United States Securities and Exchange Commission Washington, DC 20549 Form N-CSR Certified Shareholder Report of Registered Management Investment Companies 811-09481 (Investment Company Act File Number) HUNTINGTON VA FUNDS (Exact Name of Registrant as Specified in Charter) 5800 Corporate Drive Pittsburgh, Pennsylvania 15237-7010 (Address of Principal Executive Offices) 1-800-544-8347 (Registrant's Telephone Number) Ronald J. Corn, Esq. The Huntington National Bank 41 South High Street Columbus, Ohio 43287 (Name and Address of Agent for Service) (Notices should be sent to the Agent for Service) Copies to: Alyssa Albertelli, Esq. Ropes & Gray One Metro Center 700 12th Street, NW Suite 900 Washington, DC 20005-3333 Date of Fiscal Year End: December 31, 2003 Date of Reporting Period: Fiscal year ended December 31, 2003 Item 1. Reports to Stockholders
Huntington
VA Growth Fund
Portfolio Manager
[photo of Jim Gibboney]
Jim Gibboney, CFA
Senior Vice President
Huntington Asset Advisors, Inc.
Average Annual Total Return for the Period Ended 12/31/2003 | ||
1 Year | 15.95% | |
Inception (5/1/01) | (5.94)% |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Growth Fund from May 1, 2001 (inception) to December 31, 2003, compared to the S&P 500.
Past performance is no guarantee of future results. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal will fluctuate, so that an investor's shares when redeemed, may be worth more or less than their original cost. The performance information does not include the charges and expenses imposed by the insurance company under the variable insurance product contract. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/03, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company's separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.
For the fiscal year ended December 31, 2003, the Huntington VA Growth Fund produced a total return of 15.95%. This compares to a return of 28.68% for the Standard and Poor's 500 Index (S&P 500).1
The Fund was impacted by the stock market's general decline early in the year, and its subsequent dramatic recovery based on the expectations of an economic recovery, continued low interest rates, passage of a tax cut plan and a quick victory in Operation Iraqi Freedom.
In general, high quality, large capitalization stocks underperformed in 2003. And while the S&P 500 is considered a large capitalization index, the smaller, riskier stocks within the index dramatically outperformed their larger brethren. The Fund tended to own the large companies within the S&P 500.
This phenomenon seemed to predominate each of our sectors, except for financials and consumer staples where we performed in line with the market. The Fund's sector weightings adhered to its Investment Policy sector guidelines. Each year we consider trimming some of our larger positions where we have accumulated large capital gains, and while we continued with that long-term strategy in 2003, some of those larger positions did not perform in line with the market.
American International Group, Inc., Anadarko Petroleum Corp. and Pfizer, Inc. were three of our largest positions at year-end. While all three had positive performance for the year, each underperformed the market return. Avery Dennison and Kohl's were also examples of larger holdings which contributed negatively to the Fund's performance. Home Depot, Intel, Texas Instruments, Analog Devices and Cisco Systems were holdings that contributed positively to the Fund's performance.
1 The S&P 500 is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index.
Huntington
VA Income Equity Fund
Portfolio Managers
[Photo of Craig J. Hardy]
Craig J. Hardy, CFA, MBA
Vice President and Senior Portfolio Manager
Huntington Asset Advisors, Inc
[Photo Christopher G. Cwiklinski]
Christopher G. Cwiklinski, CFA
Vice President and Senior Portfolio Manager
Huntington Asset Advisors, Inc
Average Annual Total Return for the Period Ended 12/31/2003 | ||
1 Year | 18.43% | |
3 Year | 2.96% | |
Inception (10/21/99) | 3.32% |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Income Equity Fund from October 21, 1999 (inception) to December 31, 2003, compared to the S&P 500 and the LEIFI.
Past performance is no guarantee of future results. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal will fluctuate, so that an investor's shares when redeemed, may be worth more or less than their original cost. The performance information does not include the charges and expenses imposed by the insurance company under the variable insurance product contract. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/03, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company's separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts. Variable investment options are not obligations of or guaranteed by any bank and a re not federally insured.
* The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.
For the year ended December 31, 2003, the total return for the Huntington VA Income Equity Fund was 18.43%. This compares to a return of 28.68% for the Standard and Poor's 500 Index (S&P 500)1 and a return of 25.83% for the Lipper Equity Income Funds Index (LEIFI).2
During 2003, the Fund was positioned relatively conservatively, with an emphasis on stocks with high dividends and modest dividend growth prospects. This conservative approach tended to produce returns that were less volatile than those of the benchmark index, the S&P 500. This was the primary reason why the Fund underperformed its benchmark during 2003, a period of comparatively strong stock market returns.
From a sector perspective, the sectors that contributed most positively to the performance of the Fund in 2003 were the financial sector, led by diversified and regional banks and multi-line insurance companies; the industrial sector, led by conglomerates, printing and electrical equipment companies; and the energy sector, led by integrated oil and gas companies. The sectors that negatively impacted the Fund in 2003 were the telecommunications sector, with its diversified telecommunications services stocks and the utilities sector, including both electrical and gas utility companies. Further, the stocks in the Fund's portfolio from the information technology sector, selected for their dividend producing capacity, also negatively impacted the Fund.
The stocks that contributed most positively to the performance of the Fund last year were FleetBoston Financial, due to its announced merger with Bank of America; JP Morgan Chase, as it recovered from a weak year in 2002 and lowered its loan losses and non-performing assets; Textron, as it benefited from a recovery in industrial markets; and Occidental Petroleum, due to higher volume and prices in crude oil. The stocks that negatively impacted Fund performance in 2003 were Eastman Kodak, which suffered from continuing erosion of its market share by digital photography; Federal Signal, which experienced softness in its municipal fire-fighting equipment business; Schering-Plough, which lost sales as its principal drug Claritin came off of patent protection; and TECO Energy, which experienced weakness in its merchant power unit.
1 The S&P 500 is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index.
2 Lipper figures represent the average of the total returns reported by the largest mutual funds designated by Lipper, Inc. as falling into the category indicated. They do not reflect sales charges.
Huntington
VA Rotating Markets Fund
Portfolio Manager
[Photo of Paul Koscik]
Paul Koscik, CFP
Vice President
Huntington Asset Advisors, Inc.
Average Annual Total Return for the Period Ended 12/31/2003 | ||
1 Year | 24.35% | |
Inception (10/15/01) | 4.53% |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Rotating Markets Fund from October 15, 2001 (inception) to December 31, 2003, compared to the S&P 500.
Past performance is no guarantee of future results. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal will fluctuate, so that an investor's shares when redeemed, may be worth more or less than their original cost. The performance information does not include the charges and expenses imposed by the insurance company under the variable insurance product contract. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/03, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company's separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts. Variable investment options are not obligations of or guaranteed by any bank and a re not federally insured.
* The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.
For the year ended December 31, 2003, the Huntington VA Rotating Markets Fund produced a return of 24.35%. This compares to the return of 28.68% for the Standard and Poor's 500 Index (S&P 500).1
The Fund began 2003 invested in the small-cap segment2 of the stock market. In early January, small-cap performance began to significantly deteriorate, and therefore we rotated out of the small-cap segment and into the large-cap segment of the market. Due to the poor performance of the small-cap segment, the Fund's first quarter return trailed the S&P 500 by 2.7%. Despite the Fund's enhanced returns for the rest of the year, it was never able to make up its first quarter shortfall.
In September, we rotated from the large-cap segment of the stock market to the international segment to give the Fund exposure to mid- and small-cap indices in the U.S. as well as in selected non-U.S. stock markets throughout the world.3 The Fund's rotation into the international segment proved beneficial as the Fund outperformed the S&P 500 in both the third and fourth quarter.
Some of the Exchange Traded Funds4 that contributed to the Fund's strong performance in the fourth quarter were the iShares MSCI EAFE Index Fund,5 the iShares MSCI Japan Index Fund6 and the Nasdaq 100 Index Tracking Stock.7
1 The S&P 500 is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index.
2 Small company stocks may be less liquid and subject to greater price volatility than large capitalization stocks.
3 International investing involves special risks including currency risk, increased volatility of foreign securities, and differences in auditing and other financial standards.
4 ExchangeTraded Funds are subject to risks similar to those of stocks.
5 iShares MSCI EAFE Index Fund invests in most of the same stocks listed in the MSCI EAFE Index. The Index was developed by Morgan Stanley Capital International Inc. as an equity benchmark for international stock performance. The Index includes stocks from Europe, Australasia and the Far East.
6 iShares MSCI Japan Index Fund seeks to provide investment results that correspond generally to the price and performance of publicly traded securities in the aggregate in the Japanese market as measured by the MSCI Japan Index.
7 Nasdaq 100 Index Tracking Stock represents ownership in the Nasdaq-100 Trust, a unit investment trust established to accumulate and hold a portfolio of the equity securities that comprise the Nasdaq-100 Index. The Nasdaq-100 Index is capitalization weighted and includes 100 of the largest non-financial companies, domestic and foreign, in the Nasdaq National Market. In addition to meeting the qualification standards for inclusion in the Nasdaq National Market, these issues have strong earnings and assets.
Huntington
VA Dividend Capture Fund
Portfolio Managers
[Photo of B. Randolph Bateman]
B. Randolph Bateman, CFA
Chief Investment Officer
Huntington Asset Advisors, Inc.
[Photo of Kirk Mentzer]
Kirk Mentzer, MBA
Senior Vice President and Director of Research
Huntington Asset Advisors, Inc.
Average Annual Total Return for the Period Ended 12/31/2003 | ||
1 Year | 21.36% | |
Inception (10/15/01) | 10.32% |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Dividend Capture Fund from October 15, 2001 (inception) to December 31, 2003, compared to the S&P 500, and the DCIB.
Past performance is no guarantee of future results. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal will fluctuate, so that an investor's shares when redeemed, may be worth more or less than their original cost. The performance information does not include the charges and expenses imposed by the insurance company under the variable insurance product contract. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/03, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company's separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 and the blended index have been adjusted to reflect reinvestment of dividends on securities in the indices.
For the year ended December 31, 2003, the Huntington VA Dividend Capture Fund produced a total return of 21.36% as compared to the Dividend Capture Indices Blend's (DCIB)1 return of 23.82%. We derived this performance from our top-down style and portfolio construction techniques aimed at producing stable income. Here are the highlights from each of the Fund's asset classes:
- Preferred Stocks - The Fund held core, stable holdings from high quality issuers. Issuers in cyclical and utility industries performed best during the one-year reporting period ended December 31, 2003.
- Common Stocks - By most measures, 2003 was a fabulous year for equity investors. After three years of brutal losses, a strong profits-led recovery lifted the Standard & Poor's 500 Index (S&P 500)2 by 28.68%. The Fund's investments in technology, consumer discretion, materials, and industrial sectors enhanced performance. Additionally, "high risk" investments such as small capitalization, low quality, and high beta were the primary beneficiaries of increased stimulus and risk attitudes, and enhanced Fund performance as well.3
- Real Estate Investment Trusts (REITs)4 - The Fund's real estate investments enjoyed another year of double-digit growth due to their stable earnings, attractive valuation and high dividend yields. As measured by the Morgan Stanley REIT Index,5 REITs produced a total return of 36.74% for 2003.
For the one year period ended December 31, 2003, the Fund's total return was positively impacted by the strong results in both common stocks and REITs. Conversely, the Fund's exposure to preferred stocks negatively impacted its performance as measured by the Merrill Lynch Fixed Rate Preferred Index6 return of 9.43% for the year ended December 31, 2003. This contributed to the Fund's underperformance relative to its benchmark, the S&P 500.
1 The DCIB is a custom, blended index comprised of the following three indices with their noted respective weightings: S & P 500/Barra Value Index (40%), Merrill Lynch Fixed Rate Preferred Index (40%), and NAREIT Index (20%). This custom, blended index and its respective weightings are reflective of the Fund's sector diversification. S & P 500/Barra Value Index is a capitalization-weighted index of the stocks in the Standard & Poor's 500 Index having the lowest price to book ratios.The index consists of approximately half of the S & P 500 on a market capitalization basis. Merrill Lynch Fixed Rate Preferred Index is a total return index comprised of fixed-rate preferred stock issues. NAREIT Index represents returns for the National Association of Real Estate Investment Trust Equity Index.These indices are not adjusted to reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance.The indices are unmanaged and investments cannot be made in an in dex.
2 The S&P 500 is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index.
3 Beta analyzes the market risk of a company by showing how responsive it is to the market. Usually higher betas represent riskier investments. Small company stocks may be less liquid and subject to greater price volatility than large capitalization stocks.
4 Investments in REITs involve special risks associated with an investment in real estate, such as limited liquidity.
5 The Morgan Stanley REIT Index is an unmanaged capitalization-weighted index of the most actively traded real estate investment trusts designed to measure real estate equity performance. Investments cannot be made in an index.
6 The Merrill Lynch Fixed Rate Preferred Index is a total return index comprised of fixed-rate preferred stock issues. The index is unmanaged and investments cannot be made in an index.
Huntington
VA Mid Corp America Fund
Portfolio Manager
[Photo of Christopher Rowane]
Christopher Rowane, CFA, MBA
Senior Vice President
Huntington Asset Advisors, Inc.
Average Annual Total Return for the Period Ended 12/31/2003 | ||
1 Year | 29.63% | |
Inception (10/15/01) | 10.92% |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Mid Corp America Fund from October 15, 2001 (inception) to December 31, 2003, compared to the RMCI, the S&P 400 and the LMCC.
Past performance is no guarantee of future results. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal will fluctuate, so that an investor's shares when redeemed, may be worth more or less than their original cost. The performance information does not include the charges and expenses imposed by the insurance company under the variable insurance product contract. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/03, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company's separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 400, RMCI and LMCC indices have been adjusted to reflect reinvestment of dividends on securities in the indices.
For the fiscal year ended December 31, 2003, the Huntington VA Mid Corp America Fund produced a total return of 29.63%. In 2003, the Russell Top 200 Index1 was up 25.80%, while the Russell Midcap Index (RMCI)2 was up 39.0% and the small-cap Russell 2000 Index3 produced a return of 46.4%. The combination of all three of these indices, the Russell 3000 Index,4 produced a 29.9% return. The Standard and Poor's 400 Index (S&P 400)5 produced a return of 35.61% while the Lipper Mid Cap Core Average (LMCC)6 returned 36.11%. The Fund underperformed relative to its benchmark, the RMCI, mainly because of its lighter exposure to technology, which produced strong returns as the market staged a comeback.
The Fund maintained a disciplined approach of selecting high quality holdings and continued utilizing the sector strategy of Huntington Asset Advisors, Inc., which focuses on the economic impact within the equity markets. The sector weighting strategy throughout the year contributed positively to the Fund's performance while stock selections resulted in the Fund's lower return relative to its benchmark. It appears that the market benefited from the rebound of lower quality, oversold stocks from the prior three-year sell-off, as the Fund continued its focus on high quality holdings and diversification. There was a divergence of stock returns within each sector, especially in technology stocks as exhibited with Novell, a system software company that more than doubled its stock price, while Pinnacle Systems lost a third of its market cap during 2003. This is one of the main reasons the Fund had a higher number of holdings than some of its peers, to provide greater diversification.7
1 The Russell Top 200 Index measures the performance of the 200 largest companies in the Russell 1000 Index, which represents approximately 74% of the total market capitalization of the Russell 1000 Index. The index is unmanaged and investments cannot be made in an index.
2 The RMCI measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 26% of the total market capitalization of the Russell 1000 Index. The index is unmanaged and investments cannot be made in an index.
3 The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. The index is unmanaged and investments cannot be made in an index.
4 The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The index is unmanaged and investments cannot be made in an index.
5 The S&P 400 is an unmanaged capitalized-weighted index of common stocks representing all major industries in the mid-range of the U.S. stock market. The S&P 400 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. Investments cannot be made in an index.
6 Lipper figures represent the average of the total returns reported by the mutual funds designated by Lipper, Inc. as falling into the category indicated. They do not reflect sales charges.
7 Diversification does not assure a profit nor protect against loss.
Huntington
VA New Economy Fund
Portfolio Manager
[Photo of Bernard Shinkel]
Bernard Shinkel, Ph.D.
Vice President
Huntington Assest Advisors, Inc.
Average Annual Total Return for the Period Ended 12/31/2003 | ||
1 Year | 31.56% | |
Inception (10/15/01) | 10.92% |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA New Economy Fund from October 15, 2001 (inception) to December 31, 2003, compared to the RUS3G and the S&P 500.
Past performance is no guarantee of future results. The line graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal will fluctuate, so that an investor's shares when redeemed, may be worth more or less than their original cost. The performance information does not include the charges and expenses imposed by the insurance company under the variable insurance product contract. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/03, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company's separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 and the RUS3G indices have been adjusted to reflect reinvestment of dividends on securities in the indices.
