,600 511,450
Stone Container Corporation 65,500 1,113,500
---------
1,624,950
PETROLEUM SERVICES - 0.93%
Tosco Corporation 20,100 1,075,350
---------
RETAIL GROCERY - 0.28%
Fleming Companies, Incorporated 23,800 327,250
-------
</TABLE>
The accompanying notes are an integral part of the financial statements.
49
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
------ -----
<S> <C> <C>
RETAIL TRADE - 2.83%
J.C. Penney Company, Incorporated 21,900 $1,084,050
Sears, Roebuck and Company 21,900 1,092,262
Supervalu, Incorporated 34,500 1,104,000
---------
3,280,312
SOFTWARE - 0.17%
Autodesk, Incorporated 4,900 199,675
-------
TELECOMMUNICATION SERVICES - 0.73%
Loral Space & Communications* 10,100 145,187
Valassis Communications,
Incorporated* 44,300 697,725
-------
842,912
TIRES AND RUBBER - 1.42%
The Goodyear Tire and Rubber
Company 31,600 1,647,150
---------
TOBACCO - 3.12%
Philip Morris Companies, Incorporated 21,100 1,901,638
RJR Nabisco Holdings Corporation 33,740 1,007,982
Universal Corporation 29,200 700,800
---------
3,610,420
TRUCKING & FREIGHT - 1.07%
Consolidated Freightways, Incorporated 47,400 1,238,325
---------
TOTAL COMMON STOCKS
(Cost $41,284,143) $50,747,752
----------
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
CORPORATE BONDS - 14.13%
ELECTRIC UTILITIES - 0.25%
Central Maine Power Company,
7.375% due 01/01/99 $290,000 $291,659
-------
FINANCE & BANKING - 8.23%
Auburn Hills Trust,
12.00% due 05/01/20 250,000 359,855
BCO Commercio Exterior,
8.625% due 06/02/00 230,000 233,543
BankAmerica Corporation,
7.75% due 07/15/02 400,000 413,404
BanPonce Financial Corporation,
5.17% due 07/15/96 1,000,000 998,430
Capital One Financial,
8.625% due 01/15/97 900,000 915,165
Chrysler Financial Corporation,
10.34% due 05/15/08 600,000 600,750
Comdisco, Incorporated,
7.33% due 03/06/97 500,000 505,030
Continental Bank, N.A.,
11.25% due 07/01/01 700,000 763,063
12.50% due 04/01/01 450,000 553,595
Corporation Andina De Fomento,
7.25% due 04/30/98 680,000 683,400
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
FINANCE & BANKING - CONTINUED
Corporacion Andina De Fomento,
7.375% due 07/21/00 $110,000 $108,250
Countrywide Funding Corporation,
8.43% due 11/16/99 500,000 524,085
Financiera Energetica Nacional,
6.625% due 12/13/96 360,000 359,550
9.00% due 10/08/99 40,000 41,450
Ford Motor Credit Company,
6.80% due 08/15/97 800,000 804,592
General Motors Acceptance
Corporation, 7.50% due 11/04/97 175,000 178,307
General Motors Acceptance
Corporation, 7.625% due 03/09/98 575,000 587,863
Golden West Financial Corporation,
10.25% due 12/01/00 600,000 678,456
Security Pacific Corporation,
11.50% due 11/15/00 200,000 234,442
---------
9,543,230
PETROLEUM SERVICES - 0.56%
Empresa Col De Petroleos,
7.25% due 07/08/98 650,000 646,750
-------
INDUSTRIALS - 2.50%
Comdisco, Incorporated,
9.75% due 01/15/97 250,000 256,285
News America Holdings,
Incorporated, 7.50% due 03/01/00 550,000 558,899
News America Holdings,
Incorporated, 9.125% due 10/15/99 351,000 375,384
Panamerican Beverages,
Incorporated, 8.125% due 04/01/03 173,000 169,085
RJR Nabisco, Incorporated,
8.00% due 07/15/01 220,000 215,877
RJR Nabisco, Incorporated,
8.625% due 12/01/02 250,000 251,025
Tenneco, Incorporated,
10.00% due 08/01/98 1,000,000 1,069,480
---------
2,896,035
OTHER - 1.73%
British Aerospace Finance,
Incorporated, 7.55% due 05/15/97 350,000 353,329
Time Warner, Incorporated,
7.975% due 08/15/04 1,650,000 1,649,026
---------
2,002,355
TELEPHONE - 0.86%
360 Communications,
7.125% due 03/01/03 250,000 239,347
Tele-Communications, Incorporated,
7.00% due 08/04/97 750,000 754,560
-------
993,907
TOTAL CORPORATE BONDS
(Cost $16,721,295) $16,373,936
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
50
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 8.79%
U.S. TREASURY STRIPS - 4.06%
Principal Only due 08/15/99**** $1,370,000 $ 1,115,591
Principal Only due 11/15/04**** 3,970,000 2,240,191
Principal Only due 08/15/09**** 1,500,000 593,430
Principal Only due 08/15/20 1,800,000 314,298
Principal Only due 05/15/20**** 2,480,000 440,969
-----------
4,704,479
U.S. TREASURY BONDS - 1.25%
8.00% due 11/15/21 150,000 165,914
8.125% due 08/15/21 130,000 145,600
8.50% due 02/15/20 100,000 115,937
8.75% due 05/15/17 680,000 802,930
8.75% due 08/15/20 180,000 214,116
-----------
1,444,497
U.S TREASURY NOTES - 3.48%
5.625% due 10/31/97 2,600,000 2,588,612
7.25% due 08/15/04 600,000 621,654
7.50% due 10/31/99**** 800,000 829,128
-----------
4,039,394
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $10,062,120) $10,188,370
-----------
U.S. GOVERNMENT
AGENCY OBLIGATIONS - 15.01%
FEDERAL HOME LOAN MORTGAGE CORPORATION - 2.33%
6.125% due 09/20/00 370,000 363,699
7.50% TBA** 2,000,000 1,978,740
8.20% due 01/16/98 350,000 356,289
-----------
2,698,728
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 7.69%
zero coupon, due 03/09/02 940,000 885,659
6.00% TBA** 2,000,000 1,893,740
6.11% due 09/20/00 330,000 324,172
6.50% due 01/01/26 - 02/01/26 1,009,999 947,187
7.00% TBA** 4,000,000 3,856,240
7.50% TBA** 1,000,000 1,006,250
-----------
8,913,248
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 4.99%
7.00% TBA** 1,000,000 962,810
7.00% due 08/15/23 975,452 943,126
7.50% TBA** 3,000,000 2,965,290
9.00% due 07/15/16 - 01/15/22 858,124 912,700
-----------
5,783,926
U.S. GOVERNMENT
AGENCY OBLIGATIONS
(Cost $17,522,088) $17,395,902
-----------
FIXED INCOME - OTHER - 5.07%
GUARANTEED - 0.05%
Resolution Funding Corporation,
zero coupon due 01/15/21 390,000 64,159
-----------
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
MISCELLANEOUS ASSET BACKED SECURITIES - 3.26%
Case Equipment Loan Trust,
7.30% due 03/15/02 $ 373,424 $ 379,305
Chevy Chase Auto Receivables,
Series 1995, Class 2A,
5.80% due 06/15/02 257,026 255,338
Discover Card Master Trust 1,
Series 1996-4, Class A,
5.81% due 10/16/13 1,520,000 1,519,042
Discover Card Master Trust 1,
Series 1996-2, Class A,
5.72% due 07/18/05 220,000 220,000
Discover Card Master Trust 1,
Series 1994-2, Class A,
5.85% due 10/16/04 130,000 130,853
Fingerhut Master Trust,
Series 1996-1, Class A,
6.45% due 02/20/02 450,000 446,670
MBNA Master Credit Card Trust,
Series 1995-D, Class A,
6.05% due 11/15/02 640,000 626,797
Premier Auto Trust, Series 933,
Class A3, 4.90% due 12/15/98 147,132 145,935
Premier Auto Trust, Series 1995
Class A5, 7.90% due 05/04/99 50,000 51,031
-----------
3,774,971
OTHER COLLATERIZED MORTGAGE OBLIGATIONS - 1.76%
Household Financial Corporation, Series
1991, Class A, 7.25% due 08/19/06 76,032 76,292
Navistar Financial Corporation
Owner Trust, Series 1995-A,
Class A2, 6.55% due 11/20/01 253,703 254,655
Sears Credit Account Master Trust, Series
1995, Class A, 7.00% due 10/15/04 300,000 303,561
Standard Credit Card Master Trust, Series
1995, Class A, 7.85% due 02/07/02 510,000 529,763
Standard Credit Card Master Trust, Series
1994, Class A, 8.25% due 11/07/03 820,000 870,225
-----------
2,034,496
TOTAL FIXED INCOME - OTHER
(Cost $5,943,377) $ 5,873,626
-----------
FOREIGN BONDS - 1.05%
State of Israel, 6.375% due 12/15/05 235,000 218,867
Province of Quebec, Canada,
13.25% due 09/15/14 500,000 612,630
YPF Sociedad Anonima,
7.50% due 10/26/02 302,294 302,022
Republic of Columbia,
9.25% due 02/03/00 80,000 82,798
-----------
1,216,317
TOTAL FOREIGN BONDS
(Cost $1,253,843) $ 1,216,317
-----------
</TABLE>
The accompanying notes are an integral of the financial statements.
51
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
------ -----
<S> <C>
REPURCHASE AGREEMENT - 12.15%***
$14,072,000 Repurchase Agreement with
State Street Bank & Trust
Company dated 04/30/96 at
5.23%, to be repurchased
at $14,074,044 on
05/01/96, collateralized
by $14,255,000 U.S.
Treasury Notes, 6.125%
due 07/31/00 (valued at
$14,573,161, including
interest) $14,072,000
-----------
TOTAL INVESTMENTS
(Asset Allocation Fund) (Cost $106,858,866) $115,867,903
============
</TABLE>
STRATEGIC INCOME FUND
<TABLE>
<CAPTION>
Principal
Amount Value
--------- -----
<S> <C> <C>
CORPORATE BONDS - 45.32%
BUSINESS SERVICES - 1.75%
A Plus Network, Incorporated,
11.875% due 11/01/05 $500,000 $507,500
Borg-Warner Security Corporation,
9.125% due 05/01/03 500,000 465,000
-------
972,500
DRUGS & HEALTH CARE - 1.96%
Dade International, Incorporated,
Series B, 13.00% due 02/01/05 500,000 592,500
Paracelsus Healthcare Corporation,
9.875% due 10/15/03 500,000 500,000
---------
1,092,500
ENERGY & UTILITIES - 0.85%
Petro PSC Properties,
12.50% due 06/01/02 500,000 470,000
---------
FINANCE & BANKING - 4.48%
Empress River Casino Finance
Corporation, 10.75% due 04/01/02 500,000 521,250
Foamex Capital Corporation,
11.875% due 10/01/04 500,000 477,500
Mellon Financial Company,
9.75% due 06/15/01 500,000 557,050
Trump Atlantic City,
11.25% due 05/01/06 500,000 507,500
Venture Holdings Trust,
9.75% due 04/01/04 500,000 427,500
---------
2,490,800
FOOD & BEVERAGES - 0.40%
Flagstar Corporation,
10.75% due 09/15/01 250,000 222,500
---------
FOOD STORES - 1.91%
Big V Supermarkets, Incorporated,
11.00% due 02/15/04 250,000 223,125
Carr Gottstein Foods Company,
12.00% due 11/15/05 400,000 408,000
<CAPTION>
Principal
Amount Value
--------- -----
<S> <C> <C>
FOOD STORES - CONTINUED
Penn Traffic Company,
9.625% due 04/15/05 $500,000 $430,000
---------
1,061,125
GENERAL OBLIGATION - 0.38%
United States Leasing International,
8.45% due 01/25/05 200,000 212,706
---------
HOUSEHOLD APPLIANCES & FURNISHING - 0.86%
Decorative Home Accents,
Incorporated, 13.00% due 06/30/02 500,000 480,000
---------
INDUSTRIALS - 16.26%
Alvey Systems, Incorporated,
11.375% due 01/31/03 500,000 515,000
Berry Plastics Corporation,
12.25% due 04/15/04 650,000 705,250
Brooks Fiber Properties,
Step up to 10.875% due 03/01/06 500,000 277,500
Exide Electronics Group,
Incorporated, 11.50% due 03/15/06 500,000 520,000
Forest Oil Corporation,
11.25% due 09/01/03 500,000 495,000
Hollinger, Incorporated,
zero coupon, due 10/05/13 1,500,000 483,750
Inernational Semi Tech Microelectronic,
Step up to 11.50% due 08/15/03 1,000,000 600,000
Jordan Industries, Incorporated,
10.375% due 08/01/03 450,000 411,750
KSC Energy, Incorporated,
11.00% due 01/15/03 500,000 536,250
Marcus Cable Company,
14.25% due 12/15/05 750,000 465,000
NL Industries, Incorporated,
Step up to 13.00% due 10/15/05 750,000 577,500
Norcal Waste Systems, Incorporated,
12.50% due 11/15/05 500,000 510,000
Plastic Specialties & Technologies,
Incorporated, 11.25% due 12/01/03 500,000 486,250
Revlon Worldwide Corporation,
Series B, zero coupon due 03/15/98 500,000 402,500
SC International Services,
Incorporated, 13.00% due 10/01/05 500,000 540,000
Specialty Equipment Companies,
Incorporated, 11.375% due 12/01/03 250,000 258,750
Talley Manufactoring & Technology,
Incorporated, 10.75% due 10/15/03 500,000 505,000
Terex Corporation,
13.75% due 05/15/02 500,000 502,500
Unisys Corporation,
12.00% due 04/15/03 250,000 250,625
---------
9,042,625
</TABLE>
The accompanying notes are in an integral of the financial statements.
