ISI
INTERNATIONAL STRATEGY & INVESTMENT
ISI
NORTH AMERICAN
GOVERNMENT BOND
FUND SHARES
(A CLASS OF NORTH AMERICAN
GOVERNMENT BOND FUND, INC.)
[North American logo omitted]
SEMI-ANNUAL REPORT
SEPTEMBER 30, 2000
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INVESTMENT ADVISOR'S REPORT
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We are pleased to report on the progress of your Fund for the period ended
September 30, 2000.
The Fund seeks a high level of current income consistent with prudent
investment risk by investing in government fixed-income securities of the US,
Canada, and Mexico. We believe that by investing in all three North American
markets, the Fund can generate a higher return over the long term than is
possible from a portfolio of only US Treasury securities
For the last twelve months, the Fund's total return was 8.67%. By
comparison, the Lehman Treasury Index had a total return of 7.29% for the same
period. Government Bonds have outperformed Corporate Bonds, which were up 5.84%
over the last twelve months. Part of the performance differential is due to the
recent heavy corporate supply but also there are the beginnings of concerns
about credit quality. Given the major buildup in private debt over the last 40
years, we expect that credit problems could emerge if the economy slows down.
Please see the 40 year graph of building corporate debt (above right). The high
yield portion of the Corporate Bond Market is particularly sensitive to an
economic slowdown. As a prelude to what might happen in a slowdown, the Lehman
High Yield Corporate index is up only 0.96% over the last twelve months. The
Fund's Government orientation is positive in a slowing economic environment. For
more details, including our forecast for an economic slowdown, please see the
ISI outlook for the US, which is part of the report that follows this letter.
U.S. Corporate Debt % GDP
[line graph omitted]
plot points as follows:
31 MAR 60 31.6
30 JUN 60 32.4
30 SEP 60 32.4
31 DEC 60 33.7
31 MAR 61 33.3
60 JUN 61 33.1
30 SEP 61 32.7
31 DEC 61 33.1
31 MAR 62 32.3
30 JUN 62 32.8
30 SEP 62 32.8
31 DEC 62 33.7
31 MAR 63 33.4
30 JUN 63 33.7
30 SEP 63 33.4
31 DEC 63 34.3
31 MAR 64 33.8
30 JUN 64 34.4
30 SEP 64 34.2
31 DEC 64 35.2
31 MAR 65 34.8
30 JUN 65 35.5
30 SEP 65 35.2
31 DEC 65 35.5
31 MAR 66 35.2
30 JUN 66 36.3
30 SEP 66 36.2
31 DEC 66 36.7
31 MAR 67 36.7
30 JUN 67 37.4
30 SEP 67 37.1
31 DEC 67 37.8
31 MAR 68 37.1
30 JUN 68 37.4
30 SEP 68 37.4
31 DEC 68 38.3
31 MAR 69 38.3
30 JUN 69 39.4
30 SEP 69 39.7
31 DEC 69 41.1
31 MAR 70 41.5
30 JUN 70 42.5
30 SEP 70 42
31 DEC 70 42.8
31 MAR 71 41.5
30 JUN 71 41.6
30 SEP 71 41.5
31 DEC 71 42.1
31 MAR 72 41.4
30 JUN 72 41.3
30 SEP 72 41.1
31 DEC 72 41.7
31 MAR 73 41.4
30 JUN 73 42.2
30 SEP 73 43.2
31 DEC 73 43.8
31 MAR 74 44.4
30 JUN 74 45.2
30 SEP 74 45.7
31 DEC 74 46
31 MAR 75 45.3
30 JUN 75 44.5
30 SEP 75 42.8
31 DEC 75 42.5
31 MAR 76 41
30 JUN 76 41.1
30 SEP 76 40.8
31 DEC 76 41.1
31 MAR 77 40.8
30 JUN 77 40.8
30 SEP 77 40.5
31 DEC 77 41.7
31 MAR 78 41.9
30 JUN 78 41.2
30 SEP 78 40.7
31 DEC 78 41
31 MAR 79 41.2
30 JUN 79 41.8
30 SEP 79 41.8
31 DEC 79 42
31 MAR 80 42
30 JUN 80 42.3
30 SEP 80 42.1
31 DEC 80 41.6
31 MAR 81 40.4
30 JUN 81 42
30 SEP 81 42.5
31 DEC 81 43.3
31 MAR 82 44.6
30 JUN 82 45.3
30 SEP 82 45.3
31 DEC 82 45.5
31 MAR 83 45.2
30 JUN 83 44.7
30 SEP 83 44.5
31 DEC 83 44.9
31 MAR 84 44.8
30 JUN 84 46
30 SEP 84 46.7
31 DEC 84 48.5
31 MAR 85 48.6
30 JUN 85 49.3
30 SEP 85 50
31 DEC 85 51.8
31 MAR 86 52.8
30 JUN 86 54.7
30 SEP 86 55.7
31 DEC 86 57.7
31 MAR 87 58.4
30 JUN 87 59.2
30 SEP 87 59.6
31 DEC 87 59.8
31 MAR 88 60.5
30 JUN 88 61.4
30 SEP 88 61.4
31 DEC 88 62.1
31 MAR 89 63
30 JUN 89 63.5
30 SEP 89 63.2
31 DEC 89 63.6
31 MAR 90 63
30 JUN 90 62.7
30 SEP 90 62.8
31 DEC 90 63.6
31 MAR 91 63
30 JUN 91 62.5
30 SEP 91 61.4
31 DEC 91 60.7
31 MAR 92 60.5
30 JUN 92 60.2
30 SEP 92 60
31 DEC 92 59.4
31 MAR 93 59.2
30 JUN 93 59.2
30 SEP 93 59.3
31 DEC 93 59.3
31 MAR 94 60
30 JUN 94 59.8
30 SEP 94 60
31 DEC 94 60.2
31 MAR 95 61.3
30 JUN 95 62.8
30 SEP 95 63.4
31 DEC 95 64.1
31 MAR 96 64.6
30 JUN 96 65.7
30 SEP 96 66.2
31 DEC 96 66.7
31 MAR 97 67
30 JUN 97 67.7
30 SEP 97 68.5
31 DEC 97 70.7
31 MAR 98 72.9
30 JUN 98 75.4
30 SEP 98 76.8
31 DEC 98 78.2
31 MAR 99 80.7
30 JUN 99 82.3
30 SEP 99 83.6
31 DEC 99 83.9
31 MAR 00 84.7
30 JUN 00 86
PORTFOLIO MANAGEMENT
Over the years, the Government of Canada has issued bonds denominated in
both Canadian dollars and US dollars. Two years ago, the yields on both types of
issues were the same. Please see graph below.
U.S. Corporate Debt % GDP
Canada 6.75% 8/06 vs. Canada 7.00% 12/06
[line graph omitted]
plot points as follows:
9/00 81.68
8/00 97.42
7/00 97.15
6/00 106.56
5/00 126.99
4/00 100.86
3/00 108.96
2/00 108.34
1/00 75.56
12/99 65.79
11/99 55.24
10/99 59.1
9/99 83.53
8/99 91.41
7/99 83.78
6/99 106.87
5/99 75.6
4/99 59.35
3/99 72.74
2/99 38.62
1/99 33.8
12/98 30.29
11/98 22.45
10/98 -0.16
9/98 3.62
1
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INVESTMENT ADVISOR'S REPORT (CONTINUED)
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Since then, the yields on US dollar denominated Canadian bonds have
increased relative to Canadian dollar issues. A year ago the yield on the US
dollar issues was 80 basis points higher; recently it has been 100 basis points
(i.e. 1%) higher. The Fund has taken the opportunity offered by the higher
yields to increase its holdings.
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GEOGRAPHICAL DIVERSIFICATION
(% OF INVESTMENTS)
--------------------------------------------------------------------------------
9/30/99 3/31/00 9/30/00
------- ------- -------
US 82.9% 84.6% 69.4%
Canada 4.5% 7.5% 15.9%
Mexico 12.6% 7.9% 14.7%
The Mexican Sector weighting has also been actively managed. The yield on
Cetes (Mexican Government T-Bills) fell significantly last March when the ruling
party (the PRI) held an open Primary Election to select its presidential
candidate. The currency also rallied. The Fund's Mexican weighting was reduced
because ISI thought the euphoria might be temporary. As the reality of a close
Presidential Election reasserted itself, interest rates increased and the
currency weakened. The Fund's Mexican weighting was then increased. (See
Geographical Diversification table at top left.)
91 Day Mexican Cete Yield
[line graph omitted]
plot points as follows:
10/3 16.47
9/26 16.31
9/19 16.76
9/12 16.02
9/5 15.52
8/29 15.58
8/22 15.79
8/15 15.69
8/8 15.83
8/1 15.65
7/25 14.67
7/18 14.8
7/11 14.3
7/4 14.72
6/27 18.07
6/20 16.96
6/13 16.48
6/6 15.77
5/30 15.79
5/23 16
5/16 15.9
5/9 16.06
5/2 14.37
4/25 14.38
4/17 15
4/11 13.97
4/4 14.13
3/28 14.02
3/20 14.31
3/14 14.14
3/7 14.29
2/29 15.52
2/22 16.09
2/15 16.02
2/8 16.44
2/1 17.19
1/25 17.71
1/18 17.33
1/11 16.98
1/4 17.71
12/28/00 17.44
12/21 17.84
12/14 17.58
12/7 17.36
11/30 18.01
11/23 18.55
11/16 18.16
11/9 18.41
11/11 9.59
10/26 20.26
10/19 20.39
10/12 19.47
10/52 1.06
9/282 1.39
9/212 1.32
Mexican Peso
(9/30/99 - 9/29/00)
[line graph omitted]
plot points as follows:
9/29 9.44
9/22 9.44
9/15 9.36
9/8 9.31
9/1 9.23
8/25 9.24
8/18 9.31
8/11 9.27
8/4 9.35
7/28 9.38
7/21 9.36
7/14 9.38
7/7 9.53
6/30 9.83
6/23 9.94
6/16 9.88
6/9 9.9
6/2 9.55
5/26 9.54
5/19 9.59
5/12 9.59
5/5 9.48
4/28 9.39
4/21 9.4
4/14 9.51
4/7 9.3
3/31 9.25
3/24 9.22
3/17 9.31
3/10 9.33
3/3 9.31
2/25 9.38
2/18 9.39
2/11 9.42
2/4 9.45
1/28 9.59
1/21 9.47
1/14 9.45
1/7 9.57
12/31 9.51
12/24 9.44
12/17 9.34
12/10 9.41
12/3 9.45
11/26 9.36
11/19 9.33
11/12 9.38
11/5 9.49
10/29 9.6
10/22 9.61
10/15 9.7
10/8 9.46
10/1 9.42
With the recent election of Vicente Fox, ISI has confidence in the
durability of Mexico's newly emerged open political process. At the end of
September, the Fund's Mexican weighting was 14.7% of the Portfolio. For more
details, please see the ISI outlook for Mexico, which may be found on Page 4.
We would like to welcome new investors to the Fund and thank those who have
been with us for some time. We appreciate your confidence.
Sincerely,
/S/SIGNATURE R. ALAN MEDAUGH
R. Alan Medaugh
President
September 30, 2000
2
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OUTLOOK FOR NORTH AMERICA -- SEPTEMBER 30, 2000
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US OUTLOOK
OVERVIEW
Three major forces are converging on the US economy that are likely to slow
growth or possibly produce a recession.
1) The energy price rise.
2) The global central bank tightenings.
3) The technology industry slowdown.
The three forces could feed on each other's power, particularly if the
stock market continues to falter. The forces are global in nature, so if we get
a US slowdown or recession, the same is likely for the global economy. Slow
economic growth is good for low inflation. So interest rates on government bonds
are likely to move lower producing capital gains for government bond investors.
THE ENERGY PRICE RISE
Natural gas hit a new high recently joining record oil prices. The
government warned that heating bills this winter could be up 25%, a forecast
which could scare consumers even if it turns out to be wrong. On the corporation
front, energy price increases are not easily passed on to customers because of
fierce competition for market share. Corporate earnings are likely to be reduced
as a result. Weaker corporate earnings typically mean a reduction in capital
spending, an important part of the long economic expansion.
THE GLOBAL CENTRAL BANK TIGHTENINGS
Swings in global growth are largely determined by swings in global interest
rates. There is a tendency for central banks individually to underestimate the
impact of their individual moves when other central banks are moving in the same
direction. Over the past 16 months, there have been 145 central bank tightenings
(European Central Bank, Korea, and Philippines last week). It takes roughly 12
months for central bank tightenings to impact economic activity. So, given that
central banks are still tightening, the low spot in global growth may not be
reached for another 12 months!
