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Activa Mutual Fund Trust · N-30D · For 6/30/99

Filed On 8/17/99   ·   Accession Number 891804-99-1662   ·   SEC File 811-02168

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  As Of                Filer                Filing    For/On/As Docs:Size              Issuer               Agent

 8/17/99  Activa Mutual Fund Trust          N-30D       6/30/99    1:26K                                    Kelvyn Press Inc/FA

Annual or Semi-Annual Report Mailed to Shareholders   —   Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Amway Mutual Fund                                     11     56K 

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AMWAY MUTUAL FUND 7575 Fulton Street East Ada, Michigan, 49355-7150 FORWARDING SERVICE REQUESTED STANDARD A U.S. POSTAGE PAID SOUTH SUBURBAN, IL PERMIT NO. 3602 Amway Mutual Fund Semi-Annual Report 1999 AMWAY MUTUAL FUND Dear Shareholders: I am pleased to provide you with the Semi-Annual Report to shareholders for Amway Mutual Fund for the six months ended June 30, 1999. During the first six months of 1999, stock markets continued to hit new highs amid a strong economy and low inflation. During the second quarter of 1999, value stocks had an advantage over growth stocks as the large cap growth dominance moderated and gains in the stock market broadened. This style rotation was positive for your Fund, which returned 12.1% in the first half of 1999, compared with a return of 11.7% for the S&P 500. The fear of rising inflation and the Federal Reserve Bank tightening credit has lead to instability in the stock markets. We anticipate this instability will continue into the second half of 1999. As the cost of borrowing for companies increase, they reduce capital investment and profits are reduced. Should interest rates continue to rise, your Fund's value strategy should cushion any market downturns. There are many changes coming to your Fund. We will be introducing a new family of funds shortly, expanding your choices of asset classes. Many new services will also be added to the family of funds, increasing your options for obtaining account and performance information and for buying and selling shares. We will be launching our web site, with educational and investment tools to assist you in reaching your investment goals. Statements showing your account balance, asset allocation and transactions during the quarter will be provided to you on a quarterly basis. The name of your Fund will change to Activa Value Fund, as part of your new Activa Mutual Fund family. Be on the lookout for more information on the new funds and services in the near future. We have been working hard to bring the latest technology and highest level of service to your Fund. We know you will be pleased with the changes and the many new options that will be available. Sincerely, James J. Rosloniec President Trustees Richard A. DeWitt Allan D. Engel Donald H. Johnson Walter T. Jones James J. Rosloniec Richard E. Wayman Transfer Agent Amway Management Company 7575 Fulton Street East Ada, Michigan 49355-7150 Custodian The Northern Trust Company 50 South LaSalle Street Chicago IL 60675 Auditors Investment Adviser BDO Seidman, LLP Amway Management Company 99 Monroe Avenue, NW 7575 Fulton Street East Grand Rapids Michigan 49503 Ada, Michigan 49355-7150 Legal Matters Sub-Advisor John Dougherty Ark Asset Management Co., Inc. Attorney at Law 125 Broad Street 55 Connecticut Ave., NW 12th Floor Washington DC 20035 New York, NY 10004 August 20, 1999 2
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AMWAY MUTUAL FUND SCHEDULE OF INVESTMENTS June 30, 1999 (Unaudited) % of Shares or Market Investments Par Value Value ----------- ----------- ----------- BANKING 7.32% Bank of America Corporation 73,600 5,395,800 Bank One Corp. 39,400 2,346,763 BankBoston Corp. 80,500 4,115,563 Keycorp. 