For the fiscal year ended December 31, 2003, the Huntington VA New Economy Fund earned a return of 31.56%, significantly outperforming the Fund's benchmark, the Russell 3000 Growth Index (RUS3G),1 which had a return of 29.56% for the same period. The Fund also outperformed the broader stock market index, the Standard & Poor's 500 Index (S&P 500),2 which had a return of 28.68% for the year.
The Fund's results were achieved by maintaining a highly diversified portfolio, with 240 holdings at year-end, and focusing primarily on the mid- and small-cap segments of the market.3 The Fund's unique approach to growth investing, and its resulting sector emphasis on the high growth segments of the economy - information technology, healthcare, and consumer discretionary - further enhanced performance.4 As always, the mandate of the Fund allowed us to invest in the leading creators and implementers of science and technology when and where the stock market appeared to dictate that it would reward such investments.
1 The RUS3G measures the performance of those Russell Midcap Companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000 Growth or the Russell 2000 Growth indices. The index is unmanaged and investments cannot be made in an index.
2 The S&P 500 is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index.
3 Small company stocks may be less liquid and subject to greater price volatility than large capitalization stocks.
4 Funds whose investments are concentrated in a specific industry or sector may be subject to a higher degree of market risk than funds whose investments are diversified. In addition, the Fund may be subject to specific risks of the technology sector, such as obsolescence.
Huntington VA Growth Fund
Portfolio of Investments
December 31, 2003
Shares | Value | |||
---|---|---|---|---|
COMMON STOCKS -- 91.4% | ||||
Apparel & Textiles -- 1.6% | ||||
3,750 | Cintas Corp. | $ 187,988 | ||
Banks -- 7.5% | ||||
3,852 | BB&T Corp. | 148,841 | ||
7,528 | Citigroup, Inc. | 365,409 | ||
2,550 | Northern Trust Corp. | 118,371 | ||
2,523 | State Street Corp. | 131,398 | ||
3,383 | Washington Mutual, Inc. | 135,726 | ||
899,745 | ||||
Broadcast Services & Programming -- 0.5% | ||||
5,203 | Liberty Media Corp., Class A (b) | 61,864 | ||
Chemicals -- 2.9% | ||||
5,205 | Du Pont (E.I.) de Nemours & Co. | 238,857 | ||
4,029 | Ecolab, Inc. | 110,274 | ||
349,131 | ||||
Computer Services -- 0.3% | ||||
1,393 | Sungard Data Systems, Inc. (b) | 38,600 | ||
Computers -- 9.8% | ||||
5,744 | Cisco Systems, Inc. (b) | 139,522 | ||
9,447 | Computer Sciences Corp. (b) | 417,842 | ||
1,698 | Dell, Inc. (b) | 57,664 | ||
235 | Electronic Data Systems Corp. | 5,767 | ||
620 | EMC Corp. (b) | 8,010 | ||
3,712 | Hewlett Packard Co. | 85,265 | ||
1,399 | International Business Machines Corp. | 129,659 | ||
7,308 | Microsoft Corp. | 201,262 | ||
342 | Network Appliance, Inc. (b) | 7,021 | ||
8,620 | Oracle Corp. (b) | 113,784 | ||
1,165,796 | ||||
Cosmetics/Toiletries -- 3.9% | ||||
2,248 | Colgate-Palmolive Co. | 112,512 | ||
3,614 | Procter & Gamble Co. | 360,967 | ||
473,479 | ||||
Drugs & Health Care -- 6.3% | ||||
2,691 | Abbott Laboratories, Inc. | 125,401 | ||
2,290 | IMS Health, Inc. | 56,929 | ||
2,622 | Merck & Co., Inc. | 121,136 | ||
8,122 | Pfizer, Inc. | 286,951 | ||
3,433 | Schering-Plough Corp. | 59,700 | ||
2,465 | Wyeth | 104,639 | ||
754,756 | ||||
Electric Utility -- 0.0% | ||||
187 | Duke Energy Corp. | 3,824 | ||
Electronic Components/Instruments -- 0.1% | ||||
2,201 | Solectron Corp. (b) | 13,008 | ||
Financial Services -- 4.7% | ||||
3,591 | American Express Co. | 173,194 | ||
1,796 | Fannie Mae | 134,808 | ||
2,489 | Franklin Resources, Inc. | 129,577 | ||
2,854 | T. Rowe Price Group, Inc. | 135,308 | ||
572,887 | ||||
Food & Beverages -- 1.3% | ||||
12 | J.M. Smuckers Co. | $ 543 | ||
2,790 | Wm. Wrigley Jr. Co. | 156,826 | ||
157,369 | ||||
Industrial -- 6.2% | ||||
24,245 | General Electric Co. | 751,110 | ||
Industrial Conglomerates -- 2.2% | ||||
3,136 | Illinois Tool Works, Inc. | 263,142 | ||
Instruments - Scientific -- 0.6% | ||||
1,648 | Millipore Corp. (b) | 70,946 | ||
Insurance -- 7.3% | ||||
10,808 | American International Group, Inc. | 716,354 | ||
2 | Berkshire Hathaway, Inc., Class A (b) | 168,500 | ||
884,854 | ||||
Medical & Medical Services -- 5.5% | ||||
1,272 | Cardinal Health, Inc. | 77,796 | ||
2,827 | Johnson & Johnson, Inc. | 146,043 | ||
1,968 | Medco Health Solutions, Inc. (b) | 66,892 | ||
2,015 | Medtronic, Inc. | 97,949 | ||
3,265 | Stryker Corp. | 277,557 | ||
666,237 | ||||
Miscellaneous Business Services -- 2.6% | ||||
7,887 | Automatic Data Processing, Inc. | 312,404 | ||
Multimedia -- 1.1% | ||||
7,677 | Time Warner, Inc. (b) | 138,109 | ||
Office Supplies -- 1.5% | ||||
3,337 | Avery Dennison Corp. | 186,939 | ||
Petroleum & Petroleum Products -- 6.1% | ||||
7,217 | Anadarko Petroleum Corp. | 368,139 | ||
3,200 | Exxon Mobil Corp. | 131,200 | ||
4,333 | Schlumberger, Ltd. | 237,102 | ||
736,441 | ||||
Printing & Publishing -- 1.9% | ||||
1,931 | Media General, Inc., Class A | 125,708 | ||
2,408 | Viacom, Inc., Class B | 106,867 | ||
232,575 | ||||
Property & Casualty Insurance -- 0.5% | ||||
1,327 | Travelers Property Casualty Corp., Class A | 22,267 | ||
2,037 | Travelers Property Casualty Corp., Class B | 34,568 | ||
56,835 | ||||
Retail -- 7.5% | ||||
14,278 | Home Depot, Inc. | 506,727 | ||
3,839 | Kohl's Corp. (b) | 172,525 | ||
1,441 | Wal-Mart Stores, Inc. | 76,445 | ||
4,060 | Walgreen Co. | 147,703 | ||
903,400 | ||||
COMMON STOCKS -- (continued) | ||||
Semi-Conductors/Instruments -- 1.9% | ||||
3,784 | Analog Devices, Inc. | $ 172,740 | ||
663 | Applied Materials, Inc. (b) | 14,884 | ||
1,493 | Texas Instruments, Inc. | 43,864 | ||
231,488 | ||||
Technology -- 1.6% | ||||
5,824 | Intel Corp. | 187,533 | ||
Telephone & Telecommunications -- 3.4% | ||||
3,000 | CenturyTel, Inc. | 97,860 | ||
565 | Qualcomm, Inc. | 30,470 | ||
4,981 | Verizon Communications, Inc. | 174,734 | ||
4,308 | Vodafone Group PLC, ADR | 107,872 | ||
410,936 | ||||
Transport - Marine -- 0.6% | ||||
1,859 | Carnival Corp. | 73,858 | ||
Wholesale Distribution -- 2.0% | ||||
6,525 | SYSCO Corp. | 242,926 | ||
Total Common Stocks (Cost $10,142,234) | 11,028,180 | |||
Shares | Value | |||
MUTUAL FUNDS -- 1.7% | ||||
Exchange Traded Funds -- 1.7% | ||||
2,675 | Nasdaq 100 Index Fund | $ 97,531 | ||
1,020 | SPDR Trust Series1 | 113,505 | ||
Total Mutual Funds (Cost $177,194) | 211,036 | |||
CASH EQUIVALENT -- 6.7% | ||||
805,727 | Huntington Money Market Fund, Interfund Class* | 805,727 | ||
Total Cash Equivalent (Cost $805,727) | 805,727 | |||
Total Investments (Cost $11,125,155) (a) -- 99.8% | 12,044,943 | |||
Other Assets in Excess of Liabilities -- 0.2% | 19,663 | |||
Net Assets -- 100.0% | $ 12,064,606 | |||
Huntington VA Income Equity Fund
Portfolio of Investments
December 31, 2003
Shares | Value | |||
---|---|---|---|---|
COMMON STOCKS -- 91.3% | ||||
Apparel & Textiles -- 1.4% | ||||
7,500 | Reebok International Ltd. | $ 294,900 | ||
Auto/Truck Parts & Equipment -- 3.6% | ||||
13,500 | Genuine Parts Co. | 448,200 | ||
2,800 | Johnson Controls, Inc. | 325,136 | ||
773,336 | ||||
Banks -- 21.6% | ||||
14,000 | AmSouth Bancorporation | 343,000 | ||
6,100 | Charter One Financial, Inc. | 210,755 | ||
9,300 | Citigroup, Inc. | 451,422 | ||
3,500 | Comerica, Inc. | 196,210 | ||
7,000 | First Tennessee National Corp. | 308,700 | ||
11,700 | FleetBoston Financial Corp. | 510,705 | ||
12,600 | J.P. Morgan Chase & Co. | 462,798 | ||
13,100 | MBNA Corp. | 325,535 | ||
18,700 | National City Corp. | 634,678 | ||
9,300 | Regions Financial Corp. | 345,960 | ||
11,300 | Union Planters Corp. | 355,837 | ||
4,500 | Wachovia Corp. | 209,655 | ||
5,700 | Washington Mutual, Inc. | 228,684 | ||
4,583,939 | ||||
Chemicals -- 2.8% | ||||
10,300 | Monsanto Co. | 296,434 | ||
4,600 | PPG Industries, Inc. | 294,492 | ||
590,926 | ||||
Computer Services -- 8.4% | ||||
4,900 | Diebold, Inc. | 263,963 | ||
6,100 | Fiserv, Inc. (b) | 241,011 | ||
8,200 | Jabil Circuit, Inc. (b) | 232,060 | ||
9,300 | Peoplesoft, Inc. (b) | 212,040 | ||
8,300 | Pitney Bowes, Inc. | 337,146 | ||
7,900 | Sungard Data Systems, Inc. (b) | 218,909 | ||
15,900 | Symbol Technologies, Inc. | 268,551 | ||
1,773,680 | ||||
Computers -- 0.9% | ||||
8,000 | Hewlett Packard Co. | 183,760 | ||
Consumer Products -- 1.6% | ||||
4,700 | Fortune Brands, Inc. | 336,003 | ||
Diversified Operations -- 1.6% | ||||
6,100 | Textron, Inc. | 348,066 | ||
Drugs & Health Care -- 3.9% | ||||
18,700 | Bristol-Myers Squibb Co. | 534,820 | ||
7,100 | Wyeth | 301,395 | ||
836,215 | ||||
Electric, Gas, & Sanitary Services -- 1.9% | ||||
18,700 | NiSource, Inc. | 410,278 | ||
Food & Beverages -- 1.7% | ||||
14,000 | ConAgra Foods, Inc. | 369,460 | ||
Gas & Natural Gas -- 2.1% | ||||
10,700 | Peoples Energy Corp. | 449,828 | ||
Household Products -- 2.0% | ||||
5,800 | Clorox Co. | 281,648 | ||
9,300 | RPM, Inc. | 153,078 | ||
434,726 | ||||
Industrial -- 5.1% | ||||
13,100 | General Electric Co. | $ 405,838 | ||
7,500 | Hubbell, Inc. | 330,750 | ||
12,100 | Standex International Corp. | 338,800 | ||
1,075,388 | ||||
Insurance -- 9.5% | ||||
3,100 | ACE Ltd. | 128,402 | ||
9,100 | Allstate Corp. | 391,482 | ||
10,100 | Lincoln National Corp. | 407,737 | ||
5,100 | MBIA, Inc. | 302,073 | ||
11,200 | Unitrin, Inc. | 463,792 | ||
4,200 | XL Capital Ltd. | 325,710 | ||
2,019,196 | ||||
Miscellaneous Business Services -- 0.9% | ||||
4,400 | Deluxe Corp. | 181,852 | ||
Oil Companies - Integrated -- 4.1% | ||||
7,900 | Kerr-Mcgee Corp. | 367,271 | ||
12,100 | Occidental Petroleum Corp. | 511,104 | ||
878,375 | ||||
Petroleum & Petroleum Products -- 5.0% | ||||
7,200 | ChevronTexaco Corp. | 622,008 | ||
2,800 | ConocoPhillips | 183,596 | ||
4,700 | Royal Dutch Petroleum Co., ADR | 246,233 | ||
1,051,837 | ||||
Printing & Publishing -- 4.2% | ||||
3,700 | Gannett Co., Inc. | 329,892 | ||
18,700 | R.R. Donnelley & Sons Co. | 563,805 | ||
893,697 | ||||
Real Estate Investment Trusts -- 0.7% | ||||
3,000 | Simon Property Group, Inc. | 139,020 | ||
Retail -- 2.1% | ||||
15,400 | May Department Stores Co. | 447,678 | ||
Telephone & Telecommunications -- 4.8% | ||||
8,400 | Alltel Corp. | 391,272 | ||
7,000 | CenturyTel, Inc. | 228,340 | ||
11,500 | Verizon Communications, Inc. | 403,420 | ||
1,023,032 | ||||
Textiles -- 1.4% | ||||
7,000 | V.F. Corp. | 302,680 | ||
Total Common Stocks (Cost $17,801,594) | 19,397,872 | |||
CASH EQUIVALENT -- 9.5% | ||||
2,009,794 | Huntington Money Market Fund, Interfund Class* | 2,009,794 | ||
Total Cash Equivalent (Cost $2,009,794) | 2,009,794 | |||
Total Investments (Cost $19,811,388) (a) -- 100.8% | 21,407,666 | |||
Liabilities in Excess of Other Assets -- (0.8)% | (175,346) | |||
Net Assets -- 100.0% | $ 21,232,320 | |||
Huntington VA Rotating Markets Fund
Portfolio of Investments
December 31, 2003
Shares | Value | |||
---|---|---|---|---|
MUTUAL FUNDS -- 93.8% | ||||
6,537 | iShares MSCI EAFE Index Fund | $ 894,130 | ||
1,246 | iShares MSCI Australia Index Fund | 16,647 | ||
6,051 | iShares MSCI Canada Index Fund | 86,227 | ||
4,089 | iShares MSCI Emu Index Fund | 250,451 | ||
1,518 | iShares MSCI Hong Kong Index Fund | 15,180 | ||
27,328 | iShares MSCI Japan Index Fund | 263,442 | ||
4,352 | iShares MSCI Singapore Index Fund | 26,112 | ||
772 | iShares MSCI South Korea Index Fund | 19,331 | ||
1,246 | iShares MSCI Taiwan Index Fund | 14,005 | ||
7,574 | iShares MSCI United Kingdom Index Fund | 118,003 | ||
14,321 | iShares Russell 1000 Index Fund | 853,388 | ||
1,642 | iShares Russell 2000 Index Fund | 181,934 | ||
1,571 | iShares S&P 500 Index Fund | 174,727 | ||
1,371 | iShares S&P Small Cap 600 Index Fund | 183,714 | ||
3,393 | Midcap SPDR Trust Series I | 357,622 | ||