G7 Short Rates
[line graph omitted]
plot points as follows:
1 JAN 93 7.58
4 JAN 93 7.79
5 JAN 93 7.98
6 JAN 93 7.79
7 JAN 93 7.72
8 JAN 93 7.52
11 JAN 93 7.54
12 JAN 93 7.52
13 JAN 93 7.53
14 JAN 93 7.5
15 JAN 93 7.46
18 JAN 93 7.39
19 JAN 93 7.38
20 JAN 93 7.39
21 JAN 93 7.39
22 JAN 93 7.39
25 JAN 93 7.47
26 JAN 93 7.27
27 JAN 93 7.34
28 JAN 93 7.37
29 JAN 93 7.43
1 FEB 93 7.32
2 FEB 93 7.24
3 FEB 93 7.21
4 FEB 93 6.96
5 FEB 93 6.92
8 FEB 93 6.94
9 FEB 93 7
10 FEB 93 7.1
11 FEB 93 7
12 FEB 93 7.23
15 FEB 93 7.02
16 FEB 93 7.02
17 FEB 93 7.07
18 FEB 93 7.02
19 FEB 93 6.99
22 FEB 93 7.01
23 FEB 93 7.04
24 FEB 93 7.05
25 FEB 93 7.06
26 FEB 93 6.99
1 MAR 93 6.9
2 MAR 93 6.87
3 MAR 93 6.85
4 MAR 93 6.89
5 MAR 93 6.78
8 MAR 93 6.7
9 MAR 93 6.7
10 MAR 93 6.7
11 MAR 93 6.64
12 MAR 93 6.68
15 MAR 93 6.64
16 MAR 93 6.69
17 MAR 93 6.67
18 MAR 93 6.68
19 MAR 93 6.69
22 MAR 93 6.69
23 MAR 93 6.73
24 MAR 93 6.75
25 MAR 93 6.72
26 MAR 93 6.65
29 MAR 93 6.68
30 MAR 93 6.62
31 MAR 93 6.57
1 APR 93 6.65
2 APR 93 6.63
5 APR 93 6.69
6 APR 93 6.58
7 APR 93 6.47
8 APR 93 6.37
9 APR 93 6.37
12 APR 93 6.37
13 APR 93 6.31
14 APR 93 6.32
15 APR 93 6.37
16 APR 93 6.33
19 APR 93 6.33
20 APR 93 6.28
21 APR 93 6.35
22 APR 93 6.27
23 APR 93 6.23
26 APR 93 6.24
27 APR 93 6.23
28 APR 93 6.24
29 APR 93 6.19
30 APR 93 6.23
3 MAY 93 6.22
4 MAY 93 6.15
5 MAY 93 6.16
6 MAY 93 6.09
7 MAY 93 6.08
10 MAY 93 6.05
11 MAY 93 6.05
12 MAY 93 6.02
13 MAY 93 5.99
14 MAY 93 6.03
17 MAY 93 6.06
18 MAY 93 6.03
19 MAY 93 5.99
20 MAY 93 6
21 MAY 93 5.98
24 MAY 93 5.98
25 MAY 93 6.02
26 MAY 93 6
27 MAY 93 6.04
28 MAY 93 6.07
31 MAY 93 6.07
1 JUN 93 6.06
2 JUN 93 6.04
3 JUN 93 5.99
4 JUN 93 6.03
7 JUN 93 6.02
8 JUN 93 6.02
9 JUN 93 5.97
10 JUN 93 5.9
11 JUN 93 5.96
14 JUN 93 5.91
15 JUN 93 5.87
16 JUN 93 5.84
17 JUN 93 5.83
18 JUN 93 5.81
21 JUN 93 5.76
22 JUN 93 5.76
23 JUN 93 5.8
24 JUN 93 5.74
25 JUN 93 5.83
28 JUN 93 5.8
29 JUN 93 5.85
30 JUN 93 5.77
1 JUL 93 5.71
2 JUL 93 5.69
5 JUL 93 5.68
6 JUL 93 5.66
7 JUL 93 5.65
8 JUL 93 5.71
9 JUL 93 5.8
12 JUL 93 5.78
13 JUL 93 5.73
14 JUL 93 5.76
15 JUL 93 5.76
16 JUL 93 5.73
19 JUL 93 5.64
20 JUL 93 5.67
21 JUL 93 5.76
22 JUL 93 5.86
23 JUL 93 5.96
26 JUL 93 5.92
27 JUL 93 5.92
28 JUL 93 5.8
29 JUL 93 5.82
30 JUL 93 5.8
2 AUG 93 5.57
3 AUG 93 5.49
4 AUG 93 5.56
5 AUG 93 5.66
6 AUG 93 5.68
9 AUG 93 5.65
10 AUG 93 5.67
11 AUG 93 5.52
12 AUG 93 5.6
13 AUG 93 5.71
16 AUG 93 5.74
17 AUG 93 5.63
18 AUG 93 5.64
19 AUG 93 5.56
20 AUG 93 5.57
23 AUG 93 5.54
24 AUG 93 5.54
25 AUG 93 5.5
26 AUG 93 5.55
27 AUG 93 5.6
30 AUG 93 5.6
31 AUG 93 5.5
1 SEP 93 5.56
2 SEP 93 5.57
3 SEP 93 5.59
6 SEP 93 5.55
7 SEP 93 5.54
8 SEP 93 5.54
9 SEP 93 5.5
10 SEP 93 5.47
13 SEP 93 5.48
14 SEP 93 5.53
15 SEP 93 5.49
16 SEP 93 5.5
17 SEP 93 5.52
20 SEP 93 5.48
21 SEP 93 5.46
22 SEP 93 5.47
23 SEP 93 5.45
24 SEP 93 5.48
27 SEP 93 5.44
28 SEP 93 5.45
29 SEP 93 5.45
30 SEP 93 5.45
1 OCT 93 5.47
4 OCT 93 5.44
5 OCT 93 5.46
6 OCT 93 5.39
7 OCT 93 5.4
8 OCT 93 5.42
11 OCT 93 5.46
12 OCT 93 5.43
13 OCT 93 5.4
14 OCT 93 5.38
15 OCT 93 5.35
18 OCT 93 5.35
19 OCT 93 5.36
20 OCT 93 5.37
21 OCT 93 5.26
22 OCT 93 5.2
25 OCT 93 5.24
26 OCT 93 5.29
27 OCT 93 5.27
28 OCT 93 5.28
29 OCT 93 5.28
1 NOV 93 5.31
2 NOV 93 5.31
3 NOV 93 5.3
4 NOV 93 5.32
5 NOV 93 5.29
8 NOV 93 5.26
9 NOV 93 5.28
10 NOV 93 5.26
11 NOV 93 5.27
12 NOV 93 5.26
15 NOV 93 5.26
16 NOV 93 5.22
17 NOV 93 5.18
18 NOV 93 5.15
19 NOV 93 5.19
22 NOV 93 5.2
23 NOV 93 5.21
24 NOV 93 5.16
25 NOV 93 5.16
26 NOV 93 5.15
29 NOV 93 5.13
30 NOV 93 5.15
1 DEC 93 5.11
2 DEC 93 5.06
3 DEC 93 5.07
6 DEC 93 5.03
7 DEC 93 5.02
8 DEC 93 5
9 DEC 93 4.96
10 DEC 93 4.98
13 DEC 93 5.03
14 DEC 93 5.01
15 DEC 93 5.01
16 DEC 93 5.02
17 DEC 93 5.05
20 DEC 93 5.02
21 DEC 93 5
22 DEC 93 5
23 DEC 93 4.97
24 DEC 93 4.96
27 DEC 93 4.96
28 DEC 93 4.96
29 DEC 93 4.89
30 DEC 93 4.91
31 DEC 93 4.86
3 JAN 94 4.86
4 JAN 94 4.89
5 JAN 94 4.89
6 JAN 94 4.88
7 JAN 94 4.87
10 JAN 94 4.91
11 JAN 94 4.92
12 JAN 94 4.86
13 JAN 94 4.88
14 JAN 94 4.87
17 JAN 94 4.86
18 JAN 94 4.87
19 JAN 94 4.86
20 JAN 94 4.86
21 JAN 94 4.88
24 JAN 94 4.88
25 JAN 94 4.89
26 JAN 94 4.89
27 JAN 94 4.87
28 JAN 94 4.87
31 JAN 94 4.87
1 FEB 94 4.84
2 FEB 94 4.83
3 FEB 94 4.91
4 FEB 94 4.93
7 FEB 94 4.96
8 FEB 94 4.91
9 FEB 94 4.91
10 FEB 94 4.93
11 FEB 94 4.94
14 FEB 94 4.92
15 FEB 94 4.95
16 FEB 94 4.94
17 FEB 94 4.88
18 FEB 94 4.85
21 FEB 94 4.86
22 FEB 94 4.87
23 FEB 94 4.87
24 FEB 94 4.97
25 FEB 94 4.95
28 FEB 94 4.95
1 MAR 94 4.96
2 MAR 94 5.01
3 MAR 94 4.95
4 MAR 94 4.98
7 MAR 94 4.91
8 MAR 94 4.94
9 MAR 94 4.93
10 MAR 94 4.96
11 MAR 94 4.98
14 MAR 94 4.93
15 MAR 94 4.98
16 MAR 94 4.92
17 MAR 94 4.95
18 MAR 94 5.01
21 MAR 94 5.01
22 MAR 94 5.04
23 MAR 94 5.03
24 MAR 94 5.12
25 MAR 94 5.16
28 MAR 94 5.09
29 MAR 94 5.1
30 MAR 94 5.21
31 MAR 94 5.16
1 APR 94 5.19
4 APR 94 5.21
5 APR 94 5.24
6 APR 94 5.17
7 APR 94 5.18
8 APR 94 5.16
11 APR 94 5.16
12 APR 94 5.11
13 APR 94 5.09
14 APR 94 5.09
15 APR 94 5.09
18 APR 94 5.15
19 APR 94 5.18
20 APR 94 5.16
21 APR 94 5.16
22 APR 94 5.12
25 APR 94 5.14
26 APR 94 5.14
27 APR 94 5.13
28 APR 94 5.1
29 APR 94 5.14
2 MAY 94 5.13
3 MAY 94 5.13
4 MAY 94 5.12
5 MAY 94 5.14
6 MAY 94 5.17
9 MAY 94 5.17
10 MAY 94 5.15
11 MAY 94 5.08
12 MAY 94 5.09
13 MAY 94 5.06
16 MAY 94 5.06
17 MAY 94 5.03
18 MAY 94 5.03
19 MAY 94 5
20 MAY 94 5.01
23 MAY 94 5.04
24 MAY 94 5.08
25 MAY 94 5.06
26 MAY 94 5.08
27 MAY 94 5.06
30 MAY 94 5.06
31 MAY 94 5.06
1 JUN 94 5.1
2 JUN 94 5.09
3 JUN 94 5.08
6 JUN 94 5.03
7 JUN 94 5.04
8 JUN 94 5.04
9 JUN 94 5.01
10 JUN 94 5
13 JUN 94 5.03
14 JUN 94 5.02
15 JUN 94 5.05
16 JUN 94 5.13
17 JUN 94 5.12
20 JUN 94 5.23
21 JUN 94 5.25
22 JUN 94 5.18
23 JUN 94 5.15
24 JUN 94 5.18
27 JUN 94 5.24
28 JUN 94 5.22
29 JUN 94 5.2
30 JUN 94 5.2
1 JUL 94 5.24
4 JUL 94 5.2
5 JUL 94 5.22
6 JUL 94 5.19
7 JUL 94 5.2
8 JUL 94 5.21
11 JUL 94 5.24
12 JUL 94 5.2
13 JUL 94 5.18
14 JUL 94 5.12
15 JUL 94 5.1
18 JUL 94 5.14
19 JUL 94 5.12
20 JUL 94 5.11
21 JUL 94 5.17
22 JUL 94 5.15
25 JUL 94 5.14
26 JUL 94 5.17
27 JUL 94 5.2
28 JUL 94 5.22
29 JUL 94 5.24
1 AUG 94 5.22
2 AUG 94 5.19
3 AUG 94 5.18
4 AUG 94 5.14
5 AUG 94 5.21
8 AUG 94 5.2
9 AUG 94 5.22
10 AUG 94 5.21
11 AUG 94 5.25
12 AUG 94 5.41
15 AUG 94 5.43
16 AUG 94 5.37
17 AUG 94 5.28
18 AUG 94 5.36
19 AUG 94 5.28
22 AUG 94 5.24
23 AUG 94 5.18
24 AUG 94 5.19
25 AUG 94 5.18
26 AUG 94 5.21
29 AUG 94 5.16
30 AUG 94 5.23
31 AUG 94 5.26
1 SEP 94 5.24
2 SEP 94 5.2
5 SEP 94 5.27
6 SEP 94 5.3
7 SEP 94 5.27
8 SEP 94 5.27
9 SEP 94 5.24
12 SEP 94 5.3
13 SEP 94 5.26
14 SEP 94 5.26
15 SEP 94 5.24
16 SEP 94 5.23
19 SEP 94 5.19
20 SEP 94 5.27
21 SEP 94 5.25
22 SEP 94 5.29
23 SEP 94 5.26
26 SEP 94 5.2
27 SEP 94 5.21
28 SEP 94 5.17
29 SEP 94 5.24
30 SEP 94 5.28
3 OCT 94 5.3
4 OCT 94 5.34
5 OCT 94 5.39
6 OCT 94 5.41
7 OCT 94 5.42
10 OCT 94 5.33
11 OCT 94 5.35
12 OCT 94 5.38
13 OCT 94 5.36
14 OCT 94 5.35
17 OCT 94 5.35
18 OCT 94 5.34
19 OCT 94 5.38
20 OCT 94 5.37
21 OCT 94 5.36
24 OCT 94 5.36
25 OCT 94 5.38
26 OCT 94 5.4
27 OCT 94 5.38
28 OCT 94 5.35
31 OCT 94 5.4
1 NOV 94 5.42
2 NOV 94 5.41
3 NOV 94 5.43
4 NOV 94 5.44
7 NOV 94 5.44
8 NOV 94 5.48
9 NOV 94 5.43
10 NOV 94 5.44
11 NOV 94 5.41
14 NOV 94 5.42
15 NOV 94 5.47
16 NOV 94 5.45
17 NOV 94 5.48
18 NOV 94 5.47
21 NOV 94 5.46
22 NOV 94 5.47
23 NOV 94 5.43
24 NOV 94 5.39
25 NOV 94 5.42
28 NOV 94 5.46
29 NOV 94 5.55
30 NOV 94 5.57
1 DEC 94 5.57
2 DEC 94 5.62
5 DEC 94 5.63
6 DEC 94 5.7
7 DEC 94 5.69
8 DEC 94 5.8
9 DEC 94 5.74
12 DEC 94 5.81
13 DEC 94 5.99
14 DEC 94 5.99
15 DEC 94 5.9
16 DEC 94 5.84
19 DEC 94 5.84
20 DEC 94 5.84
21 DEC 94 5.69
