<PAGE> 1
AMERICAN HERITAGE GROWTH FUND, INC.
PROSPECTUS
-------------------
We are 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.
DECEMBER 18, 2000
<PAGE> 2
TABLE OF CONTENTS
<TABLE>
<S> <C>
RISK/RETURN SUMMARY................................................3
INVESTMENT OBJECTIVE AND PRINCIPALINVESTMENT STRATEGIES............7
FINANCIAL HIGHLIGHTS...............................................8
MANAGEMENT'S DISCUSSION OF OUR PERFORMANCE.........................8
MANAGEMENT.........................................................9
PRICING OF SHARES.................................................10
PROCEDURES FOR BUYING SHARES......................................10
PROCEDURES FOR REDEEMING SHARES...................................11
DISTRIBUTIONS AND TAXES...........................................12
SHAREHOLDER SERVICES..............................................12
CUSTODIAN AND TRANSFER AGENT......................................13
</TABLE>
2
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RISK/RETURN SUMMARY
INVESTMENT OBJECTIVE
Our objective is to obtain 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 us. 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 undervalue these securities, causing their prices to remain
the same or decline. In addition, our belief that the securities are
undervalued may be incorrect.
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- 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 is substantially
higher than those of most other mutual funds. Prior to November 5, 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 our shares is not a complete investment program.
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PAST PERFORMANCE
The bar chart and performance table below illustrate some of the risks of
investing in our shares. The bar chart shows the changes in our performance
from year to year since January 1, 1995 to December 31, 1999. The performance
table shows how our total return for calendar year ended December 31, 1999 and
average annual total return the five calendar years ended December 31, 1999
and from May 25, 1994 , the date we began our operations, through December 31,
1999 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.
<TABLE>
<CAPTION>
ANNUAL TOTAL RETURNS FOR EACH CALENDAR YEAR
<S> <C>
1995 24.21%
1996 -1.03%
1997 -2.71%
1998 -13.02%
1999 25.33%
</TABLE>
ANNUAL TOTAL RETURNS FOR EACH FULL CALENDAR YEAR
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 total
return from January 1, 2000 to November 30, 2000 was approximately -6%.
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURNS
-------------------------------------------------------------------------
ONE YEAR FIVE YEARS LIFE OF THE FUND
----------------------------------------------------------
Year Ended Five years Ended May 25, 1994 to
December 31, 1999 December 31, December 31, 1999
1999
-------------------------------------------------------------------------
<S> <C> <C> <C>
Fund 25.3% 5.4% 7.7%
-------------------------------------------------------------------------
S&P 500 21.0% 28.8% 25.8%
-------------------------------------------------------------------------
</TABLE>
SHAREHOLDER FEES AND EXPENSES
THE FOLLOWING TABLE DESCRIBES THE FEES AND EXPENSES THAT YOU MAY PAY IF YOU
BUY AND HOLD OUR SHARES.
<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
</TABLE>
5
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<TABLE>
<S> <C>
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% (1)
Distribution (12b-1) and service fees None
Other expenses 12% (2)
Total annual Fund operating expenses 12% (2)
</TABLE>
------------
(1) Our investment advisor has agreed to waive any investment advisory fees
to the extent that our operating expenses exceed 2.5% of our average net
assets after giving effect to the payment of the fee. Our investment
advisor has further agreed that it will not terminate that agreement
until the later of (a) July 13, 2001 or (b) 15 days after written notice
of the termination is mailed to each of our shareholders.
(2) We have estimated our future total annual Fund operating expenses. The
estimated expenses do not include a management fee because of the waiver
described in Note (1) above. We cannot assure you that our future annual
expenses will not significantly exceed the amount that we have
estimated.
EXAMPLE
The example below is intended to help you compare the cost of investing in our
shares with the cost of investing in other mutual funds. The example assumes
that:
- you invest $10,000 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
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- our operating expenses remain the same.
Although your actual costs may be higher or lower, under these assumptions
your costs would be:
<TABLE>
<CAPTION>
-------------------------------------------------------------
Number of
Years 1 3 5 10
-------------------------------------------------------------
<S> <C> <C> <C> <C>
$1,260 $3,500 $5,412 $9,058
-------------------------------------------------------------
</TABLE>
INVESTMENT OBJECTIVE AND PRINCIPAL
INVESTMENT STRATEGIES
Our investment objective is to obtain 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 not be "investment grade." Debt
securities in the lowest category of investment grade debt may have
speculative characteristics and 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. Debt
securities which are not "investment grade" may include obligations of issuers
that are in default or in bankruptcy. Naturally, the risk of investing in
those securities, as well as other debt securities, can be substantial because
their value is
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based upon the ability of the issuer to make all required payments of interest
and principal. Generally, debt securities which we believe 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, extensive 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 we may use various investment
techniques 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.
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 share. The total returns in the table
represent the rate that as investor would have earned or lost on an investment
in our shares (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.
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<TABLE>
<CAPTION>
For the For the For the For the
year ended year ended year ended year ended
January 31, January 31, January 31, January 31,
2000 1999 1998 1997
<S> <C> <C> <C> <C>
Net asset value, beginning of the period $0.13 $0.14 $0.16 $1.66
Income from investment operations
Net investment income 0.00 0.00 0.00 0.24
Net losses on securities ( both realized
and unrealized) 0.03 (0.01) (0.01) (0.32)
----- ----- ----- -----
Total from investment operations 0.03 (0.01) (0.01) (0.08)
Less distributions:
Dividends (from net investment income) 0.00 0.00 (0.01) (1.42)
Distributions (from net realized gains on
investments) 0.00 0.00 0.00 0.00
Returns of capital 0.00 0.00 0.00 0.00
----- ----- ----- -----
Total Distributions 0.00 0.00 (0.01) (1.42)
----- ----- ----- -----
Net asset value, end of period $0.16 $0.13 $0.14 $0.16
===== ===== ===== =====
Total return 23.08% (7.14)% (9.00)% (4.66)%
Net assets, end of period $663,826 $870,880 $1,162,294 $2,240,860
Ratio of expenses to average net assets 4.83% 2.50% 2.67% 2.81%
Ratio of net income (loss) to average net assets (3.18)% (.94)% (1.25)% 25.97%
Portfolio turnover rate 418.34% 274.25% 172.20% 1,378.14%
<CAPTION>
For the For the period
year ended from May 25, 1994**
January 31, through January 31,
1996 1995
<S> <C> <C>
Net asset value, beginning of the period $3.57 $5.00
Income from investment operations
Net investment income 1.51 2.17
Net losses on securities ( both realized
and unrealized) (0.69) (1.24)
----- -----
Total from investment operations 0.82 0.93
Less distributions:
Dividends (from net investment income) (2.73) (2.36)
Distributions (from net realized gains on
investments) 0.00 0.00
Returns of capital 0.00 0.00
----- -----
Total Distributions (2.73) (2.36)
----- -----
Net asset value, end of period $1.66 $3.57
===== =====
Total return 29.48% 30.42% *
Net assets, end of period $4,932,970 $3,898,560
Ratio of expenses to average net assets 2.62% 2.50% *
Ratio of net income (loss) to average net assets 44.46% 63.52% *
Portfolio turnover rate 4,262.64% 3,213.89%
</TABLE>
* Annualized
** Commencement of Operations
Prior to November 5, 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.
MANAGEMENT'S DISCUSSION OF OUR PERFORMANCE
During our fiscal year ended January 31, 2000, the factors that materially
affected our performance were our focus on certain industry sectors and modest
sector rotation during that year.
COMPARISON OF A $10,000 INVESTMENT IN THE FUND
TO THE SAME INVESTMENT IN THE S&P 500 INDEX
<TABLE>
<CAPTION>
AMERICAN
HERITAGE
DATE GROWTH FUND S&P 500 INDEX
<S> <C> <C>
25-May-94 $10,000 $10,000.00
26-May-94 $10,000 $10,015.78
27-May-94 $10,000 $10,023.67
28-May-94 $10,000 $10,023.67
29-May-94 $10,000 $10,023.67
30-May-94 $10,000 $10,023.67
31-May-94 $10,000 $10,005.91
01-Jun-94 $10,000 $10,031.25
02-Jun-94 $10,000 $10,034.03
03-Jun-94 $10,000 $10,088.91
04-Jun-94 $10,000 $10,088.91
05-Jun-94 $10,000 $10,088.91
06-Jun-94 $10,000 $10,063.61
07-Jun-94 $10,000 $10,049.49
08-Jun-94 $10,000 $10,024.40
09-Jun-94 $10,000 $10,046.59
10-Jun-94 $10,000 $10,064.45
11-Jun-94 $10,000 $10,064.45
12-Jun-94 $10,000 $10,064.45
13-Jun-94 $10,000 $10,074.35
14-Jun-94 $10,000 $10,146.61
15-Jun-94 $10,100 $10,108.49
16-Jun-94 $10,100 $10,138.16
17-Jun-94 $10,100 $10,061.79
18-Jun-94 $10,100 $10,061.79
19-Jun-94 $10,100 $10,061.79
20-Jun-94 $10,100 $9,996.76
21-Jun-94 $10,100 $9,905.98
22-Jun-94 $10,100 $9,944.43
23-Jun-94 $10,100 $9,868.56