8,974 | Nasdaq 100 Index Fund | 327,192 | ||
1,571 | SPDR Trust Series1 | 174,821 | ||
Total Mutual Funds (Cost $3,530,891) | 3,956,926 | |||
CASH EQUIVALENT -- 5.8% | ||||
243,914 | Huntington Money Market Fund, Interfund Class* | 243,914 | ||
Total Cash Equivalent (Cost $243,914) | 243,914 | |||
Total Investments (Cost $3,774,805) (a) -- 99.6% | 4,200,840 | |||
Other Assets in Excess of Liabilities -- 0.4% | 17,857 | |||
Net Assets -- 100.0% | $ 4,218,697 | |||
Huntington VA Dividend Capture Fund
Portfolio of Investments
December 31, 2003
Shares | Value | |||
---|---|---|---|---|
COMMON STOCKS -- 57.2% | ||||
Aerospace & Defense -- 0.9% | ||||
5,000 | Raytheon Co. | $ 150,200 | ||
Apparel & Textiles -- 0.5% | ||||
2,000 | Reebok International Ltd. | 78,640 | ||
Auto/Truck Parts & Equipment -- 1.5% | ||||
5,000 | General Motors Corp. | 267,000 | ||
Banks -- 7.0% | ||||
3,250 | Bank of America Corp. | 261,398 | ||
6,000 | Citigroup, Inc. | 291,240 | ||
3,000 | First Tennessee National Corp. | 132,300 | ||
6,000 | J.P. Morgan Chase & Co. | 220,380 | ||
6,500 | Wachovia Corp. | 302,834 | ||
1,208,152 | ||||
Beer, Wine, & Distilled Beverages -- 0.4% | ||||
1,100 | Adolph Coors Co., Class B | 61,710 | ||
Chemicals -- 1.2% | ||||
4,000 | Monsanto Co. | 115,120 | ||
1,500 | PPG Industries, Inc. | 96,030 | ||
211,150 | ||||
Computers -- 0.6% | ||||
4,000 | Hewlett Packard Co. | 91,880 | ||
500 | Microsoft Corp. | 13,770 | ||
105,650 | ||||
Diversified Operations -- 1.8% | ||||
1,250 | Eaton Corp. | 134,975 | ||
3,250 | Textron, Inc. | 185,445 | ||
320,420 | ||||
Drugs & Health Care -- 0.7% | ||||
4,250 | Bristol-Myers Squibb Co. | 121,550 | ||
Electric Utility -- 1.2% | ||||
2,000 | Exelon Corp. | 132,720 | ||
1,200 | FPL Group, Inc. | 78,504 | ||
211,224 | ||||
Electrical Equipment -- 1.0% | ||||
2,000 | Cooper Industries Ltd., Class A | 115,860 | ||
3,000 | PerkinElmer, Inc. | 51,210 | ||
167,070 | ||||
Entertainment -- 1.8% | ||||
4,250 | Harrah's Entertainment, Inc. | 211,523 | ||
4,000 | The Walt Disney Co. | 93,320 | ||
304,843 | ||||
Financial Services -- 1.0% | ||||
3,000 | Hartford Financial Services Group, Inc. | 177,090 | ||
Food & Beverages -- 0.5% | ||||
3,000 | SUPERVALU, Inc. | 85,770 | ||
Gas & Natural Gas -- 0.5% | ||||
2,500 | Keyspan Corp. | 92,000 | ||
Industrial -- 0.5% | ||||
3,000 | General Electric Co. | 92,940 | ||
Insurance -- 6.6% | ||||
3,250 | ACE Ltd. | $ 134,615 | ||
5,000 | Allstate Corp. | 215,100 | ||
2,500 | Cigna Corp. | 143,750 | ||
1,000 | Jefferson-Pilot Corp. | 50,650 | ||
5,250 | Lincoln National Corp. | 211,943 | ||
10,000 | St. Paul Companies, Inc. | 396,499 | ||
1,152,557 | ||||
Metals & Mining -- 0.2% | ||||
750 | Alcan Aluminum Ltd. | 35,213 | ||
Oil Companies - Integrated -- 1.9% | ||||
3,000 | Kerr-Mcgee Corp. | 139,470 | ||
4,500 | Occidental Petroleum Corp. | 190,080 | ||
329,550 | ||||
Paper & Related Products -- 0.3% | ||||
1,750 | MeadWestvaco Corp. | 52,063 | ||
Petroleum & Petroleum Products -- 2.5% | ||||
4,000 | ConocoPhillips | 262,279 | ||
2,250 | Marathon Oil Corp. | 74,453 | ||
1,750 | Royal Dutch Petroleum Co., ADR | 91,683 | ||
428,415 | ||||
Railroad Transportation -- 0.4% | ||||
1,000 | Union Pacific Corp. | 69,480 | ||
Real Estate Investment Trusts -- 18.6% | ||||
4,000 | AMLI Residential Properties Trust | 107,200 | ||
1,500 | Apartment Investment & Management Co. | 51,750 | ||
3,750 | Arden Realty, Inc. | 113,775 | ||
3,500 | Avalonbay Communities, Inc. | 167,299 | ||
5,500 | Bedford Property Investors, Inc. | 157,465 | ||
2,000 | Brandywine Realty Trust | 53,540 | ||
1,000 | Camden Property Trust | 44,300 | ||
2,000 | Capital Automotive Real Estate Investment Trust, Inc. | 64,000 | ||
4,000 | CarrAmerica Realty Corp. | 119,120 | ||
5,000 | Commercial NET Lease Realty | 89,000 | ||
13,000 | Cornerstone Realty Income Trust, Inc. | 113,880 | ||
3,500 | EastGroup Properties, Inc. | 113,330 | ||
750 | Entertainment Properties | 26,033 | ||
8,500 | Equity Inns, Inc. | 76,925 | ||
8,500 | Equity Office Properties Trust | 243,524 | ||
4,500 | Equity Residential Properties Trust | 132,795 | ||
3,000 | First Industrial Realty Trust, Inc. | 101,250 | ||
4,000 | General Growth Properties | 111,000 | ||
6,500 | Glenborough Realty Trust, Inc. | 129,675 | ||
2,500 | Great Lakes Real Estate Investment Trust, Inc. | 39,250 | ||
4,000 | Health Care Real Estate Investment Trust, Inc. | 144,000 | ||
8,500 | HRPT Properties Trust | 85,765 | ||
3,000 | Kimco Realty Corp. | 134,250 | ||
6,250 | Kramont Realty Trust | 113,125 | ||
COMMON STOCKS -- (continued) | ||||
Real Estate Investment Trusts -- (continued) | ||||
2,000 | Liberty Property Trust | $ 77,800 | ||
2,750 | Macerich Co. | 122,375 | ||
1,000 | Mack-Cali Realty Corp. | 41,620 | ||
5,000 | New Plan Excel Realty Trust | 123,350 | ||
1,000 | Public Storage, Inc. | 43,390 | ||
2,500 | Reckson Associates Realty Corp. | 60,750 | ||
1,500 | Simon Property Group, Inc. | 69,510 | ||
2,000 | Sovran Self Storage, Inc. | 74,300 | ||
1,250 | Vornado Realty Trust | 68,438 | ||
3,000 | Winston Hotels, Inc. | 30,600 | ||
3,244,384 | ||||
Restaurants -- 1.0% | ||||
2,500 | Bob Evans Farms, Inc. | 81,150 | ||
4,000 | McDonald's Corp. | 99,320 | ||
180,470 | ||||
Retail -- 1.5% | ||||
4,750 | Limited, Inc. | 85,643 | ||
6,250 | May Department Stores Co. | 181,687 | ||
267,330 | ||||
Securities Brokerage & Services -- 0.7% | ||||
4,000 | American Capital Strategies Ltd. | 118,920 | ||
Telephone & Telecommunications -- 2.4% | ||||
250 | Alltel Corp. | 11,645 | ||
7,250 | BellSouth Corp. | 205,175 | ||
12,000 | Sprint Corp. | 197,040 | ||
413,860 | ||||
Total Common Stocks (Cost $8,770,422) | 9,947,651 | |||
PREFERRED STOCKS -- 39.0% | ||||
Auto - Cars/Light Trucks -- 0.9% | ||||
6,000 | General Motors Corp., 7.375% | 156,120 | ||
Bank Holding Companies -- 2.2% | ||||
2,150 | Bank One Capital I, 8.000% | 56,287 | ||
7,500 | Renaisssancere Holdings Ltd., Series B, 7.300% | 200,250 | ||
5,000 | Suntrust Capital IV, 7.125% | 133,250 | ||
389,787 | ||||
Brokerage Services -- 0.4% | ||||
2,500 | Lehman Bros. Holding Capital Trust, 8.000% | 63,375 | ||
Commercial Banks -- 6.4% | ||||
11,000 | ASBC Capital I, 7.625% | 297,550 | ||
10,100 | Compass Capital, 7.350% | 267,549 | ||
6,000 | Fleet Capital Trust VII, 7.200% | 158,880 | ||
2,500 | Fleet Capital Trust VIII, 7.200% | 66,600 | ||
12,000 | PLC Capital Trust, 7.250% | 319,920 | ||
1,110,499 | ||||
Computer Services -- 0.3% | ||||
2,150 | Electronic Data Systems, 7.625% | 49,300 | ||
Electrical Services -- 7.3% | ||||
13,000 | Dominion CNG Capital Trust I, 7.800% | $ 353,860 | ||
12,000 | Energy East Capital Trust I, 8.250% | 323,640 | ||
10,000 | Entergy LA, Inc., 7.600% | 271,800 | ||
11,800 | Georgia Power Capital, 7.125% | 317,774 | ||
1,267,074 | ||||
Financial Services -- 9.3% | ||||
650 | BancWest Capital I, 9.500% | 18,330 | ||
8,000 | Everest Cap Trust 7.850% | 220,000 | ||
13,500 | Hartford Life Capital II, Series B, 7.625% | 368,550 | ||
10,000 | Household Capital Trust V, Series X, 10.000% | 276,400 | ||
4,700 | Merrill Lynch Capital Trust V, 7.280% (b) | 128,122 | ||
12,000 | Morgan Stanley Capital Trust II, 7.250% | 322,320 | ||
10,000 | National Commerce Capital Trust II, 7.700% | 269,400 | ||
1,603,122 | ||||
Fire, Marine & Casualty Insurance -- 4.4% | ||||
11,000 | Ace Ltd., Series C, 7.800% | 306,350 | ||
16,900 | Partnerre Capital Trust I, 7.900% | 461,370 | ||
767,720 | ||||
Gas & Natural Gas -- 1.2% | ||||
4,000 | Keyspan Corp., 8.750% | 215,600 | ||
Life/Health Insurance -- 3.6% | ||||
13,000 | Aetna, Inc., 8.500% | 356,850 | ||
10,000 | Lincoln National Capital V, Series E, 7.650% | 269,000 | ||
625,850 | ||||
Paper & Related Products -- 0.7% | ||||
2,000 | Temple-Inland, 7.500% | 116,240 | ||
Real Estate Investment Trusts -- 1.2% | ||||
7,500 | Public Storage, Series R, 8.000% | 202,050 | ||
Telephone Communication -- 1.1% | ||||
4,000 | Alltel Corp., 7.750% | 199,500 | ||
Total Preferred Stock (Cost $6,651,406) | 6,766,237 | |||
MUTUAL FUNDS -- 1.3% | ||||
Exchange Traded Funds -- 1.3% | ||||
11,000 | AMEX Technology SPDR | 224,180 | ||
Total Mutual Funds (Cost $172,268) | 224,180 | |||
CASH EQUIVALENT -- 2.0% | ||||
341,539 | Huntington Money Market Fund, Interfund Class* | 341,539 | ||
Total Cash Equivalent (Cost $341,539) | 341,539 | |||
Total Investments (Cost $15,935,635) (a) -- 99.5% | 17,279,607 | |||
Other Assets in Excess of Liabilities -- 0.5% | 80,257 | |||
Net Assets -- 100.0% | $ 17,359,864 | |||
Huntington VA Mid Corp America Fund
Portfolio of Investments
December 31, 2003
Shares | Value | |||
---|---|---|---|---|
COMMON STOCKS -- 82.2% | ||||
Aerospace & Defense -- 0.4% | ||||
675 | Alliant Techsystems, Inc. (b) | $ 38,988 | ||
Amusement & Recreation Services -- 0.1% | ||||
600 | Boyd Gaming Corp. | 9,684 | ||
Apparel & Textiles -- 2.2% | ||||
1,627 | Columbia Sportswear Co. (b) | 88,672 | ||
300 | G & K Services, Inc., Class A | 11,025 | ||
528 | Jones Apparel Group, Inc. | 18,601 | ||
1,244 | Liz Claiborne, Inc. | 44,112 | ||
800 | Reebok International Ltd. | 31,456 | ||
1,400 | UniFirst Corp. | 33,194 | ||
227,060 | ||||
Auto/Truck Parts & Equipment -- 1.5% | ||||
400 | Cummins Engine, Inc. | 19,576 | ||
948 | Johnson Controls, Inc. | 110,082 | ||
595 | Superior Industries International, Inc. | 25,894 | ||
155,552 | ||||
Banks -- 6.1% | ||||
1,400 | Amcore Financial, Inc. | 37,828 | ||
1,400 | BancorpSouth, Inc. | 33,208 | ||
2,200 | Banknorth Group, Inc. | 71,566 | ||
1,118 | BOK Financial Corp. (b) | 43,289 | ||
1,600 | Chittenden Corp. | 53,824 | ||
1,621 | Compass Bancshares, Inc. | 63,722 | ||
2,232 | First Tennessee National Corp. | 98,431 | ||
15 | Fulton Financial Corp. | 329 | ||
1,400 | M & T Bank Corp. | 137,619 | ||
1,600 | National Commerce Financial Corp. | 43,648 | ||
400 | New York Community Bancorp, Inc. | 15,220 | ||
882 | TCF Financial Corp. | 45,291 | ||
643,975 | ||||
Beer, Wine, & Distilled Beverages -- 0.5% | ||||
860 | Adolph Coors Co., Class B | 48,246 | ||
Biotechnology -- 1.6% | ||||
886 | Cephalon, Inc. (b) | 42,891 | ||
1,778 | Invitrogen Corp. (b) | 124,460 | ||
167,351 | ||||
Building & Construction -- 3.2% | ||||
800 | Beazer Homes USA, Inc. | 78,128 | ||
700 | Centex Corp. | 75,355 | ||
400 | D. R. Horton, Inc. | 17,304 | ||
1,738 | Insituform Technologies, Inc., Class A (b) | 28,677 | ||
700 | Lafarge North America Corp. | 28,364 | ||
1,061 | Pulte Homes, Inc. | 99,331 | ||
327,159 | ||||
Business Services -- 0.3% | ||||
1,440 | Viad Corp. | 36,000 | ||
Chemicals -- 1.3% | ||||
1,000 | Albemarle Corp. | 29,970 | ||
958 | Cytec Industries, Inc. (b) | 36,778 | ||
1,060 | Lubrizol Corp. | 34,471 | ||
500 | Minerals Technologies, Inc. | 29,625 | ||
130,844 | ||||
Circuits -- 0.1% | ||||
900 | Integrated Device Technology, Inc. (b) | $ 15,453 | ||
Communications Equipment -- 2.3% | ||||
1,900 | Advanced Fibre Communications, Inc. (b) | 38,285 | ||
2,400 | Enterasys Networks, Inc. (b) | 9,000 | ||
600 | Harris Corp. | 22,770 | ||
2,459 | L-3 Communications Corp. (b) | 126,295 | ||
1,428 | Scientific-Atlanta, Inc. | 38,984 | ||
235,334 | ||||
Computer Services -- 2.2% | ||||
1,850 | Activision, Inc. (b) | 33,670 | ||
759 | Affiliated Computer Services, Inc. (b) | 41,335 | ||
2,100 | Intergraph Corp. (b) | 50,232 | ||
3,200 | JDA Software Group, Inc. (b) | 52,832 | ||
300 | Pinnacle Systems, Inc. (b) | 2,559 | ||
1,741 | Sungard Data Systems, Inc. (b) | 48,243 | ||
228,871 | ||||
Computers -- 1.7% | ||||
1,700 | Advanced Digital Information Corp. (b) | 23,800 | ||
2,700 | Citrix Systems, Inc. (b) | 57,268 | ||
674 | NCR Corp. (b) | 26,151 | ||
1,140 | Progress Software Corp. (b) | 23,324 | ||
1,900 | Storage Technology Corp. (b) | 48,925 | ||
179,468 | ||||
Computers, Peripherals & Software -- 1.0% | ||||
