<PAGE> 1
PROSPECTUS
AMERICAN HERITAGE GROWTH FUND, INC. LOGO
------------------------
The Fund is a no-load mutual fund which seeks growth of capital.
------------------------
AS WITH ALL MUTUAL FUNDS, NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY
STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR
DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.
NOVEMBER 26, 1999
<PAGE> 2
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE NO.
<S> <C>
Risk/Return Summary................. 2
Investment Objective and Principal
Investment Strategies............. 6
Financial Highlights................ 7
Management's Discussion of Our
Performance....................... 8
Management.......................... 8
</TABLE>
<TABLE>
<CAPTION>
PAGE NO.
<S> <C>
Pricing of Shares................... 9
Procedures for Buying Fund Shares... 9
Procedures for Redeeming Fund
Shares............................ 10
Distributions and Taxes............. 10
Shareholder Services................ 11
Custodian and Transfer Agent........ 11
</TABLE>
RISK/RETURN SUMMARY
INVESTMENT OBJECTIVE
Our objective is to seek growth of capital by investing primarily in common
stocks and securities convertible into or exchangeable for common stock.
PRINCIPAL INVESTMENT STRATEGIES
We invest in companies with medium and large market capitalizations which
we believe have greater than average potential for capital growth. We also
intend to continue to invest in small and virtually unknown companies, including
companies that have never earned a profit.
Fundamental analysis plays the most important role in choosing the stocks
that we decide to purchase. We review both the available financial data as well
as the experience of the management. In the case of lesser known companies, we
often meet with their management before we make a positive investment decision.
We make our assessment of the growth potential of individual companies after our
review.
We generally identify companies as potential investments based upon our
belief in their future growth potential and the actual share price. Our
intention is to identify companies which promise a price appreciation over the
following 12 months of at least 20%. We also consider companies that have fallen
out of favor and might not immediately recover to previous levels.
PRINCIPAL RISKS
Investing in securities is inherently risky, and there is no guarantee that
we will achieve our investment objective. In fact, you could lose money by
investing in the Fund. The principal risks include:
- MARKET RISKS. The price of particular securities may fall because of
declines in the stock market regardless of the success of individual
companies' businesses.
- RISKS RELATED TO UNLISTED SECURITIES. We may invest in securities not
listed in the Standard and Poor's 500 Index. These securities may perform
poorly and the Standard and Poor's 500 Index as well as other recognized
indices may outperform us.
- UNDERVALUED SECURITIES. We may purchase securities that we believe the
market undervalues in relation to their actual worth. We assume that the
market will ultimately recognize the actual worth of these companies,
thus causing their stock prices to rise. The market may, however,
indefinitely
2
<PAGE> 3
undervalue these securities, causing their prices to remain the same or
decline. In addition, our belief that the securities are undervalued may
be incorrect.
- SECURITIES PAYING LITTLE OR NO DIVIDENDS. We often purchase the
securities of companies that expect their earnings to rise and which pay
little, if any, dividends. Those securities are risky because their stock
prices often decline in market downturns.
- SPECULATIVE SECURITIES. From time to time we purchase securities issued
by companies which are speculative. These securities may lose all or
substantially all their value. In addition, because earnings, if any,
tend to be less predictable, market prices are more volatile and the
speculative securities less liquid than those of larger, more established
companies. In the case of speculative debt securities, changes in
economic conditions or other circumstances are more likely to lead to a
weakened capacity to make principal and interest payments than is the
case with higher grade debt securities. Speculative debt securities may
include obligations of issuers that are in default or in bankruptcy when
we believe that the prospect of capital appreciation outweighs the risk
of investment. The risk of investing in those securities, as well as
other debt securities, can be substantial because their value is based
upon the ability of the issuer to make all required payments of interest
and principal.
- MONEY MARKET SECURITIES. Under adverse market conditions, we could
invest some or all of our assets in money market securities. Although we
would do so only in seeking to avoid losses, it could reduce the benefit
from any upswing in the market.
- EXPENSES. Because of our extremely small size, our aggregate annual
operating expenses as a percentage of our net assets may be substantially
higher than those of most other mutual funds. Prior to July 18, 1999, our
investment advisor was required to reimburse us to the extent that those
expenses, exclusive of interest, taxes, brokerage commissions,
extraordinary expenses and a portion of our custodian fees attributable
to investments in foreign countries, exceeded 2.5% of our average net
assets. Our investment advisor does not intend to reimburse us for any
expenses incurred by us since that date.
- SHORT TERM TRADING. This practice may increase capital gains
distributions, which in turn would increase your tax liability. Frequent
trading will also increase our transaction costs, which may reduce our
investment performance.
- CHANGE IN MARKET PHILOSOPHY. Our principal investment strategies may
fall out of favor in the securities markets which would adversely affect
our performance.
An investment in the Fund is not a complete investment program.
3
<PAGE> 4
PAST PERFORMANCE
The bar chart and performance table below illustrate some of the risks of
investing in the Fund. The bar chart shows the changes in our performance from
year to year since January 1, 1995. The performance table shows how our total
return for calendar year ended December 31, 1998 and average annual total return
from May 25, 1994, the date we began our operations, through December 31, 1998
compared with those of the Standard and Poor's 500 Index, a broad measure of
market performance. When you review the chart and table, be aware that past
investment performance does not necessarily indicate how we will perform in the
future.
ANNUAL TOTAL RETURNS FOR EACH FULL CALENDAR YEAR
<TABLE>
<CAPTION>
ANNUAL TOTAL RETURNS (%)
------------------------
<S> <C>
1995 24.21
1996 -1.03
1997 -2.71
1998 -13.02
</TABLE>
During the periods shown above, our best quarter ended on December 31, 1998
when we had a return of approximately 20% and our worst quarter ended on
September 30, 1998 when we had a return of approximately -31%. Our return from
January 1, 1999 to September 30, 1999 was approximately 14%.
AVERAGE ANNUAL TOTAL RETURNS
<TABLE>
<CAPTION>
ONE YEAR LIFE OF THE FUND
----------------- -----------------
Year Ended May 25, 1994 to
December 31, December 31,
1998 1998
----------------- -----------------
<S> <C> <C>
Fund -13.02% 4.21%
S&P 500 29.14% 26.92%
</TABLE>
4
<PAGE> 5
SHAREHOLDER FEES AND EXPENSES
THE FOLLOWING TABLE DESCRIBES THE FEES AND EXPENSES THAT YOU MAY PAY IF YOU
BUY AND HOLD SHARES OF THE FUND.
<TABLE>
<S> <C>
SHAREHOLDER FEES
(fees paid directly from your investment)
Maximum sales charge (load) imposed on
purchases (as a percentage of
offering price)..................... None
Maximum deferred sales charge (load)
(as a percentage of offering
price).............................. None
Maximum sales charge (load) imposed on
reinvested dividends (as a
percentage of offering price)....... None
Redemption fee (as a percentage of
amount redeemed).................... None
Exchange fee.......................... None
ANNUAL FUND OPERATING EXPENSES
(expenses deducted from Fund assets)
Management fees....................... 1.25%
Distribution (12b-1) and service
fees................................ None
Other expenses........................ 2.25%(1)
Total annual Fund operating
expenses............................ 3.50%(1)
</TABLE>
- ---------------
(1) Prior to July 18, 1999, our investment advisor was required to reimburse us
to the extent that our aggregate annual operating expenses as a percentage
of our net assets, exclusive of interest, taxes, brokerage commissions,
extraordinary expenses and a portion of our custodian fees attributable to
investments in foreign countries, exceeded 2.5% of our average net assets.
Therefore, we have estimated our future total annual Fund operating
expenses.
EXAMPLE
The example below is intended to help you compare the cost of investing in
the Fund with the cost of investing in other mutual funds. The example assumes
that:
- you invest $10,000 in the Fund for the time periods indicated;
- you redeem all your shares at the end of those time periods;
- your investment has a 5% return each year; and
- our operating expenses remain the same.
Although your actual costs may be higher or lower, under these assumptions
your costs would be:
<TABLE>
<CAPTION>
1 Year 3 Years 5 years 10 years
<S> <C> <C> <C>
$368 $1,117 $1,887 $3,902
</TABLE>
5
<PAGE> 6
INVESTMENT OBJECTIVE AND PRINCIPAL
INVESTMENT STRATEGIES
Our investment objective is to seek growth of capital. Our investment
objective cannot be changed without shareholder approval. Although we use income
to evaluate our investments, we do not invest for income. We seek capital
appreciation by investing primarily in companies that we believe have above
average potential for growth or whose securities are undervalued in the market.
Under normal circumstances, more than 80% of the value of our assets, other
than cash and cash equivalents, will consist of common stocks and securities
convertible into or exchangeable for common stocks such as convertible preferred
stocks and convertible debt securities. We intend to invest primarily in
securities issued by companies with medium and large market capitalizations. We
also intend to continue to make speculative investments in small and virtually
unknown companies, including companies that have never earned a profit.
Although not one of our principal investment strategies, we may invest in
non-convertible preferred stocks and debt securities, such as corporate bonds
and debentures and securities issued by the United States Government and its
instrumentalities, when they are believed to offer opportunities for growth of
capital or are desirable in the light of prevailing market or economic
conditions. Debt securities we purchase may be either "investment grade" or
speculative. Generally, debt securities which are believed to offer
opportunities for growth of capital, including securities referred to as "junk
bonds," may be purchased by us when we believe (a) interest rates will decline
and, therefore, the value of the debt securities will increase, or (b) their
market value is likely to appreciate due to factors affecting specific issuers.
We may engage in active and frequent trading.
We buy securities based upon our belief that the market has undervalued
them in relation to their actual worth or because of the potential growth of the
issuer of the securities. We often blend both approaches in making our
selections. In determining which securities to sell, we select securities which
we believe will not yield performance we seek based primarily upon the foregoing
criteria.
We may, from time to time, take temporary defensive positions that are
inconsistent with our principal investment strategies in attempting to respond
to adverse market, economic, political, or other conditions. During any time
that we take a defensive position, we may not achieve our investment objective.
Although we normally invest according to our investment strategy, we may invest
without limitation in preferred stocks and investment-grade debt instruments for
temporary, defensive purposes. We have taken defensive positions for relatively
long periods of time.
The value of our investments varies in response to many factors. Stock
values fluctuate in response to the activities of individual companies and
general market and economic conditions. Although to hedge a portion of our
risks, we cannot assure you that these techniques will work as we intend. We
seek to spread investment risk by diversifying our holdings among many companies
and industries. When you sell or redeem your shares, they may be worth more or
less than what you paid for them.
6
<PAGE> 7
FINANCIAL HIGHLIGHTS
The financial highlights table is intended to help you understand our
financial performance for the period of our operations. Certain information
reflects financial results for a single Fund share. The total returns in the
table represent the rate that as investor would have earned or lost on an
investment in the Fund (assuming reinvestment of all dividends and
distributions). This information has been audited by Mathieson Aitken Jemison,
LLP, whose report, along with our financial statements, are included in annual
report, which is available upon request.
AMERICAN HERITAGE GROWTH FUND, INC.
FINANCIAL HIGHLIGHTS AND RELATED
RATIOS/SUPPLEMENTAL DATA
FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
FOR THE FOR THE FOR THE FOR THE FOR THE PERIOD
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED FROM MAY 25, 1994**
JANUARY 31, JANUARY 31, JANUARY 31, JANUARY 31, THROUGH JANUARY 31,
1999 1998 1997 1996 1995
----------- ----------- ----------- ----------- -------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period....................... $ 0.14 $ 0.16 $ 1.66 $ 3.57 $ 5.00
Income from investment
operations:
Net investment income...... 0.00 0.00 0.24 1.51 2.17
Net losses on securities
(both realized and
unrealized)................ (0.01) (0.01) (0.32) (0.69) (1.24)
---------- ---------- ---------- ---------- ----------
Total from investment
operations................. (0.01) (0.01) (0.08) 0.82 0.93
Less distributions:
Dividends (from net
investment income)...... 0.00 (0.01) (1.42) (2.73) (2.36)
Distribution (from net
realized gains on
investments)............ 0.00 0.00 0.00 0.00 0.00
Returns of capital......... 0.00 0.00 0.00 0.00 0.00
---------- ---------- ---------- ---------- ----------
Total Distributions.......... 0.00 (0.01) (1.42) (2.72) (2.36)
---------- ---------- ---------- ---------- ----------
Net asset value, end of
period..................... $ 0.13 $ 0.14 $ 0.16 $ 1.66 $ 3.57
========== ========== ========== ========== ==========
Total return................. (7.14)% (9.00)% (4.66)% 29.48% 30.42%*
Net assets, end of period.... $ 870,880 $1,162,294 $2,240,860 $4,932,970 $3,898,560
Ratio of expenses to average
net assets................. 2.50% 2.67% 2.81% 2.62% 2.50%*
Ratio of net investment
income (loss) to average
net assets................. (.94)% (1.25)% 25.97% 44.46% 63.52%*
Portfolio turnover rate...... 274.25% 172.20% 1,378.14% 4,262.64% 3,213.89%
</TABLE>
* Annualized
** Commencement of operations
7
<PAGE> 8
MANAGEMENT'S DISCUSSION OF OUR PERFORMANCE
During our fiscal year ended January 31, 1999, the factors that materially
affected our performance were the poor performance of our holdings in medium to
small capitalization technology and health care companies.
