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) Registrant's telephone number, including area code: 1-800-544-8347 Ronald J. Corn, Esq. The Huntington National Bank 41 South High Street Columbus, Ohio 43287 (Name and address of agent for service) Copies to: David C. Mahaffey, Esq., and Christine S. Boehme, Esq. Sullivan & Worcester 1666 K Street, N.W. Washington, DC 20006 Date of fiscal year end: December 31, 2004 Date of reporting period: December 31, 2004 Item 1. Reports to Stockholders
[Logo of Huntington VA Funds]
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
DECEMBER 31, 2004
Huntington VA Dividend Capture Fund
Management’s Discussion of Fund Performance
Co-Portfolio Managers:
B. Randolph Bateman, CFA, Chief Investment Officer
Kirk Mentzer, MBA, Director of Research, and
Senior Vice President
Huntington Asset Advisors, Inc.
Total Return for the Period Ended 12/31/2004 | ||
1 Year | ||
3 Year | ||
Start of Performance (10/15/01) |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Dividend Capture Fund from October 15, 2001 (inception) to December 31, 2004, compared to the S&P 500 and DCIB.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/04, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 and DCIB have been adjusted to reflect reinvestment of dividends on securities in the indices.
For the fiscal year ended December 31, 2004, the Huntington VA Dividend Capture Fund had a total return of 13.75% compared to the total return of 10.88% for the Standard & Poor’s 500 Index (S&P 500)1 and to the Dividend Capture Indices Blend’s (DCIB) total return of 14.57%.2 We derived this performance from our top-down style and portfolio construction techniques aimed at producing a high level of stable income. Here are the highlights from each of the Fund’s asset classes:
• Preferred Stocks--The Fund held core, stable holdings from high quality issuers. Issuers in cyclical and utility industries performed best during the reporting period ended December 31, 2004.
• Common Stocks--In many regards, 2004 was a repeat of trends that began in 2003. Strong profits, plentiful liquidity, and increased risk taking lifted the S&P 500 by 10.88%. Value-style and smaller companies produced even better returns.3 Commodity and industrial sectors dominated performance rankings with the energy sector alone gaining 31% on rising oil prices.
• Real Estate Investment Trusts (REITs)4--Real estate investors enjoyed another year of double-digit growth due to a shift in investor preference for assets related to physical goods and high dividend yields. As measured by the Morgan Stanley REIT Index, REITs produced a total return of 31.39%5 for 2004.
For the reporting period ended December 31, 2004, the Fund’s total return was positively impacted by the strong results in both common stocks and REITs. Conversely, the Fund’s exposure to preferred stocks negatively impacted its performance as measured by the Merrill Lynch Fixed Rate Preferred Index return of 5.10%6 for the year ended December 31, 2004.
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
† The composition of the Fund’s holdings is subject to change.
1 The S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
2 The DCIB is a custom, blended index comprised of the following three indices with their noted respective weightings: S&P 500/Barra Value Index (40%), Merrill Lynch Fixed Rate Preferred Index (40%) and NAREIT Index (20%). This custom, blended index and its respective weightings are reflective of the Fund’s sector diversification. The S&P 500/Barra Value Index is a capitalization-weighted index of the stocks in the S&P 500 having the lowest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis. Merrill Lynch Fixed Rate Preferred Index is a total return index comprised of fixed-rate preferred stock issues. NAREIT Index represents returns for the National Association of Real Estate Investment Trust Equity Index. Indices are unmanaged and, unlike the Fund, are not affected by cashflows. Investments cannot be made in an index.
3 Small capitalization stocks may be less liquid and subject to greater price volatility than large capitalization stocks.
4 Investments in REITs involve special risks associated with an investment in real estate, such as limited liquidity.
5 The Morgan Stanley REIT Index comprises the most actively traded real estate investment trusts and is designed to measure real estate equity performance. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
6 The Merrill Lynch Fixed Rate Preferred Index is a total return index comprised of fixed-rate preferred stock issues. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
Huntington VA Growth Fund
Management’s Discussion of Fund Performance
Portfolio Manager: James J. Gibboney, CFA, MBA
Senior Vice President
Huntington Asset Advisors, Inc. (the “Advisor”)
Total Return for the Period Ended 12/31/2004 | ||
1 Year | ||
3 Year | ||
Start of Performance (5/01/01) |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Growth Fund from May 1, 2001 (inception) to December 31, 2004, compared to the S&P 500/Barra Growth Index and the S&P 500. The Advisor has elected to change the benchmark index from the S&P 500 to the S&P 500/Barra Growth Index because the market capitalization of companies comprising the S&P 500/Barra Growth Index more closely correlates to the market capitalization of the companies in which the Fund invests.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/04, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500/Barra Growth Index and the S&P 500 have been adjusted to reflect reinvestment of dividends on securities in the indices.
For the fiscal year ended December 31, 2004, the Huntington VA Growth Fund produced a total return of 5.67% compared to a total return of 6.13% for the S&P 500/Barra Growth Index1 and a total return of 10.88% for the Standard & Poor’s 500 Index (S&P 500)2 for the same reporting period.
The Fund was impacted by the stock market’s general rise in value, most of which occurred in the fourth quarter of the year. In general, high quality, large capitalization stocks continued to underperform in 2004. While the S&P 500 rose 10.88%, the S&P Equal Weight Index (S&P EWI) rose 16.95%.3 The S&P EWI performed better because smaller stocks generally performed better than larger stocks in 2004. The Fund tended to own the large companies within the S&P 500. Growth stocks also tended to underperform value stocks which also negatively impacted Fund performance.
These phenomena seemed to predominate the Fund’s individual stock holdings. Pfizer, Inc., Intel Corp. and Merck & Co., Inc., all large-cap stocks, were three of the Fund’s worst performers. Qualcomm, Inc., Carnival Corp. and Franklin Resources, Inc., all smaller in market cap, were three of the Fund’s best performers.
The Fund’s sector weightings generally adhered to its investment policy sector guidelines.
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
† The composition of the Fund’s holdings is subject to change.
1 The S&P 500/Barra Growth Index is a capitalization-weighted index of stocks in the S&P 500 having the highest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
2 The S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
3 The S&P EWI is the equally weighted version of the S&P 500. The S&P EWI has the same stocks as the capitalization weighted S&P 500 but each company in the S&P EWI is allocated a fixed weight of 0.20% rebalanced quarterly. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
Huntington VA Income Equity Fund
Management’s Discussion of Fund Performance
Co-Portfolio Managers:
Craig J. Hardy, CFA, MBA Christopher G. Cwiklinski, CFA
Vice Presidents
Huntington Asset Advisors, Inc.
Total Return for the Period Ended 12/31/2004 | ||
1 Year | ||
3 Year | ||
5 Year | ||
Start of Performance (10/21/99) |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Income Equity Fund from October 21, 1999 (inception) to December 31, 2004, compared to the S&P 500, S&P 500 BVI and the LEIFI.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/04, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 and S&P 500 BVI have been adjusted to reflect reinvestment of all dividends on securities in the indices.
For the year ended December 31, 2004, the total return for the Huntington VA Income Equity Fund was 13.66% compared to a total return of 10.88% for the Standard and Poor’s 500 Index (S&P 500),1 a total return of 15.69% for the S&P 500/Barra Value Index (S&P 500 BVI)2 and a total return of 13.02% for the Lipper Equity Income Funds Index (LEIFI).3
During 2004, the Fund was positioned relatively conservatively, with an emphasis on stocks with high dividend yields, reasonable dividend growth prospects and a value orientation. This combination of characteristics allowed the Fund to outperform its benchmark index, the S&P 500, during 2004, a period of moderate stock market returns.
From a sector perspective, the sectors that contributed most positively to the performance of the Fund in 2004 were materials, led by agricultural chemical companies; telecommunications, led by integrated telecom companies; and energy, led by integrated oil and gas, and exploration and production companies. The sectors that negatively impacted the Fund in 2004 were healthcare, with weakness in pharmaceutical stocks; information technology, including communications equipment and electronic equipment; and consumer discretionary, led by printing and publishing companies.
The stocks that contributed most positively to the Fund’s performance in 2004 were Monsanto Co., driven by earnings growth and price-to-earnings multiple expansion; Occidental Petroleum Corp., due to higher volume and prices in crude oil; Exelon Corp., which benefited from a turnaround in its energy transmission and delivery business; and Genuine Parts Corp., which saw growth in earnings and an increase in its price-to-earnings multiple. The stocks that negatively impacted Fund performance in 2004 were Bristol-Myers Squibb Co. and Wyeth, which declined along with most of the pharmaceutical industry; Gannett Co., Inc. which suffered price-to-earnings multiple contraction; and Nokia, Inc. which experienced an earnings decline during the year.
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
† The composition of the Fund’s holdings is subject to change.
1 The S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
2 The S&P 500 BVI is a market capitalization-weighted index of the stocks in the S&P 500 having the lowest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis. The index is unmanaged and, unlike the Fund, is not affected by cashflows.
3 Lipper figures represent the average of the total returns reported by the largest mutual funds designated by Lipper Inc. as falling into the category indicated. They do not reflect sales charges.
Huntington VA International Equity Fund
Management’s Discussion of Fund Performance
Portfolio Manager: Madelynn M. Matlock, CFA,
Director of International Investments
Vice President
Huntington Asset Advisors, Inc.
Total Return for the Period Ended 12/31/2004 | ||
Start of Performance (5/03/04) |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA International Equity Fund from May 3, 2004 (inception) to December 31, 2004, compared to the EAFE.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/04, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The EAFE has been adjusted to reflect reinvestment of all dividends on securities in the index.
For the fiscal year ended December 31, 2004, the Huntington VA International Equity Fund produced a total return of 11.26%. This compared to a total return of 17.95% for the Morgan Stanley Capital International Europe, Far East and Australasia Index (EAFE).1 The Fund’s return, compared to the EAFE, was influenced by three main factors: its regional allocation to Europe, Asia and the Americas, its exposure to various economic sectors, and its currency exposure, each discussed below.
The regional allocation of the Fund favored Asian markets, including Japan, Australia, Singapore, Hong Kong, India, Malaysia and Korea. The Fund was underweight in the European markets. This regional balance slowed Fund performance versus the EAFE, as Pacific markets in general rose less than European markets and the EAFE, while the European markets performed somewhat better than the EAFE. Some of the smaller Asian markets, such as India and Hong Kong, posted very strong results, but Japanese market growth slowed after stronger results earlier in the year. This weighting effect was somewhat offset by an overall underweight in the Fund to the Japanese market as compared to the EAFE.
The Fund’s performance was helped by its overweighting in the industrial, utility, and energy sectors over most of the year, as these more cyclical parts of the global equity market benefited from a strong rebound in growth. Materials stocks performed in line with the EAFE, and the Fund was equal weighted or slightly underweighted in this sector throughout the year. Financial stocks, comprising over a quarter of the EAFE, also outperformed the EAFE. The Fund’s underweight in this sector negatively impacted Fund performance. Consumer staple goods, healthcare, and technology stocks lagged the overall EAFE. The Fund’s overweight in healthcare, and consumer staples, and its exposure to technology in line with the EAFE, were a drag to Fund performance. In general, the Fund’s sector allocation was too conservative to participate fully in the EAFE gain for the year.
The U.S. dollar lost another 7% against a basket of other currencies, such as the Euro and the Yen, on a trade-weighted basis, after a 15% decline in the previous year. The EAFE return was boosted by 7% due to currency gains. Many of the companies represented in the Fund’s portfolio benefited from improved earnings due to currency movements and the the decline in the U.S. dollar, which boosted their stock prices.
The performance of the EAFE also benefited from this effect. In addition, some of the most positively impacted companies accounted for more of the EAFE value than in the Fund’s portfolio.
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
† The composition of the Fund’s holdings is subject to change.
1 Return quoted is from May 3, 2004, the Fund’s start of performance, to December 31, 2004. The EAFE is a market capitalization-weighted equity index comprising 20 of the 48 countries in the MSCI universe and representing the developed world outside of North America. Each MSCI country index is created separately, then aggregated, without change, into regional MSCI indices. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
International investing involves special risks including currency risk, political risk increased volatility of foreign securities, and differences in auditing and other financial standards.