52
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
LEATHER PRODUCTS - 0.46%
Samsonite Corporation,
11.125% due 07/15/05 $250,000 $253,750
-------
LEISURE TIME - 0.92%
Hollywood Casino, Incorporated,
12.75% due 11/01/03 250,000 246,250
Showboat Marina Casino,
13.50% due 03/15/03 250,000 267,500
-------
513,750
OTHER - 4.67%
American Media Operations,
Incorporated,10.625% due 05/01/03 500,000 498,750
Herff Jones, Incorporated,
11.00% due 08/15/05 500,000 540,000
Hines Horticulture, Incorporated,
11.75% due 10/05/05 500,000 521,250
Outdoor Systems, Incorporated,
10.75% due 08/15/03 500,000 507,500
The Selmer Company, Incorporated,
11.00% due 05/15/05 500,000 527,500
---------
2,595,000
RETAIL TRADE - 4.01%
Apparel Retailers, Incorporated,
Series B, Step-up to 12.75%
due 08/15/05 1,000,000 720,000
Cole National Group, Incorporated,
11.25% due 10/01/01 500,000 510,000
Finlay Fine Jewerly Corporation,
10.625% due 05/01/03 500,000 490,000
Hills Stores Company,
10.75% due 09/30/03 500,000 507,500
---------
2,227,500
STEEL - 0.88%
Algoma Steel, Incorporated,
12.375% due 07/15/05 500,000 491,250
-------
TELEPHONE - 1.87%
In Flight Phone Corporation,
Step up to 14.00% due 05/15/02 650,000 195,000
Telex Communications, Incorporated,
12.00% due 07/15/04 550,000 580,250
Wireless One, Incorporated,
13.00% due 10/15/03 250,000 265,000
---------
1,040,250
TELECOMMUNICATION SERVICES -3.66%
Adelphia Communications
Corporation, 12.50% due 05/15/02 500,000 507,500
International Cabletel, Incorporated,
Step up to 11.50% due 02/01/06 1,000,000 582,500
People's Choice TV Corporation,
Step up to 13.125% due 06/01/04 750,000 468,750
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
TELECOMMUNICATION SERVICES - CONTINUED
United International Holdings,
Incorporated, zero coupon
due 11/15/99
$750,000 $476,250
---------
2,035,000
TOTAL CORPORATE BONDS
(Cost $25,145,342) $25,201,256
----------
U.S. TREASURY OBLIGATIONS - 9.69%
U.S. TREASURY NOTES - 9.69%
5.625% due 02/28/01 2,730,000 2,642,121
5.625% due 02/15/06 1,830,000 1,696,758
5.875% due 11/15/05 1,110,000 1,046,863
---------
5,385,742
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $5,518,983) $5,385,742
---------
U.S. GOVERNMENT
AGENCY OBLIGATIONS - 10.57%
FEDERAL HOME LOAN MORTGAGE CORPORATION - 3.26%
5.89% due 07/24/00 450,000 438,611
6.50% TBA** 700,000 657,342
8.50% due 05/01/08 690,834 715,338
---------
1,811,291
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 6.49%
6.50% due 03/01/26 - 04/01/26 2,500,000 2,344,525
7.00% TBA** 837,500 807,400
7.52% due 08/26/05 300,000 295,624
13.00% due 01/01/99 135,632 160,301
---------
3,607,850
STUDENT LOAN MARKETING ASSOCIATION - 0.82%
7.20% due 11/09/00 450,000 457,875
-------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS (Cost $5,902,887) $5,877,016
---------
FOREIGN GOVERNMENT OBLIGATIONS - 25.81%
REPUBLIC OF ARGENTINA - 5.64%
6.312% due 03/31/05 4,108,500 3,137,867
---------
COMMONWEALTH OF AUSTRALIA - 0.22%
6.75% due 11/15/06 180,000 122,481
-------
FEDERAL REPUBLIC OF BRAZIL - 5.21%
4.50% due 04/15/14 1,894,147 1,138,856
5.00% due 04/15/24 1,500,000 742,500
6.00% due 09/15/13 750,000 445,312
6.50% due 04/15/06 750,000 570,938
---------
2,897,606
NATIONAL REPUBLIC OF BULGARIA - 2.43%
2.00% due 07/28/12 4,500,000 1,350,000
---------
</TABLE>
The accompanying notes are an integral part of the financial statements.
53
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
GOVERNMENT OF CANADA - 0.73%
6.25% due 02/01/98 CAD 76,000 $56,017
9.00% due 12/01/04 442,000 350,062
-------
406,079
GOVERNMENT OF COSTA RICA - 0.32%
Series B, 6.25% due 05/21/15 $300,000 177,000
-------
KINGDOM OF DENMARK - 0.16%
7.00% due 12/15/04 DKK 170,000 28,876
9.00% due 11/15/98 310,000 57,577
-------
86,453
REPUBLIC OF ECUADOR - 1.43%
3.00% due 02/27/15 - 02/28/15 $1,822,223 797,222
-------
FEDERAL REPUBLIC OF GERMANY - 1.97%
6.00% due 02/20/98-02/16/06 DEM 1,650,000 1,093,759
---------
GOVERNMENT OF NETHERLAND - 0.84%
6.25% due 07/15/98 NLG 230,000 140,913
7.00% due 06/15/05 530,000 326,165
-------
467,078
GOVERNMENT OF MEXICO - 2.37%
Series B, 6.25% due 12/31/19 $2,000,000 1,317,500
---------
GOVERNMENT OF POLAND - 3.84%
2.75% due 10/27/24 750,000 409,688
3.75% due 10/27/14 2,250,000 1,726,875
---------
2,136,563
GOVERNMENT OF UNITED KINGDOM - 0.65%
Great British Treasury,
7.00% due 11/06/01 POUND 110,000 161,552
8.25% due 12/07/05 130,000 202,177
-------
363,729
TOTAL FOREIGN GOVERNMENT
OBLIGATIONS (Cost $12,999,028) $14,353,337
-----------
<CAPTION>
COMMON STOCKS - 0.01% Shares Value
------ -----
<S> <C> <C>
HOUSEHOLD APPLIANCES & FURNISHING - 0.01%
Decorative Home Accents, Incorporated 500 5,000
-----
TOTAL COMMON STOCKS (Cost $5,000) $5,000
------
WARRANTS - 0.02%*
FINANCIAL SERVICES - 0.01%
BPC Holdings Corporation (Expiration
date 04/15/04; strike price $18.797) 500 $7,500
------
TELEPHONE - 0.01%
Wireless One, Incorporated (Expiration
date 10/15/00; strike price $11.50) 750 5,250
-----
TOTAL WARRANTS (Cost $0) $12,750
-------
<CAPTION>
Principal
Amount Value
------ -----
<S> <C>
REPURCHASE AGREEMENT - 8.58%***
$4,774,000 Repurchase Agreement with UBS
Securities dated 04/30/96 at 5.29%,
to be repurchased at $4,774,702
on 05/01/96, collateralized by
$4,830,000 U.S. Treasury Notes,
6.00% due 08/31/97 (valued at
$4,920,300, including interest) $4,774,000
----------
TOTAL INVESTMENTS
(Strategic Income Fund) (Cost
$54,345,240) $55,609,101
===========
INVESTMENT QUALITY BOND FUND
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
CORPORATE BONDS - 41.22%
AIR TRAVEL - 1.42%
United Airlines, 7.27% due 01/30/13 $300,000 $284,241
--------
BROADCASTING - 0.52%
Chancellor Broadcasting Company,
9.375% due 10/01/04 10,000 9,625
EZ Communications, Incorporated
9.75% due 12/01/05 25,000 24,375
Granite Broadcasting Corporation,
10.375 due 05/15/05 25,000 25,000
Young Broadcasting, Incorporated,
9.00% due 01/15/06 50,000 46,250
-------
105,250
DRUG & HEALTH CARE - 0.37%
Beverly Enterprises, 9.00%, 02/15/06 20,000 18,800
OrNda Healthcorp, 11.375%, 08/15/04 50,000 55,875
------
74,675
ELECTRIC UTILITIES - 3.23%
Cincinnati Gas & Electric Company,
6.90% due 06/01/25 200,000 193,722
The Cleveland Electric Illuminating
Company, 9.50% due 05/15/05 25,000 24,339
El Paso Electric Company,
8.90% due 02/01/06 50,000 49,375
Rochester Gas & Electric
Corporation, 8.25% due 03/15/02 100,000 104,446
Virginia Electric & Power Company,
9.375% due 06/01/98 262,000 276,095
-------
647,977
FINANCE & BANKING - 19.65%
American General Finance
Corporation, 8.00% due 02/15/05 230,000 239,110
Associates Corporation of North
America, 6.95% due 08/01/02 320,000 320,099
BankAmerica Corporation,
9.50% due 04/01/01 114,000 126,069
</TABLE>
The accompanying notes are an integral part of the financial statements.
54
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
FINANCE & BANKING - CONTINUED
BanPonce Financial Corporation,
6.80% due 12/21/05 $250,000 $238,173
Beneficial Corporation,
8.40% due 05/15/08 75,000 81,220
8.90% due 06/06/01 30,000 32,452
Comerica, Incorporated,
7.125% due 12/01/13 175,000 160,958
Commercial Credit Group,
Incorporated, 10.00% due 05/01/99 50,000 54,439
Equitable Life Assurance Society of the
United States, 6.95% due 12/01/05 250,000 239,855
First National Bank of Boston,
8.00% due 09/15/04 225,000 233,255
First Union Corporation,
7.50% due 04/15/35 300,000 311,463
General Motors Acceptance
Corporation, 6.00% due 01/11/99 150,000 148,066
General Motors Acceptance
Corporation, 7.00% due 09/15/02 200,000 198,968
International Lease Finance
Corporation, 7.50% due 03/01/99 200,000 204,340
NBD Bancorp, 8.25% due 11/01/24 300,000 334,674
Norwest Corporation,
6.00% due 03/15/00 100,000 97,731
Republic New York Corporation,
9.70% due 02/01/09 100,000 117,728
9.75% due 12/01/00 155,000 172,269
Sun Canada Financial Company,
7.25% due 12/15/15 200,000 186,516
Texaco Capital, Incorporated,
8.93% due 07/23/01 60,000 65,193
Trump Atlantic City,
11.25% due 05/01/06 15,000 15,225
United Bankshares, Incorporated,
8.625% due 04/15/98 200,000 207,102
Wells Fargo & Company,
8.75% due 05/01/02 150,000 160,893
----------
3,945,798
FOOD STORES - 0.11%
Big V Supermarkets, Incorporated,
11.00% due 02/15/04 25,000 22,312
----------
GAS & PIPELINE UTILITIES - 0.25%
Transport De Gas Del Sur,
10.25% due 04/25/01 50,000 50,312
----------
HOMEBUILDERS - 0.24%
Continental Homes Holding,
Corporation, 10.00% due 04/15/06 50,000 49,000
----------
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
INDUSTRIALS - 6.80%
Allied-Signal, Incorporated
9.875% due 06/01/02 $100,000 $113,392
Amoco Canada Petroleum Company,
Ltd., 7.95% due 10/01/22 100,000 101,310
Armco, Incorporated,
9.375% due 11/01/00 50,000 48,750
Bell & Howell Company,
Step-up to 11.50% due 03/01/05 50,000 33,625
Cablevision Systems Corporation,
9.25% due 11/01/05 25,000 24,375
Cincinnati Milacron, Incorporated,
7.875% due 05/15/00 130,000 129,675
Coastal Corporation,
8.75% due 05/15/99 400,000 418,156
Container Corporation of America,
9.75% due 04/01/03 50,000 50,000
Dominion Textile (USA),
Incorporated, 9.25% due 04/01/06 20,000 19,775
Fort Howard Corporation,
9.25% due 03/15/01 50,000 49,500
Interlake Corporation,
12.00% due 11/15/01 25,000 26,000
K & F Industries, Incorporated,
11.875% due 12/01/03 50,000 54,000
News America Holdings,
Incorporated, 9.25% due 02/01/13 150,000 162,010
Plains Resources, Incorporated,
10.25% due 03/15/06 50,000 50,750
Repap New Brunswick, Incorporated,
9.875% due 07/15/00 50,000 49,875
Westvaco Corporation,
9.65% due 03/01/02 30,000 33,165
----------
1,364,358
METAL PRODUCTS - 0.26%
Howmet Corporation, 10.00%, 12/01/03 50,000 52,750
----------
NON-BANK FINANCE - 1.36%
KFW International Financial, Incorporated,
8.85% due 06/15/99 50,000 53,262
9.125% due 05/15/01 200,000 220,414
----------
273,676
PUBLISHING - 1.91%
Time Warner, Incorporated,
9.125% due 01/15/13 295,000 308,771
S.D. Warren Company,
12.00% due 12/15/04 25,000 26,063
World Color Press, Incorporated,
9.125% due 03/15/03 50,000 49,000
----------
383,834
</TABLE>
The accompanying notes are an integral part of the financial statements.