22 DEC 94 5.72
23 DEC 94 5.82
26 DEC 94 5.82
27 DEC 94 5.81
28 DEC 94 5.88
29 DEC 94 5.92
30 DEC 94 5.9
2 JAN 95 5.9
3 JAN 95 5.84
4 JAN 95 5.88
5 JAN 95 5.85
6 JAN 95 5.87
9 JAN 95 5.83
10 JAN 95 5.93
11 JAN 95 5.89
12 JAN 95 5.94
13 JAN 95 5.94
16 JAN 95 5.9
17 JAN 95 6
18 JAN 95 6.03
19 JAN 95 6.02
20 JAN 95 6.07
23 JAN 95 6
24 JAN 95 6
25 JAN 95 6
26 JAN 95 5.96
27 JAN 95 5.99
30 JAN 95 6.02
31 JAN 95 6.04
1 FEB 95 6
2 FEB 95 6.05
3 FEB 95 6
6 FEB 95 5.94
7 FEB 95 5.93
8 FEB 95 5.94
9 FEB 95 5.94
10 FEB 95 5.96
13 FEB 95 6.02
14 FEB 95 5.99
15 FEB 95 5.93
16 FEB 95 5.97
17 FEB 95 6.04
20 FEB 95 6.02
21 FEB 95 6.02
22 FEB 95 6.11
23 FEB 95 6.05
24 FEB 95 6.07
27 FEB 95 6.2
28 FEB 95 6.19
1 MAR 95 6.2
2 MAR 95 6.25
3 MAR 95 6.32
6 MAR 95 6.44
7 MAR 95 6.65
8 MAR 95 6.64
9 MAR 95 6.61
10 MAR 95 6.57
13 MAR 95 6.61
14 MAR 95 6.54
15 MAR 95 6.61
16 MAR 95 6.63
17 MAR 95 6.75
20 MAR 95 6.7
21 MAR 95 6.6
22 MAR 95 6.59
23 MAR 95 6.67
24 MAR 95 6.61
27 MAR 95 6.51
28 MAR 95 6.58
29 MAR 95 6.54
30 MAR 95 6.42
31 MAR 95 6.49
3 APR 95 6.48
4 APR 95 6.41
5 APR 95 6.42
6 APR 95 6.35
7 APR 95 6.27
10 APR 95 6.26
11 APR 95 6.28
12 APR 95 6.31
13 APR 95 6.26
14 APR 95 6.26
17 APR 95 6.23
18 APR 95 6.27
19 APR 95 6.35
20 APR 95 6.35
21 APR 95 6.33
24 APR 95 6.38
25 APR 95 6.36
26 APR 95 6.35
27 APR 95 6.38
28 APR 95 6.38
1 MAY 95 6.34
2 MAY 95 6.37
3 MAY 95 6.31
4 MAY 95 6.3
5 MAY 95 6.15
8 MAY 95 6.15
9 MAY 95 6.04
10 MAY 95 6
11 MAY 95 6.01
12 MAY 95 6.02
15 MAY 95 5.99
16 MAY 95 6.02
17 MAY 95 6.03
18 MAY 95 6.04
19 MAY 95 6.06
22 MAY 95 6.08
23 MAY 95 6.08
24 MAY 95 6.11
25 MAY 95 6.03
26 MAY 95 6.13
29 MAY 95 6.13
30 MAY 95 6.18
31 MAY 95 6.12
1 JUN 95 6.08
2 JUN 95 6
5 JUN 95 6.01
6 JUN 95 6.02
7 JUN 95 6.04
8 JUN 95 6.07
9 JUN 95 6.06
12 JUN 95 6.07
13 JUN 95 6.04
14 JUN 95 6
15 JUN 95 6.02
16 JUN 95 6.05
19 JUN 95 6.01
20 JUN 95 6.02
21 JUN 95 5.98
22 JUN 95 5.91
23 JUN 95 5.91
26 JUN 95 5.92
27 JUN 95 5.99
28 JUN 95 6.02
29 JUN 95 6.04
30 JUN 95 6.03
3 JUL 95 5.99
4 JUL 95 5.97
5 JUL 95 5.94
6 JUL 95 5.93
7 JUL 95 5.82
10 JUL 95 5.76
11 JUL 95 5.8
12 JUL 95 5.74
13 JUL 95 5.81
14 JUL 95 5.83
17 JUL 95 5.85
18 JUL 95 5.86
19 JUL 95 5.84
20 JUL 95 5.91
21 JUL 95 5.84
24 JUL 95 5.82
25 JUL 95 5.83
26 JUL 95 5.81
27 JUL 95 5.8
28 JUL 95 5.81
31 JUL 95 5.85
1 AUG 95 5.83
2 AUG 95 5.76
3 AUG 95 5.75
4 AUG 95 5.73
7 AUG 95 5.74
8 AUG 95 5.72
9 AUG 95 5.69
10 AUG 95 5.66
11 AUG 95 5.66
14 AUG 95 5.7
15 AUG 95 5.76
16 AUG 95 5.71
17 AUG 95 5.68
18 AUG 95 5.67
21 AUG 95 5.66
22 AUG 95 5.63
23 AUG 95 5.63
24 AUG 95 5.58
25 AUG 95 5.57
28 AUG 95 5.56
29 AUG 95 5.61
30 AUG 95 5.6
31 AUG 95 5.6
1 SEP 95 5.6
4 SEP 95 5.61
5 SEP 95 5.54
6 SEP 95 5.55
7 SEP 95 5.55
8 SEP 95 5.52
11 SEP 95 5.53
12 SEP 95 5.56
13 SEP 95 5.53
14 SEP 95 5.62
15 SEP 95 5.54
18 SEP 95 5.57
19 SEP 95 5.55
20 SEP 95 5.57
21 SEP 95 5.55
22 SEP 95 5.68
25 SEP 95 5.64
26 SEP 95 5.59
27 SEP 95 5.63
28 SEP 95 5.67
29 SEP 95 5.62
2 OCT 95 5.57
3 OCT 95 5.61
4 OCT 95 5.61
5 OCT 95 5.62
6 OCT 95 5.67
9 OCT 95 5.71
10 OCT 95 5.68
11 OCT 95 5.7
12 OCT 95 5.63
13 OCT 95 5.62
16 OCT 95 5.62
17 OCT 95 5.68
18 OCT 95 5.62
19 OCT 95 5.64
20 OCT 95 5.7
23 OCT 95 5.91
24 OCT 95 5.97
25 OCT 95 5.96
26 OCT 95 5.83
27 OCT 95 5.83
30 OCT 95 5.75
31 OCT 95 5.61
1 NOV 95 5.61
2 NOV 95 5.57
3 NOV 95 5.56
6 NOV 95 5.59
7 NOV 95 5.57
8 NOV 95 5.52
9 NOV 95 5.54
10 NOV 95 5.53
13 NOV 95 5.55
14 NOV 95 5.51
15 NOV 95 5.52
16 NOV 95 5.44
17 NOV 95 5.45
20 NOV 95 5.4
21 NOV 95 5.44
22 NOV 95 5.42
23 NOV 95 5.4
24 NOV 95 5.38
27 NOV 95 5.33
28 NOV 95 5.34
29 NOV 95 5.35
30 NOV 95 5.47
1 DEC 95 5.51
4 DEC 95 5.54
5 DEC 95 5.46
6 DEC 95 5.42
7 DEC 95 5.39
8 DEC 95 5.39
11 DEC 95 5.35
12 DEC 95 5.39
13 DEC 95 5.43
14 DEC 95 5.38
15 DEC 95 5.27
18 DEC 95 5.29
19 DEC 95 5.31
20 DEC 95 5.22
21 DEC 95 5.23
22 DEC 95 5.21
25 DEC 95 5.21
26 DEC 95 5.2
27 DEC 95 5.14
28 DEC 95 5.17
29 DEC 95 5.14
1 JAN 96 5.14
2 JAN 96 5.12
3 JAN 96 5.14
4 JAN 96 5.12
5 JAN 96 5.15
8 JAN 96 5.12
9 JAN 96 5.09
10 JAN 96 5.08
11 JAN 96 5.09
12 JAN 96 5.08
15 JAN 96 5.04
16 JAN 96 4.97
17 JAN 96 4.96
18 JAN 96 4.9
19 JAN 96 4.88
22 JAN 96 4.92
23 JAN 96 4.95
24 JAN 96 4.9
25 JAN 96 4.9
26 JAN 96 4.9
29 JAN 96 4.9
30 JAN 96 4.86
31 JAN 96 4.83
1 FEB 96 4.76
2 FEB 96 4.75
5 FEB 96 4.8
6 FEB 96 4.77
7 FEB 96 4.76
8 FEB 96 4.72
9 FEB 96 4.72
12 FEB 96 4.73
13 FEB 96 4.74
14 FEB 96 4.83
15 FEB 96 4.83
16 FEB 96 4.86
19 FEB 96 4.91
20 FEB 96 4.95
21 FEB 96 4.9
22 FEB 96 4.85
23 FEB 96 4.82
26 FEB 96 4.87
27 FEB 96 4.87
28 FEB 96 4.86
29 FEB 96 4.84
1 MAR 96 4.8
4 MAR 96 4.78
5 MAR 96 4.77
6 MAR 96 4.75
7 MAR 96 4.73
8 MAR 96 4.77
11 MAR 96 4.84
12 MAR 96 4.84
13 MAR 96 4.83
14 MAR 96 4.82
15 MAR 96 4.84
18 MAR 96 4.84
19 MAR 96 4.8
20 MAR 96 4.79
21 MAR 96 4.79
22 MAR 96 4.81
25 MAR 96 4.78
26 MAR 96 4.77
27 MAR 96 4.8
28 MAR 96 4.8
29 MAR 96 4.82
1 APR 96 4.77
2 APR 96 4.78
3 APR 96 4.76
4 APR 96 4.74
5 APR 96 4.75
8 APR 96 4.75
9 APR 96 4.69
10 APR 96 4.73
11 APR 96 4.72
12 APR 96 4.71
15 APR 96 4.7
16 APR 96 4.7
17 APR 96 4.68
18 APR 96 4.61
19 APR 96 4.61
22 APR 96 4.57
23 APR 96 4.6
24 APR 96 4.57
25 APR 96 4.58
26 APR 96 4.56
29 APR 96 4.54
30 APR 96 4.54
1 MAY 96 4.53
2 MAY 96 4.57
3 MAY 96 4.55
6 MAY 96 4.55
7 MAY 96 4.57
8 MAY 96 4.56
9 MAY 96 4.56
10 MAY 96 4.58
13 MAY 96 4.58
14 MAY 96 4.56
15 MAY 96 4.55
16 MAY 96 4.56
17 MAY 96 4.54
20 MAY 96 4.52
21 MAY 96 4.54
22 MAY 96 4.56
23 MAY 96 4.55
24 MAY 96 4.57
27 MAY 96 4.55
28 MAY 96 4.5
29 MAY 96 4.54
30 MAY 96 4.57
31 MAY 96 4.57
3 JUN 96 4.61
4 JUN 96 4.59
5 JUN 96 4.59
6 JUN 96 4.52
7 JUN 96 4.55
10 JUN 96 4.53
11 JUN 96 4.54
12 JUN 96 4.54
13 JUN 96 4.57
14 JUN 96 4.56
17 JUN 96 4.53
18 JUN 96 4.52
19 JUN 96 4.49
20 JUN 96 4.48
21 JUN 96 4.46
24 JUN 96 4.47
25 JUN 96 4.47
26 JUN 96 4.47
27 JUN 96 4.48
28 JUN 96 4.46
1 JUL 96 4.46
2 JUL 96 4.48
3 JUL 96 4.49
4 JUL 96 4.46
5 JUL 96 4.49
8 JUL 96 4.56
9 JUL 96 4.55
10 JUL 96 4.54
11 JUL 96 4.51
12 JUL 96 4.53
15 JUL 96 4.55
16 JUL 96 4.54
17 JUL 96 4.5
18 JUL 96 4.52
19 JUL 96 4.47
22 JUL 96 4.46
23 JUL 96 4.46
24 JUL 96 4.45
25 JUL 96 4.48
26 JUL 96 4.5
29 JUL 96 4.5
30 JUL 96 4.5
31 JUL 96 4.5
1 AUG 96 4.45
2 AUG 96 4.43
5 AUG 96 4.43
6 AUG 96 4.43
7 AUG 96 4.46
8 AUG 96 4.44
9 AUG 96 4.53
12 AUG 96 4.47
13 AUG 96 4.49
14 AUG 96 4.44
15 AUG 96 4.43
16 AUG 96 4.39
19 AUG 96 4.46
20 AUG 96 4.42
21 AUG 96 4.42
22 AUG 96 4.32
23 AUG 96 4.3
26 AUG 96 4.33
27 AUG 96 4.37
28 AUG 96 4.34
29 AUG 96 4.35
30 AUG 96 4.38
2 SEP 96 4.34
3 SEP 96 4.37
4 SEP 96 4.4
5 SEP 96 4.42
6 SEP 96 4.35
9 SEP 96 4.36
10 SEP 96 4.33
11 SEP 96 4.32
12 SEP 96 4.32
13 SEP 96 4.26
16 SEP 96 4.28
17 SEP 96 4.3
18 SEP 96 4.32
19 SEP 96 4.27
20 SEP 96 4.26
23 SEP 96 4.26
24 SEP 96 4.25
25 SEP 96 4.21
26 SEP 96 4.22
27 SEP 96 4.2
30 SEP 96 4.18
1 OCT 96 4.16
2 OCT 96 4.18
3 OCT 96 4.14
4 OCT 96 4.12
7 OCT 96 4.16
8 OCT 96 4.15
9 OCT 96 4.15
10 OCT 96 4.14
11 OCT 96 4.11
14 OCT 96 4.15
15 OCT 96 4.15
16 OCT 96 4.16
17 OCT 96 4.16
18 OCT 96 4.12
21 OCT 96 4.15
22 OCT 96 4.08
23 OCT 96 4.11
24 OCT 96 4.07
25 OCT 96 4.07
28 OCT 96 4.05
29 OCT 96 4.08
30 OCT 96 4.07
31 OCT 96 4.1
1 NOV 96 4.1
4 NOV 96 4.08
5 NOV 96 4.05
6 NOV 96 4.05
7 NOV 96 4.04
8 NOV 96 4.05
11 NOV 96 4.07
12 NOV 96 4.06
13 NOV 96 4.05
14 NOV 96 4.04
15 NOV 96 4.04
18 NOV 96 4.04
19 NOV 96 4.01
20 NOV 96 4.03
21 NOV 96 4.02
22 NOV 96 3.97
25 NOV 96 3.98
26 NOV 96 4.02
27 NOV 96 3.98
28 NOV 96 4
29 NOV 96 4.02
2 DEC 96 4.03
3 DEC 96 3.94
4 DEC 96 3.94
5 DEC 96 3.99
6 DEC 96 4.03
9 DEC 96 3.99
10 DEC 96 4.01
11 DEC 96 4.01
12 DEC 96 4.03
13 DEC 96 4
16 DEC 96 3.96
17 DEC 96 3.99