Huntington VA Macro 100 Fund
Management’s Discussion of Fund Performance
Portfolio Manager: Huntington Asset Advisors, Inc.
Portfolio Sub-Advisor: Laffer Investments, Inc.
Total Return for the Period Ended 12/31/2004 | ||
Start of Performance (5/03/04) |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Macro 100 Fund from May 3, 2004 (inception) to December 31, 2004, compared to the S&P 500.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/04, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of all dividends on securities in the index.
For the fiscal year ended December 31, 2004, the Huntington VA Macro 100 Fund had a total return of 11.30% compared to the total return of 9.76% for the Standard & Poor’s 500 Index (S&P 500).1
The Macro 100 Fund’s outperformance versus the S&P 500 was led by a significant overweight in financials for the fiscal year. This was followed by solid returns from the Fund’s consumer discretionary and information technology sectors.
The positioning of the factors used to select the securities for the Fund remained the same throughout the fiscal year. The portfolio was positioned for a continued weak U.S. dollar, a more growth-oriented economy, slightly rising interest rates, improving state fiscal situations and larger capitalization company outperformance. This led the portfolio to be significantly overweighted in both the financial and information technology economic sectors. Conversely, the Fund was underweighted significantly in consumer staples, healthcare, energy and industrials.
The environment in 2004 was an unusual one, to say the least, in regard to longer term positioning of the models used to select securities. The contentious election cycle in the U.S. combined with erratic oil and gold prices created short-run financial and economic shocks and a confidence crisis in markets. Despite these situations the models and the Fund performed well for investors.
On the individual security side of the ledger, some of the winners held by the Fund for the fiscal year included eBay, Inc., Yahoo, Inc., Home Depot, Inc., Bank of America Corp, Dell, Inc., Qualcomm, Inc., U.S. Bancorp, Wachovia Corp. and Microsoft Corp. Laggards included Coca-Cola Enterprises, Inc., Cisco Systems, Inc. and Intel Corp.
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
† The composition of the Fund’s holdings is subject to change.
1 Return quoted is from May 3, 2004, the Fund’s start of performance, to December 31, 2004. The S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
Huntington VA Mid Corp America Fund
Management’s Discussion of Fund Performance
Portfolio Manager: Christopher M. Rowane, CFA, MBA
Senior Vice President
Huntington Asset Advisors, Inc. (the “Advisor”)
Total Return for the Period Ended 12/31/2004 | ||
1 Year | ||
3 Year | ||
Start of Performance (10/15/01) |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Mid Corp America Fund from October 15, 2001 (inception) to December 31, 2004, compared to the S&P 400, the LMCCI and the RMCI.
The Advisor has elected to change the benchmark index from the RMCI to the S&P 400 because the market capitalization of companies comprising the S&P 400 more closely correlates to the market capitalization of the companies in which the Fund invests.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/04, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 400, LMCCI and the RMCI indices have been adjusted to reflect reinvestment of dividends on securities in the indices.
For the fiscal year ended December 31, 2004, the Huntington VA Mid Corp America Fund produced a total return of 16.91% compared to the Standard & Poor’s 400 Index (S&P 400) total return of 16.44%,1 the Russell Midcap Index (RMCI) total return of 18.47%2 and the Lipper Mid Cap Core Average (LMCCI) total return of 15.52%.3
The Fund maintained a disciplined approach of selecting high quality holdings and continued utilizing the sector strategy of the Advisor, which focuses on the economic impact within equity markets. The Fund outperformed its benchmark, the S&P 400, mainly because of its lighter exposure to the technology sector, which produced mediocre returns during the volatile market in 2004. The Fund’s overweight positions in the energy and financial sectors added to its strong performance, as well as stock selection in the consumer discretionary sector. The Fund maintained a higher number of holdings than some of its peers to provide greater diversification.4
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
† The composition of the Fund’s holdings is subject to change.
1 The S&P 400 is a capitalization weighted index of common stocks representing all major industries in the mid range of the U.S. stock market. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investment cannot be made in an index.
2 The RMCI is measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 26% of the total market capitalization of the Russell 1000 Index. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
3 Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper Inc. as falling into category indicated. They do not reflect sales charges.
4 Diversification does not assure a profit nor protect against loss.
Huntington VA New Economy Fund
Management’s Discussion of Fund Performance
Portfolio Manager: Bernard A. Shinkel, Ph.D.
Vice President
Huntington Asset Advisors, Inc.
Total Return for the Period Ended 12/31/2004 | ||
1 Year | ||
3 Year | ||
Start of Performance (10/15/01) |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA New Economy Fund from October 15, 2001 (inception) to December 31, 2004, compared to the RUS3G and the S&P 500.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/04, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 and the RUS3G indices have been adjusted to reflect reinvestment of dividends on securities in the indices.
For the fiscal year ended December 31, 2004, the Huntington VA New Economy Fund produced a total return of 18.75%, significantly outperforming the Fund’s benchmark, the Russell 3000 Growth Index (RUS3G), which had a total return of 5.89%1 for the same reporting period. The Fund also outperformed the broader stock market index, the Standard & Poor’s 500 Index (S&P 500), which had a total return of 10.88%2 for the year.
The Fund’s results were achieved by maintaining a highly diversified portfolio, with 250 holdings at year-end, and focusing primarily on the mid- and small-cap segments of the market.3 The Fund’s unique approach to growth investing, and its resulting sector emphasis on the high growth segments of the economy – information technology, healthcare, and consumer discretionary – further enhanced performance. As always, the mandate of the Fund allowed us to invest in the leading creators and implementers of science and technology when and where the stock market appeared to dictate that it would reward such investments.
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
† The composition of the Fund’s holdings is subject to change.
1 The RUS3G measures the performance of those Russell Midcap Companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000 Growth or the Russell 2000 Growth indices. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
2 The S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
3 Small company stocks may be less liquid and subject to greater volatility than large capitalization stocks.
Huntington VA Rotating Markets Fund
Management’s Discussion of Fund Performance
Portfolio Manager: Paul Koscik, JD
Vice President
Huntington Asset Advisors, Inc.
Total Return for the Period Ended 12/31/2004 | ||
1 Year | ||
3 Year | ||
Start of Performance (10/15/01) |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Rotating Markets Fund from October 15, 2001 (inception) to December 31, 2004, compared to the S&P 500.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or changes and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/04, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of all dividends on securities in the index.
For the fiscal year ended December 31, 2004, the total return for the Huntington VA Rotating Markets Fund was 11.63% compared to the total return of 10.88% for its benchmark, the Standard & Poor’s 500 Index (S&P 500).1
The Fund outperformed its benchmark in 2004, primarily because of the Fund’s heavy concentration in equity markets outside the United States. The Fund spent 2004 invested in the international market segment of the stock market which comprises companies that are based throughout the world, including the United States.2 The Fund invested 48% of its assets in foreign securities based on the belief that foreign securities would outperform the S&P 500. Throughout much of 2004, the foreign markets displayed relative outperformance compared to the U.S. stock market. The Fund took advantage of this environment by taking significant positions in the iShares MSCI-EAFE Index Fund,3 the iShares MSCI EMU Index Fund4 as well as smaller positions in Mexico, Canada, and the Latin America markets.
Also contributing to its outperformance was the Fund’s U.S. strategy of focusing on small- and mid-cap indices as well as “value” indices. To capitalize on the continuing bias toward small- and mid-cap stocks in the U.S. markets the Fund invested 17% of its assets in U.S. mid-cap and small-cap indices.5 The two largest holdings were the iShares S&P Small Cap 600 Index Fund6 and the iShares Russell Midcap Index Fund.7 The U.S. equity markets also continued to show a bias for “value” over “growth”. To capitalize on this phenomenon, the Fund purchased the iShares Russell 3000 Value Index Fund8 and the iShares S&P Small Cap 600/Barra Value Index Fund.9
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
† The composition of the Fund’s holdings is subject to change.
1 The S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is umanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
2 International investing involves special risks including currency risk, political risk increased volatility of foreign securities, and differences in auditing and other financial standards.
3 The iShares MSCI-EAFE Index Fund invests in most of the same stocks listed in the MSCI-EAFE Index. The MSCI-EAFE Index was developed by Morgan Stanley Capital International Inc. (MSCI) as an equity benchmark for international stock performance, which includes stocks from Europe, Australasia and the Far East. Exchange traded funds are subject to risks similar to those of stocks.
4 The iShares MSCI EMU Index Fund seeks to provide investment results that correspond generally to the price and yield performance of publicly traded securities in the aggregate in the European Monetary Union (“EMU”) markets, as measured by the MSCI EMU Index. Exchange traded funds are subject to risks similar to those of stocks.
5 Small capitalization stocks may be less liquid and subject to greater price volatility than large capitalization stocks.
6 The iShares S&P Small Cap 600 Index Fund seeks investment results that correspond to the performance of publicly traded U.S. small-cap stock securities, as represented by the S&P Small Cap 600 Index. Exchange traded funds are subject to risks similar to those of stocks.
7 The iShares Russell Midcap Index Fund invests in most of the same stocks listed in the Russell Midcap Index. The Russell Midcap Index was developed as an equity benchmark for mid cap equity stocks. The iShares Russell Midcap Index Fund seeks investment results that correspond to the performance of the 800 smallest U.S. companies in the Russell 1000 Index as represented by the Russell Midcap Index. The Index represents approximately 19% of the market capitalization of listed U.S. equities. Exchange traded funds are subject to risks similar to those of stocks.
8 The iShares Russell 3000 Value Index Fund seeks investment results that correspond to the performance of the value sector of the U.S. equity broad market, as represented by the Russell 3000 Value Index. The Russell 3000 Value Index measures the performance of stocks with the lowest price-to-book ratios and forecasted growth within the Russell 1000 and Russell 2000 Indices. Exchange traded funds are subject to risks similar to those of stocks.
9 The iShares S&P Small Cap 600/Barra Value Index Fund seeks investment results that correspond to the performance of publicly traded U.S. small-cap stocks with the lowest price-to-book ratios within the S&P Small Cap 600 Index, as represented by the S&P Small Cap 600/Barra Value Index. Exchange traded funds are subject to risks similar to those of stocks.
Huntington VA Situs Small Cap Fund
Management’s Discussion of Fund Performance
Portfolio Manager: B. Randolph Bateman, CFA
Chief Investment Officer
Huntington Asset Advisors, Inc.
Total Return for the Period Ended 12/31/2004 | ||
Start of Performance (5/03/04) |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Situs Small Cap Fund from May 3, 2004 (inception) to December 31, 2004, compared to the S&P 600 and the S&P 500.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or changes and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/04, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 600 and the S&P 500 indices have been adjusted to reflect reinvestment of dividends on securities in the indices.
For the fiscal year ended December 31, 2004, the Huntington VA Situs Small Cap Fund produced a total return of 19.70%. In 2004, the Standard & Poor’s Small Cap 600 Index (S&P 600), the Fund’s benchmark, produced a total return of 18.58%1 while the Standard & Poor’s 500 Index (S&P 500) produced a total return of 9.76%.2 The Fund’s sector allocation contributed to the outperformance of its benchmark. During the reporting period, the Fund was overweight in those sectors that outperformed its benchmark. The Fund’s overweighting or underweighting of the sectors within its portfolio relative to a sector’s market strength or weakness contributed positively to its performance. The Fund utilized various screening techniques in its security selection process and included a focus on sectors experiencing strong momentum that proved to be a contributing factor to the Fund’s performance during 2004.
The Fund remained true to its objective of emphasizing stocks whose underlying corporations are favorably situated, from a geographical point, to profit from that location. Stock holdings such as Garmin, Inc., West Marine, Inc., Urban Outfitters, Inc., Jacobs Engineering Group, Inc., and a number of the bank holdings benefited from sales in growing geographical regions. Other securities held by the Fund took advantage of Florida’s hurricanes to bolster consumer demand for replacement sporting equipment and housing. While location themes such as state taxes, growth of market footprint, demographics and political structure of markets were important in selecting portfolio holdings, all stocks were screened for quality, valuation, capitalization and financial strength.