COMPARISON OF A $10,000 INVESTMENT IN THE FUND TO
THE SAME INVESTMENT IN THE S&P 500 INDEX
[PERFORMANCE GRAPH]
AVERAGE ANNUAL
TOTAL RETURN
May 25, 1994 through Jan. 31, 1999:
-----------------------------------
5.86%
Jan. 31, 1998 through Jan. 31, 1999:
------------------------------------
-6.37%
<TABLE>
<CAPTION>
American Heritage Standard & Poor's
Growth Fund, Inc. 500 Index
<S> <C> <C>
25-May-94 10000 10000
26-May-94 10000 10015.8
27-May-94 10000 10023.7
28-May-94 10000 10023.7
29-May-94 10000 10023.7
30-May-94 10000 10023.7
31-May-94 10000 10005.9
1-Jun-94 10000 10031.2
2-Jun-94 10000 10034
3-Jun-94 10000 10088.9
4-Jun-94 10000 10088.9
5-Jun-94 10000 10088.9
6-Jun-94 10000 10063.6
7-Jun-94 10000 10049.5
8-Jun-94 10000 10024.4
9-Jun-94 10000 10046.6
10-Jun-94 10000 10064.5
11-Jun-94 10000 10064.5
12-Jun-94 10000 10064.5
13-Jun-94 10000 10074.3
14-Jun-94 10000 10146.6
15-Jun-94 10100 10108.5
16-Jun-94 10100 10138.2
17-Jun-94 10100 10061.8
18-Jun-94 10100 10061.8
19-Jun-94 10100 10061.8
20-Jun-94 10100 9996.76
21-Jun-94 10100 9905.98
22-Jun-94 10100 9944.43
23-Jun-94 10100 9868.56
24-Jun-94 10100 9722.98
25-Jun-94 10100 9722.98
26-Jun-94 10100 9722.98
27-Jun-94 10100 9823.3
28-Jun-94 10100 9798.55
29-Jun-94 10100 9833.81
30-Jun-94 10100 9760.43
1-Jul-94 10100 9805.05
2-Jul-94 10100 9805.05
3-Jul-94 10100 9805.05
4-Jul-94 10100 9805.05
5-Jul-94 10100 9811.49
6-Jul-94 10100 9806.48
7-Jul-94 10120 9855.94
8-Jul-94 10140 9881.66
9-Jul-94 10140 9881.66
10-Jul-94 10140 9881.66
11-Jul-94 10160 9882.86
12-Jul-94 10160 9847.73
13-Jul-94 10160 9864.88
14-Jul-94 10180 9968.82
15-Jul-94 10220 9985.31
16-Jul-94 10220 9985.31
17-Jul-94 10220 9985.31
18-Jul-94 10200 10009.7
19-Jul-94 10160 9980.14
20-Jul-94 10140 9930.45
21-Jul-94 10200 9952.66
22-Jul-94 10480 9963.65
23-Jul-94 10480 9963.65
24-Jul-94 10480 9963.65
25-Jul-94 10480 9990.48
26-Jul-94 10600 9972
27-Jul-94 10640 9955.33
28-Jul-94 10660 9992.07
29-Jul-94 10720 10080.9
30-Jul-94 10720 10080.9
31-Jul-94 10720 10080.9
1-Aug-94 10720 10144.1
2-Aug-94 10720 10137.5
3-Aug-94 10720 10157.7
4-Aug-94 10680 10093.2
5-Aug-94 10700 10064.7
6-Aug-94 10700 10064.7
7-Aug-94 10700 10064.7
8-Aug-94 10720 10084.5
9-Aug-94 10740 10090.1
10-Aug-94 10780 10143.5
11-Aug-94 10740 10112.6
12-Aug-94 10780 10180.9
13-Aug-94 10780 10180.9
14-Aug-94 10780 10180.9
15-Aug-94 10760 10168.1
16-Aug-94 10740 10253.1
17-Aug-94 10720 10257.1
18-Aug-94 10680 10213.4
19-Aug-94 10700 10224.9
20-Aug-94 10700 10224.9
21-Aug-94 10700 10224.9
22-Aug-94 10680 10196
23-Aug-94 10800 10244.6
24-Aug-94 10900 10344.9
25-Aug-94 10900 10325.5
26-Aug-94 10960 10454
27-Aug-94 10960 10454
28-Aug-94 10960 10454
29-Aug-94 11000 10473.4
30-Aug-94 11020 10506.7
31-Aug-94 10960 10494.5
1-Sep-94 10960 10444.8
2-Sep-94 10940 10399.7
3-Sep-94 10940 10399.7
4-Sep-94 10940 10399.7
5-Sep-94 10940 10399.7
6-Sep-94 10980 10419.4
7-Sep-94 10980 10400.4
8-Sep-94 11020 10448.2
9-Sep-94 10960 10343.3
10-Sep-94 10960 10343.3
11-Sep-94 10960 10343.3
12-Sep-94 10960 10300.4
13-Sep-94 11060 10329.8
14-Sep-94 11080 10358.1
15-Sep-94 11180 10491.7
16-Sep-94 11200 10411.7
17-Sep-94 11200 10411.7
18-Sep-94 11200 10411.7
19-Sep-94 11180 10408.3
20-Sep-94 11200 10243.2
21-Sep-94 11200 10201.3
22-Sep-94 11200 10197.1
23-Sep-94 11220 10161.8
24-Sep-94 11220 10161.8
25-Sep-94 11220 10161.8
26-Sep-94 11180 10193.8
27-Sep-94 11260 10221.2
28-Sep-94 11420 10282.4
29-Sep-94 11380 10227
30-Sep-94 11400 10238.1
1-Oct-94 11400 10238.1
2-Oct-94 11400 10238.1
3-Oct-94 11360 10220.2
4-Oct-94 11260 10064.3
5-Oct-94 11220 10040.6
6-Oct-94 11160 10015.1
7-Oct-94 11200 10076.9
8-Oct-94 11200 10076.9
9-Oct-94 11200 10076.9
10-Oct-94 11240 10164.1
11-Oct-94 11320 10313.9
12-Oct-94 11340 10306.8
13-Oct-94 11380 10358.2
14-Oct-94 11420 10388.2
15-Oct-94 11420 10388.2
16-Oct-94 11420 10388.2
17-Oct-94 11440 10386.1
18-Oct-94 11420 10357.5
19-Oct-94 11460 10415.7
20-Oct-94 11440 10339.8
21-Oct-94 11420 10296.3
22-Oct-94 11420 10296.3
23-Oct-94 11420 10296.3
24-Oct-94 11380 10207.2
25-Oct-94 11360 10223.8
26-Oct-94 11400 10249.1
27-Oct-94 11440 10320.9
28-Oct-94 11500 10496.9
29-Oct-94 11500 10496.9
30-Oct-94 11500 10496.9
31-Oct-94 11440 10467.6
1-Nov-94 11440 10383.2
2-Nov-94 11600 10341.9
3-Nov-94 11600 10374.4
4-Nov-94 11580 10254.5
5-Nov-94 11580 10254.5
6-Nov-94 11580 10254.5
7-Nov-94 11560 10274.9
8-Nov-94 11560 10335
9-Nov-94 11560 10330.9
10-Nov-94 11540 10307.7
11-Nov-94 11560 10263.3
12-Nov-94 11560 10263.3
13-Nov-94 11560 10263.3
14-Nov-94 11520 10347.7
15-Nov-94 11520 10325.7
16-Nov-94 11520 10340.7
17-Nov-94 11500 10295.6
18-Nov-94 11540 10250.9
19-Nov-94 11540 10250.9
20-Nov-94 11540 10250.9
21-Nov-94 11600 10180.7
22-Nov-94 11600 9998.37
23-Nov-94 11600 9996.42
24-Nov-94 11600 9996.42
25-Nov-94 11600 10052.6
26-Nov-94 11600 10052.6
27-Nov-94 11600 10052.6
28-Nov-94 11580 10096.1
29-Nov-94 11620 10119
30-Nov-94 11560 10086.4
1-Dec-94 11540 9982.18
2-Dec-94 11560 10081.1
3-Dec-94 11560 10081.1
4-Dec-94 11560 10081.1
5-Dec-94 11560 10083.5
6-Dec-94 11560 10078.9
7-Dec-94 11560 10037.4
8-Dec-94 11560 9909.23
9-Dec-94 11560 9947.31
10-Dec-94 11560 9947.31
11-Dec-94 11560 9947.31
12-Dec-94 11560 10003.8
13-Dec-94 11540 10019.6
14-Dec-94 11520 10127.1
15-Dec-94 11520 10136.4
16-Dec-94 11522 10213.3
17-Dec-94 11522 10213.3
18-Dec-94 11522 10213.3
19-Dec-94 11522 10193.8
20-Dec-94 11522 10176.3
21-Dec-94 11522 10232.3
22-Dec-94 11489 10234
23-Dec-94 11590 10245
24-Dec-94 11590 10245
25-Dec-94 11590 10245
26-Dec-94 11590 10245
27-Dec-94 11590 10304.1
28-Dec-94 11556 10268.2
29-Dec-94 11522 10275.6
30-Dec-94 11624 10236
31-Dec-94 11624 10236
1-Jan-95 11624 10236
2-Jan-95 11624 10236
3-Jan-95 11624 10232.7
4-Jan-95 11624 10271.3
5-Jan-95 11624 10264.3
6-Jan-95 11590 10271.9
7-Jan-95 11590 10271.9
8-Jan-95 11590 10271.9
9-Jan-95 11658 10276.5
10-Jan-95 11590 10295.5
11-Jan-95 11658 10295.3
12-Jan-95 11692 10294.7
13-Jan-95 11726 10393.2
14-Jan-95 11726 10393.2
15-Jan-95 11726 10393.2
16-Jan-95 11726 10469.2
17-Jan-95 11726 10484.4
18-Jan-95 11726 10477
19-Jan-95 11692 10415.6
20-Jan-95 11692 10367.2
21-Jan-95 11692 10367.2
22-Jan-95 11692 10367.2
23-Jan-95 11760 10390.9
24-Jan-95 11726 10392.8
25-Jan-95 11726 10429.6
26-Jan-95 11726 10449.7
27-Jan-95 11929 10496
28-Jan-95 11929 10496
29-Jan-95 11929 10496
30-Jan-95 11963 10456
31-Jan-95 12099 10501.5
1-Feb-95 12099 10501.7
2-Feb-95 12200 10556.7
3-Feb-95 12268 10688.3
4-Feb-95 12268 10688.3
5-Feb-95 12268 10688.3
6-Feb-95 12302 10749.1
7-Feb-95 12302 10742.8
8-Feb-95 12268 10752.3
9-Feb-95 12268 10732.3
10-Feb-95 12234 10762.7
11-Feb-95 12234 10762.7
12-Feb-95 12234 10762.7
13-Feb-95 12234 10769.5
14-Feb-95 12166 10791.7
15-Feb-95 12132 10837.2
16-Feb-95 12200 10852.5
17-Feb-95 12166 10782
18-Feb-95 12166 10782
19-Feb-95 12166 10782
20-Feb-95 12166 10782
21-Feb-95 12132 10799.2
22-Feb-95 12099 10853.2
23-Feb-95 12132 10896.8
24-Feb-95 12132 10927.4
25-Feb-95 12132 10927.4
26-Feb-95 12132 10927.4
27-Feb-95 12099 10830.1
28-Feb-95 12132 10910.7
1-Mar-95 12065 10874.9
2-Mar-95 12099 10863.7
3-Mar-95 12099 10872.4
4-Mar-95 12099 10872.4
5-Mar-95 12099 10872.4
6-Mar-95 12065 10879.1
7-Mar-95 12065 10801
8-Mar-95 12031 10824
9-Mar-95 12065 10830
10-Mar-95 12099 10973.8
11-Mar-95 12099 10973.8
12-Mar-95 12099 10973.8
13-Mar-95 12132 10985.3
14-Mar-95 12132 11049.4
15-Mar-95 12166 11027.4
16-Mar-95 12200 11107.2
17-Mar-95 12200 11109.9
18-Mar-95 12200 11109.9
19-Mar-95 12200 11109.9
20-Mar-95 12166 11123.8
21-Mar-95 12200 11100
22-Mar-95 12200 11113.5
23-Mar-95 12234 11119.8
24-Mar-95 12302 11232.4
25-Mar-95 12302 11232.4
26-Mar-95 12302 11232.4
27-Mar-95 12336 11287.2
28-Mar-95 12370 11303
29-Mar-95 12268 11285.6
30-Mar-95 12268 11266.2
31-Mar-95 11963 11232.7
1-Apr-95 11963 11232.7
2-Apr-95 11963 11232.7
3-Apr-95 12065 11260.5
4-Apr-95 12166 11339.5
5-Apr-95 12166 11349.1
6-Apr-95 12268 11360.6
7-Apr-95 12268 11369.2
8-Apr-95 12268 11369.2
9-Apr-95 12268 11369.2
10-Apr-95 12336 11382.9
11-Apr-95 12302 11349.7
12-Apr-95 12268 11387.4
13-Apr-95 12234 11433.8
14-Apr-95 12234 11433.8
15-Apr-95 12234 11433.8
16-Apr-95 12234 11433.8
17-Apr-95 12166 11365.4
18-Apr-95 12166 11348.7
19-Apr-95 12099 11338.8
20-Apr-95 12132 11347.1
21-Apr-95 12166 11418.9
22-Apr-95 12166 11418.9
23-Apr-95 12166 11418.9
24-Apr-95 12166 11520.1
25-Apr-95 12234 11504.9
26-Apr-95 12166 11517.3
27-Apr-95 12234 11537.3
28-Apr-95 12302 11563.5
29-Apr-95 12302 11563.5
30-Apr-95 12302 11563.5
1-May-95 12302 11556.1
2-May-95 12370 11571.4
3-May-95 12505 11698.2
4-May-95 12505 11703.2
5-May-95 12437 11694.7
6-May-95 12437 11694.7
7-May-95 12437 11694.7
8-May-95 12505 11784.9
9-May-95 12641 11780.7
10-May-95 12607 11799.8
11-May-95 12607 11801.7
12-May-95 12607 11828.6
13-May-95 12607 11828.6
14-May-95 12607 11828.6
15-May-95 12573 11881.1
16-May-95 12573 11892.9
17-May-95 12539 11867.8
18-May-95 12404 11700
19-May-95 12404 11696.6
20-May-95 12404 11696.6
21-May-95 12404 11696.6
22-May-95 12471 11798.2
23-May-95 12471 11910
24-May-95 12471 11911.6
25-May-95 12505 11914.3
26-May-95 12336 11805
27-May-95 12336 11805
28-May-95 12336 11805
29-May-95 12336 11805
30-May-95 12234 11804
31-May-95 12404 12025.6
1-Jun-95 12437 12028.7
2-Jun-95 12437 12008.6
3-Jun-95 12437 12008.6
4-Jun-95 12437 12008.6
5-Jun-95 12471 12078.3
6-Jun-95 12437 12077.1
7-Jun-95 12404 12022.6
8-Jun-95 12404 12011
9-Jun-95 12437 11907.1
10-Jun-95 12437 11907.1
11-Jun-95 12437 11907.1
12-Jun-95 12471 11974
13-Jun-95 12573 12095.7
14-Jun-95 12471 12106
15-Jun-95 12539 12120.7
16-Jun-95 12573 12181.9
17-Jun-95 12573 12181.9
18-Jun-95 12573 12181.9
19-Jun-95 12675 12304.3
20-Jun-95 12607 12299.1
21-Jun-95 12675 12276.7
22-Jun-95 12844 12437.5
23-Jun-95 12878 12406.9
24-Jun-95 12878 12406.9
25-Jun-95 12878 12406.9
26-Jun-95 12742 12281.1
27-Jun-95 12675 12242.8
28-Jun-95 12607 12299.8
29-Jun-95 12776 12280.4
30-Jun-95 12776 12303
1-Jul-95 12776 12303
2-Jul-95 12776 12303
3-Jul-95 12810 12356.5
4-Jul-95 12810 12356.5
5-Jul-95 12946 12362.4
6-Jul-95 13047 12517.5
7-Jul-95 13386 12573.4
8-Jul-95 13386 12573.4
9-Jul-95 13386 12573.4
10-Jul-95 13386 12592
11-Jul-95 13352 12537.8
12-Jul-95 13624 12676.9
13-Jul-95 13793 12679.7
14-Jul-95 13759 12654.6
15-Jul-95 13759 12654.6
16-Jul-95 13759 12654.6
17-Jul-95 13759 12718.6
18-Jul-95 13556 12623.5
19-Jul-95 13183 12455.8
20-Jul-95 13319 12513.9
21-Jul-95 13285 12515.9
22-Jul-95 13285 12515.9
23-Jul-95 13285 12515.9
24-Jul-95 13793 12583.9
25-Jul-95 13759 12685
26-Jul-95 13861 12697.3
27-Jul-95 14064 12780.9
28-Jul-95 14064 12729.6
29-Jul-95 14064 12729.6