55
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
TELECOMMUNICATION SERVICES - 1.71%
Comcast Corporation,
9.125% due 10/15/06 $50,000 $49,875
Heritage Media Corporation,
11.00% due 06/15/02 50,000 53,313
Tele-Communications, Incorporated,
9.80% due 02/01/12 200,000 213,240
Videotron, Ltd., 10.25% due 10/15/02 25,000 26,000
-------
342,428
TELEPHONE - 2.84%
360 Communications,
7.125% due 03/01/03 150,000 143,609
Arch Communications Group,
Incorporated, Step-up to 10.875%
due 03/15/08 50,000 27,875
GTE Florida, Incorporated,
6.31% due 12/15/02 200,000 191,996
Illinois Bell Telephone Company,
7.625% due 04/01/06 35,000 35,468
MobileMedia Communications,
Incorporated, 9.375% due 11/01/07 50,000 48,000
New York Telephone Company,
7.875% due 06/15/17 100,000 97,891
Paging Network, Incorporated,
10.125% due 08/01/07 25,000 25,812
-------
570,651
TRANSPORTATION - 0.55%
CSX Corporation, 9.04% due 02/28/97 75,000 76,585
Southern Railway Company,
8.75% due 10/15/03 30,000 32,876
-------
109,461
TOTAL CORPORATE BONDS
(Cost $8,263,727) $8,276,723
---------
U.S. TREASURY OBLIGATIONS - 23.45%
U.S. TREASURY BONDS - 23.45%
10.75% due 02/15/03 1,650,000 2,021,762
12.00% due 08/15/13 1,900,000 2,686,125
---------
4,707,887
TOTAL U.S. TREASURY
OBLIGATIONS (Cost $4,805,036) $4,707,887
---------
U.S. GOVERNMENT
AGENCY OBLIGATIONS - 25.03%
FEDERAL HOME LOAN MORTGAGE CORPORATION - 13.29%
6.50% due 02/01/11 - 04/01/24 1,472,970 1,397,621
7.00% due 10/01/25 890,843 859,939
8.00% due 11/15/99 400,000 410,124
---------
2,667,684
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 4.38%
4.50% due 01/25/98, REMIC 102,486 100,788
6.25% due 11/25/19, REMIC 500,000 482,185
6.60% due 09/25/18, REMIC 300,000 296,625
-------
879,598
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION - 7.36%
7.00% due 06/15/23 - 10/15/23 $839,712 $811,884
8.00% due 10/15/16 - 04/15/17 649,361 665,212
---------
1,477,096
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS (Cost $5,098,552) $5,024,378
---------
FIXED INCOME - OTHER - 4.60%
MISCELLANEOUS ASSET BACKED SECURITIES - 4.60%
Advanta Credit Card Master Trust, Series
1994, Class A, 5.78% due 10/01/01 300,000 301,125
Premier Auto Trust, Series 1993,
Class A2, 4.65% due 11/02/99 84,689 83,498
Western Financial Grantor Trust, Series
1995, Class A1, 7.10% due 07/01/00 154,381 156,452
World Omni Automobile Lease,
6.05% due 11/25/01 200,000 198,936
World Omni Automobile Lease, Series
1994, Class A, 6.45% due 09/25/00 181,948 182,572
-------
922,583
TOTAL FIXED INCOME - OTHER
(Cost $918,045) $922,583
-------
FOREIGN BONDS - 4.07%
CANADA - 2.12%
Hydro-Quebec, 8.05% due 07/07/24 400,000 424,716
-------
GOVERNMENT OF ITALY - 0.88%
6.875% due 09/27/23 200,000 176,460
-------
JAPAN - 1.07%
Japan Financial Corporation,
9.125% due 10/11/00 200,000 215,896
-------
TOTAL FOREIGN BONDS
(Cost $850,633) $817,072
-------
<CAPTION>
Principal
Amount Value
------ -----
<S> <C>
REPURCHASE AGREEMENT - 1.63%
$328,000 Repurchase Agreement with
Swiss Bank dated 04/30/96
at 5.31%, to be repurchased
at $328,048 on 05/01/96,
collateralized by $230,000
U.S. Treasury Bonds, 11.25%
due 02/15/15 (valued at
$335,884, including
interest) $328,000
--------
TOTAL INVESTMENTS
(Investment Quality Bond Fund)
(Cost $20,263,993) $20,076,643
==========
</TABLE>
The accompanying notes are an integral part of the financial statements.
56
<PAGE>
U.S. GOVERNMENT SECURITIES FUND
<TABLE>
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
U.S. TREASURY OBLIGATIONS - 7.29%
U.S. TREASURY NOTES - 7.29%
5.00% due 01/31/98 6,000,000 $5,899,680
6.125% due 05/31/97 2,000,000 2,007,500
6.50% due 08/15/05 2,920,000 2,879,850
----------
10,787,030
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $11,065,969) $10,787,030
----------
U.S. GOVERNMENT
AGENCY OBLIGATIONS - 59.38%
FEDERAL HOME LOAN MORTGAGE CORPORATION - 22.77%
6.00% due 05/01/09 - 10/01/10 23,314,496 22,104,125
6.50% TBA** 11,000,000 10,329,660
8.00% due 06/01/08 298,558 306,861
8.25% due 07/01/06 279,864 288,271
8.50% due 05/01/08 572,630 590,839
11.75% due 08/01/13 66,934 74,685
----------
33,694,441
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 23.99%
6.50% due 12/01/99 - 04/01/26 9,000,003 8,440,292
7.00% TBA** 8,737,500 8,423,474
7.52% due 08/26/05 4,000,000 3,941,656
8.00% due 08/01/04 90,419 92,491
8.25% due 03/25/06, REMIC 675,000 695,668
8.50% due 08/01/02 182,929 189,833
9.50% due 08/01/22 3,432,545 3,694,277
11.00% due 02/01/15 741 827
11.50% due 04/01/19 - 02/01/20 3,236,999 3,652,727
12.00% due 04/01/16 640,000 736,600
12.50% due 08/01/11 - 07/01/15 2,246,145 2,615,305
13.00% due 01/01/99 1,869,585 2,209,616
14.50% due 11/01/14 648,623 800,239
----------
35,493,005
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - 12.62%
7.00% TBA** 15,700,000 15,116,117
7.50% due 04/15/02 - 02/15/07 561,642 563,267
7.75% due 04/15/04 78,635 79,755
8.00% due 11/15/06 - 02/15/08 45,135 46,418
10.25% due 02/15/00 - 03/15/01 256,297 267,428
10.50% due 01/15/01 19,756 20,972
11.00% due 03/15/00 - 09/20/15 229,745 248,066
11.25% due 04/15/98 - 10/20/15 20,832 22,971
11.50% due 08/20/00 - 09/15/20 714,863 804,129
11.75% due 09/15/98 1,447 1,520
12.25% due 10/15/13 - 06/15/15 484,599 562,740
12.50% due 09/15/14 80,944 94,199
13.25% due 07/15/14 73,082 85,963
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - CONTINUED
13.50% due 11/15/12 - 02/15/13 74,170 $88,210
14.50% due 06/15/11 8,954 10,555
15.00% due 07/15/11 - 09/15/12 175,774 216,281
15.50% due 07/15/11 - 12/15/11 357,243 447,893
----------
18,676,484
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS (Cost $88,405,977) $87,863,930
----------
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.90%
Drexel Burnham Lambert, 9.30%
due 06/01/17 (Collateralized by
GNMA, 10.00%) 39,843 40,354
Merrill Lynch Trust XXV, 8.75%
due 03/20/19 (Collateralized by
FHLMC, 10.00%) 42,173 42,621
Shearson Lehman, Incorporated,
7.50% due 06/01/18 (Collateralized
by GNMA, 11.50%) 1,273,870 1,257,539
---------
1,340,514
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (Cost $1,390,157) $1,340,514
---------
Principal
Amount Value
------ -----
REPURCHASE AGREEMENTS - 32.43%***
$23,994,000 Repurchase Agreement with UBS
Securities dated 04/30/96 at
5.29%, to be repurchased at
$23,997,526 on 05/01/96,
collateralized by $23,650,000
U.S. Treasury Notes, 7.50% due
10/31/99 (valued at $24,477,750,
including interest) $23,994,000
23,993,000 Repurchase Agreement with State
Street Bank & Trust Company
dated 04/30/96 at 5.25%, to be
repurchased at $23,996,499
on 05/01/96, collateralized by
$24,240,000 U.S. Treasury Notes,
6.50% due 09/30/96 (valued at
$24,604,276, including interest) 23,993,000
-----------
$47,987,000
TOTAL INVESTMENTS
(U.S. Government Securities Fund)
(Cost $148,849,103) $147,978,474
===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
57
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
NATIONAL MUNICIPAL BOND FUND
<TABLE>
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
LONG-TERM INVESTMENTS - 97.49%
ALABAMA - 2.86%
Alabama Housing Finance Authority
Single Family Mortgage Revenue
Collateralized Home Mortgage Program,
Series B-2, 6.40%, 04/01/25 $560,000 $569,755
-------
CALIFORNIA - 9.92%
California State Public Works Board
Lease Revenue, Various Community
College Projects, 7.00%, 03/01/14 500,000 542,040
Los Angeles, California Harbor Department
Revenue, Series B, 6.625%, 08/01/19 390,000 406,150
Santa Clara, California Electric
Revenue, Series A, 6.25%, 07/01/13 1,000,000 1,027,170
---------
1,975,360
FLORIDA - 7.36%
Gainesville, Florida Utilities Systems
Revenue, Series A, 5.20%, 02/01/22 500,000 452,185
Jacksonville, Florida Water & Sewer
Revenue, 6.35%, 08/01/25 1,000,000 1,014,330
---------
1,466,515
ILLINOIS - 10.25%
Illinois Health Facilities Authority
Revenue (OSF Health Care System),
6.00%, 11/15/23 200,000 190,940
Illinois Health Facilities Authority
Revenue (Hospital Association
Project), 7.00%, 02/15/22 200,000 206,380
Chicago, Illinois Wastewater Transmission
Revenue, 5.125%, 01/01/25 1,000,000 874,710
Chicago, Illinois Wastewater Transmission
Revenue, 6.375%, 01/01/24 750,000 770,662
---------
2,042,692
INDIANA - 0.76%
Indiana Bond Bank Special Program
(Sanitary District of City of Gary, Indiana
Project), Series B, 6.20%, 02/01/13 150,000 151,707
-------
IOWA - 0.76%
Iowa Finance Authority Hospital Facility
Revenue Refunding (Trinity Regional
Hospital Project), 7.00%, 07/01/12 150,000 151,650
-------
LOUISIANA - 2.38%
Louisiana Public Facilities Authority Hospital
Revenue Refunding (Touro Infirmary
Project), Series A, 6.125%, 08/15/23 500,000 473,815
-------
MAINE - 0.13%
Maine State Housing Authority Mortgage
Purchase, Series A-4, 6.375%, 11/15/12 25,000 25,263
------
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
NEBRASKA - 5.96%
Nebraska Higher Education Loan Program
Income Revenue, 6.65%, 06/01/08 $1,200,000 $1,187,172
---------
NEVADA - 6.92%
Clark County, Nevada Passenger Facilities,
Charge Revenue, 5.75%, 07/01/23 500,000 469,945
Nevada Housing Division, Single-Family
Program, 6.35%, 10/01/12 600,000 599,352
Nevada Housing Division, Single-Family
Program, Series B-2, 6.95%, 10/01/26 300,000 308,631
---------
1,377,928
NEW JERSEY - 5.36%
New Jersey Economic Development
Authority Water Facilities Revenue
(New Jersey American Water Company,
Incorporated Project) 6.875%, 11/01/34 1,000,000 1,068,250
---------
NEW YORK - 20.61%
Metropolitan Transportation Authority,
New York Service Contract (Transit
Facilities), Series O, 6.25%, 07/01/14 375,000 387,499
New York State Local Government Assistance
Corporation, Series A, 6.00%, 04/01/16 1,000,000 991,910
New York State Dormitory Authority
Revenue, State University Educational
Facilities, Series A, 6.25%, 05/15/08 500,000 513,165
New York State Environmental Facilities
Corporation Pollution Control Revenue
Refunding (IBM Corporation Project),
7.125%, 07/01/12 580,000 622,827
New York State Mortgage Agency
Revenue, Series 40-A, 6.35%, 04/01/21 630,000 637,434
Triborough Bridging & Tunell Authority
Revenue, Series Y, 5.50%, 01/01/17 1,000,000 953,640
---------
4,106,475
PENNSYLVANIA - 4.86%
Monroeville, Pennsylvania Hospitals
Authority Hospitals Revenue,
6.25%, 10/01/15 1,000,000 968,300
-------
SOUTH CAROLINA - 2.44%
Greenville Hospital Systems
Hospital Facilities Revenue,
Series B, 5.70%, 05/01/12 500,000 487,210
-------
SOUTH DAKOTA - 0.23%
South Dakota Housing Development
Authority, Homeowner Mortgage,
Series D, 6.85%, 05/01/26 45,000 45,999
------
</TABLE>
The accompanying notes are an integral part of the financial statements.