18 DEC 96 3.97
19 DEC 96 3.97
20 DEC 96 3.96
23 DEC 96 4.03
24 DEC 96 4.03
25 DEC 96 4.03
26 DEC 96 4.03
27 DEC 96 3.97
30 DEC 96 4.05
31 DEC 96 4.03
1 JAN 97 4.03
2 JAN 97 4.06
3 JAN 97 4.05
6 JAN 97 4.07
7 JAN 97 4.09
8 JAN 97 4.04
9 JAN 97 4.04
10 JAN 97 4.04
13 JAN 97 4.03
14 JAN 97 3.97
15 JAN 97 4
16 JAN 97 4.01
17 JAN 97 3.99
20 JAN 97 3.99
21 JAN 97 3.95
22 JAN 97 3.93
23 JAN 97 3.99
24 JAN 97 4
27 JAN 97 3.98
28 JAN 97 4.02
29 JAN 97 4.04
30 JAN 97 4
31 JAN 97 4.04
3 FEB 97 4.01
4 FEB 97 3.97
5 FEB 97 4
6 FEB 97 4.04
7 FEB 97 4.03
10 FEB 97 4
11 FEB 97 4.01
12 FEB 97 3.99
13 FEB 97 4.03
14 FEB 97 4.02
17 FEB 97 4.03
18 FEB 97 4.05
19 FEB 97 3.95
20 FEB 97 3.99
21 FEB 97 3.97
24 FEB 97 3.98
25 FEB 97 3.99
26 FEB 97 3.97
27 FEB 97 4
28 FEB 97 4.07
3 MAR 97 4.04
4 MAR 97 4.06
5 MAR 97 4.03
6 MAR 97 4.09
7 MAR 97 4
10 MAR 97 4.06
11 MAR 97 4.04
12 MAR 97 4.03
13 MAR 97 4.02
14 MAR 97 4.07
17 MAR 97 4.13
18 MAR 97 4.09
19 MAR 97 4.14
20 MAR 97 4.11
21 MAR 97 4.17
24 MAR 97 4.15
25 MAR 97 4.19
26 MAR 97 4.06
27 MAR 97 4.11
28 MAR 97 4.11
31 MAR 97 4.1
1 APR 97 4.16
2 APR 97 4.11
3 APR 97 4.12
4 APR 97 4.09
7 APR 97 4.07
8 APR 97 4.11
9 APR 97 4.1
10 APR 97 4.1
11 APR 97 4.06
14 APR 97 4.07
15 APR 97 4.05
16 APR 97 4.05
17 APR 97 4.02
18 APR 97 4.05
21 APR 97 4.1
22 APR 97 4.13
23 APR 97 4.04
24 APR 97 4.06
25 APR 97 4.14
28 APR 97 4.11
29 APR 97 4.08
30 APR 97 4.08
1 MAY 97 4.08
2 MAY 97 4.06
5 MAY 97 4.05
6 MAY 97 4.02
7 MAY 97 4.02
8 MAY 97 4.02
9 MAY 97 4.01
12 MAY 97 4.02
13 MAY 97 4.03
14 MAY 97 4
15 MAY 97 4
16 MAY 97 3.97
19 MAY 97 4
20 MAY 97 4.01
21 MAY 97 3.95
22 MAY 97 3.98
23 MAY 97 4
26 MAY 97 4
27 MAY 97 4.03
28 MAY 97 4.04
29 MAY 97 4.04
30 MAY 97 4.06
2 JUN 97 4.01
3 JUN 97 3.99
4 JUN 97 4
5 JUN 97 4.03
6 JUN 97 4.06
9 JUN 97 4.05
10 JUN 97 4.02
11 JUN 97 4.03
12 JUN 97 3.98
13 JUN 97 4.03
16 JUN 97 3.99
17 JUN 97 3.99
18 JUN 97 4
19 JUN 97 4.02
20 JUN 97 4
23 JUN 97 4.04
24 JUN 97 4.04
25 JUN 97 4
26 JUN 97 4.07
27 JUN 97 4.1
30 JUN 97 4.1
1 JUL 97 4.1
2 JUL 97 4.1
3 JUL 97 4.11
4 JUL 97 4.12
7 JUL 97 4.1
8 JUL 97 4.11
9 JUL 97 4.11
10 JUL 97 4.12
11 JUL 97 4.12
14 JUL 97 4.1
15 JUL 97 4.11
16 JUL 97 4.14
17 JUL 97 4.16
18 JUL 97 4.17
21 JUL 97 4.18
22 JUL 97 4.18
23 JUL 97 4.16
24 JUL 97 4.21
25 JUL 97 4.19
28 JUL 97 4.18
29 JUL 97 4.17
30 JUL 97 4.17
31 JUL 97 4.18
1 AUG 97 4.13
4 AUG 97 4.18
5 AUG 97 4.23
6 AUG 97 4.23
7 AUG 97 4.25
8 AUG 97 4.21
11 AUG 97 4.21
12 AUG 97 4.2
13 AUG 97 4.22
14 AUG 97 4.24
15 AUG 97 4.18
18 AUG 97 4.18
19 AUG 97 4.18
20 AUG 97 4.21
21 AUG 97 4.19
22 AUG 97 4.17
25 AUG 97 4.17
26 AUG 97 4.21
27 AUG 97 4.22
28 AUG 97 4.19
29 AUG 97 4.23
1 SEP 97 4.21
2 SEP 97 4.19
3 SEP 97 4.17
4 SEP 97 4.21
5 SEP 97 4.2
8 SEP 97 4.16
9 SEP 97 4.19
10 SEP 97 4.18
11 SEP 97 4.18
12 SEP 97 4.19
15 SEP 97 4.13
16 SEP 97 4.13
17 SEP 97 4.15
18 SEP 97 4.16
19 SEP 97 4.14
22 SEP 97 4.12
23 SEP 97 4.11
24 SEP 97 4.08
25 SEP 97 4.08
26 SEP 97 4.1
29 SEP 97 4.13
30 SEP 97 4.17
1 OCT 97 4.19
2 OCT 97 4.17
3 OCT 97 4.11
6 OCT 97 4.17
7 OCT 97 4.17
8 OCT 97 4.19
9 OCT 97 4.26
10 OCT 97 4.3
13 OCT 97 4.28
14 OCT 97 4.24
15 OCT 97 4.22
16 OCT 97 4.27
17 OCT 97 4.31
20 OCT 97 4.29
21 OCT 97 4.31
22 OCT 97 4.33
23 OCT 97 4.32
24 OCT 97 4.34
27 OCT 97 4.33
28 OCT 97 4.36
29 OCT 97 4.36
30 OCT 97 4.35
31 OCT 97 4.37
3 NOV 97 4.35
4 NOV 97 4.35
5 NOV 97 4.36
6 NOV 97 4.36
7 NOV 97 4.37
10 NOV 97 4.39
11 NOV 97 4.38
12 NOV 97 4.41
13 NOV 97 4.35
14 NOV 97 4.3
17 NOV 97 4.37
18 NOV 97 4.38
19 NOV 97 4.29
20 NOV 97 4.3
21 NOV 97 4.35
24 NOV 97 4.29
25 NOV 97 4.29
26 NOV 97 4.29
27 NOV 97 4.33
28 NOV 97 4.31
1 DEC 97 4.29
2 DEC 97 4.32
3 DEC 97 4.29
4 DEC 97 4.3
5 DEC 97 4.33
8 DEC 97 4.31
9 DEC 97 4.37
10 DEC 97 4.36
11 DEC 97 4.34
12 DEC 97 4.38
15 DEC 97 4.35
16 DEC 97 4.38
17 DEC 97 4.44
18 DEC 97 4.4
19 DEC 97 4.41
22 DEC 97 4.4
23 DEC 97 4.4
24 DEC 97 4.4
25 DEC 97 4.4
26 DEC 97 4.4
29 DEC 97 4.41
30 DEC 97 4.37
31 DEC 97 4.35
1 JAN 98 4.35
2 JAN 98 4.35
5 JAN 98 4.33
6 JAN 98 4.32
7 JAN 98 4.34
8 JAN 98 4.35
9 JAN 98 4.29
12 JAN 98 4.26
13 JAN 98 4.27
14 JAN 98 4.31
15 JAN 98 4.3
16 JAN 98 4.32
19 JAN 98 4.33
20 JAN 98 4.31
21 JAN 98 4.34
22 JAN 98 4.3
23 JAN 98 4.31
26 JAN 98 4.3
27 JAN 98 4.33
28 JAN 98 4.33
29 JAN 98 4.32
30 JAN 98 4.4
2 FEB 98 4.41
3 FEB 98 4.37
4 FEB 98 4.37
5 FEB 98 4.33
6 FEB 98 4.35
9 FEB 98 4.39
10 FEB 98 4.36
11 FEB 98 4.38
12 FEB 98 4.36
13 FEB 98 4.38
16 FEB 98 4.36
17 FEB 98 4.36
18 FEB 98 4.35
19 FEB 98 4.37
20 FEB 98 4.36
23 FEB 98 4.38
24 FEB 98 4.37
25 FEB 98 4.34
26 FEB 98 4.36
27 FEB 98 4.38
2 MAR 98 4.37
3 MAR 98 4.34
4 MAR 98 4.37
5 MAR 98 4.31
6 MAR 98 4.3
9 MAR 98 4.28
10 MAR 98 4.25
11 MAR 98 4.27
12 MAR 98 4.27
13 MAR 98 4.27
16 MAR 98 4.28
17 MAR 98 4.29
18 MAR 98 4.3
19 MAR 98 4.27
20 MAR 98 4.26
23 MAR 98 4.25
24 MAR 98 4.25
25 MAR 98 4.24
26 MAR 98 4.26
27 MAR 98 4.26
30 MAR 98 4.25
31 MAR 98 4.27
1 APR 98 4.3
2 APR 98 4.3
3 APR 98 4.26
6 APR 98 4.25
7 APR 98 4.24
8 APR 98 4.26
9 APR 98 4.22
10 APR 98 4.22
13 APR 98 4.24
14 APR 98 4.24
15 APR 98 4.24
16 APR 98 4.26
17 APR 98 4.27
20 APR 98 4.24
21 APR 98 4.23
22 APR 98 4.24
23 APR 98 4.23
24 APR 98 4.24
27 APR 98 4.23
28 APR 98 4.23
29 APR 98 4.23
30 APR 98 4.23
1 MAY 98 4.21
4 MAY 98 4.21
5 MAY 98 4.21
6 MAY 98 4.22
7 MAY 98 4.23
8 MAY 98 4.2
11 MAY 98 4.21
12 MAY 98 4.21
13 MAY 98 4.2
14 MAY 98 4.25
15 MAY 98 4.24
18 MAY 98 4.27
19 MAY 98 4.24
20 MAY 98 4.24
21 MAY 98 4.22
22 MAY 98 4.23
25 MAY 98 4.23
26 MAY 98 4.23
27 MAY 98 4.24
28 MAY 98 4.21
29 MAY 98 4.21
1 JUN 98 4.22
2 JUN 98 4.24
3 JUN 98 4.24
4 JUN 98 4.26
5 JUN 98 4.26
8 JUN 98 4.24
9 JUN 98 4.24
10 JUN 98 4.25
11 JUN 98 4.24
12 JUN 98 4.25
15 JUN 98 4.25
16 JUN 98 4.26
17 JUN 98 4.25
18 JUN 98 4.3
19 JUN 98 4.3
22 JUN 98 4.29
23 JUN 98 4.3
24 JUN 98 4.27
25 JUN 98 4.25
26 JUN 98 4.21
29 JUN 98 4.26
30 JUN 98 4.25
1 JUL 98 4.27
2 JUL 98 4.24
3 JUL 98 4.23
6 JUL 98 4.22
7 JUL 98 4.23
8 JUL 98 4.21
9 JUL 98 4.19
10 JUL 98 4.21
13 JUL 98 4.22
14 JUL 98 4.21
15 JUL 98 4.22
16 JUL 98 4.24
17 JUL 98 4.22
20 JUL 98 4.22
21 JUL 98 4.19
22 JUL 98 4.2
23 JUL 98 4.22
24 JUL 98 4.22
27 JUL 98 4.22
28 JUL 98 4.22
29 JUL 98 4.2
30 JUL 98 4.22
31 JUL 98 4.23
3 AUG 98 4.23
4 AUG 98 4.24
5 AUG 98 4.22
6 AUG 98 4.22
7 AUG 98 4.19
10 AUG 98 4.19
11 AUG 98 4.21
12 AUG 98 4.21
13 AUG 98 4.2
14 AUG 98 4.23
17 AUG 98 4.19
18 AUG 98 4.21
19 AUG 98 4.21
20 AUG 98 4.22
21 AUG 98 4.21
24 AUG 98 4.23
25 AUG 98 4.21
26 AUG 98 4.22
27 AUG 98 4.33
28 AUG 98 4.35
31 AUG 98 4.35
1 SEP 98 4.31
2 SEP 98 4.27
3 SEP 98 4.28
4 SEP 98 4.28
7 SEP 98 4.3
8 SEP 98 4.27
9 SEP 98 4.24
10 SEP 98 4.21
11 SEP 98 4.18
14 SEP 98 4.16
15 SEP 98 4.16
16 SEP 98 4.16
17 SEP 98 4.16
18 SEP 98 4.13
21 SEP 98 4.15
22 SEP 98 4.17
23 SEP 98 4.14
24 SEP 98 4.09
25 SEP 98 4.09
28 SEP 98 4.06
29 SEP 98 4.1
30 SEP 98 4.06
1 OCT 98 4
2 OCT 98 4.01
5 OCT 98 3.98
6 OCT 98 4.02
7 OCT 98 3.98
8 OCT 98 3.96
9 OCT 98 3.94
12 OCT 98 3.97
13 OCT 98 3.96
14 OCT 98 3.96
15 OCT 98 3.98
16 OCT 98 3.84
19 OCT 98 3.85
20 OCT 98 3.89
21 OCT 98 3.88
22 OCT 98 3.86
23 OCT 98 3.86
26 OCT 98 3.87
27 OCT 98 3.87
28 OCT 98 3.9
29 OCT 98 3.9
30 OCT 98 3.94
2 NOV 98 3.91
3 NOV 98 3.95
4 NOV 98 3.94
5 NOV 98 3.92
6 NOV 98 3.89
9 NOV 98 3.91
10 NOV 98 3.91
11 NOV 98 3.93
12 NOV 98 3.9
13 NOV 98 3.88
16 NOV 98 3.91
17 NOV 98 3.83
18 NOV 98 3.82
19 NOV 98 3.81
20 NOV 98 3.81
23 NOV 98 3.83
24 NOV 98 3.83
25 NOV 98 3.82
26 NOV 98 3.83
27 NOV 98 3.8
30 NOV 98 3.79
1 DEC 98 3.79
2 DEC 98 3.81
3 DEC 98 3.67
4 DEC 98 3.66
7 DEC 98 3.64
8 DEC 98 3.6
9 DEC 98 3.61
10 DEC 98 3.62
11 DEC 98 3.6
14 DEC 98 3.6
15 DEC 98 3.6