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
† The composition of the Fund’s holdings is subject to change.
1 Return quoted is from May 3, 2004, the Fund’s start of performance, to December 31, 2004. The S&P 600 is a capitalization-weighted index representing all major industries in the small-cap range of the U.S. stock market. The Index is unmanaged, and unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
2 Return quoted is from May 3, 2004, the Fund’s start of performance, to December 31, 2004. The S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The Index is unmanaged, and unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
Small company stocks may be less liquid and subject to greater price volatility than large capitalization stocks.
Huntington VA Mortgage Securities Fund
Management’s Discussion of Fund Performance
Portfolio Manager: William G. Doughty, MBA
Vice President
Huntington Asset Advisors, Inc.
Total Return for the Period Ended 12/31/2004 | ||
Start of Performance (5/03/04) |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Mortgage Securities Fund from May 3, 2004 (inception) to December 31, 2004, compared to the LBMBSI.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or changes and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/04, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The LBMBSI has been adjusted to reflect reinvestment of dividends on securities in the index.
For the fiscal year ended December 31, 2004, the Huntington VA Mortgage Securities Fund produced a total return of 5.90%. This compared to the total return of the Lehman Brothers Mortgage Backed Securities Index (LBMBSI) of 4.64%1 and the Lipper U.S. Mortgage Funds Average of 3.38%2 for the same reporting period.
During 2004, the Fund’s investment in real estate investment trusts (REITs) contributed to it outperforming its benchmark, the LBMBSI. As measured by the Morgan Stanley REIT Index, REITs produced a total return of 35.66%3 for 2004 and the Fund had a portfolio weighting in REITs of 11% at year end. The selection of both mortgage-backed securities (MBS) and collateralized mortgage obligations contributed positively to the Fund’s performance during the year. Due to the slow down of refinancing in the mortgage market, and an increase in demand for yield product by banks, the Fund saw yield spreads tighten for MBS products which helped the Fund’s performance due to higher prices.
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
† The composition of the Fund’s holdings is subject to change.
Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.
1 Return quoted is from May 3, 2004, the Fund’s start of performance, to December 31, 2004. The LBMBSI is composed of all fixed securities mortgage pools by the Government National Mortgage Association (GNMA), Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, including GNMA Graduated Payment Mortgages. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
2 Return quoted is from May 3, 2004, the Fund’s start of performance, to December 31, 2004. Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper Inc. as falling into the category indicated. They do not reflect sales charges.
3 Return quoted is from May 3, 2004, the Fund’s start of performance, to December 31, 2004. Investments in REITs involve special risks associated with an investment in real estate, such as limited liquidity. The Morgan Stanley REIT Index is comprised of real estate investment trusts. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investment cannot be made in an index.
Huntington VA Dividend Capture Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2004
Asset Allocation | Percentage of | |
Common Stock | 41.6% | |
Preferred Stock | 38.9% | |
Real Estate Investment Trusts | 13.0% | |
Cash1 | 3.8% | |
Other Investments | 3.7% | |
Liabilities in Excess of Other Assets | (1.0)% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2004, and are based on net assets.
1 Cash includes investments in an affiliated money market fund.
Portfolio of Investments
December 31, 2004
Shares | Value | |||
COMMON STOCKS -- 52.1% |
| |||
|
| Auto/Truck Parts & Equipment -- 1.4% | ||
30,500 | Ford Motor Co. | $ 446,520 | ||
| Banks -- 7.0% |
| ||
9,000 | Bank of America Corp. | 422,910 | ||
7,000 | Citigroup, Inc. | 337,260 | ||
15,000 | J.P. Morgan Chase & Co. | 585,150 | ||
13,000 | KeyCorp | 440,700 | ||
9,000 | Wachovia Corp. | 473,400 | ||
|
| 2,259,420 | ||
| Computer Software -- 1.0% |
| ||
12,000 | Microsoft Corp. | 320,520 | ||
| Consumer Products -- 0.8% |
| ||
3,500 | Fortune Brands, Inc. | 270,130 | ||
| Drugs & Health Care -- 2.5% |
| ||
30,500 | Bristol-Myers Squibb Co. | 781,410 | ||
| Electric Utility -- 1.2% |
| ||
8,000 | Nisource, Inc. | 182,240 | ||
6,000 | The Southern Co. | 201,120 | ||
|
| 383,360 | ||
| Electrical Equipment -- 0.2% |
| ||
1,000 | Cooper Industries Ltd., Class A | 67,890 | ||
| Electronic Components -- 0.9% |
| ||
13,000 | PerkinElmer, Inc. | 292,370 | ||
| Entertainment -- 0.2% |
| ||
1,000 | Harrah’s Entertainment, Inc. | 66,890 | ||
| Farm & Garden Machinery -- 0.5% |
| ||
2,000 | Deere & Co. | 148,800 | ||
| Financial Services -- 3.1% |
| ||
8,000 | Hartford Financial Services Group, Inc. | 554,480 | ||
8,000 | Prudential Financial, Inc. | 439,680 | ||
|
| 994,160 | ||
| Food & Beverages -- 1.2% |
| ||
13,000 | Archer-Daniels-Midland Co. | 290,030 | ||
2,500 | SUPERVALU, Inc. | 86,300 | ||
|
| 376,330 | ||
| Forestry -- 1.3% |
| ||
6,000 | Weyerhaeuser Co. | $ 403,320 | ||
| Gas Utility -- 0.7% |
| ||
5,000 | Kinder Morgan Energy Partners, LP | 221,650 | ||
| Industrial -- 0.9% |
| ||
7,500 | General Electric Co. | 273,750 | ||
| Insurance -- 2.4% |
| ||
3,000 | Ace Ltd. | 128,250 | ||
7,500 | Cincinnati Financial Corp. | 331,950 | ||
6,000 | Safeco Corp. | 313,440 | ||
|
| 773,640 | ||
| Life/Health Insurance -- 4.0% |
| ||
14,000 | Lincoln National Corp. | 653,520 | ||
15,000 | MetLife, Inc. | 607,650 | ||
|
| 1,261,170 | ||
| Oil Company - Exploration & Production -- 1.0% |
| ||
5,500 | Kerr-McGee Corp. | 317,845 | ||
| Paper & Allied Products -- 0.6% |
| ||
5,500 | Georgia Pacific Corp. | 206,140 | ||
|
| Petroleum & Petroleum Products -- 2.3% | ||
1,500 | ConocoPhillips | 130,245 | ||
11,500 | Exxon Mobil Corp. | 589,490 | ||
|
| 719,735 | ||
| Railroad Transportation -- 1.5% |
| ||
10,000 | Burlington Northern Santa Fe Corp. | 473,100 | ||
|
| Real Estate Investment Trusts -- 10.5% | ||
5,500 | Bedford Property Investors, Inc. | 156,255 | ||
6,500 | Brandywine Realty Trust | 191,035 | ||
3,000 | Camden Property Trust | 153,000 | ||
5,000 | Capital Automotive Real Estate Investment Trust, Inc. | 177,625 | ||
5,500 | CarrAmerica Realty Corp. | 181,500 | ||
2,750 | CBL & Associates Properties, Inc. | 209,963 | ||
5,000 | Colonial Properties Trust | 196,350 | ||
33,000 | Cornerstone Realty Income Trust, Inc. | 329,339 | ||
COMMON STOCKS -- (continued) |
| |||
|
| Real Estate Investment Trusts -- (continued) | ||
8,500 | Equity Inns, Inc. | $ 99,790 | ||
8,500 | Equity Office Properties Trust | 247,520 | ||
7,000 | First Industrial Realty Trust, Inc. | 285,110 | ||
6,000 | General Growth Properties | 216,960 | ||
4,000 | Glenborough Realty Trust, Inc. | 85,120 | ||
4,000 | Health Care Real Estate Investment Trust, Inc. | 152,600 | ||
1,000 | Kimco Realty Corp. | 57,990 | ||
5,000 | Kramont Realty Trust | 117,000 | ||
8,000 | New Plan Excel Realty Trust | 216,640 | ||
4,500 | Simon Property Group, Inc. | 291,015 | ||
|
| 3,364,812 | ||
| Restaurants -- 1.5% |
| ||
14,500 | McDonald’s Corp. | 464,870 | ||
| Retail -- 0.7% |
| ||
9,000 | Limited Brands | 207,180 | ||
|
| Telephone & Telecommunications -- 1.9% | ||
15,000 | Verizon Communications, Inc. | 607,650 | ||
| Tools & Accessories -- 1.2% |
| ||
7,500 | The Stanley Works | 367,425 | ||
| Transport - Services -- 0.3% |
| ||
2,000 | Ryder System, Inc. | 95,540 | ||
| Travel Services -- 1.3% |
| ||
18,000 | Sabre Holdings Corp., Class A | 398,880 | ||
| Total Common Stocks | 16,564,507 | ||
PREFERRED STOCKS -- 41.4% |
| |||
| Auto-Cars/Light Trucks -- 1.9% |
| ||
17,200 | Ford Motor Credit, 7.375% | 443,416 | ||
6,000 | General Motors Corp., 7.375% | 151,560 | ||
|
| 594,976 | ||
| Bank Holding Companies -- 0.8% |
| ||
2,000 | J.P. Morgan Chase & Co., | 53,460 | ||
7,700 | Suntrust Capital IV, 7.125% | 202,587 | ||
|
| 256,047 | ||
| Banks -- 1.7% |
| ||
20,000 | Wells Fargo Capital Trust II, 7.000% | 525,600 | ||
| Commercial Banks -- 5.9% |
| ||
19,100 | ASBC Capital I, 7.625% | 512,835 | ||
10,000 | Comerica Capital Trust I, 7.600% | 262,800 | ||
19,600 | Compass Capital, 7.350% | 515,284 | ||
15,000 | Fleet Capital Trust VII, 7.200% | 398,250 | ||
6,900 | Fleet Capital Trust VIII, 7.200% | 183,540 | ||
|
| 1,872,709 | ||
| Department Stores -- 0.4% |
| ||
5,400 | Sears Roebuck Acceptance, 7.000% | 138,132 | ||
| Electrical Services -- 6.5% |
| ||
4,300 | BGE Capital Trust II, 6.200% | 110,037 | ||
19,000 | Dominion CNG Capital Trust I, 7.800% | 507,657 | ||
12,000 | Energy East Capital Trust I, 8.250% | 321,960 | ||
22,000 | Entergy LA, Inc., 7.600% | 588,060 | ||
20,000 | Georgia Power Capital, 7.125% | 537,000 | ||
|
| 2,064,714 | ||
| Entertainment -- 1.2% |
| ||
15,000 | The Walt Disney Co., 7.000% | 396,900 | ||
| Financial Services -- 9.0% |
| ||
650 | BancWest Capital I, 9.500% | $ 17,193 | ||
7,600 | Everest Cap Trust 7.850% | 210,216 | ||
4,000 | General Electric Capital | 104,840 | ||
15,500 | Hartford Life Capital II, | 410,285 | ||
10,000 | Household Capital Trust V, | 257,300 | ||
18,000 | Merrill Lynch Capital | 488,700 | ||
19,000 | Morgan Stanley Capital | 502,740 | ||
16,000 | National Commerce Capital | 428,800 | ||
1,900 | Provident Financial Group, | 52,478 | ||
13,600 | SLM Corp., 6.000% | 340,272 | ||
|
| 2,812,824 | ||
| Gas & Natural Gas -- 1.1% |
| ||
7,000 | Keyspan Corp., 8.750% | 365,190 | ||
| Insurance -- 4.4% |
| ||
16,400 | Ace Ltd., Series C, 7.800% | 437,552 | ||
3,000 | Chubb Corp., 7.000% | 90,000 | ||
19,400 | Partnerre Capital Trust I, 7.900% | 516,040 | ||
13,600 | St. Paul Capital Trust, 7.600% | 362,304 | ||
|
| 1,405,896 | ||
| Insurance Carriers -- 0.4% |
| ||
5,000 | Travelers Property | 115,150 | ||
| Life/Health Insurance -- 3.7% |
| ||
18,000 | Aetna, Inc., 8.500% | 482,220 | ||
13,000 | Lincoln National Capital V, | 344,760 | ||
12,400 | PLC Capital Trust, 7.250% | 329,840 | ||
1,300 | Torchmark Capital Trust I, 7.750% | 34,775 | ||
|
| 1,191,595 | ||
| Real Estate Investment Trusts -- 2.5% |
| ||
10,000 | HRPT Properties Trust, | 270,500 | ||
8,000 | Prologis Trust, Series F, 6.750% | 202,400 | ||
12,500 | Public Storage, Series R, 8.000% | 329,625 | ||
|
| 802,525 | ||
| Reinsurance -- 0.6% |
| ||
7,300 | RenaissanceRe Holdings Ltd., | 195,932 | ||
| Telephone Communication -- 1.3% |
| ||
7,000 | Alltel Corp., 7.750% | 370,230 | ||
2,000 | SBC Communications, Inc., 7.000% | 52,560 | ||
|
| 422,790 | ||
| Total Preferred Stocks | 13,160,980 | ||
MUTUAL FUNDS -- 3.7% |
| |||
| Exchange Traded Funds -- 3.7% |
| ||
18,000 | AMEX Technology SPDR | $ 379,980 | ||
6,500 | SPDR Trust Series 1 Index Fund | 785,850 | ||
| Total Mutual Funds (Cost $1,023,375) | 1,165,830 | ||
CASH EQUIVALENT -- 3.8% |
| |||
1,208,471 | Huntington Money Market Fund, Interfund Shares* | 1,208,471 | ||
| Total Cash Equivalent | 1,208,471 | ||
| Total Investments | 32,099,788 | ||
| Liabilities in Excess of | (317,528) | ||
| Net Assets -- 100.0% | $ 31,782,260 | ||
Huntington VA Growth Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2004
Asset Allocation | Percentage of | |
Technology | 25.1% | |
Health Care | 18.6% | |
Consumer Staples | 16.0% | |
Industrials | 12.7% | |
Financials | 10.5% | |
Consumer Discretionary | 7.5% | |
Materials | 3.0% | |
Energy | 2.6% | |
Cash1 | 1.9% | |
Telecommunications | 0.7% | |
Other Investments | 1.3% | |
Other Assets in Excess of Liabilities | 0.1% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2004, and are based on net assets.