17,900 575,037 Washington Mutual, Inc. 101,400 3,587,025 ------------ 16,020,188 ------------ BUSINESS SERVICES 1.94% Bell Atlantic Corp. 64,864 4,240,484 ------------ CHEMICALS & ALLIED PRODUCTS 3.24% Air Products & Chemicals, Inc. 83,100 3,344,775 DuPont (E. I.) De Nemours 54,800 3,743,525 ------------ 7,088,300 ------------ COMMUNICATION 5.81% AT&T Corp. 57,200 3,192,475 GTE Corp. 69,600 5,272,200 US West, Inc. 72,400 4,253,500 ------------ 12,718,175 ------------ CREDIT AGENCIES OTHER THAN BANKS 0.83% Household International, Inc. 38,200 1,809,725 ------------ ELECTRIC & ELECTRONIC EQUIPMENT 5.55% Alliedsignal, Inc. 31,000 1,953,000 Compaq Computer Corp. 181,000 4,287,438 Emerson Electric Co. 47,500 2,986,563 Raytheon Co. Class A 30,700 2,114,462 Raytheon Co. Class B 11,500 809,312 ------------ 12,150,775 ------------ ELECTRIC, GAS, & SANITARY SERVICES 6.34% American Electric Power Co. 47,000 1,765,438 FPL Group, Inc. 39,200 2,141,300 FirstEnergy Corp. 78,100 2,421,100 Public Service Enterprises Group 48,800 1,994,700 Texas Utilities Co. 68,400 2,821,500 Waste Management Inc. *50,800 2,730,500 ------------ 13,874,538 ------------ The accompanying notes are an integral part of these financial statements. 3
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AMWAY MUTUAL FUND SCHEDULE OF INVESTMENTS June 30, 1999 (Unaudited) % of Shares or Market Investments Par Value Value ----------- ----------- ----------- FABRICATED METAL PRODUCTS 2.96% Crown Cork & Seal Company 89,500 2,550,750 Masco Corp. 135,800 3,921,225 ------------ 6,471,975 ------------ FOOD AND KINDRED PRODUCTS 5.27% Archer-Daniels-Midland 273,410 4,220,767 BestFoods 32,900 1,628,550 Conagra, Inc. 121,800 3,242,925 The Pepsi Bottling Group, Inc. 106,000 2,444,625 ------------ 11,536,867 ------------ FURNITURE AND FIXTURES 1.59% Newell Rubbermaid, Inc. 74,800 3,478,200 ------------ GENERAL MERCHANDISE STORES 4.69% Federated Department Stores *78,700 4,166,181 May Dept. Stores Co. 80,450 3,288,394 Sears, Roebuck & Company 63,100 2,811,894 ------------ 10,266,469 ------------ HEALTH SERVICES 1.27% Tenet Healthcare Corp. *149,600 2,776,950 ------------ INSTRUMENTS AND RELATED PRODUCTS 3.78% Baxter International, Inc. 71,900 4,358,937 Eastman Kodak Co. 57,800 3,915,950 ------------ 8,274,887 ------------ INSURANCE AGENTS, BROKERS, & SERVICE 1.44% Cigna Corp. 35,400 3,150,600 ------------ INSURANCE CARRIERS 10.29% Aetna Inc. 60,100 5,375,194 Allstate Corp. 118,900 4,265,538 Chubb Corp. 71,100 4,941,450 Loews Corp. 21,500 1,701,187 St. Paul Cos., Inc. 105,000 3,340,312 Unum Corp. 52,700 2,885,325 ------------ 22,509,006 ------------ The accompanying notes are an integral part of these financial statements. 4
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AMWAY MUTUAL FUND SCHEDULE OF INVESTMENTS June 30, 1999 (Unaudited) % of Shares or Market Investments Par Value Value ----------- ----------- ----------- MACHINERY, EXCEPT ELECTRICAL 2.32% Deere & Co. 78,100 3,094,713 Seagate Technology *77,700 1,991,062 ------------ 5,085,775 ------------ OIL AND GAS EXTRACTION 12.03% Burlington Resources 83,000 3,589,750 Conoco, Inc. CL A 170,000 4,738,750 Halliburton Co. 52,700 2,384,675 Occidental Petroleum Corp. 89,500 1,890,688 Praxair, Inc. 74,400 3,640,950 Schlumberger Ltd. 18,300 1,165,481 Tenneco, Inc. 48,500 1,157,937 USX-Marathon Group 52,600 1,712,787 Union Pacific Resources 147,000 2,397,938 Unocal Corp. 91,800 3,637,575 ------------ 26,316,531 ------------ PAPER & ALLIED PRODUCTS 6.66% Champion International Corp. 63,200 3,025,700 Fort James Corp. 117,100 4,435,163 International Paper Co. 85,800 4,332,900 Kimberly-Clark Corp. 48,600 2,770,200 ------------ 14,563,963 ------------ PETROLEUM & COAL PRODUCTS 2.15% Amerada Hess Corp. 39,800 2,368,100 Atlantic Richfield Company 15,600 1,303,575 Texaco, Inc. 15,200 950,000 Tosco Corp. 3,200 83,000 ------------ 4,704,675 ------------ PRINTING AND PUBLISHING 0.93% Gannett Co. 28,500 2,034,187 ------------ RAILROAD TRANSPORTATION 5.05% Burlington Northern Santa Fe 143,400 4,445,400 CSX Corp. 83,800 3,797,188 Norfolk Southern Corp. 93,100 2,804,637 ------------ 11,047,225 ------------ The accompanying notes are an integral part of these financial statements. 5