30-Jul-95 14064 12729.6
31-Jul-95 14064 12710.9
1-Aug-95 14132 12656.3
2-Aug-95 14132 12640.1
3-Aug-95 14437 12642.3
4-Aug-95 14572 12647.5
5-Aug-95 14572 12647.5
6-Aug-95 14572 12647.5
7-Aug-95 14369 12673.4
8-Aug-95 14471 12682.8
9-Aug-95 14674 12669.3
10-Aug-95 14877 12621.5
11-Aug-95 14810 12570.9
12-Aug-95 14810 12570.9
13-Aug-95 14810 12570.9
14-Aug-95 14742 12676.9
15-Aug-95 14810 12652.1
16-Aug-95 14742 12686.9
17-Aug-95 14708 12666.6
18-Aug-95 14742 12672
19-Aug-95 14742 12672
20-Aug-95 14742 12672
21-Aug-95 14742 12647.3
22-Aug-95 14844 12679.9
23-Aug-95 14844 12627.9
24-Aug-95 14776 12635.4
25-Aug-95 14674 12695.5
26-Aug-95 14674 12695.5
27-Aug-95 14674 12695.5
28-Aug-95 14640 12671.9
29-Aug-95 14606 12695.2
30-Aug-95 14640 12720.2
31-Aug-95 14708 12742.9
1-Sep-95 14708 12787.8
2-Sep-95 14708 12787.8
3-Sep-95 14708 12787.8
4-Sep-95 14708 12787.8
5-Sep-95 14674 12910.9
6-Sep-95 14776 12936.1
7-Sep-95 14810 12939.7
8-Sep-95 14945 12994
9-Sep-95 14945 12994
10-Sep-95 14945 12994
11-Sep-95 15047 13022.5
12-Sep-95 15013 13081.7
13-Sep-95 15115 13139.2
14-Sep-95 15081 13249.5
15-Sep-95 15081 13243.7
16-Sep-95 15081 13243.7
17-Sep-95 15081 13243.7
18-Sep-95 15115 13235
19-Sep-95 15182 13267.9
20-Sep-95 15318 13326.7
21-Sep-95 15284 13241.8
22-Sep-95 15149 13213
23-Sep-95 15149 13213
24-Sep-95 15149 13213
25-Sep-95 15013 13214.9
26-Sep-95 14979 13205.8
27-Sep-95 14844 13203.8
28-Sep-95 14945 13313.9
29-Sep-95 14945 13280.7
30-Sep-95 14945 13280.7
1-Oct-95 14945 13280.7
2-Oct-95 14776 13219.9
3-Oct-95 14708 13234.6
4-Oct-95 14708 13216.9
5-Oct-95 14708 13247.9
6-Oct-95 14776 13246
7-Oct-95 14776 13246
8-Oct-95 14776 13246
9-Oct-95 14539 13152.3
10-Oct-95 14572 13133.2
11-Oct-95 14674 13178.9
12-Oct-95 14742 13262.1
13-Oct-95 14776 13294
14-Oct-95 14776 13294
15-Oct-95 14776 13294
16-Oct-95 14674 13260.6
17-Oct-95 14674 13345.9
18-Oct-95 14539 13363.2
19-Oct-95 14539 13436.6
20-Oct-95 14403 13364.1
21-Oct-95 14403 13364.1
22-Oct-95 14403 13364.1
23-Oct-95 14267 13309.7
24-Oct-95 14437 13343.8
25-Oct-95 14335 13251.6
26-Oct-95 14200 13121.4
27-Oct-95 14200 13190.6
28-Oct-95 14200 13190.6
29-Oct-95 14200 13190.6
30-Oct-95 14166 13273
31-Oct-95 14064 13233.2
1-Nov-95 14166 13297.5
2-Nov-95 14234 13426
3-Nov-95 14200 13446.2
4-Nov-95 14200 13446.2
5-Nov-95 14200 13446.2
6-Nov-95 14267 13399.3
7-Nov-95 14234 13351.2
8-Nov-95 14234 13476.9
9-Nov-95 14471 13516.2
10-Nov-95 14437 13504.6
11-Nov-95 14437 13504.6
12-Nov-95 14437 13504.6
13-Nov-95 14471 13497.4
14-Nov-95 14403 13428.6
15-Nov-95 14301 13540.4
16-Nov-95 14234 13618.5
17-Nov-95 14301 13680.8
18-Nov-95 14301 13680.8
19-Nov-95 14301 13680.8
20-Nov-95 14267 13609.4
21-Nov-95 14234 13688.4
22-Nov-95 14200 13646.8
23-Nov-95 14200 13646.8
24-Nov-95 14234 13682.9
25-Nov-95 14234 13682.9
26-Nov-95 14234 13682.9
27-Nov-95 14200 13713.8
28-Nov-95 14234 13832.4
29-Nov-95 14471 13865.8
30-Nov-95 14539 13814.2
1-Dec-95 14674 13851.2
2-Dec-95 14674 13851.2
3-Dec-95 14674 13851.2
4-Dec-95 14708 14004.9
5-Dec-95 14674 14097.4
6-Dec-95 14742 14157.9
7-Dec-95 14776 14066.9
8-Dec-95 14776 14097
9-Dec-95 14776 14097
10-Dec-95 14776 14097
11-Dec-95 14877 14144
12-Dec-95 14674 14127.2
13-Dec-95 14606 14199.7
14-Dec-95 14335 14091.8
15-Dec-95 14267 14078.6
16-Dec-95 14267 14078.6
17-Dec-95 14267 14078.6
18-Dec-95 14132 13862.2
19-Dec-95 14439 13979.1
20-Dec-95 14344 13843
21-Dec-95 14533 13947.4
22-Dec-95 14627 13981.2
23-Dec-95 14627 13981.2
24-Dec-95 14627 13981.2
25-Dec-95 14627 13981.2
26-Dec-95 14627 14034.7
27-Dec-95 14533 14047.5
28-Dec-95 14439 14038.5
29-Dec-95 14439 14080.3
30-Dec-95 14439 14080.3
31-Dec-95 14439 14080.3
1-Jan-96 14439 14080.3
2-Jan-96 14627 14190
3-Jan-96 14627 14206.1
4-Jan-96 14627 14123.5
5-Jan-96 14627 14100.9
6-Jan-96 14627 14100.9
7-Jan-96 14627 14100.9
8-Jan-96 14627 14144.9
9-Jan-96 14627 13940.2
10-Jan-96 14533 13690.4
11-Jan-96 14439 13787.4
12-Jan-96 14722 13767.2
13-Jan-96 14816 13767.2
14-Jan-96 14816 13767.2
15-Jan-96 14816 13721.7
16-Jan-96 14722 13918.9
17-Jan-96 14627 13872.8
18-Jan-96 14722 13916.9
19-Jan-96 14722 13999.1
20-Jan-96 14816 13999.1
21-Jan-96 14816 13999.1
22-Jan-96 14816 14035
23-Jan-96 15005 14021.3
24-Jan-96 15005 14185.9
25-Jan-96 15005 14119
26-Jan-96 15099 14224
27-Jan-96 15099 14224
28-Jan-96 15099 14224
29-Jan-96 15288 14286.5
30-Jan-96 15571 14422.7
31-Jan-96 15665 14559.5
1-Feb-96 15571 14618.1
2-Feb-96 15665 14559.2
3-Feb-96 15665 14559.2
4-Feb-96 15665 14559.2
5-Feb-96 15665 14688
6-Feb-96 15760 14800.6
7-Feb-96 15665 14885.5
8-Feb-96 15760 15029.5
9-Feb-96 15665 15037.2
10-Feb-96 15665 15037.2
11-Feb-96 15665 15037.2
12-Feb-96 15665 15154.5
13-Feb-96 15571 15137
14-Feb-96 15571 15025.9
15-Feb-96 15760 14931
16-Feb-96 15854 14856.3
17-Feb-96 15854 14856.3
18-Feb-96 15854 14856.3
19-Feb-96 15854 14856.3
20-Feb-96 15571 14688.5
21-Feb-96 15665 14861.9
22-Feb-96 16043 15109.2
23-Feb-96 15948 15114.7
24-Feb-96 15948 15114.7
25-Feb-96 15948 15114.7
26-Feb-96 15854 14917.2
27-Feb-96 15760 14844.9
28-Feb-96 15854 14792.3
29-Feb-96 15760 14694.4
1-Mar-96 15760 14785.2
2-Mar-96 15760 14785.2
3-Mar-96 15760 14785.2
4-Mar-96 15760 14935.4
5-Mar-96 15854 15051.2
6-Mar-96 15760 14968.7
7-Mar-96 15854 15007.7
8-Mar-96 15571 14545
9-Mar-96 15571 14545
10-Mar-96 15571 14545
11-Mar-96 15760 14695.4
12-Mar-96 15665 14628.2
13-Mar-96 15665 14668.6
14-Mar-96 15760 14722.1
15-Mar-96 15760 14735.5
16-Mar-96 15760 14735.5
17-Mar-96 15760 14735.5
18-Mar-96 15760 14993.9
19-Mar-96 15760 14972.2
20-Mar-96 15665 14933.1
21-Mar-96 15571 14915.8
22-Mar-96 15665 14948.7
23-Mar-96 15665 14948.7
24-Mar-96 15665 14948.7
25-Mar-96 15477 14935.4
26-Mar-96 15382 15002.7
27-Mar-96 15382 14914
28-Mar-96 15477 14914.9
29-Mar-96 15571 14835.9
30-Mar-96 15571 14835.9
31-Mar-96 15571 14835.9
1-Apr-96 15571 15025.2
2-Apr-96 15571 15063.5
3-Apr-96 15571 15078
4-Apr-96 15665 15078.6
5-Apr-96 15665 15078.6
6-Apr-96 15665 15078.6
7-Apr-96 15665 15078.6
8-Apr-96 15382 14816.8
9-Apr-96 15477 14769.8
10-Apr-96 15571 14570.5
11-Apr-96 15477 14518.6
12-Apr-96 15477 14645.8
13-Apr-96 15477 14645.8
14-Apr-96 15477 14645.8
15-Apr-96 15477 14778.7
16-Apr-96 15571 14836.4
17-Apr-96 15477 14760.4
18-Apr-96 15760 14807
19-Apr-96 15760 14840.6
20-Apr-96 15760 14840.6
21-Apr-96 15760 14840.6
22-Apr-96 15948 14905.4
23-Apr-96 16137 14990.5
24-Apr-96 16420 14958.6
25-Apr-96 16515 15020.9
26-Apr-96 16420 15036.4
27-Apr-96 16420 15036.4
28-Apr-96 16420 15036.4
29-Apr-96 16326 15053
30-Apr-96 16326 15054.6
1-May-96 16232 15065.9
2-May-96 16232 14810.5
3-May-96 16232 14770.9
4-May-96 16232 14770.9
5-May-96 16232 14770.9
6-May-96 16137 14753.3
7-May-96 16043 14695
8-May-96 16043 14849
9-May-96 16043 14868.3
10-May-96 16232 15023
11-May-96 16232 15023
12-May-96 16232 15023
13-May-96 16326 15242.8
14-May-96 16420 15339.8
15-May-96 16515 15337.9
16-May-96 16609 15326.4
17-May-96 16703 15426.3
18-May-96 16703 15426.3
19-May-96 16703 15426.3
20-May-96 16703 15567.2
21-May-96 16609 15558.3
22-May-96 16609 15691.4
23-May-96 16609 15639.3
24-May-96 16703 15699.7
25-May-96 16703 15699.7
26-May-96 16703 15699.7
27-May-96 16703 15699.7
28-May-96 16609 15554.5
29-May-96 16326 15458.9
30-May-96 16420 15548.8
31-May-96 16515 15497.1
1-Jun-96 16515 15497.1
2-Jun-96 16515 15497.1
3-Jun-96 16326 15463.9
4-Jun-96 16420 15577.8
5-Jun-96 16515 15718.3
6-Jun-96 16326 15595.7
7-Jun-96 16137 15602.4
8-Jun-96 16137 15602.4
9-Jun-96 16137 15602.4
10-Jun-96 16043 15576.5
11-Jun-96 16137 15548.9
12-Jun-96 16232 15511.2
13-Jun-96 15854 15486.2
14-Jun-96 15665 15438.3
15-Jun-96 15665 15438.3
16-Jun-96 15665 15438.3
17-Jun-96 15665 15422.9
18-Jun-96 15477 15351.3
19-Jun-96 15382 15349.1
20-Jun-96 15194 15353
21-Jun-96 15099 15463.2
22-Jun-96 15099 15463.2
23-Jun-96 15099 15463.2
24-Jun-96 15099 15510.2
25-Jun-96 15099 15501.7
26-Jun-96 14910 15411.7
27-Jun-96 14722 15508.4
28-Jun-96 14910 15556.8
29-Jun-96 14910 15556.8
30-Jun-96 14910 15556.8
1-Jul-96 15005 15681.1
2-Jul-96 14910 15631.5
3-Jul-96 14910 15603.6
4-Jul-96 14910 15603.6
5-Jul-96 14627 15256.8
6-Jul-96 14627 15256.8
7-Jul-96 14627 15256.8
8-Jul-96 14533 15147.7
9-Jul-96 14533 15200.4
10-Jul-96 14344 15231.5
11-Jul-96 14155 14991.8
12-Jul-96 14061 15005.3
13-Jul-96 14061 15005.3
14-Jul-96 14061 15005.3
15-Jul-96 13872 14624.8
16-Jul-96 13684 14591.6
17-Jul-96 13872 14725.3
18-Jul-96 13967 14947
19-Jul-96 13778 14834.9
20-Jul-96 13778 14834.9
21-Jul-96 13778 14834.9
22-Jul-96 13684 14719.8
23-Jul-96 13495 14559.7
24-Jul-96 13306 14555
25-Jul-96 13495 14660
26-Jul-96 13589 14770
27-Jul-96 13589 14770
28-Jul-96 13589 14770
29-Jul-96 13495 14656.1
30-Jul-96 13495 14757.8
31-Jul-96 13495 14871.2
1-Aug-96 13684 15108.2
2-Aug-96 13872 15398.9
3-Aug-96 13872 15398.9
4-Aug-96 13872 15398.9
5-Aug-96 13872 15347.7
6-Aug-96 13872 15398.1
7-Aug-96 14061 15441.7
8-Aug-96 14155 15405.6
9-Aug-96 14250 15398.1
10-Aug-96 14250 15398.1
11-Aug-96 14250 15398.1
12-Aug-96 14250 15484.2
13-Aug-96 14061 15358.8
14-Aug-96 14061 15404.2
15-Aug-96 14061 15410.5
16-Aug-96 13967 15480.5
17-Aug-96 13967 15480.5
18-Aug-96 13967 15480.5
19-Aug-96 13967 15512.8
20-Aug-96 13967 15493.6
21-Aug-96 13967 15481.1
22-Aug-96 14061 15612.1
23-Aug-96 14155 15527.7
24-Aug-96 14155 15527.7
25-Aug-96 14155 15527.7
26-Aug-96 14533 15454.4
27-Aug-96 14627 15513.2
28-Aug-96 14722 15480.2
29-Aug-96 14722 15310.3
30-Aug-96 14627 15184.8
31-Aug-96 14627 15184.8
1-Sep-96 14627 15184.8
2-Sep-96 14627 15184.8
3-Sep-96 14533 15248.5
4-Sep-96 14722 15275.3
5-Sep-96 14439 15132.9
6-Sep-96 14722 15279.5
7-Sep-96 14722 15279.5
8-Sep-96 14722 15279.5
9-Sep-96 14816 15468.1
10-Sep-96 14722 15471.2
11-Sep-96 14722 15555
12-Sep-96 14910 15650.2
13-Sep-96 14910 15869.2
14-Sep-96 14910 15869.2
15-Sep-96 14910 15869.2
16-Sep-96 14816 15953.8
17-Sep-96 15005 15934
18-Sep-96 15005 15900.4
19-Sep-96 15194 15937
20-Sep-96 15382 16030.8
21-Sep-96 15382 16030.8
22-Sep-96 15382 16030.8
23-Sep-96 15194 16018.7
24-Sep-96 15288 15998.8
25-Sep-96 15288 16004.4
26-Sep-96 15571 16010.2
27-Sep-96 15571 16018.2
28-Sep-96 15571 16018.2
29-Sep-96 15571 16018.2
30-Sep-96 15477 16044.7
1-Oct-96 15382 16086.1
2-Oct-96 15194 16203.8
3-Oct-96 15099 16175.3
4-Oct-96 15382 16378.4
5-Oct-96 15382 16378.4
6-Oct-96 15382 16378.4
7-Oct-96 15288 16423.9
8-Oct-96 15288 16363.7
9-Oct-96 15571 16275.1
10-Oct-96 15665 16226.8
11-Oct-96 15760 16369.5
12-Oct-96 15760 16369.5
13-Oct-96 15760 16369.5
14-Oct-96 15760 16438.2
15-Oct-96 15665 16415.7
16-Oct-96 15571 16460
17-Oct-96 15477 16521.4
18-Oct-96 15477 16611.2
19-Oct-96 15477 16611.2
20-Oct-96 15477 16611.2