1 Cash includes investments in an affiliated money market fund.
Portfolio of Investments
December 31, 2004
Shares | Value | |||
COMMON STOCKS -- 96.7% |
| |||
| Apparel & Textiles -- 2.5% |
| ||
10,200 | Cintas Corp. | $ 447,372 | ||
| Banks -- 2.2% |
| ||
2,550 | Northern Trust Corp. | 123,879 | ||
2,523 | State Street Corp. | 123,930 | ||
3,383 | Washington Mutual, Inc. | 143,033 | ||
|
| 390,842 | ||
| Beverages -- 1.7% |
| ||
6,000 | PepsiCo, Inc. | 313,200 | ||
|
| Broadcast Services & Programming -- 0.3% | ||
5,203 | Liberty Media Corp., Class A (b) | 57,129 | ||
| Chemicals -- 3.0% |
| ||
5,205 | Du Pont (E.I.) de Nemours & Co. | 255,305 | ||
8,029 | Ecolab, Inc. | 282,059 | ||
|
| 537,364 | ||
| Computer Services -- 1.7% |
| ||
6,712 | Hewlett Packard Co. | 140,751 | ||
5,600 | Sungard Data Systems, Inc. (b) | 158,648 | ||
|
| 299,399 | ||
| Computer Software -- 4.4% |
| ||
29,508 | Microsoft Corp. | 788,159 | ||
| Computers -- 9.2% |
| ||
14,594 | Cisco Systems, Inc. (b) | 281,664 | ||
10,000 | Computer Sciences Corp. (b) | 563,701 | ||
8,698 | Dell, Inc. (b) | 366,534 | ||
620 | EMC Corp. (b) | 9,219 | ||
2,999 | International Business Machines Corp. | 295,641 | ||
342 | Network Appliance, Inc. (b) | 11,361 | ||
8,620 | Oracle Corp. (b) | 118,266 | ||
|
| 1,646,386 | ||
| Cosmetics/Toiletries -- 4.3% |
| ||
4,248 | Colgate-Palmolive Co. | 217,328 | ||
9,928 | Procter & Gamble Co. | 546,834 | ||
|
| 764,162 | ||
| Data Processing/Management -- 2.0% |
| ||
7,887 | Automatic Data Processing, Inc. | $ 349,788 | ||
| Drugs & Health Care -- 8.0% |
| ||
2,691 | Abbott Laboratories | 125,535 | ||
2,500 | Amgen, Inc. (b) | 160,375 | ||
2,290 | IMS Health, Inc. | 53,151 | ||
5,622 | Merck & Co., Inc. | 180,691 | ||
13,122 | Pfizer, Inc. | 352,851 | ||
8,433 | Schering-Plough Corp. | 176,081 | ||
5,465 | Wyeth | 232,754 | ||
2,000 | Zimmer Holdings, Inc. (b) | 160,240 | ||
|
| 1,441,678 | ||
| Electric Utility -- 0.0% |
| ||
187 | Duke Energy Corp. | 4,737 | ||
| Electronic Components -- 1.1% |
| ||
6,100 | Molex, Inc. | 183,000 | ||
2,201 | Solectron Corp. (b) | 11,731 | ||
|
| 194,731 | ||
| Financial Services -- 3.1% |
| ||
3,591 | American Express Co. | 202,424 | ||
2,489 | Franklin Resources, Inc. | 173,359 | ||
2,854 | T. Rowe Price Group, Inc. | 177,519 | ||
|
| 553,302 | ||
| Food & Beverages -- 5.0% |
| ||
7,500 | Anheuser Busch Companies, Inc. | 380,475 | ||
3,112 | J.M. Smuckers Co. | 146,482 | ||
5,290 | Wm. Wrigley Jr. Co. | 366,015 | ||
|
| 892,972 | ||
| Industrial -- 4.9% |
| ||
24,245 | General Electric Co. | 884,943 | ||
| Industrial Conglomerates -- 3.2% |
| ||
6,136 | Illinois Tool Works, Inc. | 568,684 | ||
| Instruments - Scientific -- 0.7% |
| ||
2,648 | Millipore Corp. (b) | 131,897 | ||
COMMON STOCKS -- (continued) |
| |||
| Insurance -- 5.2% |
| ||
10,808 | American International Group, Inc. | $ 709,761 | ||
2 | Berkshire Hathaway, Inc., Class A (b) | 175,800 | ||
1,457 | St. Paul Cos., Inc. | 54,011 | ||
|
| 939,572 | ||
| Medical & Medical Services -- 9.8% |
| ||
7,500 | Baxter International, Inc. | 259,050 | ||
3,700 | Biomet, Inc. | 160,543 | ||
2,700 | Dentsply International, Inc. | 151,740 | ||
269 | Hospira, Inc. (b) | 9,012 | ||
7,000 | Invacare Corp. | 323,820 | ||
5,977 | Johnson & Johnson | 379,061 | ||
1,968 | Medco Health Solutions, Inc. (b) | 81,869 | ||
2,015 | Medtronic, Inc. | 100,085 | ||
6,530 | Stryker Corp. | 315,073 | ||
|
| 1,780,253 | ||
| Miscellaneous Business Services -- 1.3% |
| ||
7,500 | Iron Mountain, Inc. (b) | 228,675 | ||
| Multimedia -- 0.9% |
| ||
260 | Liberty Media International, Inc. (b) | 12,020 | ||
7,677 | Time Warner, Inc. (b) | 149,241 | ||
|
| 161,261 | ||
| Office Supplies -- 2.1% |
| ||
6,337 | Avery Dennison Corp. | 380,030 | ||
|
| Petroleum & Petroleum Products -- 2.6% | ||
7,217 | Anadarko Petroleum Corp. | 467,734 | ||
| Printing & Publishing -- 1.2% |
| ||
1,931 | Media General, Inc., Class A | 125,148 | ||
2,408 | Viacom, Inc., Class B | 87,627 | ||
|
| 212,775 | ||
| Retail -- 7.2% |
| ||
14,278 | Home Depot, Inc. | 610,241 | ||
3,839 | Kohl’s Corp. (b) | 188,764 | ||
3,441 | Wal-Mart Stores, Inc. | 181,754 | ||
8,060 | Walgreen Co. | 309,262 | ||
|
| 1,290,021 | ||
| Semi-Conductors/Instruments -- 1.9% |
| ||
7,684 | Analog Devices, Inc. | $ 283,693 | ||
663 | Applied Materials, Inc. (b) | 11,337 | ||
1,493 | Texas Instruments, Inc. | 36,758 | ||
|
| 331,788 | ||
| Technology -- 2.0% |
| ||
15,574 | Intel Corp. | 364,276 | ||
|
| Telephone & Telecommunications -- 2.3% | ||
6,930 | Qualcomm, Inc. | 293,832 | ||
4,308 | Vodafone Group PLC ADR | 117,953 | ||
|
| 411,785 | ||
| Transport - Marine -- 0.6% |
| ||
1,859 | Carnival Corp. | 107,134 | ||
| Wholesale Distribution -- 2.3% |
| ||
10,675 | SYSCO Corp. | 407,465 | ||
| Total Common Stocks | 17,349,514 | ||
MUTUAL FUNDS -- 1.3% |
| |||
| Exchange Traded Funds -- 1.3% |
| ||
2,675 | NASDAQ 100 Index Fund | 106,759 | ||
1,020 | SPDR Trust Series 1 Index Fund | 123,318 | ||
| Total Mutual Funds (Cost $177,194) | 230,077 | ||
CASH EQUIVALENT -- 1.9% |
| |||
337,406 | Huntington Money Market Fund, | 337,406 | ||
| Total Cash Equivalent (Cost $337,406) | 337,406 | ||
| Total Investments | 17,916,997 | ||
| Other Assets in Excess of | 15,892 | ||
| Net Assets -- 100.0% | $ 17,932,889 | ||
Huntington VA Income Equity Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2004
Asset Allocation | Percentage of | |
Financials | 32.6% | |
Energy | 14.7% | |
Consumer Discretionary | 12.5% | |
Industrials | 10.7% | |
Technology | 6.6% | |
Materials | 5.3% | |
Telecommunications | 4.8% | |
Health Care | 4.7% | |
Utilities | 4.3% | |
Consumer Staples | 2.2% | |
Cash1 | 1.9% | |
Liabilities in Excess of Other Assets | (0.3)% | |
TOTAL | 100.0 % |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2004, and are based on net assets.