24-Jun-94 $10,100 $9,722.98
25-Jun-94 $10,100 $9,722.98
26-Jun-94 $10,100 $9,722.98
27-Jun-94 $10,100 $9,823.30
28-Jun-94 $10,100 $9,798.55
29-Jun-94 $10,100 $9,833.81
30-Jun-94 $10,100 $9,760.43
01-Jul-94 $10,100 $9,805.05
02-Jul-94 $10,100 $9,805.05
03-Jul-94 $10,100 $9,805.05
04-Jul-94 $10,100 $9,805.05
05-Jul-94 $10,100 $9,811.49
06-Jul-94 $10,100 $9,806.48
07-Jul-94 $10,120 $9,855.94
08-Jul-94 $10,140 $9,881.66
09-Jul-94 $10,140 $9,881.66
10-Jul-94 $10,140 $9,881.66
11-Jul-94 $10,160 $9,882.86
12-Jul-94 $10,160 $9,847.73
13-Jul-94 $10,160 $9,864.88
14-Jul-94 $10,180 $9,968.82
15-Jul-94 $10,220 $9,985.31
16-Jul-94 $10,220 $9,985.31
17-Jul-94 $10,220 $9,985.31
18-Jul-94 $10,200 $10,009.65
19-Jul-94 $10,160 $9,980.14
20-Jul-94 $10,140 $9,930.45
21-Jul-94 $10,200 $9,952.66
22-Jul-94 $10,480 $9,963.65
23-Jul-94 $10,480 $9,963.65
24-Jul-94 $10,480 $9,963.65
25-Jul-94 $10,480 $9,990.48
26-Jul-94 $10,600 $9,972.00
27-Jul-94 $10,640 $9,955.33
28-Jul-94 $10,660 $9,992.07
29-Jul-94 $10,720 $10,080.93
30-Jul-94 $10,720 $10,080.93
31-Jul-94 $10,720 $10,080.93
01-Aug-94 $10,720 $10,144.14
02-Aug-94 $10,720 $10,137.47
03-Aug-94 $10,720 $10,157.68
04-Aug-94 $10,680 $10,093.20
05-Aug-94 $10,700 $10,064.69
06-Aug-94 $10,700 $10,064.69
07-Aug-94 $10,700 $10,064.69
08-Aug-94 $10,720 $10,084.55
09-Aug-94 $10,740 $10,090.06
10-Aug-94 $10,780 $10,143.47
11-Aug-94 $10,740 $10,112.62
12-Aug-94 $10,780 $10,180.87
13-Aug-94 $10,780 $10,180.87
14-Aug-94 $10,780 $10,180.87
15-Aug-94 $10,760 $10,168.13
16-Aug-94 $10,740 $10,253.07
17-Aug-94 $10,720 $10,257.08
18-Aug-94 $10,680 $10,213.36
19-Aug-94 $10,700 $10,224.91
20-Aug-94 $10,700 $10,224.91
21-Aug-94 $10,700 $10,224.91
22-Aug-94 $10,680 $10,195.96
23-Aug-94 $10,800 $10,244.61
24-Aug-94 $10,900 $10,344.91
25-Aug-94 $10,900 $10,325.48
26-Aug-94 $10,960 $10,454.00
27-Aug-94 $10,960 $10,454.00
28-Aug-94 $10,960 $10,454.00
29-Aug-94 $11,000 $10,473.37
30-Aug-94 $11,020 $10,506.67
31-Aug-94 $10,960 $10,494.47
01-Sep-94 $10,960 $10,444.79
02-Sep-94 $10,940 $10,399.74
03-Sep-94 $10,940 $10,399.74
04-Sep-94 $10,940 $10,399.74
05-Sep-94 $10,940 $10,399.74
06-Sep-94 $10,980 $10,419.43
07-Sep-94 $10,980 $10,400.37
08-Sep-94 $11,020 $10,448.20
09-Sep-94 $10,960 $10,343.31
10-Sep-94 $10,960 $10,343.31
11-Sep-94 $10,960 $10,343.31
12-Sep-94 $10,960 $10,300.43
13-Sep-94 $11,060 $10,329.79
14-Sep-94 $11,080 $10,358.10
15-Sep-94 $11,180 $10,491.68
16-Sep-94 $11,200 $10,411.69
17-Sep-94 $11,200 $10,411.69
18-Sep-94 $11,200 $10,411.69
19-Sep-94 $11,180 $10,408.31
20-Sep-94 $11,200 $10,243.18
21-Sep-94 $11,200 $10,201.32
22-Sep-94 $11,200 $10,197.11
23-Sep-94 $11,220 $10,161.79
24-Sep-94 $11,220 $10,161.79
25-Sep-94 $11,220 $10,161.79
26-Sep-94 $11,180 $10,193.82
27-Sep-94 $11,260 $10,221.25
28-Sep-94 $11,420 $10,282.37
29-Sep-94 $11,380 $10,227.05
30-Sep-94 $11,400 $10,238.07
01-Oct-94 $11,400 $10,238.07
02-Oct-94 $11,400 $10,238.07
03-Oct-94 $11,360 $10,220.23
04-Oct-94 $11,260 $10,064.32
05-Oct-94 $11,220 $10,040.63
06-Oct-94 $11,160 $10,015.08
07-Oct-94 $11,200 $10,076.87
08-Oct-94 $11,200 $10,076.87
09-Oct-94 $11,200 $10,076.87
10-Oct-94 $11,240 $10,164.11
11-Oct-94 $11,320 $10,313.93
12-Oct-94 $11,340 $10,306.84
13-Oct-94 $11,380 $10,358.21
14-Oct-94 $11,420 $10,388.19
15-Oct-94 $11,420 $10,388.19
16-Oct-94 $11,420 $10,388.19
17-Oct-94 $11,440 $10,386.07
18-Oct-94 $11,420 $10,357.52
19-Oct-94 $11,460 $10,415.72
20-Oct-94 $11,440 $10,339.76
21-Oct-94 $11,420 $10,296.35
22-Oct-94 $11,420 $10,296.35
23-Oct-94 $11,420 $10,296.35
24-Oct-94 $11,380 $10,207.22
25-Oct-94 $11,360 $10,223.77
26-Oct-94 $11,400 $10,249.13
27-Oct-94 $11,440 $10,320.91
28-Oct-94 $11,500 $10,496.87
29-Oct-94 $11,500 $10,496.87
30-Oct-94 $11,500 $10,496.87
31-Oct-94 $11,440 $10,467.62
01-Nov-94 $11,440 $10,383.17
02-Nov-94 $11,600 $10,341.90
03-Nov-94 $11,600 $10,374.37
04-Nov-94 $11,580 $10,254.53
05-Nov-94 $11,580 $10,254.53
06-Nov-94 $11,580 $10,254.53
07-Nov-94 $11,560 $10,274.94
08-Nov-94 $11,560 $10,334.96
09-Nov-94 $11,560 $10,330.86
10-Nov-94 $11,540 $10,307.66
11-Nov-94 $11,560 $10,263.27
12-Nov-94 $11,560 $10,263.27
13-Nov-94 $11,560 $10,263.27
14-Nov-94 $11,520 $10,347.69
15-Nov-94 $11,520 $10,325.70
16-Nov-94 $11,520 $10,340.67
17-Nov-94 $11,500 $10,295.59
18-Nov-94 $11,540 $10,250.90
19-Nov-94 $11,540 $10,250.90
20-Nov-94 $11,540 $10,250.90
21-Nov-94 $11,600 $10,180.68
22-Nov-94 $11,600 $9,998.37
23-Nov-94 $11,600 $9,996.42
24-Nov-94 $11,600 $9,996.42
25-Nov-94 $11,600 $10,052.60
26-Nov-94 $11,600 $10,052.60
27-Nov-94 $11,600 $10,052.60
28-Nov-94 $11,580 $10,096.06
29-Nov-94 $11,620 $10,119.02
30-Nov-94 $11,560 $10,086.41
01-Dec-94 $11,540 $9,982.18
02-Dec-94 $11,560 $10,081.09
03-Dec-94 $11,560 $10,081.09
04-Dec-94 $11,560 $10,081.09
05-Dec-94 $11,560 $10,083.47
06-Dec-94 $11,560 $10,078.93
07-Dec-94 $11,560 $10,037.42
08-Dec-94 $11,560 $9,909.23
09-Dec-94 $11,560 $9,947.31
10-Dec-94 $11,560 $9,947.31
11-Dec-94 $11,560 $9,947.31
12-Dec-94 $11,560 $10,003.80
13-Dec-94 $11,540 $10,019.64
14-Dec-94 $11,520 $10,127.13
15-Dec-94 $11,520 $10,136.39
16-Dec-94 $11,522 $10,213.32
17-Dec-94 $11,522 $10,213.32
18-Dec-94 $11,522 $10,213.32
19-Dec-94 $11,522 $10,193.82
20-Dec-94 $11,522 $10,176.28
21-Dec-94 $11,522 $10,232.34
22-Dec-94 $11,489 $10,233.98
23-Dec-94 $11,590 $10,244.98
24-Dec-94 $11,590 $10,244.98
25-Dec-94 $11,590 $10,244.98
26-Dec-94 $11,590 $10,244.98
27-Dec-94 $11,590 $10,304.07
28-Dec-94 $11,556 $10,268.20
29-Dec-94 $11,522 $10,275.57
30-Dec-94 $11,624 $10,236.02
31-Dec-94 $11,624 $10,236.02
01-Jan-95 $11,624 $10,236.02
02-Jan-95 $11,624 $10,236.02
03-Jan-95 $11,624 $10,232.74
04-Jan-95 $11,624 $10,271.33
05-Jan-95 $11,624 $10,264.30
06-Jan-95 $11,590 $10,271.93
07-Jan-95 $11,590 $10,271.93
08-Jan-95 $11,590 $10,271.93
09-Jan-95 $11,658 $10,276.50
10-Jan-95 $11,590 $10,295.54
11-Jan-95 $11,658 $10,295.32
12-Jan-95 $11,692 $10,294.65
13-Jan-95 $11,726 $10,393.15
14-Jan-95 $11,726 $10,393.15
15-Jan-95 $11,726 $10,393.15
16-Jan-95 $11,726 $10,469.21
17-Jan-95 $11,726 $10,484.42
18-Jan-95 $11,726 $10,476.97
19-Jan-95 $11,692 $10,415.59
20-Jan-95 $11,692 $10,367.18
21-Jan-95 $11,692 $10,367.18
22-Jan-95 $11,692 $10,367.18
23-Jan-95 $11,760 $10,390.94
24-Jan-95 $11,726 $10,392.81
25-Jan-95 $11,726 $10,429.62
26-Jan-95 $11,726 $10,449.66
27-Jan-95 $11,929 $10,495.96
28-Jan-95 $11,929 $10,495.96
29-Jan-95 $11,929 $10,495.96
30-Jan-95 $11,963 $10,456.00
31-Jan-95 $12,099 $10,501.48
01-Feb-95 $12,099 $10,501.68
02-Feb-95 $12,200 $10,556.73
03-Feb-95 $12,268 $10,688.34
04-Feb-95 $12,268 $10,688.34
05-Feb-95 $12,268 $10,688.34
06-Feb-95 $12,302 $10,749.12
07-Feb-95 $12,302 $10,742.80
08-Feb-95 $12,268 $10,752.32
09-Feb-95 $12,268 $10,732.27
10-Feb-95 $12,234 $10,762.69
11-Feb-95 $12,234 $10,762.69
12-Feb-95 $12,234 $10,762.69
13-Feb-95 $12,234 $10,769.55
14-Feb-95 $12,166 $10,791.69
15-Feb-95 $12,132 $10,837.20
16-Feb-95 $12,200 $10,852.52
17-Feb-95 $12,166 $10,782.00
18-Feb-95 $12,166 $10,782.00
19-Feb-95 $12,166 $10,782.00
20-Feb-95 $12,166 $10,782.00
21-Feb-95 $12,132 $10,799.23
22-Feb-95 $12,099 $10,853.21
23-Feb-95 $12,132 $10,896.79
24-Feb-95 $12,132 $10,927.43
25-Feb-95 $12,132 $10,927.43
26-Feb-95 $12,132 $10,927.43
27-Feb-95 $12,099 $10,830.10
28-Feb-95 $12,132 $10,910.73
01-Mar-95 $12,065 $10,874.91
02-Mar-95 $12,099 $10,863.67
03-Mar-95 $12,099 $10,872.38
04-Mar-95 $12,099 $10,872.38
05-Mar-95 $12,099 $10,872.38
06-Mar-95 $12,065 $10,879.08
07-Mar-95 $12,065 $10,800.99
08-Mar-95 $12,031 $10,823.95
09-Mar-95 $12,065 $10,829.98
10-Mar-95 $12,099 $10,973.81
11-Mar-95 $12,099 $10,973.81
12-Mar-95 $12,099 $10,973.81
13-Mar-95 $12,132 $10,985.31
14-Mar-95 $12,132 $11,049.40
15-Mar-95 $12,166 $11,027.39
16-Mar-95 $12,200 $11,107.24
17-Mar-95 $12,200 $11,109.87
18-Mar-95 $12,200 $11,109.87
19-Mar-95 $12,200 $11,109.87
20-Mar-95 $12,166 $11,123.79
21-Mar-95 $12,200 $11,100.00
22-Mar-95 $12,200 $11,113.50
23-Mar-95 $12,234 $11,119.78
24-Mar-95 $12,302 $11,232.38
25-Mar-95 $12,302 $11,232.38
26-Mar-95 $12,302 $11,232.38
27-Mar-95 $12,336 $11,287.24
28-Mar-95 $12,370 $11,303.05
29-Mar-95 $12,268 $11,285.58
30-Mar-95 $12,268 $11,266.22
31-Mar-95 $11,963 $11,232.68
01-Apr-95 $11,963 $11,232.68
02-Apr-95 $11,963 $11,232.68
03-Apr-95 $12,065 $11,260.50
04-Apr-95 $12,166 $11,339.53
05-Apr-95 $12,166 $11,349.11
06-Apr-95 $12,268 $11,360.56
07-Apr-95 $12,268 $11,369.25
08-Apr-95 $12,268 $11,369.25
09-Apr-95 $12,268 $11,369.25
10-Apr-95 $12,336 $11,382.90
11-Apr-95 $12,302 $11,349.67
12-Apr-95 $12,268 $11,387.41
13-Apr-95 $12,234 $11,433.75
14-Apr-95 $12,234 $11,433.75
15-Apr-95 $12,234 $11,433.75
16-Apr-95 $12,234 $11,433.75
17-Apr-95 $12,166 $11,365.36
18-Apr-95 $12,166 $11,348.68
19-Apr-95 $12,099 $11,338.77
20-Apr-95 $12,132 $11,347.08
21-Apr-95 $12,166 $11,418.94
22-Apr-95 $12,166 $11,418.94
23-Apr-95 $12,166 $11,418.94
24-Apr-95 $12,166 $11,520.11
25-Apr-95 $12,234 $11,504.88
26-Apr-95 $12,166 $11,517.30
27-Apr-95 $12,234 $11,537.30
28-Apr-95 $12,302 $11,563.45
29-Apr-95 $12,302 $11,563.45
30-Apr-95 $12,302 $11,563.45
01-May-95 $12,302 $11,556.13
02-May-95 $12,370 $11,571.41
03-May-95 $12,505 $11,698.23
04-May-95 $12,505 $11,703.20
05-May-95 $12,437 $11,694.68
06-May-95 $12,437 $11,694.68
07-May-95 $12,437 $11,694.68
08-May-95 $12,505 $11,784.93
09-May-95 $12,641 $11,780.66
10-May-95 $12,607 $11,799.76
11-May-95 $12,607 $11,801.70
12-May-95 $12,607 $11,828.57
13-May-95 $12,607 $11,828.57
14-May-95 $12,607 $11,828.57
15-May-95 $12,573 $11,881.08
16-May-95 $12,573 $11,892.92
17-May-95 $12,539 $11,867.79
18-May-95 $12,404 $11,699.98
19-May-95 $12,404 $11,696.62
20-May-95 $12,404 $11,696.62
21-May-95 $12,404 $11,696.62
22-May-95 $12,471 $11,798.25
23-May-95 $12,471 $11,910.02
24-May-95 $12,471 $11,911.64
25-May-95 $12,505 $11,914.33
26-May-95 $12,336 $11,805.05
27-May-95 $12,336 $11,805.05
28-May-95 $12,336 $11,805.05
29-May-95 $12,336 $11,805.05
30-May-95 $12,234 $11,804.04