58
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
------ -----
<S> <C> <C>
TENNESSEE - 2.38%
Humphreys County, Tennessee Industrial
Development Board Solid Waste
Disposal
Revenue (E.I. Du Pont Denemours &
Company Project), 6.70%, 05/01/24 $450,000 $473,436
-------
TEXAS - 4.29%
Lower Neches Valley Authority, Texas
Industrial Development Corporation
Sewer Facilities Revenue, Mobil Oil
Refining Corporation, 6.40%, 03/01/30 750,000 757,500
Texas State Veterans Housing
Assistance, 6.80%, 12/01/23 95,000 96,934
-------
854,434
VIRGINIA - 1.51%
Virginia State Housing Development
Authority Commonwealth Mortgage,
Subseries I-1, 6.55%, 07/01/17 300,000 301,242
-------
WASHINGTON - 2.39%
Washington State Health Care Facilities
Authority Revenue, 5.50%, 10/01/14 500,000 475,535
-------
WISCONSIN - 6.12%
Wisconsin Housing & Economic
Development Authority Home Ownership
Revenue, Series D, 6.10%, 07/01/24 200,000 199,206
Wisconsin State Health & Educational
Facilities Authority Revenue, Mercy
Hospital of Janesville, Incorporated,
6.60%, 08/15/22 1,000,000 1,019,670
---------
1,218,876
TOTAL LONG-TERM INVESTMENTS
(Cost $19,383,387) $19,421,614
----------
SHORT-TERM INVESTMENTS - 2.51%
CALIFORNIA - 3.38%
Los Angeles County, California
Industrial Development Authority,
Industrial Development Revenue,
VR, 5.10%, 04/31/96 500,000 500,000
-------
TOTAL SHORT-TERM INVESTMENTS
(Cost $500,000) $500,000
-------
TOTAL INVESTMENTS
(National Municipal Bond Fund)
(Cost $19,883,387) $19,921,614
==========
<CAPTION>
MONEY MARKET FUND Principal
Amount Value
------ -----
<S> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS - 5.43%
FEDERAL HOME LOAN MORTGAGE CORPORATION - 5.43%
5.19% due 07/16/96 $985,000 $974,208
-------
TOTAL U.S. GOVERNMENT OBLIGATIONS $974,208
-------
U.S. TREASURY OBLIGATIONS - 4.54%
U.S. TREASURY NOTES - 4.54%
7.50% due 01/31/97 800,000 813,640
-------
TOTAL U.S. TREASURY OBLIGATIONS $813,640
-------
COMMERCIAL PAPER - 90.03%
Associates Corporation of North
America, 5.08% due 06/10/96 500,000 497,178
Bank of Tokyo,
5.48% due 05/15/96 500,000 500,002
Banque National de Paris,
5.51% due 05/21/96 500,000 498,469
Bear Stearns Companies, Incorporated,
5.33% due 06/19/96 500,000 496,373
Beneficial Corporation,
5.22% due 05/21/96 500,000 498,550
BHP Finance USA,
5.34% due 07/09/96 500,000 494,882
Centric Funding Corporation,
5.20% due 05/03/96 315,000 314,909
Chevron Transport Corporation,
5.10% due 06/27/96 600,000 595,155
Chrysler Financial Corporation,
5.30% due 07/02/96 600,000 594,523
CIT Group Holdings, Incorporated,
5.32% due 06/13/96 500,000 496,823
The Coca-Cola Company,
5.15% due 05/06/96 500,000 499,642
Corporate Recievables Corporation,
5.33% due 06/17/96 500,000 496,521
Dean Witter Discover & Company,
5.20% due 05/08/96 500,000 499,494
E.I. Du Pont De Nemours & Company,
5.30% due 05/09/96 250,000 249,705
Falcon Asset Securitization,
5.30% due 06/05/96 500,000 497,424
First National Bank of Boston,
5.10% due 07/22/96 500,000 494,192
Ford Motor Credit Corporation,
5.25% due 08/01/96 500,000 493,292
Hitachi America, Ltd.,
5.34% due 10/09/96 500,000 488,059
</TABLE>
The accompanying notes are an integral part of the financial statements.
59
<PAGE>
NORTH AMERICAN FUNDS
PORTFOLIO OF INVESTMENTS - APRIL 30, 1996 - (UNAUDITED) - CONTINUED
(SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
--------- -----
<S> <C> <C>
COMMERCIAL PAPER - continued
Household International,
Incorporated, 5.20% due 05/15/96 $500,000 $498,989
Island Finance of Puerto Rico,
Incorporated, 5.35% due 06/06/96 500,000 497,325
Merrill Lynch & Company,
Incorported, 5.33% due 06/19/96 500,000 496,373
New Center Asset Trust,
5.27% due 09/26/96 100,000 97,833
5.31% due 05/08/96 500,000 499,484
Northern States Power Company,
5.35% due 05/07/96 350,000 349,688
Philip Morris Companies,
Incorporated, 5.35% due 05/08/96 330,000 329,657
Preferred Receivables Funding,
5.30% due 06/05/96 600,000 596,908
Province de Quebec,
5.08% due 07/17/96 600,000 593,481
Ranger Funding Corporation,
5.30% due 08/02/96 500,000 493,154
Sears Roebuck Acceptance
Corporation, 5.03% due 06/13/96 500,000 496,996
SunTrust Banks, Incorporated,
5.10% due 05/08/96 500,000 499,504
Tampa Electric Company,
5.35% due 05/08/96 500,000 499,480
Toshiba America, Incorporated,
5.07% due 05/13/96 500,000 499,155
Wilmington Trust Company,
5.15% due 05/13/96 500,000 500,000
Zeneca Wilmington Company,
5.30% due 07/17/96 500,000 494,332
TOTAL COMMERCIAL PAPER $16,147,552
----------
TOTAL INVESTMENTS
(Money Market Fund) $17,935,400
===========
Key to Currency Abbreviations
-----------------------------
AUD - Australian Dollar
BEF - Belgian Franc
CAD - Canadian Dollar
DKK - Danish Krone
FRF - French Franc
DEM - German Deustche Mark
(POUND) - Great British Pound
HKD - Hong Kong Dollar
ITL - Italian Lira
(YEN) - Japanese Yen
MYR - Malaysian Ringgit
NLG - Netherland Guilder
SGD - Singapore Dollar
ESP - Spanish Peseta
CHF - Swiss Franc
Key to Security Abbreviations and Legend
----------------------------------------
ADR - American Depository Receipt
FRN - Floating Rate Note
ICULS - Irredeemable Convertible Unsecured Loan Stock
REMIC - Real Estate Mortgage Investment Conduit
TBA - To Be Announced
VR - Variable Rate Demand Note (Maturity date shown is
the date of next interest rate change and coupon
rate is the rate effective as of April 30, 1996.)
* - Non-Income producing
** - Purchased on a forward commitment (Note 2)
*** - At April 30, 1996 a portion of this security was
pledged to cover forward commitments purchased.
**** - At April 30, 1996 a portion of this security was
pledged to cover margin requirements for open
futures contracts.
</TABLE>
The accompanying notes are an integral part of the financial statements.
60
<PAGE>
NORTH AMERICAN FUNDS
NOTES TO FINANCIAL STATEMENTS - (UNAUDITED)
- --------------------------------------------------------------------------------
1. ORGANIZATION OF THE FUND. North American Funds (the "Fund") is an open-end,
diversified management investment company. The Fund is organized as a
Massachusetts business trust and is registered under the Investment Company Act
of 1940, as amended. It is a series company, which means it has several
portfolios, each with a stated investment objective which it pursues through
separate investment policies. As of April 30, 1996, the Fund offered the
following thirteen portfolios: the Small/Mid Cap Fund, the International Small
Cap Fund, the Growth Equity Fund, the Global Growth Fund, the Value Equity Fund
(formerly, the Growth Fund), the Growth and Income Fund, the International
Growth and Income Fund, the Asset Allocation Fund, the Strategic Income Fund,
the Investment Quality Bond Fund, the U.S. Government Securities Fund, the
National Municipal Bond Fund and the Money Market Fund.
On April 1, 1994, the multiple class structure as approved by the Board of
Trustees and shareholders was implemented. The Fund offers Class A, Class B and
Class C shares. Class A shares are sold with a front-end sales charge up to
4.75%. Class B shares are sold with a contingent deferred sales charge which
declines from 5% to zero depending on the period of time shares are held. Class
B shares will automatically convert to Class A shares of the same portfolio six
years after purchase. Class C shares are sold without an initial sales charge.
Class C shares will automatically convert to Class A shares of the same
portfolio ten years after purchase. All three classes of shares have identical
voting, dividend, liquidation and other rights, except that each class has
exclusive voting rights with respect to its distribution plan. Classes A, B and
C of the Money Market Fund have the same expense structure and no distribution
expense.
NASL Financial Services, Inc. ("NASL Financial"), a wholly-owned subsidiary of
North American Security Life Insurance Company, serves as investment adviser,
principal underwriter and distributor for the Fund.
NEW PORTFOLIOS. On March 4, 1996, the Small/Mid Cap, International Small Cap
and Growth Equity Funds commenced operations. Fred Alger Management, Inc. is
the subadviser to the Small/Mid Cap Fund. The subadviser to the International
Small Cap and Growth Equity Funds is Founders Asset Management, Inc.
2. SIGNIFICANT ACCOUNTING POLICIES. The Fund follows the policies described
below when preparing the portfolios' financial statements. These policies are in
accordance with generally accepted accounting principles.
BASIS OF PRESENTATION. The accompanying unaudited financial statements have
been prepared in accordance with generally accepted accounting principles for
interim financial information and pursuant to the rules and regulations of the
Securities and Exchange Commission. In the opinion of management, all
adjustments necessary for a fair presentation of the financial position and the
results of operations have been included. Results for the six months ended April
30, 1996 are not necessarily indicative of annual results.
SECURITY VALUATION. Securities held by the Money Market Fund and money market
instruments with remaining maturities of 60 days or less held by the other
portfolios are valued at either the amortized cost basis or original cost plus
accrued interest, both of which approximate current market value. All other
securities held by the Fund are valued at the last sale price as of the close of
business on a principal securities exchange (domestic or foreign) or, lacking
any sales, at the closing bid price. Securities traded only in the over-the-
counter market are valued at the last bid price quoted by brokers making markets
in the securities at the close of trading on the Exchange. Other assets and
securities for which no such quotation or valuations are readily available are
valued at their fair value as determined in good faith under consistently
applied procedures established by and under the general supervision of the
Trustees.
FOREIGN CURRENCY TRANSLATIONS. The accounting records of the Fund are
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.
dollars on the following basis:
(i) market value of securities, other assets and other liabilities at the
current rate of exchange of such currencies against U.S. dollars; and
(ii) purchases and sales of securities, income and expenses at the rate of
exchange quoted on the respective dates of such transactions.
Gains and losses that arise from changes in foreign exchange rates have been
segregated from gains and losses that arise from changes in the market prices of
investments. These gains and losses are included with gains and losses on
foreign currency and forward foreign currency contracts in the Statements of
Operations.
61
<PAGE>
NORTH AMERICAN FUNDS
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
NOTE 2 - CONTINUED
FORWARD FOREIGN CURRENCY CONTRACTS. All portfolios with the exception of the
U.S. Government Securities, National Municipal Bond and Money Market Funds may
purchase and sell forward foreign currency contracts in order to hedge a
specific transaction or portfolio position.
The net U.S. dollar value of foreign currency underlying all contractual
commitments held at the end of the period and the resulting net unrealized
appreciation (depreciation) and related net receivable or payable amount are
determined using forward currency exchange rates supplied by a quotation
service. The Fund could be exposed to risks if the counterparties to the
contracts are unable to meet the terms of their contracts or if the value of the
foreign currency changes unfavorably.
