OMB APPROVAL OMB Number: 3235-0570 Expires: October 31, 2006 Estimated average burden hours per response. . . . . . .19.3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-09481 HUNTINGTON VA FUNDS (Exact name of registrant as specified in charter) 5800 Corporate Drive Pittsburgh, Pennsylvania 15237-7010 (Address of principal executive offices) (Zip code) 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 Services) Copies to: David C. Mahaffey, Esq., and Christine S. Boehme, Esq. Sullivan & Worcester 1666 K Street, N.W. Washington, DC 20006 Registrant's telephone number, including area code: 1-800-544-8347 Date of fiscal year end: December 31 Date of reporting period: Six months ended June 30, 2004 Item 1. Reports to Stockholders.>
[Logo of Huntington VA Funds]
Semi-Annual
Shareholder
Report
Equity Funds
Huntington VA Dividend Capture Fund
Huntington VA Growth Fund
Huntington VA Income Equity Fund
Huntington VA International Equity Fund
Huntington VA Macro 100 Fund
Huntington VA Mid Corp America Fund
Huntington VA New Economy Fund
Huntington VA Rotating Markets Fund
Huntington VA Situs Small Cap Fund
Income Funds
Huntington VA Mortgage Securities Fund
JUNE 30 , 2004
Huntington VA Dividend Capture Fund
Portfolio of Investments
June 30, 2004 (Unaudited)
Shares |
| Value | ||
---|---|---|---|---|
COMMON STOCKS -- 51.9% | ||||
Auto/Truck Parts & Equipment -- 1.2% | ||||
6,500 | General Motors Corp. | $ 302,835 | ||
Banks -- 5.9% | ||||
3,000 | Bank of America Corp. | 253,860 | ||
8,000 | Citigroup, Inc. | 372,000 | ||
3,500 | First Horizon National Corp. | 159,145 | ||
6,000 | J.P. Morgan Chase & Co. | 232,620 | ||
9,000 | Wachovia Corp. | 400,500 | ||
| 1,418,125 | |||
Building & Construction -- 1.2% | ||||
9,500 | Masco Corp. | 296,210 | ||
Chemicals -- 1.5% | ||||
5,000 | Monsanto Co. | 192,500 | ||
4,500 | The Dow Chemical Co. | 183,150 | ||
| 375,650 | |||
Computer Services -- 0.9% | ||||
10,000 | Hewlett Packard Co. | 211,000 | ||
Computers -- 0.2% | ||||
1,500 | Microsoft Corp. | 42,840 | ||
Consumer Products -- 0.5% | ||||
1,500 | Fortune Brands, Inc. | 113,145 | ||
Diversified Operations -- 0.8% | ||||
750 | Ingersoll Rand Co. | 51,233 | ||
2,250 | Textron, Inc. | 133,537 | ||
| 184,770 | |||
Drugs & Health Care -- 1.3% | ||||
8,000 | Bristol-Myers Squibb Co. | 196,000 | ||
2,750 | Merck & Co., Inc. | 130,625 | ||
| 326,625 | |||
Electric Utility -- 1.2% | ||||
3,000 | Exelon Corp. | 99,870 | ||
6,500 | The Southern Co. | 189,475 | ||
| 289,345 | |||
Electrical Equipment -- 1.0% | ||||
4,000 | Cooper Industries Ltd., Class A | 237,640 | ||
Electronic Instruments -- 0.4% | ||||
5,000 | PerkinElmer, Inc. | 100,200 | ||
Entertainment -- 0.8% | ||||
3,500 | Harrah's Entertainment, Inc. | 189,350 | ||
Financial Services -- 2.8% | ||||
11,000 | American Capital Strategies Ltd. | 308,220 | ||
5,500 | Hartford Financial Services Group, Inc. | 378,070 | ||
| 686,290 | |||
Food & Beverages -- 0.9% | ||||
13,000 | Archer-Daniels-Midland Co. | 218,140 | ||
Gas Utility -- 0.4% | ||||
2,500 | Kinder Morgan Energy Partners, LP | 101,725 | ||
Industrial -- 0.7% | ||||
5,500 | General Electric Co. | 178,200 | ||
Insurance -- 4.1% | ||||
2,000 | Ace Ltd. | $ 84,560 | ||
6,250 | Allstate Corp. | 290,938 | ||
7,250 | Lincoln National Corp. | 342,562 | ||
7,000 | St. Paul Cos., Inc. | 283,780 | ||
| 1,001,840 | |||
Machinery -- 0.5% | ||||
1,500 | Caterpillar, Inc. | 119,160 | ||
Medical & Medical Services -- 0.3% | ||||
1,500 | Becton, Dickinson & Co. | 77,700 | ||
Oil Company - Exploration & Production -- 0.9% | ||||
4,250 | Kerr-McGee Corp. | 228,523 | ||
Paper & Allied Products -- 0.3% | ||||
2,250 | Georgia Pacific Corp. | 83,205 | ||
Petroleum & Petroleum Products -- 5.6% | ||||
4,000 | ConocoPhillips | 305,160 | ||
15,000 | Exxon Mobil Corp. | 666,150 | ||
10,000 | Marathon Oil Corp. | 378,400 | ||
| 1,349,710 | |||
Real Estate Investment Trusts -- 13.9% | ||||
3,000 | Amli Residential Properties Trust | 88,020 | ||
2,500 | Apartment Investment & Management Co. | 77,825 | ||
3,000 | Archstone-Smith Trust | 87,990 | ||
3,750 | Arden Realty, Inc. | 110,288 | ||
2,000 | Avalonbay Communities, Inc. | 113,040 | ||
5,500 | Bedford Property Investors, Inc. | 160,820 | ||
6,500 | Brandywine Realty Trust | 176,734 | ||
2,750 | Camden Property Trust | 125,950 | ||
3,000 | Capital Automotive Real Estate Investment Trust, Inc. | 87,990 | ||
4,000 | CarrAmerica Realty Corp. | 120,920 | ||
1,000 | CBL & Associates Properties, Inc. | 55,000 | ||
3,500 | Colonial Properties Trust | 134,855 | ||
4,000 | Commercial NET Lease Realty | 68,800 | ||
12,000 | Cornerstone Realty Income Trust, Inc. | 105,240 | ||
3,500 | Duke Realty Corp. | 111,335 | ||
8,500 | Equity Inns, Inc. | 78,965 | ||
8,500 | Equity Office Properties Trust | 231,199 | ||
3,750 | Equity Residential Properties Trust | 111,488 | ||
2,000 | First Industrial Realty Trust, Inc. | 73,760 | ||
3,500 | General Growth Properties | 103,495 | ||
5,000 | Health Care Real Estate Investment Trust, Inc. | 162,500 | ||
3,000 | Kimco Realty Corp. | 136,500 | ||
5,000 | Kramont Realty Trust | 80,000 | ||
2,000 | Liberty Property Trust | 80,420 | ||
1,500 | Mack-Cali Realty Corp. | 62,070 | ||
4,000 | New Plan Excel Realty Trust | 93,440 | ||
3,000 | Public Storage, Inc. | 138,030 | ||
1,500 | Reckson Associates Realty Corp. | 41,190 | ||
2,000 | Regency Centers Corp. | 85,800 | ||
COMMON STOCKS -- (continued) | ||||
Real Estate Investment Trusts -- (continued) | ||||
2,500 | Simon Property Group, Inc. | $ 128,550 | ||
2,000 | The Macerich Co. | 95,740 | ||
750 | Vornado Realty Trust | 42,833 | ||
| 3,370,787 | |||
Restaurants -- 0.7% | ||||
7,000 | McDonald's Corp. | 182,000 | ||
Retail -- 1.9% | ||||
14,000 | Limited Brands | 261,800 | ||
7,000 | May Department Stores Co. | 192,430 | ||
| 454,230 | |||
Technology -- 0.1% | ||||
1,000 | Intel Corp. | 27,600 | ||
Telephone & Telecommunications -- 1.9% | ||||
5,500 | BellSouth Corp. | 144,210 | ||
12,500 | Sprint Corp. | 220,000 | ||
3,000 | Verizon Communications, Inc. | 108,570 | ||
| 472,780 | |||
Total Common Stocks (Cost $11,633,582) | 12,639,625 | |||
PREFERRED STOCKS -- 40.8% | ||||
Amusement Parks -- 0.9% | ||||
9,100 | The Walt Disney Co., 7.000% | 228,410 | ||
Auto-Cars/Light Trucks -- 0.6% | ||||
6,000 | General Motors Corp., 7.375% | 148,500 | ||
Bank Holding Companies -- 0.7% | ||||
2,150 | Bank One Capital I, 8.000% | 54,739 | ||
5,000 | Suntrust Capital IV, 7.125% | 125,800 | ||
| 180,539 | |||
Commercial Banks -- 5.3% | ||||
13,100 | ASBC Capital I, 7.625% | 335,098 | ||
10,000 | Comerica Capital Trust I, 7.600% | 259,000 | ||
18,000 | Compass Capital, 7.350% | 452,700 | ||
10,000 | Fleet Capital Trust VII, 7.200% | 253,500 | ||
| 1,300,298 | |||
Department Stores -- 1.2% | ||||
11,800 | Sears Roebuck Acceptance, 7.000% | 292,994 | ||
Electrical Services -- 7.6% | ||||
16,000 | Dominion CNG Capital Trust I, 7.800% | 409,600 | ||
12,000 | Energy East Capital Trust I, 8.250% | 313,200 | ||
15,000 | Entergy LA, Inc., 7.600% | 384,150 | ||
6,000 | FPL Group, Inc., 8.500% | 330,600 | ||
16,000 | Georgia Power Capital, 7.125% | 411,200 | ||
| 1,848,750 | |||
Financial Services -- 8.5% | ||||
650 | BancWest Capital I, 9.500% | 17,550 | ||
5,500 | Everest Cap Trust 7.850% | 141,735 | ||
13,500 | Hartford Life Capital II, Series B, 7.625% | 347,085 | ||
12,000 | Household Capital Trust V, Series X, 10.000% | 316,200 | ||
10,000 | Merrill Lynch Capital Trust V, 7.280% (b) | 255,000 | ||
18,000 | Morgan Stanley Capital Trust II, 7.250% | 457,200 | ||
13,100 | National Commerce Capital Trust II, 7.700% | 336,670 | ||
8,600 | SLM Corp., 6.000% | 189,458 | ||
| 2,060,898 | |||
|
|
| ||
Fire, Marine & Casualty Insurance -- 3.0% | ||||
11,000 | Ace Ltd., Series C, 7.800% | $ 290,400 | ||
16,900 | Partnerre Capital Trust I, 7.900% | 436,865 | ||
| 727,265 | |||
Gas & Natural Gas -- 1.3% | ||||
6,000 | Keyspan Corp., 8.750% | 310,200 | ||
Insurance Carriers -- 0.5% | ||||
5,000 | Travelers Property Casualty Corp., 4.500% | 119,000 | ||
Life/Health Insurance -- 5.1% | ||||
13,000 | Aetna, Inc., 8.500% | 344,890 | ||
13,000 | Lincoln National Capital V, Series E, 7.650% | 330,720 | ||
19,000 | PLC Capital Trust, 7.250% | 478,610 | ||
1,700 | Torchmark Capital Trust II, 7.750% | 45,050 | ||
1,300 | Torchmark Capital Trust I, 7.750% | 33,995 | ||
| 1,233,265 | |||
Property & Casualty Insurance -- 0.1% | ||||
1,000 | Chubb Corp., 7.000% | 27,940 | ||
Real Estate Investment Trusts -- 3.6% | ||||
10,000 | HRPT Properties Trust, Series A, 9.875% | 268,500 | ||
12,000 | Prologis Trust, Series F, 6.750% | 277,800 | ||
12,500 | Public Storage, Series R, 8.000% | 320,625 | ||
| 866,925 | |||
Reinsurance -- 1.6% | ||||
15,000 | RenaissanceRe Holdings Ltd., Series B, 7.300% | 378,000 | ||
Telephone Communication -- 0.8% | ||||
4,000 | Alltel Corp., 7.750% | 200,640 | ||
Total Preferred Stock (Cost $10,315,171) | 9,923,624 | |||
MUTUAL FUNDS -- 4.5% | ||||
Exchange Traded Funds -- 4.5% | ||||
14,500 | AMEX Technology SPDR | 300,150 | ||
7,000 | SPDR Trust Series 1 | 801,710 | ||
Total Mutual Funds (Cost $1,016,320) | 1,101,860 | |||
CASH EQUIVALENT -- 2.5% | ||||
599,350 | Huntington Money Market Fund, Interfund Class* | 599,350 | ||
Total Cash Equivalent (Cost $599,350) | 599,350 | |||
Total Investments (Cost $23,564,423) (a) -- 99.7% | 24,264,459 | |||
Other Assets in Excess of Liabilities -- 0.3% | 74,254 | |||
Net Assets -- 100.0% | $ 24,338,713 | |||
(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $ 1,176,263 | |||
Unrealized depreciation | (476,227) | |||
Net unrealized appreciation (depreciation) | $ 700,036 | |||
Aggregate cost for federal income tax purposes is substantially the same.