16 DEC 98 3.6
17 DEC 98 3.63
18 DEC 98 3.55
21 DEC 98 3.61
22 DEC 98 3.56
23 DEC 98 3.61
24 DEC 98 3.59
25 DEC 98 3.59
28 DEC 98 3.59
29 DEC 98 3.59
30 DEC 98 3.52
31 DEC 98 3.55
1 JAN 99 3.55
4 JAN 99 3.56
5 JAN 99 3.55
6 JAN 99 3.59
7 JAN 99 3.49
8 JAN 99 3.51
11 JAN 99 3.52
12 JAN 99 3.52
13 JAN 99 3.47
14 JAN 99 3.46
15 JAN 99 3.46
18 JAN 99 3.44
19 JAN 99 3.41
20 JAN 99 3.4
21 JAN 99 3.38
22 JAN 99 3.4
25 JAN 99 3.42
26 JAN 99 3.41
27 JAN 99 3.44
28 JAN 99 3.45
29 JAN 99 3.44
1 FEB 99 3.45
2 FEB 99 3.47
3 FEB 99 3.45
4 FEB 99 3.44
5 FEB 99 3.42
8 FEB 99 3.43
9 FEB 99 3.44
10 FEB 99 3.42
11 FEB 99 3.41
12 FEB 99 3.41
15 FEB 99 3.41
16 FEB 99 3.39
17 FEB 99 3.4
18 FEB 99 3.4
19 FEB 99 3.4
22 FEB 99 3.39
23 FEB 99 3.41
24 FEB 99 3.4
25 FEB 99 3.4
26 FEB 99 3.41
1 MAR 99 3.44
2 MAR 99 3.43
3 MAR 99 3.43
4 MAR 99 3.43
5 MAR 99 3.4
8 MAR 99 3.42
9 MAR 99 3.42
10 MAR 99 3.4
11 MAR 99 3.41
12 MAR 99 3.39
15 MAR 99 3.35
16 MAR 99 3.36
17 MAR 99 3.35
18 MAR 99 3.33
19 MAR 99 3.35
22 MAR 99 3.32
23 MAR 99 3.32
24 MAR 99 3.31
25 MAR 99 3.31
26 MAR 99 3.31
29 MAR 99 3.3
30 MAR 99 3.3
31 MAR 99 3.29
1 APR 99 3.27
2 APR 99 3.27
5 APR 99 3.26
6 APR 99 3.24
7 APR 99 3.24
8 APR 99 3.24
9 APR 99 3.19
12 APR 99 3.14
13 APR 99 3.14
14 APR 99 3.08
15 APR 99 3.09
16 APR 99 3.09
19 APR 99 3.09
20 APR 99 3.08
21 APR 99 3.08
22 APR 99 3.11
23 APR 99 3.12
26 APR 99 3.11
27 APR 99 3.1
28 APR 99 3.11
29 APR 99 3.12
30 APR 99 3.1
3 MAY 99 3.11
4 MAY 99 3.09
5 MAY 99 3.09
6 MAY 99 3.07
7 MAY 99 3.09
10 MAY 99 3.1
11 MAY 99 3.1
12 MAY 99 3.09
13 MAY 99 3.1
14 MAY 99 3.09
17 MAY 99 3.13
18 MAY 99 3.13
19 MAY 99 3.09
20 MAY 99 3.13
21 MAY 99 3.13
24 MAY 99 3.14
25 MAY 99 3.12
26 MAY 99 3.12
27 MAY 99 3.14
28 MAY 99 3.13
31 MAY 99 3.15
1 JUN 99 3.17
2 JUN 99 3.16
3 JUN 99 3.16
4 JUN 99 3.15
7 JUN 99 3.1
8 JUN 99 3.14
9 JUN 99 3.11
10 JUN 99 3.13
11 JUN 99 3.15
14 JUN 99 3.14
15 JUN 99 3.16
16 JUN 99 3.15
17 JUN 99 3.14
18 JUN 99 3.14
21 JUN 99 3.12
22 JUN 99 3.16
23 JUN 99 3.16
24 JUN 99 3.17
25 JUN 99 3.13
28 JUN 99 3.21
29 JUN 99 3.17
30 JUN 99 3.18
1 JUL 99 3.18
2 JUL 99 3.14
5 JUL 99 3.14
6 JUL 99 3.13
7 JUL 99 3.15
8 JUL 99 3.17
9 JUL 99 3.16
12 JUL 99 3.17
13 JUL 99 3.12
14 JUL 99 3.17
15 JUL 99 3.16
16 JUL 99 3.15
19 JUL 99 3.16
20 JUL 99 3.18
21 JUL 99 3.17
22 JUL 99 3.15
23 JUL 99 3.19
26 JUL 99 3.2
27 JUL 99 3.19
28 JUL 99 3.21
29 JUL 99 3.22
30 JUL 99 3.23
2 AUG 99 3.22
3 AUG 99 3.23
4 AUG 99 3.22
5 AUG 99 3.22
6 AUG 99 3.23
9 AUG 99 3.25
10 AUG 99 3.27
11 AUG 99 3.27
12 AUG 99 3.23
13 AUG 99 3.22
16 AUG 99 3.24
17 AUG 99 3.23
18 AUG 99 3.2
19 AUG 99 3.21
20 AUG 99 3.2
23 AUG 99 3.24
24 AUG 99 3.26
25 AUG 99 3.23
26 AUG 99 3.25
27 AUG 99 3.26
30 AUG 99 3.24
31 AUG 99 3.28
1 SEP 99 3.25
2 SEP 99 3.23
3 SEP 99 3.22
6 SEP 99 3.23
7 SEP 99 3.22
8 SEP 99 3.26
9 SEP 99 3.26
10 SEP 99 3.21
13 SEP 99 3.24
14 SEP 99 3.25
15 SEP 99 3.24
16 SEP 99 3.21
17 SEP 99 3.19
20 SEP 99 3.21
21 SEP 99 3.24
22 SEP 99 3.22
23 SEP 99 3.24
24 SEP 99 3.22
27 SEP 99 3.25
28 SEP 99 3.21
29 SEP 99 3.32
30 SEP 99 3.38
1 OCT 99 3.51
4 OCT 99 3.55
5 OCT 99 3.62
6 OCT 99 3.64
7 OCT 99 3.66
8 OCT 99 3.61
11 OCT 99 3.62
12 OCT 99 3.66
13 OCT 99 3.7
14 OCT 99 3.72
15 OCT 99 3.7
18 OCT 99 3.74
19 OCT 99 3.76
20 OCT 99 3.74
21 OCT 99 3.72
22 OCT 99 3.67
25 OCT 99 3.74
26 OCT 99 3.79
27 OCT 99 3.74
28 OCT 99 3.68
29 OCT 99 3.7
1 NOV 99 3.64
2 NOV 99 3.76
3 NOV 99 3.66
4 NOV 99 3.76
5 NOV 99 3.73
8 NOV 99 3.75
9 NOV 99 3.76
10 NOV 99 3.74
11 NOV 99 3.73
12 NOV 99 3.75
15 NOV 99 3.74
16 NOV 99 3.76
17 NOV 99 3.7
18 NOV 99 3.74
19 NOV 99 3.73
22 NOV 99 3.77
23 NOV 99 3.75
24 NOV 99 3.76
25 NOV 99 3.77
26 NOV 99 3.76
29 NOV 99 3.77
30 NOV 99 3.74
1 DEC 99 3.8
2 DEC 99 3.78
3 DEC 99 3.8
6 DEC 99 3.79
7 DEC 99 3.73
8 DEC 99 3.77
9 DEC 99 3.74
10 DEC 99 3.76
13 DEC 99 3.77
14 DEC 99 3.78
15 DEC 99 3.78
16 DEC 99 3.8
17 DEC 99 3.83
20 DEC 99 3.83
21 DEC 99 3.84
22 DEC 99 3.83
23 DEC 99 3.78
24 DEC 99 3.79
27 DEC 99 3.83
28 DEC 99 3.79
29 DEC 99 3.72
30 DEC 99 3.71
31 DEC 99 3.7
3 JAN 0 3.74
4 JAN 0 3.75
5 JAN 0 3.77
6 JAN 0 3.73
7 JAN 0 3.75
10 JAN 0 3.76
11 JAN 0 3.74
12 JAN 0 3.72
13 JAN 0 3.71
14 JAN 0 3.71
17 JAN 0 3.73
18 JAN 0 3.72
19 JAN 0 3.77
20 JAN 0 3.77
21 JAN 0 3.77
24 JAN 0 3.77
25 JAN 0 3.76
26 JAN 0 3.8
27 JAN 0 3.83
28 JAN 0 3.86
31 JAN 0 3.89
1 FEB 0 3.88
2 FEB 0 3.87
3 FEB 0 3.86
4 FEB 0 3.86
7 FEB 0 3.87
8 FEB 0 3.88
9 FEB 0 3.85
10 FEB 0 3.86
11 FEB 0 3.85
14 FEB 0 3.86
15 FEB 0 3.88
16 FEB 0 3.9
17 FEB 0 3.89
18 FEB 0 3.89
21 FEB 0 3.94
22 FEB 0 3.94
23 FEB 0 3.93
24 FEB 0 3.95
25 FEB 0 3.94
28 FEB 0 3.96
29 FEB 0 3.95
1 MAR 0 3.95
2 MAR 0 3.96
3 MAR 0 3.93
6 MAR 0 3.96
7 MAR 0 4
8 MAR 0 3.99
9 MAR 0 4.02
10 MAR 0 4.04
13 MAR 0 4.04
14 MAR 0 4.05
15 MAR 0 4.07
16 MAR 0 4.03
17 MAR 0 4.07
20 MAR 0 4.07
21 MAR 0 4.02
22 MAR 0 4.06
23 MAR 0 4.05
24 MAR 0 4.08
27 MAR 0 4.09
28 MAR 0 4.06
29 MAR 0 4.08
30 MAR 0 4.1
31 MAR 0 4.1
3 APR 0 4.07
4 APR 0 4.09
5 APR 0 4.1
6 APR 0 4.08
7 APR 0 4.09
10 APR 0 4.11
11 APR 0 4.12
12 APR 0 4.11
13 APR 0 4.12
14 APR 0 4.11
17 APR 0 4.13
18 APR 0 4.13
19 APR 0 4.14
20 APR 0 4.17
21 APR 0 4.16
24 APR 0 4.15
25 APR 0 4.14
26 APR 0 4.16
27 APR 0 4.19
28 APR 0 4.24
1 MAY 0 4.21
2 MAY 0 4.29
3 MAY 0 4.32
4 MAY 0 4.33
5 MAY 0 4.35
8 MAY 0 4.36
9 MAY 0 4.38
10 MAY 0 4.36
11 MAY 0 4.39
12 MAY 0 4.38
15 MAY 0 4.38
16 MAY 0 4.4
17 MAY 0 4.41
18 MAY 0 4.43
19 MAY 0 4.42
22 MAY 0 4.4
23 MAY 0 4.44
24 MAY 0 4.4
25 MAY 0 4.37
26 MAY 0 4.35
29 MAY 0 4.39
30 MAY 0 4.4
31 MAY 0 4.41
1 JUN 0 4.39
2 JUN 0 4.39
5 JUN 0 4.38
6 JUN 0 4.41
7 JUN 0 4.4
8 JUN 0 4.45
9 JUN 0 4.45
12 JUN 0 4.45
13 JUN 0 4.45
14 JUN 0 4.43
15 JUN 0 4.41
16 JUN 0 4.38
19 JUN 0 4.42
20 JUN 0 4.39
21 JUN 0 4.44
22 JUN 0 4.44
23 JUN 0 4.46
26 JUN 0 4.46
27 JUN 0 4.46
28 JUN 0 4.45
29 JUN 0 4.43
30 JUN 0 4.47
3 JUL 0 4.48
4 JUL 0 4.47
5 JUL 0 4.47
6 JUL 0 4.47
7 JUL 0 4.45
10 JUL 0 4.48
11 JUL 0 4.48
12 JUL 0 4.51
13 JUL 0 4.51
14 JUL 0 4.49
17 JUL 0 4.49
18 JUL 0 4.51
19 JUL 0 4.52
20 JUL 0 4.53
21 JUL 0 4.5
24 JUL 0 4.52
25 JUL 0 4.52
26 JUL 0 4.53
27 JUL 0 4.54
28 JUL 0 4.56
31 JUL 0 4.49
1 AUG 0 4.54
2 AUG 0 4.56
3 AUG 0 4.54
4 AUG 0 4.54
7 AUG 0 4.55
8 AUG 0 4.54
9 AUG 0 4.54
10 AUG 0 4.55
11 AUG 0 4.61
14 AUG 0 4.64
15 AUG 0 4.63
16 AUG 0 4.63
17 AUG 0 4.66
18 AUG 0 4.66
21 AUG 0 4.65
22 AUG 0 4.68
23 AUG 0 4.64
24 AUG 0 4.68
25 AUG 0 4.68
28 AUG 0 4.7
29 AUG 0 4.71
30 AUG 0 4.68
31 AUG 0 4.67
1 SEP 0 4.63
4 SEP 0 4.63
5 SEP 0 4.64
6 SEP 0 4.65
7 SEP 0 4.66
8 SEP 0 4.65
11 SEP 0 4.65
12 SEP 0 4.64
13 SEP 0 4.63
14 SEP 0 4.63
15 SEP 0 4.6
18 SEP 0 4.61
19 SEP 0 4.61
20 SEP 0 4.63
21 SEP 0 4.62
22 SEP 0 4.63
25 SEP 0 4.62
26 SEP 0 4.67
27 SEP 0 4.66
28 SEP 0 4.74
29 SEP 0 4.73
2 OCT 0 4.74
3 OCT 0 4.75
4 OCT 0 4.69
5 OCT 0 4.75
6 OCT 0 4.74
THE TECHNOLOGY INDUSTRY SLOWDOWN
We believe in the technology revolution. We also believe technology
activity is cyclical. The global upswing over the past year helped lift
technology, as highlighted by the 53% year to year August increase in world
semi-conductor sales. Conversely, a global slowdown is likely to slow
technology. (In the 1995 and 1998 economic slowdowns, world semi-conductor sales
declined almost 20% year to year both times). Indeed, a technology slowdown is
unfolding: there has been an explosion in dot.com company problems; many
technology companies have either been downgraded or announced earnings warnings
(e.g., Intel, Dell, Apple, Oracle, and Nextel). Our survey of technology
companies, according to industry growth and sales expectations (although still
at a high level) have clearly begun to decline.