600 | Cognos, Inc. (b) | 18,372 | ||
2,100 | NetIQ Corp. (b) | 27,825 | ||
1,000 | Novell, Inc. (b) | 10,520 | ||
1,600 | Rainbow Technologies, Inc. (b) | 18,016 | ||
1,300 | Sybase, Inc. (b) | 26,754 | ||
101,487 | ||||
Consulting Services -- 0.5% | ||||
2,610 | Forrester Research, Inc. (b) | 46,641 | ||
Consumer Products -- 0.3% | ||||
400 | Harman International Industries, Inc. | 29,592 | ||
Containers - Paper/Plastic -- 0.2% | ||||
800 | Pactiv Corp. (b) | 19,120 | ||
Diversified Operations -- 1.7% | ||||
3,200 | Griffon Corp. (b) | 64,832 | ||
921 | Teleflex, Inc. | 44,512 | ||
1,100 | Textron, Inc. | 62,766 | ||
172,110 | ||||
Drugs & Health Care -- 1.6% | ||||
990 | Barr Laboratories, Inc. (b) | 76,181 | ||
3,452 | Mylan Laboratories, Inc. | 87,197 | ||
163,378 | ||||
Electric Services -- 0.2% | ||||
400 | Constellation Energy Group | 15,664 | ||
Electrical Components -- 2.1% | ||||
1,300 | Aeroflex, Inc. (b) | 15,197 | ||
1,200 | Elbit Systems Ltd. | 21,960 | ||
1,400 | Intersil Corp., Class A | 34,790 | ||
COMMON STOCKS -- (continued) | ||||
Electrical Components -- (continued) | ||||
600 | Molex, Inc. | $ 20,934 | ||
1,600 | Rayovac Corp. (b) | 33,520 | ||
2,000 | Thomas & Betts Corp. | 45,780 | ||
1,881 | Vishay Intertechnology, Inc. (b) | 43,075 | ||
215,256 | ||||
Electrical Equipment -- 0.8% | ||||
1,256 | Cooper Industries Ltd., Class A | 72,760 | ||
500 | PerkinElmer, Inc. | 8,535 | ||
81,295 | ||||
Electrical Services -- 1.2% | ||||
1,488 | Allete, Inc. | 45,533 | ||
700 | DP&L, Inc. | 14,616 | ||
1,891 | Energy East Corp. | 42,358 | ||
1,329 | Teco Energy, Inc. | 19,151 | ||
121,658 | ||||
Electronic Components -- 0.1% | ||||
150 | Benchmark Electronics, Inc. (b) | 5,222 | ||
Environmental Services -- 0.5% | ||||
1,000 | Stericycle, Inc. (b) | 46,700 | ||
Financial Services -- 5.0% | ||||
1,750 | Allied Capital Corp. | 48,790 | ||
1,600 | Ambac Financial Group, Inc. | 111,024 | ||
1,384 | AmeriCredit Corp. (b) | 22,047 | ||
1,037 | Bear Stearns Companies, Inc. | 82,908 | ||
1,459 | City National Corp. | 90,633 | ||
1,600 | First American Financial Corp. | 47,632 | ||
900 | Firstmerit Corp. | 24,273 | ||
678 | Legg Mason, Inc. | 52,328 | ||
1,300 | Wilmington Trust Corp. | 46,800 | ||
526,435 | ||||
Food & Beverages -- 1.9% | ||||
1,300 | Constellation Brands, Inc. (b) | 42,809 | ||
1,500 | McCormick & Co., Inc. | 45,150 | ||
1,211 | Ralcorp Holding, Inc. (b) | 37,977 | ||
1,000 | Smithfield Foods, Inc. (b) | 20,700 | ||
934 | SUPERVALU, Inc. | 26,703 | ||
1,470 | Tyson Foods, Inc., Class A | 19,463 | ||
192,802 | ||||
Gas & Natural Gas -- 3.5% | ||||
1,400 | AGL Resources, Inc. | 40,740 | ||
1,500 | Atmos Energy Corp. | 36,450 | ||
700 | Keyspan Corp. | 25,760 | ||
1,921 | MDU Resources Group, Inc. | 45,739 | ||
1,600 | National Fuel Gas Co. | 39,104 | ||
1,200 | New Jersey Resources Corp. | 46,212 | ||
1,200 | Peoples Energy Corp. | 50,448 | ||
2,264 | Questar Corp. | 79,580 | ||
364,033 | ||||
Health Care Equipment & Supplies -- 0.5% | ||||
770 | Hillenbrand Industries, Inc. | 47,786 | ||
Health Services -- 0.2% | ||||
400 | AdvancePCS (b) | 21,064 | ||
Healthcare Equipment & Supplies -- 0.3% | ||||
1,700 | Viasys Healthcare, Inc. (b) | $ 35,020 | ||
Hotels -- 0.2% | ||||
400 | Hilton Hotels Corp. | 6,852 | ||
400 | Starwood Hotels & Resorts Worldwide, Inc. | 14,388 | ||
21,240 | ||||
Household Products -- 1.4% | ||||
1,020 | Church & Dwight Co., Inc. | 40,392 | ||
900 | Ferro Corp. | 24,489 | ||
1,500 | RPM, Inc. | 24,690 | ||
730 | Whirlpool Corp. | 53,035 | ||
142,606 | ||||
Insurance -- 3.3% | ||||
1,100 | Allmerica Financial Corp. (b) | 33,847 | ||
1,143 | Fidelity National Financial, Inc. | 44,326 | ||
930 | Nationwide Financial Services, Inc. | 30,746 | ||
2,450 | Old Republic International Corp. | 62,119 | ||
1,343 | PMI Group, Inc. | 50,000 | ||
1,623 | Protective Life Corp. | 54,922 | ||
1,427 | Torchmark Corp. | 64,985 | ||
340,945 | ||||
Lasers - Systems/Components -- 0.2% | ||||
940 | Coherent, Inc. (b) | 22,372 | ||
Leisure -- 0.8% | ||||
500 | Brunswick Corp. | 15,915 | ||
485 | Callaway Golf Co. | 8,172 | ||
1,582 | Royal Caribbean Cruises Ltd. | 55,038 | ||
79,125 | ||||
Machinery -- 1.6% | ||||
600 | AptarGroup, Inc. | 23,400 | ||
1,519 | Kennametal, Inc. | 60,380 | ||
836 | Parker Hannifin Corp. | 49,742 | ||
684 | Tecumseh Products Co., Class A | 33,126 | ||
166,648 | ||||
Measuring Devices -- 1.4% | ||||
488 | FLIR Systems, Inc. (b) | 17,812 | ||
1,107 | Tektronix, Inc. | 34,981 | ||
2,089 | Thermo Electron Corp. (b) | 52,643 | ||
1,100 | Trimble Navigation Ltd. (b) | 40,964 | ||
146,400 | ||||
Medical & Medical Services -- 5.2% | ||||
400 | Apogent Technologies, Inc. (b) | 9,216 | ||
1,500 | Coventry Health Care, Inc. (b) | 96,736 | ||
400 | Dentsply International, Inc. | 18,068 | ||
600 | Health Management Associates, Inc. | 14,400 | ||
1,933 | Lincare Holdings, Inc. (b) | 58,048 | ||
1,720 | Owens & Minor, Inc. | 37,685 | ||
1,200 | Oxford Health Plans, Inc. (b) | 52,200 | ||
1,300 | Pediatrix Medical Group, Inc. (b) | 71,617 | ||
1,200 | Renal Care Group, Inc. (b) | 49,440 | ||
1,800 | Respironics, Inc. (b) | 81,162 | ||
904 | St. Jude Medical, Inc. (b) | 55,460 | ||
544,032 | ||||
COMMON STOCKS -- (continued) | ||||
Metal Processors & Fabrication -- 0.8% | ||||
1,900 | Precision Castparts Corp. | $ 86,279 | ||
Miscellaneous Business Services -- 1.9% | ||||
1,900 | Cadence Design Systems, Inc. (b) | 34,162 | ||
400 | Electronic Arts, Inc. (b) | 19,112 | ||
1,552 | NCO Group, Inc. (b) | 35,339 | ||
900 | Ryder System, Inc. | 30,735 | ||
2,000 | Symantec Corp. (b) | 69,300 | ||
1,000 | US Oncology, Inc. (b) | 10,760 | ||
199,408 | ||||
Oil & Gas - Exploration & Production -- 1.2% | ||||
1,007 | Devon Energy Corp. | 57,661 | ||
1,000 | Suncor Energy, Inc., ADR | 25,060 | ||
800 | Unocal Corp. | 29,464 | ||
207 | Weatherford International, Inc. (b) | 7,452 | ||
119,637 | ||||
Paper & Paper Products -- 0.5% | ||||
1,200 | Rock-Tenn Co. | 20,712 | ||
1,500 | Smurfit-Stone Container Corp. (b) | 27,855 | ||
48,567 | ||||
Paperboard Containers & Boxes -- 0.4% | ||||
800 | Bemis Co. | 40,000 | ||
Personal Products -- 0.6% | ||||
2,200 | NBTY, Inc. (b) | 59,092 | ||
Petroleum & Petroleum Products -- 4.1% | ||||
1,378 | Apache Corp. | 111,755 | ||
2,758 | Chesapeake Energy Corp. | 37,454 | ||
600 | Forest Oil Corp. (b) | 17,142 | ||
700 | Helmerich & Payne, Inc. | 19,551 | ||
800 | Murphy Oil Corp. | 52,248 | ||
2,250 | Patina Oil & Gas Corp. | 110,227 | ||
1,669 | Tidewater, Inc. | 49,870 | ||
843 | Unit Corp. (b) | 19,853 | ||
1,300 | Vintage Petroleum, Inc. | 15,639 | ||
433,739 | ||||
Pharmaceuticals -- 1.3% | ||||
700 | Biovail Corp. (b) | 15,043 | ||
1,700 | Omnicare Inc. | 68,663 | ||
1,296 | Valeant Pharmaceuticals International | 32,594 | ||
400 | Watson Pharmaceutical, Inc. (b) | 18,400 | ||
134,700 | ||||
Pollution Control -- 0.4% | ||||
1,679 | Pall Corp. | 45,048 | ||
Printing & Publishing -- 1.1% | ||||
1,200 | Banta Corp. | 48,600 | ||
2,668 | Paxar Corp. (b) | 35,751 | ||
1,000 | R.R. Donnelley & Sons Co. | 30,150 | ||
114,501 | ||||
Real Estate Investment Trust -- 0.8% | ||||
1,627 | LNR Property Corp. | 80,553 | ||
Restaurants -- 0.7% | ||||
1,258 | Applebee's International, Inc. | $ 49,402 | ||
1,078 | Ruby Tuesday, Inc. | 30,712 | ||
80,114 | ||||
Retail -- 3.6% | ||||
1,149 | Abercrombie & Fitch Co., Class A (b) | 28,392 | ||
1,600 | AnnTaylor Stores Corp. (b) | 62,400 | ||
400 | Dollar General Corp. | 8,396 | ||
1,500 | Furniture Brands International, Inc. | 43,995 | ||
600 | Nieman Marcus Group, Inc. (b) | 32,202 | ||
1,879 | Nordstrom, Inc. | 64,450 | ||
500 | PETsMART, Inc. | 11,900 | ||
1,400 | Sonic Automotives, Inc. | 32,088 | ||
400 | Tiffany & Co. | 18,080 | ||
1,300 | Zales Corp. (b) | 69,159 | ||
371,062 | ||||
Schools -- 0.2% | ||||
500 | Career Education Corp. (b) | 20,035 | ||
Semiconductor Equipment -- 1.6% | ||||
400 | DuPont Photomasks, Inc. (b) | 9,656 | ||
2,000 | ESS Technology, Inc. (b) | 34,020 | ||
1,378 | Imation Corp. | 48,437 | ||
1,192 | International Rectifier Corp. (b) | 58,896 | ||
417 | Varian Semiconductor Equipment Associates, Inc. (b) | 18,219 | ||
169,228 | ||||
Telephone & Telecommunications -- 0.7% | ||||
807 | CenturyTel, Inc. | 26,324 | ||
3,000 | Ciena Corp. (b) | 19,920 | ||
400 | Commonwealth Telephone Enterprises, Inc. (b) | 15,100 | ||
400 | US Cellular Corp. (b) | 14,200 | ||
75,544 | ||||
Tires & Tubes -- 0.2% | ||||
787 | Cooper Tire & Rubber Co. | 16,826 | ||
Tools & Accessories -- 0.5% | ||||
1,000 | Snap-On, Inc. | 32,240 | ||
493 | Stanley Works, The | 18,670 | ||
50,910 | ||||
Wholesale Distribution -- 1.3% | ||||
1,500 | AmerisourceBergen Corp. | 84,225 | ||
600 | BorgWarner, Inc. | 51,042 | ||
135,267 | ||||
Woven Carpets & Rugs -- 1.1% | ||||
1,600 | Mohawk Industries, Inc. (b) | 112,864 | ||
Total Common Stocks (Cost $6,959,431) | 8,505,990 | |||
Shares | Value | |||
MUTUAL FUNDS -- 5.6% | ||||
Exchange Traded Funds -- 5.6% | ||||
2,500 | iShares S&P Midcap 400 | $ 287,650 | ||
2,752 | Midcap SPDR Trust Series I | 290,061 | ||
Total Mutual Funds (Cost $458,969) | 577,711 | |||
CASH EQUIVALENT -- 12.1% | ||||
1,257,374 | Huntington Money Market Fund, Interfund Class* | 1,257,374 | ||
Total Cash Equivalent (Cost $1,257,374) | 1,257,374 | |||
Total Investments (Cost $8,675,774) (a) -- 99.9% | 10,341,075 | |||
Other Assets in Excess of Liabilities -- 0.1% | 10,975 | |||
Net Assets -- 100.0% | $ 10,352,050 | |||
Huntington VA New Economy Fund
Portfolio of Investments
December 31, 2003
Shares | Value | |||
---|---|---|---|---|
COMMON STOCKS -- 79.4% | ||||
Apparel & Textiles -- 1.4% | ||||
230 | Bebe Stores, Inc. (b) | $ 5,978 | ||
310 | Children's Place (b) | 8,286 | ||
240 | Coach, Inc. (b) | 9,060 | ||
180 | Fossil, Inc. (b) | 5,042 | ||
520 | K-Swiss, Inc. Class A | 12,511 | ||
40,877 | ||||
Auto Dealers -- 0.2% | ||||
400 | Asbury Automotive Group (b) | 7,164 | ||
Auto/Truck Parts & Equipment -- 1.9% | ||||
220 | Autoliv, Inc. | 8,283 | ||
80 | AutoZone, Inc. (b) | 6,817 | ||
180 | Brilliance China Automotive Holdings Ltd., ADR | 10,206 | ||
155 | Group 1 Automotive, Inc. (b) | 5,609 | ||
124 | Lear Corp. | 7,605 | ||
86 | Magna International, Inc. | 6,884 | ||
122 | PACCAR, Inc. | 10,385 | ||
55,789 | ||||
Banks -- 5.2% | ||||
133 | Countrywide Credit Industries, Inc. | 10,113 | ||
365 | Dime Community Bancshares | 11,227 | ||
250 | First Republic Bancorp, Inc. | 8,950 | ||
400 | Flagstar Bancorp, Inc. | 8,568 | ||
190 | Independence Community Bank Corp. | 6,834 | ||
325 | Irwin Financial Corp. | 10,205 | ||
248 | MB Financial, Inc. | 9,009 | ||
278 | New York Community Bancorp, Inc. | 10,578 | ||
300 | R & G Finanical Corp., Class B | 11,941 | ||
246 | Regions Financial Corp. | 9,151 | ||
300 | SouthTrust Corp. | 9,819 | ||
460 | Sovereign Bancorp | 10,925 | ||
266 | UCBH Holdings, Inc. | 10,366 | ||
220 | Washington Mutual, Inc. | 8,826 | ||
225 | Webster Financial Corp. | 10,319 | ||
220 | WFS Financial, Inc. (b) | 9,341 | ||
156,172 | ||||
Batteries/Battery Systems -- 0.3% | ||||
250 | Energizer Holdings, Inc. (b) | 9,390 | ||
Biotechnology -- 0.6% | ||||
240 | Invitrogen Corp. (b) | 16,800 | ||
Building & Construction -- 5.0% | ||||
85 | Centex Corp. | 9,150 | ||
200 | D. R. Horton, Inc. | 8,652 | ||
500 | Dycom Industries, Inc. (b) | 13,410 | ||
120 | KB Home | 8,702 | ||
90 | Lennar Corp. | 8,640 | ||
152 | M/I Schottenstein Homes, Inc. | 5,936 | ||
440 | Masco Corp. | 12,060 | ||
148 | MDC Holdings, Inc. | 9,546 | ||
14 | NVR, Inc. (b) | 6,524 | ||
100 | Ryland Group, Inc. | 8,864 | ||
310 | Simpson Manufacturing Co., Inc. (b) | 15,766 | ||
190 | Standard-Pacific Corp. | 9,225 | ||
Building & Construction -- (continued) | ||||
250 | Technical Olympic USA, Inc. (b) | $ 6,883 | ||
690 | USG Corp. (b) | 11,433 | ||