Huntington VA Growth Fund
Portfolio of Investments
June 30, 2004 (Unaudited)
Shares |
| Value | ||
---|---|---|---|---|
COMMON STOCKS -- 87.4% | ||||
Apparel & Textiles -- 1.1% | ||||
3,750 | Cintas Corp. | $ 178,763 | ||
Banks -- 2.3% | ||||
2,550 | Northern Trust Corp. | 107,814 | ||
2,523 | State Street Corp. | 123,728 | ||
3,383 | Washington Mutual, Inc. | 130,719 | ||
| 362,261 | |||
Beverages -- 0.7% | ||||
2,000 | PepsiCo, Inc. | 107,760 | ||
Broadcast Services & Programming -- 0.3% | ||||
5,203 | Liberty Media Corp., Class A (b) | 46,775 | ||
Chemicals -- 2.3% | ||||
5,205 | Du Pont (E.I.) de Nemours & Co. | 231,206 | ||
4,029 | Ecolab, Inc. | 127,719 | ||
| 358,925 | |||
Computer Services -- 1.0% | ||||
3,712 | Hewlett Packard Co. | 78,323 | ||
2,800 | Sungard Data Systems, Inc. (b) | 72,800 | ||
| 151,123 | |||
Computers -- 7.7% | ||||
5,744 | Cisco Systems, Inc. (b) | 136,133 | ||
10,000 | Computer Sciences Corp. (b) | 464,300 | ||
1,698 | Dell, Inc. (b) | 60,822 | ||
620 | EMC Corp. (b) | 7,068 | ||
1,399 | International Business Machines Corp. | 123,322 | ||
10,308 | Microsoft Corp. | 294,396 | ||
342 | Network Appliance, Inc. (b) | 7,363 | ||
8,620 | Oracle Corp. (b) | 102,837 | ||
| 1,196,241 | |||
Cosmetics/Toiletries -- 5.1% | ||||
4,248 | Colgate-Palmolive Co. | 248,296 | ||
9,928 | Procter & Gamble Co. | 540,480 | ||
| 788,776 | |||
Drugs & Health Care -- 9.9% | ||||
2,691 | Abbott Laboratories | 109,685 | ||
2,500 | Amgen, Inc. (b) | 136,425 | ||
2,290 | IMS Health, Inc. | 53,678 | ||
5,622 | Merck & Co., Inc. | 267,045 | ||
13,122 | Pfizer, Inc. | 449,823 | ||
8,433 | Schering-Plough Corp. | 155,842 | ||
5,465 | Wyeth | 197,614 | ||
2,000 | Zimmer Holdings, Inc. (b) | 176,400 | ||
| 1,546,512 | |||
Electric Utility -- 0.0% | ||||
187 | Duke Energy Corp. | 3,794 | ||
Electronic Components -- 1.0% | ||||
4,300 | Molex, Inc. | 137,944 | ||
2,201 | Solectron Corp. (b) | 14,240 | ||
| 152,184 | |||
Financial Services -- 3.7% | ||||
3,591 | American Express Co. | 184,505 | ||
1,796 | Fannie Mae | 128,163 | ||
2,489 | Franklin Resources, Inc. | 124,649 | ||
2,854 | T. Rowe Price Group, Inc. | 143,842 | ||
| 581,159 | |||
Food & Beverages -- 3.6% | ||||
3,000 | Anheuser Busch Companies, Inc. | $ 162,000 | ||
1,612 | J.M. Smuckers Co. | 74,007 | ||
5,290 | Wm. Wrigley Jr. Co. | 333,534 | ||
| 569,541 | |||
Industrial -- 5.0% | ||||
24,245 | General Electric Co. | 785,538 | ||
Industrial Conglomerates -- 1.9% | ||||
3,136 | Illinois Tool Works, Inc. | 300,711 | ||
Instruments - Scientific -- 1.0% | ||||
2,648 | Millipore Corp. (b) | 149,268 | ||
Insurance -- 6.5% | ||||
10,808 | American International Group, Inc. | 770,394 | ||
2 | Berkshire Hathaway, Inc., Class A (b) | 177,900 | ||
1,457 | St. Paul Companies, Inc. | 59,067 | ||
| 1,007,361 | |||
Medical & Medical Services -- 10.3% | ||||
7,500 | Baxter International, Inc. | 258,825 | ||
3,700 | Biomet, Inc. | 164,428 | ||
1,272 | Cardinal Health, Inc. | 89,104 | ||
2,700 | Dentsply International, Inc. | 140,670 | ||
269 | Hospira, Inc. (b) | 7,427 | ||
6,300 | Invacare Corp. | 281,736 | ||
2,827 | Johnson & Johnson | 157,464 | ||
1,968 | Medco Health Solutions, Inc. (b) | 73,800 | ||
2,015 | Medtronic, Inc. | 98,171 | ||
6,530 | Stryker Corp. | 359,150 | ||
| 1,630,775 | |||
Miscellaneous Business Services -- 3.7% | ||||
7,887 | Automatic Data Processing, Inc. | 330,308 | ||
5,000 | Iron Mountain, Inc. (b) | 241,300 | ||
| 571,608 | |||
Multimedia -- 0.9% | ||||
260 | Liberty Media International, Inc. (b) | 9,652 | ||
7,677 | Time Warner, Inc. (b) | 134,961 | ||
| 144,613 | |||
Office Supplies -- 1.4% | ||||
3,337 | Avery Dennison Corp. | 213,601 | ||
| Petroleum & Petroleum Products -- 2.7% | |||
7,217 | Anadarko Petroleum Corp. | 422,916 | ||
Printing & Publishing -- 1.3% | ||||
1,931 | Media General, Inc., Class A | 124,009 | ||
2,408 | Viacom, Inc., Class B | 86,014 | ||
| 210,023 | |||
Retail -- 5.7% | ||||
14,278 | Home Depot, Inc. | 502,585 | ||
3,839 | Kohl's Corp. (b) | 162,313 | ||
1,441 | Wal-Mart Stores, Inc. | 76,027 | ||
4,060 | Walgreen Co. | 147,013 | ||
| 887,938 | |||
Semi-Conductors/Instruments -- 1.5% | ||||
3,784 | Analog Devices, Inc. | 178,151 | ||
663 | Applied Materials, Inc. (b) | 13,008 | ||
1,493 | Texas Instruments, Inc. | 36,101 | ||
| 227,260 | |||
COMMON STOCKS -- (continued) | ||||
Technology -- 2.8% | ||||
15,574 | Intel Corp. | $ 429,842 | ||
Telephone & Telecommunications -- 0.9% | ||||
565 | Qualcomm, Inc. | 41,234 | ||
4,308 | Vodafone Group PLC ADR | 95,207 | ||
| 136,441 | |||
Transport - Marine -- 0.6% | ||||
1,859 | Carnival Corp. | 87,373 | ||
Wholesale Distribution -- 2.5% | ||||
10,675 | SYSCO Corp. | 382,912 | ||
Total Common Stocks (Cost $12,400,817) | 13,631,994 | |||
MUTUAL FUNDS -- 1.4% | ||||
Exchange Traded Funds -- 1.4% | ||||
2,675 | NASDAQ 100 Index Fund | 100,981 | ||
1,020 | SPDR Trust Series 1 | 116,821 | ||
Total Mutual Funds (Cost $177,194) | 217,802 | |||
CASH EQUIVALENT -- 11.8% | ||||
1,844,394 | Huntington Money Market Fund, Interfund Class* | 1,844,394 | ||
Total Cash Equivalent (Cost $1,844,394) | 1,844,394 | |||
Total Investments (Cost $14,422,405) (a) -- 100.6% | 15,694,190 | |||
Liabilities in Excess of Other Assets -- (0.6)% | (85,912) | |||
Net Assets -- 100.0% | $ 15,608,278 | |||
(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $ 1,451,560 | |||
Unrealized depreciation | (179,775) | |||
Net unrealized appreciation (depreciation) | $ 1,271,785 | |||
Aggregate cost for federal income tax purposes is substantially the same.
Huntington VA Income Equity Fund
Portfolio of Investments
June 30, 2004 (Unaudited)
Shares |
| Value | ||
---|---|---|---|---|
COMMON STOCKS -- 98.7% | ||||
Auto/Truck Parts & Equipment -- 4.4% | ||||
18,100 | Genuine Parts Co. | $ 718,208 | ||
8,600 | Johnson Controls, Inc. | 459,068 | ||
| 1,177,276 | |||
Banks -- 23.6% | ||||
22,200 | AmSouth Bancorporation | 565,434 | ||
7,500 | Bank of America Corp. | 634,650 | ||
12,500 | Citigroup, Inc. | 581,250 | ||
8,400 | Comerica, Inc. | 460,992 | ||
11,100 | First Horizon National Corp. | 504,717 | ||
16,900 | J.P. Morgan Chase & Co. | 655,213 | ||
27,000 | MBNA Corp. | 696,330 | ||
25,000 | National City Corp. | 875,250 | ||
7,400 | Regions Financial Corp. | 270,470 | ||
10,600 | Union Planters Corp. | 315,986 | ||
7,400 | Wachovia Corp. | 329,300 | ||
11,700 | Washington Mutual, Inc. | 452,088 | ||
| 6,341,680 | |||
Chemicals -- 4.9% | ||||
24,200 | Monsanto Co. | 931,700 | ||
6,100 | PPG Industries, Inc. | 381,189 | ||
| 1,312,889 | |||
Computer Services -- 7.3% | ||||
6,500 | Diebold, Inc. | 343,655 | ||
6,700 | Fiserv, Inc. (b) | 260,563 | ||
6,400 | Hewlett Packard Co. | 135,040 | ||
11,100 | Pitney Bowes, Inc. | 491,175 | ||
19,700 | Symbol Technologies, Inc. | 290,378 | ||
12,600 | Thompson Corp. | 421,596 | ||
| 1,942,407 | |||
Consumer Products -- 2.5% | ||||
9,000 | Fortune Brands, Inc. | 678,870 | ||
Diversified Operations -- 1.8% | ||||
8,100 | Textron, Inc. | 480,735 | ||
Drugs & Health Care -- 3.8% | ||||
20,500 | Bristol-Myers Squibb Co. | 502,250 | ||
14,400 | Wyeth | 520,704 | ||
| 1,022,954 | |||
Electric Utility -- 3.8% | ||||
12,000 | Duke Energy Corp. | 243,480 | ||
8,100 | Exelon Corp. | 269,649 | ||
25,000 | Nisource, Inc. | 515,500 | ||
| 1,028,629 | |||
Food & Beverages -- 1.9% | ||||
18,700 | ConAgra Foods, Inc. | 506,396 | ||
Gas & Natural Gas -- 2.3% | ||||
14,400 | Peoples Energy Corp. | 606,960 | ||
Household Products -- 1.4% | ||||
5,200 | Clorox Co. | 279,656 | ||
6,400 | RPM International, Inc. | 97,280 | ||
| 376,936 | |||
Industrial -- 3.8% | ||||
17,500 | General Electric Co. | 567,000 | ||
16,100 | Standex International Corp. | 437,920 | ||
| 1,004,920 | |||
Insurance -- 12.8% | ||||
17,100 | ACE Ltd. | $ 722,988 | ||
12,200 | Allstate Corp. | 567,910 | ||
13,500 | Lincoln National Corp. | 637,875 | ||
4,300 | MBIA, Inc. | 245,616 | ||
15,000 | Unitrin, Inc. | 639,000 | ||
8,000 | XL Capital Ltd. | 603,680 | ||
| 3,417,069 | |||
| Oil Company - Exploration & Production -- 5.4% | |||
12,500 | Kerr-Mcgee Corp. | 672,125 | ||
16,200 | Occidental Petroleum Corp. | 784,242 | ||
| 1,456,367 | |||
Petroleum & Petroleum Products -- 6.1% | ||||
9,700 | ChevronTexaco Corp. | 912,867 | ||
3,700 | ConocoPhillips | 282,273 | ||
8,700 | Royal Dutch Petroleum Co. ADR | 449,529 | ||
| 1,644,669 | |||
Printing & Publishing -- 4.7% | ||||
5,700 | Gannett Co., Inc. | 483,645 | ||
23,500 | R.R. Donnelley & Sons Co. | 775,970 | ||
| 1,259,615 | |||
Retail -- 2.1% | ||||
20,600 | May Department Stores Co. | 566,294 | ||
Telephone & Telecommunications -- 3.6% | ||||
15,000 | Alltel Corp. | 759,300 | ||
14,100 | Nokia Corp. ADR | 205,014 | ||
| 964,314 | |||
Textiles -- 2.5% | ||||
13,500 | V.F. Corp. | 657,450 | ||
Total Common Stocks (Cost $24,252,548) | 26,446,430 | |||
CASH EQUIVALENT -- 1.3% | ||||
349,625 | Huntington Money Market Fund, Interfund Class * | 349,625 | ||
Total Cash Equivalent (Cost $349,625) | 349,625 | |||
Total Investments (Cost $24,602,173) (a) -- 100.0% | 26,796,055 | |||
Liabilities in Excess of Other Assets -- 0.0% | (10,060) | |||
Net Assets -- 100.0% | $ 26,785,995 | |||
(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $2,461,588 | |||
Unrealized depreciation | (267,706) | |||
Net unrealized appreciation (depreciation) | $2,193,882 | |||
Aggregate cost for federal income tax purposes is substantially the same.
Huntington VA International Equity Fund
Portfolio of Investments
June 30, 2004 (Unaudited)
Shares |
| Value | ||
---|---|---|---|---|
COMMON STOCKS -- 81.6 % | ||||
Brazil -- 0.8% | ||||
Oil & Gas -- 0.8% | ||||
70 | Petroleo Brasileiro SA ADR | $ 1,965 | ||
Canada -- 2.6% | ||||
Oil & Gas -- 2.6% | ||||
150 | Encana Corp. ADR | 6,474 | ||
France -- 11.0% | ||||
Insurance -- 2.4% | ||||
270 | Axa ADR | 5,978 | ||
Food & Beverage -- 3.1% | ||||
440 | Groupe Danone ADR | 7,718 | ||
Water Treatments -- 2.4% | ||||
290 | Suez SA ADR | 6,110 | ||
Oil & Gas -- 3.1% | ||||
80 | Total SA ADR | 7,686 | ||
| 27,492 | |||
Germany -- 3.4% | ||||
Computer Software -- 3.4% | ||||
200 | SAP AG ADR | 8,362 | ||
Ireland -- 2.3% | ||||
Building Products -- 2.3% | ||||
260 | CRH PLC ADR | 5,738 | ||
Japan -- 8.8% | ||||
Electronics -- 3.1% | ||||
540 | Matsushita Electric Industrial Co. Ltd. ADR | 7,754 | ||
Commercial Banks -- 3.3% | ||||
890 | Mitsubishi Tokyo Financial Group, Inc. ADR | 8,339 | ||
Cosmetics & Toiletries -- 2.4% | ||||
470 | Shiseido Co. Ltd. ADR | 5,923 | ||
| 22,016 | |||
Mexico -- 2.4% | ||||
Construction Materials & Supplies -- 2.4% | ||||
208 | Cemex SA ADR | 6,053 | ||
Netherlands -- 7.9% | ||||
Insurance -- 2.5% | ||||
260 | ING Group NV ADR | 6,162 | ||
Electronics -- 3.0% | ||||
280 | Philips Electronics NV ADR | 7,616 | ||
Transportation -- 2.4% | ||||
260 | TPG NV ADR | 5,990 | ||
| 19,768 | |||
Singapore -- 1.5% | ||||
Telecommunications -- 1.5% | ||||
290 | Singapore Telecommunications Ltd. ADR | 3,788 | ||
South Korea -- 3.0% | ||||
Steel -- 2.2% | ||||
160 | POSCO ADR | 5,362 | ||
Telephone Communications -- 0.8% | ||||
100 | SK Telecom Co. Ltd. ADR | 2,099 | ||
| 7,461 | |||
Spain -- 6.2% | ||||
Banks -- 2.3% | ||||
430 | Banco Bilbao Vizcaya SA ADR | 5,805 | ||
Electric Integrated -- 2.3% | ||||
300 | Endesa SA ADR | 5,679 | ||
Telephone Communications -- 1.6% | ||||
90 | Telefonica SA ADR | $ 4,017 | ||
| 15,501 | |||
Sweden -- 3.1% | ||||
Manufacturing - Consumer Goods -- 3.1% | ||||
200 | Electrolux AB, Series B ADR | 7,679 | ||
Switzerland -- 9.5% | ||||
Medical-Drugs -- 4.8% | ||||
270 | Novartis AG ADR | 12,014 | ||
Chemicals-Specialty -- 2.4% | ||||
350 | Syngenta AG ADR (b) | 5,877 | ||
Banking/Insurance -- 2.3% | ||||
80 | UBS AG | 5,685 | ||
| 23,576 | |||
United Kingdom -- 17.6% | ||||
Commercial Banks -- 2.1% | ||||
150 | Barclays PLC ADR | 5,229 | ||
Oil & Gas -- 1.6% | ||||
75 | BP PLC ADR | 4,018 | ||
Food & Beverage -- 3.2% | ||||
230 | Cadbury Schweppes PLC ADR | 8,068 | ||
Medical-Drugs -- 3.2% | ||||
190 | GlaxoSmithkline PLC ADR | 7,877 | ||
Metals -- 2.4% | ||||
60 | Rio Tinto PLC ADR | 5,883 | ||
Diversified Operations -- 2.3% | ||||
290 | Tomkins PLC ADR | 5,800 | ||
Telephone Communications -- 2.8% | ||||
320 | Vodafone Group PLC ADR | 7,072 | ||
| 43,947 | |||
United States -- 1.5% | ||||
Oil-Field Services -- 1.5% | ||||
60 | Schlumberger Ltd. ADR | 3,811 | ||
Total Common Stocks (Cost $204,416) | 203,631 | |||
MUTUAL FUNDS--6.0 % | ||||
India -- 1.9% | ||||
Management Investment Operation -- 1.9% | ||||
240 | Morgan Stanley India Investment Fund | 4,836 | ||
Japan -- 4.1% | ||||
Management Investment Operation -- 4.1% | ||||
950 | iShares MSCI Japan Index Fund | 10,089 | ||
Total Mutual Funds (Cost $15,606) | 14,925 | |||
Total Investments (Cost $220,022) (a) -- 87.6% | 218,556 | |||
Other Assets in Excess of Liabilities -- 12.4% | 30,889 | |||
Net Assets -- 100.0% | $ 249,445 | |||
(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $ 4,742 | |||
Unrealized depreciation | (6,208) | |||
Net unrealized appreciation (depreciation) | $(1,466) | |||
Aggregate cost for federal income tax purposes is substantially the same.