3
<PAGE>
--------------------------------------------------------------------------------
OUTLOOK FOR NORTH AMERICA (CONTINUED)
--------------------------------------------------------------------------------
ISI Tech Companies Sales Survey
0 = Weak 100 = Strong
[line graph omitted] plot
points as follows:
2-May-97 55
9-May-97 55
16-May-97 55
23-May-97 55
30-May-97 55
6-Jun-97 53.1
13-Jun-97 53.1
20-Jun-97 63.1
27-Jun-97 63.1
4-Jul-97 56.5
11-Jul-97 56.5
18-Jul-97 69
25-Jul-97 69
1-Aug-97 69
8-Aug-97 69
15-Aug-97 71.9
22-Aug-97 71.9
29-Aug-97 71
5-Sep-97 71
12-Sep-97 71.5
19-Sep-97 71.5
26-Sep-97 74.2
3-Oct-97 74.2
10-Oct-97 74.6
17-Oct-97 74.6
24-Oct-97 71.9
31-Oct-97 71.9
7-Nov-97 74.4
14-Nov-97 74.4
21-Nov-97 67.5
28-Nov-97 67.5
5-Dec-97 64.3
12-Dec-97 64.3
19-Dec-97 67.5
26-Dec-97 67.5
2-Jan-98 68.3
9-Jan-98 68.3
16-Jan-98 66.7
23-Jan-98 66.7
30-Jan-98 65.4
6-Feb-98 65.4
13-Feb-98 66.3
20-Feb-98 66.3
27-Feb-98 66.3
6-Mar-98 66.3
13-Mar-98 66.3
20-Mar-98 66.3
27-Mar-98 65
3-Apr-98 65
10-Apr-98 64.6
17-Apr-98 64.6
24-Apr-98 64.6
1-May-98 64.6
8-May-98 62.9
15-May-98 62.9
22-May-98 61.7
29-May-98 61.7
5-Jun-98 63.9
12-Jun-98 63.9
19-Jun-98 63.6
26-Jun-98 63.6
3-Jul-98 62.9
10-Jul-98 62.9
17-Jul-98 63.2
24-Jul-98 63.2
31-Jul-98 61.4
7-Aug-98 61.4
14-Aug-98 61.8
21-Aug-98 61.8
28-Aug-98 60
4-Sep-98 60
11-Sep-98 60
18-Sep-98 60
25-Sep-98 58.6
2-Oct-98 58.6
9-Oct-98 56.4
16-Oct-98 56.4
23-Oct-98 56.4
30-Oct-98 56.4
6-Nov-98 54.6
13-Nov-98 54.6
20-Nov-98 58.9
27-Nov-98 58.9
4-Dec-98 60
11-Dec-98 60
18-Dec-98 58.2
25-Dec-98 58.2
1-Jan-99 58.9
8-Jan-99 58.9
15-Jan-99 60.4
22-Jan-99 60.4
29-Jan-99 61.1
5-Feb-99 61.1
12-Feb-99 61.4
19-Feb-99 61.4
26-Feb-99 57.2
5-Mar-99 57.2
12-Mar-99 59.1
19-Mar-99 59.1
26-Mar-99 58.1
2-Apr-99 58.1
9-Apr-99 56.7
16-Apr-99 56.7
23-Apr-99 57.2
30-Apr-99 57.2
7-May-99 55.9
14-May-99 55.9
21-May-99 59.1
28-May-99 59.1
4-Jun-99 65.3
11-Jun-99 65.3
18-Jun-99 68.4
25-Jun-99 68.4
2-Jul-99 68.8
9-Jul-99 68.8
16-Jul-99 69.1
23-Jul-99 69.1
30-Jul-99 65.9
6-Aug-99 65.9
13-Aug-99 65.9
20-Aug-99 65.9
27-Aug-99 64.4
3-Sep-99 64.4
10-Sep-99 64.1
17-Sep-99 64.1
24-Sep-99 66.9
1-Oct-99 66.9
8-Oct-99 71.9
15-Oct-99 71.9
22-Oct-99 70.3
29-Oct-99 70.3
5-Nov-99 70.3
12-Nov-99 70.3
19-Nov-99 70.3
26-Nov-99 70.3
3-Dec-99 73.4
10-Dec-99 73.4
17-Dec-99 65
24-Dec-99 65
31-Dec-99 65
7-Jan-00 65
14-Jan-00 68.8
21-Jan-00 68.8
28-Jan-00 66.3
4-Feb-00 66.3
11-Feb-00 72.5
18-Feb-00 72.5
25-Feb-00 72.8
3-Mar-00 72.8
10-Mar-00 72
17-Mar-00 72
24-Mar-00 72.2
31-Mar-00 72.2
7-Apr-00 75.9
14-Apr-00 75.9
21-Apr-00 77.5
28-Apr-00 77.5
5-May-00 77.5
12-May-00 77.5
19-May-00 77.5
26-May-00 77.5
2-Jun-00 76.7
9-Jun-00 76.7
16-Jun-00 73.6
23-Jun-00 73.6
30-Jun-00 73.6
7-Jul-00 73.6
14-Jul-00 75
21-Jul-00 75
28-Jul-00 75.3
4-Aug-00 75.3
11-Aug-00 75.3
18-Aug-00 75.3
25-Aug-00 73.9
1-Sep-00 73.9
8-Sep-00 73.9
15-Sep-00 73.9
22-Sep-00 73.1
29-Sep-00 73.1
6-Oct-00 70
AMERICAN POLITICS
The election gave neither party a mandate. From a legislation-passing point
of view, the House and Senate are deadlocked. Political gridlock seems the most
likely result. The bond market enjoyed many aspects of the 1990's gridlock,
especially the budget surplus outcome. The markets seem to be emphasizing the
positive aspects of a political standoff. It is possible that the results could
also be a something for everyone budget. The spending surge and tax cuts that
resulted during the 1980's gridlock would be the precedent for a big budget
outcome. Politics has the ability to both help and hurt interest rates in the
coming year.
OUTLOOK FOR MEXICO
OVERVIEW
The news about the Mexican economy keeps improving. Real GDP jumped 7.9%
year on year during the first quarter of 2000 and 7.6% in the second quarter.
These are the best quarterly growth results since the second quarter of 1997,
when the economy was emerging from a deep recession. Meanwhile, inflation's
decline has continued, and real wages have maintained a moderate but steady
climb since May 1999.
Post-election Mexico appears less troublesome than feared and Vicente Fox's
victory should improve the economy's growth prospects by attracting higher
levels of investment. The transition from Zedillo to Fox should be relatively
smooth, minimizing any possible disruption to direct or portfolio investment. In
fact, Fox plans to work alongside PRI and other opposition party officials on
the upcoming budget before he assumes the presidency in December. Growth
prospects remain strong due to Fox's vow to continue the pro-trade,
pro-investment economic reforms begun by his predecessors. In addition, Fox's
victory has reminded investors that Mexico is indeed a multi-party democracy,
which should further benefit the country's reputation as a safe investment
haven.
All of these factors are leading to a significant improvement in business
sentiment. This change seems justified based on available evidence. Barring an
unexpected economic crisis in the United States, exports should remain strong
throughout 2000. Meanwhile, recovering wages, falling unemployment, and
political optimism are contributing to a bounce-back in domestic sales. Fox will
have to contend with a racing economy in the short term, however, as a strong
currency and increased pre-election public spending have boosted consumer demand
and threaten to raise consumer prices. Still, while a repetition of the 1994-95
debacle seems unlikely, a burst of uncritical optimism is equally unjustified.
ECONOMIC OUTLOOK
Growth has accelerated in recent months. Real GDP jumped 7.9% year on year
during the first quarter of 2000 and a surprising 7.6% in the second quarter.
The pace of growth is close to our expec-
4
<PAGE>
--------------------------------------------------------------------------------
OUTLOOK FOR NORTH AMERICA (CONTINUED)
--------------------------------------------------------------------------------
tations, but based on the newly released numbers, we have slightly increased our
growth forecast for 2000 from 5.8% to 6.2%. There is a significant rate of risk
to this forecast, arising largely from the uncertain timing of a likely slowdown
in the United States. Nonetheless, the extraordinary strength in some sectors of
the economy during the first half suggests that there is some upside potential
too.
The fast growth in commerce, transportation, and generally in the service
sectors of the economy during the first half of 2000, reflects the ongoing
recovery in domestic consumption, which is in turn the result of a coincidence
of favorable factors. These include a looser fiscal purse (thanks to the recent
elections), but perhaps more importantly, a general improvement in economic
fundamentals. Inflation has dropped rapidly in recent months. The peso has been
rather stable, while interest rates and open unemployment have declined. Thus,
at this time, economic growth is supported by both a healthy external demand as
well as recovering domestic market. These conditions are likely to lead to
strong growth in the second half as well. Although the economy will likely
remain strong through the end of the year (with real GDP growth of 6.2%),
monetary tightening in the United States, plus some fiscal tightening after the
elections, are likely to lead to a moderate Mexican slowdown in 2000 (real
growth of 5%).
INFLATION
Helped by a very strong peso, the global disinflationary pressures of
1998-99, and prudent monetary policy, consumer price inflation is declining
steadily. In addition, the strong interdependence between Mexico and the United
States has helped lower inflation. The consensus estimate of 29 private sector
economists was that inflation would fall to 9.1% by the end of 2000. Estimates
for next year's average inflation are 8.2%, as strong anticipated consumer
spending holds up more improvement.
The global deflationary forces set into motion by the Asian crisis, plus
the economic slowdown of 1999, helped lower inflation to the lowest level since
the 1995 crisis. Downward momentum in inflation is aided by a strengthening peso
and the willingness of the Mexican government to exercise political pressure
over both businesses and unions. Unless there is a significant political shock
or another event that leads to a sharp peso weakening, that goal appears within
reach.
POLITICS
The main tenets of macroeconomic policy in Mexico are unlikely to be
modified by Fox's victory in the July elections. NAFTA has locked the Mexican
economy into an arrangement that guarantees openness and increased
liberalization of all of its markets. The 1995 peso crisis sped up the process
and contributed to making economic management more transparent. In the short
run, there is little indication of any significant change in emphasis in
macroeconomic policy. Fox faces a divided Congress and tremendous voter
expectations -- how he manages these are key to a successful opening year for
his administration. Fox has promised a great number of new projects financed by
tax reforms. This seems a difficult task given he does not have a majority in
Congress. It will be important for him to pass his first test, the 2001 budget,
utilizing a bipartisan coalition. After that, new tax and spending measures will
be necessary for him to carry out even a small number of his election promises.
CURRENCY
The peso remained remarkably stable in the months leading up the elections,
supported by the country's upgrade to investment grade by Moody's
5
<PAGE>
--------------------------------------------------------------------------------
OUTLOOK FOR NORTH AMERICA (CONTINUED)
--------------------------------------------------------------------------------
and to BB+ by Standard & Poor's Ratings. Since the elections, however, the
currency has appreciated steadily, buoyed by improved consumer and business
confidence in the country's prospects for growth and increased foreign
investment. The currency ended September around 9.44 peso/dollar, after
surprising 10.0 in the days before the election.
High oil prices, improving expectations, and healthy capital inflows are
likely to keep the peso relatively strong in the near term. Politics will play
an important role in determining the path of the peso in 2000, though. The peso
could weaken slightly in the wake of July's elections, but both domestic and
foreign financial markets appear to have responded favorably to Fox's surprising
victory. The probable widening of the trade deficit is another factor that will
weigh on the peso, leading to a weaker exchange rate, which we now estimate will
be about ten/dollar a year from now.