1 Cash includes investments in an affiliated money market fund.
Portfolio of Investments
December 31, 2004
Shares | Value | |||
COMMON STOCKS -- 98.4% |
| |||
|
| Auto/Truck Parts & Equipment -- 4.0% | ||
20,700 | Genuine Parts Co. | $ 912,042 | ||
5,400 | Johnson Controls, Inc. | 342,576 | ||
|
| 1,254,618 | ||
| Banks -- 26.8% |
| ||
20,900 | AmSouth Bancorporation | 541,310 | ||
22,900 | Bank of America Corp. | 1,076,071 | ||
12,900 | BB&T Corp. | 542,445 | ||
23,300 | Citigroup, Inc. | 1,122,594 | ||
9,600 | Comerica, Inc. | 585,792 | ||
20,300 | J.P. Morgan Chase & Co. | 791,903 | ||
26,500 | MBNA Corp. | 747,035 | ||
28,500 | National City Corp. | 1,070,175 | ||
24,900 | Regions Financial Corp. | 886,191 | ||
8,400 | Wachovia Corp. | 441,840 | ||
14,400 | Washington Mutual, Inc. | 608,832 | ||
|
| 8,414,188 | ||
| Chemicals -- 5.3% |
| ||
21,200 | Monsanto Co. | 1,177,660 | ||
7,000 | PPG Industries, Inc. | 477,120 | ||
|
| 1,654,780 | ||
| Computer Services -- 7.2% |
| ||
6,400 | Diebold, Inc. | 356,672 | ||
7,300 | First Data Corp. | 310,542 | ||
14,400 | Pitney Bowes, Inc. | 666,432 | ||
23,700 | Symbol Technologies, Inc. | 410,010 | ||
14,300 | Thompson Corp. | 504,647 | ||
|
| 2,248,303 | ||
| Computer Software -- 1.0% |
| ||
11,400 | Microsoft Corp. | 304,494 | ||
| Consumer Products -- 2.2% |
| ||
8,900 | Fortune Brands, Inc. | 686,902 | ||
|
|
| ||
| Data Processing/Management -- 1.0% |
| ||
7,400 | Automatic Data Processing, Inc. | $ 328,190 | ||
|
|
| ||
| Diversified Operations -- 2.5% |
| ||
10,600 | Textron, Inc. | 782,280 | ||
| Drugs & Health Care -- 4.7% |
| ||
20,600 | Bristol-Myers Squibb Co. | 527,772 | ||
10,900 | Merck & Co., Inc. | 350,326 | ||
13,900 | Wyeth | 592,001 | ||
|
| 1,470,099 | ||
| Electric Utility -- 2.8% |
| ||
14,800 | Duke Energy Corp. | 374,884 | ||
5,800 | Exelon Corp. | 255,606 | ||
11,400 | Nisource, Inc. | 259,692 | ||
|
| 890,182 | ||
| Food & Beverages -- 1.4% |
| ||
14,800 | ConAgra Foods, Inc. | 435,860 | ||
| Gas & Natural Gas -- 1.4% |
| ||
10,300 | Peoples Energy Corp. | 452,685 | ||
| Household Products -- 0.8% |
| ||
4,100 | Clorox Co. | 241,613 | ||
| Industrial -- 2.7% |
| ||
22,800 | General Electric Co. | 832,200 | ||
| Insurance -- 3.5% |
| ||
17,100 | Unitrin, Inc. | 777,195 | ||
4,000 | XL Capital Ltd. | 310,600 | ||
|
| 1,087,795 | ||
| Life/Health Insurance -- 2.3% |
| ||
15,400 | Lincoln National Corp. | 718,872 | ||
| Oil Company - Exploration & |
| ||
11,500 | Kerr-McGee Corp. | 664,585 | ||
14,900 | Occidental Petroleum Corp. | 869,564 | ||
|
| 1,534,149 | ||
COMMON STOCKS -- (continued) |
| |||
|
| Petroleum & Petroleum Products -- 9.8% | ||
17,700 | ChevronTexaco Corp. | $ 929,427 | ||
6,700 | ConocoPhillips | 581,761 | ||
15,200 | Exxon Mobil Corp. | 779,152 | ||
8,700 | Marathon Oil Corp. | 327,207 | ||
8,000 | Royal Dutch Petroleum Co. ADR | 459,040 | ||
|
| 3,076,587 | ||
| Printing & Publishing -- 4.8% |
| ||
5,200 | Gannett Co., Inc. | 424,840 | ||
30,600 | R.R. Donnelley & Sons Co. | 1,079,874 | ||
|
| 1,504,714 | ||
| Retail -- 2.2% |
| ||
23,500 | May Department Stores Co. | 690,900 | ||
|
| Telephone & Telecommunications -- 6.0% | ||
16,200 | Alltel Corp. | 951,912 | ||
22,800 | Nokia Corp. ADR | 357,276 | ||
11,200 | SBC Communications, Inc. | 288,624 | ||
7,200 | Verizon Communications, Inc. | 291,672 | ||
|
| 1,889,484 | ||
| Textiles -- 1.1% |
| ||
6,500 | V.F. Corp. | $ 359,970 | ||
| Total Common Stocks | 30,858,865 | ||
CASH EQUIVALENT -- 1.9% |
| |||
588,611 | Huntington Money Market Fund, | 588,611 | ||
| Total Cash Equivalent (Cost $588,611) | 588,611 | ||
| Total Investments | 31,447,476 | ||
| Liabilities in Excess of | (99,111) | ||
| Net Assets -- 100.0% | $ 31,348,365 | ||
Huntington VA International Equity Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2004
Asset Allocation | Percentage of | |
Financials | 17.7% | |
Consumer Discretionary | 11.0% | |
Consumer Staples | 10.3% | |
Energy | 8.5% | |
Materials | 8.5% | |
Industrials | 7.6% | |
Health Care | 5.9% | |
Telecommunications | 5.9% | |
Technology | 5.1% | |
Other Investments | 4.4% | |
Utilities | 4.3% | |
Other Assets in Excess of Liabilities | 10.8% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2004, and are based on net assets.
Portfolio of Investments
December 31, 2004
Shares | Value | |||
COMMON STOCKS -- 84.7% |
| |||
| Brazil -- 2.4% |
| ||
| Oil & Gas -- 2.4% |
| ||
240 | Petroleo Brasileiro SA ADR | $ 9,547 | ||
| Canada -- 2.1% |
| ||
| Oil & Gas -- 2.1% |
| ||
150 | Encana Corp. ADR | 8,559 | ||
| Finland -- 2.8% |
| ||
| Paper & Related Products -- 2.8% |
| ||
500 | UPM Kymmene OYJ ADR | 11,160 | ||
| France -- 8.6% |
| ||
| Food & Beverage -- 3.4% |
| ||
740 | Groupe Danone ADR | 13,645 | ||
| Insurance -- 1.7% |
| ||
270 | Axa ADR | 6,683 | ||
| Oil & Gas -- 1.6% |
| ||
60 | Total SA ADR | 6,590 | ||
| Water Treatments -- 1.9% |
| ||
290 | Suez SA ADR | 7,758 | ||
|
| 34,676 | ||
| Germany -- 2.2% |
| ||
| Computer Software -- 2.2% |
| ||
200 | SAP AG ADR | 8,842 | ||
| Hong Kong -- 1.7% |
| ||
| Commercial Banks -- 1.7% |
| ||
2,200 | Bank of East Asia Ltd. ADR | 6,930 | ||
| Japan -- 13.0% |
| ||
| Audio/Video Products -- 3.0% |
| ||
740 | Matsushita Electric Industrial Co. Ltd. ADR | 11,876 | ||
| Commercial Banks -- 2.9% |
| ||
1,140 | Mitsubishi Tokyo Financial Group, Inc. ADR | 11,651 | ||
| Cosmetics & Toiletries -- 1.7% |
| ||
470 | Shiseido Co. Ltd. ADR | 6,807 | ||
| Electronics -- 2.3% |
| ||
550 | Sharp Corp. ADR | 8,980 | ||
| Office Automation & Equipment -- 3.1% |
| ||
230 | Canon, Inc. ADR | $ 12,479 | ||
|
| 51,793 | ||
| Mexico -- 2.4% |
| ||
| Construction Materials & Supplies -- 2.4% |
| ||
268 | Cemex SA ADR | 9,761 | ||
| Netherlands -- 5.1% |
| ||
| Insurance -- 2.0% |
| ||
266 | ING Group NV ADR | 8,047 | ||
| Transportation -- 3.1% |
| ||
460 | TPG NV ADR | 12,535 | ||
|
| 20,582 | ||
| Netherlands Antilles -- 1.8% |
| ||
| Oil - Field Services -- 1.8% |
| ||
110 | Schlumberger Ltd. ADR | 7,365 | ||
| Singapore -- 1.8% |
| ||
| Telecommunications -- 1.8% |
| ||
489 | Singapore Telecommunications Ltd. ADR | 7,130 | ||
| South Korea -- 2.3% |
| ||
| Telephone Communications -- 2.3% |
| ||
425 | SK Telecom Co. Ltd. ADR | 9,456 | ||
| Spain -- 6.9% |
| ||
| Banks -- 2.4% |
| ||
550 | Banco Bilbao Vizcaya SA ADR | 9,757 | ||
| Electric Integrated -- 2.3% |
| ||
400 | Endesa SA ADR | 9,308 | ||
| Telephone Communications -- 2.2% |
| ||
160 | Telefonica SA ADR | 9,040 | ||
|
| 28,105 | ||
| Sweden -- 2.3% |
| ||
| Manufacturing - Consumer Goods -- 2.3% |
| ||
200 | Electrolux AB, Series B ADR | 9,230 | ||
COMMON STOCKS -- (continued) |
| |||
| Switzerland -- 7.0% |
| ||
| Banking/Insurance -- 1.7% |
| ||
80 | UBS AG ADR | $ 6,707 | ||
| Chemicals - Specialty -- 1.9% |
| ||
350 | Syngenta AG ADR | 7,473 | ||
| Medical - Drugs -- 3.4% |
| ||
270 | Novartis AG ADR | 13,646 | ||
|
| 27,826 | ||
| United Kingdom -- 22.4% |
| ||
| Commercial Banks -- 1.7% |
| ||
150 | Barclays PLC ADR | 6,852 | ||
| Diversified Operations -- 4.9% |
| ||
220 | Bunzl PLC ADR | 9,440 | ||
515 | Tomkins PLC ADR | 10,192 | ||
|
| 19,632 | ||
| Food & Beverage -- 2.8% |
| ||
310 | Cadbury Schweppes PLC ADR | 11,686 | ||
| Food - Retail -- 2.8% |
| ||
600 | Tesco PLC ADR | 11,249 | ||
| Medical - Drugs -- 2.7% |
| ||
230 | GlaxoSmithkline PLC ADR | 10,900 | ||
| Metals -- 1.9% |
| ||
65 | Rio Tinto PLC ADR | 7,749 | ||
| Oil & Gas -- 1.1% |
| ||
75 | BP Amoco PLC ADR | 4,380 | ||
| Printing & Publishing -- 2.7% |
| ||
900 | Pearson PLC ADR | 10,944 | ||
| Retail -- 1.7% |
| ||
280 | Boots Group PLC ADR | 7,048 | ||
|
| 90,440 | ||
| Total Common Stocks (Cost $303,074) | 341,402 | ||
MUTUAL FUNDS -- 4.4% |
| |||
| India -- 1.9% |
| ||
| Management Investment Operation -- 1.8% |
| ||
240 | Morgan Stanley India Investment Fund | $ 7,430 | ||
| Japan -- 2.6% |
| ||
| Management Investment Operation -- 2.6% |
| ||
950 | iShares MSCI Japan Index Fund | 10,374 | ||
| Total Mutual Funds (Cost $15,606) | 17,804 | ||
| Total Investments | 359,206 | ||
| Other Assets in Excess of | 43,691 | ||
| Net Assets -- 100.0% | $ 402,897 | ||
Huntington VA Macro 100 Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2004
Asset Allocation | Percentage of | |
Technology | 42.2% | |
Financials | 30.7% | |
Consumer Discretionary | 13.1% | |
Consumer Staples | 5.8% | |
Industrials | 2.5% | |
Cash1 | 2.0% | |
Materials | 1.7% | |
Telecommunications | 1.1% | |
Health Care | 0.4% | |
Other Assets in Excess of Liabilities | 0.5% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2004, and are based on net assets.