Huntington VA Macro 100 Fund
Portfolio of Investments
June 30, 2004 (Unaudited)
Shares |
| Value | ||
---|---|---|---|---|
COMMON STOCKS -- 91.4% | ||||
Aerospace & Defense -- 0.8% | ||||
62 | Raytheon Co. | $ 2,218 | ||
Auto/Truck Parts & Equipment -- 0.8% | ||||
55 | Genuine Parts Co. | 2,182 | ||
Banks -- 13.9% | ||||
89 | AmSouth Bancorporation | 2,267 | ||
74 | Bank of America Corp. | 6,261 | ||
57 | BB&T Corp. | 2,107 | ||
33 | Countrywide Credit Industries, Inc. | 2,318 | ||
45 | First Horizon National Corp. | 2,046 | ||
57 | Regions Financial Corp. | 2,083 | ||
63 | SouthTrust Corp. | 2,445 | ||
29 | SunTrust Banks, Inc. | 1,885 | ||
127 | U.S. Bancorp | 3,500 | ||
72 | Union Planters Corp. | 2,146 | ||
83 | Wachovia Corp. | 3,694 | ||
70 | Washington Mutual, Inc. | 2,705 | ||
95 | Wells Fargo & Co. | 5,437 | ||
| 38,894 | |||
Beer, Wine, & Distilled Beverages -- 1.5% | ||||
30 | Adolph Coors Co., Class B | 2,171 | ||
42 | Brown-Forman Corp. | 2,027 | ||
| 4,198 | |||
Chemicals -- 0.7% | ||||
33 | PPG Industries, Inc. | 2,062 | ||
Communications Equipment -- 3.2% | ||||
122 | Comverse Technology, Inc. (b) | 2,433 | ||
92 | Nextel Communications, Inc., Class A (b) | 2,452 | ||
61 | Scientific-Atlanta, Inc. | 2,105 | ||
220 | Tellabs, Inc. (b) | 1,923 | ||
| 8,913 | |||
Computer Services -- 3.4% | ||||
44 | Ebay, Inc. (b) | 4,045 | ||
75 | Jabil Circuit, Inc. (b) | 1,889 | ||
96 | Yahoo, Inc. (b) | 3,488 | ||
| 9,422 | |||
Computers -- 9.9% | ||||
253 | Cisco Systems, Inc. (b) | 5,996 | ||
100 | Citrix Systems, Inc. (b) | 2,036 | ||
72 | Computer Associates International, Inc. | 2,020 | ||
49 | Computer Sciences Corp. (b) | 2,275 | ||
137 | Dell, Inc. (b) | 4,907 | ||
235 | Microsoft Corp. | 6,712 | ||
315 | Oracle Corp. (b) | 3,758 | ||
| 27,704 | |||
Computers, Peripherals & Software -- 4.4% | ||||
44 | Adobe Systems, Inc. | 2,046 | ||
139 | Advanced Micro Devices, Inc. (b) | 2,210 | ||
114 | BMC Software, Inc. (b) | 2,109 | ||
201 | Novell, Inc. (b) | 1,686 | ||
416 | Parametric Technology Corp. (b) | 2,080 | ||
153 | Unisys Corp. (b) | 2,124 | ||
| 12,255 | |||
Diversified Operations -- 0.7% | ||||
30 | Ingersoll Rand Co. | $ 2,049 | ||
Electrical Equipment -- 0.8% | ||||
36 | Cooper Industries Ltd., Class A | 2,139 | ||
Electronic Components -- 4.8% | ||||
73 | Agilent Technologies, Inc. (b) | 2,137 | ||
431 | Applied Micro Circuits Corp. (b) | 2,293 | ||
52 | Broadcom Corp., Class A (b) | 2,432 | ||
199 | Sanmina Corp. (b) | 1,811 | ||
414 | Solectron Corp. (b) | 2,679 | ||
81 | Thomas & Betts Corp. | 2,206 | ||
| 13,558 | |||
Financial Services -- 9.4% | ||||
80 | American Express Co. | 4,111 | ||
30 | Capital One Financial Corp. | 2,051 | ||
170 | E*Trade Group, Inc. (b) | 1,896 | ||
36 | Franklin Resources, Inc. | 1,803 | ||
18 | Golden West Financial Corp. | 1,914 | ||
129 | Janus Capital Group, Inc. | 2,127 | ||
52 | Marshall & Ilsley Corp. | 2,033 | ||
163 | Providian Financial Corp. (b) | 2,391 | ||
51 | SLM Corp. | 2,063 | ||
38 | T. Rowe Price Group, Inc. | 1,915 | ||
192 | The Charles Schwab Corp. | 1,845 | ||
35 | Zions Bancorporation | 2,151 | ||
| 26,300 | |||
Food & Beverages -- 3.7% | ||||
75 | Coca-Cola Enterprises, Inc. | 2,174 | ||
30 | R.J. Reynolds Tobacco Holdings, Inc. | 2,028 | ||
119 | The Coca-Cola Co. | 6,007 | ||
| 10,209 | |||
Hotels -- 0.8% | ||||
113 | Hilton Hotels Corp. | 2,109 | ||
Life Insurance -- 0.7% | ||||
57 | Principal Financial Group | 1,982 | ||
Machinery -- 0.8% | ||||
60 | Rockwell International Corp. | 2,251 | ||
Metals & Mining -- 1.6% | ||||
64 | Freeport-McMoran Copper & Gold, Inc., Class B | 2,122 | ||
29 | Phelps Dodge Corp. | 2,247 | ||
| 4,369 | |||
Miscellaneous Business Services -- 3.0% | ||||
57 | Autodesk, Inc. | 2,440 | ||
52 | Ryder System, Inc. | 2,084 | ||
41 | Symantec Corp. (b) | 1,795 | ||
45 | Waters Corp. (b) | 2,150 | ||
| 8,469 | |||
Real Estate Investment Trusts -- 1.5% | ||||
66 | Prologis Trust | 2,173 | ||
40 | Simon Property Group, Inc. | 2,057 | ||
| 4,230 | |||
Retail -- 4.2% | ||||
168 | Circuit City Stores, Inc. | 2,176 | ||
88 | Gap, Inc. | 2,134 | ||
COMMON STOCKS -- (continued) | ||||
Retail -- (continued) | ||||
126 | Home Depot, Inc. | $ 4,435 | ||
58 | Lowe's Cos., Inc. | 3,048 | ||
| 11,793 | |||
Semi-Conductors/Instruments -- 5.5% | ||||
46 | Analog Devices, Inc. | 2,166 | ||
268 | LSI Logic Corp. (b) | 2,042 | ||
98 | National Semiconductor Corp. (b) | 2,155 | ||
94 | NVIDIA Corp. (b) | 1,927 | ||
158 | PMC-Sierra, Inc. (b) | 2,267 | ||
73 | QLogic Corp. (b) | 1,941 | ||
121 | Texas Instruments, Inc. | 2,926 | ||
| 15,424 | |||
Technology -- 8.9% | ||||
854 | ADC Telecommunications, Inc. (b) | 2,425 | ||
99 | Altera Corp. (b) | 2,200 | ||
267 | Compuware Corp. (b) | 1,762 | ||
216 | Intel Corp. | 5,962 | ||
46 | Intuit, Inc. (b) | 1,775 | ||
21 | Lexmark International Group, Inc. (b) | 2,027 | ||
56 | Linear Technology Corporation | 2,210 | ||
43 | Maxim Integrated Products, Inc. | 2,254 | ||
46 | Mercury Interactive Corporation (b) | 2,292 | ||
58 | Xilinx, Inc. | 1,932 | ||
| 24,839 | |||
Telephone & Telecommunications -- 4.8% | ||||
520 | Ciena Corp. (b) | 1,934 | ||
647 | JDS Uniphase Corp. (b) | 2,452 | ||
606 | Lucent Technologies, Inc. (b) | 2,291 | ||
159 | Motorola, Inc. | 2,902 | ||
51 | Qualcomm, Inc. | 3,722 | ||
| 13,301 | |||
Textiles -- 0.7% | ||||
43 | V.F. Corp. | 2,094 | ||
Transport - Marine -- 0.9% | ||||
56 | Carnival Corp. | 2,632 | ||
Total Common Stocks (Cost $244,173) | 255,596 | |||
CASH EQUIVALENT -- 8.7% | ||||
24,281 | Huntington Money Market Fund, Interfund Class * | 24,281 | ||
Total Cash Equivalent (Cost $24,281) | 24,281 | |||
Total Investments (Cost $268,454) (a) -- 100.1% | 279,877 | |||
Liabilities in Excess of Other Asset -- (0.1)% | (197) | |||
Net Assets -- 100.0% | $ 279,680 | |||
(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $14,391 | |||
Unrealized depreciation | (2,968) | |||
Net unrealized appreciation (depreciation) | $11,423 | |||
Aggregate cost for federal income tax purposes is substantially the same.
Huntington VA Mid Corp America Fund
Portfolio of Investments
June 30, 2004 (Unaudited)
Shares |
| Value | ||
---|---|---|---|---|
COMMON STOCKS -- 84.9% | ||||
Aerospace & Defense -- 0.3% | ||||
675 | Alliant Techsystems, Inc. (b) | $ 42,755 | ||
Amusement & Recreation Services -- 0.2% | ||||
900 | Boyd Gaming Corp. | 23,913 | ||
Apparel & Textiles -- 1.4% | ||||
300 | G & K Services, Inc., Class A | 12,057 | ||
828 | Jones Apparel Group, Inc. | 32,689 | ||
1,844 | Liz Claiborne, Inc. | 66,348 | ||
1,100 | Reebok International Ltd. | 39,578 | ||
1,400 | UniFirst Corp. | 40,726 | ||
| 191,398 | |||
Auto/Truck Parts & Equipment -- 1.2% | ||||
400 | Cummins Engine, Inc. | 25,000 | ||
1,896 | Johnson Controls, Inc. | 101,208 | ||
300 | Oshkosh Truck Corp. | 17,193 | ||
895 | Superior Industries International, Inc. | 29,938 | ||
| 173,339 | |||
Banks -- 6.0% | ||||
1,400 | Amcore Financial, Inc. | 42,224 | ||
1,700 | BancorpSouth, Inc. | 38,301 | ||
2,700 | Banknorth Group, Inc. | 87,696 | ||
1,666 | BOK Financial Corp. (b) | 65,424 | ||
1,600 | Chittenden Corp. | 56,240 | ||
2,421 | Compass Bancshares, Inc. | 104,103 | ||
2,832 | First Horizon National Corp. | 128,770 | ||
855 | Fulton Financial Corp. | 17,228 | ||
1,400 | M & T Bank Corp. | 122,220 | ||
2,400 | National Commerce Financial Corp. | 78,000 | ||
533 | New York Community Bancorp, Inc. | 10,463 | ||
1,482 | TCF Financial Corp. | 86,030 | ||
| 836,699 | |||
| Beer, Wine, & Distilled Beverages -- 0.7% | |||
1,360 | Adolph Coors Co., Class B | 98,382 | ||
Biotechnology -- 1.5% | ||||
1,186 | Cephalon, Inc. (b) | 64,044 | ||
2,078 | Invitrogen Corp. (b) | 149,595 | ||
| 213,639 | |||
Building & Construction -- 2.9% | ||||
800 | Beazer Homes USA, Inc. | 80,248 | ||
1,400 | Centex Corp. | 64,050 | ||
1,400 | D. R. Horton, Inc. | 39,760 | ||
31 | Eagle Materials, Inc. | 2,202 | ||
300 | Hovnanian Enterprises , Class A (b) | 10,413 | ||
2,238 | Insituform Technologies, Inc., Class A (b) | 36,412 | ||
700 | Lafarge North America Corp. | 30,310 | ||
2,622 | Pulte Homes, Inc. | 136,423 | ||
| 399,818 | |||
Business Services -- 0.4% | ||||
1,940 | Viad Corp. | 52,399 | ||
Chemicals -- 1.4% | ||||
1,500 | Albemarle Corp. | $ 47,475 | ||
1,558 | Cytec Industries, Inc. | 70,811 | ||
1,360 | Lubrizol Corp. | 49,803 | ||
500 | Minerals Technologies, Inc. | 29,000 | ||
| 197,089 | |||
Circuits -- 0.1% | ||||
900 | Integrated Device Technology, Inc. (b) | 12,456 | ||
Communications Equipment -- 2.8% | ||||
1,900 | Advanced Fibre Communications, Inc. (b) | 38,380 | ||
900 | Harris Corp. | 45,675 | ||
3,259 | L-3 Communications Corp. | 217,701 | ||
2,628 | Scientific-Atlanta, Inc. | 90,666 | ||
| 392,422 | |||
Computer Services -- 2.1% | ||||
3,075 | Activision, Inc. (b) | 48,893 | ||
1,059 | Affiliated Computer Services, Inc. (b) | 56,063 | ||
2,100 | Intergraph Corp. (b) | 54,306 | ||
3,200 | JDA Software Group, Inc. (b) | 42,144 | ||
300 | Pinnacle Systems, Inc. (b) | 2,145 | ||
898 | SafeNet, Inc. (b) | 24,857 | ||
2,341 | Sungard Data Systems, Inc. (b) | 60,866 | ||
| 289,274 | |||
Computers -- 1.1% | ||||
2,500 | Advanced Digital Information Corp. (b) | 24,250 | ||
974 | NCR Corp. (b) | 48,301 | ||
1,440 | Progress Software Corp. (b) | 31,205 | ||
1,900 | Storage Technology Corp. (b) | 55,099 | ||
| 158,855 | |||
| Computers, Peripherals & Software -- 0.9% | |||
600 | Cognos, Inc. (b) | 21,696 | ||
2,800 | NetIQ Corp. (b) | 36,960 | ||
1,600 | Novell, Inc. (b) | 13,424 | ||
2,600 | Sybase, Inc. (b) | 46,800 | ||
| 118,880 | |||
Consulting Services -- 0.4% | ||||
3,210 | Forrester Research, Inc. (b) | 59,867 | ||
Consumer Products -- 0.3% | ||||
400 | Harman International Industries, Inc. | 36,400 | ||
Containers - Paper/Plastic -- 0.2% | ||||
1,300 | Pactiv Corp. (b) | 32,422 | ||
Diversified Operations -- 2.0% | ||||
300 | Ball Corp. | 21,615 | ||
3,200 | Griffon Corp. (b) | 71,296 | ||
300 | ITT Industries, Inc. | 24,900 | ||
1,821 | Teleflex, Inc. | 91,323 | ||
1,100 | Textron, Inc. | 65,285 | ||
| 274,419 | |||
Drugs & Health Care -- 1.3% | ||||
1,785 | Barr Laboratories, Inc. (b) | 60,155 | ||
5,852 | Mylan Laboratories, Inc. | 118,503 | ||
| 178,658 | |||
COMMON STOCKS -- (continued) | ||||
Electric Services -- 0.3% | ||||
1,100 | Constellation Energy Group | $ 41,690 | ||
Electrical Components -- 1.0% | ||||
1,200 | Elbit Systems Ltd. | 24,000 | ||
1,400 | Intersil Corp., Class A | 30,324 | ||
1,600 | Rayovac Corp. (b) | 44,960 | ||
2,381 | Vishay Intertechnology, Inc. (b) | 44,239 | ||
| 143,523 | |||
Electrical Equipment -- 0.8% | ||||
1,956 | Cooper Industries Ltd., Class A | 116,206 | ||
Electrical Services -- 1.4% | ||||
2,288 | Allete, Inc. | 76,190 | ||
1,200 | DP&L, Inc. | 23,304 | ||
2,791 | Energy East Corp. | 67,682 | ||
1,829 | Teco Energy, Inc. | 21,930 | ||
| 189,106 | |||
Electronic Components -- 0.6% | ||||
150 | Benchmark Electronics, Inc. (b) | 4,365 | ||
600 | Molex, Inc. | 19,248 | ||
2,000 | Thomas & Betts Corp. | 54,460 | ||
| 78,073 | |||
Electronic Instruments -- 0.1% | ||||
800 | PerkinElmer, Inc. | 16,032 | ||
Environmental Services -- 0.5% | ||||
1,300 | Stericycle, Inc. (b) | 67,262 | ||
Financial Services -- 5.4% | ||||
2,350 | Allied Capital Corp. | 57,387 | ||
2,100 | Ambac Financial Group, Inc. | 154,224 | ||
1,884 | AmeriCredit Corp. (b) | 36,795 | ||
1,037 | Bear Stearns Companies, Inc. | 87,429 | ||
2,259 | City National Corp. | 148,416 | ||
1,900 | First American Financial Corp. | 49,191 | ||
1,400 | Firstmerit Corp. | 36,918 | ||
1,178 | Legg Mason, Inc. | 107,210 | ||
1,800 | Wilmington Trust Corp. | 66,996 | ||
| 744,566 | |||
Food & Beverages -- 2.0% | ||||
1,300 | Constellation Brands, Inc. (b) | 48,269 | ||
1,500 | McCormick & Co., Inc. | 51,000 | ||
1,511 | Ralcorp Holding, Inc. (b) | 53,186 | ||
1,500 | Smithfield Foods, Inc. (b) | 44,100 | ||
1,334 | SUPERVALU, Inc. | 40,834 | ||
1,770 | Tyson Foods, Inc., Class A | 37,082 | ||
| 274,471 | |||
Gas & Natural Gas -- 3.4% | ||||
1,400 | AGL Resources, Inc. | 40,670 | ||
1,500 | Atmos Energy Corp. | 38,385 | ||
700 | Keyspan Corp. | 25,690 | ||
2,921 | MDU Resources Group, Inc. | 70,192 | ||
2,200 | National Fuel Gas Co. | 55,000 | ||
1,200 | New Jersey Resources Corp. | 49,896 | ||
1,200 | Peoples Energy Corp. | 50,580 | ||
3,664 | Questar Corp. | 141,577 | ||
| 471,990 | |||
| Healthcare Equipment & Supplies -- 0.7% | |||
1,070 | Hillenbrand Industries, Inc. | $ 64,682 | ||