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AMWAY MUTUAL FUND SCHEDULE OF INVESTMENTS June 30, 1999 (Unaudited) % of Shares or Market Investments Par Value Value ----------- ----------- ----------- RUBBER AND MISC. PLASTICS PRODUCTS 1.53% Goodyear Tire & Rubber Co. 56,800 3,340,550 ------------ STONE, CLAY & GLASS PRODUCTS 1.16% PPG Industries 43,100 2,545,594 ------------ TRANSPORTATION EQUIPMENT 4.28% Dana Corp. 102,400 4,716,800 Ford Motor Co. 34,700 1,958,381 Lockheed Martin Corp. 72,500 2,700,625 ------------ 9,375,806 ------------ WHOLESALE TRADE - DURABLE GOODS 0.66% Delphi Automotive Systems 77,800 1,444,162 ------------ WHOLESALE TRADE - NONDURABLE GOODS 0.91% McKesson HBOC, Inc. 62,000 1,991,750 ------------ Total Common Stock (Cost $207,439,451) 100.00% $218,817,357 ============ *Non-dividend producing as of June 30, 1999 The accompanying notes are an integral part of these financial statements. 6
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AMWAY MUTUAL FUND STATEMENT OF ASSETS AND LIABILITIES FOR THE SIX MONTHS ENDED June 30, 1999 (Unaudited) ASSETS Investments in securities, at market (identified cost $207,439,451) (Notes 1 and 5) $218,817,357 Cash 514,589 Receivables: Securities sold 954,089 Dividends 449,868 Fund shares sold 102,945 Interest 25,335 Miscellaneous 1,953 Prepaid insurance 5,326 Reorganization costs 122,906 ----------- TOTAL ASSETS 220,994,368 LIABILITIES Accounts payable: Advisory fee (Note 6) 257,898 Fund shares redeemed 231,183 12b-1 fee (Note 6) 128,011 Transfer agent fee (Note 6) 65,388 ----------- TOTAL LIABILITIES 682,480 ----------- NET ASSETS Capital stock (40,000,000 shares of $1.00 par value authorized), amount paid in on 27,358,945 shares outstanding (Note 4) 196,970,527 Undistributed net investment income 1,141,104 Accumulated net realized gain on investments 10,822,350 Net unrealized appreciation on investments 11,377,907 ----------- TOTAL NET ASSETS (equivalent to $8.05 per share) $220,311,888 =========== Net asset value per share: Class A - based on net assets of $219,806,609 and 27,295,992 shares outstanding $8.05 Class R - based on net assets of $505,279 and 62,953 shares outstanding $8.03 The accompanying notes are an integral part of these financial statements. 7
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AMWAY MUTUAL FUND STATEMENT OF INCOME FOR THE SIX MONTHS ENDED June 30, 1999 (Unaudited) INVESTMENT INCOME Income Dividends $1,986,273 Interest 110,900 Securities litigation settlement 3,846 ----------- Total income 2,101,018 Expenses Advisory fee (Note 6) 487,902 12b-1 fee - Class A (Note 6) 238,570 Transfer agent fees - Class A (Note 6) 129,506 Transfer agent fees - Class R (Note 6) 413 Custodian fee 25,521 Legal services 20,815 Shareholder communications 18,100 Data processing service (Note 7) 15,558 Amortization of reorganization costs 15,075 Audit fees 13,213 Registration fees 11,403 Insurance 5,950 ----------- Total expenses 982,024 Fees paid indirectly (Note 7) -15,558 ----------- Net expenses 966,466 ----------- NET INVESTMENT INCOME 1,134,552 REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized gain (Note 5) 11,400,567 Unrealized appreciation on investments Beginning of year 2,459,552 June 30, 1999 11,377,907 ----------- Net change in unrealized appreciation on investments 8,918,355 ----------- NET GAIN ON INVESTMENTS 20,318,922 ----------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $21,453,474 =========== The accompanying notes are an integral part of these financial statements. 8
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[Enlarge/Download Table] AMWAY MUTUAL FUND STATEMENT OF CHANGES IN NET ASSETS Six Months Ended Year Ended June 30, 1999 December 31, 1998 (Unaudited) (Audited) NET ASSETS FROM OPERATIONS Net investment income $ 1,134,552 $ 1,665,189 Net realized gain on investments 11,400,567 25,406,792 Net increase (decrease) in unrealized appreciation 8,918,355 (10,357,465) ----------- ----------- Net increase in net assets resulting from operations 21,453,474 16,714,516 ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS (Note3) Net investment: Class A -- (1,662,878) Class R -- (1,625) Net realized gain from investment transactions: Class A -- (25,670,393) Class R -- (19,517) ----------- ----------- Total distributions to shareholders -- (27,354,413) ----------- ----------- CAPITAL SHARE TRANSACTIONS (Notes 4 and 6) Net proceeds from sale of shares: Class A 31,935,180 65,648,672 Class R 352,185 135,152 Net asset value of shares issued to shareholders in reinvestment of investment income and realized gain from security transactions: Class A -- 25,976,297 Class R -- 21,142 Payment for shares redeemed: Class A (13,384,295) (40,349,536) Class R (61) -- ----------- ----------- Net increase in net assets derived from capital share transactions 18,903,009 51,431,727 ----------- ----------- Net Increase in Net Assets 40,356,483 40,791,830 NET ASSETS Beginning of period 179,955,405 139,163,575 ----------- ----------- End of period (includes undistributed net investment income of $1,141,104 and $6,548, respectively) $220,311,888 $179,955,405 =========== =========== The accompanying notes are an integral part of these financial statements. 9