31-May-95 $12,404 $12,025.63
01-Jun-95 $12,437 $12,028.72
02-Jun-95 $12,437 $12,008.59
03-Jun-95 $12,437 $12,008.59
04-Jun-95 $12,437 $12,008.59
05-Jun-95 $12,471 $12,078.27
06-Jun-95 $12,437 $12,077.14
07-Jun-95 $12,404 $12,022.57
08-Jun-95 $12,404 $12,010.98
09-Jun-95 $12,437 $11,907.12
10-Jun-95 $12,437 $11,907.12
11-Jun-95 $12,437 $11,907.12
12-Jun-95 $12,471 $11,974.01
13-Jun-95 $12,573 $12,095.72
14-Jun-95 $12,471 $12,105.99
15-Jun-95 $12,539 $12,120.74
16-Jun-95 $12,573 $12,181.94
17-Jun-95 $12,573 $12,181.94
18-Jun-95 $12,573 $12,181.94
19-Jun-95 $12,675 $12,304.34
20-Jun-95 $12,607 $12,299.13
21-Jun-95 $12,675 $12,276.70
22-Jun-95 $12,844 $12,437.47
23-Jun-95 $12,878 $12,406.94
24-Jun-95 $12,878 $12,406.94
25-Jun-95 $12,878 $12,406.94
26-Jun-95 $12,742 $12,281.11
27-Jun-95 $12,675 $12,242.76
28-Jun-95 $12,607 $12,299.75
29-Jun-95 $12,776 $12,280.42
30-Jun-95 $12,776 $12,302.96
01-Jul-95 $12,776 $12,302.96
02-Jul-95 $12,776 $12,302.96
03-Jul-95 $12,810 $12,356.51
04-Jul-95 $12,810 $12,356.51
05-Jul-95 $12,946 $12,362.36
06-Jul-95 $13,047 $12,517.52
07-Jul-95 $13,386 $12,573.42
08-Jul-95 $13,386 $12,573.42
09-Jul-95 $13,386 $12,573.42
10-Jul-95 $13,386 $12,592.00
11-Jul-95 $13,352 $12,537.83
12-Jul-95 $13,624 $12,676.86
13-Jul-95 $13,793 $12,679.71
14-Jul-95 $13,759 $12,654.62
15-Jul-95 $13,759 $12,654.62
16-Jul-95 $13,759 $12,654.62
17-Jul-95 $13,759 $12,718.59
18-Jul-95 $13,556 $12,623.55
19-Jul-95 $13,183 $12,455.78
20-Jul-95 $13,319 $12,513.88
21-Jul-95 $13,285 $12,515.89
22-Jul-95 $13,285 $12,515.89
23-Jul-95 $13,285 $12,515.89
24-Jul-95 $13,793 $12,583.94
25-Jul-95 $13,759 $12,684.99
26-Jul-95 $13,861 $12,697.33
27-Jul-95 $14,064 $12,780.94
28-Jul-95 $14,064 $12,729.59
29-Jul-95 $14,064 $12,729.59
30-Jul-95 $14,064 $12,729.59
31-Jul-95 $14,064 $12,710.93
01-Aug-95 $14,132 $12,656.34
02-Aug-95 $14,132 $12,640.06
03-Aug-95 $14,437 $12,642.32
04-Aug-95 $14,572 $12,647.50
05-Aug-95 $14,572 $12,647.50
06-Aug-95 $14,572 $12,647.50
07-Aug-95 $14,369 $12,673.43
08-Aug-95 $14,471 $12,682.85
09-Aug-95 $14,674 $12,669.34
10-Aug-95 $14,877 $12,621.53
11-Aug-95 $14,810 $12,570.86
12-Aug-95 $14,810 $12,570.86
13-Aug-95 $14,810 $12,570.86
14-Aug-95 $14,742 $12,676.88
15-Aug-95 $14,810 $12,652.11
16-Aug-95 $14,742 $12,686.94
17-Aug-95 $14,708 $12,666.62
18-Aug-95 $14,742 $12,671.95
19-Aug-95 $14,742 $12,671.95
20-Aug-95 $14,742 $12,671.95
21-Aug-95 $14,742 $12,647.31
22-Aug-95 $14,844 $12,679.92
23-Aug-95 $14,844 $12,627.87
24-Aug-95 $14,776 $12,635.42
25-Aug-95 $14,674 $12,695.53
26-Aug-95 $14,674 $12,695.53
27-Aug-95 $14,674 $12,695.53
28-Aug-95 $14,640 $12,671.91
29-Aug-95 $14,606 $12,695.23
30-Aug-95 $14,640 $12,720.24
31-Aug-95 $14,708 $12,742.94
01-Sep-95 $14,708 $12,787.77
02-Sep-95 $14,708 $12,787.77
03-Sep-95 $14,708 $12,787.77
04-Sep-95 $14,708 $12,787.77
05-Sep-95 $14,674 $12,910.88
06-Sep-95 $14,776 $12,936.10
07-Sep-95 $14,810 $12,939.67
08-Sep-95 $14,945 $12,994.05
09-Sep-95 $14,945 $12,994.05
10-Sep-95 $14,945 $12,994.05
11-Sep-95 $15,047 $13,022.53
12-Sep-95 $15,013 $13,081.71
13-Sep-95 $15,115 $13,139.25
14-Sep-95 $15,081 $13,249.54
15-Sep-95 $15,081 $13,243.66
16-Sep-95 $15,081 $13,243.66
17-Sep-95 $15,081 $13,243.66
18-Sep-95 $15,115 $13,235.01
19-Sep-95 $15,182 $13,267.87
20-Sep-95 $15,318 $13,326.74
21-Sep-95 $15,284 $13,241.77
22-Sep-95 $15,149 $13,212.97
23-Sep-95 $15,149 $13,212.97
24-Sep-95 $15,149 $13,212.97
25-Sep-95 $15,013 $13,214.90
26-Sep-95 $14,979 $13,205.82
27-Sep-95 $14,844 $13,203.84
28-Sep-95 $14,945 $13,313.90
29-Sep-95 $14,945 $13,280.72
30-Sep-95 $14,945 $13,280.72
01-Oct-95 $14,945 $13,280.72
02-Oct-95 $14,776 $13,219.93
03-Oct-95 $14,708 $13,234.56
04-Oct-95 $14,708 $13,216.88
05-Oct-95 $14,708 $13,247.86
06-Oct-95 $14,776 $13,245.95
07-Oct-95 $14,776 $13,245.95
08-Oct-95 $14,776 $13,245.95
09-Oct-95 $14,539 $13,152.26
10-Oct-95 $14,572 $13,133.16
11-Oct-95 $14,674 $13,178.89
12-Oct-95 $14,742 $13,262.13
13-Oct-95 $14,776 $13,294.02
14-Oct-95 $14,776 $13,294.02
15-Oct-95 $14,776 $13,294.02
16-Oct-95 $14,674 $13,260.59
17-Oct-95 $14,674 $13,345.88
18-Oct-95 $14,539 $13,363.23
19-Oct-95 $14,539 $13,436.55
20-Oct-95 $14,403 $13,364.09
21-Oct-95 $14,403 $13,364.09
22-Oct-95 $14,403 $13,364.09
23-Oct-95 $14,267 $13,309.70
24-Oct-95 $14,437 $13,343.83
25-Oct-95 $14,335 $13,251.62
26-Oct-95 $14,200 $13,121.44
27-Oct-95 $14,200 $13,190.63
28-Oct-95 $14,200 $13,190.63
29-Oct-95 $14,200 $13,190.63
30-Oct-95 $14,166 $13,273.00
31-Oct-95 $14,064 $13,233.25
01-Nov-95 $14,166 $13,297.49
02-Nov-95 $14,234 $13,425.98
03-Nov-95 $14,200 $13,446.15
04-Nov-95 $14,200 $13,446.15
05-Nov-95 $14,200 $13,446.15
06-Nov-95 $14,267 $13,399.29
07-Nov-95 $14,234 $13,351.15
08-Nov-95 $14,234 $13,476.92
09-Nov-95 $14,471 $13,516.23
10-Nov-95 $14,437 $13,504.59
11-Nov-95 $14,437 $13,504.59
12-Nov-95 $14,437 $13,504.59
13-Nov-95 $14,471 $13,497.43
14-Nov-95 $14,403 $13,428.55
15-Nov-95 $14,301 $13,540.38
16-Nov-95 $14,234 $13,618.46
17-Nov-95 $14,301 $13,680.81
18-Nov-95 $14,301 $13,680.81
19-Nov-95 $14,301 $13,680.81
20-Nov-95 $14,267 $13,609.45
21-Nov-95 $14,234 $13,688.44
22-Nov-95 $14,200 $13,646.75
23-Nov-95 $14,200 $13,646.75
24-Nov-95 $14,234 $13,682.94
25-Nov-95 $14,234 $13,682.94
26-Nov-95 $14,234 $13,682.94
27-Nov-95 $14,200 $13,713.78
28-Nov-95 $14,234 $13,832.44
29-Nov-95 $14,471 $13,865.83
30-Nov-95 $14,539 $13,814.19
01-Dec-95 $14,674 $13,851.16
02-Dec-95 $14,674 $13,851.16
03-Dec-95 $14,674 $13,851.16
04-Dec-95 $14,708 $14,004.92
05-Dec-95 $14,674 $14,097.41
06-Dec-95 $14,742 $14,157.89
07-Dec-95 $14,776 $14,066.94
08-Dec-95 $14,776 $14,096.97
09-Dec-95 $14,776 $14,096.97
10-Dec-95 $14,776 $14,096.97
11-Dec-95 $14,877 $14,143.99
12-Dec-95 $14,674 $14,127.17
13-Dec-95 $14,606 $14,199.70
14-Dec-95 $14,335 $14,091.78
15-Dec-95 $14,267 $14,078.65
16-Dec-95 $14,267 $14,078.65
17-Dec-95 $14,267 $14,078.65
18-Dec-95 $14,132 $13,862.15
19-Dec-95 $14,439 $13,979.13
20-Dec-95 $14,344 $13,842.98
21-Dec-95 $14,533 $13,947.45
22-Dec-95 $14,627 $13,981.15
23-Dec-95 $14,627 $13,981.15
24-Dec-95 $14,627 $13,981.15
25-Dec-95 $14,627 $13,981.15
26-Dec-95 $14,627 $14,034.73
27-Dec-95 $14,533 $14,047.47
28-Dec-95 $14,439 $14,038.51
29-Dec-95 $14,439 $14,080.28
30-Dec-95 $14,439 $14,080.28
31-Dec-95 $14,439 $14,080.28
01-Jan-96 $14,439 $14,080.28
02-Jan-96 $14,627 $14,190.03
03-Jan-96 $14,627 $14,206.10
04-Jan-96 $14,627 $14,123.49
05-Jan-96 $14,627 $14,100.86
06-Jan-96 $14,627 $14,100.86
07-Jan-96 $14,627 $14,100.86
08-Jan-96 $14,627 $14,144.94
09-Jan-96 $14,627 $13,940.17
10-Jan-96 $14,533 $13,690.39
11-Jan-96 $14,439 $13,787.36
12-Jan-96 $14,722 $13,767.25
13-Jan-96 $14,816 $13,767.25
14-Jan-96 $14,816 $13,767.25
15-Jan-96 $14,816 $13,721.73
16-Jan-96 $14,722 $13,918.93
17-Jan-96 $14,627 $13,872.85
18-Jan-96 $14,722 $13,916.94
19-Jan-96 $14,722 $13,999.13
20-Jan-96 $14,816 $13,999.13
21-Jan-96 $14,816 $13,999.13
22-Jan-96 $14,816 $14,035.05
23-Jan-96 $15,005 $14,021.30
24-Jan-96 $15,005 $14,185.93
25-Jan-96 $15,005 $14,118.95
26-Jan-96 $15,099 $14,223.98
27-Jan-96 $15,099 $14,223.98
28-Jan-96 $15,099 $14,223.98
29-Jan-96 $15,288 $14,286.54
30-Jan-96 $15,571 $14,422.72
31-Jan-96 $15,665 $14,559.52
01-Feb-96 $15,571 $14,618.14
02-Feb-96 $15,665 $14,559.23
03-Feb-96 $15,665 $14,559.23
04-Feb-96 $15,665 $14,559.23
05-Feb-96 $15,665 $14,688.05
06-Feb-96 $15,760 $14,800.62
07-Feb-96 $15,665 $14,885.53
08-Feb-96 $15,760 $15,029.46
09-Feb-96 $15,665 $15,037.20
10-Feb-96 $15,665 $15,037.20
11-Feb-96 $15,665 $15,037.20
12-Feb-96 $15,665 $15,154.48
13-Feb-96 $15,571 $15,136.95
14-Feb-96 $15,571 $15,025.89
15-Feb-96 $15,760 $14,931.00
16-Feb-96 $15,854 $14,856.34
17-Feb-96 $15,854 $14,856.34
18-Feb-96 $15,854 $14,856.34
19-Feb-96 $15,854 $14,856.34
20-Feb-96 $15,571 $14,688.51
21-Feb-96 $15,665 $14,861.91
22-Feb-96 $16,043 $15,109.25
23-Feb-96 $15,948 $15,114.67
24-Feb-96 $15,948 $15,114.67
25-Feb-96 $15,948 $15,114.67
26-Feb-96 $15,854 $14,917.17
27-Feb-96 $15,760 $14,844.88
28-Feb-96 $15,854 $14,792.34
29-Feb-96 $15,760 $14,694.44
01-Mar-96 $15,760 $14,785.16
02-Mar-96 $15,760 $14,785.16
03-Mar-96 $15,760 $14,785.16
04-Mar-96 $15,760 $14,935.43
05-Mar-96 $15,854 $15,051.23
06-Mar-96 $15,760 $14,968.72
07-Mar-96 $15,854 $15,007.66
08-Mar-96 $15,571 $14,545.04
09-Mar-96 $15,571 $14,545.04
10-Mar-96 $15,571 $14,545.04
11-Mar-96 $15,760 $14,695.43
12-Mar-96 $15,665 $14,628.24
13-Mar-96 $15,665 $14,668.59
14-Mar-96 $15,760 $14,722.09
15-Mar-96 $15,760 $14,735.46
16-Mar-96 $15,760 $14,735.46
17-Mar-96 $15,760 $14,735.46
18-Mar-96 $15,760 $14,993.93
19-Mar-96 $15,760 $14,972.24
20-Mar-96 $15,665 $14,933.09
21-Mar-96 $15,571 $14,915.84
22-Mar-96 $15,665 $14,948.74
23-Mar-96 $15,665 $14,948.74
24-Mar-96 $15,665 $14,948.74
25-Mar-96 $15,477 $14,935.41
26-Mar-96 $15,382 $15,002.73
27-Mar-96 $15,382 $14,914.02
28-Mar-96 $15,477 $14,914.94
29-Mar-96 $15,571 $14,835.88
30-Mar-96 $15,571 $14,835.88
31-Mar-96 $15,571 $14,835.88
01-Apr-96 $15,571 $15,025.17
02-Apr-96 $15,571 $15,063.46
03-Apr-96 $15,571 $15,077.97
04-Apr-96 $15,665 $15,078.63
05-Apr-96 $15,665 $15,078.63
06-Apr-96 $15,665 $15,078.63
07-Apr-96 $15,665 $15,078.63
08-Apr-96 $15,382 $14,816.75
09-Apr-96 $15,477 $14,769.85
10-Apr-96 $15,571 $14,570.49
11-Apr-96 $15,477 $14,518.56
12-Apr-96 $15,477 $14,645.76
13-Apr-96 $15,477 $14,645.76
14-Apr-96 $15,477 $14,645.76
15-Apr-96 $15,477 $14,778.72
16-Apr-96 $15,571 $14,836.45
17-Apr-96 $15,477 $14,760.43
18-Apr-96 $15,760 $14,806.97
19-Apr-96 $15,760 $14,840.56
20-Apr-96 $15,760 $14,840.56
21-Apr-96 $15,760 $14,840.56
22-Apr-96 $15,948 $14,905.43
23-Apr-96 $16,137 $14,990.53
24-Apr-96 $16,420 $14,958.65
25-Apr-96 $16,515 $15,020.88
26-Apr-96 $16,420 $15,036.41
27-Apr-96 $16,420 $15,036.41
28-Apr-96 $16,420 $15,036.41
29-Apr-96 $16,326 $15,053.00
30-Apr-96 $16,326 $15,054.59
01-May-96 $16,232 $15,065.91
02-May-96 $16,232 $14,810.50
03-May-96 $16,232 $14,770.86