1,700 | Viasys Healthcare, Inc. (b) | 35,547 | ||
| 100,229 | |||
Hotels -- 0.3% | ||||
400 | Hilton Hotels Corp. | 7,464 | ||
900 | Starwood Hotels & Resorts Worldwide, Inc | 40,365 | ||
| 47,829 | |||
Household Products -- 1.4% | ||||
1,820 | Church & Dwight Co., Inc. | 83,320 | ||
900 | Ferro Corp. | 24,012 | ||
1,500 | RPM International, Inc. | 22,800 | ||
1,030 | Whirlpool Corp. | 70,658 | ||
| 200,790 | |||
Insurance -- 4.2% | ||||
1,400 | Allmerica Financial Corp. (b) | 47,320 | ||
1,917 | Fidelity National Financial, Inc. | 71,581 | ||
1,830 | Nationwide Financial Services, Inc. | 68,826 | ||
3,949 | Old Republic International Corp. | 93,670 | ||
2,143 | PMI Group, Inc. | 93,263 | ||
2,423 | Protective Life Corp. | 93,697 | ||
2,127 | Torchmark Corp. | 114,434 | ||
| 582,791 | |||
Lasers - Systems/Components -- 0.2% | ||||
940 | Coherent, Inc. (b) | 28,059 | ||
Leisure -- 1.6% | ||||
1,500 | Brunswick Corp. | 61,200 | ||
2,485 | Callaway Golf Co. | 28,180 | ||
2,982 | Royal Caribbean Cruises Ltd. | 129,449 | ||
| 218,829 | |||
Machinery -- 2.0% | ||||
900 | AptarGroup, Inc. | 39,321 | ||
2,219 | Kennametal, Inc. | 101,630 | ||
1,336 | Parker Hannifin Corp. | 79,439 | ||
300 | Rockwell International Corp. | 11,253 | ||
984 | Tecumseh Products Co., Class A | 40,531 | ||
| 272,174 | |||
Measuring Devices -- 1.6% | ||||
488 | FLIR Systems, Inc. (b) | 26,791 | ||
1,907 | Tektronix, Inc. | 64,876 | ||
2,789 | Thermo Electron Corp. (b) | 85,734 | ||
1,650 | Trimble Navigation Ltd. (b) | 45,854 | ||
| 223,255 | |||
Medical & Medical Services -- 6.1% | ||||
2,700 | Apogent Technologies, Inc. (b) | 86,400 | ||
3,000 | Coventry Health Care, Inc. (b) | 146,699 | ||
400 | Dentsply International, Inc. | 20,840 | ||
1,200 | Health Management Associates, Inc. | 26,904 | ||
2,333 | Lincare Holdings, Inc. (b) | 76,662 | ||
1,720 | Owens & Minor, Inc. | 44,548 | ||
1,800 | Oxford Health Plans, Inc. | 99,072 | ||
1,800 | Pediatrix Medical Group, Inc. (b) | 125,730 | ||
2,550 | Renal Care Group, Inc. (b) | 84,482 | ||
COMMON STOCKS -- (continued) | ||||
| Medical & Medical Services -- (continued) | |||
2,300 | Respironics, Inc. (b) | $ 135,125 | ||
| 846,462 | |||
Metal Processors & Fabrication -- 0.7% | ||||
1,900 | Precision Castparts Corp. | 103,911 | ||
Miscellaneous Business Services -- 2.7% | ||||
2,200 | Cadence Design Systems, Inc. (b) | 32,186 | ||
774 | Caremark Rx, Inc. (b) | 25,496 | ||
400 | Electronic Arts, Inc. (b) | 21,820 | ||
2,152 | NCO Group, Inc. (b) | 57,437 | ||
1,200 | Ryder System, Inc. | 48,084 | ||
3,600 | Symantec Corp. (b) | 157,607 | ||
1,800 | US Oncology, Inc. (b) | 26,496 | ||
| 369,126 | |||
Office Supplies -- 0.1% | ||||
300 | Avery Dennison Corp. | 19,203 | ||
| Oil & Gas - Exploration & Production -- 1.3% | |||
1,507 | Devon Energy Corp. | 99,462 | ||
1,300 | Suncor Energy, Inc. ADR | 33,293 | ||
800 | Unocal Corp. | 30,400 | ||
507 | Weatherford International, Inc. (b) | 22,805 | ||
| 185,960 | |||
Paper & Paper Products -- 0.2% | ||||
1,800 | Rock-Tenn Co. | 30,510 | ||
Paperboard Containers & Boxes -- 0.3% | ||||
1,600 | Bemis Co. | 45,200 | ||
Personal Products -- 0.5% | ||||
2,200 | NBTY, Inc. (b) | 64,658 | ||
| Petroleum & Petroleum Products -- 4.3% | |||
2,756 | Apache Corp. | 120,024 | ||
5,058 | Chesapeake Energy Corp. | 74,454 | ||
900 | Forest Oil Corp. (b) | 24,588 | ||
1,000 | Helmerich & Payne, Inc. | 26,120 | ||
800 | Murphy Oil Corp. | 58,960 | ||
5,500 | Patina Oil & Gas Corp. | 164,285 | ||
1,669 | Tidewater, Inc. | 49,736 | ||
1,243 | Unit Corp. (b) | 39,092 | ||
2,100 | Vintage Petroleum, Inc. | 35,637 | ||
| 592,896 | |||
Pharmaceuticals -- 0.9% | ||||
700 | Biovail Corp. (b) | 13,286 | ||
2,200 | Omnicare, Inc. | 94,182 | ||
900 | Watson Pharmaceutical, Inc. (b) | 24,210 | ||
| 131,678 | |||
Pollution Control -- 0.5% | ||||
2,879 | Pall Corp. | 75,401 | ||
Printing & Publishing -- 1.4% | ||||
2,000 | Banta Corp. | 88,820 | ||
4,068 | Paxar Corp. (b) | 79,407 | ||
1,000 | R.R. Donnelley & Sons Co. | 33,020 | ||
| 201,247 | |||
Real Estate Investment Trusts -- 0.9% | ||||
2,227 | LNR Property Corp. | $ 120,815 | ||
Restaurants -- 0.3% | ||||
1,678 | Ruby Tuesday, Inc. | 46,061 | ||
Retail -- 4.3% | ||||
1,549 | Abercrombie & Fitch Co., Class A | 60,024 | ||
3,150 | AnnTaylor Stores Corp. (b) | 91,287 | ||
3,537 | Applebee's International, Inc. | 81,422 | ||
1,500 | Furniture Brands International, Inc. | 37,575 | ||
600 | Nieman Marcus Group, Inc. | 33,390 | ||
2,179 | Nordstrom, Inc. | 92,847 | ||
300 | Pacific Sunwear of California, Inc. (b) | 5,871 | ||
1,300 | PETsMART, Inc. | 42,185 | ||
2,200 | Sonic Automotives, Inc. | 48,730 | ||
900 | Tiffany & Co. | 33,165 | ||
2,600 | Zales Corp. (b) | 70,876 | ||
| 597,372 | |||
Schools -- 0.2% | ||||
500 | Career Education Corp. (b) | 22,780 | ||
Semiconductor Equipment -- 1.7% | ||||
700 | DuPont Photomasks, Inc. (b) | 14,231 | ||
2,000 | ESS Technology, Inc. (b) | 21,420 | ||
1,978 | Imation Corp. | 84,282 | ||
1,992 | International Rectifier Corp. (b) | 82,509 | ||
717 | Varian Semiconductor Equipment Associates, Inc. (b) | 27,648 | ||
| 230,090 | |||
| Telephone & Telecommunications -- 0.7% | |||
807 | CenturyTel, Inc. | 24,242 | ||
3,000 | Ciena Corp. (b) | 11,160 | ||
400 | Commonwealth Telephone Enterprises, Inc. (b) | 17,908 | ||
1,000 | US Cellular Corp. (b) | 38,550 | ||
| 91,860 | |||
Tires & Tubes -- 0.2% | ||||
1,087 | Cooper Tire & Rubber Co. | 25,001 | ||
Tools & Accessories -- 0.7% | ||||
1,700 | Snap-On, Inc. | 57,035 | ||
793 | The Stanley Works | 36,145 | ||
| 93,180 | |||
Wholesale Distribution -- 1.2% | ||||
2,000 | AmerisourceBergen Corp. | 119,560 | ||
1,200 | BorgWarner, Inc. | 52,524 | ||
| 172,084 | |||
Woven Carpets & Rugs -- 1.0% | ||||
1,900 | Mohawk Industries, Inc. (b) | 139,327 | ||
Total Common Stocks (Cost $9,619,691) | 11,804,781 | |||
MUTUAL FUNDS -- 6.1% | ||||
Exchange Traded Funds -- 6.1% | ||||
3,600 | iShares S&P Midcap 400 | 437,760 | ||
3,652 | Midcap SPDR Trust Series I | 406,285 | ||
Total Mutual Funds (Cost $688,326) | 844,045 | |||
Shares | Value | |||
CASH EQUIVALENT -- 9.0% | ||||
1,252,466 | Huntington Money Market Fund, Interfund Class* | $ 1,252,466 | ||
Total Cash Equivalent (Cost $1,252,466) | 1,252,466 | |||
SHORT-TERM SECURITIES HELD AS COLLATERAL | ||||
$ 47,975 | Pool of Various Securities for Huntington | 47,975 | ||
Total Securities Held as Collateral | 47,975 | |||
Total Investments (Cost $11,608,458) (a) -- 100.3% | 13,949,267 | |||
Liabilities in Excess of Other Assets -- (0.3)% | (47,322) | |||
Net Assets -- 100.0% | $ 13,901,945 | |||
(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $2,460,262 | |||
Unrealized depreciation | (119,453) | |||
Net unrealized appreciation (depreciation) | $2,340,809 | |||
Aggregate cost for federal income tax purposes is substantially the same.
Huntington VA New Economy Fund
Portfolio of Investments
June 30, 2004 (Unaudited)
Shares |
| Value | ||
---|---|---|---|---|
COMMON STOCKS -- 89.6% | ||||
Aerospace & Defense -- 0.5% | ||||
650 | Armor Holdings, Inc. (b) | $ 22,100 | ||
Apparel & Textiles -- 1.5% | ||||
345 | Bebe Stores, Inc. (b) | 6,900 | ||
240 | Coach, Inc. (b) | 10,846 | ||
270 | Fossil, Inc. (b) | 7,358 | ||
1,030 | K-Swiss, Inc., Class A | 20,815 | ||
730 | The Children's Place, Inc. (b) | 17,170 | ||
| 63,089 | |||
Auto Dealers -- 0.1% | ||||
400 | Asbury Automotive Group (b) | 6,000 | ||
Auto/Truck Parts & Equipment -- 1.9% | ||||
520 | Autoliv, Inc. | 21,944 | ||
180 | Brilliance China Automotive Holdings Ltd., ADR | 5,301 | ||
400 | Cummins Engine, Inc. | 24,999 | ||
155 | Group 1 Automotive, Inc. (b) | 5,148 | ||
124 | Lear Corp. | 7,315 | ||
86 | Magna International, Inc. | 7,325 | ||
183 | PACCAR, Inc. | 10,612 | ||
| 82,644 | |||
Banks -- 4.8% | ||||
674 | Countrywide Credit Industries, Inc. | 47,348 | ||
547 | Dime Community Bancshares | 9,562 | ||
250 | First Republic Bancorp, Inc. | 10,770 | ||
400 | Flagstar Bancorp, Inc. | 7,952 | ||
190 | Independence Community Bank Corp. | 6,916 | ||
325 | Irwin Financial Corp. | 8,580 | ||
247 | MB Financial, Inc. | 9,092 | ||
700 | New Century Financial Corp. | 32,774 | ||
370 | New York Community Bancorp, Inc. | 7,263 | ||
450 | R & G Finanical Corp., Class B | 14,877 | ||
460 | Sovereign Bancorp | 10,166 | ||
266 | UCBH Holdings, Inc. | 10,512 | ||
220 | Washington Mutual, Inc. | 8,501 | ||
225 | Webster Financial Corp. | 10,580 | ||
220 | WFS Financial, Inc. (b) | 10,892 | ||
| 205,785 | |||
Batteries/Battery Systems -- 0.3% | ||||
250 | Energizer Holdings, Inc. (b) | 11,250 | ||
Biotechnology -- 0.8% | ||||
490 | Invitrogen Corp. (b) | 35,275 | ||
Building & Construction -- 6.3% | ||||
580 | Centex Corp. | 26,535 | ||
1,050 | D. R. Horton, Inc. | 29,820 | ||
500 | Dycom Industries, Inc. (b) | 14,000 | ||
3 | Eagle Materials, Inc. | 213 | ||
12 | Eagle Materials, Inc., Class B | 831 | ||
120 | KB Home | 8,236 | ||
400 | Lennar Corp. | 17,888 | ||
152 | M/I Schottenstein Homes, Inc. | 6,171 | ||
Building & Construction -- (continued) | ||||
440 | Masco Corp. | $ 13,719 | ||
162 | MDC Holdings, Inc. | 10,305 | ||
14 | NVR, Inc. (b) | 6,779 | ||
200 | Pulte Homes, Inc. | 10,406 | ||
100 | Ryland Group, Inc. | 7,820 | ||
310 | Simpson Manufacturing Co., Inc. | 17,397 | ||
410 | Standard-Pacific Corp. | 20,213 | ||
375 | Technical Olympic USA, Inc. | 8,355 | ||
800 | Terex Corp. (b) | 27,304 | ||
690 | USG Corp. (b) | 12,130 | ||
880 | Washington Group International, Inc. (b) | 31,583 | ||
| 269,705 | |||
Chemicals -- 1.5% | ||||
200 | Eastman Chemical Co. | 9,246 | ||
300 | Georgia Gulf Corp. | 10,758 | ||
300 | Monsanto Co. | 11,550 | ||
375 | OM Group, Inc. (b) | 12,379 | ||
380 | TETRA Technologies, Inc. (b) | 10,203 | ||
300 | The Dow Chemical Co. | 12,210 | ||
| 66,346 | |||
Commercial Services & Supplies -- 1.4% | ||||
1,938 | Cendant Corp. | 47,442 | ||
300 | StarTek, Inc. | 10,740 | ||
| 58,182 | |||
Communications Equipment -- 0.5% | ||||
190 | L-3 Communications Corp. | 12,692 | ||
370 | Nextel Communications, Inc., Class A (b) | 9,864 | ||
| 22,556 | |||
Computer Services -- 3.2% | ||||
800 | Activision, Inc. (b) | 12,720 | ||
1,300 | Earthlink, Inc. (b) | 13,455 | ||
1,020 | Filenet Corp. (b) | 32,202 | ||
300 | Infospace, Inc. (b) | 11,412 | ||
420 | Intergraph Corp. (b) | 10,861 | ||
400 | Jabil Circuit, Inc. (b) | 10,072 | ||
800 | Pinnacle Systems, Inc. (b) | 5,720 | ||
207 | Sungard Data Systems, Inc. (b) | 5,382 | ||
400 | Synopsys, Inc. (b) | 11,372 | ||
300 | Veritas Software Corp. (b) | 8,310 | ||
476 | Yahoo, Inc. (b) | 17,293 | ||
| 138,799 | |||
Computers -- 3.8% | ||||
300 | Ansys, Inc. (b) | 14,100 | ||
825 | Apple Computer, Inc. (b) | 26,845 | ||
550 | Cerner Corp. (b) | 24,519 | ||
1,080 | Cisco Systems, Inc. (b) | 25,596 | ||
700 | EMC Corp. (b) | 7,980 | ||
700 | Maxtor Corp. (b) | 4,641 | ||
600 | Mentor Graphics Corp. (b) | 9,282 | ||
COMMON STOCKS -- (continued) | ||||
Computers -- (continued) | ||||
250 | NCR Corp. (b) | $ 12,398 | ||
400 | Progress Software Corp. (b) | 8,668 | ||
200 | Sandisk Corp. (b) | 4,338 | ||
1,190 | Transaction Systems Architects, Inc., Class A (b) | 25,621 | ||
| 163,988 | |||
Consumer Products -- 0.9% | ||||
610 | Finish Line, Class A (b) | 18,403 | ||
120 | Harman International Industries, Inc. | 10,920 | ||
310 | Helen of Troy Ltd. (b) | 11,430 | ||
| 40,753 | |||
Diversified Operations -- 1.8% | ||||
200 | Ball Corp. | 14,410 | ||
2,170 | Casella Waste Systems, Inc., Class A (b) | 28,535 | ||
370 | Griffon Corp. (b) | 8,244 | ||
800 | The Brink's Co. | 27,400 | ||
| 78,589 | |||
Electronic Components -- 1.7% | ||||
665 | Benchmark Electronics, Inc. (b) | 19,351 | ||
400 | DSP Group, Inc. (b) | 10,896 | ||
700 | Flextronics International Ltd. (b) | 11,165 | ||
810 | Methode Electronics | 10,506 | ||
2,100 | Sanmina Corp. (b) | 19,110 | ||
860 | Viscount Systems, Inc. (b) | 1,832 | ||
| 72,860 | |||
Environmental Services -- 0.1% | ||||
120 | Stericycle, Inc. (b) | 6,209 | ||
Financial Services -- 1.4% | ||||
470 | CompuCredit Corp. (b) | 8,131 | ||
300 | Doral Financial Corp. | 10,350 | ||
440 | First American Financial Corp. | 11,392 | ||
242 | First Data Corp. | 10,774 | ||
95 | Golden West Financial Corp. | 10,103 | ||
190 | H & R Block, Inc. | 9,059 | ||
| 59,809 | |||
Food & Beverages -- 5.1% | ||||
1,200 | Archer-Daniels-Midland Co. | 20,136 | ||
480 | Chiquita Brands International, Inc. (b) | 10,042 | ||
700 | Coca-Cola Enterprises, Inc. | 20,293 | ||
318 | Constellation Brands, Inc. (b) | 11,807 | ||