21-Oct-96 15288 16588.6
22-Oct-96 15288 16512
23-Oct-96 15477 16528.9
24-Oct-96 15665 16412.6
25-Oct-96 15665 16380.7
26-Oct-96 15665 16380.7
27-Oct-96 15665 16380.7
28-Oct-96 15571 16295.2
29-Oct-96 15382 16396.2
30-Oct-96 15477 16386.5
31-Oct-96 15665 16490.3
1-Nov-96 15571 16457.3
2-Nov-96 15571 16457.3
3-Nov-96 15571 16457.3
4-Nov-96 15382 16528
5-Nov-96 15477 16701.4
6-Nov-96 15854 16949.2
7-Nov-96 16043 17024.2
8-Nov-96 16043 17099.9
9-Nov-96 16043 17099.9
10-Nov-96 16043 17099.9
11-Nov-96 15854 17126
12-Nov-96 15854 17073.9
13-Nov-96 15854 17115.1
14-Nov-96 15948 17227.9
15-Nov-96 15571 17269.8
16-Nov-96 15571 17269.8
17-Nov-96 15571 17269.8
18-Nov-96 15571 17257.1
19-Nov-96 15382 17377.7
20-Nov-96 15382 17422.8
21-Nov-96 15477 17395.1
22-Nov-96 15665 17535.4
23-Nov-96 15665 17535.4
24-Nov-96 15665 17535.4
25-Nov-96 15665 17730.7
26-Nov-96 15477 17709.6
27-Nov-96 15571 17690.3
28-Nov-96 15571 17690.3
29-Nov-96 15571 17738.3
30-Nov-96 15571 17738.3
1-Dec-96 15571 17738.3
2-Dec-96 15760 17727.8
3-Dec-96 15760 17534.1
4-Dec-96 15760 17464.3
5-Dec-96 15760 17449.5
6-Dec-96 15571 17338.8
7-Dec-96 15571 17338.8
8-Dec-96 15571 17338.8
9-Dec-96 15948 17577.2
10-Dec-96 15665 17525.3
11-Dec-96 15477 17368.1
12-Dec-96 15382 17105.1
13-Dec-96 15194 17089.8
14-Dec-96 15194 17089.8
15-Dec-96 15194 17089.8
16-Dec-96 14722 16910.7
17-Dec-96 14910 17029.4
18-Dec-96 15099 17159.3
19-Dec-96 15005 17491.4
20-Dec-96 14910 17566.9
21-Dec-96 14910 17566.9
22-Dec-96 14910 17566.9
23-Dec-96 14936 17521.2
24-Dec-96 13806 17618.3
25-Dec-96 13806 17618.3
26-Dec-96 14107 17731.4
27-Dec-96 14407 17761.6
28-Dec-96 14407 17761.6
29-Dec-96 14407 17761.6
30-Dec-96 14178 17692.9
31-Dec-96 14289 17387.5
1-Jan-97 14289 17387.5
2-Jan-97 14334 17300.9
3-Jan-97 14505 17560
4-Jan-97 14505 17560
5-Jan-97 14505 17560
6-Jan-97 14521 17551.4
7-Jan-97 14636 17683.5
8-Jan-97 14684 17575
9-Jan-97 14748 17726.7
10-Jan-97 14678 17836.2
11-Jan-97 14678 17836.2
12-Jan-97 14678 17836.2
13-Jan-97 14739 17837.6
14-Jan-97 15119 18057.2
15-Jan-97 14983 18018.5
16-Jan-97 14874 18079
17-Jan-97 14680 18230.5
18-Jan-97 14680 18230.5
19-Jan-97 14680 18230.5
20-Jan-97 14935 18243.8
21-Jan-97 14805 18385.2
22-Jan-97 15073 18469
23-Jan-97 14965 18265.6
24-Jan-97 14894 18100.5
25-Jan-97 14913 18100.5
26-Jan-97 14850 18100.5
27-Jan-97 14657 17971.6
28-Jan-97 14681 17973
29-Jan-97 14657 18152.2
30-Jan-97 14681 18428.8
31-Jan-97 14520 18477.9
1-Feb-97 14520 18477.9
2-Feb-97 14520 18477.9
3-Feb-97 14705 18493.1
4-Feb-97 14596 18554
5-Feb-97 14430 18299
6-Feb-97 14435 18348.7
7-Feb-97 14483 18570.2
8-Feb-97 14483 18570.2
9-Feb-97 14483 18570.2
10-Feb-97 14475 18473.8
11-Feb-97 14529 18571.7
12-Feb-97 14593 18886.8
13-Feb-97 14538 19101.8
14-Feb-97 14454 19023.9
15-Feb-97 14454 19023.9
16-Feb-97 14454 19023.9
17-Feb-97 14454 19023.9
18-Feb-97 14387 19211.4
19-Feb-97 14419 19124
20-Feb-97 14234 18896.9
21-Feb-97 14327 18873
22-Feb-97 14327 18873
23-Feb-97 14327 18873
24-Feb-97 14472 19073.4
25-Feb-97 14453 19114.8
26-Feb-97 14387 18968.7
27-Feb-97 14210 18722.4
28-Feb-97 14188 18622.8
1-Mar-97 14188 18622.8
2-Mar-97 14188 18622.8
3-Mar-97 14288 18728.7
4-Mar-97 14312 18628.8
5-Mar-97 14417 18895
6-Mar-97 14258 18816.5
7-Mar-97 14345 18967.7
8-Mar-97 14345 18967.7
9-Mar-97 14345 18967.7
10-Mar-97 14252 19172.5
11-Mar-97 14235 19118.4
12-Mar-97 14259 18956
13-Mar-97 14044 18613.2
14-Mar-97 14271 18698.5
15-Mar-97 14271 18698.5
16-Mar-97 14271 18698.5
17-Mar-97 14148 18759.2
18-Mar-97 14038 18616.9
19-Mar-97 13695 18525.4
20-Mar-97 13703 18452.8
21-Mar-97 13771 18487.2
22-Mar-97 13771 18487.2
23-Mar-97 13771 18487.2
24-Mar-97 13809 18647.7
25-Mar-97 13866 18606.5
26-Mar-97 14057 18644.7
27-Mar-97 14057 18252.9
28-Mar-97 14057 18252.9
29-Mar-97 14057 18252.9
30-Mar-97 14057 18252.9
31-Mar-97 13394 17857.6
1-Apr-97 13310 17917.1
2-Apr-97 13114 17695.5
3-Apr-97 13236 17700.6
4-Apr-97 13331 17879.4
5-Apr-97 13331 17879.4
6-Apr-97 13331 17879.4
7-Apr-97 13594 17979.4
8-Apr-97 13716 18078.8
9-Apr-97 13525 17949.6
10-Apr-97 13431 17896.7
11-Apr-97 13246 17409.6
12-Apr-97 13246 17409.6
13-Apr-97 13246 17409.6
14-Apr-97 13106 17553.1
15-Apr-97 13175 17812.5
16-Apr-97 13153 18021.7
17-Apr-97 13026 17980.8
18-Apr-97 12949 18088.7
19-Apr-97 12949 18088.7
20-Apr-97 12949 18088.7
21-Apr-97 12739 17947.8
22-Apr-97 12717 18283.9
23-Apr-97 12716 18261.9
24-Apr-97 12687 18204.2
25-Apr-97 12506 18067
26-Apr-97 12506 18067
27-Apr-97 12506 18067
28-Apr-97 12480 18248.5
29-Apr-97 12614 18747.2
30-Apr-97 12628 18923.2
1-May-97 12703 18859.4
2-May-97 12818 19200.5
3-May-97 12818 19200.5
4-May-97 12818 19200.5
5-May-97 13202 19609.7
6-May-97 13135 19552.7
7-May-97 13107 19268.8
8-May-97 13160 19378.8
9-May-97 13224 19490.9
10-May-97 13224 19490.9
11-May-97 13224 19490.9
12-May-97 12992 19796.1
13-May-97 12839 19692.5
14-May-97 12914 19764.1
15-May-97 12861 19908.3
16-May-97 12700 19625
17-May-97 12700 19625
18-May-97 12700 19625
19-May-97 12670 19708.6
20-May-97 12857 19908.6
21-May-97 12989 19856.1
22-May-97 12888 19769.3
23-May-97 13204 20038.6
24-May-97 13204 20038.6
25-May-97 13204 20038.6
26-May-97 13204 20038.6
27-May-97 13410 20102.2
28-May-97 13541 20046.5
29-May-97 13495 19975.5
30-May-97 13610 20075.4
31-May-97 13610 20075.4
1-Jun-97 13610 20075.4
2-Jun-97 13627 20030.2
3-Jun-97 13467 20009.7
4-Jun-97 13472 19887.3
5-Jun-97 13603 19968.4
6-Jun-97 13755 20314.6
7-Jun-97 13755 20314.6
8-Jun-97 13755 20314.6
9-Jun-97 13868 20431.3
10-Jun-97 13672 20487.6
11-Jun-97 13813 20593.2
12-Jun-97 13837 20926.9
13-Jun-97 14053 21159
14-Jun-97 14053 21159
15-Jun-97 14053 21159
16-Jun-97 14146 21174.7
17-Jun-97 14255 21187
18-Jun-97 14255 21069.5
19-Jun-97 14275 21281.8
20-Jun-97 14489 21298.6
21-Jun-97 14489 21298.6
22-Jun-97 14489 21298.6
23-Jun-97 13963 20823.1
24-Jun-97 14114 21243.1
25-Jun-97 14002 21069.7
26-Jun-97 13909 20948.4
27-Jun-97 13934 21034.5
28-Jun-97 13934 21034.5
29-Jun-97 13934 21034.5
30-Jun-97 14028 20983.3
1-Jul-97 14134 21125.8
2-Jul-97 14183 21436.9
3-Jul-97 14386 21743
4-Jul-97 14386 21743.5
5-Jul-97 14386 21743.5
6-Jul-97 14386 21743.5
7-Jul-97 15015 21631.7
8-Jul-97 15119 21791.8
9-Jul-97 15171 21527
10-Jul-97 15203 21675.7
11-Jul-97 15456 21747.5
12-Jul-97 15456 21747.5
13-Jul-97 15456 21747.5
14-Jul-97 15790 21787.8
15-Jul-97 15985 21962.9
16-Jul-97 15912 22221.3
17-Jul-97 15765 22103.7
18-Jul-97 15416 21717
19-Jul-97 15416 21717
20-Jul-97 15416 21717
21-Jul-97 15266 21661
22-Jul-97 15631 22160.2
23-Jul-97 15581 22222
24-Jul-97 15678 22310.4
25-Jul-97 15732 22275.1
26-Jul-97 15732 22275.1
27-Jul-97 15732 22275.1
28-Jul-97 15868 22219.6
29-Jul-97 16047 22360.6
30-Jul-97 16357 22602.8
31-Jul-97 16247 22653.4
1-Aug-97 16336 22484.5
2-Aug-97 16336 22484.5
3-Aug-97 16336 22484.5
4-Aug-97 16526 22559.9
5-Aug-97 16636 22609.3
6-Aug-97 16792 22800
7-Aug-97 16965 22584.7
8-Aug-97 16598 22165.7
9-Aug-97 16598 22165.7
10-Aug-97 16598 22165.7
11-Aug-97 16461 22253.7
12-Aug-97 16232 22006.2
13-Aug-97 16125 21904
14-Aug-97 16228 21970
15-Aug-97 15959 21401.9
16-Aug-97 15959 21401.9
17-Aug-97 15959 21401.9
18-Aug-97 16116 21682.1
19-Aug-97 16390 22003.7
20-Aug-97 16602 22324
21-Aug-97 16486 21984.6
22-Aug-97 16395 21948.9
23-Aug-97 16395 21948.9
24-Aug-97 16395 21948.9
25-Aug-97 16411 21868.6
26-Aug-97 16250 21699.3
27-Aug-97 16158 21718.7
28-Aug-97 16085 21483.5
29-Aug-97 16024 21384.3
30-Aug-97 16024 21384.3
31-Aug-97 16024 21384.3
1-Sep-97 16024 21384.3
2-Sep-97 16169 22053
3-Sep-97 16259 22065.5
4-Sep-97 16289 22137.6
5-Sep-97 16246 22095.4
6-Sep-97 16246 22095.4
7-Sep-97 16246 22095.4
8-Sep-97 16196 22148
9-Sep-97 16286 22205.7
10-Sep-97 16097 21859.4
11-Sep-97 16027 21713.1
12-Sep-97 15752 21983
13-Sep-97 15752 21983
14-Sep-97 15752 21983
15-Sep-97 15533 21889
16-Sep-97 15471 22504.6
17-Sep-97 15260 22443.3
18-Sep-97 15303 22546.4
19-Sep-97 15330 22623.5
20-Sep-97 15330 22623.5
21-Sep-97 15330 22623.5
22-Sep-97 15508 22741
23-Sep-97 15464 22657.8
24-Sep-97 15383 22481
25-Sep-97 15284 22324.7
26-Sep-97 15375 22505.9
27-Sep-97 15375 22505.9
28-Sep-97 15375 22505.9
29-Sep-97 15468 22699.7
30-Sep-97 15378 22555.4
1-Oct-97 15569 22751
2-Oct-97 15517 22872.3
3-Oct-97 15548 22981.6
4-Oct-97 15548 22981.6
5-Oct-97 15548 22981.6
6-Oct-97 15785 23164
7-Oct-97 15877 23413.6
8-Oct-97 16182 23198.9
9-Oct-97 16128 23122.8
10-Oct-97 16070 23037.4
11-Oct-97 16070 23037.4
12-Oct-97 16070 23037.4
13-Oct-97 16067 23064.1
14-Oct-97 15903 23116
15-Oct-97 15803 23007.8
16-Oct-97 15413 22758.9
17-Oct-97 15154 22494.7
18-Oct-97 15154 22494.7
19-Oct-97 15154 22494.7
20-Oct-97 15433 22767.7
21-Oct-97 15468 23164.9
22-Oct-97 15254 23076.1
23-Oct-97 14800 22652.3
24-Oct-97 14707 22436.6
25-Oct-97 14707 22436.6
26-Oct-97 14707 22436.6
27-Oct-97 13702 20896
28-Oct-97 14207 21965.1
29-Oct-97 14202 21906.1
30-Oct-97 13942 21541.1
31-Oct-97 14038 21802.2
1-Nov-97 14038 21802.2
2-Nov-97 14038 21802.2
3-Nov-97 14517 22383.8
4-Nov-97 14419 22426.3
5-Nov-97 14463 22477.2
6-Nov-97 14388 22366.2
7-Nov-97 14197 22120.2
8-Nov-97 14197 22120.2
9-Nov-97 14197 22120.2
10-Nov-97 14165 21970
11-Nov-97 14040 22033.2
12-Nov-97 13817 21613.2
13-Nov-97 13877 21870
14-Nov-97 13899 22150.2
15-Nov-97 13899 22150.2
16-Nov-97 13899 22150.2
17-Nov-97 13971 22576.9
18-Nov-97 13891 22389.3
19-Nov-97 13916 22544.5
20-Nov-97 13946 22888.1
21-Nov-97 13962 22986.5
22-Nov-97 13962 22986.5
23-Nov-97 13962 22986.5
24-Nov-97 13814 22595.3
25-Nov-97 13778 22696.8
26-Nov-97 13810 22721.1
27-Nov-97 13810 22721.1
28-Nov-97 13817 22811.4
29-Nov-97 13817 22811.4
30-Nov-97 13817 22811.4
1-Dec-97 13824 23274.4
2-Dec-97 13731 23201.1
3-Dec-97 13669 23328.5
4-Dec-97 13643 23241.7
5-Dec-97 13649 23497.2
6-Dec-97 13649 23497.2
7-Dec-97 13649 23497.2
8-Dec-97 13639 23464.9
9-Dec-97 13632 23307.5
10-Dec-97 13593 23166
11-Dec-97 13568 22817.4
12-Dec-97 13581 22780.5
13-Dec-97 13581 22780.5
14-Dec-97 13581 22780.5
15-Dec-97 13567 23019.8
16-Dec-97 13576 23130.9
17-Dec-97 13600 23072.8
18-Dec-97 13733 22829.2
19-Dec-97 13783 22625.8
20-Dec-97 13783 22625.8
21-Dec-97 13783 22625.8
22-Dec-97 13246 22791.6
23-Dec-97 13298 22443.6
24-Dec-97 13769 22290.8
25-Dec-97 13799 22290.8
26-Dec-97 13800 22380.8
27-Dec-97 13800 22380.8
28-Dec-97 13800 22380.8
29-Dec-97 13906 22792.4
30-Dec-97 13881 23212.4
31-Dec-97 13902 23203.2
1-Jan-98 13902 23203.2
2-Jan-98 13904 23314.3
3-Jan-98 13904 23314.3
4-Jan-98 13904 23314.3
5-Jan-98 13848 23363.2
6-Jan-98 13838 23113.6
7-Jan-98 13825 23057.3
8-Jan-98 13705 22868
9-Jan-98 13686 22189.9
10-Jan-98 13686 22189.9
11-Jan-98 13686 22189.9