410 | Washington Group International (b) | 13,928 | ||
148,719 | ||||
Chemicals - Specialty -- 0.6% | ||||
375 | OM Group, Inc. (b) | 9,821 | ||
380 | TETRA Technologies, Inc. (b) | 9,211 | ||
19,032 | ||||
Commercial Services & Supplies -- 0.5% | ||||
168 | Cendant Corp. | 3,741 | ||
300 | StarTek, Inc. | 12,237 | ||
15,978 | ||||
Communications Equipment -- 0.7% | ||||
190 | L-3 Communications Corp. (b) | 9,758 | ||
370 | Nextel Communications, Inc., Class A (b) | 10,383 | ||
20,141 | ||||
Computer Services -- 4.8% | ||||
1,300 | Earthlink, Inc. (b) | 13,000 | ||
200 | Factset Research Systems, Inc. | 7,642 | ||
500 | Filenet Corp. (b) | 13,541 | ||
400 | Foundry Networks, Inc. (b) | 10,944 | ||
420 | Intergraph Corp. (b) | 10,046 | ||
400 | Jabil Circuit, Inc. (b) | 11,320 | ||
800 | Pinnacle Systems, Inc. (b) | 6,824 | ||
207 | Sungard Data Systems, Inc. (b) | 5,736 | ||
800 | Symbol Technologies, Inc. | 13,512 | ||
400 | Synopsys, Inc. (b) | 13,504 | ||
388 | Syntel, Inc. | 9,587 | ||
255 | Take-Two Interactive Software, Inc. (b) | 7,347 | ||
300 | Veritas Software Corp. (b) | 11,148 | ||
238 | Yahoo, Inc. (b) | 10,750 | ||
144,901 | ||||
Computers -- 3.9% | ||||
600 | Advanced Digital Information Corp. (b) | 8,400 | ||
300 | Ansys, Inc. (b) | 11,910 | ||
400 | Apple Computer, Inc. (b) | 8,548 | ||
500 | Cisco Systems, Inc. (b) | 12,145 | ||
400 | Citrix Systems, Inc. (b) | 8,484 | ||
700 | EMC Corp. (b) | 9,044 | ||
700 | Maxtor Corp. (b) | 7,770 | ||
600 | Mentor Graphics Corp. (b) | 8,724 | ||
400 | Network Appliance, Inc. (b) | 8,212 | ||
400 | Progress Software Corp. (b) | 8,184 | ||
100 | Sandisk Corp. (b) | 6,114 | ||
500 | SPSS, Inc. (b) | 8,940 | ||
500 | Transaction Systems Architects, Inc., Class A (b) | 11,315 | ||
117,790 | ||||
Consumer Products -- 0.8% | ||||
250 | Finish Line, Class A (b) | 7,493 | ||
120 | Harman International Industries, Inc. | 8,877 | ||
310 | Helen of Troy Ltd. (b) | 7,177 | ||
23,547 | ||||
COMMON STOCKS -- (continued) | ||||
Diversified Operations -- 1.1% | ||||
910 | Casella Waste Systems, Class A (b) | $ 12,458 | ||
310 | Clarcor, Inc. | 13,671 | ||
370 | Griffon Corp. (b) | 7,496 | ||
33,625 | ||||
E-Commerce & Services -- 0.8% | ||||
192 | Interactivecorp, Inc. (b) | 6,515 | ||
1,800 | WebMD Corp. (b) | 16,182 | ||
22,697 | ||||
Electronic Components -- 2.0% | ||||
255 | Benchmark Electronics, Inc. (b) | 8,877 | ||
400 | DSP Group, Inc. (b) | 9,964 | ||
700 | Flextronics International Ltd. (b) | 10,388 | ||
810 | Methode Electronics | 9,906 | ||
300 | Power Integrations, Inc. (b) | 10,038 | ||
900 | Sanmina Corp. (b) | 11,348 | ||
860 | Viscount Systems, Inc. (b) | 568 | ||
61,089 | ||||
Electronic Measuring Instruments -- 0.3% | ||||
170 | Garmin Ltd. | 9,262 | ||
Environmental Services -- 0.2% | ||||
120 | Stericycle, Inc. (b) | 5,604 | ||
Financial Services -- 2.1% | ||||
470 | CompuCredit Corp. (b) | 10,002 | ||
300 | Doral Financial Corp. | 9,684 | ||
440 | First American Financial Corp. | 13,099 | ||
242 | First Data Corp. | 9,944 | ||
95 | Golden West Financial Corp. | 9,803 | ||
190 | H & R Block, Inc. | 10,520 | ||
63,052 | ||||
Food & Beverages -- 2.6% | ||||
480 | Chiquita Brands International, Inc. (b) | 10,814 | ||
318 | Constellation Brands, Inc. (b) | 10,472 | ||
380 | Flowers Foods, Inc. | 9,804 | ||
360 | Fresh Del Monte Produce, Inc. | 8,579 | ||
320 | Ralcorp Holding, Inc. (b) | 10,035 | ||
260 | Sanderson Farms, Inc. | 10,478 | ||
350 | SUPERVALU, Inc. | 10,007 | ||
258 | YUM! Brands, Inc. (b) | 8,875 | ||
79,064 | ||||
Health Services -- 0.5% | ||||
1,220 | Gentiva Health Services (b) | 15,421 | ||
Healthcare Equipment & Supplies -- 0.6% | ||||
840 | Viasys Healthcare, Inc. (b) | 17,304 | ||
Hotels -- 0.2% | ||||
200 | Starwood Hotels & Resorts Worldwide, Inc. | 7,194 | ||
Household Furnishings -- 0.1% | ||||
39 | American Woodmark Corp. | 2,147 | ||
Insurance -- 1.6% | ||||
270 | AFLAC, Inc. | 9,769 | ||
305 | Fidelity National Financial, Inc. | 11,828 | ||
465 | Old Republic International Corp. | 11,792 | ||
254 | UnitedHealth Group, Inc. | 14,778 | ||
48,167 | ||||
Internet Services -- 0.7% | ||||
900 | DoubleClick, Inc. (b) | $ 9,198 | ||
700 | Verisign, Inc. (b) | 11,410 | ||
20,608 | ||||
Lasers - Systems/Components -- 0.3% | ||||
400 | Coherent, Inc. (b) | 9,520 | ||
Leisure -- 0.2% | ||||
170 | Royal Caribbean Cruises Ltd. | 5,914 | ||
Machinery -- 0.4% | ||||
143 | Albany International Corp., Class A | 4,848 | ||
520 | Sauer-Danfoss, Inc. | 8,424 | ||
13,272 | ||||
Measuring Devices -- 0.5% | ||||
382 | FLIR Systems, Inc. (b) | 13,943 | ||
Medical & Medical Services -- 10.4% | ||||
680 | Apogent Technologies, Inc. (b) | 15,667 | ||
510 | Apria Healthcare Group, Inc. (b) | 14,520 | ||
372 | Becton, Dickinson & Co. | 15,304 | ||
314 | Bio-Rad Laboratories, Inc., Class A (b) | 18,108 | ||
350 | Cooper Companies, Inc. | 16,496 | ||
370 | DaVita, Inc. (b) | 14,430 | ||
280 | Dentsply International, Inc. | 12,648 | ||
620 | First Health Group Corp. (b) | 12,065 | ||
290 | Genesis Healthcare Corp. (b) | 6,606 | ||
280 | Henry Schein, Inc. (b) | 18,921 | ||
1,056 | Hologic, Inc. (b) | 18,300 | ||
280 | Medtronic, Inc. | 13,611 | ||
580 | Neighborcare, Inc. (b) | 11,455 | ||
559 | Ocular Sciences, Inc. (b) | 16,049 | ||
1,500 | Option Care, Inc. (b) | 16,020 | ||
180 | Patterson Dental Co. (b) | 11,549 | ||
244 | Pediatrix Medical Group, Inc. (b) | 13,442 | ||
178 | Pharmaceutical Resources, Inc. (b) | 11,597 | ||
390 | Renal Care Group, Inc. (b) | 16,068 | ||
280 | St. Jude Medical, Inc. (b) | 17,178 | ||
262 | Varian Medical Systems, Inc. (b) | 18,104 | ||
308,138 | ||||
Medical - HMO -- 2.2% | ||||
680 | Humana, Inc. (b) | 15,538 | ||
240 | Mid Atlantic Medical Services, Inc. (b) | 15,552 | ||
270 | PacifiCare Health Systems, Inc. (b) | 18,252 | ||
650 | Sierra Health Services, Inc. (b) | 17,843 | ||
67,185 | ||||
Metals & Mining -- 0.7% | ||||
305 | Barrick Gold Corp. | 6,927 | ||
175 | Freeport-McMoran Copper & Gold, Inc., Class B | 7,372 | ||
150 | Newmont Mining Corp. | 7,292 | ||
21,591 | ||||
Miscellaneous Business Services -- 4.6% | ||||
400 | Accenture Ltd. (b) | 10,528 | ||
500 | Autodesk, Inc. | 12,290 | ||
587 | Caremark Rx, Inc. (b) | 14,868 | ||
200 | Electronic Arts, Inc. (b) | 9,556 | ||
COMMON STOCKS -- (continued) | ||||
Miscellaneous Business Services -- (continued) | ||||
167 | Fair Issac & Co., Inc. | $ 8,210 | ||
152 | GTECH Holdings Corp. | 7,522 | ||
395 | Hughes Electronics Corp. (b) | 6,540 | ||
500 | Jack Henry & Associates, Inc. | 10,290 | ||
220 | News Corp., Ltd., ADR | 7,942 | ||
600 | Polycom, Inc. (b) | 11,712 | ||
600 | RSA Security, Inc. (b) | 8,520 | ||
300 | Symantec Corp. (b) | 10,395 | ||
300 | Total System Services, Inc. | 9,339 | ||
220 | Univision Communications, Inc. (b) | 8,732 | ||
136,444 | ||||
Office Equipment & Supplies -- 0.4% | ||||
200 | Avid Technology, Inc. (b) | 9,600 | ||
77 | John H. Harland Co. | 2,102 | ||
11,702 | ||||
Oil Companies - Integrated -- 0.4% | ||||
310 | Occidental Petroleum Corp. | 13,094 | ||
Oil Company - Exploration & Production -- 1.0% | ||||
290 | Pogo Producing Co. | 14,007 | ||
603 | Xto Energy, Inc. | 17,065 | ||
31,072 | ||||
Personal Products -- 0.3% | ||||
343 | NBTY, Inc. (b) | 9,213 | ||
Petroleum & Petroleum Products -- 0.6% | ||||
130 | Murphy Oil Corp. | 8,490 | ||
200 | Patina Oil & Gas Corp. | 9,798 | ||
18,288 | ||||
Pharmaceutical Preparations -- 1.1% | ||||
250 | Medicis Pharmaceutical Corp., Class A | 17,825 | ||
870 | Parexel International Corp. (b) | 14,146 | ||
31,971 | ||||
Pharmaceuticals -- 0.6% | ||||
360 | Watson Pharmaceutical, Inc. (b) | 16,560 | ||
Photographic Equipment & Supplies -- 0.2% | ||||
610 | Concord Camera Corp. (b) | 5,643 | ||
Process Control Instruments -- 0.4% | ||||
530 | Flowserve Corp. (b) | 11,066 | ||
Professional Services -- 0.4% | ||||
116 | Apollo Group, Inc., Class A (b) | 7,888 | ||
40 | Strayer Education, Inc. | 4,353 | ||
12,241 | ||||
Railroad Transportation -- 0.4% | ||||
540 | CP Ships Ltd. | 11,216 | ||
Real Estate Investment Trust -- 1.1% | ||||
540 | Annaly Mortgage Management, Inc. | 9,936 | ||
190 | Chelsea Property Group | 10,414 | ||
492 | Ventas, Inc. | 10,824 | ||
31,174 | ||||
Recreation & Utility Trailer Dealers -- 0.2% | ||||
112 | Thor Industries, Inc. | 6,297 | ||
Retail -- 5.7% | ||||
580 | 7-ELEVEN, Inc. (b) | $ 9,309 | ||
230 | Aeropostale, Inc. (b) | 6,307 | ||
169 | Applebee's International, Inc. | 6,637 | ||
307 | AutoNation, Inc. (b) | 5,640 | ||
130 | Best Buy Co. | 6,791 | ||
570 | Bombay Co., Inc. (b) | 4,640 | ||
144 | Chico's FAS, Inc. (b) | 5,321 | ||
180 | Cost Plus, Inc. (b) | 7,380 | ||
194 | Cracker Barrel Group, Inc. | 7,422 | ||
260 | CVS Corp. | 9,390 | ||
340 | Dollar General Corp. | 7,137 | ||
200 | Dollar Tree Stores, Inc. (b) | 6,012 | ||
98 | Family Dollar Stores, Inc. | 3,516 | ||
430 | Foot Locker, Inc. | 10,083 | ||
192 | Fred's, Inc. | 5,948 | ||
213 | Hot Topic, Inc. (b) | 6,275 | ||
99 | Lowe's Cos., Inc. | 5,484 | ||
155 | O'Reilly Automotive, Inc. (b) | 5,946 | ||
310 | Pacific Sunwear of California (b) | 6,547 | ||
288 | PETsMART, Inc. | 6,854 | ||
315 | RARE Hospitality International, Inc. (b) | 7,699 | ||
198 | Regis Corp. | 7,825 | ||
270 | TBC Corp. (b) | 6,969 | ||
180 | Tiffany & Co. | 8,136 | ||
235 | Tuesday Morning Corp. (b) | 7,109 | ||
170,377 | ||||
Schools -- 1.3% | ||||
960 | Career Education Corp. (b) | 38,467 | ||
Software -- 1.0% | ||||
460 | Alliance Atlantis Communications, Inc., Class B (b) | 7,047 | ||
675 | Concord Communications, Inc. (b) | 13,480 | ||
390 | Inter-Tel, Inc. | 9,742 | ||
30,269 | ||||
Technology -- 1.5% | ||||
500 | Altera Corp. (b) | 11,350 | ||
300 | Intel Corp. | 9,660 | ||
300 | Kronos, Inc. (b) | 11,883 | ||
300 | Micros Systems, Inc. (b) | 13,008 | ||
45,901 | ||||
Telecommunication Equipment -- 0.7% | ||||
200 | ADTRAN, Inc. | 6,200 | ||
600 | Tekelec (b) | 9,330 | ||
1,100 | Westell Technologies, Inc., Class A (b) | 6,941 | ||
22,471 | ||||
Telephone & Telecommunications -- 1.1% | ||||
1,100 | Aspect Communications (b) | 17,336 | ||
970 | AT&T Wireless Services, Inc. (b) | 7,750 | ||
130 | Telephone & Data Systems, Inc. | 8,132 | ||
33,218 | ||||
Shares | Value | |||
COMMON STOCKS -- (continued) | ||||
Transportation Services -- 2.0% | ||||
290 | ABX Air, Inc. (b) | $ 1,247 | ||
480 | C.H. Robinson Worldwide, Inc. | 18,197 | ||
160 | Fedex Corp. | 10,800 | ||
175 | Heartland Express, Inc. | 4,233 | ||
278 | J.B. Hunt Transport Services, Inc. (b) | 7,509 | ||
710 | Sea Containers Ltd., Class A | 12,958 | ||
120 | Yellow Roadway Corp. (b) | 4,323 | ||
59,267 | ||||
Wholesale Distribution -- 1.0% | ||||
154 | CDW Corp. | 8,895 | ||
280 | Fastenal Co. | 13,983 | ||
240 | SCP Pool Corp. (b) | 7,843 | ||
30,721 | ||||
Total Common Stocks (Cost $2,009,298) | 2,377,769 | |||
PREFERRED STOCK -- 0.0% | ||||
Miscellaneous Business Services -- 0.0% | ||||
44 | News Corp. Ltd., ADR | 1,337 | ||
Total Preferred Stock (Cost $1,280) | 1,337 | |||
MUTUAL FUNDS -- 9.5% | ||||
Exchange Traded Funds -- 9.5% | ||||
1,275 | iShares Russell 2000 Index Fund | $ 141,270 | ||
3,950 | Nasdaq 100 Index Fund | 144,017 | ||
Total Mutual Funds (Cost $280,338) | 285,287 | |||
CASH EQUIVALENT -- 11.1% | ||||
333,680 | Huntington Money Market Fund, Interfund Class* | 333,680 | ||
Total Cash Equivalent (Cost $333,680) | 333,680 | |||
Total Investments (Cost $2,624,596) (a) -- 100.0% | 2,998,073 | |||
Other Assets in Excess of Liabilities -- 0.0% | 267 | |||
Net Assets -- 100.0% | $ 2,998,340 | |||
Huntington VA Funds
Notes to Portfolio of Investments
(a) See notes to financial statements for unrealized appreciation (depreciation) of securities.
(b) Non-income producing security.
*Affiliated
The categories of investments are shown as a percentage of net assets.