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AMWAY MUTUAL FUND NOTES TO FINANCIAL STATEMENTS (Unaudited) NOTE 1-SIGNIFICANT ACCOUNTING POLICIES Amway Mutual Fund (Fund) is a series of Amway Mutual Fund Trust (Trust), an open-end management investment company registered under the Investment Company Act of 1940. The Trust was organized as a Delaware business trust on February 2, 1998. The Fund is the successor of Amway Mutual Fund, Inc. (See Note 2) (A) Share Class-The Fund offers two classes of shares (Class A and Class R). Each share of Class A and Class R represents an equal proportionate interest in the Fund and, generally, will have identical voting, dividend, liquidation, and other rights and the same terms and conditions. Each class will have exclusive voting rights with respect to matters affecting only that class. Each class bears different distribution, shareholder servicing and transfer agent expenses. Income, non-class specific expenses, and realized and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets. (B) Security Valuation-Investments in securities listed or admitted to trading on a national securities exchange are valued at their last reported sale price before the time of valuation. If a security is traded only in the over-the-counter market, or if no sales have been reported for a listed security on that day, it is valued at the mean between the current closing bid and ask prices. Securities for which market quotations are not readily available, including any restricted securities (none at June 30, 1999), and other assets of the Fund are valued at fair market value as determined in good faith by the Fund's Board of Trustees. (C) Federal Income Taxes-It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to make distributions of income and capital gains sufficient to relieve it from substantially all federal income taxes. (D) Security Transactions and Related Investment Income-Security transactions are accounted for on the trade date and dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Realized gains and losses from security transactions and unrealized appreciation and depreciation of investments are reported on a specific identification basis. Dividends and distributions to shareholders are recorded by the Fund on the ex-dividend date. (E) Reorganization Costs-Costs incurred during the Fund's reorganization and issuance of Class R shares are being amortized over a period of 60 months using the straight-line method. NOTE 2-REORGANIZATION AND REGISTRATION OF CLASS R SHARES The Fund, formerly Amway Mutual Fund, Inc., was reorganized as a series of the Trust in accordance with the Agreement and Plan of Reorganization, approved on April 28, 1998 by the shareholders and Board of Trustees of Amway Mutual Fund, Inc. In 1998, the Fund began offering Class R shares, following their registration with the SEC on November 1, 1998. These shares are offered to tax-exempt retirement and benefit plans of Amway Corporation and its affiliates, and are not subject to any sales charges or 12b-1 distribution fees. NOTE 3-DISTRIBUTION TO SHAREHOLDERS On December 18, 1998, a distribution of $1.3117 and $1.3345 aggregating $27,333,271 and $21,142 was declared from ordinary income and net realized gains from investment transactions (including $.6516 applicable to short-term gains that are taxable to shareholders as ordinary income dividends and $.5803 applicable to long-term gains) during 1998, for Class A and Class R, respectively. The dividend was paid on December 23, 1998 to shareholders of record on December 17, 1998. 10