04-May-96 $16,232 $14,770.86
05-May-96 $16,232 $14,770.86
06-May-96 $16,137 $14,753.32
07-May-96 $16,043 $14,695.00
08-May-96 $16,043 $14,849.05
09-May-96 $16,043 $14,868.28
10-May-96 $16,232 $15,023.02
11-May-96 $16,232 $15,023.02
12-May-96 $16,232 $15,023.02
13-May-96 $16,326 $15,242.80
14-May-96 $16,420 $15,339.79
15-May-96 $16,515 $15,337.92
16-May-96 $16,609 $15,326.44
17-May-96 $16,703 $15,426.30
18-May-96 $16,703 $15,426.30
19-May-96 $16,703 $15,426.30
20-May-96 $16,703 $15,567.17
21-May-96 $16,609 $15,558.31
22-May-96 $16,609 $15,691.36
23-May-96 $16,609 $15,639.31
24-May-96 $16,703 $15,699.70
25-May-96 $16,703 $15,699.70
26-May-96 $16,703 $15,699.70
27-May-96 $16,703 $15,699.70
28-May-96 $16,609 $15,554.48
29-May-96 $16,326 $15,458.89
30-May-96 $16,420 $15,548.76
31-May-96 $16,515 $15,497.14
01-Jun-96 $16,515 $15,497.14
02-Jun-96 $16,515 $15,497.14
03-Jun-96 $16,326 $15,463.93
04-Jun-96 $16,420 $15,577.79
05-Jun-96 $16,515 $15,718.29
06-Jun-96 $16,326 $15,595.73
07-Jun-96 $16,137 $15,602.43
08-Jun-96 $16,137 $15,602.43
09-Jun-96 $16,137 $15,602.43
10-Jun-96 $16,043 $15,576.50
11-Jun-96 $16,137 $15,548.94
12-Jun-96 $16,232 $15,511.15
13-Jun-96 $15,854 $15,486.15
14-Jun-96 $15,665 $15,438.30
15-Jun-96 $15,665 $15,438.30
16-Jun-96 $15,665 $15,438.30
17-Jun-96 $15,665 $15,422.93
18-Jun-96 $15,477 $15,351.28
19-Jun-96 $15,382 $15,349.12
20-Jun-96 $15,194 $15,352.97
21-Jun-96 $15,099 $15,463.23
22-Jun-96 $15,099 $15,463.23
23-Jun-96 $15,099 $15,463.23
24-Jun-96 $15,099 $15,510.19
25-Jun-96 $15,099 $15,501.72
26-Jun-96 $14,910 $15,411.66
27-Jun-96 $14,722 $15,508.36
28-Jun-96 $14,910 $15,556.82
29-Jun-96 $14,910 $15,556.82
30-Jun-96 $14,910 $15,556.82
01-Jul-96 $15,005 $15,681.07
02-Jul-96 $14,910 $15,631.46
03-Jul-96 $14,910 $15,603.59
04-Jul-96 $14,910 $15,603.59
05-Jul-96 $14,627 $15,256.85
06-Jul-96 $14,627 $15,256.85
07-Jul-96 $14,627 $15,256.85
08-Jul-96 $14,533 $15,147.67
09-Jul-96 $14,533 $15,200.38
10-Jul-96 $14,344 $15,231.52
11-Jul-96 $14,155 $14,991.78
12-Jul-96 $14,061 $15,005.34
13-Jul-96 $14,061 $15,005.34
14-Jul-96 $14,061 $15,005.34
15-Jul-96 $13,872 $14,624.77
16-Jul-96 $13,684 $14,591.58
17-Jul-96 $13,872 $14,725.32
18-Jul-96 $13,967 $14,947.05
19-Jul-96 $13,778 $14,834.92
20-Jul-96 $13,778 $14,834.92
21-Jul-96 $13,778 $14,834.92
22-Jul-96 $13,684 $14,719.77
23-Jul-96 $13,495 $14,559.72
24-Jul-96 $13,306 $14,554.98
25-Jul-96 $13,495 $14,660.04
26-Jul-96 $13,589 $14,769.97
27-Jul-96 $13,589 $14,769.97
28-Jul-96 $13,589 $14,769.97
29-Jul-96 $13,495 $14,656.09
30-Jul-96 $13,495 $14,757.83
31-Jul-96 $13,495 $14,871.16
01-Aug-96 $13,684 $15,108.18
02-Aug-96 $13,872 $15,398.93
03-Aug-96 $13,872 $15,398.93
04-Aug-96 $13,872 $15,398.93
05-Aug-96 $13,872 $15,347.70
06-Aug-96 $13,872 $15,398.09
07-Aug-96 $14,061 $15,441.70
08-Aug-96 $14,155 $15,405.62
09-Aug-96 $14,250 $15,398.06
10-Aug-96 $14,250 $15,398.06
11-Aug-96 $14,250 $15,398.06
12-Aug-96 $14,250 $15,484.20
13-Aug-96 $14,061 $15,358.82
14-Aug-96 $14,061 $15,404.21
15-Aug-96 $14,061 $15,410.49
16-Aug-96 $13,967 $15,480.49
17-Aug-96 $13,967 $15,480.49
18-Aug-96 $13,967 $15,480.49
19-Aug-96 $13,967 $15,512.83
20-Aug-96 $13,967 $15,493.56
21-Aug-96 $13,967 $15,481.09
22-Aug-96 $14,061 $15,612.09
23-Aug-96 $14,155 $15,527.69
24-Aug-96 $14,155 $15,527.69
25-Aug-96 $14,155 $15,527.69
26-Aug-96 $14,533 $15,454.41
27-Aug-96 $14,627 $15,513.19
28-Aug-96 $14,722 $15,480.22
29-Aug-96 $14,722 $15,310.33
30-Aug-96 $14,627 $15,184.85
31-Aug-96 $14,627 $15,184.85
01-Sep-96 $14,627 $15,184.85
02-Sep-96 $14,627 $15,184.85
03-Sep-96 $14,533 $15,248.48
04-Sep-96 $14,722 $15,275.33
05-Sep-96 $14,439 $15,132.90
06-Sep-96 $14,722 $15,279.52
07-Sep-96 $14,722 $15,279.52
08-Sep-96 $14,722 $15,279.52
09-Sep-96 $14,816 $15,468.06
10-Sep-96 $14,722 $15,471.19
11-Sep-96 $14,722 $15,554.97
12-Sep-96 $14,910 $15,650.25
13-Sep-96 $14,910 $15,869.23
14-Sep-96 $14,910 $15,869.23
15-Sep-96 $14,910 $15,869.23
16-Sep-96 $14,816 $15,953.85
17-Sep-96 $15,005 $15,934.00
18-Sep-96 $15,005 $15,900.36
19-Sep-96 $15,194 $15,936.99
20-Sep-96 $15,382 $16,030.84
21-Sep-96 $15,382 $16,030.84
22-Sep-96 $15,382 $16,030.84
23-Sep-96 $15,194 $16,018.66
24-Sep-96 $15,288 $15,998.78
25-Sep-96 $15,288 $16,004.45
26-Sep-96 $15,571 $16,010.19
27-Sep-96 $15,571 $16,018.24
28-Sep-96 $15,571 $16,018.24
29-Sep-96 $15,571 $16,018.24
30-Sep-96 $15,477 $16,044.74
01-Oct-96 $15,382 $16,086.13
02-Oct-96 $15,194 $16,203.85
03-Oct-96 $15,099 $16,175.30
04-Oct-96 $15,382 $16,378.38
05-Oct-96 $15,382 $16,378.38
06-Oct-96 $15,382 $16,378.38
07-Oct-96 $15,288 $16,423.94
08-Oct-96 $15,288 $16,363.72
09-Oct-96 $15,571 $16,275.11
10-Oct-96 $15,665 $16,226.75
11-Oct-96 $15,760 $16,369.49
12-Oct-96 $15,760 $16,369.49
13-Oct-96 $15,760 $16,369.49
14-Oct-96 $15,760 $16,438.18
15-Oct-96 $15,665 $16,415.65
16-Oct-96 $15,571 $16,459.98
17-Oct-96 $15,477 $16,521.45
18-Oct-96 $15,477 $16,611.19
19-Oct-96 $15,477 $16,611.19
20-Oct-96 $15,477 $16,611.19
21-Oct-96 $15,288 $16,588.57
22-Oct-96 $15,288 $16,511.97
23-Oct-96 $15,477 $16,528.93
24-Oct-96 $15,665 $16,412.62
25-Oct-96 $15,665 $16,380.67
26-Oct-96 $15,665 $16,380.67
27-Oct-96 $15,665 $16,380.67
28-Oct-96 $15,571 $16,295.21
29-Oct-96 $15,382 $16,396.24
30-Oct-96 $15,477 $16,386.51
31-Oct-96 $15,665 $16,490.27
01-Nov-96 $15,571 $16,457.30
02-Nov-96 $15,571 $16,457.30
03-Nov-96 $15,571 $16,457.30
04-Nov-96 $15,382 $16,528.04
05-Nov-96 $15,477 $16,701.36
06-Nov-96 $15,854 $16,949.16
07-Nov-96 $16,043 $17,024.18
08-Nov-96 $16,043 $17,099.87
09-Nov-96 $16,043 $17,099.87
10-Nov-96 $16,043 $17,099.87
11-Nov-96 $15,854 $17,125.96
12-Nov-96 $15,854 $17,073.91
13-Nov-96 $15,854 $17,115.08
14-Nov-96 $15,948 $17,227.86
15-Nov-96 $15,571 $17,269.79
16-Nov-96 $15,571 $17,269.79
17-Nov-96 $15,571 $17,269.79
18-Nov-96 $15,571 $17,257.10
19-Nov-96 $15,382 $17,377.74
20-Nov-96 $15,382 $17,422.81
21-Nov-96 $15,477 $17,395.08
22-Nov-96 $15,665 $17,535.44
23-Nov-96 $15,665 $17,535.44
24-Nov-96 $15,665 $17,535.44
25-Nov-96 $15,665 $17,730.65
26-Nov-96 $15,477 $17,709.64
27-Nov-96 $15,571 $17,690.26
28-Nov-96 $15,571 $17,690.26
29-Nov-96 $15,571 $17,738.30
30-Nov-96 $15,571 $17,738.30
01-Dec-96 $15,571 $17,738.30
02-Dec-96 $15,760 $17,727.85
03-Dec-96 $15,760 $17,534.13
04-Dec-96 $15,760 $17,464.35
05-Dec-96 $15,760 $17,449.51
06-Dec-96 $15,571 $17,338.77
07-Dec-96 $15,571 $17,338.77
08-Dec-96 $15,571 $17,338.77
09-Dec-96 $15,948 $17,577.19
10-Dec-96 $15,665 $17,525.27
11-Dec-96 $15,477 $17,368.10
12-Dec-96 $15,382 $17,105.07
13-Dec-96 $15,194 $17,089.77
14-Dec-96 $15,194 $17,089.77
15-Dec-96 $15,194 $17,089.77
16-Dec-96 $14,722 $16,910.72
17-Dec-96 $14,910 $17,029.45
18-Dec-96 $15,099 $17,159.35
19-Dec-96 $15,005 $17,491.45
20-Dec-96 $14,910 $17,566.93
21-Dec-96 $14,910 $17,566.93
22-Dec-96 $14,910 $17,566.93
23-Dec-96 $14,936 $17,521.21
24-Dec-96 $13,806 $17,618.33
25-Dec-96 $13,806 $17,618.33
26-Dec-96 $14,107 $17,731.40
27-Dec-96 $14,407 $17,761.62
28-Dec-96 $14,407 $17,761.62
29-Dec-96 $14,407 $17,761.62
30-Dec-96 $14,178 $17,692.94
31-Dec-96 $14,289 $17,387.50
01-Jan-97 $14,289 $17,387.50
02-Jan-97 $14,334 $17,300.91
03-Jan-97 $14,505 $17,560.02
04-Jan-97 $14,505 $17,560.02
05-Jan-97 $14,505 $17,560.02
06-Jan-97 $14,521 $17,551.38
07-Jan-97 $14,636 $17,683.48
08-Jan-97 $14,684 $17,575.02
09-Jan-97 $14,748 $17,726.65
10-Jan-97 $14,678 $17,836.25
11-Jan-97 $14,678 $17,836.25
12-Jan-97 $14,678 $17,836.25
13-Jan-97 $14,739 $17,837.56
14-Jan-97 $15,119 $18,057.25
15-Jan-97 $14,983 $18,018.52
16-Jan-97 $14,874 $18,078.97
17-Jan-97 $14,680 $18,230.53
18-Jan-97 $14,680 $18,230.53
19-Jan-97 $14,680 $18,230.53
20-Jan-97 $14,935 $18,243.75
21-Jan-97 $14,805 $18,385.20
22-Jan-97 $15,073 $18,469.01
23-Jan-97 $14,965 $18,265.63
24-Jan-97 $14,894 $18,100.54
25-Jan-97 $14,913 $18,100.54
26-Jan-97 $14,850 $18,100.54
27-Jan-97 $14,657 $17,971.62
28-Jan-97 $14,681 $17,973.03
29-Jan-97 $14,657 $18,152.16
30-Jan-97 $14,681 $18,428.78
31-Jan-97 $14,520 $18,477.95
01-Feb-97 $14,520 $18,477.95
02-Feb-97 $14,520 $18,477.95
03-Feb-97 $14,705 $18,493.11
04-Feb-97 $14,596 $18,553.99
05-Feb-97 $14,430 $18,298.97
06-Feb-97 $14,435 $18,348.70
07-Feb-97 $14,483 $18,570.25
08-Feb-97 $14,483 $18,570.25
09-Feb-97 $14,483 $18,570.25
10-Feb-97 $14,475 $18,473.85
11-Feb-97 $14,529 $18,571.74
12-Feb-97 $14,593 $18,886.77
13-Feb-97 $14,538 $19,101.84
14-Feb-97 $14,454 $19,023.86
15-Feb-97 $14,454 $19,023.86
16-Feb-97 $14,454 $19,023.86
17-Feb-97 $14,454 $19,023.86
18-Feb-97 $14,387 $19,211.44
19-Feb-97 $14,419 $19,124.01
20-Feb-97 $14,234 $18,896.90
21-Feb-97 $14,327 $18,873.00
22-Feb-97 $14,327 $18,873.00
23-Feb-97 $14,327 $18,873.00
24-Feb-97 $14,472 $19,073.44
25-Feb-97 $14,453 $19,114.80
26-Feb-97 $14,387 $18,968.74
27-Feb-97 $14,210 $18,722.40
28-Feb-97 $14,188 $18,622.77
01-Mar-97 $14,188 $18,622.77
02-Mar-97 $14,188 $18,622.77
03-Mar-97 $14,288 $18,728.71
04-Mar-97 $14,312 $18,628.75
05-Mar-97 $14,417 $18,894.98
06-Mar-97 $14,258 $18,816.50
07-Mar-97 $14,345 $18,967.66
08-Mar-97 $14,345 $18,967.66
09-Mar-97 $14,345 $18,967.66
10-Mar-97 $14,252 $19,172.54
11-Mar-97 $14,235 $19,118.44
12-Mar-97 $14,259 $18,955.99
13-Mar-97 $14,044 $18,613.22
14-Mar-97 $14,271 $18,698.46
15-Mar-97 $14,271 $18,698.46
16-Mar-97 $14,271 $18,698.46
17-Mar-97 $14,148 $18,759.17
18-Mar-97 $14,038 $18,616.87
19-Mar-97 $13,695 $18,525.42
20-Mar-97 $13,703 $18,452.82
21-Mar-97 $13,771 $18,487.20
22-Mar-97 $13,771 $18,487.20
23-Mar-97 $13,771 $18,487.20
24-Mar-97 $13,809 $18,647.67
25-Mar-97 $13,866 $18,606.50
26-Mar-97 $14,057 $18,644.68
27-Mar-97 $14,057 $18,252.89
28-Mar-97 $14,057 $18,252.89
29-Mar-97 $14,057 $18,252.89
30-Mar-97 $14,057 $18,252.89
31-Mar-97 $13,394 $17,857.59
01-Apr-97 $13,310 $17,917.07
02-Apr-97 $13,114 $17,695.50
03-Apr-97 $13,236 $17,700.60
04-Apr-97 $13,331 $17,879.42
05-Apr-97 $13,331 $17,879.42
06-Apr-97 $13,331 $17,879.42
07-Apr-97 $13,594 $17,979.39