The following abbreviations are used in the Portfolio of Investments:
ADR | -- | American Depositary Receipt |
EAFE | -- | Europe, Australasia and Far East |
MSCI | -- | Morgan Stanley Capital International |
S&P | -- | Standard & Poor's |
SPDR | -- | Standard & Poor's Depositary Receipt |
Huntington VA Funds
Statements of Assets and Liabilities
December 31, 2003
Huntington | Huntington | Huntington | Huntington | Huntington | Huntington | |||||||
Assets: | ||||||||||||
Investments, at value | $ 11,239,216 | $ 19,397,872 | $ 3,956,926 | $ 16,938,068 | $ 9,083,701 | $ 2,664,393 | ||||||
Investments in affiliated securities, at value | 805,727 | 2,009,794 | 243,914 | 341,539 | 1,257,374 | 333,680 | ||||||
Total Investments | 12,044,943 | 21,407,666 | 4,200,840 | 17,279,607 | 10,341,075 | 2,998,073 | ||||||
Cash | 20,870 | 38,954 | 1,687 | 52,881 | 16,285 | 2,629 | ||||||
Income receivable | 14,407 | 55,739 | 21,557 | 74,202 | 8,171 | 1,570 | ||||||
Receivable for investments sold | -- | 96,366 | -- | -- | -- | -- | ||||||
Total assets | 12,080,220 | 21,598,725 | 4,224,084 | 17,406,690 | 10,365,531 | 3,002,272 | ||||||
Liabilities: | ||||||||||||
Options written, at value (proceeds $0; $32,347; $0; $0; $0 and $0) | -- | 42,475 | -- | -- | -- | -- | ||||||
Payable for investments purchased | -- | 294,937 | -- | 24,750 | -- | -- | ||||||
Accrued expenses and other payables | ||||||||||||
Investment adviser fees | 7,139 | 11,153 | 2,331 | 9,889 | 6,202 | 1,735 | ||||||
Administration fees | 726 | 1,289 | 255 | 1,056 | 632 | 185 | ||||||
Sub-Administration fees | 580 | 1,032 | 204 | 845 | 505 | 148 | ||||||
Custodian fees | 252 | 447 | 88 | 366 | 219 | 64 | ||||||
Portfolio accounting fees | 495 | 799 | 245 | 672 | 443 | 209 | ||||||
Other | 6,422 | 14,273 | 2,264 | 9,248 | 5,480 | 1,591 | ||||||
Total liabilities | 15,614 | 366,405 | 5,387 | 46,826 | 13,481 | 3,932 | ||||||
Net Assets | $ 12,064,606 | $ 21,232,320 | $ 4,218,697 | $ 17,359,864 | $ 10,352,050 | $ 2,998,340 | ||||||
Net Assets Consists of: | ||||||||||||
Paid in capital | $ 11,179,052 | $ 19,517,997 | $ 3,626,430 | $ 15,699,150 | $ 8,700,649 | $ 2,539,795 | ||||||
Net unrealized appreciation of investments and options | 919,788 | 1,586,151 | 426,035 | 1,343,972 | 1,665,301 | 373,477 | ||||||
Accumulated net realized gain (loss) on investment and option transactions | (35,210) | 128,172 | 141,831 | 303,986 | (16,175 ) | 85,068 | ||||||
Accumulated net investment income (loss) | 976 | -- | 24,401 | 12,756 | 2,275 | -- | ||||||
Total Net Assets | $ 12,064,606 | $ 21,232,320 | $ 4,218,697 | $ 17,359,864 | $ 10,352,050 | $ 2,998,340 | ||||||
Shares Outstanding | 1,424,389 | 2,059,765 | 382,630 | 1,504,270 | 824,545 | 242,279 | ||||||
Net Asset Value Per Share | ||||||||||||
(Net asset value, offering and redemption price per share) | $ 8.47 | $ 10.31 | $ 11.03 | $ 11.54 | $ 12.55 | $ 12.38 | ||||||
Investments, at cost | $ 11,125,155 | $ 19,811,388 | $ 3,774,805 | $ 15,935,635 | $ 8,675,774 | $ 2,624,596 | ||||||
Huntington VA Funds
Statements of Operations
Year Ended December 31, 2003
| Huntington | Huntington | Huntington | Huntington | Huntington | Huntington | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Investment Income: | ||||||||||||
Dividend income | $ 90,167 | $ 507,374 | $ 47,434 | $ 589,309 | $ 70,302 | $ 11,160(1) | ||||||
Dividend income from affiliates | 4,990 | 7,616 | 826 | 2,344 | 4,004 | 1,148 | ||||||
Interest income | -- | 13,508 | -- | -- | -- | -- | ||||||
Income from securities lending | -- | 2,271 | -- | 1,134 | 1,143 | -- | ||||||
Total investment income | 95,157 | 530,769 | 48,260 | 592,787 | 75,449 | 12,308 | ||||||
Expenses: | ||||||||||||
Investment adviser fees | 43,311 | 87,639 | 14,316 | 57,195 | 37,641 | 10,275 | ||||||
Administration fees | 5,414 | 10,955 | 1,789 | 7,149 | 4,705 | 1,284 | ||||||
Sub-Administration fees | 4,331 | 8,764 | 1,432 | 5,719 | 3,764 | 1,027 | ||||||
Custodian fees | 1,877 | 3,798 | 620 | 2,478 | 1,631 | 445 | ||||||
Transfer and dividend disbursing agent fees and expenses | 2,300 | 4,588 | 839 | 3,148 | 2,028 | 571 | ||||||
Directors' fees | 1,730 | 3,384 | 556 | 2,346 | 1,494 | 395 | ||||||
Auditing fees | 1,993 | 3,769 | 692 | 2,829 | 1,742 | 493 | ||||||
Legal fees | 1,137 | 1,900 | 741 | 2,189 | 993 | 262 | ||||||
Portfolio accounting fees | 4,297 | 7,436 | 2,201 | 5,290 | 3,873 | 1,934 | ||||||
Printing and postage | 4,683 | 9,647 | 1,652 | 6,037 | 4,128 | 1,086 | ||||||
Insurance premiums | 255 | 597 | 60 | 233 | 249 | 58 | ||||||
Other | 913 | 3,589 | 356 | 1,393 | 731 | 223 | ||||||
Total expenses | 72,241 | 146,066 | 25,254 | 96,006 | 62,979 | 18,053 | ||||||
Reimbursements from adviser | (59) | -- | (1,395) | (656) | (221) | (929) | ||||||
Net expenses | 72,182 | 146,066 | 23,859 | 95,350 | 62,758 | 17,124 | ||||||
Net investment income (loss) | 22,975 | 384,703 | 24,401 | 497,437 | 12,691 | (4,816) | ||||||
Realized and Unrealized Gain (Loss) on Investments and Options: | ||||||||||||
Net realized gain (loss) on investment transactions | (24,829) | 575,481 | 159,898 | 339,242 | (16,175) | 104,361 | ||||||
Net realized gain (loss) on option transactions | -- | (11,254) | -- | -- | -- | -- | ||||||
Net realized gain (loss) on investment and option transactions | (24,829) | 564,227 | 159,898 | 339,242 | (16,175) | 104,361 | ||||||
Net change in unrealized appreciation/ depreciation of investments and options | 1,340,594 | 1,984,674 | 462,449 | 1,370,067 | 1,896,745 | 391,819 | ||||||
Net realized and unrealized gain (loss) on investments and options | 1,315,765 | 2,548,901 | 622,347 | 1,709,309 | 1,880,570 | 496,180 | ||||||
Change in net assets resulting from operations | $ 1,338,740 | $ 2,933,604 | $ 646,748 | $ 2,206,746 | $ 1,893,261 | $ 491,364 | ||||||
(1) Net of foreign dividend taxes withheld of $9.
Huntington VA Funds
Statements of Changes in Net Assets
| Huntington VA | Huntington VA | Huntington VA | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||
Increase (Decrease) in Net Assets | ||||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $ 22,975 | $ 2,803 | $ 384,703 | $ 176,406 | $ 24,401 | $ (860) | ||||||
Net realized gain (loss) on investment and option transactions | (24,829) | (9,499) | 564,227 | (298,590) | 159,898 | (18,067) | ||||||
Net change in unrealized appreciation/depreciation of investments and options | 1,340,594 | (409,698) | 1,984,674 | (577,399) | 462,449 | (45,501) | ||||||
Change in net assets resulting from operations | 1,338,740 | (416,394) | 2,933,604 | (699,583) | 646,748 | (64,428) | ||||||
Distributions to Shareholders: | ||||||||||||
From net investment income | (22,801) | (2,001) | (391,597) | (173,220) | -- | -- | ||||||
Change in net assets resulting from distributions to shareholders | (22,801) | (2,001) | (391,597) | (173,220) | -- | -- | ||||||
Share Transactions: | ||||||||||||
Proceeds from sales of shares | 7,152,851 | 3,672,461 | 10,860,286 | 5,159,774 | 2,695,044 | 850,534 | ||||||
Distributions reinvested | 22,801 | 2,001 | 391,597 | 173,220 | -- | -- | ||||||
Cost of shares redeemed | (80,571) | (36,853) | (1,273,486) | (200,915) | (52,766) | (66,532) | ||||||
Change in net assets resulting from share transactions | 7,095,081 | 3,637,609 | 9,978,397 | 5,132,079 | 2,642,278 | 784,002 | ||||||
Change in net assets | 8,411,020 | 3,219,214 | 12,520,404 | 4,259,276 | 3,289,026 | 719,574 | ||||||
Net Assets: | ||||||||||||
Beginning of period | 3,653,586 | 434,372 | 8,711,916 | 4,452,640 | 929,671 | 210,097 | ||||||
End of period | $ 12,064,606 | $ 3,653,586 | $ 21,232,320 | $ 8,711,916 | $ 4,218,697 | $ 929,671 | ||||||
Accumulated net investment income (loss) included in net assets at end of period | $ 976 | $ 802 | $ -- | $ 3,186 | $ 24,401 | $ -- | ||||||
Huntington VA Funds
Statements of Changes in Net Assets
| Huntington VA | Huntington VA | Huntington VA | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||
Increase (Decrease) in Net Assets | ||||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $ 497,437 | $ 76,533 | $ 12,691 | $ (1,525) | $ (4,816) | $ (1,889) | ||||||
Net realized gain (loss) on investments | 339,242 | (34,959) | (16,175) | 8,034 | 104,361 | (14,436) | ||||||
Net change in unrealized appreciation/depreciation of investments | 1,370,067 | (29,177) | 1,896,745 | (256,055) | 391,819 | (37,336) | ||||||
Change in net assets resulting from operations | 2,206,746 | 12,397 | 1,893,261 | (249,546) | 491,364 | (53,661) | ||||||
Distributions to Shareholders: | ||||||||||||
From net investment income | (500,110) | (62,054) | (10,416) | -- | -- | -- | ||||||
From net realized gains | -- | -- | (6,509) | (56) | -- | -- | ||||||
Change in net assets resulting from distributions to shareholders | (500,110) | (62,054) | (16,925) | (56) | -- | -- | ||||||
Share Transactions: | ||||||||||||
Proceeds from sales of shares | 12,140,624 | 3,250,384 | 5,469,316 | 3,163,014 | 1,836,144 | 639,984 | ||||||
Distributions reinvested | 500,110 | 62,054 | 16,925 | 56 | -- | -- | ||||||
Cost of shares redeemed | (383,879) | (86,231) | (116,430) | (96,065) | (84,636) | (58,610) | ||||||
Change in net assets resulting from share transactions | 12,256,855 | 3,226,207 | 5,369,811 | 3,067,005 | 1,751,508 | 581,374 | ||||||
Change in net assets | 13,963,491 | 3,176,550 | 7,246,147 | 2,817,403 | 2,242,872 | 527,713 | ||||||
Net Assets: | ||||||||||||
Beginning of period | 3,396,373 | 219,823 | 3,105,903 | 288,500 | 755,468 | 227,755 | ||||||
End of period | $ 17,359,864 | $ 3,396,373 | $ 10,352,050 | $ 3,105,903 | $ 2,998,340 | $ 755,468 | ||||||
Accumulated net investment income (loss) included in net assets at end of period | $ 12,756 | $ 15,429 | $ 2,275 | $ -- | $ -- | $ -- | ||||||
Huntington VA Funds
Financial Highlights
(For a share outstanding throughout each period)
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Year ended December 31, |
| Net Investment | Net | Total from | Distributions | Distributions | Return of | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Huntington VA Growth Fund |
|
| ||||||||||||||
2001(4) | $ | 10.00 |
|
| (0.04) |
| (0.74) |
| (0.78) |
| -- |
| -- |
| -- | |
2002 | $ | 9.22 |
|
| -- |
| (1.90) |
| (1.90) |
| -- |
| -- |
| -- | |
2003 | $ | 7.32 |
|
| 0.02 |
| 1.15 |
| 1.17 |
| (0.02) |
| -- |
| -- | |
Huntington VA Income Equity Fund |
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| ||||||||||||||
1999(5) | $ | 10.00 |
|
| 0.06 |
| (0.13) |
| (0.07) |
| (0.05) |
| -- |
| (0.04) | |
2000 | $ | 9.84 |
|
| 0.33 |
| 0.23 |
| 0.56 |
| (0.33) |
| -- |
| -- | |
2001 | $ | 10.07 |
|
| 0.18 |
| 0.06 |
| 0.24 |
| (0.20) |
| -- |
| (0.01) | |
2002 | $ | 10.10 |
|
| 0.23 |
| (1.22) |
| (0.99) |
| (0.23) |
| -- |
| -- | |
2003 | $ | 8.88 |
|
| 0.20 |
| 1.43 |
| 1.63 |
| (0.20) |
| -- |
| -- | |
Huntington VA Rotating Markets Fund |
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| ||||||||||||||
2001(6) | $ | 10.00 |
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| -- |
| 0.45 |
| 0.45 |
| -- |
| -- |
| -- | |
2002 | $ | 10.45 |
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| (0.01) |
| (1.57) |
| (1.58) |
| -- |
| -- |
| -- | |
2003 | $ | 8.87 |
|
| 0.06 |
| 2.10 |
| 2.16 |
| -- |
| -- |
| -- | |
Huntington VA Dividend Capture Fund |
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| ||||||||||||||
2001(6) | $ | 10.00 |
|
| 0.14 |
| 0.10 |
| 0.24 |
| (0.09) |
| -- |
| -- | |
2002 | $ | 10.15 |
|
| 0.33 |
| (0.33) |
| -- |
| (0.34) |
| -- |
| -- | |
2003 | $ | 9.81 |
|
| 0.33 |
| 1.76 |
| 2.09 |
| (0.36) |
| -- |
| -- | |
Huntington VA Mid Corp America Fund |
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| ||||||||||||||
2001(6) | $ | 10.00 |
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| (0.02) |
| 1.17 |
| 1.15 |
| -- |
| -- |
| -- | |
2002 | $ | 11.15 |
|
| -- |
| (1.45) |
| (1.45) |
| -- |
| -- |
| -- | |
2003 | $ | 9.70 |
|
| 0.01 |
| 2.86 |
| 2.87 |
| (0.01) |
| (0.01) |
| -- | |
Huntington VA New Economy Fund |
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| ||||||||||||||
2001(6) | $ | 10.00 |
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| (0.03) |
| 0.93 |
| 0.90 |
| -- |
| -- |
| -- | |
2002 | $ | 10.90 |
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| (0.02) |
| (1.47) |
| (1.49) |
| -- |
| -- |
| -- | |
2003 | $ | 9.41 |
|
| (0.02) |
| 2.99 |
| 2.97 |
| -- |
| -- |
| -- | |
(1) Represents a return of capital for federal income tax purposes.
(2) Total return figures are based on a share outstanding throughout the period and assumes reinvestment of distributions at net asset value. Total return figures do not reflect charges pursuant to the terms of the variable life insurance policies and variable annuity contracts funded by separate accounts that invest in the Fund's shares.
(3) This expense decrease is reflected in both the expense and net investment income ratios.
(4) Reflects operations for the period from May 1, 2001 (commencement of operations) to December 31, 2001.
(5) Reflects operations for the period from October 21, 1999 (commencement of operations) to December 31, 1999.
(6) Reflects operations for the period from October 15, 2001 (commencement of operations) to December 31, 2001.
(7) Not annualized.
(8) Computed on annualized basis.
(9) Does not include the effect of expenses of underlying funds.