1 Cash includes investments in an affiliated money market fund.
Portfolio of Investments
December 31, 2004
Shares | Value | |||
COMMON STOCKS -- 97.5% |
| |||
| Aerospace & Defense -- 0.7% |
| ||
405 | Raytheon Co. | $ 15,726 | ||
| Auto/Truck Parts & Equipment -- 0.5% |
| ||
245 | Genuine Parts Co. | 10,795 | ||
| Banks -- 19.1% |
| ||
366 | AmSouth Bancorporation | 9,479 | ||
2,319 | Bank of America Corp. | 108,970 | ||
464 | BB&T Corp. | 19,511 | ||
474 | Countrywide Credit Industries, Inc. | 17,543 | ||
211 | First Horizon National Corp. | 9,096 | ||
416 | Regions Financial Corp. | 14,805 | ||
387 | SunTrust Banks, Inc. | 28,592 | ||
1,480 | U.S. Bancorp | 46,354 | ||
1,289 | Wachovia Corp. | 67,801 | ||
766 | Washington Mutual, Inc. | 32,386 | ||
1,454 | Wells Fargo & Co. | 90,366 | ||
|
| 444,903 | ||
| Beer, Wine, & Distilled Beverages -- 0.6% |
| ||
48 | Adolph Coors Co., Class B | 3,632 | ||
206 | Brown-Forman Corp. | 10,028 | ||
|
| 13,660 | ||
| Chemicals -- 0.7% |
| ||
242 | PPG Industries, Inc. | 16,495 | ||
| Communications Equipment -- 1.9% |
| ||
288 | Comverse Technology, Inc. (b) | 7,042 | ||
918 | Nextel Communications, Inc., Class A (b) | 27,539 | ||
167 | Scientific-Atlanta, Inc. | 5,513 | ||
556 | Tellabs, Inc. (b) | 4,776 | ||
|
| 44,870 | ||
| Computer Services -- 6.7% |
| ||
787 | Ebay, Inc. (b) | 91,512 | ||
246 | Jabil Circuit, Inc. (b) | 6,293 | ||
446 | Veritas Software Corp. (b) | 12,733 | ||
1,182 | Yahoo, Inc. (b) | 44,538 | ||
|
| 155,076 | ||
| Computer Software -- 4.6% |
| ||
4,054 | Microsoft Corp. | $ 108,282 | ||
| Computers -- 12.7% |
| ||
5,693 | Cisco Systems, Inc. (b) | 109,875 | ||
179 | Citrix Systems, Inc. (b) | 4,391 | ||
509 | Computer Associates International, Inc. | 15,810 | ||
243 | Computer Sciences Corp. (b) | 13,698 | ||
2,251 | Dell, Inc. (b) | 94,857 | ||
4,035 | Oracle Corp. (b) | 55,360 | ||
|
| 293,991 | ||
|
| Computers, Peripherals & Software -- 1.9% | ||
288 | Adobe Systems, Inc. | 18,068 | ||
445 | Advanced Micro Devices, Inc. (b) | 9,799 | ||
311 | BMC Software, Inc. (b) | 5,785 | ||
502 | Novell, Inc. (b) | 3,389 | ||
416 | Parametric Technology Corp. (b) | 2,450 | ||
425 | Unisys Corp. (b) | 4,327 | ||
|
| 43,818 | ||
| Diversified Operations -- 1.6% |
| ||
241 | Ingersoll Rand Co. | 19,352 | ||
215 | Reynolds American, Inc. | 16,899 | ||
|
| 36,251 | ||
| Electrical Equipment -- 0.3% |
| ||
88 | Cooper Industries Ltd., Class A | 5,974 | ||
| Electronic Components -- 1.6% |
| ||
468 | Agilent Technologies, Inc. (b) | 11,278 | ||
431 | Applied Micro Circuits Corp. (b) | 1,815 | ||
339 | Broadcom Corp., Class A (b) | 10,943 | ||
534 | Sanmina Corp. (b) | 4,523 | ||
812 | Solectron Corp. (b) | 4,328 | ||
102 | Thomas & Betts Corp. (b) | 3,137 | ||
|
| 36,024 | ||
COMMON STOCKS -- (continued) |
| |||
| Financial Services -- 9.7% |
| ||
996 | American Express Co. | $ 56,144 | ||
200 | Bear Stearns Companies, Inc. | 20,462 | ||
294 | Capital One Financial Corp. | 24,758 | ||
433 | E*Trade Group, Inc. (b) | 6,473 | ||
284 | Franklin Resources, Inc. | 19,781 | ||
334 | Golden West Financial Corp. | 20,514 | ||
317 | Janus Capital Group, Inc. | 5,329 | ||
276 | Marshall & Ilsley Corp. | 12,199 | ||
300 | Providian Financial Corp. (b) | 4,941 | ||
390 | SLM Corp. | 20,822 | ||
204 | T. Rowe Price Group, Inc. | 12,689 | ||
1,206 | The Charles Schwab Corp. | 14,424 | ||
87 | Zions Bancorporation | 5,919 | ||
|
| 224,455 | ||
| Food & Beverages -- 4.4% |
| ||
464 | Coca-Cola Enterprises, Inc. | 9,674 | ||
2,212 | The Coca-Cola Co. | 92,086 | ||
|
| 101,760 | ||
| Hotels -- 0.4% |
| ||
417 | Hilton Hotels Corp. | 9,483 | ||
| Life Insurance -- 0.6% |
| ||
332 | Principal Financial Group | 13,592 | ||
| Machinery -- 0.5% |
| ||
254 | Rockwell International Corp. | 12,586 | ||
| Metals & Mining -- 1.0% |
| ||
163 | Freeport-McMoran Copper & Gold, Inc., Class B | 6,231 | ||
179 | Phelps Dodge Corp. | 17,707 | ||
|
| 23,938 | ||
| Miscellaneous Business Services -- 1.8% |
| ||
488 | Autodesk, Inc. | 18,520 | ||
562 | Symantec Corp. (b) | 14,477 | ||
208 | Waters Corp. (b) | 9,732 | ||
|
| 42,729 | ||
| Real Estate Investment Trusts -- 1.2% |
| ||
248 | Prologis Trust | 10,746 | ||
265 | Simon Property Group, Inc. | 17,137 | ||
|
| 27,883 | ||
| Retail -- 6.7% |
| ||
241 | Circuit City Stores, Inc. | 3,769 | ||
826 | Gap, Inc. | 17,445 | ||
2,012 | Home Depot, Inc. | 85,993 | ||
828 | Lowe’s Cos., Inc. | 47,685 | ||
|
| 154,892 | ||
| Semi-Conductors/Instruments -- 3.3% |
| ||
398 | Analog Devices, Inc. | $ 14,694 | ||
151 | Freescale Semiconductor Inc. (b) | 2,773 | ||
679 | LSI Logic Corp. (b) | 3,721 | ||
331 | National Semiconductor Corp. | 5,941 | ||
206 | NVIDIA Corp. (b) | 4,853 | ||
360 | PMC-Sierra, Inc. (b) | 4,050 | ||
120 | QLogic Corp. (b) | 4,408 | ||
1,526 | Texas Instruments, Inc. | 37,571 | ||
|
| 78,011 | ||
| Technology -- 8.5% |
| ||
854 | ADC Telecommunications, Inc. (b) | 2,289 | ||
409 | Altera Corp. (b) | 8,466 | ||
490 | Compuware Corp. (b) | 3,170 | ||
4,824 | Intel Corp. | 112,834 | ||
254 | Intuit, Inc. (b) | 11,179 | ||
208 | Lexmark International Group, Inc. (b) | 17,680 | ||
340 | Linear Technology Corporation | 13,178 | ||
331 | Maxim Integrated Products, Inc. | 14,031 | ||
102 | Mercury Interactive Corporation (b) | 4,646 | ||
378 | Xilinx, Inc. | 11,208 | ||
|
| 198,681 | ||
|
| Telephone & Telecommunications -- 4.8% | ||
836 | Ciena Corp. (b) | 2,792 | ||
1,033 | JDS Uniphase Corp. (b) | 3,275 | ||
2,873 | Lucent Technologies, Inc. (b) | 10,802 | ||
1,968 | Motorola, Inc. | 33,850 | ||
1,453 | Qualcomm, Inc. | 61,607 | ||
|
| 112,326 | ||
| Textiles -- 0.3% |
| ||
107 | V.F. Corp. | 5,926 | ||
| Transport - Marine -- 1.3% |
| ||
526 | Carnival Corp. | 30,313 | ||
| Transport - Services -- 0.1% |
| ||
70 | Ryder System, Inc. | 3,344 | ||
| Total Common Stocks (Cost $2,111,531) | 2,265,784 | ||
CASH EQUIVALENT -- 2.0% |
| |||
45,538 | Huntington Money Market Fund, | 45,538 | ||
| Total Cash Equivalent (Cost $45,538) | 45,538 | ||
| Total Investments | 2,311,322 | ||
| Other Assets in Excess of | 12,535 | ||
| Net Assets -- 100.0% | $ 2,323,857 | ||
Huntington VA Mid Corp America Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2004
Asset Allocation | Percentage of | |
Financials | 16.5% | |
Consumer Discretionary | 14.9% | |
Industrials | 14.0% | |
Technology | 11.4% | |
Health Care | 10.5% | |
Other Investments | 10.0% | |
Energy | 7.8% | |
Cash | 6.5% | |
Utilities | 5.2% | |
Materials | 4.3% | |
Consumer Staples | 3.4% | |
Liabilities in Excess of Other Assets | (4.5)% | |
TOTAL | 100.0 % |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2004, and are based on net assets.