08-Apr-97 $13,716 $18,078.76
09-Apr-97 $13,525 $17,949.56
10-Apr-97 $13,431 $17,896.67
11-Apr-97 $13,246 $17,409.60
12-Apr-97 $13,246 $17,409.60
13-Apr-97 $13,246 $17,409.60
14-Apr-97 $13,106 $17,553.12
15-Apr-97 $13,175 $17,812.50
16-Apr-97 $13,153 $18,021.68
17-Apr-97 $13,026 $17,980.80
18-Apr-97 $12,949 $18,088.67
19-Apr-97 $12,949 $18,088.67
20-Apr-97 $12,949 $18,088.67
21-Apr-97 $12,739 $17,947.80
22-Apr-97 $12,717 $18,283.92
23-Apr-97 $12,716 $18,261.92
24-Apr-97 $12,687 $18,204.16
25-Apr-97 $12,506 $18,067.01
26-Apr-97 $12,506 $18,067.01
27-Apr-97 $12,506 $18,067.01
28-Apr-97 $12,480 $18,248.49
29-Apr-97 $12,614 $18,747.22
30-Apr-97 $12,628 $18,923.21
01-May-97 $12,703 $18,859.45
02-May-97 $12,818 $19,200.54
03-May-97 $12,818 $19,200.54
04-May-97 $12,818 $19,200.54
05-May-97 $13,202 $19,609.69
06-May-97 $13,135 $19,552.70
07-May-97 $13,107 $19,268.77
08-May-97 $13,160 $19,378.81
09-May-97 $13,224 $19,490.92
10-May-97 $13,224 $19,490.92
11-May-97 $13,224 $19,490.92
12-May-97 $12,992 $19,796.05
13-May-97 $12,839 $19,692.49
14-May-97 $12,914 $19,764.11
15-May-97 $12,861 $19,908.27
16-May-97 $12,700 $19,625.00
17-May-97 $12,700 $19,625.00
18-May-97 $12,700 $19,625.00
19-May-97 $12,670 $19,708.60
20-May-97 $12,857 $19,908.58
21-May-97 $12,989 $19,856.07
22-May-97 $12,888 $19,769.30
23-May-97 $13,204 $20,038.61
24-May-97 $13,204 $20,038.61
25-May-97 $13,204 $20,038.61
26-May-97 $13,204 $20,038.61
27-May-97 $13,410 $20,102.20
28-May-97 $13,541 $20,046.51
29-May-97 $13,495 $19,975.46
30-May-97 $13,610 $20,075.40
31-May-97 $13,610 $20,075.40
01-Jun-97 $13,610 $20,075.40
02-Jun-97 $13,627 $20,030.19
03-Jun-97 $13,467 $20,009.70
04-Jun-97 $13,472 $19,887.29
05-Jun-97 $13,603 $19,968.42
06-Jun-97 $13,755 $20,314.62
07-Jun-97 $13,755 $20,314.62
08-Jun-97 $13,755 $20,314.62
09-Jun-97 $13,868 $20,431.35
10-Jun-97 $13,672 $20,487.58
11-Jun-97 $13,813 $20,593.16
12-Jun-97 $13,837 $20,926.93
13-Jun-97 $14,053 $21,158.97
14-Jun-97 $14,053 $21,158.97
15-Jun-97 $14,053 $21,158.97
16-Jun-97 $14,146 $21,174.65
17-Jun-97 $14,255 $21,186.97
18-Jun-97 $14,255 $21,069.48
19-Jun-97 $14,275 $21,281.75
20-Jun-97 $14,489 $21,298.62
21-Jun-97 $14,489 $21,298.62
22-Jun-97 $14,489 $21,298.62
23-Jun-97 $13,963 $20,823.09
24-Jun-97 $14,114 $21,243.05
25-Jun-97 $14,002 $21,069.66
26-Jun-97 $13,909 $20,948.36
27-Jun-97 $13,934 $21,034.51
28-Jun-97 $13,934 $21,034.51
29-Jun-97 $13,934 $21,034.51
30-Jun-97 $14,028 $20,983.31
01-Jul-97 $14,134 $21,125.85
02-Jul-97 $14,183 $21,436.90
03-Jul-97 $14,386 $21,743.02
04-Jul-97 $14,386 $21,743.50
05-Jul-97 $14,386 $21,743.50
06-Jul-97 $14,386 $21,743.50
07-Jul-97 $15,015 $21,631.71
08-Jul-97 $15,119 $21,791.76
09-Jul-97 $15,171 $21,526.98
10-Jul-97 $15,203 $21,675.66
11-Jul-97 $15,456 $21,747.49
12-Jul-97 $15,456 $21,747.49
13-Jul-97 $15,456 $21,747.49
14-Jul-97 $15,790 $21,787.82
15-Jul-97 $15,985 $21,962.93
16-Jul-97 $15,912 $22,221.35
17-Jul-97 $15,765 $22,103.70
18-Jul-97 $15,416 $21,716.96
19-Jul-97 $15,416 $21,716.96
20-Jul-97 $15,416 $21,716.96
21-Jul-97 $15,266 $21,661.01
22-Jul-97 $15,631 $22,160.22
23-Jul-97 $15,581 $22,221.98
24-Jul-97 $15,678 $22,310.41
25-Jul-97 $15,732 $22,275.06
26-Jul-97 $15,732 $22,275.06
27-Jul-97 $15,732 $22,275.06
28-Jul-97 $15,868 $22,219.58
29-Jul-97 $16,047 $22,360.60
30-Jul-97 $16,357 $22,602.79
31-Jul-97 $16,247 $22,653.37
01-Aug-97 $16,336 $22,484.49
02-Aug-97 $16,336 $22,484.49
03-Aug-97 $16,336 $22,484.49
04-Aug-97 $16,526 $22,559.89
05-Aug-97 $16,636 $22,609.26
06-Aug-97 $16,792 $22,800.02
07-Aug-97 $16,965 $22,584.65
08-Aug-97 $16,598 $22,165.65
09-Aug-97 $16,598 $22,165.65
10-Aug-97 $16,598 $22,165.65
11-Aug-97 $16,461 $22,253.71
12-Aug-97 $16,232 $22,006.21
13-Aug-97 $16,125 $21,904.01
14-Aug-97 $16,228 $21,970.03
15-Aug-97 $15,959 $21,401.90
16-Aug-97 $15,959 $21,401.90
17-Aug-97 $15,959 $21,401.90
18-Aug-97 $16,116 $21,682.06
19-Aug-97 $16,390 $22,003.72
20-Aug-97 $16,602 $22,324.03
21-Aug-97 $16,486 $21,984.61
22-Aug-97 $16,395 $21,948.92
23-Aug-97 $16,395 $21,948.92
24-Aug-97 $16,395 $21,948.92
25-Aug-97 $16,411 $21,868.63
26-Aug-97 $16,250 $21,699.28
27-Aug-97 $16,158 $21,718.65
28-Aug-97 $16,085 $21,483.47
29-Aug-97 $16,024 $21,384.28
30-Aug-97 $16,024 $21,384.28
31-Aug-97 $16,024 $21,384.28
01-Sep-97 $16,024 $21,384.28
02-Sep-97 $16,169 $22,053.01
03-Sep-97 $16,259 $22,065.49
04-Sep-97 $16,289 $22,137.59
05-Sep-97 $16,246 $22,095.45
06-Sep-97 $16,246 $22,095.45
07-Sep-97 $16,246 $22,095.45
08-Sep-97 $16,196 $22,147.96
09-Sep-97 $16,286 $22,205.66
10-Sep-97 $16,097 $21,859.41
11-Sep-97 $16,027 $21,713.11
12-Sep-97 $15,752 $21,982.99
13-Sep-97 $15,752 $21,982.99
14-Sep-97 $15,752 $21,982.99
15-Sep-97 $15,533 $21,888.96
16-Sep-97 $15,471 $22,504.62
17-Sep-97 $15,260 $22,443.34
18-Sep-97 $15,303 $22,546.44
19-Sep-97 $15,330 $22,623.48
20-Sep-97 $15,330 $22,623.48
21-Sep-97 $15,330 $22,623.48
22-Sep-97 $15,508 $22,741.04
23-Sep-97 $15,464 $22,657.78
24-Sep-97 $15,383 $22,480.98
25-Sep-97 $15,284 $22,324.72
26-Sep-97 $15,375 $22,505.88
27-Sep-97 $15,375 $22,505.88
28-Sep-97 $15,375 $22,505.88
29-Sep-97 $15,468 $22,699.72
30-Sep-97 $15,378 $22,555.42
01-Oct-97 $15,569 $22,751.00
02-Oct-97 $15,517 $22,872.33
03-Oct-97 $15,548 $22,981.59
04-Oct-97 $15,548 $22,981.59
05-Oct-97 $15,548 $22,981.59
06-Oct-97 $15,785 $23,164.01
07-Oct-97 $15,877 $23,413.58
08-Oct-97 $16,182 $23,198.88
09-Oct-97 $16,128 $23,122.84
10-Oct-97 $16,070 $23,037.37
11-Oct-97 $16,070 $23,037.37
12-Oct-97 $16,070 $23,037.37
13-Oct-97 $16,067 $23,064.05
14-Oct-97 $15,903 $23,115.99
15-Oct-97 $15,803 $23,007.78
16-Oct-97 $15,413 $22,758.88
17-Oct-97 $15,154 $22,494.66
18-Oct-97 $15,154 $22,494.66
19-Oct-97 $15,154 $22,494.66
20-Oct-97 $15,433 $22,767.70
21-Oct-97 $15,468 $23,164.92
22-Oct-97 $15,254 $23,076.07
23-Oct-97 $14,800 $22,652.26
24-Oct-97 $14,707 $22,436.63
25-Oct-97 $14,707 $22,436.63
26-Oct-97 $14,707 $22,436.63
27-Oct-97 $13,702 $20,895.96
28-Oct-97 $14,207 $21,965.09
29-Oct-97 $14,202 $21,906.09
30-Oct-97 $13,942 $21,541.14
31-Oct-97 $14,038 $21,802.16
01-Nov-97 $14,038 $21,802.16
02-Nov-97 $14,038 $21,802.16
03-Nov-97 $14,517 $22,383.81
04-Nov-97 $14,419 $22,426.27
05-Nov-97 $14,463 $22,477.21
06-Nov-97 $14,388 $22,366.18
07-Nov-97 $14,197 $22,120.18
08-Nov-97 $14,197 $22,120.18
09-Nov-97 $14,197 $22,120.18
10-Nov-97 $14,165 $21,970.01
11-Nov-97 $14,040 $22,033.21
12-Nov-97 $13,817 $21,613.15
13-Nov-97 $13,877 $21,870.01
14-Nov-97 $13,899 $22,150.23
15-Nov-97 $13,899 $22,150.23
16-Nov-97 $13,899 $22,150.23
17-Nov-97 $13,971 $22,576.86
18-Nov-97 $13,891 $22,389.27
19-Nov-97 $13,916 $22,544.48
20-Nov-97 $13,946 $22,888.14
21-Nov-97 $13,962 $22,986.54
22-Nov-97 $13,962 $22,986.54
23-Nov-97 $13,962 $22,986.54
24-Nov-97 $13,814 $22,595.31
25-Nov-97 $13,778 $22,696.84
26-Nov-97 $13,810 $22,721.07
27-Nov-97 $13,810 $22,721.07
28-Nov-97 $13,817 $22,811.44
29-Nov-97 $13,817 $22,811.44
30-Nov-97 $13,817 $22,811.44
01-Dec-97 $13,824 $23,274.38
02-Dec-97 $13,731 $23,201.10
03-Dec-97 $13,669 $23,328.53
04-Dec-97 $13,643 $23,241.69
05-Dec-97 $13,649 $23,497.18
06-Dec-97 $13,649 $23,497.18
07-Dec-97 $13,649 $23,497.18
08-Dec-97 $13,639 $23,464.89
09-Dec-97 $13,632 $23,307.51
10-Dec-97 $13,593 $23,165.96
11-Dec-97 $13,568 $22,817.37
12-Dec-97 $13,581 $22,780.50
13-Dec-97 $13,581 $22,780.50
14-Dec-97 $13,581 $22,780.50
15-Dec-97 $13,567 $23,019.80
16-Dec-97 $13,576 $23,130.91
17-Dec-97 $13,600 $23,072.75
18-Dec-97 $13,733 $22,829.25
19-Dec-97 $13,783 $22,625.81
20-Dec-97 $13,783 $22,625.81
21-Dec-97 $13,783 $22,625.81
22-Dec-97 $13,246 $22,791.63
23-Dec-97 $13,298 $22,443.60
24-Dec-97 $13,769 $22,290.82
25-Dec-97 $13,799 $22,290.82
26-Dec-97 $13,800 $22,380.83
27-Dec-97 $13,800 $22,380.83
28-Dec-97 $13,800 $22,380.83
29-Dec-97 $13,906 $22,792.42
30-Dec-97 $13,881 $23,212.40
31-Dec-97 $13,902 $23,203.20
01-Jan-98 $13,902 $23,203.20
02-Jan-98 $13,904 $23,314.28
03-Jan-98 $13,904 $23,314.28
04-Jan-98 $13,904 $23,314.28
05-Jan-98 $13,848 $23,363.25
06-Jan-98 $13,838 $23,113.55
07-Jan-98 $13,825 $23,057.35
08-Jan-98 $13,705 $22,868.04
09-Jan-98 $13,686 $22,189.92
10-Jan-98 $13,686 $22,189.92
11-Jan-98 $13,686 $22,189.92
12-Jan-98 $13,636 $22,465.47
13-Jan-98 $13,707 $22,775.35
14-Jan-98 $13,793 $22,915.28
15-Jan-98 $13,765 $22,743.65
16-Jan-98 $13,724 $23,001.53
17-Jan-98 $13,724 $23,001.53
18-Jan-98 $13,724 $23,001.53
19-Jan-98 $13,724 $23,001.53
20-Jan-98 $13,685 $23,410.60
21-Jan-98 $13,884 $23,225.71
22-Jan-98 $13,813 $23,039.91
23-Jan-98 $13,797 $22,909.76
24-Jan-98 $13,797 $22,909.76
25-Jan-98 $13,797 $22,909.76
26-Jan-98 $13,681 $22,894.45
27-Jan-98 $13,769 $23,183.22
28-Jan-98 $13,957 $23,390.50
29-Jan-98 $13,934 $23,584.43
30-Jan-98 $13,946 $23,459.84
31-Jan-98 $13,946 $23,459.84
01-Feb-98 $13,946 $23,459.84
02-Feb-98 $14,041 $23,962.34
03-Feb-98 $14,101 $24,076.54
04-Feb-98 $14,054 $24,101.52
05-Feb-98 $13,997 $24,023.97
06-Feb-98 $14,052 $24,241.87
07-Feb-98 $14,052 $24,241.87
08-Feb-98 $14,052 $24,241.87
09-Feb-98 $14,071 $24,202.38
10-Feb-98 $14,114 $24,400.72
11-Feb-98 $14,129 $24,429.96
12-Feb-98 $14,103 $24,531.15
13-Feb-98 $14,111 $24,434.86
14-Feb-98 $14,111 $24,434.86
15-Feb-98 $14,111 $24,434.86
16-Feb-98 $14,111 $24,434.86
17-Feb-98 $14,039 $24,500.04
18-Feb-98 $14,086 $24,728.71
19-Feb-98 $14,048 $24,638.88
20-Feb-98 $14,105 $24,781.26
21-Feb-98 $14,105 $24,781.26
22-Feb-98 $14,105 $24,781.26
23-Feb-98 $14,115 $24,875.98
24-Feb-98 $14,037 $24,694.40
25-Feb-98 $14,083 $24,993.49
26-Feb-98 $14,172 $25,134.89
27-Feb-98 $14,168 $25,151.88
28-Feb-98 $14,168 $25,151.88
01-Mar-98 $14,168 $25,151.88
02-Mar-98 $14,053 $25,113.12
03-Mar-98 $14,004 $25,216.84
04-Mar-98 $13,907 $25,110.03
05-Mar-98 $13,844 $24,818.82
06-Mar-98 $13,898 $25,316.26
07-Mar-98 $13,898 $25,316.26
08-Mar-98 $13,898 $25,316.26
09-Mar-98 $13,825 $25,235.47
10-Mar-98 $13,789 $25,522.16
11-Mar-98 $14,069 $25,628.11
12-Mar-98 $14,183 $25,666.95