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AMWAY MUTUAL FUND NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) NOTE 4-CAPITAL STOCK At June 30, 1999, there were 40,000,000 shares of $1.00 par value capital stock authorized. Transactions in capital stock were as follows: [Enlarge/Download Table] Six Months Year Ended Ended December June 30, 1999 31, 1998 ------------ ------------ Shares Class A Class R Class A Class R ------- ------- ------- ------- Outstanding, beginning of period 25,036,115 18,916 17,999,216 -- Sold 4,054,209 44,045 8,659,484 15,908 Issued in payment of dividends -- -- 3,684,581 3,008 --------- --------- --------- --------- 4,054,209 44,045 12,344,065 18,916 Redeemed 1,794,332 8 5,307,166 -- --------- --------- --------- --------- Net increase for the period 2,259,877 44,037 7,036,899 18,916 --------- --------- --------- --------- Outstanding, end of period 27,295,992 62,953 25,036,115 18,916 NOTE 5-INVESTMENT TRANSACTIONS At June 30, 1999, the cost of investments owned was $207,842,402 for federal income tax purposes. Aggregate gross unrealized gains on securities in which there was an excess of market value over tax cost were $19,103,620. Aggregate gross unrealized losses on securities in which there was an excess of tax cost over market value were $8,128,664. Net unrealized gains for tax purposes were $10,974,956 at June 30, 1999. Realized gains from sales of investments were determined on the basis of specific identification. For tax purposes gains of $11,287,558 were realized on investments. For the period ended June 30, 1999, cost of purchases and proceeds from sales of investments, other than corporate short-term notes, aggregated $94,400,821 and $68,912,546, respectively. NOTE 6-INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES The Fund has entered into an Advisory and Service Contract (Contract) with Amway Management Company (Investment Advisor). Under the Contract, the Fund employs the Investment Advisor to furnish investment advice and manage on a regular basis the investment portfolio of the Fund; to furnish for the use of the Fund, office space and all necessary office facilities, equipment and personnel for servicing the investments of the Fund, and (with certain exceptions) administering its affairs; and to pay the salaries and fees of all Officers and Trustees of the Fund. Except when otherwise specifically directed by the Fund, the Investment Advisor will make investment decisions on behalf of the Fund and place all orders for the purchase and sale of portfolio securities for the Fund's account. The Investment Advisor shall be permitted to enter into an agreement with another advisory organization (sub-advisor), whereby the sub-advisor will provide all or part of the investment advice and services required to manage the Fund's investment portfolio as provided for in this agreement. In return for its Investment Advisor services, the Fund pays the Investment Advisor quarterly, pursuant to the contract, a fee at the annual rate of 0.55% on the first $100 million of average daily net assets of the Fund, 0.50% on the next $50 million in assets, and 0.45% on the next $50 million in assets. When the Fund's assets reach $200 million, the rate would be 0.50 % on assets up to $200 million and 0.45% on assets in excess of $200 million, so long as the Fund continued to have at least $200 million in assets. The advisory fee incurred by the Fund amounted to $487,902 for the period ended June 30, 1999. 11
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AMWAY MUTUAL FUND NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued) The Investment Advisor has entered into a Sub-Advisory Agreement with Ark Asset Management Co., Inc. (Sub-Advisor). Under the Sub-Advisory Agreement, the Advisor employs the Sub-Advisor to furnish investment advice and manage on a regular basis the investment portfolio of the Fund, subject to the direction of the Advisor, the Board of Trustees of the Fund, and to the provisions of the Fund's current Prospectus. Except when otherwise specifically directed by the Fund or the Advisor, the Sub-Advisor will make investment decisions on behalf of the Fund and place all orders for the purchase or sale of portfolio securities for the Fund's account. For services rendered, the Investment Advisor, not the Fund, pays the Sub-Advisor a fee at the annual rate of 0.45% on the first $100 million of average daily net assets of the Fund, 0.40% on the next $50 million in assets and 