380 | Flowers Foods, Inc. | 9,937 | ||
360 | Fresh Del Monte Produce, Inc. | 9,097 | ||
700 | Hormel Foods Corp. | 21,770 | ||
800 | Pilgrim's Pride Corp. | 23,151 | ||
320 | Ralcorp Holding, Inc. (b) | 11,264 | ||
390 | Sanderson Farms, Inc. | 20,912 | ||
700 | Smithfield Foods, Inc. (b) | 20,580 | ||
350 | SUPERVALU, Inc. | 10,714 | ||
1,000 | Tyson Foods, Inc., Class A | 20,950 | ||
258 | YUM! Brands, Inc. (b) | 9,603 | ||
| 220,256 | |||
Health Services -- 0.5% | ||||
1,220 | Gentiva Health Services (b) | $ 19,837 | ||
Healthcare Equipment & Supplies -- 0.4% | ||||
840 | Viasys Healthcare, Inc. (b) | 17,564 | ||
Hotels -- 0.7% | ||||
800 | Caesars Entertainment, Inc. (b) | 12,000 | ||
200 | MGM Grand, Inc. (b) | 9,388 | ||
200 | Starwood Hotels & Resorts Worldwide, Inc. | 8,970 | ||
| 30,358 | |||
Household Furnishings -- 0.1% | ||||
39 | American Woodmark Corp. | 2,334 | ||
Insurance -- 2.2% | ||||
270 | AFLAC, Inc. | 11,019 | ||
335 | Fidelity National Financial, Inc. | 12,509 | ||
465 | Old Republic International Corp. | 11,030 | ||
350 | Progressive Corp. | 29,854 | ||
450 | UnitedHealth Group, Inc. | 28,013 | ||
| 92,425 | |||
Internet Services -- 0.5% | ||||
900 | DoubleClick, Inc. (b) | 6,993 | ||
700 | Verisign, Inc. (b) | 13,930 | ||
| 20,923 | |||
Lasers - Systems/Components -- 0.3% | ||||
400 | Coherent, Inc. (b) | 11,940 | ||
Leisure -- 0.5% | ||||
300 | Brunswick Corp. | 12,240 | ||
170 | Royal Caribbean Cruises Ltd. | 7,380 | ||
| 19,620 | |||
Machinery -- 0.6% | ||||
143 | Albany International Corp., Class A | 4,799 | ||
520 | Sauer-Danfoss, Inc. | 8,876 | ||
200 | Smith International, Inc. (b) | 11,152 | ||
| 24,827 | |||
Measuring Devices -- 0.9% | ||||
742 | FLIR Systems, Inc. (b) | 40,736 | ||
Medical & Medical Services -- 13.0% | ||||
300 | Aetna US Healthcare, Inc. | 25,500 | ||
680 | Apogent Technologies, Inc. (b) | 21,760 | ||
510 | Apria Healthcare Group, Inc. (b) | 14,637 | ||
400 | Bausch & Lomb, Inc. | 26,028 | ||
372 | Becton, Dickinson & Co. | 19,270 | ||
314 | Bio-Rad Laboratories, Inc., Class A (b) | 18,482 | ||
350 | Cooper Companies, Inc. | 22,110 | ||
390 | Coventry Health Care, Inc. (b) | 19,071 | ||
1,125 | DaVita, Inc. (b) | 34,684 | ||
280 | Dentsply International, Inc. | 14,588 | ||
620 | First Health Group Corp. (b) | 9,678 | ||
290 | Genesis Healthcare Corp. (b) | 8,422 | ||
280 | Henry Schein, Inc. (b) | 17,679 | ||
1,056 | Hologic, Inc. (b) | 24,552 | ||
COMMON STOCKS -- (continued) | ||||
Medical & Medical Services -- (continued) | ||||
280 | Medtronic, Inc. | $ 13,642 | ||
580 | Neighborcare, Inc. (b) | 18,171 | ||
1,169 | Ocular Sciences, Inc. (b) | 44,421 | ||
1,500 | Option Care, Inc. | 22,890 | ||
420 | Patterson Dental Co. (b) | 32,126 | ||
524 | Pediatrix Medical Group, Inc. (b) | 36,601 | ||
275 | Quest Diagnostics, Inc. | 23,361 | ||
585 | Renal Care Group, Inc. (b) | 19,381 | ||
510 | St. Jude Medical, Inc. (b) | 38,581 | ||
462 | Varian Medical Systems, Inc. (b) | 36,660 | ||
| 562,295 | |||
Medical - HMO -- 3.8% | ||||
275 | Anthem, Inc. (b) | 24,629 | ||
1,500 | Humana, Inc. (b) | 25,350 | ||
980 | PacifiCare Health Systems, Inc. (b) | 37,887 | ||
1,140 | Sierra Health Services, Inc. (b) | 50,958 | ||
200 | WellPoint Health Networks, Inc. (b) | 22,402 | ||
| 161,226 | |||
Metals & Mining -- 2.3% | ||||
305 | Barrick Gold Corp. | 6,024 | ||
175 | Freeport-McMoran Copper & Gold, Inc., Class B | 5,801 | ||
150 | Newmont Mining Corp. | 5,814 | ||
175 | Nucor Corp. | 13,433 | ||
175 | Phelps Dodge Corp. | 13,564 | ||
650 | Reliance Steel & Aluminum Co. | 26,208 | ||
1,000 | Timken Co. | 26,490 | ||
| 97,334 | |||
Miscellaneous Business Services -- 5.9% | ||||
970 | Accenture Ltd. (b) | 26,656 | ||
500 | Acxiom Corp. | 12,415 | ||
1,310 | Autodesk, Inc. | 56,081 | ||
200 | Black & Decker Corp. | 12,426 | ||
587 | Caremark Rx, Inc. (b) | 19,336 | ||
200 | Electronic Arts, Inc. (b) | 10,910 | ||
152 | GTECH Holdings Corp. | 7,039 | ||
300 | Inco Ltd. (b) | 10,368 | ||
500 | Jack Henry & Associates, Inc. | 10,050 | ||
220 | News Corp. Ltd. ADR | 7,792 | ||
1,300 | Polycom, Inc. (b) | 29,133 | ||
600 | RSA Security, Inc. (b) | 12,282 | ||
400 | Steel Dynamics, Inc. (b) | 11,452 | ||
600 | Symantec Corp. (b) | 26,268 | ||
| 252,208 | |||
Office Equipment & Supplies -- 0.3% | ||||
200 | Avid Technology, Inc. (b) | 10,914 | ||
77 | John H. Harland Co. | 2,260 | ||
| 13,174 | |||
| Oil Company - Exploration & Production -- 2.2% | |||
249 | Kerr-Mcgee Corp. | $ 13,362 | ||
585 | Occidental Petroleum Corp. | 28,320 | ||
290 | Pogo Producing Co. | 14,326 | ||
500 | Transocean Sedco Forex, Inc. (b) | 14,470 | ||
753 | Xto Energy, Inc. | 22,432 | ||
| 92,910 | |||
Paper & Allied Products -- 0.8% | ||||
300 | Boise Cascade Corp. | 11,292 | ||
300 | Georgia Pacific Corp. | 11,094 | ||
175 | Temple-Inland, Inc. | 12,119 | ||
| 34,505 | |||
Personal Products -- 0.6% | ||||
843 | NBTY, Inc. (b) | 24,776 | ||
Petroleum & Petroleum Products -- 1.2% | ||||
175 | ConocoPhillips | 13,351 | ||
130 | Murphy Oil Corp. | 9,581 | ||
400 | Patina Oil & Gas Corp. | 11,948 | ||
200 | Valero Energy Corp. | 14,752 | ||
| 49,632 | |||
Pharmaceutical Preparations -- 0.9% | ||||
500 | Medicis Pharmaceutical Corp., Class A | 19,975 | ||
870 | Parexel International Corp. (b) | 17,226 | ||
| 37,201 | |||
Pharmaceuticals -- 0.5% | ||||
550 | Omnicare, Inc. | 23,546 | ||
Process Control Instruments -- 0.3% | ||||
530 | Flowserve Corp. (b) | 13,218 | ||
Professional Services -- 0.8% | ||||
116 | Apollo Group, Inc., Class A (b) | 10,242 | ||
200 | Strayer Education, Inc. | 22,314 | ||
| 32,556 | |||
Railroad Transportation -- 0.2% | ||||
540 | CP Ships Ltd. | 9,623 | ||
Real Estate Investment Trusts -- 0.8% | ||||
540 | Annaly Mortgage Management, Inc. | 9,158 | ||
190 | Chelsea Property Group | 12,392 | ||
492 | Ventas, Inc. | 11,488 | ||
| 33,038 | |||
Retail -- 4.7% | ||||
580 | 7-ELEVEN, Inc. (b) | 10,353 | ||
345 | Aeropostale, Inc. (b) | 9,284 | ||
254 | Applebee's International, Inc. | 5,836 | ||
307 | AutoNation, Inc. (b) | 5,250 | ||
570 | Bombay Co., Inc. (b) | 3,494 | ||
194 | CBRL Group, Inc. | 5,985 | ||
414 | Chico's FAS, Inc. (b) | 18,696 | ||
260 | CVS Corp. | 10,925 | ||
200 | Dollar Tree Stores, Inc. (b) | 5,486 | ||
960 | Foot Locker, Inc. | 23,365 | ||
COMMON STOCKS -- (continued) | ||||
Retail -- (continued) | ||||
300 | J.C. Penney Co., Inc. | $ 11,328 | ||
200 | Kmart Holding Corp. (b) | 14,360 | ||
99 | Lowe's Cos., Inc. | 5,202 | ||
300 | Nordstrom, Inc. | 12,783 | ||
155 | O'Reilly Automotive, Inc. (b) | 7,006 | ||
310 | Pacific Sunwear of California, Inc. (b) | 6,067 | ||
288 | PETsMART, Inc. | 9,346 | ||
315 | RARE Hospitality International, Inc. (b) | 7,844 | ||
198 | Regis Corp. | 8,829 | ||
270 | TBC Corp. (b) | 6,426 | ||
200 | Urban Outfitters, Inc. (b) | 12,182 | ||
| 200,047 | |||
Schools -- 1.0% | ||||
960 | Career Education Corp. (b) | 43,738 | ||
Software -- 0.7% | ||||
1,200 | Alliance Atlantis Communications, Inc., Class B (b) | 22,082 | ||
390 | Inter-Tel, Inc. | 9,738 | ||
| 31,820 | |||
Technology -- 1.3% | ||||
500 | Altera Corp. (b) | 11,110 | ||
1,500 | Compuware Corp. (b) | 9,900 | ||
780 | Intel Corp. | 21,528 | ||
300 | Micros Systems, Inc. (b) | 14,391 | ||
| 56,929 | |||
Telecommunication Equipment -- 0.3% | ||||
600 | Tekelec (b) | 10,902 | ||
Telephone & Telecommunications -- 1.2% | ||||
2,020 | Aspect Communications (b) | 28,684 | ||
970 | AT&T Wireless Services, Inc. (b) | 13,890 | ||
130 | Telephone & Data Systems, Inc. | 9,256 | ||
| 51,830 | |||
Transportation Services -- 1.0% | ||||
290 | ABX Air, Inc. (b) | 1,981 | ||
160 | Fedex Corp. | 13,071 | ||
278 | J.B. Hunt Transport Services, Inc. | 10,725 | ||
710 | Sea Containers Ltd., Class A | 12,446 | ||
119 | Yellow Roadway Corp. (b) | 4,743 | ||
| 42,966 | |||
Wholesale Distribution -- 1.5% | ||||
344 | CDW Corp. | 21,933 | ||
280 | Fastenal Co. | 15,912 | ||
590 | SCP Pool Corp. | 26,551 | ||
| 64,396 | |||
Total Common Stocks (Cost $3,230,510) | 3,844,629 | |||
PREFERRED STOCKS -- 0.0% | ||||
Miscellaneous Business Services -- 0.0% | ||||
44 | News Corp. Ltd. ADR | $ 1,447 | ||
Total Preferred Stock (Cost $1,274) | 1,447 | |||
CASH EQUIVALENT -- 10.2% | ||||
437,779 | Huntington Money Market Fund, Interfund Class* | 437,779 | ||
Total Cash Equivalent (Cost $437,779) | 437,779 | |||
Total Investments (Cost $3,669,563) (a) -- 99.8% | 4,283,855 | |||
Other Assets in Excess of Liabilities -- 0.2% | 8,611 | |||
Net Assets -- 100.0% | $ 4,292,466 | |||
(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $678,567 | |||
Unrealized depreciation | (64,275) | |||
Net unrealized appreciation (depreciation) | $614,292 | |||
Aggregate cost for federal income tax purposes is substantially the same.
Huntington VA Rotating Markets Fund
Portfolio of Investments
June 30, 2004 (Unaudited)
Shares |
| Value | ||
---|---|---|---|---|
MUTUAL FUNDS -- 97.2% | ||||
3,775 | DIAMONDS Trust Series I | $ 394,676 | ||
8,258 | iShares EAFE Index Fund | 1,181,224 | ||
5,477 | iShares MSCI EMU Index Fund | 339,903 | ||
12,618 | iShares MSCI Japan Index Fund | 134,003 | ||
9,460 | iShares MSCI United Kingdom Index Fund | 152,779 | ||
17,639 | iShares Russell 1000 Index Fund | 1,078,096 | ||
5,291 | iShares S&P Global 100 Index Fund | 306,878 | ||
2,611 | iShares S&P Small Cap 600 Index Fund | 383,817 | ||
6,003 | iShares U.S. Healthcare Sector Index Fund | 352,196 | ||
3,419 | Midcap SPDR Trust Series I | 380,364 | ||
4,053 | NASDAQ 100 Index Fund | 153,001 | ||
3,246 | SPDR Trust Series 1 | 371,764 | ||
Total Mutual Funds (Cost $4,804,004) | 5,228,701 | |||
CASH EQUIVALENT -- 2.7% | ||||
144,640 | Huntington Money Market Fund, Interfund Class * | 144,640 | ||
Total Cash Equivalent (Cost $144,640) | 144,640 | |||
Total Investments (Cost $4,948,644) (a) -- 99.9% | 5,373,341 | |||
Other Assets in Excess of Liabilities -- 0.1% | 3,975 | |||
Net Assets -- 100.0% | $ 5,377,316 | |||
(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $432,144 | |||
Unrealized depreciation | (7,447) | |||
Net unrealized appreciation (depreciation) | $424,697 | |||
Aggregate cost for federal income tax purposes is substantially the same.
Huntington VA Situs Small Cap Fund
Portfolio of Investments
June 30, 2004 (Unaudited)
Shares |
| Value | ||
---|---|---|---|---|
COMMON STOCKS -- 94.0% | ||||
Aerospace & Defense -- 4.5% | ||||
300 | Armor Holdings, Inc. (b) | $ 10,200 | ||
Banking -- 9.3% | ||||
400 | Anchor Bancorp Wisconsin, Inc. | 10,576 | ||
600 | Colonial Bancgroup, Inc. | 10,902 | ||
| 21,478 | |||
Building & Construction -- 5.5% | ||||
300 | Florida Rock Industries | 12,651 | ||
Business Services -- 9.4% | ||||
550 | Jacobs Engineering Group, Inc. (b) | 21,659 | ||
Computer Services -- 3.9% | ||||
200 | Cerner Corp. (b) | 8,916 | ||
Consumer Products - Misc. -- 2.8% | ||||
100 | The Scotts Co. (b) | 6,388 | ||
Electric Services -- 8.3% | ||||
500 | Audiovox Corp. (b) | 8,440 | ||
400 | Hawaiian Electric Industries, Inc. | 10,440 | ||
| 18,880 | |||
Fire, Marine & Casualty Insurance -- 4.4% | ||||
250 | Arch Capital Group (b) | 9,970 | ||
Household Furnishings -- 4.8% | ||||
400 | Fossil, Inc. (b) | 10,900 | ||
Leisure -- 4.5% | ||||
250 | Brunswick Corp. | 10,200 | ||
Machinery -- 4.7% | ||||
200 | Cuno, Inc. (b) | 10,670 | ||
Medical & Medical Services -- 3.9% | ||||
150 | Bio-Rad Laboratories, Inc., Class A (b) | 8,829 | ||
Petroleum & Petroleum Products -- 4.6% | ||||
350 | Patina Oil & Gas Corp. | 10,455 | ||
Pharmaceuticals -- 1.5% | ||||
100 | Par Pharmaceutical, Inc. (b) | 3,521 | ||
Retail -- 13.3% | ||||
250 | Reebok International Ltd. | 8,995 | ||
200 | Urban Outfitters, Inc. (b) | 12,181 | ||
350 | West Marine, Inc. (b) | 9,398 | ||
| 30,574 | |||
Surgical Appliances & Supplies -- 4.5% | ||||
300 | Mentor Corp. | 10,287 | ||
Technology -- 4.1% | ||||
200 | Black Box Corp. | 9,452 | ||
Total Common Stocks (Cost $203,776) | 215,030 | |||
CASH EQUIVALENTS -- 6.1% | ||||
14,014 | Huntington Money Market Fund, Interfund Class * | $ 14,014 | ||
Total Cash Equivalents (Cost $14,014) | 14,014 | |||
Total Investments (Cost $217,790) (a) -- 100.1% | 229,044 | |||
Liabilities in Excess of Other Assets -- (0.1)% | (290) | |||
Net Assets -- 100.0% | $ 228,754 | |||
(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $13,117 | |||
Unrealized depreciation | (1,863) | |||
Net unrealized appreciation (depreciation) | $11,254 | |||
Aggregate cost for federal income tax purposes is substantially the same.