12-Jan-98 13636 22465.5
13-Jan-98 13707 22775.3
14-Jan-98 13793 22915.3
15-Jan-98 13765 22743.7
16-Jan-98 13724 23001.5
17-Jan-98 13724 23001.5
18-Jan-98 13724 23001.5
19-Jan-98 13724 23001.5
20-Jan-98 13685 23410.6
21-Jan-98 13884 23225.7
22-Jan-98 13813 23039.9
23-Jan-98 13797 22909.8
24-Jan-98 13797 22909.8
25-Jan-98 13797 22909.8
26-Jan-98 13681 22894.4
27-Jan-98 13769 23183.2
28-Jan-98 13957 23390.5
29-Jan-98 13934 23584.4
30-Jan-98 13946 23459.8
31-Jan-98 13946 23459.8
1-Feb-98 13946 23459.8
2-Feb-98 14041 23962.3
3-Feb-98 14101 24076.5
4-Feb-98 14054 24101.5
5-Feb-98 13997 24024
6-Feb-98 14052 24241.9
7-Feb-98 14052 24241.9
8-Feb-98 14052 24241.9
9-Feb-98 14071 24202.4
10-Feb-98 14114 24400.7
11-Feb-98 14129 24430
12-Feb-98 14103 24531.2
13-Feb-98 14111 24434.9
14-Feb-98 14111 24434.9
15-Feb-98 14111 24434.9
16-Feb-98 14111 24434.9
17-Feb-98 14039 24500
18-Feb-98 14086 24728.7
19-Feb-98 14048 24638.9
20-Feb-98 14105 24781.3
21-Feb-98 14105 24781.3
22-Feb-98 14105 24781.3
23-Feb-98 14115 24876
24-Feb-98 14037 24694.4
25-Feb-98 14083 24993.5
26-Feb-98 14172 25134.9
27-Feb-98 14168 25151.9
28-Feb-98 14168 25151.9
1-Mar-98 14168 25151.9
2-Mar-98 14053 25113.1
3-Mar-98 14004 25216.8
4-Mar-98 13907 25110
5-Mar-98 13844 24818.8
6-Mar-98 13898 25316.3
7-Mar-98 13898 25316.3
8-Mar-98 13898 25316.3
9-Mar-98 13825 25235.5
10-Mar-98 13789 25522.2
11-Mar-98 14069 25628.1
12-Mar-98 14183 25666.9
13-Mar-98 14265 25635.4
14-Mar-98 14265 25635.4
15-Mar-98 14265 25635.4
16-Mar-98 14278 25892
17-Mar-98 14301 25920.3
18-Mar-98 14373 26043.2
19-Mar-98 14399 26145.3
20-Mar-98 14442 26371.5
21-Mar-98 14442 26371.5
22-Mar-98 14442 26371.5
23-Mar-98 14470 26285.4
24-Mar-98 14486 26527.8
25-Mar-98 14470 26438.7
26-Mar-98 14472 26411.9
27-Mar-98 14408 26287.9
28-Mar-98 14408 26287.9
29-Mar-98 14408 26287.9
30-Mar-98 14373 26242.9
31-Mar-98 14440 26439.9
1-Apr-98 14643 26595.3
2-Apr-98 14870 26881
3-Apr-98 14997 26945.9
4-Apr-98 14997 26945.9
5-Apr-98 14997 26945.9
6-Apr-98 14978 26914.7
7-Apr-98 14740 26638.5
8-Apr-98 14775 26449.5
9-Apr-98 14781 26666.4
10-Apr-98 14781 26666.4
11-Apr-98 14781 26666.4
12-Apr-98 14781 26666.4
13-Apr-98 14743 26644.4
14-Apr-98 14756 26789.9
15-Apr-98 14885 26875.8
16-Apr-98 14682 26608.6
17-Apr-98 14703 26958.2
18-Apr-98 14703 26958.2
19-Apr-98 14703 26958.2
20-Apr-98 14816 26980.5
21-Apr-98 14855 27053.1
22-Apr-98 14912 27147.8
23-Apr-98 14855 26884.9
24-Apr-98 15000 26604.5
25-Apr-98 15000 26604.5
26-Apr-98 15000 26604.5
27-Apr-98 14807 26091.6
28-Apr-98 14906 26059.9
29-Apr-98 15057 26292.8
30-Apr-98 15114 26705.9
1-May-98 15175 26928.2
2-May-98 15175 26928.2
3-May-98 15175 26928.2
4-May-98 15297 26953.9
5-May-98 15340 26796.7
6-May-98 15281 26548.9
7-May-98 15367 26314.6
8-May-98 15519 26627.1
9-May-98 15519 26627.1
10-May-98 15519 26627.1
11-May-98 15464 26604.3
12-May-98 15471 26825.5
13-May-98 15823 26904.4
14-May-98 15796 26869.2
15-May-98 15582 26662.5
16-May-98 15582 26662.5
17-May-98 15582 26662.5
18-May-98 15487 26595.6
19-May-98 15571 26700.1
20-May-98 15699 26917.7
21-May-98 15820 26811.4
22-May-98 15836 26711.3
23-May-98 15836 26711.5
24-May-98 15836 26711.6
25-May-98 15836 26711.8
26-May-98 15303 26316.4
27-May-98 14937 26276.8
28-May-98 15200 26409.8
29-May-98 15397 26247.4
30-May-98 15397 26248.1
31-May-98 15397 26248.8
1-Jun-98 14924 26253.5
2-Jun-98 14795 26307.6
3-Jun-98 14946 26061
4-Jun-98 14984 26352.4
5-Jun-98 15089 26811.4
6-Jun-98 15089 26812.3
7-Jun-98 15089 26813.3
8-Jun-98 15178 26859.5
9-Jun-98 15194 26924.8
10-Jun-98 14793 26778.7
11-Jun-98 14443 26359.7
12-Jun-98 14296 26462.7
13-Jun-98 14296 26463.1
14-Jun-98 14296 26463.5
15-Jun-98 13974 25937.9
16-Jun-98 14241 26192.8
17-Jun-98 14460 26663.9
18-Jun-98 14323 26647.2
19-Jun-98 14246 26509.7
20-Jun-98 14246 26509.9
21-Jun-98 14246 26510.1
22-Jun-98 14334 26572.9
23-Jun-98 14328 26964.4
24-Jun-98 14434 27287.9
25-Jun-98 14262 27201.2
26-Jun-98 14290 27300.1
27-Jun-98 14290 27304.6
28-Jun-98 14290 27309.1
29-Jun-98 14374 27436.9
30-Jun-98 14574 27327.2
1-Jul-98 14618 27682.9
2-Jul-98 14372 27631.3
3-Jul-98 14372 27631.3
4-Jul-98 14372 27631.4
5-Jul-98 14372 27631.4
6-Jul-98 14414 27897.9
7-Jul-98 14656 27834.4
8-Jul-98 14602 28123.8
9-Jul-98 14438 27935.9
10-Jul-98 14462 28075
11-Jul-98 14462 28075.1
12-Jul-98 14462 28075.1
13-Jul-98 14615 28097
14-Jul-98 14632 28396.2
15-Jul-98 14613 28329.5
16-Jul-98 14594 28551.4
17-Jul-98 14599 28618
18-Jul-98 14599 28618
19-Jul-98 14599 28618
20-Jul-98 14510 28554.3
21-Jul-98 14179 28095.5
22-Jul-98 14146 28073.7
23-Jul-98 13703 27487.3
24-Jul-98 13537 27512.6
25-Jul-98 13537 27512.6
26-Jul-98 13537 27512.6
27-Jul-98 13537 27668.6
28-Jul-98 13404 27257.9
29-Jul-98 13020 27141.9
30-Jul-98 12957 27573.8
31-Jul-98 12740 27036.3
1-Aug-98 12740 27036.3
2-Aug-98 12740 27036.3
3-Aug-98 12522 26838.7
4-Aug-98 12007 25866.6
5-Aug-98 11929 26094.9
6-Aug-98 12533 26295.1
7-Aug-98 12533 26290.8
8-Aug-98 12533 26290.9
9-Aug-98 12720 26290.9
10-Aug-98 12711 26140.3
11-Aug-98 12300 25803.6
12-Aug-98 12498 26176.3
13-Aug-98 12310 25952.2
14-Aug-98 12219 25659.9
15-Aug-98 12219 25661.2
16-Aug-98 12219 25662.6
17-Aug-98 12216 26168.5
18-Aug-98 12370 26594.5
19-Aug-98 12133 26520.3
20-Aug-98 11840 26365.9
21-Aug-98 11607 26114.6
22-Aug-98 11607 26115.1
23-Aug-98 11607 26115.5
24-Aug-98 11333 26283.7
25-Aug-98 11182 26397.8
26-Aug-98 10834 26190.5
27-Aug-98 10389 25187.9
28-Aug-98 10104 24818.3
29-Aug-98 10104 24822
30-Aug-98 10104 24825.6
31-Aug-98 9156 23137.6
1-Sep-98 9355 24031.9
2-Sep-98 9675 23946.5
3-Sep-98 9476 23748.5
4-Sep-98 9559 23547.2
5-Sep-98 9559 23548.3
6-Sep-98 9559 23549.4
7-Sep-98 9559 23550.6
8-Sep-98 10042 24750.7
9-Sep-98 9884 24334.8
10-Sep-98 9551 23706.2
11-Sep-98 9667 24411.5
12-Sep-98 9667 24418.5
13-Sep-98 9667 24425.6
14-Sep-98 10073 24930.5
15-Sep-98 10035 25123.4
16-Sep-98 10156 25313.9
17-Sep-98 9950 24671.3
18-Sep-98 9966 24701
19-Sep-98 9966 24701.1
20-Sep-98 9966 24701.2
21-Sep-98 9923 24793.7
22-Sep-98 10096 24932.7
23-Sep-98 10439 25816.5
24-Sep-98 10522 25250.6
25-Sep-98 10614 25299.8
26-Sep-98 10614 25299.8
27-Sep-98 10614 25299.8
28-Sep-98 10520 25403.1
29-Sep-98 10485 25411.6
30-Sep-98 10063 24637.7
1-Oct-98 9786 23896.3
2-Oct-98 9691 24290.4
3-Oct-98 9691 24291.7
4-Oct-98 9691 24293.1
5-Oct-98 9509 23952.9
6-Oct-98 9704 23857.9
7-Oct-98 9214 23527.9
8-Oct-98 8900 23256.1
9-Oct-98 9338 23860.8
10-Oct-98 9338 23860.8
11-Oct-98 9338 23860.8
12-Oct-98 9543 24183.7
13-Oct-98 9837 24114.7
14-Oct-98 10147 24375.2
15-Oct-98 10423 25392.4
16-Oct-98 10536 25609.1
17-Oct-98 10536 25609.3
18-Oct-98 10536 25609.6
19-Oct-98 10694 25754.3
20-Oct-98 10818 25791.7
21-Oct-98 10975 25938.6
22-Oct-98 11412 26146.8
23-Oct-98 11494 25957.7
24-Oct-98 11494 25957.9
25-Oct-98 11494 25958.2
26-Oct-98 11659 25998.2
27-Oct-98 11826 25828.9
28-Oct-98 11698 25900.6
29-Oct-98 11852 26336.6
30-Oct-98 12154 26645.8
31-Oct-98 12154 26645.9
1-Nov-98 12154 26646.1
2-Nov-98 12465 26959.7
3-Nov-98 12452 26942
4-Nov-98 12663 27135.8
5-Nov-98 12666 27506.4
6-Nov-98 12782 27682.6
7-Nov-98 12782 27685.2
8-Nov-98 12782 27687.7
9-Nov-98 12647 27429.7
10-Nov-98 12542 27387.4
11-Nov-98 12489 27210.4
12-Nov-98 12343 27133.6
13-Nov-98 12479 27329.9
14-Nov-98 12479 27331.2
15-Nov-98 12479 27332.5
16-Nov-98 12623 27579.3
17-Nov-98 12645 27663.7
18-Nov-98 12620 27792.4
19-Nov-98 12823 28007.1
20-Nov-98 12718 28273
21-Nov-98 12718 28273
22-Nov-98 12718 28273.1
23-Nov-98 12814 28877
24-Nov-98 12692 28769.3
25-Nov-98 12904 28866.2
26-Nov-98 12904 28868.8
27-Nov-98 12941 29005.4
28-Nov-98 12941 29010.3
29-Nov-98 12941 29015.1
30-Nov-98 12787 28317.8
1-Dec-98 12604 28602.1
2-Dec-98 12724 28510.7
3-Dec-98 12589 27997.6
4-Dec-98 12804 28645.2
5-Dec-98 12804 28645.4
6-Dec-98 12804 28645.5
7-Dec-98 12791 28912.7
8-Dec-98 12725 28760.6
9-Dec-98 12584 28814.2
10-Dec-98 12398 28365.2
11-Dec-98 12310 28406.1
12-Dec-98 12310 28411.9
13-Dec-98 12310 28417.7
14-Dec-98 11903 27802.4
15-Dec-98 11883 28329.6
16-Dec-98 11773 28309
17-Dec-98 11806 28750.4
18-Dec-98 11907 28946.7
19-Dec-98 11907 28946.9
20-Dec-98 11907 28947
21-Dec-98 11919 29308.5
22-Dec-98 11855 29326.8
23-Dec-98 12016 29935.4
24-Dec-98 12070 29880.6
25-Dec-98 12070 29881.1
26-Dec-98 12070 29881.7
27-Dec-98 12070 29882.2
28-Dec-98 11873 29863.2
29-Dec-98 11839 30269.5
30-Dec-98 12845 30029.5
31-Dec-98 12092 29964
1-Jan-99 12092 29964.2
2-Jan-99 12092 29964.5
3-Jan-99 12092 29964.8
4-Jan-99 12366 29938.2
5-Jan-99 12636 30346.1
6-Jan-99 13139 31024.8
7-Jan-99 13281 30963.1
8-Jan-99 13124 31093.8
9-Jan-99 13124 31093.8
10-Jan-99 13124 31093.8
11-Jan-99 13118 30820.4
12-Jan-99 12870 30226.1
13-Jan-99 12797 30103.4
14-Jan-99 12752 29562.2
15-Jan-99 13001 30320.3
16-Jan-99 13001 30320.7
17-Jan-99 13001 30321.1
18-Jan-99 13001 30321.6
19-Jan-99 13432 30535
20-Jan-99 13226 30649.4
21-Jan-99 13096 30126.1
22-Jan-99 13185 29883.2
23-Jan-99 13185 29883.4
24-Jan-99 13185 29883.7
25-Jan-99 13272 30098.2
26-Jan-99 13298 30545.4
27-Jan-99 13198 30326.7
28-Jan-99 13179 30871.5
29-Jan-99 13057 31219.6
30-Jan-99 13057 31219.6
31-Jan-99 13057 31219.6
1-Feb-99 13012 31057.6
2-Feb-99 12974 30790.3
3-Feb-99 13005 31040.2
4-Feb-99 12947 30467.2
5-Feb-99 12622 30246.1
6-Feb-99 12622 30246.1
7-Feb-99 12622 30246.1
8-Feb-99 12603 30357.6
9-Feb-99 12634 29683.6
10-Feb-99 12646 29870.2
11-Feb-99 12584 30617
12-Feb-99 12467 30034.1
13-Feb-99 12467 30034.1
14-Feb-99 12467 30034.1
15-Feb-99 12467 30034.1
16-Feb-99 12616 30320.9
17-Feb-99 12499 29888.9
18-Feb-99 12583 30214.7
19-Feb-99 12815 30261.5
20-Feb-99 12815 30261.5
21-Feb-99 12815 30261.5
22-Feb-99 12867 31066.8
23-Feb-99 12802 31043.9
24-Feb-99 12676 30612.9
25-Feb-99 12599 30412
26-Feb-99 12464 30249.3
27-Feb-99 12464 30249.3
28-Feb-99 12464 30249.3
1-Mar-99 12513 30197.2
2-Mar-99 12483 29937.2
3-Mar-99 12396 29997.7
4-Mar-99 12422 30464.5
5-Mar-99 12522 31169.6
6-Mar-99 12522 31169.6
7-Mar-99 12522 31169.6
8-Mar-99 12601 31348.9
9-Mar-99 12585 31278.3
10-Mar-99 12742 31451.3
11-Mar-99 12917 31723.7
12-Mar-99 12918 31648.5
13-Mar-99 12918 31648.5
14-Mar-99 12918 31648.5
15-Mar-99 12877 31958.6
16-Mar-99 12772 31936.8
17-Mar-99 12715 31729.8
18-Mar-99 12856 32188.8
19-Mar-99 12766 31766.9
20-Mar-99 12766 31766.9
21-Mar-99 12766 31766.9
22-Mar-99 12738 31711.6
23-Mar-99 12553 30859.2
24-Mar-99 12583 31017.4
25-Mar-99 12547 31541
26-Mar-99 12529 31365.2
27-Mar-99 12529 31365.2
28-Mar-99 12529 31365.2
29-Mar-99 12782 32038.9
30-Mar-99 12594 31810.9
31-Mar-99 12651 31459.6
</TABLE>
Past performance is not predictive of future performance.