Huntington VA Funds
Financial Highlights (continued)
(For a share outstanding throughout each period)
Ratios to Average Net Assets | ||||||||||||||||||||||||
Total | Net Asset | Total | Net Expenses | Net | Expense Waiver/ Reimbursement(3) | Net Assets, | Portfolio | |||||||||||||||||
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-- |
| $ | 9.22 |
| (7.80 | )%(7) |
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| 2.00 | %(8) |
| 1.11 | %(8) |
| 14.85 | %(8) |
| $ | 434 |
|
| 0 | % | |
-- |
| $ | 7.32 |
| (20.56 | )% |
|
| 1.02 | % |
| 0.14 | % |
| 0.56 | % |
| $ | 3,654 |
|
| 2 | % | |
(0.02) |
| $ | 8.47 |
| 15.95 | % |
|
| 1.00 | % |
| 0.32 | % |
| 0.00 | % |
| $ | 12,065 |
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| 4 | % | |
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(0.09) |
| $ | 9.84 |
| (0.72 | )%(7) |
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| 0.77 | %(8) |
| 4.30 | %(8) |
| 10.08 | %(8) |
| $ | 2,221 |
|
| 0 | % | |
(0.33) |
| $ | 10.07 |
| 5.85 | % |
|
| 0.77 | % |
| 3.66 | % |
| 1.47 | % |
| $ | 3,516 |
|
| 6 | % | |
(0.21) |
| $ | 10.10 |
| 2.34 | % |
|
| 1.91 | % |
| 1.76 | % |
| 0.15 | % |
| $ | 4,453 |
|
| 38 | % | |
(0.23) |
| $ | 8.88 |
| (9.96 | )% |
|
| 1.11 | % |
| 2.81 | % |
| 0.43 | % |
| $ | 8,712 |
|
| 4 | % | |
(0.20) |
| $ | 10.31 |
| 18.43 | % |
|
| 1.00 | % |
| 2.63 | % |
| 0.00 | % |
| $ | 21,232 |
|
| 97 | % | |
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-- |
| $ | 10.45 |
| 4.50 | %(7) |
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| 2.00 | %(8)(9) |
| (0.21 | )%(8) |
| 16.20 | %(8) |
| $ | 210 |
|
| 0 | % | |
-- |
| $ | 8.87 |
| (15.12 | )% |
|
| 1.21 | %(9) |
| (0.20 | )% |
| 2.12 | % |
| $ | 930 |
|
| 113 | % | |
-- |
| $ | 11.03 |
| 24.35 | % |
|
| 1.00 | %(9) |
| 1.02 | % |
| 0.06 | % |
| $ | 4,219 |
|
| 151 | % | |
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(0.09) |
| $ | 10.15 |
| 2.44 | %(7) |
|
| 2.00 | %(8) |
| 5.25 | %(8) |
| 15.47 | %(8) |
| $ | 220 |
|
| 12 | % | |
(0.34) |
| $ | 9.81 |
| (0.05 | )% |
|
| 1.12 | % |
| 5.89 | % |
| 1.11 | % |
| $ | 3,396 |
|
| 70 | % | |
(0.36) |
| $ | 11.54 |
| 21.36 | % |
|
| 1.00 | % |
| 5.22 | % |
| 0.01 | % |
| $ | 17,360 |
|
| 87 | % | |
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-- |
| $ | 11.15 |
| 11.50 | %(7) |
|
| 2.00 | %(8) |
| (0.85 | )%(8) |
| 15.87 | %(8) |
| $ | 289 |
|
| 3 | % | |
-- |
| $ | 9.70 |
| (13.00 | )% |
|
| 1.15 | % |
| (0.10 | )% |
| 0.95 | % |
| $ | 3,106 |
|
| 3 | % | |
(0.02) |
| $ | 12.55 |
| 29.63 | % |
|
| 1.00 | % |
| 0.20 | % |
| 0.00 | % |
| $ | 10,352 |
|
| 25 | % | |
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-- |
| $ | 10.90 |
| 9.00 | %(7) |
|
| 2.00 | %(8) |
| (1.20 | )%(8) |
| 15.91 | %(8) |
| $ | 228 |
|
| 0 | % | |
-- |
| $ | 9.41 |
|
| (13.67 | )% |
|
| 1.21 | % |
| (0.44 | )% |
| 2.17 | % |
| $ | 755 |
|
| 20 | % |
-- |
| $ | 12.38 |
|
| 31.56 | % |
|
| 1.00 | % |
| (0.28 | )% |
| 0.05 | % |
| $ | 2,998 |
|
| 80 | % |
Huntington VA Funds
Notes to Financial Statements December 31, 2003
(1) Organization
Huntington VA Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust operates six separate series, or mutual funds, each with its own investment objective and strategy. This report contains the financial statements and financial highlights of the funds listed below (each individually referred to as a "Fund," or collectively as the "Funds"):
Huntington VA Growth Fund (VA Growth Fund)
Huntington VA Income Equity Fund (VA Income Equity Fund)
Huntington VA Rotating Markets Fund (VA Rotating Markets Fund) (formerly Huntington VA Rotating Index Fund)
Huntington VA Dividend Capture Fund (VA Dividend Capture Fund)
Huntington VA Mid Corp America Fund (VA Mid Corp America Fund)
Huntington VA New Economy Fund (VA New Economy Fund)
The assets of each Fund are segregated and a shareholder's interest is limited to the Fund in which shares are held.
The Trust accounts for the assets, liabilities and operations of each Fund separately. Shares of the Funds are not offered directly to the public, but sold only to Hartford Life Insurance Company's separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable contracts and policies. Under an exemptive order granted by the Securities and Exchange Commission and procedures adopted by the Trust's Board of Trustees, shares of the Funds may be sold to separate accounts of variable annuity contracts and policies of other insurance companies.
(2) Significant Accounting PoliciesThe following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").
A. Investment ValuationsEquity securities traded on a national securities exchange or quoted on the NASDAQ National Market System are valued at their last-reported sales price on the principal exchange or official closing price as reported by NASDAQ or, if there is no reported sale, and in the case of over-the-counter securities not included in the NASDAQ National Market System, at a bid price estimated by an independent pricing service. Fixed income securities traded on a national securities exchange or in the over-the-counter market are valued at their last-reported sales price or, if there is no reported sale, at a bid price by an independent pricing service. Short-term investments with remaining maturities of 60 days or less at the time of purchase are valued at amortized cost, which approximates fair value. Options contracts are valued at the last quoted bid price as reported on the primary exchange or board of trade on which such options are traded. Investments in other open-end investment companies are valued at net asset va lue. Securities for which no quotations are readily available are valued at fair value as determined in good faith using methods approved by the Board of Trustees (the "Trustees").
B. Repurchase AgreementsIt is the policy of the Funds to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Funds to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement.
The Funds will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Funds' adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Funds could receive less than the repurchase price on the sale of collateral securities.
C. Investment Income, Expenses and DistributionsInterest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among various Funds or all Funds within the Trust in relation to the net assets of each Fund or on another reasonable basis.
D. Federal TaxesIt is the policy of each Fund to qualify or continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. In addition to complying with the federal tax requirements applicable to regulated investment companies, the Funds also plan to comply with certain diversification standards applicable to underlying assets of variable annuity contracts in order to avoid taxation on the variable contract owners with respect to earnings allocable to the contract from investments in the Funds.
Tax cost of securities differs from cost for financial reporting purposes by the amount of losses recognized for financial reporting purposes in excess of federal tax purposes.
As of December 31, 2003, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund was as follows:
Fund | Tax Cost | Unrealized | Unrealized | Net | ||||
---|---|---|---|---|---|---|---|---|
VA Growth Fund | $ 11,133,897 | $ 1,231,603 | $ (311,815) | $ 919,788 | ||||
VA Income Equity Fund | 19,897,004 | 1,826,325 | (230,047) | 1,596,278 | ||||
VA Rotating Markets Fund | 3,784,135 | 426,343 | (308) | 426,035 | ||||
VA Dividend Capture Fund | 15,945,744 | 1,390,973 | (47,001) | 1,343,972 | ||||
VA Mid Corp America Fund | 8,675,774 | 1,759,452 | (94,151) | 1,665,301 | ||||
VA New Economy Fund | 2,624,596 | 433,391 | (59,914) | 373,477 |
As of December 31, 2003, for Federal income tax purposes, the following Funds have capital loss carryforwards available to offset future capital gains, if any, to the extent provided by the treasury regulations:
Fund | Amount | Expires | ||
---|---|---|---|---|
VA Growth Fund | $ 882 | 2009 | ||
VA Growth Fund | 9,499 | 2010 | ||
VA Growth Fund | 16,086 | 2011 | ||
VA Mid Corp America Fund | 16,175 | 2011 |
The tax character of distributions paid during the fiscal year ended December 31, 2003, was as follows:
Distributions Paid From |
|
|
| |||||||
---|---|---|---|---|---|---|---|---|---|---|
Fund | Ordinary | Net Long Term | Total Taxable | Tax Exempt | Total | |||||
VA Growth Fund | $ 22,801 | $ -- | $ 22,801 | $ -- | $ 22,801 | |||||
VA Income Equity Fund | 391,597 | -- | 391,597 | -- | 391,597 | |||||
VA Rotating Markets Fund | -- | -- | -- | -- | -- | |||||
VA Dividend Capture Fund | 500,110 | -- | 500,110 | -- | 500,110 | |||||
VA Mid Corp America Fund | 15,495 | 1,430 | 16,925 | -- | 16,925 | |||||
VA New Economy Fund | -- | -- | -- | -- | -- |
The tax character of distributions paid during the fiscal year ended December 31, 2002, was as follows:
Distributions Paid From |
|
|
| |||||||
---|---|---|---|---|---|---|---|---|---|---|
Fund | Ordinary | Net Long Term | Total Taxable | Tax Exempt | Total | |||||
VA Growth Fund | $ 2,001 | $ -- | $ 2,001 | $ -- | $ 2,001 | |||||
VA Income Equity Fund | 173,218 | -- | 173,218 | -- | 173,218 | |||||
VA Rotating Markets Fund | -- | -- | -- | -- | -- | |||||
VA Dividend Capture Fund | 62,053 | -- | 62,053 | -- | 62,053 | |||||
VA Mid Corp America Fund | 56 | -- | 56 | -- | 56 | |||||
VA New Economy Fund | -- | -- | -- | -- | -- |
As of December 31, 2003, the components of accumulated earnings (deficit) on a tax basis were as follows:
Fund | Undistributed | Undistributed | Accumulated | Distributions | Accumulated | Unrealized | Total | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
VA Growth Fund | $ 976 | $ -- | $ 976 | $ -- | $ (26,467 ) | $ 911,045 | $ 885,554 | |||||||
VA Income Equity Fund | 95,791 | 117,998 | 213,789 | -- | -- | 1,500,534 | 1,714,323 | |||||||
VA Rotating Markets Fund | 175,562 | -- | 175,562 | -- | -- | 416,705 | 592,267 | |||||||
VA Dividend Capture Fund | 309,273 | 17,579 | 326,852 | -- | -- | 1,333,862 | 1,660,714 | |||||||
VA Mid Corp America Fund | 2,275 | -- | 2,275 | -- | (16,175 ) | 1,665,301 | 1,651,401 | |||||||
VA New Economy Fund | 75,213 | 9,855 | 85,068 | -- | -- | 373,477 | 458,545 |
* The differences between the book-basis unrealized appreciation (depreciation) are attributable primarily to: tax deferral of losses on wash sales, the differences between book and tax amortization methods for premium and market discount, and the return of capital adjustments from real estate investment trusts.
E. Written Options ContractsCertain of the Funds may write options contracts. A written option obligates a Fund to deliver a call, or to receive a put, at the contract amount upon exercise by the holder of the option. The value of the option contract is recorded as a liability and unrealized gain or loss is measured by the difference between the current value and the premium received.
The following is a summary of the VA Income Equity Fund's written option activity:
Contracts | Number of Contracts | Premium | ||
---|---|---|---|---|
Outstanding at 12/31/2002 | -- | $ -- | ||
Options written | 693 | 47,540 | ||
Options expired | (172 ) | (4,646) | ||
Options closed | (180 ) | (8,250) | ||
Options exercised | (37 ) | (2,297) | ||
Outstanding at 12/31/2003 | 304 | $ 32,347 |
At December 31, 2003, the VA Income Equity Fund had the following outstanding options:
Contract | Type | Expiration | Exercise | Number of | Fair | Unrealized | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Simon Property Group, Inc. | Call | January 2004 | 45 | 30 | 4,350 | $ 591 | ||||||
Symbol Technologies, Inc. | Call | January 2004 | 15 | 159 | 31,800 | (9,223) | ||||||
Verizon Communications, Inc. | Call | January 2004 | 35 | 115 | 6,325 | (1,495) | ||||||
NET UNREALIZED DEPRECIATION ON WRITTEN OPTION CONTRACTS |
|
| $ (10,127) | |||||||||
F. Securities Lending
To generate additional income, the Funds may lend up to a certain percentage of their total assets (20% for the VA Growth and the VA Income Equity Funds, and 33 1/3% for the VA Rotating Markets, VA Dividend Capture, VA Mid Corp America and VA New Economy Funds) on a short-term basis to certain brokers, dealers or other financial institutions selected by Huntington Asset Advisors, Inc. (the "Advisor") and approved by the Trustees. In determining whether to lend to a particular broker, dealer or financial institution, the Advisor will consider all relevant facts and circumstances, including the size, creditworthiness and reputation of the borrower. Any loans made will be continuously secured by collateral in cash or U.S. government obligations at least equal to 100% of the value of securities on loan. The Funds receive payments from borrowers equivalent to the dividends and interest that would have been earned on securities on loan. In addition, the Funds retain all or a portion of the interest received on investment of collateral or receive a fee from the borrower. Collateral is marked to market daily to provide a level of collateral at least equal to the market value of securities on loan. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. Loans are subject to termination by the Funds or the borrower at any time, and are, therefore, not considered to be illiquid investments. Boston Global Advisers ("BGA") serves as sub-custodian for the securities lending program. BGA receives a sub-custody fee based on the value of collateral received from borrowers. In addition, Huntington Bank, as custodian to the funds, receives a monthly fee from BGA to offset certain transaction costs incurred by the custodian. As of December 31, 2003, the Funds had no securities on loan.
G. Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.
H. OtherInvestment transactions are accounted for on a trade date basis. Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization and accretion of premium or discount. Dividend income is recorded on the ex-dividend date.
(3) Shares of Beneficial InterestThe Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (with no par value). Transactions in capital stock were as follows:
| VA Growth Fund | VA Income Equity Fund | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||
Shares sold | 933,095 | $ 7,152,851 | 456,736 | $ 3,672,461 | 1,167,240 | $ 10,860,286 | 544,376 | $ 5,159,774 | ||||||||
Distributions reinvested | 2,787 | 22,801 | 265 | 2,001 | 39,560 | 391,597 | 18,448 | 173,220 | ||||||||
Shares redeemed | (10,912) | (80,571) | (4,693) | (36,853) | (128,638) | (1,273,486) | (22,087) | (200,915) | ||||||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 924,970 | $ 7,095,081 | 452,308 | $ 3,637,609 | 1,078,162 | $ 9,978,397 | 540,737 | $ 5,132,079 | ||||||||
| VA Rotating Markets Fund | VA Dividend Capture Fund | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||
Shares sold | 283,350 | $ 2,695,044 | 91,608 | $ 850,534 | 1,150,010 | $ 12,140,624 | 326,916 | $ 3,250,384 | ||||||||
Distributions reinvested | -- | -- | -- | -- | 44,464 | 500,110 | 6,251 | 62,054 | ||||||||
Shares redeemed | (5,586) | (52,766) | (6,852) | (66,532) | (36,255) | (383,879) | (8,781) | (86,231) | ||||||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 277,764 | $ 2,642,278 | 84,756 | $ 784,002 | 1,158,219 | $ 12,256,855 | 324,286 | $ 3,226,207 | ||||||||
| VA Mid Corp America Fund | VA New Economy Fund | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||
Shares sold | 514,214 | $ 5,469,316 | 303,785 | $ 3,163,014 | 169,443 | $ 1,836,144 | 65,509 | $ 639,984 | ||||||||
Distributions reinvested | 1,427 | 16,925 | 5 | 56 | -- | -- | -- | -- | ||||||||
Shares redeemed | (11,171) | (116,430 ) | (9,588) | (96,065) | (7,464) | (84,636 ) | (6,104) | (58,610) | ||||||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 504,470 | $ 5,369,811 | 294,202 | $ 3,067,005 | 161,979 | $ 1,751,508 | 59,405 | $ 581,374 | ||||||||
(4) Investment Advisory Fee and Other Transactions with Affiliates
Investment Advisory Fee--Huntington Asset Advisors, Inc., a subsidiary of The Huntington National Bank ("Huntington"), serves as the Funds' investment adviser (the "Advisor"). The Advisor receives for its services an annual investment adviser fee based on a percentage of each Fund's average daily net assets as listed below:
Fund | Advisory Fee |
---|---|
VA Growth Fund | 0.60 % |
VA Income Equity Fund | 0.60 % |
VA Rotating Markets Fund | 0.60 % |
VA Dividend Capture Fund | 0.60 % |
VA Mid Corp America Fund | 0.60 % |
VA New Economy Fund | 0.60 % |
The Advisor has contractually agreed to waive all or a portion of its investment advisory fee (based on average daily net assets) to which it is otherwise entitled to receive from the Funds and/or to reimburse certain operating expenses of each Fund in order to limit the total operating expense for each Fund to not more than 1.00% of each Fund's average daily net assets through April 30, 2004.
Administrative and Financial Administration Fees--Federated Services Company ("FServ") provides the Funds with certain administrative personnel and services. Huntington currently serves as sub-administrator to the Trust, assisting with the provision of administrative services necessary to operate the Funds. Huntington also serves as financial administrator providing portfolio accounting services to the Funds. Huntington has sub-contracted certain fund accounting services to BISYS Fund Services Ohio, Inc. The fees paid for administrative and sub-administrative services are based on the level of average aggregate net assets of the Trust for the period. From time to time, Edgewood Services, Inc. (the Trust's distributor) may pay out of its reasonable profits and other resources (including those of its affiliates) advertising, marketing and other expenses for the benefit of the Funds. Edgewood Services, Inc. and FServ are wholly-owned subsidiaries of Federated Investors, Inc.
Transfer and Dividend Disbursing Agent Fees and Expenses--Unified Fund Services, Inc. ("Unified") is transfer and dividend disbursing agent for the Funds. For its services, Unified receives fees based on the size, type, and number of accounts and transactions made by shareholders.
Custodian Fees--Huntington serves as the Fund's custodian. Huntington's fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.
General--Certain Officers of the Trust are Officers and/or Directors or Trustees of the above companies.