Huntington VA Mortgage Securities Fund
Portfolio of Investments
June 30, 2004 (Unaudited)
Shares |
| Value | ||
---|---|---|---|---|
U.S. GOVERNMENT MORTGAGE BACKED AGENCIES -- 70.8% | ||||
Federal Home Loan Mortgage Corporation -- 22.1% | ||||
$ 50,000 | Pool # C90837, 5.500%, 2/1/23 | $ 50,622 | ||
Federal National Mortgage Association -- 21.2% | ||||
49,615 | Pool # 255224, 4.000%, 5/1/11 | 48,501 | ||
Government National Mortgage Association -- 27.5% | ||||
60,000 | Pool # 3571, 6.500%, 6/20/34 | 62,636 | ||
Total U.S. Government Mortgage Backed Agencies (Cost $162,132) | 161,759 | |||
U.S. GOVERNMENT AGENCIES -- 6.5% | ||||
Federal Home Loan Mortgage Corporation -- 6.5% | ||||
15,000 | 3.375%, 4/28/08 | 14,773 | ||
Total U.S. Government Agencies (Cost $14,807) | 14,773 | |||
COMMON STOCKS -- 10.8% | ||||
Real Estate Investment Trusts -- 10.8% | ||||
100 | Boston Properties, Inc. | 5,008 | ||
100 | Duke Realty Corp. | 3,181 | ||
100 | Essex Property Trust, Inc. | 6,835 | ||
100 | Kimco Realty Corp. | 4,550 | ||
100 | Simon Property Group, Inc. | 5,142 | ||
Total Common Stocks (Cost $22,828) | 24,716 | |||
CASH EQUIVALENT -- 11.7% | ||||
26,774 | Huntington Money Market Fund, Interfund Class* | 26,774 | ||
Total Cash Equivalent (Cost $26,774) | 26,774 | |||
Total Investments (Cost $226,541) (a) -- 99.8% | 228,022 | |||
Other Assets in Excess of Liabilities -- 0.2% | 560 | |||
Net Assets -- 100.0% | $ 228,582 | |||
(a) Represents cost for financial reporting purposes and differs from value by net unrealized appreciation (depreciation) of securities as follows: | ||||
Unrealized appreciation | $2,216 | |||
Unrealized depreciation | (735) | |||
Net unrealized appreciation (depreciation) | $1,481 | |||
Aggregate cost for federal income tax purposes is substantially the same.
Huntington VA Funds
Notes to Portfolio of Investments
(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 |
AMEX | - -- | American Stock Exchange |
EAFE | - -- | Europe, Australasia and Far East |
EMU | - -- | Euopean Monetary Union |
MSCI | - -- | Morgan Stanley Capital International |
S&P | - -- | Standard & Poor's |
SPDR | - -- | Standard & Poor's Depositary Receipt |
Huntington VA Funds
Statements of Assets and Liabilities
June 30, 2004 (Unaudited)
| Huntington | Huntington | Huntington | Huntington | Huntington | |||||
---|---|---|---|---|---|---|---|---|---|---|
Assets: | ||||||||||
Investments, at value | $ 23,665,109 | $ 13,849,796 | $ 26,446,430 | $ 218,556 | $ 255,596 | |||||
Investments in affiliates of securities, at value | 599,350 | 1,844,394 | 349,625 | -- | 24,281 | |||||
Total Investments | 24,264,459 | 15,694,190 | 26,796,055 | 218,556 | 279,877 | |||||
Cash | -- | -- | -- | 30,778 | -- | |||||
Income receivable | 82,097 | 15,780 | 69,727 | 335 | 224 | |||||
Receivable for investments sold | 36,810 | -- | -- | -- | -- | |||||
Receivable for shares sold | 72,227 | 6,248 | 4,548 | -- | -- | |||||
Receivable from adviser | -- | -- | -- | 440 | 442 | |||||
Prepaid expenses and other assets | 1,130 | 850 | 1,086 | -- | -- | |||||
Total assets | 24,456,723 | 15,717,068 | 26,871,416 | 250,109 | 280,543 | |||||
Liabilities: | ||||||||||
Options written, at value (proceeds $0; $0; $58,277; $0; and $0) | -- | -- | 55,410 | -- | -- | |||||
Cash Overdraft | 37,894 | 42,227 | -- | -- | -- | |||||
Payable for investments purchased | 56,116 | 50,644 | -- | -- | -- | |||||
Accrued expenses and other payables | ||||||||||
Investment adviser fees | 11,631 | 7,551 | 12,894 | 118 | 119 | |||||
Administration fees | 1,454 | 944 | 1,612 | 15 | 15 | |||||
Sub-Administration fees | 1,163 | 755 | 1,289 | 12 | 12 | |||||
Custodian fees | 504 | 327 | 559 | 194 | 5 | |||||
Portfolio accounting fees | 974 | 706 | 1,542 | 123 | 120 | |||||
Other | 8,274 | 5,636 | 12,115 | 202 | 592 | |||||
Total liabilities | 118,010 | 108,790 | 85,421 | 664 | 863 | |||||
Net Assets | $ 24,338,713 | $ 15,608,278 | $ 26,785,995 | $ 249,445 | $ 279,680 | |||||
Net Assets Consists of: | ||||||||||
Paid in capital | $ 22,534,074 | $ 14,289,258 | $ 24,456,510 | $ 252,470 | $ 268,134 | |||||
Net unrealized appreciation (depreciation) of investments and options | 700,036 | 1,271,785 | 2,196,749 | (1,466) | 11,423 | |||||
Accumulated net realized gain (loss) on investment and option transactions | 624,705 | 29,398 | (91,017) | (1,993) | -- | |||||
Accumulated net investment income (loss) | 479,898 | 17,837 | 223,753 | 434 | 123 | |||||
Total Net Assets | $ 24,338,713 | $ 15,608,278 | $ 26,785,995 | $ 249,445 | $ 279,680 | |||||
Shares Outstanding | 2,087,880 | 1,784,927 | 2,532,784 | 25,413 | 26,637 | |||||
Net Asset Value Per Share | ||||||||||
(Net asset value, offering and redemption price per share) | $ 11.66 | $ 8.74 | $ 10.58 | $ 9.82 | $ 10.50 | |||||
Investments, at cost | $ 23,564,423 | $ 14,422,405 | $ 24,602,173 | $ 220,022 | $ 268,454 | |||||
Huntington VA Funds
Statements of Assets and Liabilities
June 30, 2004 (Unaudited)
| Huntington | Huntington | Huntington | Huntington | Huntington | |||||
---|---|---|---|---|---|---|---|---|---|---|
Assets: | ||||||||||
Investments, at value* | $ 12,696,801 | $ 3,846,076 | $ 5,228,701 | $ 215,030 | $ 201,248 | |||||
Investments in affiliates of securities, at value | 1,252,466 | 437,779 | 144,640 | 14,014 | 26,774 | |||||
Total Investments | 13,949,267 | 4,283,855 | 5,373,341 | 229,044 | 228,022 | |||||
Income receivable | 11,697 | 1,533 | 9,081 | 107 | 960 | |||||
Receivable for shares sold | 1,934 | 10,941 | -- | -- | -- | |||||
Receivable from adviser | -- | -- | -- | 398 | 400 | |||||
Prepaid expenses and other assets | 751 | 436 | 511 | -- | -- | |||||
Total assets | 13,963,649 | 4,296,765 | 5,382,933 | 229,549 | 229,382 | |||||
Liabilities: | ||||||||||
Payable for return of collateral received for securities on loan | 47,975 | -- | -- | -- | -- | |||||
Accrued expenses and other payables | ||||||||||
Investment adviser fees | 6,579 | 2,010 | 2,576 | 107 | 108 | |||||
Administration fees | 822 | 251 | 322 | 13 | 13 | |||||
Sub-Administration fees | 658 | 201 | 258 | 11 | 11 | |||||
Custodian fees | 285 | 87 | 112 | 5 | 5 | |||||
Portfolio accounting fees | 638 | 337 | 373 | 106 | 107 | |||||
Other | 4,747 | 1,413 | 1,976 | 553 | 556 | |||||
Total liabilities | 61,704 | 4,299 | 5,617 | 795 | 800 | |||||
Net Assets | $ 13,901,945 | $ 4,292,466 | $ 5,377,316 | $ 228,754 | $ 228,582 | |||||
Net Assets Consists of: | ||||||||||
Paid in capital | $ 11,503,626 | $ 3,698,503 | $ 4,864,384 | $ 217,688 | $ 226,740 | |||||
Net unrealized appreciation (depreciation) of investments and options | 2,340,809 | 614,292 | 424,697 | 11,254 | 1,481 | |||||
Accumulated net realized gain (loss) on investment and option transactions | 52,458 | (11,195) | 96,734 | -- | (703) | |||||
Accumulated net investment income (loss) | 5,052 | (9,134) | (8,499) | (188) | 1,064 | |||||
Total Net Assets | $ 13,901,945 | $ 4,292,466 | $ 5,377,316 | $ 228,754 | $ 228,582 | |||||
Shares Outstanding | 1,040,610 | 333,521 | 494,019 | 21,702 | 22,657 | |||||
Net Asset Value Per Share | ||||||||||
(Net asset value, offering and redemption price per share) | $ 13.36 | $ 12.87 | $ 10.88 | $ 10.54 | $ 10.09 | |||||
Investments, at cost | $ 11,608,458 | $ 3,669,563 | $ 4,948,644 | $ 217,790 | $ 226,541 | |||||
* Includes securities on loan of $46,797; $0; $0; $0 and $0.
Huntington VA Funds
Statements of Operations
Six Months Ended June 30, 2004 (Unaudited)
| Huntington | Huntington | Huntington | Huntington | Huntington | |||||
---|---|---|---|---|---|---|---|---|---|---|
Investment Income: | ||||||||||
Dividend income | $ 576,620 | $ 81,873 | $ 334,389 | $ 792(2) | $ 458 | |||||
Dividend income from affiliates | 1,348 | 2,408 | 2,602 | -- | 17 | |||||
Interest income | -- | -- | -- | -- | -- | |||||
Income from securities lending | 58 | -- | 29 | -- | -- | |||||
Total investment income | 578,026 | 84,281 | 337,020 | 792 | 475 | |||||
Expenses: | ||||||||||
Investment adviser fees | 62,191 | 41,832 | 71,686 | 215 | 211 | |||||
Administration fees | 7,773 | 5,229 | 8,961 | 27 | 26 | |||||
Sub-Administration fees | 6,219 | 4,183 | 7,168 | 22 | 21 | |||||
Custodian fees | 2,695 | 1,813 | 3,107 | 9 | 9 | |||||
Transfer and dividend disbursing agent fees and expenses | 3,203 | 2,185 | 3,670 | 11 | 11 | |||||
Directors' fees | 1,471 | 984 | 1,676 | 6 | 6 | |||||
Auditing fees | 1,499 | 1,019 | 1,657 | 4 | 4 | |||||
Legal fees | 2,095 | 1,387 | 1,929 | 402 | 397 | |||||
Portfolio accounting fees | 5,082 | 3,650 | 5,557 | 230 | 226 | |||||
Printing and postage | 4,919 | 3,351 | 5,658 | 228 | 225 | |||||
Insurance premiums | 762 | 662 | 754 | -- | -- | |||||
Other | 256 | 149 | 1,444 | 1 | 1 | |||||
Total expenses | 98,165 | 66,444 | 113,267 | 1,155 | 1,137 | |||||
Reimbursments: |
|
|
|
|
| |||||
Reimbursements from adviser | -- | -- | -- | (797) | (785) | |||||
Net expenses | 98,165 | 66,444 | 113,267 | 358 | 352 | |||||
Net investment income (loss) | 479,861 | 17,837 | 223,753 | 434 | 123 | |||||
Realized and Unrealized Gain (Loss) on Investments and Options: | ||||||||||
Net realized gain (loss) on investment transactions | 634,852 | 64,608 | (6,215) | (1,993) | -- | |||||
Net realized gain (loss) on option transactions | -- | -- | 815 | -- | -- | |||||
Net realized gain (loss) on investment and options transactions | 634,852 | 64,608 | (5,400) | (1,993) | -- | |||||
Net change in unrealized appreciation/depreciation of investments and options | (643,936) | 351,997 | 610,598 | (1,466) | 11,423 | |||||
Net realized and unrealized gain (loss) on investments and options | (9,084) | 416,605 | 605,198 | (3,459) | 11,423 | |||||
Change in net assets resulting from operations | $ 470,777 | $ 434,442 | $ 828,951 | $ (3,025) | $ 11,546 | |||||
(1) Fund commenced operations on May 3, 2004.
(2) Net of foreign dividend taxes withheld of $5.
Huntington VA Funds
Statements of Operations
Six Months Ended June 30, 2004 (Unaudited)
| Huntington | Huntington | Huntington | Huntington | Huntington | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Investment Income: | ||||||||||||
Dividend income | $ 59,345 | $ 7,745 | $ 15,253 | $ 123 | $ 255 | |||||||
Dividend income from affiliates | 2,749 | 1,026 | 529 | 20 | 18 | |||||||
Interest income | -- | -- | -- | -- | 1,124 | |||||||
Income from securities lending | 644 | -- | -- | -- | -- | |||||||
Total investment income | 62,738 | 8,771 | 15,782 | 143 | 1,397 | |||||||
Expenses: | ||||||||||||
Investment adviser fees | 36,235 | 10,803 | 14,841 | 199 | 199 | |||||||
Administration fees | 4,530 | 1,350 | 1,855 | 25 | 25 | |||||||
Sub-Administration fees | 3,623 | 1,080 | 1,484 | 20 | 20 | |||||||
Custodian fees | 1,570 | 468 | 643 | 9 | 9 | |||||||
Transfer and dividend disbursing agent fees and expenses | 1,880 | 558 | 772 | 10 | 10 | |||||||
Directors' fees | 863 | 256 | 356 | 6 | 6 | |||||||
Auditing fees | 875 | 261 | 359 | 4 | 4 | |||||||
Legal fees | 1,215 | 367 | 497 | 372 | 374 | |||||||
Portfolio accounting fees | 3,254 | 1,455 | 1,741 | 213 | 214 | |||||||
Printing and postage | 2,894 | 855 | 1,178 | 210 | 212 | |||||||
Insurance premiums | 617 | 480 | 493 | -- | -- | |||||||
Other | 130 | 42 | 62 | 1 | 1 | |||||||
Total expenses | 57,686 | 17,975 | 24,281 | 1,069 | 1,074 | |||||||
Reimbursments: | ||||||||||||
Reimbursements from adviser | -- | (70) | -- | (738) | (741) | |||||||
Net expenses | 57,686 | 17,905 | 24,281 | 331 | 333 | |||||||
Net investment income (loss) | 5,052 | (9,134) | (8,499) | (188) | 1,064 | |||||||
Realized and Unrealized Gain (Loss) on Investments and Options: | ||||||||||||
Net realized gain (loss) on investment transactions | 68,633 | (11,195) | 106,064 | -- | (703) | |||||||
Net change in unrealized appreciation/depreciation of investments | 675,508 | 240,815 | (1,338) | 11,254 | 1,481 | |||||||
Net realized and unrealized gain (loss) on investments | 744,141 | 229,620 | 104,726 | 11,254 | 778 | |||||||
Change in net assets resulting from operations | $ 749,193 | $ 220,486 | $ 96,227 | $ 11,066 | $ 1,842 | |||||||
(1) Fund commenced operations on May 3, 2004.