13-Mar-98 $14,265 $25,635.42
14-Mar-98 $14,265 $25,635.42
15-Mar-98 $14,265 $25,635.42
16-Mar-98 $14,278 $25,892.00
17-Mar-98 $14,301 $25,920.30
18-Mar-98 $14,373 $26,043.16
19-Mar-98 $14,399 $26,145.31
20-Mar-98 $14,442 $26,371.51
21-Mar-98 $14,442 $26,371.51
22-Mar-98 $14,442 $26,371.51
23-Mar-98 $14,470 $26,285.36
24-Mar-98 $14,486 $26,527.80
25-Mar-98 $14,470 $26,438.74
26-Mar-98 $14,472 $26,411.92
27-Mar-98 $14,408 $26,287.92
28-Mar-98 $14,408 $26,287.92
29-Mar-98 $14,408 $26,287.92
30-Mar-98 $14,373 $26,242.88
31-Mar-98 $14,440 $26,439.87
01-Apr-98 $14,643 $26,595.26
02-Apr-98 $14,870 $26,880.95
03-Apr-98 $14,997 $26,945.92
04-Apr-98 $14,997 $26,945.92
05-Apr-98 $14,997 $26,945.92
06-Apr-98 $14,978 $26,914.70
07-Apr-98 $14,740 $26,638.49
08-Apr-98 $14,775 $26,449.48
09-Apr-98 $14,781 $26,666.42
10-Apr-98 $14,781 $26,666.42
11-Apr-98 $14,781 $26,666.42
12-Apr-98 $14,781 $26,666.42
13-Apr-98 $14,743 $26,644.38
14-Apr-98 $14,756 $26,789.91
15-Apr-98 $14,885 $26,875.82
16-Apr-98 $14,682 $26,608.60
17-Apr-98 $14,703 $26,958.21
18-Apr-98 $14,703 $26,958.21
19-Apr-98 $14,703 $26,958.21
20-Apr-98 $14,816 $26,980.54
21-Apr-98 $14,855 $27,053.12
22-Apr-98 $14,912 $27,147.78
23-Apr-98 $14,855 $26,884.93
24-Apr-98 $15,000 $26,604.48
25-Apr-98 $15,000 $26,604.48
26-Apr-98 $15,000 $26,604.48
27-Apr-98 $14,807 $26,091.55
28-Apr-98 $14,906 $26,059.95
29-Apr-98 $15,057 $26,292.81
30-Apr-98 $15,114 $26,705.88
01-May-98 $15,175 $26,928.24
02-May-98 $15,175 $26,928.24
03-May-98 $15,175 $26,928.24
04-May-98 $15,297 $26,953.95
05-May-98 $15,340 $26,796.65
06-May-98 $15,281 $26,548.86
07-May-98 $15,367 $26,314.57
08-May-98 $15,519 $26,627.08
09-May-98 $15,519 $26,627.08
10-May-98 $15,519 $26,627.08
11-May-98 $15,464 $26,604.35
12-May-98 $15,471 $26,825.50
13-May-98 $15,823 $26,904.43
14-May-98 $15,796 $26,869.18
15-May-98 $15,582 $26,662.52
16-May-98 $15,582 $26,662.52
17-May-98 $15,582 $26,662.52
18-May-98 $15,487 $26,595.57
19-May-98 $15,571 $26,700.12
20-May-98 $15,699 $26,917.73
21-May-98 $15,820 $26,811.44
22-May-98 $15,836 $26,711.30
23-May-98 $15,836 $26,711.47
24-May-98 $15,836 $26,711.64
25-May-98 $15,836 $26,711.81
26-May-98 $15,303 $26,316.40
27-May-98 $14,937 $26,276.85
28-May-98 $15,200 $26,409.77
29-May-98 $15,397 $26,247.36
30-May-98 $15,397 $26,248.08
31-May-98 $15,397 $26,248.80
01-Jun-98 $14,924 $26,253.54
02-Jun-98 $14,795 $26,307.59
03-Jun-98 $14,946 $26,061.00
04-Jun-98 $14,984 $26,352.39
05-Jun-98 $15,089 $26,811.38
06-Jun-98 $15,089 $26,812.32
07-Jun-98 $15,089 $26,813.26
08-Jun-98 $15,178 $26,859.48
09-Jun-98 $15,194 $26,924.81
10-Jun-98 $14,793 $26,778.73
11-Jun-98 $14,443 $26,359.65
12-Jun-98 $14,296 $26,462.65
13-Jun-98 $14,296 $26,463.05
14-Jun-98 $14,296 $26,463.46
15-Jun-98 $13,974 $25,937.90
16-Jun-98 $14,241 $26,192.80
17-Jun-98 $14,460 $26,663.91
18-Jun-98 $14,323 $26,647.25
19-Jun-98 $14,246 $26,509.67
20-Jun-98 $14,246 $26,509.87
21-Jun-98 $14,246 $26,510.06
22-Jun-98 $14,334 $26,572.95
23-Jun-98 $14,328 $26,964.37
24-Jun-98 $14,434 $27,287.88
25-Jun-98 $14,262 $27,201.16
26-Jun-98 $14,290 $27,300.09
27-Jun-98 $14,290 $27,304.59
28-Jun-98 $14,290 $27,309.10
29-Jun-98 $14,374 $27,436.87
30-Jun-98 $14,574 $27,327.17
01-Jul-98 $14,618 $27,682.88
02-Jul-98 $14,372 $27,631.33
03-Jul-98 $14,372 $27,631.35
04-Jul-98 $14,372 $27,631.38
05-Jul-98 $14,372 $27,631.40
06-Jul-98 $14,414 $27,897.93
07-Jul-98 $14,656 $27,834.41
08-Jul-98 $14,602 $28,123.83
09-Jul-98 $14,438 $27,935.87
10-Jul-98 $14,462 $28,075.05
11-Jul-98 $14,462 $28,075.10
12-Jul-98 $14,462 $28,075.14
13-Jul-98 $14,615 $28,097.04
14-Jul-98 $14,632 $28,396.19
15-Jul-98 $14,613 $28,329.52
16-Jul-98 $14,594 $28,551.44
17-Jul-98 $14,599 $28,618.00
18-Jul-98 $14,599 $28,618.00
19-Jul-98 $14,599 $28,618.00
20-Jul-98 $14,510 $28,554.33
21-Jul-98 $14,179 $28,095.50
22-Jul-98 $14,146 $28,073.70
23-Jul-98 $13,703 $27,487.26
24-Jul-98 $13,537 $27,512.58
25-Jul-98 $13,537 $27,512.58
26-Jul-98 $13,537 $27,512.58
27-Jul-98 $13,537 $27,668.64
28-Jul-98 $13,404 $27,257.93
29-Jul-98 $13,020 $27,141.95
30-Jul-98 $12,957 $27,573.85
31-Jul-98 $12,740 $27,036.34
01-Aug-98 $12,740 $27,036.34
02-Aug-98 $12,740 $27,036.34
03-Aug-98 $12,522 $26,838.68
04-Aug-98 $12,007 $25,866.55
05-Aug-98 $11,929 $26,094.91
06-Aug-98 $12,533 $26,295.07
07-Aug-98 $12,533 $26,290.80
08-Aug-98 $12,533 $26,290.87
09-Aug-98 $12,720 $26,290.94
10-Aug-98 $12,711 $26,140.26
11-Aug-98 $12,300 $25,803.57
12-Aug-98 $12,498 $26,176.32
13-Aug-98 $12,310 $25,952.15
14-Aug-98 $12,219 $25,659.89
15-Aug-98 $12,219 $25,661.22
16-Aug-98 $12,219 $25,662.55
17-Aug-98 $12,216 $26,168.48
18-Aug-98 $12,370 $26,594.52
19-Aug-98 $12,133 $26,520.33
20-Aug-98 $11,840 $26,365.88
21-Aug-98 $11,607 $26,114.64
22-Aug-98 $11,607 $26,115.07
23-Aug-98 $11,607 $26,115.51
24-Aug-98 $11,333 $26,283.74
25-Aug-98 $11,182 $26,397.83
26-Aug-98 $10,834 $26,190.51
27-Aug-98 $10,389 $25,187.93
28-Aug-98 $10,104 $24,818.32
29-Aug-98 $10,104 $24,821.97
30-Aug-98 $10,104 $24,825.62
31-Aug-98 $9,156 $23,137.59
01-Sep-98 $9,355 $24,031.93
02-Sep-98 $9,675 $23,946.48
03-Sep-98 $9,476 $23,748.47
04-Sep-98 $9,559 $23,547.22
05-Sep-98 $9,559 $23,548.33
06-Sep-98 $9,559 $23,549.45
07-Sep-98 $9,559 $23,550.56
08-Sep-98 $10,042 $24,750.71
09-Sep-98 $9,884 $24,334.78
10-Sep-98 $9,551 $23,706.17
11-Sep-98 $9,667 $24,411.46
12-Sep-98 $9,667 $24,418.52
13-Sep-98 $9,667 $24,425.59
14-Sep-98 $10,073 $24,930.51
15-Sep-98 $10,035 $25,123.37
16-Sep-98 $10,156 $25,313.94
17-Sep-98 $9,950 $24,671.33
18-Sep-98 $9,966 $24,700.97
19-Sep-98 $9,966 $24,701.07
20-Sep-98 $9,966 $24,701.16
21-Sep-98 $9,923 $24,793.69
22-Sep-98 $10,096 $24,932.73
23-Sep-98 $10,439 $25,816.47
24-Sep-98 $10,522 $25,250.59
25-Sep-98 $10,614 $25,299.75
26-Sep-98 $10,614 $25,299.75
27-Sep-98 $10,614 $25,299.75
28-Sep-98 $10,520 $25,403.12
29-Sep-98 $10,485 $25,411.55
30-Sep-98 $10,063 $24,637.71
01-Oct-98 $9,786 $23,896.31
02-Oct-98 $9,691 $24,290.37
03-Oct-98 $9,691 $24,291.73
04-Oct-98 $9,691 $24,293.09
05-Oct-98 $9,509 $23,952.90
06-Oct-98 $9,704 $23,857.94
07-Oct-98 $9,214 $23,527.91
08-Oct-98 $8,900 $23,256.07
09-Oct-98 $9,338 $23,860.84
10-Oct-98 $9,338 $23,860.84
11-Oct-98 $9,338 $23,860.84
12-Oct-98 $9,543 $24,183.71
13-Oct-98 $9,837 $24,114.67
14-Oct-98 $10,147 $24,375.17
15-Oct-98 $10,423 $25,392.39
16-Oct-98 $10,536 $25,609.11
17-Oct-98 $10,536 $25,609.35
18-Oct-98 $10,536 $25,609.60
19-Oct-98 $10,694 $25,754.32
20-Oct-98 $10,818 $25,791.65
21-Oct-98 $10,975 $25,938.63
22-Oct-98 $11,412 $26,146.79
23-Oct-98 $11,494 $25,957.68
24-Oct-98 $11,494 $25,957.92
25-Oct-98 $11,494 $25,958.17
26-Oct-98 $11,659 $25,998.17
27-Oct-98 $11,826 $25,828.94
28-Oct-98 $11,698 $25,900.63
29-Oct-98 $11,852 $26,336.64
30-Oct-98 $12,154 $26,645.76
31-Oct-98 $12,154 $26,645.91
01-Nov-98 $12,154 $26,646.05
02-Nov-98 $12,465 $26,959.74
03-Nov-98 $12,452 $26,942.04
04-Nov-98 $12,663 $27,135.85
05-Nov-98 $12,666 $27,506.38
06-Nov-98 $12,782 $27,682.62
07-Nov-98 $12,782 $27,685.17
08-Nov-98 $12,782 $27,687.72
09-Nov-98 $12,647 $27,429.70
10-Nov-98 $12,542 $27,387.37
11-Nov-98 $12,489 $27,210.41
12-Nov-98 $12,343 $27,133.64
13-Nov-98 $12,479 $27,329.89
14-Nov-98 $12,479 $27,331.20
15-Nov-98 $12,479 $27,332.51
16-Nov-98 $12,623 $27,579.34
17-Nov-98 $12,645 $27,663.74
18-Nov-98 $12,620 $27,792.40
19-Nov-98 $12,823 $28,007.07
20-Nov-98 $12,718 $28,272.97
21-Nov-98 $12,718 $28,273.05
22-Nov-98 $12,718 $28,273.12
23-Nov-98 $12,814 $28,876.95
24-Nov-98 $12,692 $28,769.29
25-Nov-98 $12,904 $28,866.23
26-Nov-98 $12,904 $28,868.80
27-Nov-98 $12,941 $29,005.45
28-Nov-98 $12,941 $29,010.27
29-Nov-98 $12,941 $29,015.09
30-Nov-98 $12,787 $28,317.75
01-Dec-98 $12,604 $28,602.11
02-Dec-98 $12,724 $28,510.71
03-Dec-98 $12,589 $27,997.55
04-Dec-98 $12,804 $28,645.21
05-Dec-98 $12,804 $28,645.36
06-Dec-98 $12,804 $28,645.50
07-Dec-98 $12,791 $28,912.74
08-Dec-98 $12,725 $28,760.62
09-Dec-98 $12,584 $28,814.20
10-Dec-98 $12,398 $28,365.22
11-Dec-98 $12,310 $28,406.08
12-Dec-98 $12,310 $28,411.88
13-Dec-98 $12,310 $28,417.67
14-Dec-98 $11,903 $27,802.40
15-Dec-98 $11,883 $28,329.60
16-Dec-98 $11,773 $28,308.95
17-Dec-98 $11,806 $28,750.44
18-Dec-98 $11,907 $28,946.72
19-Dec-98 $11,907 $28,946.87
20-Dec-98 $11,907 $28,947.01
21-Dec-98 $11,919 $29,308.50
22-Dec-98 $11,855 $29,326.78
23-Dec-98 $12,016 $29,935.38
24-Dec-98 $12,070 $29,880.60
25-Dec-98 $12,070 $29,881.14
26-Dec-98 $12,070 $29,881.67
27-Dec-98 $12,070 $29,882.21
28-Dec-98 $11,873 $29,863.20
29-Dec-98 $11,839 $30,269.50
30-Dec-98 $12,845 $30,029.52
31-Dec-98 $12,092 $29,963.98
01-Jan-99 $12,092 $29,964.24
02-Jan-99 $12,092 $29,964.51
03-Jan-99 $12,092 $29,964.78
04-Jan-99 $12,366 $29,938.16
05-Jan-99 $12,636 $30,346.05
06-Jan-99 $13,139 $31,024.82
07-Jan-99 $13,281 $30,963.06
08-Jan-99 $13,124 $31,093.76
09-Jan-99 $13,124 $31,093.76
10-Jan-99 $13,124 $31,093.76
11-Jan-99 $13,118 $30,820.40
12-Jan-99 $12,870 $30,226.13
13-Jan-99 $12,797 $30,103.39
14-Jan-99 $12,752 $29,562.17
15-Jan-99 $13,001 $30,320.30
16-Jan-99 $13,001 $30,320.72
17-Jan-99 $13,001 $30,321.13
18-Jan-99 $13,001 $30,321.55
19-Jan-99 $13,432 $30,534.95
20-Jan-99 $13,226 $30,649.36
21-Jan-99 $13,096 $30,126.09
22-Jan-99 $13,185 $29,883.16
23-Jan-99 $13,185 $29,883.40
24-Jan-99 $13,185 $29,883.65
25-Jan-99 $13,272 $30,098.16
26-Jan-99 $13,298 $30,545.38
27-Jan-99 $13,198 $30,326.66
28-Jan-99 $13,179 $30,871.46
29-Jan-99 $13,057 $31,219.61
30-Jan-99 $13,057 $31,219.61
31-Jan-99 $13,057 $31,219.61
01-Feb-99 $13,012 $31,057.62
02-Feb-99 $12,974 $30,790.27
03-Feb-99 $13,005 $31,040.21
04-Feb-99 $12,947 $30,467.21
05-Feb-99 $12,622 $30,246.05
06-Feb-99 $12,622 $30,246.05
07-Feb-99 $12,622 $30,246.05
08-Feb-99 $12,603 $30,357.55
09-Feb-99 $12,634 $29,683.58
10-Feb-99 $12,646 $29,870.25
11-Feb-99 $12,584 $30,616.96
12-Feb-99 $12,467 $30,034.11
13-Feb-99 $12,467 $30,034.11
14-Feb-99 $12,467 $30,034.11
15-Feb-99 $12,467 $30,034.11