Pursuant to an exemptive order issued by the Securities and Exchange Commission, the Funds may invest in certain affiliated money market funds which are managed by the Advisor. Income distributions earned from investments in these funds are recorded as income in the accompanying financial statements.
(5) VA Rotating Markets Fund StructureThe VA Rotating Markets Fund ("Fund"), in accordance with its prospectus, may seek to achieve its investment objectives by investing in index-based securities ("Underlying Funds") with similar investment objectives. As a result, investors in the Fund incurred expenses of both the Fund and Underlying Funds, including transaction costs related to the purchases and sales of Underlying Fund shares.
(6) Investment TransactionsPurchases and sales of investments, excluding short-term securities and long-term U.S. government securities (and in-kind contributions), for the year ended December 31, 2003 were as follows:
Fund | Purchases | Sales | ||
---|---|---|---|---|
VA Growth Fund | $ 7,228,962 | $ 244,451 | ||
VA Income Equity Fund | 21,470,809 | 12,804,103 | ||
VA Rotating Markets Fund | 5,940,856 | 3,384,293 | ||
VA Dividend Capture Fund | 20,039,447 | 7,969,755 | ||
VA Mid Corp America Fund | 5,772,667 | 1,399,733 | ||
VA New Economy Fund | 2,683,248 | 1,209,879 |
(7) Other Tax Information (unaudited)
For the taxable year ended December 31, 2003, the following percentages of ordinary income dividends paid by the Funds qualify for the dividends received deduction available to corporations:
Fund | Qualified | |
---|---|---|
VA Growth Fund | 100% | |
VA Income Equity Fund | 88% | |
VA Rotating Markets Fund | 0% | |
VA Dividend Capture Fund | 63% | |
VA Mid Corp America Fund | 67% | |
VA New Economy Fund | 0% |
Huntington VA Funds
Independent Auditors' Report
The Shareholders and Board of Trustees of the
Huntington VA Funds:
We have audited the accompanying statements of assets and liabilities of the Huntington VA Growth Fund, Huntington VA Income Equity Fund, Huntington VA Rotating Markets Fund (formerly Huntington VA Rotating Index Fund), Huntington VA Dividend Capture Fund, Huntington VA Mid Corp America Fund and Huntington VA New Economy Fund (collectively, the Funds), including the schedules of portfolio investments, as of December 31, 2003, and the related statements of operations, and the statements of changes in net assets and the financial highlights for the periods indicated herein. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2003, by correspondence with custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds listed above as of December 31, 2003, the results of their operations, the changes in their net assets and the financial highlights for each of the periods indicated herein, in conformity with accounting principles generally accepted in the United States of America.
KPMG LLP
Columbus, Ohio
February 11, 2004
Huntington VA Funds
Board of Trustees and Trust OfficersThe following tables give information about each Trustee and the senior officers of the Funds. All of the Trustees of the Huntington VA Funds are Independent. The Huntington Fund complex consists of two investment companies: the Huntington VA Funds with 6 portfolios and the Huntington Funds with 18 portfolios. Each Board member oversees all portfolios in the Huntington VA Fund complex and serves for an indefinite term. Each officer is elected annually. The Funds' Statement of Additional Information includes additional information about the Huntington VA Funds' Trustees and is available, without charge and upon request, by calling 1-800-253-0412.
Independent Trustees BackgroundName |
| Principal Occupation(s), Other Directorships Held and Previous Position(s) |
---|---|---|
David S. Schoedinger* |
| Principal Occupation: Since 1965, Chairman of the Board, Schoedinger Funeral Service. Since 1987, CEO, Schoedinger Financial Services, Inc. From 1992 to 1993, President, Board of Directors of National Selected Morticians (national trade association for morticians). |
John M. Shary |
| Principal Occupation: Retired; Formerly: Member, Business Advisory Board, HIE-HEALTHCARE.COM (formerly Hublink, Inc.) (1993-1997) (database integration software); Member, Business Advisory Board, Mind Leaders, Inc. (formerly DPEC - Data Processing Education Corp.) (1993-1996) (data processing education); Member, Business Advisory Board, Miratel Corporation (1993-1995) (research and development firm for CADCAM); Chief Financial Officer of OCLC Online Computer Library Center, Inc. (1978-1993); Member, Board of Directors, Applied Information Technology Research Center (1987-1990); Member, Board of Directors, AIT (1987-1990) technology. |
Thomas J. Westerfield |
| Principal Occupation: Since April 1993, Of Counsel, Cors & Bassett LLC (law firm). |
William R. Wise |
| Principal Occupation: Retired; Formerly, Corporate Director of Financial Services and Treasurer, Children's Hospital, Columbus, Ohio; Associate Executive Director and Treasurer, Children's Hospital, Columbus, Ohio (1985-1989). |
* David S. Schoedinger became Chairman of the Funds on April 30, 2003.
Huntington VA Funds
Board of Trustees and Trust Officers (continued)
Officers
Name |
| Principal Occupation(s) and Previous Position(s) |
Daniel B. Benhase |
| Principal Occupation: Executive Vice President, Private Financial Group, Huntington Bancshares Incorporated (June 2000 to present). |
Charles L. Davis, Jr. |
| Principal Occupations: Vice President, Managing Director of Mutual Fund Services, Federated Services Company (October 2002 to present); Vice President, Edgewood Services, Inc., the Funds distributor (January 2000 to present); Officer of various Funds distributed by Edgewood Services, Inc. (December 2002 to present). |
George M. Polatas |
| Principal Occupation: Assistant Vice President, Federated Services Company; Vice President and Assistant Treasurer of various Funds distributed by Edgewood Services, Inc. (January 1997 to present). |
Bryan C. Haft |
| Principal Occupation: Vice President, BISYS Fund Services Ohio, Inc. (June 2000 to present). |
Victor R. Siclari |
| Principal Occupation: Partner, Reed Smith LLP (October 2002 to present). |
Ronald J. Corn |
| Principal Occupation: Legal and Compliance Officer, The Huntington National Bank; Chief Compliance Officer, Huntington Asset Advisors, Inc. (August 1994 to present). |
Variable investment options are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in variable investment options involves investment risk, including the possible loss of principal.
This report is authorized for distribution to prospective investors only when preceded or accompanied by the funds’ prospectus, which contains facts concerning each fund’s objective and policies, management fees, expenses and other information.
[Logo of Huntington National Bank]
THE HUNTINGTON NATIONAL BANK, a subsidiary of Huntington Bancshares, Inc. is the Custodian, Sub-Administrator and Financial Administrator of The Huntington Funds. Huntington Asset Advisors, Inc., a subsidiary of The Huntington National Bank, serves as Investment Adviser to the Funds. Federated Services Co. and Edgewood Services, Inc., the Administrator and Distributor of The Huntington Funds, respectively, are not affiliated with The Huntington National Bank.
Cusip 446771206
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Item 2. Code of Ethics As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Code of Ethics for Principal Executive and Principal Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer. Item 3. Audit Committee Financial Expert The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee, William R. Wise, and that he is "independent" for purposes of this Item. Item 4. Principal Accountant Fees and Services (a) Audit Fees billed to the registrant for the two most recent fiscal years: Fiscal year ended 2003 - $1,792 Fiscal year ended 2002 - $4,266 (b) Audit-Related Fees billed to the registrant for the two most recent fiscal years: Fiscal year ended 2003 - $0 Fiscal year ended 2002 - $0 Amount requiring approval of the registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively. (c) Tax Fees billed to the registrant for the two most recent fiscal years: Fiscal year ended 2003 - $946 Fiscal year ended 2002 - $1,172 Fees for both years relate to the review of the registrant's tax returns. Amount requiring approval of the registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively. (d) All Other Fees billed to the registrant for the two most recent fiscal years: Fiscal year ended 2003 - $0 Fiscal year ended 2002 - $0 Amount requiring approval of the registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively. (e)(1)Audit Committee Policies regarding Pre-approval of Services. HUNTINGTON FUNDS HUNTINGTON VA FUNDS Audit and Non-Audit Services Pre-Approval Policies and Procedures I. Purpose Under the Sarbanes-Oxley Act of 2002 (the "Act"), the Audit Committee of the Board of Trustees of the Huntington Funds and the Huntington VA Funds (the "Funds") is responsible for the appointment, compensation and oversight of the work of the Funds' independent auditor. As part of this responsibility, the Audit Committee is required to grant approval for audit and non-audit services performed by the independent auditor for the Funds in order assure that they do not impair the auditor's independence from the Funds. In addition, the Audit Committee also must pre-approve its independent auditor's engagement for non-audit services with the Fund's investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Funds, if the engagement relates directly to the operations and/or financial reporting of the Funds. To implement these provisions of the Act, the Securities and Exchange Commission (the "SEC") has issued rules specifying the types of services that the Funds' independent auditor may not provide to the Funds, as well as the Audit Committee's administration of the engagement of the independent auditor. Under these rules, the SEC has provided that a permissible approval of audit and non-audit services can take the form of either (i) a general pre-approval, or (ii) a specific pre-approval (where a specific type of service is authorized, generally subject to a fee maximum). General pre-approvals are authorized by SEC rules only subject to detailed policies and procedures. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent auditor. Accordingly, the Audit Committee has adopted these Audit and Non-Audit Services Pre-Approval Policies and Procedures, which set forth the procedures and the conditions pursuant to which services for the Funds may be performed by the independent auditor under pre-approvals. II. General Pre-Approval Policies It is the policy of the Audit Committee that audit and non-audit services to be performed by the Funds' independent auditor be pre-approved only when in the best interests of the Funds' shareholders and fully consistent with applicable law and, particularly, the maintenance of the auditor's independence. In granting any pre-approval, consideration shall be given to: 1. the qualifications of the auditor to perform the services involved; 2. the proposed costs (which may be presented as an estimate or based on professional time charges subject to a ceiling) of the services and the reasonableness thereof; 3. the permissibility of the services under applicable rules and guidance of the SEC; 4. the effect, if any, of the performance of the proposed services on the auditor's independence; 5. the effect of the compensation for the proposed services on the auditor's independence; and 6. the effect, if any, of the proposed services on the Funds' ability to manage or control risk or to improve audit quality. In accordance with SEC rules, non-audit services performed by the Funds' independent auditor may not include the following: 1. Bookkeeping or other services related to the accounting records or financial statements of the audit client; 2. Financial information systems design and implementation; 3. Appraisal or valuation services, fairness opinions or contribution-in-kind reports; 4. Actuarial services; 5. Internal audit outsourcing services; 6. Management functions or human resources; 7. Broker-dealer, investment adviser or investment banking services; and 8. Legal services and expert services unrelated to the audit. III. Procedures for Pre-Approval by the Audit Committee 1. Requests for pre-approval shall be in writing and may be made by either the independent auditors or by management of the Funds. 2. All requests for pre-approval shall be made to the full Audit Committee at regularly scheduled meetings thereof (or at a special meeting of the Audit Committee set to coincide with regular meetings of the Funds' Board of Trustees) whenever practicable. 3. Under normal circumstances, requests for pre-approval should be presented at least 7 days prior (and in no event later than 48 hours prior) to the proposed commencement of the engagement. 4. If consideration of a request for pre-approval on the dates identified in Section III(2) would not be timely, the requesting party shall notify the Chairman of the Audit Committee. The Chairman of the Audit Committee shall then determine whether to schedule a special meeting of the Audit Committee (which may be conducted telephonically) on an alternative date or whether the request may appropriately be presented to a delegate of the Audit Committee under procedures set forth in Section IV below. 5. Requests for pre-approval may include, but are not limited to, the following services: a. audit engagement, particularly for interim periods; b. tax compliance, tax planning, and tax advice; c. review and consents with respect to use of reports in post-effective amendments to the registration statements of the Funds; d. review of IRS shareholder materials; e. review and validation of fund procedures (e.g., valuation, interfund lending, etc.), and f. market research and strategic insights. 6. Requests for pre-approval should identify the nature of the services to be provided in a manner sufficiently specific to allow evaluation of the considerations identified above in Section II. 7. Requests for pre-approval must include an assessment by the independent auditor of their independence should the request be granted and the proposed services rendered. 8. The Audit Committee's action on a request for pre-approval shall be recorded in the Audit Committee's minutes. 9. The Audit Committee's action on a request for pre-approval shall be communicated in writing to the independent auditor and, under normal circumstances, a copy of this communication shall be provided to the Funds' management. 10. The Audit Committee's action on a request for pre-approval shall be reported to the full Board of Trustees. 11. Pre-approvals will be granted for a period of no more than one year. IV. Procedures for Pre-Approval by a Delegate of the Audit Committee 1. Where it has been determined by the Chairman of the Audit Committee that consideration of a request for pre-approval by the full Audit Committee would not be timely, the Chairman may determine that the request be presented to a member(s) of the Audit Committee appointed by the Audit Committee as its delegate (the "Delegate") for this purpose. (As of the date of the adoption of these guidelines and procedures, William R. Wise has been so appointed, and such appointment may be revoked or modified by the Audit Committee at any time.) 2. Requests for pre-approval shall be in writing and may be made by either the independent auditors or by management of the Funds. 3. Under normal circumstances, requests for pre-approval should be presented at least 7 days prior (and in no event later than 48 hours prior) to the proposed commencement of the engagement. 4. Requests for pre-approval may include, but are not limited to, the following services: a. audit engagement, particularly for interim periods; b. tax compliance, tax planning, and tax advice; c. review and consents with respect to use of reports in post-effective amendments to the registration statements of the Funds; d. review of IRS shareholder materials; e. review and validation of fund procedures (e.g., valuation, interfund lending, etc.); and f. market research and strategic insights. 5. Requests for pre-approval should identify the nature of the services to be provided in a manner sufficiently specific to allow evaluation of the considerations identified above in Section II. 6. Requests for pre-approval must include an assessment by the independent auditor of their independence should the request be granted and the proposed services rendered. 7. The Delegate's action on a request for pre-approval shall be communicated in writing to the independent auditor, with a copy to each other member of the Audit Committee and, under normal circumstances, to the Funds' management. 8. Pre-approvals by the Delegate shall be reviewed by the Audit Committee at a meeting held no later than the next scheduled meeting of the Board of Trustees or the Audit Committee, whichever occurs sooner. An earlier review shall be conducted upon the written request of one or more Audit Committee members addressed to the Chairman of the Audit Committee. 9. Pre-approvals by the Delegate may be modified or revoked by the Audit Committee, but will not absolve the Funds' of their responsibility to compensate the independent auditor for services rendered prior to such modification or revocation. 10. The results of the Audit Committee's review of the Delegate's action on a request for pre-approval shall be recorded in the Audit Committee's minutes and reported to the full Board of Trustees. 11. Pre-approvals will be granted by the Delegate for a period of no more than one year. V. Procedures for Monitoring Engagements Authorized Under Pre-Approval Procedures The independent auditor shall inform the Audit Committee in writing upon the commencement of services rendered under a pre-approval. The independent auditor shall thereafter provide the Audit Committee with written quarterly progress reports within one month of the close of each calendar quarter detailing the work done and fees and other charges incurred during said calendar quarter. Should fees and expenses exceed those specified in a pre-approval (or appear likely to do so prior to completion of the work), the independent auditor or management shall so apprise the Audit Committee and an additional express approval or pre-approval must be obtained. VI. Amendment These Policies and Procedures may be amended or revoked at any time by the Audit Committee and shall be reviewed at least annually in conjunction with review of the Audit Committee Charter. As adopted: July 30, 2003 (e)(2)Percentage of services identified in items 4(b) through 4(d) that were approved by the registrant's audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X: 4(b) Fiscal year ended 2003 - 0% Fiscal year ended 2002 - 0% Percentage of services provided to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant's audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively. 4(c) Fiscal year ended 2003 - 0% Fiscal year ended 2002 - 0% Percentage of services provided to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant's audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively. 4(d) Fiscal year ended 2003 - 0% Fiscal year ended 2002 - 0% Percentage of services provided to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant's audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively. (f) Not Applicable (g) Non-Audit Fees billed to the registrant, the registrant's investment adviser, and certain entities controlling, controlled by or under common control with the investment adviser: Fiscal year ended 2003 - $3,818,694 Fiscal year ended 2002 - $2,162,590 (h) The registrant's Audit Committee has considered that the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. Item 5. Audit Committee of Listed Registrants Not Applicable Item 6. [Reserved] Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies Not Applicable Item 8. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers Not Applicable Item 9. Submission of Matters to a Vote of Security Holders Not Applicable Item 10. Controls and Procedures (a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR. (b) There were no changes in the registrant's internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the last fiscal half year (the registrant's second half year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 11. Exhibits SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Registrant Huntington VA Funds By /s/ Charles L. Davis, Jr. Charles L. Davis, Jr., Chief Executive Officer Date March 10, 2004 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By /s/ Charles L. Davis, Jr. Charles L. Davis, Jr., Chief Executive Officer Date March 10, 2004 By Date