CURRENT ACCOUNTS
The current-account deficit dropped to $14 billion in 1999 -- or 2.9% of
GDP. Although import growth is outpacing exports, the monthly trade-deficit
figures are not troublesome, largely because oil revenues are much higher on a
year-over-year comparison. Excluding oil, however, the trend is toward a
widening external deficit, as the economic recovery accelerates in the next few
months.
Boosted by the continuation of strong growth in the United States, Mexican
exports have continued to expand rapidly. Export volumes in 2000 should grow at
a slightly slower pace than in 1999, but total export revenues will grow at
roughly the same rate in both years, helped by sharp increase in oil prices that
started in the second quarter of 1999. Import activity will remain strong, as
domestic demand benefits from a moderately expansive fiscal policy and continued
export-sector strength.
LONG TERM OUTLOOK
As a result of NAFTA membership, Mexico enjoys a privileged opportunity to
accelerate its pace of economic expansion. We currently anticipate real GDP
growth to average near 5% over the next several years, but the likelihood of
periods of expansion well above this level is high. The country's ability to
reach that goal will depend on whether it can reduce political risk, carry out
fiscal reforms, create an appropriate legal framework for the financial system,
and invest in the physical and social infrastructure needed to take full
advantage of NAFTA-related opportunities.
OUTLOOK FOR CANADA
OVERVIEW
Recently economic reports painted a very familiar picture -- steady growth
accompanied by subdued inflation. There are no compelling reasons for the Bank
of Canada to shift gears on the interest rate front. However, despite this
benign backdrop, the Canadian dollar suffered its worst three-day performance
since July as political winds caused the currency to flutter. More on that
later. The Canadian Government bond is a top quality credit because of its good
economy, low inflation and positive trade balance. However, with the possibility
of a national election around the corner, the political uncertainty may create
some volatility for the Canadian dollar.
THE ECONOMY
In July, real GDP advanced by 0.3%, slightly more than consensus
expectations. The gain left real GDP growth up 2.9% at an annual rate which is
above second quarter levels. July's report confirms the
6
<PAGE>
--------------------------------------------------------------------------------
OUTLOOK FOR NORTH AMERICA (CONCLUDED)
--------------------------------------------------------------------------------
increasing dominance of the domestic economy, with output in the
service-producing industries rising 0.4% in the month. The bulk of the gain came
in retail trade (+1.5%) and wholesale trade (+0.6%). However, the report also
pointed to a recovery in manufacturing after a weather-related downturn in the
early part of the year.
If growth in the third quarter comes in at current levels, it will mark the
eighth consecutive quarter of above-trend growth. Normally, this would make
central bankers nervous about a surge in inflation. However, price reports are
hardly flashing warning signals at this stage. The most recent report on core
consumer price inflation showed a year on year advance of just 1.5% in August
and the report on producer prices for the month showed a modest gain of just
0.2% in the month and 0.1% excluding energy.
As in the US, the Canadian employment picture is tight. September's job
report showed a surprisingly large gain of 56,300 new jobs. The unemployment
rate fell to 6.8%, which is high by US standards, but it represents a 30 year
low for Canada.
POLITICS
Political developments dominated the news recently. Not only was there the
death of Pierre Trudeau, former prime minister and the most dominant Canadian
political figure of the past half century, but the party he once led moved ever
closer to an Autumn election.
Currently the Liberals are well ahead in the polls and are projected to
gain seats if the election were held today. Calling for an early election could
set off a negative reaction to using the law to grab another term. The currency
markets are sensitive to these political risks. ISI expects the Liberals will
maintain a majority in the next Parliament.
Early indicators suggest this election will be a costly one. In recent
weeks, the Liberals have announced: 1) an agreement with the provinces on health
care that will cost C$3.5bn more than planned in the 2000/01 fiscal year and
C$23.4 in aggregate over the next four years; 2) a cut in employment insurance
(EI) premiums of C$1.2bn on a full-year basis; and 3) a broadening of benefits
that will cost C$500mn. In terms of `new' money, the EI initiative will reduce
the surplus by roughly C$1bn per year beyond what was planned in the most recent
budget. We expect the federal budget surplus for the current fiscal year to be
C$20bn. However, most of the surplus (C$11.4bn) has been accumulated in the
first third of the year, prior to the mid-year cut in middle income tax rates.
The `running rate' for the surplus over the next year and a half may be closer
to C$15bn.
Thus, with almost C$5bn in new spending already pledged, there is not a lot
of room to promise more expenditure. This is particularly true if the Liberals
are going to meet commitments to accelerate income tax cuts and pay down debt by
more than the $3bn per year earmarked as a contingency reserve.
The threat of freer spending and political uncertainty is another factor
behind the recent weakness in the Canadian dollar, which is following a similar
pattern as it did prior to the June 1997 election. As the Liberal's popularity
waned into the summer of 1997, and a minority government appeared more possible,
the dollar lost roughly three US cents in value. Also, the Bloq Quebecois party
has yet to forcefully push the Quebec separatist option, popularity polls are
due and there may soon be a provincial election in Quebec. This would then be
the first step to another referendum on separation from the rest of Canada.
7
<PAGE>
--------------------------------------------------------------------------------
ADDITIONAL PERFORMANCE INFORMATION
--------------------------------------------------------------------------------
The shareholder letter included in this report contains statistics designed
to help you evaluate the performance of your Fund's management. The Securities
and Exchange Commission (SEC) requires that when we report such figures, we also
include the Fund's total return, according to a standardized formula, for
various time periods through the end of the most recent calendar quarter.
The SEC calculation includes the impact of the Fund's currently effective
3.00% maximum sales charge. The SEC total return figures may differ from total
return figures in the shareholder letter because the SEC figures include the
impact of sales charges while the total return figures in the shareholder letter
do not. Any performance figures shown are for the full period indicated.
These total returns correspond to those experienced by individual
shareholders only if their shares were purchased on the first day of each time
period and the maximum sales charge was paid.
AVERAGE ANNUAL TOTAL RETURN
---------------------------
% Return with
Periods ended 9/30/00: Sales Charge1
----------------------- --------------
One Year 5.41%
Five Years 6.78%
Since Inception (1/15/93) 5.40%
--------------
1 PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Investment return and
principal value will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than their original cost. These figures assume the
reinvestment of dividend and capital gain distributions and reflect the
Fund's 3.00% maximum sales charge. Performance would have been lower during
the specified period if certain fees and expenses had not been waived by the
Fund.
8
<PAGE>
--------------------------------------------------------------------------------
NORTH AMERICAN GOVERNMENT BOND FUND, INC.
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
INTEREST MATURITY PAR/NOMINAL MARKET
SECURITY RATE DATE VALUE1 VALUE
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CANADIAN SECURITIES -- 15.7%
Canadian Global Bond 6.375% 7/21/05 $ 4,000,000 $ 3,963,700
Canadian Global Bond 6.75% 8/28/06 4,750,000 4,767,456
Canadian Global Bond 5.25% 11/5/08 5,750,000 5,223,904
-----------
TOTAL CANADIAN SECURITIES
(Cost $13,870,844) ......................................................................... 13,955,060
-----------
MEXICAN SECURITIES -- 14.6%
Mexican Cetes2 16.40%4 12/7/00 P 2,089,490 2,145,071
Mexican Cetes2 16.85%4 2/22/01 2,073,662 2,055,288
Mexican Cetes2 16.85%4 3/22/01 2,132,943 2,088,424
Mexican Cetes2 16.65%4 4/19/01 567,336 549,407
Mexican Cetes2 16.65%4 7/12/01 1,159,148 1,084,001
Mexican Cetes2 16.65%4 9/6/01 1,080,547 987,898
Mexican Udibonos3 6.00% 11/23/00 93,033 2,759,336
Mexican Udibonos3 6.50% 5/24/01 42,196 1,258,340
-----------
TOTAL MEXICAN SECURITIES
(Cost $12,195,320) ......................................................................... 12,927,765
-----------
CORPORATE NOTES -- 3.4%
Wal Mart Stores 6.875% 8/10/09 $ 3,000,000 2,974,800
-----------
TOTAL CORPORATE NOTES
(Cost $2,961,597) .......................................................................... 2,974,800
-----------
US SECURITIES -- 43.0%
US Treasury Bond 10.375% 11/15/12 6,500,000 8,086,409
US Treasury Bond 8.875% 2/15/19 5,000,000 6,498,440
US Treasury Bond 8.125% 8/15/19 6,550,000 7,999,187
US Treasury Bond 7.875% 2/15/21 2,750,000 3,306,875
US Treasury Bond 8.125% 8/15/21 2,900,000 3,579,687
US Treasury Note 6.00% 8/15/04 6,000,000 6,021,096
US Treasury STRIP 6.185%4 5/15/17 7,250,000 2,634,411
-----------
TOTAL US SECURITIES
(Cost $39,709,805) ......................................................................... $38,126,105
-----------
</TABLE>
9
<PAGE>
--------------------------------------------------------------------------------
NORTH AMERICAN GOVERNMENT BOND FUND, INC.
--------------------------------------------------------------------------------
SCHEDULE OF INVESTMENTS (CONCLUDED) SEPTEMBER 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
INTEREST MATURITY PAR/NOMINAL MARKET
SECURITY RATE DATE VALUE1 VALUE
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
REPURCHASE AGREEMENTS -- 20.6%
GOLDMAN SACHS & CO., 6.42% Dated 09/29/00,
to be repurchased on 10/02/00,
collateralized by US Treasury Bond with
a par value of $6,093,000, coupon rate
of 10.375%, due 11/15/12, with a market
value of $6,214,926
(Cost $6,093,000) 6.42% 10/2/00 $ 6,093,000 $ 6,093,000
J.P. MORGAN SECURITIES INC., 6.40%
Dated 09/29/00, to be repurchased on
10/02/00, collateralized by US Treasury
Note with a par value of $6,092,000,
coupon rate of 5.75%, due 06/30/01,
with a market value $6,214,696
(Cost $6,092,000) 6.40% 10/2/00 6,092,000 6,092,000
MORGAN STANLEY & CO.,6.45% Dated 09/29/00,
to be repurchased on 10/02/00,
collateralized by US Treasury Bond with
a par value of $6,093,000, coupon rate
of 10.00%, due 05/15/10, with a market
value of $6,246,156
(Cost $6,093,000) 6.45% 10/2/00 6,093,000 6,093,000
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost $18,278,000) ......................................................................... 18,278,000
-----------
TOTAL INVESTMENTS -- 97.3%
(Cost $87,015,566)5 ........................................................................ 86,261,730
OTHER ASSETS IN EXCESS OF LIABILITIES -- 2.7% ..................................................... 2,347,169
-----------
NET ASSETS-- 100.0% .............................................................................. $88,608,899
===========
<FN>
-------------------------------------------------------------------------------
1 Par value is shown in local currency: Mexican pesos (P) and US dollars ($).
2 Cetes are short-term Mexican government debt securities.
3 Udibonos are securities issued by the Mexican Government and are redeemed at
face value at maturity. Face value is adjusted for changes in the Mexican
Consumer Price Index. The interest rate is fixed and payable every 182 days.
4 Yield as of September 30, 2000.
5 Also aggregate cost for federal tax purposes. See accompanying Notes to
Financial Statements.
</FN>
</TABLE>
10
<PAGE>
--------------------------------------------------------------------------------
NORTH AMERICAN GOVERNMENT BOND FUND, INC.
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
(UNAUDITED)
SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
ASSETS:
Investments, at Value (Cost $87,015,566) .................... $86,261,730
Cash ........................................................ 456
Receivable for Shares of Beneficial Interest Subscribed ..... 1,678,365
Dividend and Interest Receivable ............................ 809,190
Prepaid Expenses and Other .................................. 10,619
-----------
Total Assets ............................................. 88,760,360
-----------
LIABILITIES:
Payable for Shares of Beneficial Interest Redeemed .......... 47,128
Accrued Expenses and Other .................................. 104,333
-----------
Total Liabilities ........................................ 151,461
-----------
Net Assets ...................................................... $88,608,899
===========
COMPOSITION OF NET ASSETS:
Paid-in Capital ............................................. 90,987,155
Accumulated Net Realized Loss from Investment Transactions .. (450,431)
Net Unrealized Depreciation on Investments .................. (753,836)
Distributions in Excess of Income ........................... (1,173,989)
-----------
Net Assets ...................................................... 88,608,899
===========
Net Asset Value and Redemption Price Per Share:
($88,608,899 / 11,103,026 shares outstanding) ..................... $7.98
=====
Maximum OfferingPrice Per Share:
($7.98 / .970) .................................................... $8.23
=====
--------------------------------------------------------------------------------
See accompanying Notes to Financial Statements.
11
<PAGE>
--------------------------------------------------------------------------------
NORTH AMERICAN GOVERNMENT BOND FUND, INC.
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
(UNAUDITED)
STATEMENT OF OPERATIONS
FOR THE SIX
MONTHS ENDED
SEPTEMBER 30, 2000
--------------------------------------------------------------------------------
NET INVESTMENT INCOME:
Interest ..................................................... $2,522,019
----------
EXPENSES:
Investment advisory fee ...................................... 146,558
Distribution fee ............................................. 146,558
Administration fee ........................................... 36,499
Professional fee ............................................. 33,275
Accounting fee ............................................... 30,590
Printing and postage fees .................................... 27,159
Transfer agent fee ........................................... 22,989
Registration fee ............................................. 11,518
Director's fees .............................................. 4,021
Custodian fees ............................................... 1,071
Miscellaneous ................................................ 367
----------
Total expenses ............................................ 460,605
Less: Fees waived ............................................ (1,030)
----------
Net expenses .............................................. 459,575
----------
Net investment income ........................................ 2,062,444
----------
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gain from securities transactions ............... 35,578
Net realized gain from foreign currency transactions ......... 16,445
Change in unrealized appreciation/depreciation of investments 713,176
----------
Net realized and unrealized gain on investments .............. 765,199
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............. $2,827,643
==========
--------------------------------------------------------------------------------
See accompanying Notes to Financial Statements.