16-Feb-99 $12,616 $30,320.90
17-Feb-99 $12,499 $29,888.86
18-Feb-99 $12,583 $30,214.73
19-Feb-99 $12,815 $30,261.47
20-Feb-99 $12,815 $30,261.47
21-Feb-99 $12,815 $30,261.47
22-Feb-99 $12,867 $31,066.80
23-Feb-99 $12,802 $31,043.87
24-Feb-99 $12,676 $30,612.91
25-Feb-99 $12,599 $30,412.00
26-Feb-99 $12,464 $30,249.34
27-Feb-99 $12,464 $30,249.34
28-Feb-99 $12,464 $30,249.34
01-Mar-99 $12,513 $30,197.19
02-Mar-99 $12,483 $29,937.22
03-Mar-99 $12,396 $29,997.68
04-Mar-99 $12,422 $30,464.54
05-Mar-99 $12,522 $31,169.61
06-Mar-99 $12,522 $31,169.61
07-Mar-99 $12,522 $31,169.61
08-Mar-99 $12,601 $31,348.86
09-Mar-99 $12,585 $31,278.31
10-Mar-99 $12,742 $31,451.31
11-Mar-99 $12,917 $31,723.68
12-Mar-99 $12,918 $31,648.46
13-Mar-99 $12,918 $31,648.46
14-Mar-99 $12,918 $31,648.46
15-Mar-99 $12,877 $31,958.64
16-Mar-99 $12,772 $31,936.81
17-Mar-99 $12,715 $31,729.81
18-Mar-99 $12,856 $32,188.78
19-Mar-99 $12,766 $31,766.86
20-Mar-99 $12,766 $31,766.86
21-Mar-99 $12,766 $31,766.86
22-Mar-99 $12,738 $31,711.61
23-Mar-99 $12,553 $30,859.24
24-Mar-99 $12,583 $31,017.40
25-Mar-99 $12,547 $31,540.98
26-Mar-99 $12,529 $31,365.18
27-Mar-99 $12,529 $31,365.18
28-Mar-99 $12,529 $31,365.18
29-Mar-99 $12,782 $32,038.92
30-Mar-99 $12,594 $31,810.88
31-Mar-99 $12,651 $31,459.58
01-Apr-99 $12,600 $31,640.82
02-Apr-99 $12,600 $31,640.82
03-Apr-99 $12,600 $31,640.82
04-Apr-99 $12,600 $31,640.82
05-Apr-99 $12,693 $32,311.12
06-Apr-99 $12,594 $32,233.40
07-Apr-99 $12,506 $32,460.08
08-Apr-99 $12,514 $32,879.50
09-Apr-99 $12,658 $32,986.41
10-Apr-99 $12,658 $32,986.41
11-Apr-99 $12,658 $32,986.41
12-Apr-99 $12,784 $33,238.29
13-Apr-99 $12,756 $33,024.08
14-Apr-99 $12,731 $32,501.67
15-Apr-99 $12,753 $32,365.00
16-Apr-99 $12,751 $32,270.83
17-Apr-99 $12,751 $32,270.83
18-Apr-99 $12,751 $32,270.83
19-Apr-99 $12,682 $31,548.83
20-Apr-99 $12,646 $31,957.18
21-Apr-99 $12,952 $32,691.68
22-Apr-99 $12,925 $33,247.95
23-Apr-99 $12,853 $33,199.50
24-Apr-99 $12,853 $33,199.50
25-Apr-99 $12,853 $33,199.50
26-Apr-99 $12,907 $33,277.56
27-Apr-99 $13,006 $33,345.09
28-Apr-99 $12,936 $33,056.68
29-Apr-99 $12,767 $32,864.82
30-Apr-99 $12,697 $32,677.86
01-May-99 $12,697 $32,677.86
02-May-99 $12,697 $32,677.86
03-May-99 $12,807 $33,153.89
04-May-99 $12,669 $32,600.32
05-May-99 $12,770 $32,982.40
06-May-99 $12,902 $32,611.18
07-May-99 $12,773 $32,928.27
08-May-99 $12,773 $32,928.27
09-May-99 $12,773 $32,928.27
10-May-99 $12,881 $32,822.36
11-May-99 $13,003 $33,199.27
12-May-99 $13,109 $33,411.18
13-May-99 $13,213 $33,499.09
14-May-99 $13,135 $32,771.23
15-May-99 $13,135 $32,771.23
16-May-99 $13,135 $32,771.23
17-May-99 $13,104 $32,813.54
18-May-99 $13,174 $32,664.55
19-May-99 $13,387 $32,933.13
20-May-99 $13,341 $32,802.52
21-May-99 $13,237 $32,593.55
22-May-99 $13,237 $32,593.55
23-May-99 $13,237 $32,593.55
24-May-99 $13,276 $32,014.57
25-May-99 $13,197 $31,470.03
26-May-99 $13,065 $31,973.34
27-May-99 $12,963 $31,405.38
28-May-99 $12,994 $31,906.22
29-May-99 $12,994 $31,906.22
30-May-99 $12,994 $31,906.22
31-May-99 $12,994 $31,906.22
01-Jun-99 $12,833 $31,721.40
02-Jun-99 $12,843 $31,741.40
03-Jun-99 $12,867 $31,857.74
04-Jun-99 $12,904 $32,549.84
05-Jun-99 $12,904 $32,549.84
06-Jun-99 $12,904 $32,549.84
07-Jun-99 $13,098 $32,717.10
08-Jun-99 $13,009 $32,296.75
09-Jun-99 $13,081 $32,331.27
10-Jun-99 $12,988 $31,943.68
11-Jun-99 $12,975 $31,725.63
12-Jun-99 $12,975 $31,725.63
13-Jun-99 $12,975 $31,725.63
14-Jun-99 $12,899 $31,735.05
15-Jun-99 $12,964 $31,910.82
16-Jun-99 $13,073 $32,629.28
17-Jun-99 $13,246 $32,863.55
18-Jun-99 $13,257 $32,935.75
19-Jun-99 $13,257 $32,935.75
20-Jun-99 $13,257 $32,935.75
21-Jun-99 $13,394 $33,087.43
22-Jun-99 $13,446 $32,765.70
23-Jun-99 $13,529 $32,696.93
24-Jun-99 $13,461 $32,273.16
25-Jun-99 $13,389 $32,261.71
26-Jun-99 $13,389 $32,261.71
27-Jun-99 $13,389 $32,261.71
28-Jun-99 $13,505 $32,659.62
29-Jun-99 $13,551 $33,153.04
30-Jun-99 $13,677 $33,676.96
01-Jul-99 $13,975 $33,880.91
02-Jul-99 $13,997 $34,132.63
03-Jul-99 $13,997 $34,132.63
04-Jul-99 $13,997 $34,132.63
05-Jul-99 $13,997 $34,132.63
06-Jul-99 $14,116 $34,060.35
07-Jul-99 $14,150 $34,257.43
08-Jul-99 $14,116 $34,224.25
09-Jul-99 $14,181 $34,441.71
10-Jul-99 $14,181 $34,441.71
11-Jul-99 $14,181 $34,441.71
12-Jul-99 $14,125 $34,339.17
13-Jul-99 $14,110 $34,204.59
14-Jul-99 $14,172 $34,318.58
15-Jul-99 $14,287 $34,599.75
16-Jul-99 $14,290 $34,824.93
17-Jul-99 $14,290 $34,824.93
18-Jul-99 $14,290 $34,824.93
19-Jul-99 $14,137 $34,551.98
20-Jul-99 $13,979 $33,802.18
21-Jul-99 $14,043 $33,857.75
22-Jul-99 $13,964 $33,408.56
23-Jul-99 $13,949 $33,309.63
24-Jul-99 $13,949 $33,309.63
25-Jul-99 $13,949 $33,309.63
26-Jul-99 $13,880 $33,084.28
27-Jul-99 $13,916 $33,454.46
28-Jul-99 $14,008 $33,520.20
29-Jul-99 $13,968 $32,927.50
30-Jul-99 $13,944 $32,625.41
31-Jul-99 $13,944 $32,625.41
01-Aug-99 $13,944 $32,625.41
02-Aug-99 $13,913 $32,609.06
03-Aug-99 $13,837 $32,465.98
04-Aug-99 $13,696 $32,057.04
05-Aug-99 $13,776 $32,265.25
06-Aug-99 $13,685 $31,941.40
07-Aug-99 $13,685 $31,941.40
08-Aug-99 $13,685 $31,941.40
09-Aug-99 $13,755 $31,880.70
10-Aug-99 $13,746 $31,479.62
11-Aug-99 $13,989 $31,991.45
12-Aug-99 $13,954 $31,899.92
13-Aug-99 $14,111 $32,626.55
14-Aug-99 $14,111 $32,626.55
15-Aug-99 $14,111 $32,626.55
16-Aug-99 $14,033 $32,703.42
17-Aug-99 $14,112 $33,032.72
18-Aug-99 $14,213 $32,757.83
19-Aug-99 $14,206 $32,532.06
20-Aug-99 $14,251 $32,852.12
21-Aug-99 $14,251 $32,852.12
22-Aug-99 $14,251 $32,852.12
23-Aug-99 $14,328 $33,432.79
24-Aug-99 $14,289 $33,513.61
25-Aug-99 $14,363 $33,965.54
26-Aug-99 $14,255 $33,479.70
27-Aug-99 $14,183 $33,144.66
28-Aug-99 $14,183 $33,144.66
29-Aug-99 $14,183 $33,144.66
30-Aug-99 $14,239 $32,552.38
31-Aug-99 $14,277 $32,464.00
01-Sep-99 $14,353 $32,733.39
02-Sep-99 $14,099 $32,439.69
03-Sep-99 $14,354 $33,378.49
04-Sep-99 $14,354 $33,378.49
05-Sep-99 $14,354 $33,378.49
06-Sep-99 $14,354 $33,378.49
07-Sep-99 $14,323 $33,214.48
08-Sep-99 $14,439 $33,062.80
09-Sep-99 $14,590 $33,149.19
10-Sep-99 $14,612 $33,247.58
11-Sep-99 $14,612 $33,247.58
12-Sep-99 $14,612 $33,247.58
13-Sep-99 $14,566 $33,070.11
14-Sep-99 $14,406 $32,877.46
15-Sep-99 $14,095 $32,427.86
16-Sep-99 $14,089 $32,442.30
17-Sep-99 $14,046 $32,859.57
18-Sep-99 $14,046 $32,859.57
19-Sep-99 $14,046 $32,859.57
20-Sep-99 $13,960 $32,862.86
21-Sep-99 $13,750 $32,175.18
22-Sep-99 $13,866 $32,247.99
23-Sep-99 $13,657 $31,507.44
24-Sep-99 $13,514 $31,432.39
25-Sep-99 $13,514 $31,432.39
26-Sep-99 $13,514 $31,432.39
27-Sep-99 $13,746 $31,578.80
28-Sep-99 $13,732 $31,559.31
29-Sep-99 $13,640 $31,221.05
30-Sep-99 $13,804 $31,578.86
01-Oct-99 $13,879 $31,582.01
02-Oct-99 $13,804 $31,582.01
03-Oct-99 $13,879 $31,582.01
04-Oct-99 $14,082 $32,119.47
05-Oct-99 $14,100 $32,040.71
06-Oct-99 $14,325 $32,638.07
07-Oct-99 $14,245 $32,447.62
08-Oct-99 $14,209 $32,900.24
09-Oct-99 $14,209 $32,900.24
10-Oct-99 $14,209 $32,900.24
11-Oct-99 $14,280 $32,880.29
12-Oct-99 $14,115 $32,334.37
13-Oct-99 $13,788 $31,659.77
14-Oct-99 $13,788 $31,607.42
15-Oct-99 $13,384 $30,720.58
16-Oct-99 $13,384 $30,720.58
17-Oct-99 $13,384 $30,720.58
18-Oct-99 $13,366 $30,886.32
19-Oct-99 $13,557 $31,063.40
20-Oct-99 $13,533 $31,757.63
21-Oct-99 $13,390 $31,614.65
22-Oct-99 $13,608 $32,059.24
23-Oct-99 $13,608 $32,059.24
24-Oct-99 $13,608 $32,059.24
25-Oct-99 $13,496 $31,861.76
26-Oct-99 $13,427 $31,573.10
27-Oct-99 $13,382 $31,940.08
28-Oct-99 $13,693 $33,072.25
29-Oct-99 $13,592 $33,577.21
30-Oct-99 $13,592 $33,577.21
31-Oct-99 $13,592 $33,577.21
01-Nov-99 $13,325 $33,360.49
02-Nov-99 $13,433 $33,203.73
03-Nov-99 $13,544 $33,385.89
04-Nov-99 $13,614 $33,576.21
05-Nov-99 $13,571 $33,763.66
06-Nov-99 $13,571 $33,763.66
07-Nov-99 $13,571 $33,763.66
08-Nov-99 $13,670 $33,933.83
09-Nov-99 $13,565 $33,651.37
10-Nov-99 $13,546 $33,856.68
11-Nov-99 $13,676 $34,053.89
12-Nov-99 $13,752 $34,416.89
13-Nov-99 $13,752 $34,416.89
14-Nov-99 $13,752 $34,416.89
15-Nov-99 $13,983 $34,376.46
16-Nov-99 $14,293 $35,010.08
17-Nov-99 $14,417 $34,784.76
18-Nov-99 $14,907 $35,137.47
19-Nov-99 $14,723 $35,065.04
20-Nov-99 $14,723 $35,065.04
21-Nov-99 $14,723 $35,065.04
22-Nov-99 $14,881 $35,039.35
23-Nov-99 $14,585 $34,639.03
24-Nov-99 $14,620 $34,946.10
25-Nov-99 $14,620 $34,946.10
26-Nov-99 $14,590 $34,937.27
27-Nov-99 $14,590 $34,937.27
28-Nov-99 $14,590 $34,937.27
29-Nov-99 $14,622 $34,725.97
30-Nov-99 $14,614 $34,259.80
01-Dec-99 $14,584 $34,484.53
02-Dec-99 $14,595 $34,764.09
03-Dec-99 $14,627 $35,362.71
04-Dec-99 $14,627 $35,362.71
05-Dec-99 $14,627 $35,362.71
06-Dec-99 $14,769 $35,117.77
07-Dec-99 $14,787 $34,768.94
08-Dec-99 $14,634 $34,641.56
09-Dec-99 $14,555 $34,746.53
10-Dec-99 $14,723 $34,966.96
11-Dec-99 $14,723 $34,966.96
12-Dec-99 $14,723 $34,966.96
13-Dec-99 $14,581 $34,922.69
14-Dec-99 $14,446 $34,625.78
15-Dec-99 $14,384 $34,877.68
16-Dec-99 $14,513 $35,013.88
17-Dec-99 $14,518 $35,070.54
18-Dec-99 $14,518 $35,070.54
19-Dec-99 $14,518 $35,070.54
20-Dec-99 $14,504 $34,998.30
21-Dec-99 $14,628 $35,377.16
22-Dec-99 $14,594 $35,447.95
23-Dec-99 $14,883 $35,996.53
24-Dec-99 $14,883 $35,996.53
25-Dec-99 $14,883 $35,996.53
26-Dec-99 $14,883 $35,996.53
27-Dec-99 $15,029 $35,965.67
28-Dec-99 $15,047 $35,979.79
29-Dec-99 $15,158 $36,127.69
30-Dec-99 $15,166 $36,153.24
31-Dec-99 $15,155 $36,271.54
01-Jan-00 $15,155 $36,271.54
02-Jan-00 $15,155 $36,271.54
03-Jan-00 $15,189 $35,925.45
04-Jan-00 $14,899 $34,549.06
05-Jan-00 $14,900 $34,618.51
06-Jan-00 $15,144 $34,658.51
07-Jan-00 $15,459 $35,597.42
08-Jan-00 $15,459 $35,597.42
09-Jan-00 $15,459 $35,597.42
10-Jan-00 $15,617 $35,996.45
11-Jan-00 $15,594 $35,527.30
12-Jan-00 $15,572 $35,373.62
13-Jan-00 $15,921 $35,804.10
14-Jan-00 $15,853 $36,186.18
15-Jan-00 $15,853 $36,186.18
16-Jan-00 $15,853 $36,186.18
17-Jan-00 $15,853 $36,186.18
18-Jan-00 $15,993 $35,939.30
19-Jan-00 $16,323 $35,959.67
20-Jan-00 $16,426 $35,704.63