MANAGEMENT
American Heritage Management Corporation (AHMC ), 1370 Avenue of the
Americas, New York, New York 10019 has been our investment adviser since our
inception. Since 1990, AHMC has provided investment advice to The American
Heritage Fund, Inc. AHMC provides continuous investment advice to us and places
orders for purchases and sales of our securities.
We make our investment decisions based upon advice furnished to us by AHMC.
For the fiscal year ended January 31, 1999, the investment advisory fee
represented 1.25% of our average net assets.
Heiko H. Thieme is our portfolio manager and has been primarily responsible
for the day-to-day management of our portfolio since our inception. Mr. Thieme
also renders investment advice to one U.S. and two foreign investment companies
and is the Chief Executive Officer of a securities broker-dealer.
8
<PAGE> 9
PRICING OF SHARES
The price at which you buy and redeem our shares is the net asset value
(NAV) per share. The NAV represents the value of our total assets less our
liabilities. The NAV per share is generally calculated as of the close of the
regular trading session of the New York Stock Exchange. Our shares will not be
priced on the days when the New York Stock Exchange is closed for trading such
as weekends and certain national holidays. In calculating the NAV, portfolio
securities will be valued at market value when there is a reliable quotation
available for the securities. The value of all other assets will be determined
by our Board of Directors or members of a committee of our Board of Directors at
amounts which they think represent their fair value.
PROCEDURES FOR BUYING FUND SHARES
The minimum investment requirements for the Fund are:
<TABLE>
<CAPTION>
OPENING ADDING TO
THE ACCOUNT THE ACCOUNT
----------- -----------
<S> <C> <C>
Regular Accounts $1,000 $500
IRAs, Custodian Accounts
and Keogh Accounts 500 500
</TABLE>
We may change these minimum investment amounts at any time and we can
refuse any purchase order that might adversely affect our operations.
Once we accept your order to purchase, the purchase price will be the next
calculated NAV per share. You pay no sales load for buying Fund shares.
You may buy Fund shares in any of these ways:
BY TELEPHONE
Call 1-800-828-5050 to buy shares of the Fund. We must receive your payment
within three business days of your order. To meet this deadline, you may send a
check by overnight mail or wire payment, or you may make an electronic transfer
through your bank.
BY MAIL
Mail your application and check to:
American Heritage Growth Fund, Inc.
Location 0637
Cincinnati, OH 45264-0637
If you purchase additional shares of the Fund, you must send a completed
investment slip together with a check that has your account number on it.
THROUGH CERTAIN BROKER-DEALERS
Shares of the Fund may be purchased through certain registered
broker-dealers. We impose no sales load or service charge, but the
broker-dealers may make a charge to investors for their services. The charge and
services may vary in amount among broker-dealers, some of which may impose
higher initial or subsequent investment requirements than those established by
us.
9
<PAGE> 10
BY COURIER
Deliver your application and check to:
American Heritage Growth Fund, Inc.
c/o Firstar Bank, N.A.
425 Walnut Street
Mutual Fund Custodian Department
Cincinnati, OH 45202
If you purchase additional shares of the Fund, you must send a completed
investment slip together with a check that has your account number on it.
PROCEDURES FOR REDEEMING FUND SHARES
Any shareholder may redeem his or her shares by making a written request
directly to our Transfer Agent, American Data Services, Inc., 150 Motor Parkway,
Suite 109, Hauppauge, New York 11788. Redemptions may be made by telephone upon
the request of certain financial institutions who are holders of record of
shares issued by the Fund, within our sole discretion. We have instructed our
Transfer Agent to confirm the authenticity of any such request for redemption by
telecopier and telephone. Proceeds of redemptions made by telephone will be sent
only to the respective financial institution making the request. In the event
that a telephone redemption which is honored by us is unauthorized or
fraudulent, we could sustain losses.
The redemption price will be the NAV per share next determined by the Fund
following receipt of a proper request for redemption. There is no redemption
charge imposed by us.
Payment for shares redeemed will normally be made within seven days after
receipt of a proper written request. Payment will not be mailed before clearance
of the purchaser's check. The determination of the NAV and the right of
redemption may be suspended or the payment date postponed when: (a) trading on
the New York Stock Exchange is restricted as determined by the Securities and
Exchange Commission or the Exchange is closed for other than customary weekend
and holiday closings; (b) when an emergency exists, as determined by the
Securities and Exchange Commission, as a result of which disposal by us of
securities owned by us it is not reasonably practicable, or it is not reasonably
practicable for us fairly to determine the value of our net assets; or (c) when
the Securities and Exchange Commission by Order so permits for the protection of
our shareholders of the Fund.
All requests for redemption of shares must be signed by all registered
owners exactly as registered, including fiduciary titles, if any, with
signatures guaranteed by a member of a national securities exchange or a United
States commercial bank or a foreign bank having a New York City correspondent.
DISTRIBUTIONS AND TAXES
We intend to distribute as dividends our net investment income, if any, and
distribute any net capital gains that we realize once a year. Your distributions
will be reinvested in the Fund unless you instruct us otherwise in writing.
There are no fees or sales charges on reinvestments. Dividends and distributions
are taxable to most investors (unless your investment is in an IRA or other
tax-advantaged account). The tax status of any distribution is the same
regardless of how long you have been in the Fund and whether you reinvest your
distributions or take them in cash.
10
<PAGE> 11
The tax status of your dividends and distributions will be detailed in your
annual tax statement from the Fund. Because everyone's tax situation is unique,
always consult your tax professional about federal, state and local tax
consequences.
Except in tax-advantaged accounts, any redemption, sale or exchange of Fund
shares may generate a tax liability.
SHAREHOLDER SERVICES
We offer the following shareholder services. For further details, please
write or call us.
EXCHANGE PRIVILEGE
A shareholder of the Fund has the privilege of exchanging shares of the
Fund for shares of The American Heritage Fund, Inc. (AHF) by written notice to
our Transfer Agent subject to the following:
- Shares of AHF must be eligible for sale in the state of residence of
the shareholder.
- Shareholders may only exchange between accounts that are registered
in the same name, address, and have the same taxpayer identification
number.
- A shareholder must have received a current Prospectus of AHF before
the exchange.
- Both the Fund and AHF reserve the right to temporarily or
permanently terminate the exchange privilege.
Exchanges may have tax consequences and you may wish to consult with your
tax advisor before making any exchange.
AUTOMATIC WITHDRAWAL PLAN
With an Automatic Withdrawal Plan, a shareholder can arrange for automatic
distributions to be made monthly or quarterly in amounts not less than $1,000.
An Automatic Withdrawal Plan may neither be opened nor maintained by a
shareholder holding shares of the Fund having a value of less than $50,000.
IRA AND KEOGH PLANS
A prototype defined contribution retirement plan and individual retirement
account is available. Certain charges are imposed by Firstar Bank, N.A. and
American Data Services, Inc. and shareholders should carefully review all
documents provided in connection with such plan or account.
CUSTODIAN AND TRANSFER AGENT
Firstar Bank, N.A. 425 Walnut Street, Cincinnati, Ohio 45202 is the
Custodian of the portfolio securities and monies of the Fund.
American Data Services, 150 Motor Parkway, Hauppauge, New York 11788 is our
Transfer Agent.
Neither the Custodian nor the Transfer Agent performs any managerial or
policy-making functions for the Fund.
11
<PAGE> 12
AMERICAN HERITAGE GROWTH FUND, INC.
------------------------
Our Statement of Additional Information (SAI) includes additional
information about us. Additional information about our investments is available
in our annual and semi-annual reports to shareholders. The SAI and the annual
and semi-annual reports are available, without charge, upon request. You may
call us at 1-800-828-5050 to request the SAI; to request our annual report, to
request our semi-annual report; to request other information about us; and to
make shareholder inquiries.
The SAI, including the annual report, is incorporated by reference into
this prospectus.
Information about us, including the SAI, can be reviewed and copied at the
Securities and Exchange Commission's Public Reference Room in Washington, D.C.
Information on the operation of the public reference room may be obtained by
calling the Commission at 1-202-942-8090. Reports and other information about us
are available on the EDGAR database on the Commission's Internet site at
http:/www.sec.gov. Copies of this information may be obtained, after paying a
duplicating fee, by electronic request at the following E-mail address:
[email protected], or by writing to the Commission's Public Reference Section,
Washington, D.C. 20549-0102.
Our Investment Company Act of 1940 file number is 811-8386.
<PAGE> 13
AMERICAN HERITAGE GROWTH FUND, INC.
- --------------------------------------------------------------------------------
Mail to: American Heritage Growth Fund, Inc., Location 0637, Cincinnati, Ohio
45264-0637
(DO NOT USE THIS FORM FOR IRA PLANS. Please request separate forms)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Complete only the applicable sections which will tell us how your account should
be registered.
<TABLE>
<S> <C> <C>
ACCOUNT [ ] Individual
REGISTRATION
--------------------------------------------------------------------
First Name Middle Name Last Name
[ ] Joint Tenant
--------------------------------------------------------------------
First Name Middle Name Last Name
[ ] Gifts to Minors _____________________________________As Custodian For ________________________________
Name of Custodian (only 1 permitted) Name of Minor (only 1 permitted)
UNDER THE _____________________________UNIFORM GIFT TO MINORS
State
[ ] Corporations, ------------------------------------------------------
Trusts & Name of corporation or partnership. If a trust,
Others include the name(s) of trustees in which account will
be registered and the date of the trust investment. An
account for a pension or profit sharing plan or trust
may be registered in the name of the plan or trust
itself.
- --------------------------------------------------------------------------------------------
ADDRESS
------------------------------------------------------
Street
( )
------------------------------------------------------
City Home Phone
Number
( )
------------------------------------------------------
State Zip Code Business Phone Number
- --------------------------------------------------------------------------------------------
INVESTMENT $ (Minimum initial $1,000.--Subsequent Investments of
--------------------- $500 or more.) Make checks payable to American
Heritage Growth Fund, Inc. Application is not needed
for subsequent investments.
- --------------------------------------------------------------------------------------------
DISTRIBUTIONS Reinvest all income and capital gain distributions in additional shares of the
Fund unless this box is checked.
[ ] Pay dividends and capital gain distributions in cash. If any dividend or
capital gain distribution check addressed and sent to (me)(us) is returned to
you, you hereby are authorized to invest the proceeds of that check in Fund
shares at the net asset value next determined after receipt by you of the
returned check. In such event (I)(we) understand and agree that all subsequent
dividend and capital gain distributions automatically will be reinvested in
Fund shares unless and until (I)(we) has signed and filed with you a new
request to receive dividends and capital gain distributions in cash.
- --------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 14
TAX IDENTIFICATION CERTIFICATION
Because of important changes made to the Internal Revenue Code in 1983, we
must be certain that we have a record of your correct Social Security or
other Taxpayer Identification Number. If you have not certified that you
have provided us with the correct number, your account will be subject to
special Federal income tax withholding of 20% of dividends and other
payments. To avoid this, please fill in your Social Security or Taxpayer
Identification Number.
/ / / / / / / / / / ---------------------------------
Social Security or Citizenship--If other than U.S.A.
Taxpayer Identification Number
If appropriate, check one of the following boxes:
[ ] I have been notified by the IRS that I am subject to backup withholding
for failure to report all interest or dividends.
[ ] I do not have a Social Security Number or Taxpayer Identification
Number, but I have applied for or intend to apply for one. I understand
that if I do not provide this number within 60 days, the required 20%
withholding will begin.
[ ] I am exempt because I am a Non-Resident Alien (not a U.S. citizen or
U.S. resident), a foreign corporation, partnership, estate or trust,
and, as a result, I am not required to submit a number.
[ ] I am an exempt recipient (see explanation below)
If you are an exempt recipient, you must certify your Tax Identification
Number as well as your exempt status to prevent withholding. A partial
listing of exempt recipients follows. For further information, see Internal
Revenue Code Sec. 3452 or consult you tax advisor.