Huntington VA Funds
Statements of Changes in Net Assets
| Huntington VA | Huntington VA | Huntington VA | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | ||||||
| (Unaudited) |
| (Unaudited) |
| (Unaudited) |
| ||||||
Increase (Decrease) in Net Assets Operations: | ||||||||||||
Net investment income (loss) | $ 479,861 | $ 497,437 | $ 17,837 | $ 22,975 | $ 223,753 | $ 384,703 | ||||||
Net realized gain (loss) on investment and options transactions | 634,852 | 339,242 | 64,608 | (24,829) | (5,400) | 564,227 | ||||||
Net change in unrealized appreciation/depreciation of investments and options | (643,936) | 1,370,067 | 351,997 | 1,340,594 | 610,598 | 1,984,674 | ||||||
Change in net assets resulting from operations | 470,777 | 2,206,746 | 434,442 | 1,338,740 | 828,951 | 2,933,604 | ||||||
Distributions to Shareholders: | ||||||||||||
From net investment income | (12,719) | �� | (500,110) | (976) | (22,801) | -- | (391,597) | |||||
From net realized gains | (314,133) | -- | -- | -- | (213,789) | -- | ||||||
Change in net assets resulting from distributions to shareholders | (326,852) | (500,110) | (976) | (22,801) | (213,789) | (391,597) | ||||||
Share Transactions: | ||||||||||||
Proceeds from sales of shares | 6,799,983 | 12,140,624 | 3,397,191 | 7,152,851 | 4,918,990 | 10,860,286 | ||||||
Distributions reinvested | 326,850 | 500,110 | 976 | 22,801 | 213,787 | 391,597 | ||||||
Cost of shares redeemed | (291,909) | (383,879) | (287,961) | (80,571) | (194,264) | (1,273,486) | ||||||
Change in net assets resulting from share transactions | 6,834,924 | 12,256,855 | 3,110,206 | 7,095,081 | 4,938,513 | 9,978,397 | ||||||
Change in net assets | 6,978,849 | 13,963,491 | 3,543,672 | 8,411,020 | 5,553,675 | 12,520,404 | ||||||
Net Assets: | ||||||||||||
Beginning of period | 17,359,864 | 3,396,373 | 12,064,606 | 3,653,586 | 21,232,320 | 8,711,916 | ||||||
End of period | $ 24,338,713 | $ 17,359,864 | $ 15,608,278 | $ 12,064,606 | $ 26,785,995 | $ 21,232,320 | ||||||
Accumulated net investment income (loss) included in net assets at end of period | $ 479,898 | $ 12,756 | $ 17,837 | $ 976 | $ 223,753 | $ -- | ||||||
Huntington VA Funds
Statements of Changes in Net Assets
| Huntington VA | Huntington VA | Huntington VA | Huntington VA | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
| Period Ended | Period Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | ||||||
| (Unaudited) | (Unaudited) | (Unaudited) |
| (Unaudited) |
| ||||||
Increase (Decrease) in Net Assets Operations: | ||||||||||||
Net investment income (loss) | $ 434 | $ 123 | $ 5,052 | $ 12,691 | $ (9,134) | $ (4,816) | ||||||
Net realized gain (loss) on investment transactions | (1,993) | -- | 68,633 | (16,175) | (11,195) | 104,361 | ||||||
Net change in unrealized appreciation/depreciation of investments | (1,466) | 11,423 | 675,508 | 1,896,745 | 240,815 | 391,819 | ||||||
Change in net assets resulting from operations | (3,025) | 11,546 | 749,193 | 1,893,261 | 220,486 | 491,364 | ||||||
Distributions to Shareholders: | ||||||||||||
From net investment income | -- | -- | (2,275) | (10,416) | -- | -- | ||||||
From net realized gains | -- | -- | -- | (6,509) | (85,068) | -- | ||||||
Change in net assets resulting from distributions to shareholders | -- | -- | (2,275) | (16,925) | (85,068) | -- | ||||||
Share Transactions: | ||||||||||||
Proceeds from sales of shares | 253,076 | 268,736 | 3,166,798 | 5,469,316 | 1,400,761 | 1,836,144 | ||||||
Distributions reinvested | -- | -- | -- | 16,925 | 85,068 | -- | ||||||
Cost of shares redeemed | (606) | (602) | (363,821) | (116,430) | (327,121) | (84,636) | ||||||
Change in net assets resulting from share transactions | 252,470 | 268,134 | 2,802,977 | 5,369,811 | 1,158,708 | 1,751,508 | ||||||
Change in net assets | 249,445 | 279,680 | 3,549,895 | 7,246,147 | 1,294,126 | 2,242,872 | ||||||
Net Assets: | ||||||||||||
Beginning of period | -- | -- | 10,352,050 | 3,105,903 | 2,998,340 | 755,468 | ||||||
End of period | $ 249,445 | $ 279,680 | $ 13,901,945 | $ 10,352,050 | $ 4,292,466 | $ 2,998,340 | ||||||
Accumulated net investment income (loss) included in net assets at end of period | $ 434 | $ 123 | $ 5,052 | $ 2,275 | $ (9,134 ) | $ -- | ||||||
(1) Fund commenced operations on May 3, 2004.
Huntington VA Funds
Statements of Changes in Net Assets
| Huntington VA | Huntington VA | Huntington VA | |||||
---|---|---|---|---|---|---|---|---|
| Six Months Ended | Year Ended | Period Ended | Period Ended | ||||
| (Unaudited) |
| (Unaudited) | (Unaudited) | ||||
Increase (Decrease) in Net Assets Operations: | ||||||||
Net investment income (loss) | $ (8,499) | $ 24,401 | $ (188) | $ 1,064 | ||||
Net realized gain (loss) on investment transactions | 106,064 | 159,898 | -- | (703) | ||||
Net change in unrealized appreciation/depreciation of investments | (1,338) | 462,449 | 11,254 | 1,481 | ||||
Change in net assets resulting from operations | 96,227 | 646,748 | 11,066 | 1,842 | ||||
Distributions to Shareholders: | ||||||||
From net investment income | (24,401) | -- | -- | -- | ||||
From net realized gains | (151,161) | -- | -- | -- | ||||
Change in net assets resulting from distributions to shareholders | (175,562) | -- | -- | -- | ||||
Share Transactions: | ||||||||
Proceeds from sales of shares | 1,403,172 | 2,695,044 | 218,288 | 227,340 | ||||
Distributions reinvested | 175,562 | -- | -- | -- | ||||
Cost of shares redeemed | (340,780) | (52,766) | (600) | (600) | ||||
Change in net assets resulting from share transactions | 1,237,954 | 2,642,278 | 217,688 | 226,740 | ||||
Change in net assets | 1,158,619 | 3,289,026 | 228,754 | 228,582 | ||||
Net Assets: | ||||||||
Beginning of period | 4,218,697 | 929,671 | -- | -- | ||||
End of period | $ 5,377,316 | $ 4,218,697 | $ 228,754 | $ 228,582 | ||||
Accumulated net investment income (loss) included in net assets at end of period | $ (8,499) | $ 24,401 | $ (188) | $ 1,064 | ||||
(1) Fund commenced operations on May 3, 2004.
Huntington VA Funds
Financial Highlights
Equity Funds (For a share outstanding throughout each period)
Year ended December 31, | Net Asset | Net Investment | Net | Total from | Distributions | Distributions | Return of | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Huntington VA Dividend Capture Fund |
|
| |||||||||||||||
2001(2) | $ | 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) |
| -- |
| -- | ||
2004(8) | $ | 11.54 |
|
| 0.23 |
| 0.06 |
| 0.29 |
| (0.01) |
| (0.16) |
| -- | ||
Huntington VA Growth Fund |
|
| |||||||||||||||
2001(3) | $ | 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) |
| -- |
| -- | ||
2004(8) | $ | 8.47 |
|
| 0.01 |
| 0.26 |
| 0.27 |
| -- |
| -- |
| -- | ||
Huntington VA Income Equity Fund |
|
| |||||||||||||||
1999(4) | $ | 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) |
| -- |
| -- | ||
2004(8) | $ | 10.31 |
|
| 0.09 |
| 0.27 |
| 0.36 |
| -- |
| (0.09) |
| -- | ||
Huntington VA International Equity Fund |
|
|
|
|
|
|
|
|
|
| |||||||
2004(9) | $ | 10.00 |
|
| 0.02 |
| (0.20) |
| (0.18) |
| -- |
| -- |
| -- | ||
Huntington VA Macro 100 Fund |
|
|
|
|
|
|
|
|
|
| |||||||
2004(9) | $ | 10.00 |
|
| -- |
| 0.50 |
| 0.50 |
| -- |
| -- |
| -- | ||
Huntington VA Mid Corp America Fund |
|
| |||||||||||||||
2001(2) | $ | 10.00 |
|
| (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) |
| -- | ||
2004(8) | $ | 12.55 |
|
| -- |
| 0.81 |
| 0.81 |
| -- |
| -- |
| -- | ||
Huntington VA New Economy Fund |
|
| |||||||||||||||
2001(2) | $ | 10.00 |
|
| (0.03) |
| 0.93 |
| 0.90 |
| -- |
| -- |
| -- | ||
2002 | $ | 10.90 |
|
| (0.02) |
| (1.47) |
| (1.49) |
| -- |
| -- |
| -- | ||
2003 | $ | 9.41 |
|
| (0.02) |
| 2.99 |
| 2.97 |
| -- |
| -- |
| -- | ||
2004(8) | $ | 12.38 |
|
| (0.03) |
| 0.80 |
| 0.77 |
| -- |
| (0.28) |
| -- | ||
Huntington VA Rotating Markets Fund |
|
| |||||||||||||||
2001(2) | $ | 10.00 |
|
| -- |
| 0.45 |
| 0.45 |
| -- |
| -- |
| -- | ||
2002 | $ | 10.45 |
|
| (0.01) |
| (1.57) |
| (1.58) |
| -- |
| -- |
| -- | ||
2003 | $ | 8.87 |
|
| 0.06 |
| 2.10 |
| 2.16 |
| -- |
| -- |
| -- | ||
2004(8) | $ | 11.03 |
|
| (0.03) |
| 0.26 |
| 0.23 |
| (0.05) |
| (0.33) |
| -- | ||
Huntington VA Situs Small Cap Fund |
|
|
|
|
|
|
|
|
|
| |||||||
2004(9) | $ | 10.00 |
|
| (0.01) |
| 0.55 |
| 0.54 |
| -- |
| -- |
| -- |
(1) This expense decrease is reflected in both the expense and net investment income ratios.
(2) Reflects operations for the period from October 15, 2001 (commencement of operations) to December 31, 2001.
(3) Reflects operations for the period from May 1, 2001 (commencement of operations) to December 31, 2001.
(4) Reflects operations for the period from October 21, 1999 (commencement of operations) to December 31, 1999.
(5) Not annualized.
(6) Computed on an annualized basis.
(7) Does not include the effect of expenses of underlying funds.
(8) Six months ended June 30, 2004 (unaudited).
(9) Reflects operations for the period from May 3, 2004 (commencement of operations) to June 30, 2004 (unaudited).
Huntington VA Funds
Financial Highlights (continued)
Equity Funds (For a share outstanding throughout each period)
Total | Net Asset | Total | Net Expenses | Net | Expense Waiver/ | Net Assets, | Portfolio | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.09) |
| $ | 10.15 |
| 2.44 | %(5) |
|
| 2.00 | %(6) |
| 5.25 | %(6) |
| 15.47 | %(6) |
| $ | 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 | % | |
(0.17) |
| $ | 11.66 |
| 2.50 | %(5) |
|
| 0.95 | %(6) |
| 4.63 | %(6) |
| -- |
|
| $ | 24,339 |
|
| 38 | % | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-- |
| $ | 9.22 |
| (7.80 | )%(5) |
|
| 2.00 | %(6) |
| 1.11 | %(6) |
| 14.85 | % (6) |
| $ | 434 |
|
| -- |
| |
-- |
| $ | 7.32 |
| (20.56 | )% |
|
| 1.02 | % |
| 0.14 | % |
| 0.56 | % |
| $ | 3,654 |
|
| 2 | % | |
(0.02) |
| $ | 8.47 |
| 15.95 | % |
|
| 1.00 | % |
| 0.32 | % |
| -- |
|
| $ | 12,065 |
|
| 4 | % | |
-- |
| $ | 8.74 |
| 3.19 | %(5) |
|
| 0.95 | %(6) |
| 0.26 | %(6) |
| -- |
|
| $ | 15,608 |
|
| 10 | % | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(0.09) |
| $ | 9.84 |
| (0.72 | )%(5) |
|
| 0.77 | %(6) |
| 4.30 | %(6) |
| 10.08 | %(6) |
| $ | 2,221 |
|
| -- |
| |
(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 | % |
| -- |
|
| $ | 21,232 |
|
| 97 | % | |
(0.09) |
| $ | 10.58 |
| 3.48 | %(5) |
|
| 0.95 | %(6) |
| 1.87 | %(6) |
| -- |
|
| $ | 26,786 |
|
| 15 | % | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
-- |
| $ | 9.82 |
| (1.80 | )%(5) |
|
| 1.00 | %(6) |
| 1.21 | %(6) |
| 2.23 | %(6) |
| $ | 249 |
|
| 19 | % | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
-- |
| $ | 10.50 |
| 5.00 | %(5) |
|
| 1.00 | %(6) |
| 0.35 | %(6) |
| 2.23 | %(6) |
| $ | 280 |
|
| -- |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-- |
| $ | 11.15 |
| 11.50 | %(5) |
|
| 2.00 | %(6) |
| (0.85 | )%(6) |
| 15.87 | %(6) |
| $ | 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 | % |
| -- |
|
| $ | 10,352 |
|
| 25 | % | |
-- |
| $ | 13.36 |
| 6.47 | %(5) |
|
| 0.95 | %(6) |
| 0.08 | %(6) |
| -- |
|
| $ | 13,902 |
|
| 3 | % | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-- |
| $ | 10.90 |
| 9.00 | %(5) |
|
| 2.00 | %(6) |
| (1.20 | )%(6) |
| 15.91 | %(6) |
| $ | 228 |
|
| -- |
| |
-- |
| $ | 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 | % |
(0.28) |
| $ | 12.87 |
|
| 6.28 | %(5) |
|
| 0.99 | %(6) |
| (0.51 | )%(6) |
| 0.01 | %(6) |
| $ | 4,292 |
|
| 10 | % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-- |
| $ | 10.45 |
| 4.50 | %(5) |
|
| 2.00 | %(6)(7) |
| (0.21 | )%(6) |
| 16.20 | %(6) |
| $ | 210 |
|
| -- |
| |
-- |
| $ | 8.87 |
| (15.12 | )% |
|
| 1.21 | %(7) |
| (0.20 | )% |
| 2.12 | % |
| $ | 930 |
|
| 113 | % | |
-- |
| $ | 11.03 |
| 24.35 | % |
|
| 1.00 | %(7) |
| 1.02 | % |
| 0.06 | % |
| $ | 4,219 |
|
| 151 | % | |
(0.38) |
| $ | 10.88 |
| 2.15 | %(5) |
|
| 0.98 | %(6)(7) |
| (0.34 | )%(6) |
| -- |
|
| $ | 5,377 |
|
| 46 | % | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
-- |
| $ | 10.54 |
| 5.40 | %(5) |
|
| 1.00 | %(6) |
| (0.57 | )%(6) |
| 2.23 | %(6) |
| $ | 229 |
|
| -- |
|
Huntington VA Funds
Financial Highlights
Income Fund (For a share outstanding throughout each period)
Year ended December 31, |
| Net Investment | Net | Total from | Net Asset Value, | Total Return | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Huntington VA Mortgage Securities Fund |
|
|
|
|
|
|
|
| ||||||
2004(2) | $ | 10.00 |
|
| 0.05 |
| 0.04 |
| 0.09 |
| $10.09 |
| 0.90%(3) |
(1) This expense decrease is reflected in both the expense and net investment income ratios.
(2) Reflects operations for the period from May 3, 2004 (commencement of operations) to June 30, 2004 (unaudited).
(3) Not annualized.
(4) Computed on an annualized basis.