Portfolio of Investments
December 31, 2004
Shares | Value | |||
COMMON STOCKS -- 88.0% |
| |||
| Aerospace & Defense -- 0.6% |
| ||
1,675 | Alliant Techsystems, Inc. (b) | $ 109,512 | ||
|
| Amusement & Recreation Services -- 0.2% | ||
900 | Boyd Gaming Corp. | 37,485 | ||
| Apparel & Textiles -- 1.6% |
| ||
1,300 | G & K Services, Inc., Class A | 56,446 | ||
3,444 | Liz Claiborne, Inc. | 145,371 | ||
1,100 | Reebok International Ltd. | 48,400 | ||
1,400 | UniFirst Corp. | 39,592 | ||
|
| 289,809 | ||
|
| Auto/Truck Parts & Equipment -- 1.2% | ||
3,888 | Adesa, Inc. | 82,503 | ||
400 | Cummins Engine, Inc. | 33,516 | ||
1,300 | Oshkosh Truck Corp. | 88,894 | ||
|
| 204,913 | ||
| Banks -- 5.6% |
| ||
1,400 | Amcore Financial, Inc. | 45,052 | ||
1,700 | BancorpSouth, Inc. | 41,429 | ||
2,700 | Banknorth Group, Inc. | 98,820 | ||
1,666 | BOK Financial Corp. (b) | 81,234 | ||
2,700 | Chittenden Corp. | 77,571 | ||
3,021 | Compass Bancshares, Inc. | 147,032 | ||
4,832 | First Horizon National Corp. | 208,307 | ||
855 | Fulton Financial Corp. | 19,930 | ||
1,400 | M & T Bank Corp. | 150,976 | ||
533 | New York Community Bancorp, Inc. | 10,964 | ||
2,964 | TCF Financial Corp. | 95,263 | ||
|
| 976,578 | ||
|
| Beer, Wine, & Distilled Beverages -- 0.6% | ||
1,360 | Adolph Coors Co., Class B | 102,911 | ||
| Biotechnology -- 1.4% |
| ||
1,186 | Cephalon, Inc. (b) | 60,344 | ||
2,778 | Invitrogen Corp. (b) | 186,487 | ||
|
| 246,831 | ||
| Building & Construction -- 4.8% |
| ||
1,400 | Beazer Homes USA, Inc. (c) | $ 204,694 | ||
1,400 | Centex Corp. | 83,412 | ||
3,000 | D. R. Horton, Inc. | 120,930 | ||
1,031 | Eagle Materials, Inc. | 89,027 | ||
300 | Hovnanian Enterprises, Class A (b) | 14,856 | ||
3,238 | Insituform Technologies, Inc., | 73,405 | ||
700 | Lafarge North America Corp. | 35,924 | ||
3,622 | Pulte Homes, Inc. | 231,084 | ||
|
| 853,332 | ||
| Chemicals -- 2.0% |
| ||
3,300 | Albemarle Corp. | 127,743 | ||
1,558 | Cytec Industries, Inc. | 80,112 | ||
1,960 | Lubrizol Corp. | 72,246 | ||
1,100 | Minerals Technologies, Inc. | 73,370 | ||
|
| 353,471 | ||
|
| Communications Equipment -- 2.8% | ||
1,300 | Harris Corp. | 80,327 | ||
4,259 | L-3 Communications Corp. | 311,929 | ||
3,428 | Scientific-Atlanta, Inc. | 113,158 | ||
|
| 505,414 | ||
| Computer Services -- 2.8% |
| ||
3,075 | Activision, Inc. (b) | 62,054 | ||
1,459 | Affiliated Computer Services, Inc. (b) | 87,817 | ||
4,500 | Intergraph Corp. (b) | 121,185 | ||
3,200 | JDA Software Group, Inc. (b) | 43,584 | ||
300 | Pinnacle Systems, Inc. (b) | 1,830 | ||
898 | SafeNet, Inc. (b) | 32,993 | ||
5,341 | Sungard Data Systems, Inc. (b) | 151,310 | ||
|
| 500,773 | ||
COMMON STOCKS -- (continued) |
| |||
| Computers -- 1.3% |
| ||
1,374 | NCR Corp. (b) | $ 95,122 | ||
1,440 | Progress Software Corp. (b) | 33,624 | ||
2,000 | Sandisk Corp. (b) | 49,940 | ||
1,900 | Storage Technology Corp. (b) | 60,059 | ||
|
| 238,745 | ||
|
| Computers, Peripherals & Software -- 1.0% | ||
2,600 | Cognos, Inc. (b) | 114,556 | ||
1,600 | Novell, Inc. (b) | 10,800 | ||
2,600 | Sybase, Inc. (b) | 51,870 | ||
|
| 177,226 | ||
| Consulting Services -- 0.5% |
| ||
5,410 | Forrester Research, Inc. (b) | 97,055 | ||
| Consumer Products -- 0.3% |
| ||
400 | Harman International Industries, Inc. | 50,800 | ||
| Containers - Paper/Plastic -- 0.2% |
| ||
1,300 | Pactiv Corp. (b) | 32,877 | ||
|
| Data Processing/Management -- 0.2% | ||
1,940 | MoneyGram International, Inc. | 41,012 | ||
| Diversified Operations -- 2.2% |
| ||
600 | Ball Corp. | 26,388 | ||
4,200 | Griffon Corp. (b) | 113,400 | ||
3,421 | Teleflex, Inc. | 177,687 | ||
1,100 | Textron, Inc. | 81,180 | ||
|
| 398,655 | ||
| Drugs & Health Care -- 1.1% |
| ||
1,785 | Barr Laboratories, Inc. (b) | 81,289 | ||
6,352 | Mylan Laboratories, Inc. | 112,303 | ||
|
| 193,592 | ||
| Electrical Components -- 0.8% |
| ||
3,600 | Elbit Systems Ltd. | 95,040 | ||
1,600 | Rayovac Corp. (b) | 48,896 | ||
|
| 143,936 | ||
| Electrical Equipment -- 1.0% |
| ||
2,656 | Cooper Industries Ltd., Class A | 180,316 | ||
| Electrical Services -- 1.2% |
| ||
1,296 | Allete, Inc. | 47,628 | ||
1,700 | Constellation Energy Group | 74,307 | ||
3,691 | Energy East Corp. | 98,476 | ||
|
| 220,411 | ||
| Electronic Components -- 0.5% |
| ||
150 | Benchmark Electronics, Inc. (b) | 5,115 | ||
600 | Molex, Inc. | 18,000 | ||
2,000 | Thomas & Betts Corp. (b) | 61,500 | ||
|
| 84,615 | ||
| Environmental Services -- 0.5% |
| ||
1,800 | Stericycle, Inc. (b) | 82,710 | ||
| Financial Services -- 5.7% |
| ||
2,350 | Allied Capital Corp. (c) | 60,724 | ||
2,100 | Ambac Financial Group, Inc. | 172,473 | ||
1,884 | AmeriCredit Corp. (b) | 46,064 | ||
1,337 | Bear Stearns Companies, Inc. | 136,788 | ||
2,859 | City National Corp. | 201,988 | ||
2,500 | First American Financial Corp. | 87,850 | ||
|
|
| ||
| Financial Services -- (continued) |
| ||
1,400 | Firstmerit Corp. | $ 39,886 | ||
2,467 | Legg Mason, Inc. | 180,732 | ||
1,800 | Wilmington Trust Corp. | 65,070 | ||
|
| 991,575 | ||
| Food & Beverages -- 1.9% |
| ||
1,300 | Constellation Brands, Inc. (b) | 60,463 | ||
1,500 | McCormick & Co., Inc. | 57,900 | ||
2,111 | Ralcorp Holding, Inc. | 88,514 | ||
1,500 | Smithfield Foods, Inc. (b) | 44,385 | ||
1,334 | SUPERVALU, Inc. | 46,050 | ||
1,770 | Tyson Foods, Inc., Class A | 32,568 | ||
|
| 329,880 | ||
| Gas & Natural Gas -- 3.9% |
| ||
2,200 | AGL Resources, Inc. | 73,128 | ||
2,300 | Atmos Energy Corp. | 62,905 | ||
700 | Keyspan Corp. | 27,615 | ||
3,921 | MDU Resources Group, Inc. | 104,612 | ||
2,900 | National Fuel Gas Co. | 82,186 | ||
1,200 | New Jersey Resources Corp. | 52,008 | ||
1,200 | Peoples Energy Corp. | 52,740 | ||
4,664 | Questar Corp. | 237,678 | ||
|
| 692,872 | ||
|
| Healthcare Equipment & Supplies -- 0.5% | ||
1,070 | Hillenbrand Industries, Inc. | 59,428 | ||
1,700 | Viasys Healthcare, Inc. (b) | 32,300 | ||
|
| 91,728 | ||
| Hotels -- 0.3% |
| ||
400 | Hilton Hotels Corp. | 9,096 | ||
900 | Starwood Hotels & Resorts | 52,560 | ||
|
| 61,656 | ||
| Household Products -- 1.0% |
| ||
2,730 | Church & Dwight Co., Inc. | 91,783 | ||
900 | Ferro Corp. | 20,871 | ||
1,030 | Whirlpool Corp. | 71,286 | ||
|
| 183,940 | ||
| Instruments - Scientific -- 0.7% |
| ||
2,012 | Fisher Scientific International, | 125,509 | ||
| Insurance -- 5.1% |
| ||
2,000 | Allmerica Financial Corp. (b) | 65,660 | ||
3,117 | Fidelity National Financial, Inc. | 142,353 | ||
1,830 | Nationwide Financial Services, Inc. | 69,961 | ||
4,749 | Old Republic International Corp. | 120,150 | ||
2,743 | PMI Group, Inc. | 114,520 | ||
3,223 | Protective Life Corp. | 137,590 | ||
2,827 | Torchmark Corp. | 161,535 | ||
1,144 | UnitedHealth Group, Inc. | 100,706 | ||
|
| 912,475 | ||
|
| Lasers - Systems/Components -- 0.2% | ||
940 | Coherent, Inc. (b) | 28,614 | ||
| Leisure -- 1.6% |
| ||
1,500 | Brunswick Corp. | 74,250 | ||
3,982 | Royal Caribbean Cruises Ltd. | 216,780 | ||
|
| 291,030 | ||
COMMON STOCKS -- (continued) |
| |||
| Machinery -- 2.6% |
| ||
1,300 | AptarGroup, Inc. | $ 68,614 | ||
3,019 | Kennametal, Inc. | 150,256 | ||
2,336 | Parker Hannifin Corp. | 176,928 | ||
300 | Rockwell International Corp. | 14,865 | ||
984 | Tecumseh Products Co., Class A | 47,035 | ||
|
| 457,698 | ||
| Measuring Devices -- 1.4% |
| ||
488 | FLIR Systems, Inc. (b) | 31,130 | ||
1,907 | Tektronix, Inc. | 57,610 | ||
3,689 | Thermo Electron Corp. (b) | 111,371 | ||
1,650 | Trimble Navigation Ltd. (b) | 54,516 | ||
|
| 254,627 | ||
| Medical & Medical Services -- 3.9% |
| ||
3,000 | Coventry Health Care, Inc. (b) | 159,240 | ||
400 | Dentsply International, Inc. | 22,480 | ||
1,200 | Health Management Associates, Inc. | 27,264 | ||
2,333 | Lincare Holdings, Inc. (b) | 99,502 | ||
1,720 | Owens & Minor, Inc. | 48,452 | ||
1,800 | Pediatrix Medical Group, Inc. (b) | 115,290 | ||
2,550 | Renal Care Group, Inc. (b) | 91,775 | ||
2,300 | Respironics, Inc. (b) | 125,028 | ||
|
| 689,031 | ||
|
| Metal Processors & Fabrication -- 0.7% | ||
1,900 | Precision Castparts Corp. | 124,792 | ||
|
| Miscellaneous Business Services -- 2.5% | ||
774 | Caremark Rx, Inc. (b) | 30,519 | ||
1,900 | Electronic Arts, Inc. (b) | 117,192 | ||
2,152 | NCO Group, Inc. (b) | 55,629 | ||
9,200 | Symantec Corp. (b) | 236,992 | ||
|
| 440,332 | ||
| Office Supplies -- 0.1% |
| ||
300 | Avery Dennison Corp. | 17,991 | ||
| Oil & Gas - Exploration & |
| ||
7,014 | Devon Energy Corp. | 272,985 | ||
1,300 | Suncor Energy, Inc. ADR | 46,020 | ||
800 | Unocal Corp. | 34,592 | ||
3,507 | Weatherford International, Inc. (b) | 179,909 | ||
|
| 533,506 | ||
|
| Paperboard Containers & Boxes -- 0.5% | ||
3,000 | Bemis Co. | 87,270 | ||
| Personal Products -- 0.3% |
| ||
2,200 | NBTY, Inc. (b) | 52,822 | ||
|
| Petroleum & Petroleum Products -- 4.7% | ||
2,756 | Apache Corp. | 139,371 | ||
13,058 | Chesapeake Energy Corp. | 215,457 | ||
900 | Forest Oil Corp. (b) | 28,548 | ||
1,000 | Helmerich & Payne, Inc. | 34,040 | ||
800 | Murphy Oil Corp. | 64,360 | ||
7,000 | Patina Oil & Gas Corp. | 262,500 | ||
1,243 | Unit Corp. (b) | 47,495 | ||
2,100 | Vintage Petroleum, Inc. | 47,649 | ||
|
| 839,420 | ||
| Pharmaceuticals -- 0.6% |
| ||
2,200 | Omnicare, Inc. | $ 76,164 | ||
900 | Watson Pharmaceutical, Inc. (b) | 29,529 | ||
|
| 105,693 | ||
| Pollution Control -- 0.5% |
| ||
2,879 | Pall Corp. | 83,347 | ||
| Printing & Publishing -- 1.4% |