<TABLE>
<S> <C>
- Retirement Plans - Common Trust Funds
- Corporations - Financial Institutions
- Colleges, Churches, Charitable Organizations - Registered Securities Dealers
- Agents, Fiduciaries, Middlemen
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
SIGNATURE I understand and agree that:
(1) This application is subject to your acceptance or
rejection.
(2) All shares will be purchased at the net asset value next
determined after receipt and acceptance.
(3) The Fund has the right to redeem shares held in my
account to reimburse the Fund for any loss it has sustained
if my check for the purchase of or subscription for the
Fund shares is dishonored, regardless of whether the
undersigned was already an existing shareholder at the
time of such purchase or subscription.
(4) Under penalties of perjury, I certify that the
information I have provided in this application under the
caption TAX IDENTIFICATION CERTIFICATION is true,
correct, and complete.
I acknowledge receipt of your Prospectus and I understand
that all of its terms and provisions are incorporated herein
by reference.
</TABLE>
X
- --------------------------------------------------------------------------------
Signature of Individual and Joint Tenant or Custodian, Corporate Officer or
Trustee.
- --------------------------------------------- ----------------------
Title of Corporate Officer or Trustee Date
WHERE DID YOU FIRST LEARN ABOUT THE AMERICAN HERITAGE GROWTH FUND?_____________
- --------------------------------------------------------------------------------
1199
<PAGE> 15
- ------------------------------------------------------
- ------------------------------------------------------
AMERICAN HERITAGE
GROWTH FUND, INC.
1370 AVENUE OF THE AMERICAS
NEW YORK, NEW YORK 10019
INVESTMENT ADVISOR
AMERICAN HERITAGE MANAGEMENT CORPORATION
- ------------------------------------------------------
- ------------------------------------------------------
- ------------------------------------------------------
- ------------------------------------------------------
AMERICAN HERITAGE
GROWTH FUND, INC.
[AMERICAN HERITAGE LOGO]
PROSPECTUS
NOVEMBER 26, 1999
- ------------------------------------------------------
- ------------------------------------------------------
<PAGE> 16
AMERICAN HERITAGE GROWTH FUND, INC.
STATEMENT OF ADDITIONAL INFORMATION
This Statement of Additional Information, which is not a prospectus,
relates to the prospectus of American Heritage Growth Fund, Inc dated November
29, 1999 as it may be revised from time to time. To obtain a free copy of the
prospectus, please write to us at 1370 Avenue of the Americas, New York, NY
10019 or call us at 1-800-828-5050.
Our most recent Annual Report and Semi-Annual Report to Shareholders are
separate documents supplied with this Statement of Additional Information unless
the information has been previously delivered in a shareholder report. The
shareholder reports are available, without charge, upon request by calling us at
1-800-828-5050. The financial statements, accompanying notes and report of
independent auditors appearing in the Annual Report are incorporated by
reference into this Statement of Additional Information.
November 29, 1999
<PAGE> 17
TABLE OF CONTENTS
DESCRIPTION OF THE FUND 3
CERTAIN INVESTMENTS, TECHNIQUES AND RISKS 3
CERTAIN INVESTMENT RESTRICTIONS 6
MANAGEMENT 7
BROKERAGE ALLOCATIONS AND OTHER PRACTICES 9
CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES 10
DIVIDENDS, DISTRIBUTIONS AND TAXES 11
INVESTMENT ADVISORY AND OTHER SERVICES 12
RETURNS 13
CUSTODIAN 14
INDEPENDENT ACCOUNTANTS 14
TRANSFER AGENT 14
INFORMATION ABOUT THE FUND 14
FINANCIAL STATEMENTS 15
<PAGE> 18
DESCRIPTION OF THE FUND
The Fund is a New York Corporation having been formed on February 14,
1994. The Fund is an open-end, management investment company, known as a mutual
fund. Because the Fund is a diversified investment company, at least 75% of the
value of our total assets will be represented by cash and cash items, Government
securities and other securities limited in respect to any one issuer to an
amount not greater in value than 5% of the value of the Fund's total assets and
to not more than 10% of the outstanding voting securities of any one issuer. The
foregoing limitation is applied solely at the time of the purchase of a
particular security.
CERTAIN INVESTMENTS, TECHNIQUES AND RISKS
Convertible securities may be converted at either a stated price or
stated rate into underlying shares of common stock. Convertible securities have
characteristics similar to both fixed-income and equity securities. Convertible
securities may be subordinate to other similar but non-convertible securities of
the same issuer, although convertible bonds, as corporate debt obligations,
enjoy seniority in right of payment to all equity securities, and convertible
preferred stock is senior to common stock, of the same issuer. Because of the
subordination feature, however, convertible securities typically have lower
ratings than similar non-convertible securities.
Although to a lesser extent than with fixed-income securities, the market
value of convertible securities tends to decline as interest rates increase and,
conversely, tends to increase as interest rates decline. In addition, because of
the conversion feature, the market value of convertible securities tends to vary
with fluctuations in the market value of the underlying common stock. A unique
feature of convertible securities is that as the market price of the underlying
common stock declines, convertible securities tend to trade increasingly on a
yield basis, and so may not experience market value declines to the same extent
as the underlying common stock. When the market price of the underlying common
stock increases, the prices of the convertible securities tend to rise as a
reflection of the value of the underlying common stock. While no securities
investments are without risk, investments in convertible securities generally
entail less risk than investments in common stock of the same issuer.
There can be no assurance of current income from convertible securities
because the issuers of the convertible securities may default on their
obligations. A convertible security, in addition to providing fixed income,
offers the potential for capital appreciation through the conversion feature,
which enables the holder to benefit from increases in the market price of the
underlying common stock. There can be no assurance of capital appreciation,
however, because securities prices fluctuate. Convertible securities generally
offer lower interest or dividend yields than non-convertible securities of
similar quality because of the potential for capital appreciation.
The Fund may purchase high yield debt securities which are not investment
grade, including securities referred to as "junk bonds." An economic downturn or
increase in interest rates is likely to have an adverse effect on the high yield
securities market. The widespread expansion of government, consumer and
corporate debt within the United States economy has
<PAGE> 19
made the corporate sector, especially cyclically sensitive industries, more
vulnerable to economic downturns or increased interest rates. The prices of high
yield securities have been found to be less sensitive to interest rate changes
than are those of higher rated investments, but more sensitive to adverse
economic changes or individual corporate developments. During an economic
downturn or substantial period of rising interest rates, highly leveraged
issuers may experience financial stress which would adversely affect the ability
to service their principal and interest payment obligations, to meet projected
business goals, and to obtain additional financing. In periods of economic
uncertainty and change, increased volatility of market prices of high yield
securities can be expected. To the extent that there is no established retail
secondary market, there may be thin trading of high yield securities. In the
absence of readily available market quotations, the valuation of high yield
securities held by the Fund will be determined by the Fund's Board of Directors.
The fulfillment of such responsibility may become difficult and judgment will
play a greater role in valuation because there may be less reliable, objective
data available.
The Fund may purchase securities issued by companies organized in foreign
countries. The foreign countries may have either developed or emerging markets.
Foreign securities markets generally are not as developed or efficient as those
in the United States. Securities of some foreign issuers are less liquid and
more volatile than securities of comparable U.S. issuers. Similarly, volume and
liquidity in most foreign securities markets are less than in the United States
and, at times, volatility of price can be greater than in the United States.
Because evidences of ownership of foreign securities usually are held outside
the United States, the Fund will be subject to additional risks which include
possible adverse political and economic developments, seizure or nationalization
of foreign deposits and adoption of governmental restrictions which might
adversely affect or restrict the payment of principal, interest and dividends on
the foreign securities to investors located outside the country of the issuer,
whether from currency blockage or otherwise. Moreover, foreign securities held
by the Fund may trade on days when the Fund does not calculate its net asset
value and thus affect the Fund's net asset value on days when investors cannot
purchase or redeem shares of the Fund. Developing countries have economic
structures that are generally less diverse and mature, and political systems
that are less stable, than those of developed countries. The markets of
developing countries may be more volatile than the markets of more mature
economies; however, such markets may provide higher rates of return to
investors. Many developing countries have experienced substantial, and in some
periods extremely high, rates of inflation for many years. Inflation and rapid
fluctuations in inflation rates have had and may continue to have adverse
effects on the economies and securities markets of certain of these countries.
Since foreign securities often are purchased with and payable in currencies of
foreign countries, the value of these assets as measured in U.S. dollars may be
affected favorably or unfavorably by changes in currency rates and exchange
control regulations.
When the Fund believes that a temporary defensive position is desirable,
the Fund may invest in debt securities, including securities of the United
States Government and its instrumentalities, or retain cash or cash equivalents.
Temporary defensive positions may be desirable during times of generally falling
prices of equity securities or during times when the Fund believes that falling
prices will shortly occur. Debt securities and cash equivalents may
<PAGE> 20
include short-term commercial paper, certificates of deposit, time deposits and
repurchase agreements.
The Fund may invest in securities issued by other investment companies to
the extent consistent with its investment objective. Under the Investment
Company Act of 1940 (the "1940 Act"), the Fund's investment in such securities,
subject to certain exceptions, currently is limited to (a) 3% of the total
voting stock of any one investment company, (b) 5% of the Fund's total assets
with respect to any one investment company and (c) 10% of the Fund's total
assets in the aggregate. Investments in the securities of other investment
companies may involve duplication of advisory fees and certain other expenses.
The Fund may enter into repurchase agreements as a money market
alternative with respect to its otherwise uninvested cash. There is no
limitation on the amount of repurchase agreements which may be entered into by
the Fund. In connection with a repurchase agreement, the Fund will acquire a
security and simultaneously agree to resell it at a higher price. A repurchase
agreement, therefore, involves a loan by the Fund to the seller who agrees to
pay the resale price to the Fund. The loan is collateralized by the value of the
underlying security. All repurchase agreements entered into by the Fund will be
fully collateralized by securities issued by the United States Government.
Delays or losses could result if the other party to the repurchase agreement
defaults or becomes insolvent.
The Fund may write covered call options. A call option permits its holder
to purchase the securities of an issuer at a predetermined price. A call option
is considered to be "covered" if, at the time the option is written, the Fund
owns the securities (or securities convertible into the securities without
additional consideration) against which the call option is written and will
continue to own those securities during the time that the Fund is obligated
under the option. The Fund anticipates that most of the options written by the
Fund will be for a duration of not more than nine months. Through the receipt of
the option premium, the Fund may mitigate the effect of a price decline. Because
the Fund must be prepared to deliver the securities which are the subject of the
call option at a predetermined price even if their value has increased, the Fund
will relinquish some ability to participate in price increases in those
securities.
Although the Fund may not invest in securities as to which a liquid
trading market does not exist, certain securities held by the Fund may become
illiquid. As to these securities, the Fund will be subject to a risk that should
the Fund desire to sell them when a ready buyer is not available at a price the
Fund deems representative of their value, the value of the Fund's net assets
could be adversely affected. In addition, the presence of illiquid securities
held by the Fund could adversely affect the Fund's ability to make cash
redemptions.
The Fund may borrow money from banks for temporary or defensive reasons.
The Fund's net asset value per share may be subject to greater fluctuation
during any time that the Fund has borrowed money.
CERTAIN INVESTMENT RESTRICTIONS
The Fund's investment objective is a fundamental policy. Fundamental
policies cannot
<PAGE> 21
be changed without approval by the holders of the lesser of (a) 67% or more of
the voting securities of the Fund present at a meeting, if the holders of more
than 50% of the outstanding securities of the Fund are present or represented by
proxy, or (b) more than 50% of the outstanding voting securities of the Fund. In
addition, the Fund has adopted investment restrictions numbered 1 through 16 as
fundamental policies. The other investment restrictions are not fundamental
policies and may be changed by the Fund without shareholder approval. The Fund
may not:
1. Issue any of its securities (a) for services, or (b) for property other
than cash or securities (including securities of which the Fund is the
issuer), except as a dividend or distribution to its security holders or
in connection with a reorganization;
2. Issue senior securities, except that the Fund may establish additional
series of shares and borrow from any bank;
3. Invest in companies for the purpose of exercising control or management;
4. Purchase or sell commodities or commodity contracts, including futures
contracts;
5. Borrow money except from banks and only for temporary or emergency
purposes, but not in amounts exceeding 33 1/3% of the Fund's net assets.
Any borrowings in excess of that amount will be reduced within three
business days to comply with such limitation.
6. Loan money to other persons, except that the Fund may (a) enter into
repurchase agreements, (b) invest in debentures, bonds or similar
governmental or corporate obligations of types commonly distributed
publicly or privately to financial institutions and (c) purchase debt
securities which are convertible into equity securities of an issuer
without regard to whether such debt securities are types commonly
distributed publicly or privately to financial institutions.
7. Invest in oil, gas and other mineral leases, but the Fund shall not be
prohibited from investing in marketable securities of companies investing
in such leases.
8. Invest in real estate or real estate mortgage loans, but the Fund shall
not be prohibited -from investing in marketable securities of companies
engaged in real estate activities or investments other than real estate
limited partnerships.
9. Make short sales.
10. Invest in illiquid securities.
11. Underwrite securities issued by others.
12. Invest more than 25% of the value of its total assets in securities of
companies engaged in a particular industry.
<PAGE> 22
13. Purchase options written by others.
14. Invest more than 5% of the value of the Fund's net assets in high yield
debt securities which are not investment grade, including securities
referred to as "junk bonds."
15. Invest more than 35% of the value of its total assets in securities
issued by foreign companies.
16. Acquire time deposits if more than 10% of the value of the Fund's net
assets will be invested in time deposits or the time deposits cannot be
liquidated within seven days.
17. Purchase securities (other than securities issued or guaranteed by
domestic or foreign governments or political subdivisions thereof) if, as
a result of such purchase, more than 5% of the value of the Fund's total
assets would be represented by issuers that, including predecessors, have
then been in continuous operation for less than three years.
18. Purchase securities of other investment companies unless purchased
without the payment of any fee or charge other than regular brokerage
commissions. In addition, the Fund will not purchase securities of any
other open-end investment company other than for the purpose of seeking a
return on the Fund's uninvested cash balance.
19. Purchase warrants.
All of the foregoing percentages are applicable only at the time of investment.
A later increase or decrease in percentage resulting from a change in values or
net assets will not constitute a violation of any restriction.
MANAGEMENT
The Fund's Board of Directors is responsible for the management of the
Fund. The following table sets forth certain information with respect to each
member of the Fund's Board of Directors and each officer of the Fund. The Fund
does not have an advisory board.
<PAGE> 23
<TABLE>
<CAPTION>
Positions Held With Principal Occupation(s) During
Name and Address Age the Fund the Past Five Years
- ---------------- --- -------- -------------------
<S> <C> <C> <C>
Heiko H. Thieme* 56 Chairman of the Board Chairman of the Board of Directors, Chief Executive
1370 Avenue of the of Directors, Chief Officer and Secretary of the Fund and The American
Americas Executive Officer and Heritage Fund, Inc. Chief Executive Officer of American
New York, NY Secretary Heritage Management Corporation and Thieme Associates,
Inc. (investment advisor). Chief Executive Officer of
Thieme Securities, Inc. (broker-dealer) and Thieme
Consulting, Inc. Chief Executive Officer of Thieme Fonds
International (foreign investment company) and The
Global Opportunity Fund Limited (foreign investment
company) and their respective investment advisors.
Stephen P. Swope 63 Director Mr. Swope has been retired for more than five years.
75 Club Road
Riverside, CT
Eugene Sarver 56 Director Sole proprietor of Sarver International (financial and
241 W. 97th St. economic consulting) and Associate of Intercap
New York, NY Investments, Inc. since 1996. Prior to that time,
Associate Professor of Finance of Lubin School of
Business - Graduate Division, Pace University.