0.35% on the next $50 million in assets. When the Fund's assets reach $200 million, the rate would be 0.40% on assets up to $200 million and 0.35% on assets in excess of $200 million, so long as the Fund continued to have at least $200 million in assets. Under the Plan and Agreement of Distribution, pursuant to Rule 12b-1 under the Investment Company Act of 1940 with Amway Management Company (AMC), which became effective on April 22, 1998, AMC provides services in connection with distributing the Fund's shares. For these services rendered, the Fund compensates AMC at a maximum annual rate of .25 of 1% of the average net assets of the Fund. The Fund has a transfer agency and dividend disbursing agency agreement with AMC. Under this agreement, AMC is the agent for transfer of the Fund's shares and disbursement of the Fund's distributions. The fees incurred by the Fund in connection with these services were $129,506 and $413 for Class A and Class R, respectively, for the period ended June 30, 1999. A beneficial shareholder of Amway Management Company is also a beneficial shareholder of 42.5% (as of June 30, 1999) of the outstanding capital shares of the Fund. Certain officers and trustees of the Fund are affiliated with the investment advisor and transfer agent. The officers serve without compensation from the Fund. Trustees' fees, amounting to $30,000, for the period ended June 30, 1999, were paid by Amway Management Company, the Fund's investment advisor. The trustees' payments consist of an annual retainer plus a per meeting fee. NOTE 7-DATA PROCESSING SERVICE Portfolio accounting services for the Fund in the amount of $15,558 for the period ended June 30, 1999 are paid for through the use of directed brokerage commissions. NOTE 8-RELATED PARTY TRANSACTION A certain class of distributors of Amway Corporation and Amway of Canada, Ltd. (Corporations) received from each corporation part of its distributor's profit-sharing bonus in Amway Mutual Fund common stock shares. On January 14, 1999, the Corporations purchased 353,892 Amway Mutual Fund shares valued at $2,526,792 (based on the net asset value of $7.14 per share) and transferred the shares to these distributors. FINANCIAL HIGHLIGHTS (Selected data for each share of capital stock outstanding throughout each period.) [Enlarge/Download Table] Six Month Ended Year Ended June 30, 1999 December 31, 1998 (unaudited) (audited) Class A Class R Class A Class R* -------- -------- -------- -------- Net Asset Value, beginning of period $ 7.18 $ 7.16 $ 7.73 $ 8.42 ----------- -------- ----------- -------- Income (loss) from investment operations: Net investment income .04 .02 .08 .09 Net realized and unrealized gain (loss) on securities .83 .85 .68 (.02) ----------- -------- ----------- -------- Total income (loss) from investment operations .87 .87 .76 .07 ----------- -------- ----------- -------- Distributions: Dividends from net investment income -- -- .08 .10 Distributions from capital gains -- -- 1.23 1.23 ----------- -------- ----------- -------- Total distributions -- -- 1.31 1.33 ----------- -------- ----------- -------- Net Asset Value, end of period $ 8.05 $ 8.03 $ 7.18 $ 7.16 =========== ======== =========== ======== Total Return** 12.12% 12.15% 10.17% 7.08% RATIOS/SUPPLEMENTAL DATA Net assets, end of period $219,806,609 $505,279 $179,820,020 $135,385 Ratio of expenses to average net assets .5% .5% 1.0% 1.0% Ratio of net income (loss) to average net assets .6% .6% 1.0% 1.8% Portfolio turnover rate 37.0% 37.0% 101.1% 101.1% Average commission rate paid per share for portfolio transactions $ .0500 $ .0500 $ .0521 $ .0521 *The Fund began offering Class R Shares on November 1, 1998. Class R's return and ratios have been annualized. **The six months ended June 30, 1999 is not annualized but an aggregate total return for the period. The accompanying notes are an integral part of these financial statements.

Dates Referenced Herein   and   Documents Incorporated By Reference

Referenced-On Page
This N-30D Filing   Date First   Last      Other Filings
2/2/989
4/22/9811
4/28/989
11/1/98911
12/17/989
12/18/989
12/23/989
12/31/9881124F-2NT, NSAR-B
1/14/9911
For The Period Ended6/30/99111NSAR-A
Filed On / Filed As Of8/17/99
8/20/991
 
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