12
<PAGE>
--------------------------------------------------------------------------------
NORTH AMERICAN GOVERNMENT BOND FUND, INC.
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FOR THE SIX FOR THE
MONTHS ENDED YEAR ENDED
SEPTEMBER 30, 20001 MARCH 31, 2000
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income ............................................... $ 2,062,444 $ 3,338,339
Net realized gain (loss) from investment and foreign
currency transactions ............................................ 52,023 (240,023)
Change in unrealized appreciation/depreciation of investments ....... 713,176 (244,681)
Change in net unrealized appreciation/depreciation on
translation of other assets and liabilities denominated
in foreign currencies ............................................ -- 855
----------- ------------
Net increase in net assets resulting from operations ................ 2,827,643 2,854,490
----------- ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income ............................................... (2,067,887) (3,338,339)
Return of Capital ................................................... (1,173,989) (1,722,666)
Short-term capital gains ............................................ -- (261,956)
Long-term capital gains ............................................. -- --
----------- ------------
Total distributions ................................................. (3,241,876) (5,322,961)
----------- ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of 3,915,328 and 2,445,221
shares, respectively ............................................. 31,009,735 19,725,696
Value of 191,794 and 284,345 shares issued in
reinvestment of dividends, respectively .......................... 1,526,495 2,275,602
Cost of 652,650 and 1,717,373 shares
repurchased, respectively ........................................ (5,210,398) (13,726,104)
----------- ------------
Increase in net assets derived from
capital share transactions ....................................... 27,325,832 8,275,194
----------- ------------
Total increase in net assets ........................................ 26,911,599 5,806,723
NET ASSETS:
Beginning of period ................................................. 61,697,300 55,890,577
----------- ------------
End of period ....................................................... $88,608,899 $ 61,697,300
=========== ============
<FN>
--------------------------------------------------------------------------------
1 Unaudited.
</FN>
</TABLE>
See accompanying Notes to Financial Statements.
13
<PAGE>
--------------------------------------------------------------------------------
NORTH AMERICAN GOVERNMENT BOND FUND, INC.
--------------------------------------------------------------------------------
FINANCIAL HIGHTLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
FOR THE SIX
MONTHS ENDED FOR THE YEARS ENDED MARCH 31,
SEPTEMBER 30, --------------------------------------------------------
20001 2000 1999 1998 1997 1996
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net asset value at beginning of period ........ $ 8.07 $ 8.42 $ 8.74 $ 8.29 $ 8.37 $ 8.06
------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ......................... 0.25 0.49 0.60 0.61 0.75 0.81
Net realized and unrealized gain/(loss)
on investments ............................. 0.02 (0.12) (0.09) 0.56 (0.11) 0.22
------- ------- ------- ------- ------- -------
Total from Investment Operations .............. 0.27 0.37 0.51 1.17 0.64 1.03
------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income
and short-term capital gains ................. (0.25) (0.49) (0.60) (0.67) (0.26) --
Distribution in excess of net
investment income ............................ -- -- -- (0.05) -- --
Distribution from long-term
capital gains ................................ -- -- (0.23) -- -- --
Return of capital (0.11) (0.23) -- -- (0.46) (0.72)
.................................................. ------- ------- ------- ------- ------- -------
Total distributions ............................ (0.36) (0.72) (0.83) (0.72) (0.72) (0.72)
------- ------- ------- ------- ------- -------
Net asset value, end of period ................. $ 7.98 $ 8.07 $ 8.42 $ 8.74 $ 8.29 $ 8.37
======= ======= ======= ======= ======= =======
TOTAL RETURN2 ..................................... 3.44% 4.82% 5.96% 14.65% 7.90% 12.97%
RATIOS TO AVERAGE NET ASSETS:
Expenses3 ...................................... 1.25%5 1.25% 1.25% 1.25% 1.25% 1.25%
Net investment income4 ......................... 5.62%5 5.59% 5.79% 7.17% 8.99% 9.49%
SUPPLEMENTAL DATA:
Net assets at end of period (000) .............. $88,609 $61,697 $55,891 $52,018 $51,966 $60,860
Portfolio turnover rate ........................
21% 32% 173% 125% 46% 125%
<FN>
--------------------------------------------------------------------------------
1 Unaudited.
2 Total return excludes the effect of sales charges.
3 Without the waiver of advisory fees (Note B), the ratio of expenses to
average net assets would have been 1.26%, 1.41%, 1.42%, 1.28%, 1.58% and
1.47% for the period ended September 30, 2000, and the years endedMarch 31,
2000, 1999, 1998, 1997 and 1996, respectively.
4 Without the waiver of advisory fees (Note B), the ratio of net investment
income to average net assets would have been 5.61%, 5.43%, 5.62%, 7.14%,
8.66% and 9.27% for the period ended September 30, 2000, and the years
endedMarch 31, 2000, 1999, 1998, 1997 and 1996, respectively.
5 Annualized
</FN>
</TABLE>
See accompanying Notes to Financial Statements.
14
<PAGE>
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
A. SIGNIFICANT ACCOUNTING POLICIES -- North American Government Bond Fund,
Inc. ("the Fund"), which was organized as a Maryland Corporation on October
19, 1992, began operations January 15, 1993. The Fund is registered under
the Investment Company Act of 1940 as a diversified, open-end management
investment company. It is designed to provide a high level of current
income, consistent with prudent investment risk, by investing primarily in
a portfolio consisting of fixed-income securities issued or guaranteed by
the governments of the United States, Canada and Mexico.
The Fund consists of one share class, the ISI Shares, which are subject to
a 3.00% maxi-mum front-end sales charge and a 0.40% distribution fee.
When preparing the Fund's financial statements, management makes estimates
and assumptions to comply with accounting principles generally accepted in
the United States. These estimates affect 1) the assets and liabilities
that we report at the date of the financial statements; 2) the contingent
assets and liabilities that we disclose at the date of the financial
statements; and 3) the income and expenses that we report for the period.
Our estimates could be different from the actual results.
The Fund's significant accounting policies are:
VALUATION OF SECURITIES -- Debt securities are generally traded in the
over-the-counter market. When there is an available market quotation, the
Fund values a debt security by using the most recent price provided by an
investment dealer. The Fund may also value a debt security by using a price
from an independent pricing service that the Investment Advisor has
determined reflects the obligation's fair market value. When a market
quotation is unavailable, the Investment Advisor determines a fair value
using procedures that the Board of Directors establishes and monitors. The
Fund values short-term obligations with maturities of 60 days or less at
amortized cost.
FOREIGN SECURITIES -- Beyond the risks common to all Bond investing, an
investment in the Fund could also lose money or underperform alternative
investments as a result of risks in the foreign countries in which the Fund
invests: adverse political, economic or social developments could undermine
the value of the Fund's investments or prevent the Fund from realizing
their full value; accounting and financial reporting standards differ from
those in the US and could convey incomplete information when compared to
information typically provided by US companies; or the currency of a
country in which the Fund invests may decrease in value relative to the US
dollar, which could affect the value of the investment to US investors.
REPURCHASE AGREEMENTS -- The Fund may enter into tri-party repurchase
agreements with broker-dealers and domestic banks. A repurchase agreement
is a short-term investment in which the Fund buys a debt security that the
broker agrees to repurchase at a set time and price. The third party, which
is the broker's custodial bank, holds the collateral in a separate account
until the repurchase agreement matures. The agreement ensures that the
collateral's market value, including any accrued interest, is sufficient if
the broker defaults. The Fund's access to the collateral may be delayed or
limited if the broker defaults and the value of the collateral declines or
if the broker enters into an insolvency proceeding.
FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION -- The Fund separates
realized gains or losses resulting from foreign exchange rate changes and
realized gains or losses resulting from market price changes.
15
<PAGE>
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
--------------------------------------------------------------------------------
Net realized foreign exchange rate gains or losses occur due to 1) sales of
portfolio securities; 2) sales and maturities of short-term securities; 3)
sales of foreign currencies; 4) currency gains or losses realized between
the trade and settlement dates on securities transactions; and 5)
differences between interest recorded on the Fund's books and the US dollar
equivalent of interest that the Fund actually receives or pays.
The Fund does not separate its unrealized appreciation or depreciation
resulting from foreign exchange rate changes and its unrealized
appreciation or depreciation resulting from market price changes.
FEDERAL INCOME TAX -- The Fund is organized as a regulated investment
company. As long asit maintains this status and distributes to its
shareholders substantially all of its taxable net investment income and net
realized capital gains, it will be exempt from most, if not all, federal
income and excise taxes. As a result, the Fund has made no provisions for
federal income taxes.
The Fund determines its distributions according to income tax regulations,
which may be different from accounting principles generally accepted in the
United States. As a result, the Fund occasionally makes reclassifications
within its capital accounts to reflect income and gains that are available
for distribution under income tax regulations.
SECURITIES TRANSACTIONS, INVESTMENT INCOME, DISTRIBUTIONS AND OTHER -- The
Fund uses the trade date to account for securities transactions and the
specific identification method for financial reporting and income tax
purposes to determine the cost of investments sold or redeemed. Income and
expenses are recorded on an accrual basis. Income includes scientific
amortization of premiums and accretion of discounts when appropriate.
Dividend distributions to shareholders are recorded on the ex-dividend
date.
B. INVESTMENT ADVISORY FEES, TRANSACTIONS WITH AFFILIATES AND OTHER FEES --
International Strategy and Investment Inc. ("ISI") is the Fund's investment
advisor. As compensation for its advisory services, the Fund pays ISI an
annual fee based on the Fund's average daily net assets. This fee is
calculated daily and paid monthly at the annual rate of 0.40%. ISI has
agreed to waive a portion of its fee and reimburse expenses so that the
Fund's total operating expenses for any fiscal year do not exceed 1.25% of
the Fund's average daily net assets.
Investment Company Capital Corp. ("ICCC") is the Fund's administrator. As
compensation for its administrative services, the Fund pays ICCC an annual
fee based on the combined average daily net assets of the ISI Funds. This
fee is calculated daily and paid monthly at the following annual rates:
0.20% of the first $75 million, 0.15% of the next $75 million, 0.10% of the
next $75 million, 0.05% of the next $275 million, and 0.03% of the amount
over $500 million.
Certain officers and directors of the Fund are also officers or directors
of ISI or ICCC.
ICCC also provides accounting services to the Fund for which the Fund pays
ICCC an annual fee that is calculated daily and paid monthly based on the
Fund's average daily net assets.
ICCC also provides transfer agent services to the Fund for which the Fund
pays ICCC a per account fee that is calculated and paid monthly.
16
<PAGE>
--------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
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ISI Group, Inc., an affiliate of ISI, provides distribution services to the
Fund for which the Fund pays ISI Group Inc. an annual fee that is
calculated daily and paid monthly at an annual rate equal to 0.40% of the
Fund's average daily net assets.
C. CAPITAL SHARE TRANSACTIONS -- The Fund is authorized to issue up to 25
million shares of $.001 par value capital stock.
D. INVESTMENT TRANSACTIONS -- Excluding short-term and US government
obligations, purchases of investment securities aggregated $30,402,675 and
sales of investment securities aggregated $11,880,628 for the period ended
September 30, 2000. Purchases of US government obligations aggregated
$9,949,938 and sales of US government obligations aggregated $11,233,833
for the period.
At September 30, 2000, aggregate gross unrealized appreciation for all
securities in which there is an excess of value over tax cost was
$1,131,434 and aggregate gross unrealized depreciation of all securities in
which there is an excess of tax cost over value was $1,885,270.
E. FORWARD CURRENCY EXCHANGE CONTRACTS --Forward currency exchange contracts
carry certain risks. These risks include the counter-parties' possible
inability to meet the contract terms and the movements in currency values.
There were no outstanding contracts as of September 30, 2000.
FEDERAL INCOME TAX INFORMATION -- At March 31, 2000, there was a capital
loss carryforward of $78,105, which expires in 2008. This carryforward will
be used to offset future net capital gains, if any. In addition, the Fund
has deferred post-October capital losses of $424,349 until the fiscal year
ended March 31, 2001.
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This report is prepared for the general information of shareholders. It is
authorized for distribution to prospective investors only when preceded or
accompanied by an effective prospectus.
For more complete information regarding any of the ISI Funds, including
charges and expenses, obtain a prospectus from your investment representative or
directly from the Fund at 1-800-955-7175. Read it carefully before you invest.
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ISI
NORTH AMERICAN
GOVERNMENT BOND FUND SHARES
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DIRECTORS AND OFFICERS
Edward S. Hyman Carrie L. Butler
CHAIRMAN VICE PRESIDENT
R. Alan Medaugh Felicia A. Emry
PRESIDENT SECRETARY
Joseph R. Hardiman Amy M. Olmert
DIRECTOR ASSISTANT SECRETARY
Louis E. Levy Daniel O. Hirsch
DIRECTOR ASSISTANT SECRETARY
Carl W. Vogt, Esq. Margaret M. Beeler
DIRECTOR ASSISTANT VICE PRESIDENT
Nancy Lazar Keith C. Reilly
VICE PRESIDENT ASSISTANT VICE PRESIDENT
Edward J. Veilleux Charles A. Rizzo
VICE PRESIDENT TREASURER
INVESTMENT OBJECTIVE
An open-end mutual fund designed to provide a high level of current income,
consistent with prudent investment risk, by investing primarily in a portfolio
consisting of fixed-income securities issued or guaranteed by the governments of
the United States, Canada and Mexico.
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INVESTMENT ADVISOR
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ISI, Inc.
535 Madison Avenue, 30th Floor
New York, NY 10022
(800) 955-7175
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SHAREHOLDER SERVICING AGENT
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Investment Company Capital Corp.
P.O. Box 419426
Kansas City, MO 64141-6426
(800) 882-8585
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DISTRIBUTOR
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ISI Group, Inc.
535 Madison Avenue, 30th Floor
New York, NY 10022
(800) 955-7175