</TABLE>
* An "interested person" as defined in the Investment Company Act of 1940.
Dr. Sarver and Mr. Thieme have served as members of the Board of
Directors since February 1990. Mr. Koehler became a member of the Board of
Directors in May 1997. Each of the Fund's Directors is also a member of the
Board of Directors of The American Heritage Fund, Inc. (AHF).
Thieme Consulting, Inc., which is wholly owned by Mr. Thieme, has
provided consulting services to companies whose securities are held by the Fund
for compensation. Similar arrangements may be made with other companies whose
securities may become held by the
<PAGE> 24
Fund.
During the fiscal year ended January 31, 1999, no compensation was paid
by the Fund to its officers or Directors.
From time to time, the Fund and AHF, two foreign investment companies and
other clients of affiliated persons of American Heritage Management Corporation,
the Fund's investment advisor, (AHMC) may hold securities issued by the same
company. When the Fund and those investors are engaged in the purchase or sale
of the same security, the prices and amounts will be allocated in a manner
considered by management to be fair to each of them.
BROKERAGE ALLOCATIONS AND OTHER PRACTICES
AHMC places orders with brokers and dealers for the purchase and sale of
securities for the Fund's portfolio. In performing this service, AHMC is
required to place orders with the primary objective of obtaining the most
favorable price and a reasonable execution for the Fund. Subject to this
consideration, the brokers selected include those that supplement AHMC's
research with statistical data, investment information, economic facts and
opinions or provide quotation services. Information so received is in addition
to and not in lieu of services required to be performed by AHMC and AHMC's fee
is not reduced as a consequence of the receipt of supplemental information. Such
information may be useful to AHMC in serving both the Fund and AHF and,
conversely, supplemental information obtained by the placement of orders for AHF
maybe useful to AHMC in carrying out its obligation to the Fund. Brokers may
also be selected based upon their sales of shares of the Fund. Normally,
over-the-counter transactions will be executed on a principal basis with a
broker-dealer who makes a market in or is otherwise a traditional source of the
security traded except in those cases in which the Fund can obtain a better
price or execution on an agency basis. Transactions executed on an agency basis
involve the payment of a brokerage commission.
Section 28(e) of the Securities Exchange Act of 1934 permits an
investment advisor, under certain circumstances, to cause an account to pay a
broker or dealer which supplies brokerage and research services a commission for
effecting a securities transaction in excess of the amount of the commission
another broker or dealer would have charged for effecting the transaction.
Brokerage and research services include (a) furnishing advice as to the value of
securities and the availability of securities or purchasers or sellers of
securities, (b) furnishing analyses and reports concerning issuers, industries,
securities, economic factors and trends, portfolio strategy and the performance
of accounts, and (c) effecting securities transactions and performing functions
incidental thereto, such as clearance, settlement and custody.
AHMC may cause the Fund to incur brokerage commissions in an amount
higher than the lowest available rate in return for such services. Research
services so received by AHMC may be used by AHMC for the benefit of the Fund or
any other client of AHMC. AHMC is of the opinion that the continued receipt of
supplemental investment research services from broker-dealers will be essential
to its provision of portfolio management services to the Fund. AHMC has
represented that such commissions will not be paid by the Fund unless (a) AHMC
<PAGE> 25
determines in good faith that the amount is reasonable in relation to the
services in terms of the particular transaction, (b) such payment is made in
compliance with Section 28(e) and other applicable state and federal laws, and
(c) in the opinion of AHMC, the total commissions paid by the Fund are
reasonable in relation to the benefits to the Fund over the long term. The
overall reasonableness of brokerage commissions paid is evaluated by AHMC based
upon its knowledge of available information as to the general level of
commissions paid by other institutional investors for comparable services.
It is anticipated that a substantial portion of the Fund's portfolio
transactions will be allocated to Thieme Securities, Inc. (TSI). Heiko H. Thieme
is the Chief Executive Officer and sole shareholder of TSI. Except for executing
portfolio transactions, TSI is not in any other respect associated with the Fund
or responsible for any investment advice or other service provided to the Fund
by Mr. Thieme personally or AHMC.
During the fiscal years ended January 31, 1997, 1998 and 1999, the Fund
paid brokerage commissions of $320, $20,271 and $9,256, respectively, to TSI.
During the fiscal year ended January 31, 1999, the commissions paid by the Fund
to TSI represented approximately 71% of the total brokerage commissions paid by
the Fund that year. During the same year, approximately 76% of the Fund's
aggregate dollar transactions involving the payment of brokerage commissions was
effected through TSI.
Richard K. Parker is a Managing Director of Bear, Stearns & Co. Inc.
(BSI). Prior to December 31, 1998, Mr. Parker owned 10% of the outstanding
capital stock of AHMC. During the fiscal years ended January 31 1997, 1998 and
1999 during the time Mr. Parker held his shares of AHMC, the Fund paid brokerage
commissions of $115,346, $600 and $2915, respectively to BSI. From June 1, 1998
until December 30, 1998, the commissions paid by the Fund to BSI represented
approximately 52% of the total brokerage commissions paid by the Fund during
that period. During the same period, approximately 52% of the Fund's aggregate
dollar transactions involving the payment of brokerage commissions was effected
through BSI.
CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES
On November 29, 1999, National Financial Services, Inc., P.O. Box 3908,
Church Street Station, New York, NY owned of record approximately 12% of the
shares of the Fund's outstanding capital stock. On the same date, Nelson O.
Charles, 6411 Coachlight Road, Crystal Lake, IL 0012 owned of record
approximately 6% of the shares of the Fund's outstanding capital stock.
On November 29, 1999, the Fund's officers and directors as a group owned
approximately 4% of the Fund's equity securities.
DIVIDENDS, DISTRIBUTIONS AND TAXES
The Fund believes that for the fiscal year ended January 31, 1999 it
qualified as a "regulated investment company" under the Internal Revenue Code of
1986, as amended (the "
<PAGE> 26
Code"). The Fund intends to continue to so qualify if qualification is in the
best interests of its shareholders. Qualification relieves the Fund of any
liability for Federal income taxes to the extent its net investment income and
net realized capital gains are distributed in accordance with the applicable
provisions of the Code. To qualify as a regulated investment company, the Fund
must distribute at least 90% of its net income (consisting of net investment
income and net short-term capital gain) to its shareholders, and meet certain
asset diversification and other requirements. If the Fund did not qualify as a
regulated investment company, it would be treated for tax purposes as an
ordinary corporation subject to Federal income tax. The term "regulated
investment company" does not imply the supervision of management or investment
practices or policies by any government agency.
If you elect to receive dividends and distributions in cash, and your
dividend and distribution check is returned to the Fund as undeliverable or
remains uncashed for six months, the Fund reserves the right to reinvest the
dividend or distribution and all future dividends and distributions payable to
you in additional Fund shares at net asset value. No interest will accrue on
amounts represented by uncashed distribution or redemption checks.
Any dividend or distribution paid shortly after an investor's purchase
may have the effect of reducing the aggregate net asset value of his shares
below the cost of the investment. Such a dividend or distribution would be a
return of investment in an economic sense, although taxable. In addition, the
Code provides that if a shareholder holds shares of a Fund for six months or
less and has received a capital gain distribution with respect to the shares,
any loss incurred on the sale of the shares will be treated as long-term capital
loss to the extent of the capital gain distribution received.
Depending upon the composition of the Fund's income, if any, the entire
amount or a portion of the dividends from net investment income may qualify for
the dividends received deduction allowable to qualifying U.S. corporate
shareholders. In general, dividend income from the Fund distributed to
qualifying corporate shareholders will be eligible for the dividends received
deduction only to the extent that the Fund's income consists of dividends paid
by U.S. corporations. However, Section 246(c) of the Code provides that if a
qualifying corporate shareholder has disposed of Fund shares not held for less
than 46 days, which 46 days generally must be during the 90-day period
commencing 45 days before the shares become ex-divided, and has received a
dividend from net investment income with respect to such shares, the portion
designated by the Fund as qualifying for the dividends received deduction will
not be eligible for such shareholder's dividends received deduction. In
addition, the Code provides other limitations with respect to the ability of a
qualifying corporate shareholder to claim the dividends received deduction in
connection with holding Fund shares.
Ordinarily, gains or losses realized from portfolio transactions will be
treated as capital gains or losses. However, a portion of the gain or loss
realized from the disposition of certain non-U.S. dollar denominated securities
(including debt instruments) may be treated as ordinary income or loss under
Section 988 of the Code. In addition, all or a portion of the gain realized from
the disposition of certain market discount bonds will be treated as ordinary
income under Section 1276 of the Code. Finally, all or a portion of the gains
realized from engaging in "
<PAGE> 27
conversion transactions" may be treated as ordinary income under Section 1258 of
the Code. "Conversion transactions" include certain transactions marketed or
sold to produce capital gains, or transactions described in Treasury regulations
to be issued in the future.
Under Section 1256 of the Code, any gain or loss realized by the Fund
from certain options transactions will be treated as 60% long-term capital gain
or loss and 40% short-term capital gain or loss. Gain or loss will arise upon
exercise or lapse of the options as well as from closing transactions. In
addition, any such option remaining unexercised at the end of the Fund's taxable
year will be treated as sold for its then fair market value, resulting in
additional gain or loss to the Fund characterized in the manner described above.
Offsetting positions held by the Fund involving certain futures options
transactions may be considered, for tax purposes, to constitute straddles.
Straddles are defined to include offsetting positions in actively traded
personal property. The tax treatment of straddles is governed by Sections 1092
and 1258 of the Code, which, in certain circumstances, overrides or modifies the
provisions of Sections 988 and 1256 of the Code. As such, all or a portion of
any short or long-term capital gain from certain "straddle" and/or conversion
transactions may be recharacterized as ordinary income.
If the Fund were treated as entering into straddles by reason of its
engaging in certain options transactions, such straddles could be characterized
as mixed straddles if the options transactions comprising a part of such
straddles were governed by Section 1256 of the Code. The Fund may make one or
more elections with respect to "mixed straddles." Depending upon which election
is made, if any, the results to the Fund may differ. If no election is made, to
the extent the straddle rules apply to positions established by the Fund, losses
realized by the Fund will be deferred to the extent of unrealized gain in any
offsetting positions. Moreover, as a result of the straddle and conversion
transaction rules, short-term capital loss on straddle positions may be
recharacterized as long-term capital loss, and long-term capital gain may be
recharacterized as short-term capital gain or ordinary income.
INVESTMENT ADVISORY AND OTHER SERVICES
Heiko H. Thieme may be deemed to control AHMC by virtue of his record and
beneficial ownership of 90% of the outstanding capital stock thereof. Mr. Thieme
is the Chairman of the Board of Directors and the Chief Executive Officer of
AHMC. See "Management."
In connection with the Fund's Investment Advisory Agreement with AHMC,
AHMC provides the Fund with continuous investment advice. AHMC bears the
expenses of the Fund's trading operations. All other expenses of the Fund are
borne by the Fund. The Fund pays AHMC a fee which, on an annual basis, amounts
to one and one-quarter percent (1.25%) of the first $100 million of the value of
average daily net assets of the Fund and one percent (1%) of the value of any
additional net assets.
During the fiscal years ended January 31, 1997, 1998 and 1999, the Fund
incurred investment advisory fees to AHMC of $51,874, $20,098 and $12,200,
respectively. Such fees were not paid, however, pursuant to the prior agreement
by AHMC to decrease the investment
<PAGE> 28
advisory fee or, if necessary, to reimburse the Fund if and to the extent that
the Fund's aggregate annual operating expenses exceed specified percentages of
the Fund's net assets as described in the Fund's Prospectus. In addition, AHMC
reimbursed the Fund $31,128, $124,827 and $87,810 for the respective fiscal
years ended January 31, 1997,1998 and 1999 in connection with such prior
agreement. The agreement to reimburse the Fund terminated on July 18, 1999.
During the Fund's fiscal year ended January 31, 1999, AHMC provided
office space and administrative personnel utilized by the Fund for which it will
not be reimbursed. AHMC is under no obligation to provide office space or
personnel in the future without reimbursement.
The Fund has entered into an agreement with American Data Services, Inc.
to maintain certain books, records and other documents that the Fund is required
to keep and calculate the Fund's daily net asset value. The Fund has agreed to
pay a monthly fee ranging from 1/12th of .1% to 1/12th of .009% of the Fund's
monthly net assets, depending on the amount of such assets. American Data
Services, Inc. is also the Fund's transfer agent.
RETURNS
Average annual total return is calculated by determining the ending
redeemable value of an investment purchased with a hypothetical $1,000 payment
made at the beginning of the period (assuming the reinvestment of dividends and
distributions), dividing by the amount of the initial investment, taking the
"n"th root of the quotient (where "n" is the number of years in the period) and
subtracting 1 from the result. Total return is calculated by subtracting the
amount of the Fund's net asset value per share at the beginning of a stated
period from the net asset value per share at the end of the period (after giving
effect to the reinvestment of dividends and distributions during the period),
and dividing the result by the net asset value per share at the beginning of the
period.
Comparative performance information may be used from time to time in
advertising or marketing the Fund's shares, including data from Lipper
Analytical Services, Inc., the Dow Jones Industrial Average, Morningstar, Inc.,
Standard & Poor's 500 Composite Stock Price Index and other industry
publications. From time to time, advertising materials for the Fund may provide
historical information about the Fund, AHMC and Heiko H. Thieme.
From time to time, advertising materials for the Fund may refer to or
discuss current or past business, political, economic or financial conditions,
such as any U.S. monetary or fiscal policies. In addition, from time to time,
advertising materials for the Fund may include information concerning retirement
and investing for retirement.
CUSTODIAN
Firstar Bank, N.A., 425 Walnut Street, Cincinnati, Ohio is the Fund's
Custodian. The Custodian maintains custody of the Fund's cash and securities.
INDEPENDENT ACCOUNTANTS
<PAGE> 29
Mathieson Aitken Jemison, LLP are the Fund's independent certified public
accountants. The financial statements included herein have been examined by such
firm to the extent set forth in their report.
TRANSFER AGENT
American Data Services, Inc., 150 Motor Parkway, Suite 109, Hauppauge,
New York 11788 is the Fund's transfer agent. The transfer agent maintains the
Fund's capital stock records, effects issuances and transfers of capital stock,
handles all correspondence with respect to shareholder accounts and processes
redemptions.
INFORMATION ABOUT THE FUND
Each Fund share has one vote, and when issued and paid for in accordance
with the terms of the offering, is fully paid and nonassessable. Fund shares are
of one class and have equal rights as to dividends and in liquidation. Shares
have no preemptive, subscription or conversion rights and are freely
transferable.
The Fund is intended to be a long-term investment vehicle and is not
designed to provide investors with a means of speculating on short-term market
movements. A pattern of frequent purchases and exchanges can be disruptive to
efficient portfolio management and, consequently, can be detrimental to the
Funds' performance and its shareholders. Accordingly, if the Fund determines
that an investor is following a market timing strategy or is otherwise engaging
in excessive trading, the Fund, with or without prior notice, may temporarily or
permanently reject in whole or part any purchase, with respect to such
investor's account.
The Fund sends annual and semi-annual financial statements to all its
shareholders.
FINANCIAL STATEMENTS
The Fund's most recent Annual Report and Semi-Annual Report to
Shareholders are separate documents supplied with this Statement of Additional
Information. The financial statements, accompanying notes and report of
independent auditors appearing in the Annual Report are incorporated by
reference into this Statement of Additional Information.