Net realized gains (losses) on forward foreign currency contracts, shown in the
Statements of Operations, includes net gains or losses realized by a portfolio
on contracts which have matured or which the portfolio has terminated by
entering into an offsetting commitment.
FUTURES. All portfolios other than the U.S. Government Securities and Money
Market Fund may purchase and sell financial futures contracts and options on
those contracts. The portfolios invest in contracts based on financial
instruments such as U.S. Treasury bonds or notes or on securities indices such
as the S&P 500 Index, in order to hedge against a decline in the value of
securities owned by the portfolios.
When a portfolio sells a futures contract based on a financial instrument, the
portfolio becomes obligated to deliver that kind of instrument at an agreed upon
date for a specified price. The portfolio realizes a gain or loss depending on
whether the price of an offsetting purchase is less or more than the price of
the initial sale or on whether the price of an offsetting sale is more or less
than the price of the initial purchase. The portfolio could be exposed to risks
if it could not close out futures positions because of an illiquid secondary
market or the inability of counterparties to meet the terms of their contracts.
Upon entering into futures contracts, the portfolio is required to deposit with
a broker an amount, initial margin, which represents 5% of the purchase price
indicated in the futures contract.
Payments to and from the broker, known as variation margin, are required to be
made on a daily basis as the price of the futures contract fluctuates, making
the long or short positions in the contract more or less valuable. If the
position is closed out by taking an opposite position prior to the settlement
date of the futures contract, a final determination of variation margin is made,
cash is required to be paid to or released by the broker, and the portfolio
realizes a gain or loss.
FORWARD COMMITMENTS. The Fund may make forward commitments to purchase and sell
securities. Delivery and payment for securities which have been purchased or
sold on a forward commitment basis can take place a month or more (not to exceed
120 days) after the date of the transaction. The price of the underlying
securities and the date when the securities will be delivered and paid for are
fixed at the time the transaction is negotiated. The value of the securities
underlying a forward commitment to purchase securities, and any subsequent
fluctuations in their value, is taken into account when determining the
portfolio's net asset value starting on the day the portfolio agrees to purchase
the securities. At April 30, 1996, forward commitments in the Asset Allocation,
Strategic Income and U.S. Government Securities Funds were valued at
$12,663,070, $1,464,742 and $33,869,251, respectively.
MORTGAGE DOLLAR ROLLS. The Strategic Income and U. S. Government Securities
Funds may enter into mortgage dollar rolls in which they sell mortgage
securities for delivery in the current month and simultaneously contract to
repurchase similar, but not identical, securities at the same price on an agreed
upon date. The portfolio receives compensation as consideration for entering
into the commitment to repurchase. The compensation is recorded as deferred
income and amortized to income over the roll period. As the holder, the
counterparty receives all principal and interest payments, including
prepayments, made with respect to the similar security. Mortgage dollar rolls
may be renewed with a new sale and repurchase price with a cash settlement made
at renewal without physical delivery of the securities subject to the contract.
SECURITIES LENDING. The Fund may lend its portfolio securities in amounts up to
33% of its total non-cash assets to brokers, dealers and other financial
institutions, provided such loans are callable at any time and are at all times
fully collateralized by cash, cash equivalents or securities issued or
guaranteed by the U.S. government or its agencies or instrumentalities, and
marked to market to the value of the loaned securities on a daily basis. The
portfolio may bear the risk of delay in recovery of, or even loss of rights in,
the securities loaned should the borrower of the securities fail financially.
Consequently, loans of portfolio securities will only be made to firms deemed by
the Subadvisers to be creditworthy.
62
<PAGE>
NORTH AMERICAN FUNDS
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
SECURITIES LENDING - CONTINUED
The portfolio receives compensation for lending its securities either in the
form of fees or by retaining a portion of interest on the investment of any cash
received as collateral. Income generated from the investment of cash collateral
is included as interest income in the Statements of Operations. All collateral
received will be in an amount equal to at least 100% of the market value of the
loaned securities and must be maintained at that level during the period of the
loan. During the loan period, the portfolio continues to retain rights of
ownership, including dividends and interest of the loaned securities. At April
30, 1996, the value of the securities loaned amounted to $15,100,348,
$2,925,275, $656,519, $2,338,583, $136,800, $2,217,631 and $51,218 in the Global
Growth, Value Equity, Growth and Income, International Growth and Income, Asset
Allocation, Strategic Income and Investment Quality Bond Funds, respectively. At
April 30, 1996, the value of cash collateral amounted to $16,124,710,
$3,001,500, $679,320, $2,491,890, $139,200, $2,260,758 and $52,500 in the Global
Growth, Value Equity, Growth and Income, International Growth and Income, Asset
Allocation, Strategic Income and Investment Quality Bond Funds, respectively.
ORGANIZATION COSTS. Cost incurred by the Fund in connection with its
organization, its initial registration with the Securities and Exchange
Commission and with various states, and the initial public offering of its
shares is being amortized on a straight line basis over a five-year period for
the Growth and Income, International Growth and Income, Strategic Income,
Investment Quality Bond and the National Municipal Bond Funds. In the event that
any of the initial shares of each of the Growth and Income and Investment
Quality Bond Funds are redeemed by NASL Financial during the amortization
period, the portfolios of the Fund will be reimbursed for any unamortized
organization expenses in the same proportion as the number of initial shares
being redeemed bears to the number of initial shares outstanding at the time of
such redemption. All costs incurred by the implemention of the multiple class
structure were borne by NASL Financial.
FEDERAL INCOME TAXES. The Fund's policy is for each portfolio to qualify as "a
regulated investment company" under Subchapter M of the Internal Revenue Code,
as amended, and to distribute all of its taxable income to its shareholders.
Accordingly, no federal income tax provision is required. Each portfolio is
treated as a separate taxpayer for federal income tax purposes.
DISTRIBUTIONS OF INCOME AND GAINS. Distribution of net investment income is
declared as a dividend to shareholders of record as of the close of business
each day and is paid monthly for the Investment Quality Bond and U.S. Government
Securities Funds, semi-annually to shareholders of the Growth and Income and
International Growth and Income Funds, and annually to shareholders of the
Small/Mid Cap, International Small Cap, Growth Equity, Global Growth, Value
Equity and Asset Allocation Funds. All of the net investment income of the
Strategic Income, National Municipal Bond and Money Market Funds is declared as
a dividend to shareholders of record as of the close of business each day and is
paid monthly. During any particular year, net realized gains from investment
transactions for each portfolio, in excess of available capital loss
carryforwards of each portfolio, would be taxable to the portfolio if not
distributed and, therefore, will be distributed to shareholders. An additional
distribution may be made to the extent necessary to avoid the payment of a four
percent federal excise tax.
EQUALIZATION. The Fund follows the accounting practice known as equalization,
by which a portion of the proceeds from sales and costs of repurchases of the
Fund's shares are allocated, on a per share basis, to undistributed net
investment income. As a result, undistributed net investment income per share is
unaffected by sales or redemptions of the Fund's shares.
REPURCHASE AND REVERSE REPURCHASE AGREEMENTS. Each portfolio may enter into
repurchase agreements and, additionally, the U.S. Government Securities Fund may
enter into reverse repurchase agreements. When a portfolio enters into a
repurchase agreement through its custodian, it receives delivery of the
underlying securities, the amount of which at the time of purchase and each
subsequent business day is required to be maintained at such a level that the
market value is equal to 102% of the resale price, and such portfolio will take
constructive receipt of all securities underlying the repurchase agreements
until such agreements expire. If the seller defaults, a portfolio would suffer a
loss to the extent that proceeds from the sale of underlying securities were
less than the repurchase price. Under a reverse repurchase agreement, the U.S.
Government Securities Fund may sell a debt security and agree to repurchase it
at an agreed upon time and at an agreed upon price.
OTHER. Investment security transactions are accounted for on the trade date.
Interest income is accrued as earned. Dividend income and distributions to
shareholders are recorded on the ex-dividend date. All original issue discounts
are accreted for financial and federal income tax reporting purposes. The Fund
uses the First In, First Out method for determining realized gain or loss on
investments for both financial and federal income tax reporting purposes. The
preparation of financial statements in conformity with GAAP requires management
to make estimates and assumptions that affect the reported amount of assets and
liabilities. Actual results may differ from these estimates.
63
<PAGE>
NORTH AMERICAN FUNDS
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
3. CAPITAL SHARES. Share activity for the six months ended April 30, 1996 is as
follows:
<TABLE>
<CAPTION>
ADDITIONAL
SHARES PAR VALUE PAID-IN CAPITAL
----------------- -------------------- ---------------------
<S> <C> <C> <C>
SMALL/MID CAP FUND-CLASS A
Outstanding at March 4, 1996 (commencement
of operations)............................. --- -- ---
Sold........................................ 98,494 $98 $1,242,988
Redeemed.................................... (88) -- (1,102)
------ --- ----------
Net increase.............................. 98,406 98 1,241,886
------ --- ----------
Outstanding at April 30, 1996............... 98,406 $98 $1,241,886
====== === ==========
SMALL/MID CAP FUND-CLASS B
Outstanding at March 4, 1996 (commencement
of operations)............................. --- --- ---
Sold........................................ 126,675 $127 $1,609,644
Redeemed.................................... --- --- ---
------- ---- ----------
Net increase.............................. 126,675 127 1,609,644
------- ---- ----------
Outstanding at April 30, 1996............... 126,675 $127 $1,609,644
======= ==== ==========
SMALL/MID CAP FUND-CLASS C
Outstanding at March 4, 1996 (commencement
of operations)............................. --- --- ---
Sold........................................ 134,208 $134 $1,708,029
Redeemed.................................... (289) --- (3,772)
------- ---- ----------
Net increase.............................. 133,919 134 1,704,257
------- ---- ----------
Outstanding at April 30, 1996............... 133,919 $134 $1,704,257
======= ==== ==========
INTERNATIONAL SMALL CAP FUND-CLASS A
Outstanding at March 4, 1996 (commencement
of operations)............................. --- -- ---
Sold........................................ 65,902 $66 $832,110
Redeemed.................................... --- -- ---
------ --- --------
Net increase.............................. 65,902 66 832,110
------ --- --------
Outstanding at April 30, 1996............... 65,902 $66 $832,110
====== === ========
INTERNATIONAL SMALL CAP FUND-CLASS B
Outstanding at March 4, 1996 (commencement
of operations)............................. --- -- ---
Sold........................................ 74,434 $74 $944,820
Redeemed.................................... --- -- ---
------ --- --------
Net increase.............................. 74,434 74 944,820
------ --- --------
Outstanding at April 30, 1996............... 74,434 $74 $944,820
====== === ========
INTERNATIONAL SMALL CAP FUND-CLASS C
Outstanding at March 4, 1996 (commencement
of operations)............................. --- -- ---
Sold........................................ 94,423 $95 $1,200,058
Redeemed.................................... (6) -- (73)
------ --- ----------
Net increase.............................. 94,417 95 1,199,985
------ --- ----------
Outstanding at April 30, 1996............... 94,417 $95 $1,199,985
====== === ==========
GROWTH EQUITY FUND-CLASS A
Outstanding at March 4, 1996 (commencement
of operations)............................. --- --- ---
Sold........................................ 124,512 $125 $1,563,710
Redeemed.................................... --- --- ---
------- ---- ----------
Net increase.............................. 124,512 125 1,563,710
------- ---- ----------
Outstanding at April 30, 1996............... 124,512 $125 $1,563,710
======= ==== ==========
</TABLE>
64
<PAGE>
NORTH AMERICAN FUNDS
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
NOTE 3 - CONTINUED
<TABLE>
<CAPTION>
ADDITIONAL
SHARES PAR VALUE PAID-IN CAPITAL
-------------- --------------- --------------------
<S> <C> <C> <C>
GROWTH EQUITY FUND-CLASS B
Outstanding at March 4, 1996 (commencement
of operations)............................. ---- -- ----
Sold........................................ 94,444 $94 $1,185,573
Redeemed.................................... ---- -- ----
------ --- ----------
Net increase.............................. 94,444 94 1,185,573
------ --- ----------
Outstanding at April 30, 1996............... 94,444 $94 $1,185,573
====== === ==========
GROWTH EQUITY FUND-CLASS C
Outstanding at March 4, 1996 (commencement.. ---- --- ----
of operations)............................. 72,459 $73 $916,656