21-Jan-00 $16,366 $35,600.65
22-Jan-00 $16,366 $35,600.65
23-Jan-00 $16,366 $35,600.65
24-Jan-00 $15,797 $34,617.14
25-Jan-00 $15,852 $34,828.13
26-Jan-00 $16,021 $34,683.85
27-Jan-00 $16,017 $34,550.26
28-Jan-00 $15,456 $33,601.62
29-Jan-00 $15,456 $33,601.62
30-Jan-00 $15,456 $33,601.62
31-Jan-00 $15,341 $34,449.07
</TABLE>
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, 2000, the investment advisory fee
represented 1.25% of our average net assets without giving effect to the
waiver of a portion of the fee by AHMC.
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.
We and AHMC have adopted Codes of Ethics governing personal securities
transactions. Under the Codes, our personnel and personnel of AHMC may
purchase and sell securities (including securities held by us) subject to
certain reporting requirements and other procedures.
9
<PAGE> 10
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 (generally 4 P.M.
Eastern Time). 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 at
amounts which it thinks represent their fair value.
PROCEDURES FOR BUYING SHARES
The minimum investment requirements to purchase our shares are:
<TABLE>
<CAPTION>
--------------------------------------------------------------------------
Opening the Account Adding to the
Account
--------------------------------------------------------------------------
<S> <C> <C>
Regular Accounts $1,000 $500
--------------------------------------------------------------------------
IRAs, Custodian Accounts 500 500
and Keogh Accounts
--------------------------------------------------------------------------
</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 shares. We will not
issue share certificates. Each purchase of shares will be confirmed in writing
to the purchaser.
You may buy shares in any of these ways:
BY TELEPHONE
Call 1-800-828-5050 to buy our shares. 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 0367
Cincinnati, OH 45264-0367
10
<PAGE> 11
If you purchase additional shares, you must send a completed investment slip
together with a check that has your account number on it.
THROUGH CERTAIN BROKER-DEALERS
Our shares 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.
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, you must send a completed investment slip
together with a check that has your account number on it.
PROCEDURES FOR REDEEMING 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 us, 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 us 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
11
<PAGE> 12
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 we own is not reasonably practicable, or it is not reasonably
practicable for us fairly to determine the value of its net assets; or (c)
when the Securities and Exchange Commission by Order so permits for the
protection of the our shareholders.
All proper 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 our shares 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 one of our
shareholders and whether you reinvest your distributions or take them in cash.
The tax status of your dividends and distributions will be detailed in your
annual tax statement from us. 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 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 has the privilege of exchanging our shares 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
12
<PAGE> 13
exchange.
- Both we 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 our shares 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 our portfolio securities and monies.
American Data Services, Inc., 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 us.
13
<PAGE> 14
PROSPECTUS
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 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.
December 18, 2000
Our Investment Company Act of 1940 file number is 811-8386.
<PAGE> 15
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, include the name(s) of trustees in which
Others 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 $2,500 or, in the case of an IRA account, $2,000. Subsequent Investments of
-------------------- $250 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) have signed and filed with you a new request to receive dividends and capital
gain distributions in cash.
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 16
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.
<TABLE>
<S> <C>
[ ][ ][ ][ ][ ][ ][ ][ ][ ]
Social Security or Taxpayer Identification Number --------------------------------------------------------
Citizenship--If other than U.S.A.
</TABLE>
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 your 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 AMERICAN HERITAGE GROWTH FUND?
-------------
--------------------------------------------------------------------------------
12/00
<PAGE> 17
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 December
14, 2000 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.
December 18, 2000
<PAGE> 18
TABLE OF CONTENTS
<TABLE>
<S> <C>
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 10
INVESTMENT ADVISORY AND OTHER SERVICES 12
RETURNS 13
CUSTODIAN 14
INDEPENDENT ACCOUNTANTS 14
TRANSFER AGENT 14
INFORMATION ABOUT THE FUND 14
FINANCIAL STATEMENTS 15
</TABLE>
2
<PAGE> 19
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
We may invest in convertible securities. 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
3
<PAGE> 20
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 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
4
<PAGE> 21
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 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.
5
<PAGE> 22
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 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.
6
<PAGE> 23
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.
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.
7
<PAGE> 24
<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
1370 Avenue of the of Directors, Chief Directors, Chief Executive
Americas Executive Officer and Officer and Secretary of the
New York, NY Secretary Fund and The American Heritage
Fund, Inc. Chief Executive
Officer of American 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
75 Club Road more than five years.
Riverside, CT
Eugene Sarver 56 Director Sole proprietor of Sarver
241 W. 97th St. International (financial and
New York, NY economic consulting) and
Associate of Intercap
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 1994. Mr. Swope became a member of the Board of Directors in 1999. Each
of the Fund's Directors is
8
<PAGE> 25
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 Fund.
During the fiscal year ended January 31, 2000, 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.
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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 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, 1998, 1999 and 2000, the Fund
paid brokerage commissions of $20,271, $9,256 and $12,435, respectively, to
TSI. During the fiscal year ended January 31, 2000, the commissions paid by
the Fund to TSI represented approximately 88% of the total brokerage
commissions paid by the Fund that year. During the same year, approximately
98% of the Fund's aggregate dollar transactions involving the payment of
brokerage commissions was effected through TSI.
CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES
On April 25, 2000, National Financial Services, Inc., P.O. Box 3908,
Church Street Station, New York, NY; Charles Nelson, 6411 Coachlight Road,
Crystal Lake, IL; Cheryl Anglin, 300 Flowers Drive, Covington, GA and Jane and
Jack Behrens, 1100 142 Place N.E., Bellvue, WA owned of record approximately
9.5%, 6.7%, 5.5% and 5.0% of the shares of the Fund's outstanding capital
stock, respectively.
On April 25, 2000, the Fund's officers and directors as a group owned
approximately 4.4% 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 "Code"). The
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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.
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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 "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 controls AHMC by virtue of his record and beneficial
ownership of allof its outstanding capital stock. 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
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provides the Fund with continuous investment advice. AHMC bears the expenses
of the Fund's trading operations. Trading operations do not include the
payment of brokerage commissions. All expenses of the Fund, other than its
trading operations, 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. AHMC has agreed to
waive any investment advisory fees to the extent that our operating expenses
exceed 2.5% of our average net assets after giving effect to the payment of
the fee
During the fiscal years ended January 31, 1998, 1999 and 2000, the Fund
incurred investment advisory fees to AHMC of $20,098, $12,200 and $8,828,
respectively. Such fees were not paid, however, pursuant to the prior
agreements with AHMC. In addition, AHMC reimbursed the Fund $124,827 and
$87,810 for the respective fiscal years ended January 31, 1998 and 1999 and in
connection with a prior agreement.
During the fiscal year ended January 31, 2000, 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.
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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
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.
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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.
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