Huntington VA Funds
Financial Highlights (continued)
Income Fund (For a share outstanding throughout each period)
Net Expenses | Net Investment Income | Expense Waiver/ | Net Assets, End of Period | Portfolio Turnover Rate | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.00%(4) |
| 3.20%(4) |
| 2.23 | %(4) |
| $ | 229 |
|
| 60 | % |
Huntington VA Funds
Notes to Financial Statements
June 30, 2004 (Unaudited)
(1) Organization
Huntington VA Funds (the "Trust"), established under the laws of the Commonwealth of Massachusetts on June 30, 1999, is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust operates ten separate series, or mutual funds, each with its own investment objectives and strategies. 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 Dividend Capture Fund (VA Dividend Capture Fund)
Huntington VA Growth Fund (VA Growth Fund)
Huntington VA Income Equity Fund (VA Income Equity Fund)
Huntington VA International Equity Fund (VA International Equity Fund)
Huntington VA Macro 100 Fund (VA Macro 100 Fund)
Huntington VA Mid Corp America Fund (VA Mid Corp America Fund)
Huntington VA New Economy Fund (VA New Economy Fund)
Huntington VA Rotating Markets Fund (VA Rotating Markets Fund)
Huntington VA Situs Small Cap Fund (VA Situs Small Cap Fund)
Huntington VA Mortgage Securities Fund (VA Mortgage Securities 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 pursuant to an exemptive order granted by the Securities and Exchange Commission and procedures adopted by the Trust's Board of Trustees (the "Trustees") they are sold only to separate accounts of Hartford Life Insurance Company, Nationwide Life and Annuity Insurance Company, Nationwide Life Insurance Company, and Transamerica Life Insurance Company for use with their respective variable insurance contracts and policies.
Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Trust enters into contracts with vendors and others that provide for general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.
(2) Significant Accounting Policies
The 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 Valuations
Securities held by the Funds are valued based on market value. Specifically, equity 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 value.
In cases where market prices for portfolio securities are not readily available, a Pricing Committee established and appointed by the Trustees determines in good faith, subject to Trust procedures, the fair value of portfolio securities held by a Fund ("good faith fair valuation"). Sometimes a significant event occurring in the period between the close of a particular portfolio security's market value cannot be considered "readily available." The Pricing Committee uses reasonable means to identify such potentially significant events, evaluates such events' effect on the value of portfolio securities as compared to the market prices received from pricing sources that may not reflect such events, and makes good faith fair valuations of portfolio securities when significant events affect security valuation.
When a good faith fair valuation of a security is required, consideration is generally given to a checklist of factors, including, but not limited to the following: dealer quotes, published analyses by dealers or anaylsts of the situation at issue, transactions implicitly valuing the security (such as a merger, tender offer, etc.), the value of other securities or contracts which derive their value from the security at issue, and the implications (whether negative or positive) of the circumstances which have caused trading in the security to halt. The final good faith fair valuation of a security is based on an analysis of those factors deemed relevant to the security valuation at issue. With respect to certain narrow categories of securities, the Pricing Committee's procedures detail specific valuation methodologies to be used in lieu of considering the aforementioned list of factors.
B. Repurchase Agreements
The Funds may enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Funds' investment adviser, Huntington Assets Advisors, Inc. ("Advisor") to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. It is the policy of the Funds to require the custodian bank to take possession of, 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 transaction. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited.
C. Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared and paid annually for the Funds. Net realized capital gains, if any, are distributed at least annually.
The amount of dividends from net investment income and net realized gains are determined in accordance with the federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. reclassification of market discounts, gain/loss, paydowns, and distributions), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification.
D. Federal Taxes
It 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.
Distributions are determined in accordance with federal income tax regulations and may differ from generally accepted accounting principles. Differences may be temporary or permanent. Permanent differences are reclassified within the capital accounts based upon their nature for federal income tax purposes. These reclassifications have no impact on the net assets of the Funds. Temporary differences will reverse in a subsequent period and do not require reclassification. These differences are primarily due to market discount, gain/loss, paydowns, capital loss carryforwards, and losses deferred due to wash sales.
E. Foreign Exchange Contracts
The VA International Equity Fund, VA Rotating Markets Fund and VA Situs Small Cap Fund may enter into foreign currency commitments for the delayed delivery of securities or foreign currency exchange transactions. The VA International Equity Fund, VA Rotating Markets Fund and VA Situs Small Cap Fund may enter into foreign currency contract transactions to protect assets against adverse changes in foreign currency exchange rates or exchange control regulations. Purchased contracts are used to acquire exposure to foreign currencies, while contracts to sell are used to hedge the securities against currency fluctuations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their commitments and from unanticipated movements in security prices or foreign exchange rates. The foreign currency translations are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealize d until the settlement date. At June 30, 2004, the VA International Equity Fund, VA Rotating Markets Fund and VA Situs Small Cap Fund had no outstanding foreign currency commitments.
F. Foreign Currency Translation
All assets and liabilities denominated in foreign currencies ("FC") are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities and income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The VA International Equity Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
G. When-Issued and Delayed Transactions
The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
H. Expenses
Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among various Funds or all Funds within the Trust in relation to the net assets of each Fund or on another reasonable basis.
I. Written Options Contracts
Certain of the Funds may write options contracts for which premiums received are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are either exercised or closed are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses.
The following is a summary of the VA Income Equity Fund's written option activity for the six months ended June 30, 2004:
Contracts | Number of Contracts | Premium | ||
---|---|---|---|---|
Outstanding at 12/31/2003 | 304 | $ 32,347 | ||
Options written | 2,204 | 153,896 | ||
Options expired | (258) | (16,825) | ||
Options closed | (1,141) | (106,026) | ||
Options exercised | (120) | (5,115) | ||
Outstanding at 6/30/2004 | 989 | $ 58,277 | ||
At June 30, 2004, the VA Income Equity Fund had the following outstanding options:
Contract | Type | Expiration | Exercise | Number of | Fair | Unrealized | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
ChevronTexaco Corp. | Call | September 2004 | 100 | 85 | 4,675 | $ 3,518 | ||||||
ConocoPhillips | Call | August 2004 | 80 | 30 | 1,950 | 505 | ||||||
Johnson Controls, Inc. | Call | July 2004 | 65 | 71 | 355 | 2,345 | ||||||
Kerr-Mcgee Corp. | Call | October 2004 | 60 | 121 | 4,840 | 930 | ||||||
Monsanto Co. | Call | October 2004 | 40 | 242 | 21,780 | (10,817) | ||||||
Occidental Petroleum Corp. | Call | August 2004 | 50 | 142 | 12,780 | (803) | ||||||
Symbol Technologies, Inc. | Call | July 2004 | 17.5 | 159 | 3,975 | (129) | ||||||
Textron, Inc. | Call | September 2004 | 65 | 79 | 3,555 | 2,888 | ||||||
V. F. Corp. | Call | August 2004 | 50 | 60 | 1,500 | 4,430 | ||||||
NET UNREALIZED APPRECIATION ON WRITTEN OPTION CONTRACTS |
|
| $ 2,867 | |||||||||
J. Securities Lending
To generate additional income the Funds may lend 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 Dividend Capture, VA International Equity, VA Macro 100, VA Mid Corp America, VA Mortgage Securities, VA New Economy, VA Rotating Markets, and VA Situs Small Cap Funds) on a short-term basis to certain brokers, dealers or other financial institutions selected by 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 for the VA Dividend Capture, VA International Equity, VA Macro 100, VA Mid Corp America, VA Mortgage Securities, VA New Economy, VA Rotating Markets and VA Situs Small Cap Funds, and at least equal to 102% of the value of securities on loan for the VA Growth and VA Income Equity Funds. The cash collateral received by the Funds was pooled and at June 30, 2004 was invested in commercial paper (with interest rates ranging from 1.06% to 1.13% and maturity dates ranging from July 2, 2004 to July 21, 2004), mutual funds (with interest rates ranging from 1.02% to 1.05% and with a maturity date of October 31, 2004), a foreign certificate of deposit (with an interest rate of 1.51% and maturity date of November 19, 2004), repurchase agreements (with an interest rate of 1.55% and maturity date of July 1, 2004), U.S. Government agencies (with interest rates ranging from 1.06% to 1.46% and maturity dates ranging from July 2004 to March 2005), and asset backed securities (with interest rates ranging from 1.13% to 1.75% and maturity dates ranging from July 2004 to September 2004). Information on the investment of cash collateral is shown in the Portfolio of Investments. The Funds receiv e 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 receives 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. One of the risks in lending portfolio securities, as with other extensions of credit, is the possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. There is also the risk that, when lending portfolio securities, the securities may not be available to a Fund on a timely basis and a Fund may, therefore, lose the opportunity to sell the securities at a desirable price. In addition, in the event that a borrower of securities would file for bankruptcy or become insolvent, disposition of the securities may be delayed pending court action. Loans are subject to termina tion by the Funds or the borrower at any time, and therefore, are 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. As of June 30, 2004, the following Fund had securities with the following market value on loan:
Fund | Market Value | Market Value | ||
---|---|---|---|---|
VA Mid Corp America Fund | $ 46,797 | $ 47,975 |
* Includes securities and cash collateral.
K. Use of Estimates
The 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.
L. Security Transactions and Related Income
Investment transactions are accounted for no later than the first calculation of NAV on the business day following the trade date. However, for financial reporting purposes, portfolio security transactions are reported on trade date. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. Securities gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends, less foreign tax withholding (if any), are recorded on the ex-dividend date.
(3) Shares of Beneficial Interest
The 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 Dividend Capture Fund | VA Growth Fund | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended | Year Ended | Six Months Ended | Year Ended | ||||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||
Shares sold | 580,369 | $ 6,799,983 | 1,150,010 | $ 12,140,624 | 393,922 | $ 3,397,191 | 933,095 | $ 7,152,851 | ||||||||
Distributions reinvested | 28,496 | 326,850 | 44,464 | 500,110 | 113 | 976 | 2,787 | 22,801 | ||||||||
Shares redeemed | (25,255) | (291,909) | (36,255) | (383,879) | (33,497) | (287,961) | (10,912) | (80,571) | ||||||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 583,610 | $ 6,834,924 | 1,158,219 | $ 12,256,855 | 360,538 | $ 3,110,206 | 924,970 | $ 7,095,081 | ||||||||
| VA Income Equity Fund | VA International Equity Fund | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended | Year Ended | Period Ended | |||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||
Shares sold | 471,088 | $ 4,918,990 | 1,167,240 | $ 10,860,286 | 25,473 | $ 253,076 | ||||||
Distributions reinvested | 20,675 | 213,787 | 39,560 | 391,597 | -- | -- | ||||||
Shares redeemed | (18,744) | (194,264) | (128,638) | (1,273,486) | (60) | (606) | ||||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 473,019 | $ 4,938,513 | 1,078,162 | $ 9,978,397 | 25,413 | $ 252,470 | ||||||
| VA Macro 100 Fund | VA Mid Corp America Fund | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
| Period Ended | Six Months Ended | Year Ended | |||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||
Shares sold | 26,697 | $ 268,736 | 244,185 | $ 3,166,798 | 514,214 | $ 5,469,316 | ||||||
Distributions reinvested | -- | -- | -- | -- | 1,427 | 16,925 | ||||||
Shares redeemed | (60) | (602) | (28,120) | (363,821) | (11,171) | (116,430) | ||||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 26,637 | $ 268,134 | 216,065 | $ 2,802,977 | 504,470 | $ 5,369,811 | ||||||
| VA New Economy Fund | VA Rotating Markets Fund | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended | Year Ended | Six Months Ended | Year Ended | ||||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||
Shares sold | 110,238 | $ 1,400,761 | 169,443 | $ 1,836,144 | 125,931 | $ 1,403,172 | 283,350 | $ 2,695,044 | ||||||||
Distributions reinvested | 6,817 | 85,068 | -- | -- | 16,485 | 175,562 | -- | -- | ||||||||
Shares redeemed | (25,813) | (327,121) | (7,464) | (84,636) | (31,027) | (340,780) | (5,586) | (52,766) | ||||||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 91,242 | $ 1,158,708 | 161,979 | $ 1,751,508 | 111,389 | $ 1,237,954 | 277,764 | $ 2,642,278 | ||||||||
| VA Situs | VA Mortgage | ||||||
---|---|---|---|---|---|---|---|---|
| Period Ended | Period Ended | ||||||
| Shares | Dollar | Shares | Dollars | ||||
Shares sold | 21,762 | $ 218,288 | 22,717 | $ 227,340 | ||||
Distributions reinvested | -- | -- | -- | -- | ||||
Shares redeemed | (60) | (600) | (60) | (600) | ||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 21,702 | $ 217,688 | 22,657 | $ 226,740 | ||||
(1) Reflects operations for the period from May 3, 2004 (date of initial public investment) to June 30, 2004.
(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 a fee for its services, computed daily and paid monthly, at an annual rate of 0.60% of the average daily net assets of each Fund.
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, 2005.
Sub-Investment Advisory Fee--Effective April 30, 2004, Laffer Investments, Inc. became the sub-investment advisor (the "sub-advisor") of the VA Macro 100 Fund (the "Fund"). The Advisor pays the sub-advisor a fee for its services, computed daily and paid monthly, at an annual rate of 0.40% of the average daily net assets of the Fund. Neither the Trust nor the Fund is liable for payment of this sub-advisory fee.
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, FServ and its affiliates may pay out of their reasonable profits and other resources advertising, marketing and other expenses for the benefit of the Funds, and such amounts may be paid to the Advisor and its affiliates. FServ and Edgewood Services, Inc., the Trust's distributor, are wholly-owned subsidiaries of Federated Investors, Inc. Huntington and the Advisor may also pay out of their reasonable profits and other resources (including those of their affiliates) advertising, marketing and other expenses for the benefit of the Funds.
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 each of the Funds' custodian, except for the VA International Equity Fund. State Street Bank and Trust Company ("State Street") serves as custodian for the VA International Equity Fund. Huntington and State Street receive fees based on the level of a 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 Structure
The VA Rotating Markets Fund ("Fund"), in accordance with its prospectus, may seek to achieve its investment objectives by investing in other investment companies ("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 Transactions
Purchases and sales of investments, excluding short-term securities and long-term U.S. government securities (and in-kind contributions), for the six months ended June 30, 2004 were as follows:
Fund | Purchases | Sales |
---|---|---|
VA Dividend Capture Fund | $ 14,439,037 | $ 7,702,912 |
VA Growth Fund | 3,491,382 | 1,297,407 |
VA Income Equity Fund | 9,924,334 | 3,467,165 |
VA International Equity Fund | 263,546 | 41,530 |
VA Macro 100 Fund | 244,173 | -- |
VA Mid Corp America Fund | 3,124,511 | 351,347 |
VA New Economy Fund | 1,566,531 | 326,982 |
VA Rotating Markets Fund | 3,357,756 | 2,190,707 |
VA Situs Small Cap Fund | 203,777 | -- |
VA Mortgage Securities Fund | 320,366 | 119,932 |
(7) Changes in Independent Auditors (unaudited)
On March 2, 2004, the Board of Trustees of the Trust, upon the recommendation of the Trust's audit committee, decided to engage Ernst & Young LLP as independent auditors for the Funds' fiscal year ending December 31, 2004. For the prior fiscal years ended December 31, 2002 and 2003, KPMG LLP ("KPMG") audited the Funds' financial statements. KPMG's audit reports contained no adverse opinion or disclaimer of opinion; nor were its reports qualified or modified as to uncertainty, audit scope, or accounting principles. Further, there were no disagreements between the Trust and KPMG on accounting principles or practices, financial statements disclosure or audit scope or procedure, which if not resolved to the satisfaction of KPMG would have caused it to make reference to the disagreement in its report.
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.
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A copy of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds’ portfolios, as well as a record of how the Funds voted any such proxies during the most recent 12-month period ended June 30, is available without charge and upon request by calling 1-800-253-0412 or at http://www.huntingtonfunds.com/shareholders/. This information is also available from the EDGAR database on the SEC’s Internet site at http://www.sec.gov.
[Logo of Huntington VA Funds]
The Huntington National Bank, a subsidiary of Huntington Bancshares, Inc. is the Sub-Administrator and Financial Administrator of the Huntington VA Funds and is the Custodian of certain Funds. State Street Bank and Trust Company is also a Custodian to one of the 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 VA Funds, respectively, are not affiliated with The Huntington National Bank.
Cusip 446771206
Cusip 446771107
Cusip 446771701
Cusip 446771305
Cusip 446771503
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Item 2. Code of Ethics. Not applicable Item 3. Audit Committee Financial Expert. Not applicable Item 4. Principal Accountant Fees and Services. Not applicable Item 5. Audit Committee of Listed Registrants. Not applicable. Item 6. Schedule of Investments. Not applicable. 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 based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is (i) accumulated and communicated to the investment company's management, including its certifying officers, to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. (b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 11. Exhibits. (a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. (a)(1) Not Applicable (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2). Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. (a)(3) Not applicable. (b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940. Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. 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 and Principal Executive Officer Date September 2, 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 and Principal Executive Officer Date September 2, 2004 By /s/ Bryan C. Haft Bryan C. Haft, Treasurer and Principal Financial Officer Date September 2, 2004