Sold........................................ (3,661) (4) (47,375)
Redeemed.................................... ------ --- --------
68,798 69 869,281
Net increase.............................. ------ --- --------
68,798 $69 $869,281
Outstanding at April 30, 1996............... ====== === ========
GLOBAL GROWTH FUND-CLASS A
Outstanding at October 31, 1995............. 1,726,660 $1,727 $ 24,333,372
Sold........................................ 1,215,793 1,216 17,099,239
Reinvestment of distributions............... 26,266 26 369,806
Redeemed.................................... (1,141,733) (1,142) (16,146,712)
---------- ------- ------------
Net increase.............................. 100,326 100 1,322,333
---------- ------- ------------
Outstanding at April 30, 1996............... 1,826,986 $1,827 $ 25,655,705
========== ======= ============
GLOBAL GROWTH FUND-CLASS B
Outstanding at October 31, 1995............. 1,698,251 $1,698 $23,880,103
Sold........................................ 336,940 337 4,762,749
Reinvestment of distributions............... 16,612 17 233,046
Redeemed.................................... (202,474) (203) (2,890,131)
--------- ------ -----------
Net increase.............................. 151,078 151 2,105,664
--------- ------ -----------
Outstanding at April 30, 1996............... 1,849,329 $1,849 $25,985,767
========= ====== ===========
GLOBAL GROWTH FUND-CLASS C
Outstanding at October 31, 1995............. 6,069,937 $6,070 $77,071,294
Sold........................................ 444,339 444 6,325,249
Reinvestment of distributions............... 38,847 39 546,504
Redeemed.................................... (1,140,145) (1,140) (16,246,173)
---------- ------- ------------
Net decrease.............................. (656,959) (657) (9,374,420)
---------- ------- ------------
Outstanding at April 30, 1996............... 5,412,978 $5,413 $67,696,874
========== ======= ============
VALUE EQUITY FUND-CLASS A
Outstanding at October 31, 1995............. 1,381,954 $1,382 $20,109,792
Sold........................................ 598,901 599 9,632,285
Reinvestment of distributions............... 137,074 137 2,054,578
Redeemed.................................... (568,115) (568) (9,144,323)
--------- ------ -----------
Net increase.............................. 167,860 168 2,542,540
--------- ------ -----------
Outstanding at April 30, 1996............... 1,549,814 $1,550 $22,652,332
========= ====== ===========
VALUE EQUITY FUND-CLASS B
Outstanding at October 31, 1995............. 1,254,421 $1,254 $18,921,823
Sold........................................ 363,679 364 5,799,863
Reinvestment of distributions............... 113,112 113 1,704,453
Redeemed.................................... (223,164) (223) (3,540,089)
--------- ------ -----------
Net increase.............................. 253,627 254 3,964,227
--------- ------ -----------
Outstanding at April 30, 1996............... 1,508,048 $1,508 $22,886,050
========= ====== ===========
</TABLE>
65
<PAGE>
NORTH AMERICAN FUNDS
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
NOTE 3 - CONTINUED
<TABLE>
<CAPTION>
ADDITIONAL
SHARES PAR VALUE PAID-IN CAPITAL
-------------- --------------- --------------------
<S> <C> <C> <C>
VALUE EQUITY FUND-CLASS C
Outstanding at October 31,1995.............. 5,284,502 $5,285 $67,053,930
Sold........................................ 503,003 503 8,058,675
Reinvestment of distributions............... 439,091 439 6,651,838
Redeemed.................................... (1,015,114) (1,016) (16,258,558)
---------- ------- ------------
Net decrease.............................. (73,020) (74) (1,548,045)
---------- ------- ------------
Outstanding at April 30, 1996............... 5,211,482 $5,211 $65,505,885
========== ======= ============
GROWTH AND INCOME FUND-CLASS A
Outstanding at October 31, 1995............. 827,682 $828 $10,769,205
Sold........................................ 195,440 196 3,034,151
Reinvestment of distributions............... 13,380 13 201,267
Redeemed.................................... (88,779) (89) (1,375,273)
------- ---- -----------
Net increase.............................. 120,041 120 1,860,145
------- ---- -----------
Outstanding at April 30, 1996............... 947,723 $948 $12,629,350
======= ==== ===========
GROWTH AND INCOME FUND-CLASS B
Outstanding at October 31, 1995............. 1,297,356 $1,297 $17,462,876
Sold........................................ 560,428 561 8,649,759
Reinvestment of distributions............... 19,071 19 287,950
Redeemed.................................... (104,691) (105) (1,633,800)
--------- ------ -----------
Net increase.............................. 474,808 475 7,303,909
--------- ------ -----------
Outstanding at April 30, 1996............... 1,772,164 $1,772 $24,766,785
========= ====== ===========
GROWTH AND INCOME FUND-CLASS C
Outstanding at October 31, 1995............. 4,292,794 $4,293 $51,514,264
Sold........................................ 617,899 618 9,599,288
Reinvestment of distributions............... 50,231 50 757,210
Redeemed.................................... (647,871) (648) (10,081,924)
--------- ------ ------------
Net increase.............................. 20,259 20 274,574
--------- ------ ------------
Outstanding at April 30, 1996............... 4,313,053 $4,313 $51,788,838
========= ====== ============
INTERNATIONAL GROWTH & INCOME FUND-CLASS A
Outstanding at October 31, 1995............. 682,252 $ 682 $6,889,119
Sold........................................ 127,693 128 1,347,649
Reinvestment of distributions............... 12,258 12 127,603
Redeemed.................................... (459,088) (459) (4,849,952)
-------- ----- -----------
Net decrease.............................. (319,137) (319) (3,374,700)
-------- ----- -----------
Outstanding at April 30, 1996............... 363,115 $363 $3,514,419
======== ===== ===========
INTERNATIONAL GROWTH & INCOME FUND-CLASS B
Outstanding at October 31, 1995............. 834,017 $834 $8,385,870
Sold....................................... 430,343 430 4,525,391
Reinvestment of distributions.............. 13,587 14 141,835
Redeemed................................... (71,228) (71) (755,729)
--------- ------ -----------
Net increase.............................. 372,702 373 3,911,497
--------- ------ -----------
Outstanding at April 30, 1996............... 1,206,719 $1,207 $12,297,367
========= ====== ===========
INTERNATIONAL GROWTH & INCOME FUND-CLASS C
Outstanding at October 31, 1995............. 626,235 $626 $6,302,145
Sold........................................ 253,209 253 2,667,826
Reinvestment of distributions............... 9,958 10 104,054
Redeemed.................................... (192,863) (193) (2,070,397)
-------- ----- -----------
Net increase.............................. 70,304 70 701,483
-------- ----- -----------
Outstanding at April 30, 1996............... 696,539 $ 696 $ 7,003,628
======== ===== ===========
</TABLE>
66
<PAGE>
NORTH AMERICAN FUNDS
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
NOTE 3 - CONTINUED
<TABLE>
<CAPTION>
ADDITIONAL
SHARES PAR VALUE PAID-IN CAPITAL
------------- --------------- --------------------
<S> <C> <C> <C>
ASSET ALLOCATION FUND-CLASS A
Outstanding at October 31, 1995................... 834,714 $835 $ 9,207,069
Sold.............................................. 112,443 112 1,305,570
Reinvestment of distributions..................... 85,976 86 941,431
Redeemed.......................................... (84,450) (84) (971,247)
------- ---- -----------
Net increase.................................... 113,969 114 1,275,754
------- ---- -----------
Outstanding at April 30, 1996..................... 948,683 $949 $10,482,823
======= ==== ===========
ASSET ALLOCATION FUND-CLASS B
Outstanding at October 31, 1995.................. 824,443 $824 $ 9,061,513
Sold.............................................. 279,661 280 3,256,689
Reinvestment of distributions..................... 85,887 86 943,699
Redeemed.......................................... (45,115) (45) (527,499)
--------- ------ -----------
Net increase.................................... 320,433 321 3,672,889
--------- ------ -----------
Outstanding at April 30, 1996..................... 1,144,876 $1,145 $12,734,402
========= ====== ===========
ASSET ALLOCATION FUND-CLASS C
Outstanding at October 31, 1995................... 6,706,025 $6,706 $65,861,087
Sold.............................................. 379,855 380 4,430,143
Reinvestment of distributions..................... 577,601 577 6,358,727
Redeemed.......................................... (805,884) (806) (9,357,214)
--------- ------ -----------
Net increase.................................... 151,572 151 1,431,656
--------- ------ -----------
Outstanding at April 30, 1996..................... 6,857,597 $6,857 $67,292,743
========= ====== ===========
STRATEGIC INCOME FUND-CLASS A
Outstanding at October 31, 1995................... 1,107,567 $1,107 $11,964,570
Sold.............................................. 173,111 173 1,611,023
Reinvestment of distributions..................... 24,314 25 228,601
Redeemed.......................................... (163,001) (163) (1,534,806)
--------- ------ -----------
Net increase.................................... 34,424 35 304,818
--------- ------ -----------
Outstanding at April 30, 1996..................... 1,141,991 $1,142 $12,269,388
========= ====== ===========
STRATEGIC INCOME FUND-CLASS B
Outstanding at October 31, 1995................... 2,280,183 $2,280 $20,129,660
Sold.............................................. 646,021 646 6,041,156
Reinvestment of distributions..................... 40,798 41 383,757
Redeemed.......................................... (198,356) (198) (1,862,266)
--------- ------ -----------
Net increase.................................... 488,463 489 4,562,647
--------- ------ -----------
Outstanding at April 30, 1996..................... 2,768,646 $2,769 $24,692,307
========= ====== ===========
STRATEGIC INCOME FUND-CLASS C
Outstanding at October 31, 1995................... 1,574,343 $1,574 $14,068,758
Sold.............................................. 556,049 556 5,203,140
Reinvestment of distributions..................... 42,881 43 403,188
Redeemed.......................................... (303,086) (303) (2,861,322)
--------- ------ -----------
Net increase.................................... 295,844 296 2,745,006
--------- ------ -----------
Outstanding at April 30, 1996..................... 1,870,187 $1,870 $16,813,764
========= ====== ===========
</TABLE>
67
<PAGE>
NORTH AMERICAN FUNDS
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
NOTE 3 - CONTINUED
<TABLE>
<CAPTION>
ADDITIONAL
SHARES PAR VALUE PAID-IN CAPITAL
------------- --------------- --------------------
<S> <C> <C> <C>
INVESTMENT QUALITY BOND FUND-CLASS A
Outstanding at October 31, 1995................... 979,526 $ 980 $10,738,901
Sold.............................................. 46,913 47 494,823
Reinvestment of distributions..................... 21,105 21 223,478
Redeemed.......................................... (123,208) (124) (1,286,849)
-------- ----- -----------
Net decrease..................................... (55,190) (56) (568,548)
-------- ----- -----------
Outstanding at April 30, 1996..................... 924,336 $924 $10,170,353
======== ===== ===========
INVESTMENT QUALITY BOND FUND-CLASS B
Outstanding at October 31, 1995................... 328,970 $329 $3,312,807
Sold.............................................. 156,831 157 1,659,918
Reinvestment of distributions..................... 8,366 8 88,316
Redeemed.......................................... (48,436) (48) (508,504)
------- ---- ----------
Net increase..................................... 116,761 117 1,239,730
------- ---- ----------
Outstanding at April 30, 1996..................... 445,731 $446 $4,552,537
======= ==== ==========
INVESTMENT QUALITY BOND FUND-CLASS C
Outstanding at October 31, 1995................... 683,013 $683 $6,915,070
Sold.............................................. 171,017 171 1,788,679
Reinvestment of distributions..................... 14,997 15 158,687
Redeemed.......................................... (246,796) (247) (2,595,177)
-------- ----- -----------
Net decrease..................................... (60,782) (61) (647,811)
-------- ----- -----------
Outstanding at April 30, 1996..................... 622,231 $622 $6,267,259
======== ===== ===========
U.S. GOVERNMENT SECURITIES FUND-CLASS A
Outstanding at October 31, 1995................... 8,130,813 $8,130 $84,036,450
Sold.............................................. 362,210 362 3,587,481
Reinvestment of distributions..................... 149,896 150 1,495,231
Redeemed.......................................... (955,787) (955) (9,500,108)
--------- ------ -----------
Net decrease..................................... (443,681) (443) (4,417,396)
--------- ------ -----------
Outstanding at April 30, 1996..................... 7,687,132 $7,687 $79,619,054
========= ====== ===========
U.S. GOVERNMENT SECURITIES FUND-CLASS B
Outstanding at October 31, 1995................... 1,402,069 $1,402 $13,649,755
Sold.............................................. 803,330 803 8,007,825
Reinvestment of distributions..................... 31,753 32 316,550
Redeemed.......................................... (243,900) (244) (2,423,055)
--------- ------ -----------
Net increase..................................... 591,183 591 5,901,320
--------- ------ -----------
Outstanding at April 30, 1996..................... 1,993,252 $1,993 $19,551,075
========= ====== ===========
U.S. GOVERNMENT SECURITIES FUND-CLASS C
Outstanding at October 31, 1995................... 2,022,679 $2,023 $19,474,359
Sold.............................................. 645,992 646 6,396,370
Reinvestment of distributions..................... 43,952 44 438,413
Redeemed.......................................... (625,413) (626) (6,212,125)
--------- ------ -----------
Net increase..................................... 64,531 64 622,658
--------- ------ -----------
Outstanding at April 30, 1996..................... 2,087,210 $2,087 $20,097,017
========= ====== ===========
</TABLE>
68
<PAGE>
NORTH AMERICAN FUDS
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
NOTE 3 - CONTINUED
<TABLE>
<CAPTION>
ADDITIONAL
SHARES PAR VALUE PAID-IN CAPITAL
-------- ----------- ---------------
<S> <C> <C> <C>
NATIONAL MUNICIPAL BOND FUND-CLASS A
Outstanding at October 31, 1995........................ 791,917 $792 $8,182,439
Sold................................................... 72,361 72 701,915
Reinvestment of distributions.......................... 9,342 9 91,234
Redeemed............................................... (51,166) (51) (494,456)
------- ---- ----------
Net decrease.......................................... (30,537) (30) (298,693)
------- ---- ----------
Outstanding at April 30, 1996.......................... 822,454 $822 $8,481,132
======= ==== ==========
NATIONAL MUNICIPAL BOND FUND-CLASS B
Outstanding at October 31, 1995........................ 610,972 $611 $5,609,968
Sold................................................... 91,216 91 885,851
Reinvestment of distributions.......................... 7,648 8 74,683
Redeemed............................................... (67,640) (68) (654,424)
------- ---- ----------
Net increase.......................................... 31,224 31 306,110
------- ---- ----------
Outstanding at April 30, 1996.......................... 642,196 $642 $5,916,078
======= ==== ==========
NATIONAL MUNICIPAL BOND FUND-CLASS C
Outstanding at October 31, 1995........................ 710,507 $711 $6,609,550
Sold................................................... 76,802 77 747,421
Reinvestment of distributions.......................... 9,553 9 93,244
Redeemed............................................... (133,019) (133) (1,287,163)
-------- ----- -----------
Net decrease.......................................... (46,664) (47) (446,498)
-------- ----- -----------
Outstanding at April 30, 1996.......................... 663,843 $664 $6,163,052
======== ===== ===========
MONEY MARKET FUND-CLASS A
Outstanding at October 31, 1995........................ 11,378,848 $11,379 $11,367,470
Sold................................................... 22,919,903 22,920 22,896,983
Reinvestment of distributions.......................... 171,462 171 171,291
Redeemed............................................... (26,636,970) (26,637) (26,610,333)
----------- -------- ------------
Net decrease......................................... (3,545,605) (3,546) (3,542,059)
----------- -------- ------------
Outstanding at April 30, 1996.......................... 7,833,243 $7,833 $7,825,410
=========== ======== ============
MONEY MARKET FUND-CLASS B
Outstanding at October 31, 1995........................ 1,564,104 $1,564 $1,562,539
Sold................................................... 2,899,188 2,899 2,896,289
Reinvestment of distributions.......................... 23,620 23 23,597
Redeemed............................................... (3,059,983) (3,060) (3,056,923)
---------- ------- -----------
Net decrease......................................... (137,175) (138) (137,037)
---------- ------- -----------
Outstanding at April 30, 1996.......................... 1,426,929 $1,427 $1,425,502
========== ======= ===========
MONEY MARKET FUND-CLASS C
Outstanding at October 31, 1995........................ 9,394,496 $9,395 $9,385,101
Sold................................................... 9,747,028 9,747 9,737,281
Reinvestment of distributions.......................... 169,018 169 168,849
Redeemed............................................... (10,679,721) (10,680) (10,669,041)
----------- -------- ------------
Net decrease......................................... (763,675) (764) (762,911)
----------- -------- ------------
Outstanding at April 30, 1996.......................... 8,630,821 $8,631 $8,622,190
=========== ======== ============
</TABLE>
69
<PAGE>
4. PURCHASES AND SALES OF SECURITIES. The following table summarizes the
securities transactions (excluding short-term investments) for all portfolios,
excluding the Money Market Fund, for the six months ended April 30, 1996:
<TABLE>
<CAPTION>
PURCHASES SALES
----------------------------------- -----------------------------------
PORTFOLIO U.S. GOVERNMENT OTHER ISSUES U.S. GOVERNMENT OTHER ISSUES
- ------------- ----------------- --------------- ----------------- --------------
<S> <C> <C> <C> <C>
Small/Mid Cap....................... ------ $3,444,651 ------ $249,075
International Small Cap............. ------ 2,278,179 ------ 38,300
Growth Equity....................... ------ 3,679,902 ------ 529,122
Global Growth....................... ------ 42,818,806 ------ 49,642,848
Value Equity........................ ------ 51,398,850 ------ 54,018,433
Growth and Income................... ------ 30,848,744 ------ 20,067,337
International Growth & Income....... ------ 17,558,170 ------ 15,752,889
Asset Allocation.................... $92,091,371 21,676,994 $89,179,151 25,282,891
Strategic Income.................... 34,302,116 26,521,133 30,395,804 24,776,394
Investment Quality Bond............. 2,381,581 2,589,577 3,528,050 1,077,652
U.S. Government Securities.......... 233,354,908 568,080 239,041,185 219,086
National Municipal Bond............. ------ 6,882,880 ------ 7,049,706
</TABLE>
Purchases and sales (maturities) for the Money Market Fund for the six months
ended April 30, 1996 were $123,018,198 and $125,170,593, respectively.
At April 30, 1996, tax basis net unrealized appreciation was equal to the
aggregate gross unrealized appreciation for all securities in which there was an
excess of market value over tax cost and aggregate gross unrealized depreciation
for all securities in which there was an excess of tax cost over market value as
follows:
<TABLE>
<CAPTION>
TAX BASIS NET
UNREALIZED TAX BASIS TAX BASIS
TAX BASIS APPRECIATION UNREALIZED UNREALIZED
PORTFOLIO COST (DEPRECIATION) APPRECIATION DEPRECIATION
- ------------- --------------- -------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Small/Mid Cap $4,233,176 $204,702 $272,155 $67,453
International Small Cap............ 2,925,179 103,962 131,410 27,448
Growth Equity...................... 3,541,535 217,242 246,946 29,704
Global Growth...................... 118,255,574 18,953,924 21,886,501 2,932,577
Value Equity....................... 118,877,049 17,640,676 18,534,973 894,297
Growth and Income.................. 91,390,474 22,069,294 22,565,692 496,398
International Growth and Income.... 22,487,968 1,503,295 1,981,721 478,426
Asset Allocation.................... 106,824,694 8,974,865 10,212,439 1,237,574
Strategic Income.................... 54,316,072 1,234,693 2,548,474 1,313,781
Investment Quality Bond............. 20,238,240 (213,103) 173,581 386,684
U.S. Government Securities.......... 148,835,457 (884,275) 320,947 1,205,222
National Municipal Bond............. 19,883,387 38,227 269,255 231,028
</TABLE>
The following is a summary of futures contracts activity for the six months
ended April 30, 1996:
<TABLE>
<CAPTION>
SALES OF FUTURES CONTRACTS PURCHASES OF FUTURES CONTRACTS
------------------------------- -----------------------------------------------
AGGREGATE AGGREGATE
NUMBER OF FACE VALUE NUMBER OF FACE VALUE OF UNREALIZED
CONTRACTS OF CONTRACTS CONTRACTS CONTRACTS LOSS
------------- -------------- ------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
ASSET ALLOCATION FUND:
U.S. TREASURY BOND FUTURES:
Outstanding, October 31,
1995...................... 7 $ 700,000 38 $ 3,800,000
Contracts opened.......... 15 1,500,000 128 12,800,000
Contracts closed.......... (22) (2,200,000) (132) (13,200,000)
--- ----------- ---- ------------
Outstanding, April 30, 1996 --- ---- 34 $ 3,400,000 $(132,277)
=== =========== ==== ============ =========
</TABLE>
70
<PAGE>
NORTH AMERICAN FUNDS
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
5. INVESTMENT ADVISORY AGREEMENTS. The Fund maintains an Investment Advisory
Agreement with NASL Financial ("the Adviser"). The Adviser is responsible for
managing the corporate and business affairs of the Fund and for selecting and
compensating subadvisers to handle the investment and reinvestment of the assets
of each portfolio, subject to the supervision of the Trustees of the Fund. As
compensation for its services, the Adviser receives a fee from the Fund computed
separately for each portfolio at an annual percentage of average net assets as
follows:
<TABLE>
<CAPTION>
BETWEEN BETWEEN
$50,000,000 $200,000,000
FIRST AND AND EXCESS OVER
PORTFOLIO $50,000,000 $200,000,000 $500,000,000 $500,000,000
- ------------- -------------- ------------------ ------------------ ---------------
<S> <C> <C> <C> <C>
Small/Mid Cap.................... .925% .900% .875% .850%
International Small Cap.......... 1.050% 1.000% .900% .800%
Growth Equity.................... .900% .850% .825% .800%
Global Growth.................... .900% .900% .700% .700%
Value Equity..................... .725% .675% .625% .550%
Growth and Income................ .725% .675% .625% .550%
International Growth and Income.. .900% .850% .800% .750%
Asset Allocation................. .725% .675% .625% .550%
Strategic Income................. .750% .700% .650% .600%
Investment Quality Bond.......... .600% .600% .525% .475%
U.S. Government Securities....... .600% .600% .525% .475%
National Municipal Bond.......... .600% .600% .600% .600%
Money Market..................... .200% .200% .200% .145%
</TABLE>
DISTRIBUTION PLAN AND EXPENSE REIMBURSEMENT. Pursuant to the Investment
Advisory Agreement, NASL Financial will reduce the advisory fee or if necessary
reimburse each portfolio of the Fund (excluding taxes, portfolio brokerage
commissions, interest, certain litigation and indemnification expenses,
extraordinary expenses and all of the portfolio's distribution fees) for
expenses incurred in excess (Expense limitation) of the following annual
percentages of average net assets as highlighted in the table below.
The Fund has adopted a distribution plan (the "Plan") pursuant to Rule 12b-1
under the Investment Company Act of 1940 to use its assets to finance certain
activities relating to the distribution of its shares to investors. The Plan is
a "compensation" plan providing for the payment by each fund, other than the
Money Market Fund, of a monthly distribution fee to NASL Financial, as principal
underwriter for the Fund as highlighted in the table below:
<TABLE>
<CAPTION>
PORTFOLIO CLASS A CLASS B CLASS C
- --------------- -------------- -------------- ---------------
<S> <C> <C> <C>
SMALL/MID CAP
Management fees......... 0.925% 0.925% 0.925%
Other expenses.......... 0.400% 0.400% 0.400%
------ ------ ------
Expense limitation...... 1.325% 1.325% 1.325%
====== ====== ======
Rule 12b-1 fees......... 0.350% 1.000% 1.000%
====== ====== ======
INTERNATIONAL SMALL CAP
Management fees......... 1.050% 1.050% 1.050%
Other expenses.......... 0.500% 0.500% 0.500%
------ ------ ------
Expense limitation...... 1.550% 1.550% 1.550%
====== ====== ======
Rule 12b-1 fees......... 0.350% 1.000% 1.000%
====== ====== ======
GROWTH EQUITY
Management fees......... 0.900% 0.900% 0.900%
Other expenses.......... 0.400% 0.400% 0.400%
------ ------ ------
Expense limitation...... 1.300% 1.300% 1.300%
====== ====== ======
Rule 12b-1 fees......... 0.350% 1.000% 1.000%
====== ====== ======
</TABLE>
71
<PAGE>
NORTH AMERICAN FUNDS
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
NOTE 5 - CONTINUED
<TABLE>
<CAPTION>
PORTFOLIO CLASS A CLASS B CLASS C
- ------------- ------------- ------------ -------------
<S> <C> <C> <C>
GLOBAL GROWTH
Management fees................. 0.900% 0.900% 0.900%
Other expenses.................. 0.500% 0.500% 0.500%
------ ------ -------
Expense limitation.............. 1.400% 1.400% 1.400%
====== ====== =======
Rule 12b-1 fees................. 0.350% 1.000% 1.000%
====== ====== =======
VALUE EQUITY
Management fees................. 0.725% 0.725% 0.725%
Other expenses.................. 0.265% 0.265% 0.265%
------ ------ -------
Expense limitation.............. 0.990% 0.990% 0.990%
====== ====== =======
Rule 12b-1 fees................. 0.350% 1.000% 1.000%
====== ====== =======
GROWTH AND INCOME
Management fees................. 0.725% 0.725% 0.725%
Other expenses.................. 0.265% 0.265% 0.265%
------ ------ -------
Expense limitation.............. 0.990% 0.990% 0.990%
====== ====== =======
Rule 12b-1 fees................. 0.350% 1.000% 1.000%
====== ====== =======
INTERNATIONAL GROWTH AND INCOME
Management fees................. 0.900% 0.900% 0.900%
Other expenses.................. 0.500% 0.500% 0.500%
------ ------ ------
Expense limitation.............. 1.400% 1.400% 1.400%
====== ====== ======
Rule 12b-1 fees................. 0.350% 1.000% 1.000%
====== ====== ======
ASSET ALLOCATION
Management fees................. 0.725% 0.725% 0.725%
Other expenses.................. 0.265% 0.265% 0.265%
------ ------ ------
Expense limitation.............. 0.990% 0.990% 0.990%
====== ====== ======
Rule 12b-1 fees................. 0.350% 1.000% 1.000%
====== ====== ======
STRATEGIC INCOME
Management fees................. 0.750% 0.750% 0.750%
Other expenses.................. 0.400% 0.400% 0.400%
------ ------ ------
Expense limitation.............. 1.150% 1.150% 1.150%
====== ====== ======
Rule 12b-1 fees................. 0.350% 1.000% 1.000%
====== ====== ======
INVESTMENT QUALITY BOND
Management fees................. 0.600% 0.600% 0.600%
Other expenses.................. 0.300% 0.300% 0.300%
------ ------ ------
Expense limitation.............. 0.900% 0.900% 0.900%
====== ====== ======
Rule 12b-1 fees................. 0.350% 1.000% 1.000%
====== ====== ======
U.S. GOVERNMENT SECURITIES
Management fees................. 0.600% 0.600% 0.600%
Other expenses.................. 0.300% 0.300% 0.300%
------ ------ ------
Expense limitation.............. 0.900% 0.900% 0.900%
====== ====== ======
Rule 12b-1 fees................. 0.350% 1.000% 1.000%
====== ====== ======
</TABLE>
72
<PAGE>
NORTH AMERICAN FUNDS
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
NOTE 5 - CONTINUED
<TABLE>
<CAPTION>
PORTFOLIO CLASS A CLASS B CLASS C
- ------------- ------------- --------------- -------------
<S> <C> <C> <C>
NATIONAL MUNICIPAL BOND
Management fees................... 0.600% 0.600% 0.600%
Other expenses.................... 0.240% 0.240% 0.240%
------ ------ ------
Expense limitation................ 0.840% 0.840% 0.840%
====== ====== ======
Rule 12b-1 fees................... 0.150% 1.000% 1.000%
====== ====== ======
MONEY MARKET
Management fees................... 0.200% 0.200% 0.200%
Other expenses.................... 0.300% 0.300% 0.300%
------ ------ ------
Expense limitation................ 0.500% 0.500% 0.500%
====== ====== ======
</TABLE>
In accordance with the Investment Advisory agreement, NASL Financial, in
addition to providing advisory services, provides accounting and administrative
services for which NASL Financial charged $604,233 to the Fund, before
reimbursement based on expense limitations, for the six months ended April 30,
1996.
6. TRUSTEE'S FEES. The Fund pays each Trustee who is not an employee or a
director of the Adviser or its affiliates a fee of $1,000 plus travel expenses
for each Board of Trustees meeting attended and an annual retainer of $4,000.
7. COMMITMENTS. At April 30, 1996, the International Small Cap, Global Growth,
International Growth and Income and Strategic Income Funds had entered into
forward foreign currency contracts which contractually obligate the portfolio to
deliver currencies at future dates. Open sale and purchase contracts at April
30, 1996 were as follows:
<TABLE>
<CAPTION>
NET
CONTRACTS UNREALIZED
TO IN EXCHANGE SETTLEMENT APPRECIATION
DELIVER FOR DATE VALUE (DEPRECIATION)
--------------- -------------- -------------- -------------- ----------------
<S> <C> <C> <C> <C> <C>
INTERNATIONAL SMALL CAP
PURCHASES $16,310 POUNDS 10,795 05/01/96 $16,190 $(120)
11,803 POUNDS 7,824 05/02/96 11,778 (25)
13,855 MYR 34,527 05/02/96 13,848 (7)
8,973 POUNDS 5,931 05/03/96 8,928 (45)
------- ------- ------
$50,941 $50,744 $(197)
======= ======= ------
$(197)
======
GLOBAL GROWTH
SALES
Hong Kong Dollar.......... 1,071,127 $ 138,478 05/01/96 $ 138,469 $ 9
Australian Dollar......... 937,732 734,995 05/02/96 736,632 (1,637)
Japanese Yen.............. 22,364,852 211,728 05/02/96 213,803 (2,075)
German Deutsche Mark...... 8,060,000 5,485,180 06/20/96 5,280,689 204,491
French Franc.............. 40,135,000 7,970,489 06/20/96 7,784,550 185,939
Japanese Yen.............. 857,343,000 8,134,600 06/20/96 8,253,378 (118,778)
----------- ----------- ---------
$22,675,470 $22,407,521 $ 267,949
=========== =========== =========
PURCHASES
$ 618,545 AUD 787,454 05/02/96 $ 618,581 $ 36
193,317 YEN 20,420,108 05/02/96 195,211 1,894
530,302 AUD 669,743 05/03/96 526,114 (4,188)
5,366,008 DEM 8,060,000 06/20/96 5,280,689 (85,319)
7,842,929 FRF 40,135,000 06/20/96 7,784,551 (58,378)
----------- ----------- ---------
$14,551,100 $14,405,146 $(145,955)
=========== =========== =========
$ 121,994
=========
</TABLE>
73
<PAGE>
NORTH AMERICAN FUNDS
NOTES TO FINANCIAL STATEMENTS - CONTINUED
- --------------------------------------------------------------------------------
NOTE 7- CONTINUED
<TABLE>
<CAPTION>
NET
CONTRACTS UNREALIZED
TO IN EXCHANGE SETTLEMENT APPRECIATION
DELIVER FOR DATE VALUE (DEPRECIATION)
--------------- -------------- -------------- -------------- ----------------
<S> <C> <C> <C> <C> <C>
INTERNATIONAL GROWTH AND INCOME
SALES
German Deutsche Mark..... 908,105 $ 610,630 05/22/96 $ 593,946 $ 16,684
Japanese Yen............. 878,855,981 8,337,371 05/22/96 8,428,756 (91,385)
---------- ---------- ---------
$8,948,001 $9,022,702 $ (74,701)
========== ========== =========
PURCHASES
$ 125,000 DEM 189,764 05/22/96 $ 124,115 $ (885)
4,099,696 YEN 427,215,842 05/22/96 4,097,256 (2,440)
---------- ---------- ---------
$4,224,696 $4,221,371 $ (3,325)
========== ========== ---------
$ (78,026)
=========
STRATEGIC INCOME
SALES
Australian Dollar......... 165,392 $ 128,675 07/22/96 $ 129,327 $ (652)
Belgian Franc............. 3,958,120 129,182 07/22/96 126,386 2,796
Canadian Dollar........... 556,807 408,516 07/22/96 409,545 (1,029)
Danish Krone.............. 2,195,605 380,917 07/22/96 373,484 7,433
German Deutsche Mark...... 1,652,103 1,104,372 07/22/96 1,084,764 19,608
Great British Pound....... 126,139 191,732 07/22/96 189,649 2,083
Netherland Guilder........ 829,152 497,391 07/22/96 486,882 10,509
---------- ---------- ---------
$2,840,785 $2,800,037 $ 40,748
========== ========== =========
PURCHASES
$290,160 DKK 1,691,636 07/22/96 $ 287,756 $ (2,404)
======== ---------- ---------
$ 38,344
=========
</TABLE>
74
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 011
<NAME> VALUE EQUITY FUND
<MULTIPLIER> 1
<CURRENCY> USD
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> APR-30-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 118,877,049
<INVESTMENTS-AT-VALUE> 136,517,725
<RECEIVABLES> 225,356
<ASSETS-OTHER> 23,663
<OTHER-ITEMS-ASSETS> 667
<TOTAL-ASSETS> 136,767,411
<PAYABLE-FOR-SECURITIES> 47,456
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 207,040
<TOTAL-LIABILITIES> 254,496
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 111,052,536
<SHARES-COMMON-STOCK> 1,549,814
<SHARES-COMMON-PRIOR> 1,381,954
<ACCUMULATED-NII-CURRENT> 84,285
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,735,418
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,640,676
<NET-ASSETS> 136,512,915
<DIVIDEND-INCOME> 1,227,111
<INTEREST-INCOME> 273,188
<OTHER-INCOME> 0
<EXPENSES-NET> 1,246,704
<NET-INVESTMENT-INCOME> 253,595
<REALIZED-GAINS-CURRENT> 7,744,990
<APPREC-INCREASE-CURRENT> 8,649,175
<NET-CHANGE-FROM-OPS> 16,647,760
<EQUALIZATION> 29,932
<DISTRIBUTIONS-OF-INCOME> 215,382
<DISTRIBUTIONS-OF-GAINS> 1,874,732
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 598,901
<NUMBER-OF-SHARES-REDEEMED> 568,115
<SHARES-REINVESTED> 137,074
<NET-CHANGE-IN-ASSETS> 10,893,944
<ACCUMULATED-NII-PRIOR> 322,091
<ACCUMULATED-GAINS-PRIOR> 10,211,913
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 463,116
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,394,141
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<PER-SHARE-NAV-END> 16.55
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 012
<NAME> VALUE EQUITY FUND
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 013
<NAME> VALUE EQUITY FUND
<MULTIPLIER> 1
<CURRENCY> USD
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<PERIOD-TYPE> 6-MOS
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<GROSS-EXPENSE> 1,394,141
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 021
<NAME> U.S. GOVERNMENT SECURITIES FUND
<MULTIPLIER> 1
<CURRENCY> USD
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
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<NUMBER-OF-SHARES-REDEEMED> 955,787
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<NET-CHANGE-IN-ASSETS> (1,630,786)
<ACCUMULATED-NII-PRIOR> (389,597)
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<INTEREST-EXPENSE> 0
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 022
<NAME> U.S. GOVERNMENT SECURITIES FUND
<MULTIPLIER> 1
<CURRENCY> USD
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
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<EXCHANGE-RATE> 1
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<NET-ASSETS> 113,727,115
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<EXPENSES-NET> 852,774
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<NET-CHANGE-IN-ASSETS> (1,630,786)
<ACCUMULATED-NII-PRIOR> (389,597)
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<GROSS-ADVISORY-FEES> 350,619
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 959,281
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 023
<NAME> U.S. GOVERNMENT SECURITIES FUND
<MULTIPLIER> 1
<CURRENCY> USD
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 031
<NAME> MONEY MARKET FUND
<MULTIPLIER> 1
<CURRENCY> USD
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
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<EXCHANGE-RATE> 1
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 032
<NAME> MONEY MARKET FUND
<MULTIPLIER> 1
<CURRENCY> USD
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 033
<NAME> MONEY MARKET FUND
<MULTIPLIER> 1
<CURRENCY> USD
<S> <C>
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<PERIOD-START> NOV-01-1995
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<NET-CHANGE-IN-ASSETS> (4,446,455)
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 091
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
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<CIK> 0000848103
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 102
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 103
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 111
<NAME> NATIONAL MUNICIPAL BOND FUND
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<CURRENCY> USD
<S> <C>
<PERIOD-TYPE> 6-MOS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
[LEGEND]
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 112
<NAME> NATIONAL MUNICIPAL BOND FUND
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<CURRENCY> USD
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 113
<NAME> NATIONAL MUNICIPAL BOND FUND
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<CURRENCY> USD
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 131
<NAME> STRATEGIC INCOME FUND
<MULTIPLIER> 1
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 132
<NAME> STRATEGIC INCOME FUND
<MULTIPLIER> 1
<CURRENCY> USD
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 133
<NAME> STRATEGIC INCOME FUND
<MULTIPLIER> 1
<CURRENCY> USD
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 141
<NAME> INTERNATIONAL GROWTH & INCOME FUND
<MULTIPLIER> 1
<CURRENCY> USD
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 142
<NAME> INTERNATIONAL GROWTH & INCOME FUND
<MULTIPLIER> 1
<CURRENCY> USD
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 143
<NAME> INTERNATIONAL GROWTH & INCOME FUND
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<CURRENCY> USD
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
<SERIES>
<NUMBER> 151
<NAME> SMALL/MID CAP FUND
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
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<CIK> 0000848103
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
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<CIK> 0000848103
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
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ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
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<CIK> 0000848103
<NAME> NORTH AMERICAN FUNDS
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<PAGE>
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
AMERICAN FUNDS SEMI-ANNUAL REPORT DATED APRIL 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
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<CIK> 0000848103
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
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THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
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THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORTH
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<OTHER-ITEMS-LIABILITIES> 12,841
<TOTAL-LIABILITIES> 42,244
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,618,852
<SHARES-COMMON-STOCK> 68,798
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 504
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,977
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 219,433
<NET-ASSETS> 3,841,766
<DIVIDEND-INCOME> 1,168
<INTEREST-INCOME> 4,843
<OTHER-INCOME> 0
<EXPENSES-NET> 6,777
<NET-INVESTMENT-INCOME> (766)
<REALIZED-GAINS-CURRENT> 2,977
<APPREC-INCREASE-CURRENT> 219,433
<NET-CHANGE-FROM-OPS> 221,644
<EQUALIZATION> 1,270
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 72,459
<NUMBER-OF-SHARES-REDEEMED> 3,661
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,841,766
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,012
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18,945
<AVERAGE-NET-ASSETS> 2,106,116
<PER-SHARE-NAV-BEGIN> 12.50
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 0.86
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.35
<EXPENSE-RATIO> 2.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