| ||
2,400 | Banta Corp. | 107,424 | ||
4,768 | Paxar Corp. (b) | 105,707 | ||
1,000 | R.R. Donnelley & Sons Co. | 35,290 | ||
|
| 248,421 | ||
|
| Real Estate Investment Trusts -- 1.0% | ||
2,827 | LNR Property Corp. | 177,847 | ||
| Restaurants -- 0.9% |
| ||
4,537 | Applebee’s International, Inc. | 120,003 | ||
1,678 | Ruby Tuesday, Inc. | 43,762 | ||
|
| 163,765 | ||
| Retail -- 3.1% |
| ||
1,949 | Abercrombie & Fitch Co., Class A | 91,506 | ||
4,350 | AnnTaylor Stores Corp. (b) | 93,656 | ||
900 | Nieman Marcus Group, Inc. | 64,386 | ||
2,179 | Nordstrom, Inc. | 101,824 | ||
300 | Pacific Sunwear of California, Inc. (b) | 6,678 | ||
1,300 | PETsMART, Inc. | 46,189 | ||
2,200 | Sonic Automotives, Inc. | 54,560 | ||
3,400 | Zales Corp. (b) | 101,558 | ||
|
| 560,357 | ||
| Schools -- 0.1% |
| ||
500 | Career Education Corp. (b) | 20,000 | ||
| Semiconductor Equipment -- 1.2% |
| ||
2,000 | ESS Technology, Inc. (b) | 14,220 | ||
1,978 | Imation Corp. | 62,960 | ||
2,392 | International Rectifier Corp. (b) | 106,612 | ||
717 | Varian Semiconductor Equipment Associates, Inc. (b) | 26,421 | ||
|
| 210,213 | ||
|
| Telephone & Telecommunications -- 0.3% | ||
807 | CenturyTel, Inc. | 28,624 | ||
400 | Commonwealth Telephone | 19,864 | ||
|
| 48,488 | ||
| Tires & Tubes -- 0.1% |
| ||
1,087 | Cooper Tire & Rubber Co. | 23,425 | ||
| Tools & Accessories -- 0.5% |
| ||
1,700 | Snap-On, Inc. | 58,412 | ||
793 | The Stanley Works | 38,849 | ||
|
| 97,261 | ||
| Transport - Services -- 0.4% |
| ||
1,600 | Ryder System, Inc. | 76,432 | ||
| Wholesale Distribution -- 1.3% |
| ||
2,600 | AmerisourceBergen Corp. | 152,568 | ||
1,600 | BorgWarner, Inc. | 86,672 | ||
|
| 239,240 | ||
| Woven Carpets & Rugs -- 1.6% |
| ||
3,100 | Mohawk Industries, Inc. (b) | 282,875 | ||
| Total Common Stocks | 15,667,111 | ||
Shares or | Value | |||
MUTUAL FUNDS -- 5.2% |
| |||
| Exchange Traded Funds -- 5.2% |
| ||
3,600 | iShares S&P Midcap 400 Index Fund (c) | $ 477,288 | ||
3,652 | MidCap SPDR Trust Series 1 | 442,367 | ||
| Total Mutual Funds (Cost $688,326) | 919,655 | ||
CASH EQUIVALENT -- 6.5% |
| |||
1,161,280 | Huntington Money Market Fund, | 1,161,280 | ||
| Total Cash Equivalent | 1,161,280 | ||
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES |
| |||
| Certificates of Deposit -- 0.1% |
| ||
$ 13,012 | Wells Fargo Bank, 2.360%, 1/21/05 | 13,012 | ||
| Commercial Paper -- 1.5% |
| ||
21,635 | Blue Ridge Asset Fund 4-2, | 21,635 | ||
19,467 | Blue Ridge Asset Fund 4-2, | 19,467 | ||
14,751 | Chariot Funding, LLC, | 14,751 | ||
21,601 | Chariot Funding, LLC, | 21,601 | ||
3,012 | Dakota CP NTS of Citibank, | 3,012 | ||
17,298 | Dakota CP NTS of Citibank, | 17,298 | ||
21,635 | Dakota CP NTS of Citibank, | 21,635 | ||
21,635 | Delaware Funding 4-2 144A, | 21,635 | ||
21,635 | Falcon Asset Securities Corp. 4-2, 2.290%, 1/18/05 | 21,635 | ||
17,298 | Park Granada LLC, 2.390%, 2/1/05 | 17,298 | ||
17,298 | Three Pillars Fund 4-2 144A, | 17,298 | ||
10,964 | Three Pillars Fund 4-2 144A, | 10,964 | ||
10,846 | Three Pillars Fund 4-2 144A, | 10,846 | ||
21,601 | Variable Fund Cap 4-2 144A, | 21,601 | ||
21,601 | Yorktown Capital, LLC, | 21,601 | ||
| 262,277 | |||
Mutual Funds -- 0.0% |
| |||
344 | J.P. Morgan Institutional Prime Money Market Fund | 344 | ||
Repurchase Agreements -- 0.9% |
| |||
58,004 | JP Morgan Securities, 2.280%, 1/3/05 | 58,004 | ||
108,090 | Morgan Stanley Dean Witter & Co., 2.270%, 1/3/05 | 108,090 | ||
| 166,094 | |||
Principal | Value | |||
U.S. Government Agencies -- 0.1% |
| |||
| Federal National Mortgage |
| ||
$ 8,606 | 1.300%, 1/7/05 | $ 8,606 | ||
9,294 | 1.400%, 3/29/05 | 9,294 | ||
| 17,900 | |||
| Federal Home Loan Bank -- 0.0% |
| ||
10,843 | 1.450%, 3/11/05 | 10,843 | ||
| Total U.S. Government Agencies | 28,743 | ||
Variable Rate Obligations -- 2.2% |
| |||
21,635 | Bankone Class A 2004-4, | 21,635 | ||
12,995 | Bankone ISS Trust 2003-1, | 12,995 | ||
10,843 | Bayerische Landesbk NY, | 10,843 | ||
3,012 | Capital One MT 2002-3, | 3,012 | ||
8,606 | Capital One MT 2002-3, | 8,606 | ||
5,594 | Capital One MT 2002-3, | 5,594 | ||
14,716 | CCCIT Series 2000, CL 2002-A9, 2.511%, 3/15/05 | 14,716 | ||
8,520 | CCCIT Series 2000, CL 2002-A5, 2.528%, 3/15/05 | 8,520 | ||
3,787 | Chase CC Owner Trust 2002-2, 2.442%, 1/18/05 | 3,787 | ||
4,303 | Chase CC Owner Trust 2002-2, 2.453%, 1/18/05 | 4,303 | ||
6,454 | Chase CC Owner Trust 2002-2, 2.453%, 1/18/05 | 6,454 | ||
6,885 | Chase CCC Trust 2004-2, C, | 6,885 | ||
21,635 | Chase CCC Trust 2004-2, C, | 21,635 | ||
10,843 | Chase CCMT 2001-2 Class A, | 10,843 | ||
18,589 | Chase CCOT 2001-1 Class A, | 18,589 | ||
5,508 | Chase CCOT 2003-1, Class A, | 5,508 | ||
4,475 | Chase CCOT 2003-1, Class A, | 4,475 | ||
13,029 | Chase CCOT 2003-1, Class A, | 13,029 | ||
11,962 | Daimler Chrysler Master OT | 11,962 | ||
21,635 | Dexia Bank Belgium SA, | 21,635 | ||
10,843 | Discover CMT I 2002-1, | 10,843 | ||
5,164 | Discover CMT I 2002-1, | 5,164 | ||
1,291 | Discover CMT I 2002-1, | 1,291 | ||
10,843 | Discover CMT I 2003-1, | 10,843 | ||
11,618 | Discover CMT I 2001-2, | 11,618 | ||
4,303 | Fleet CCMT II 2002-A Class A, 2.433%, 1/18/05 | 4,303 | ||
2,151 | Fleet CCMT II 2002-A Class A, 2.453%, 1/18/05 | 2,151 | ||
6,454 | Fleet CCMT II 2002-A Class A, 2.453%, 1/18/05 | 6,454 | ||
4,303 | Fleet CCMT II 2002-A Class A, 2.471%, 1/18/05 | 4,303 | ||
24,389 | General Electric Capital Corp., 2.238%, 2/3/05 | 24,389 | ||
4,303 | General Electric Capital Corp., 2.300%, 2/3/05 | 4,303 | ||
1,721 | General Electric Capital Corp., 2.346%, 2/14/05 | 1,721 | ||
6,454 | General Electric Capital Corp., 2.356%, 2/14/05 | 6,454 | ||
21,635 | HBOS Treasury Services PLC, 2.580%, 3/30/05 | 21,635 | ||
21,635 | JP Morgan & Co., Inc., | 21,635 | ||
7,745 | Massmut Global Funding II, | 7,745 | ||
4,303 | MBNA MCCT II 1997-K, Class A, 2.444%, 1/18/05 | 4,303 | ||
25,938 | MBNA MCCT II 2000-K, Class A, 2.112%, 1/18/05 | 25,938 | ||
| 390,119 | |||
| Total Short-Term Securities Held as Collateral For Securities Lending (Cost $860,589) | 860,589 | ||
| Total Investments | 18,608,635 | ||
| Liabilities in Excess of | (804,119) | ||
| Net Assets -- 100.0% | $ 17,804,516 | ||
Huntington VA New Economy Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2004
Asset Allocation | Percentage of | |
Health Care | 17.8% | |
Cash1 | 17.3% | |
Technology | 14.7% | |
Consumer Discretionary | 13.6% | |
Industrials | 10.3% | |
Other Investments | 8.0% | |
Financials | 6.6% | |
Consumer Staples | 4.7% | |
Materials | 3.3% | |
Energy | 3.3% | |
Telecommunications | 0.4% | |
TOTAL | 100.0 % |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2004, and are based on net assets.
1 Cash includes investments in an affiliated money market fund.
Portfolio of Investments
December 31, 2004
Shares | Value | |||
COMMON STOCKS -- 74.6% |
| |||
| Aerospace & Defense -- 0.5% |
| ||
650 | Armor Holdings, Inc. (b) | $ 30,563 | ||
| Apparel & Textiles -- 1.6% |
| ||
518 | Bebe Stores, Inc. | 13,962 | ||
240 | Coach, Inc. (b) | 13,536 | ||
270 | Fossil, Inc. (b) | 6,923 | ||
1,030 | K-Swiss, Inc., Class A | 29,993 | ||
730 | The Children’s Place, Inc. (b) | 27,032 | ||
|
| 91,446 | ||
| Auto Dealers -- 0.1% |
| ||
400 | Asbury Automotive Group (b) | 5,512 | ||
| Auto/Truck Parts & Equipment -- 1.6% |
| ||
520 | Autoliv, Inc. | 25,116 | ||
180 | Brilliance China Automotive Holdings Ltd. ADR | 3,474 | ||
400 | Cummins Engine, Inc. | 33,516 | ||
155 | Group 1 Automotive, Inc. (b) | 4,883 | ||
124 | Lear Corp. | 7,565 | ||
86 | Magna International, Inc. | 7,099 | ||
183 | PACCAR, Inc. | 14,728 | ||
|
| 96,381 | ||
| Banks -- 4.0% |
| ||
1,348 | Countrywide Credit Industries, Inc. | 49,888 | ||
547 | Dime Community Bancshares | 9,797 | ||
250 | First Republic Bancorp, Inc. | 13,250 | ||
400 | Flagstar Bancorp, Inc. | 9,040 | ||
190 | Independence Community Bank Corp. | 8,090 | ||
325 | Irwin Financial Corp. | 9,227 | ||
247 | MB Financial, Inc. | 10,411 | ||
700 | New Century Financial Corp | 44,737 | ||
370 | New York Community Bancorp, Inc. | 7,611 | ||
450 | R & G Finanical Corp., Class B | 17,496 | ||
460 | Sovereign Bancorp | 10,373 | ||
266 | UCBH Holdings, Inc. | 12,188 | ||
220 | Washington Mutual, Inc. | 9,302 | ||
| Banks -- (continued) |
| ||
225 | Webster Financial Corp. | $ 11,394 | ||
220 | WFS Financial, Inc. (b) | 11,172 | ||
|
| 233,976 | ||
| Batteries/Battery Systems -- 0.2% |
| ||
250 | Energizer Holdings, Inc. (b) | 12,423 | ||
| Biotechnology -- 0.6% |
| ||
490 | Invitrogen Corp. (b) | 32,894 | ||
| Building & Construction -- 6.2% |
| ||
580 | Centex Corp. | 34,556 | ||
1,050 | D. R. Horton, Inc. | 42,326 | ||
500 | Dycom Industries, Inc. (b) | 15,260 | ||
3 | Eagle Materials, Inc. | 259 | ||
12 | Eagle Materials, Inc., Class B | 1,012 | ||
120 | KB Home | 12,528 | ||
400 | Lennar Corp. | 22,672 | ||
152 | M/I Schottenstein Homes, Inc. | 8,377 | ||
440 | Masco Corp. | 16,073 | ||
162 | MDC Holdings, Inc. | 14,003 | ||
14 | NVR, Inc. (b) | 10,772 | ||
200 | Pulte Homes, Inc. | 12,760 | ||
200 | Ryland Group, Inc. | 11,508 | ||
620 | Simpson Manufacturing Co., Inc. | 21,638 | ||
410 | Standard-Pacific Corp. | 26,297 | ||
375 | Technical Olympic USA, Inc. | 9,518 | ||
800 | Terex Corp. (b) | 38,120 | ||
690 | USG Corp. (b) | 27,786 | ||
880 | Washington Group International, Inc. (b) | 36,300 | ||
|
| 361,765 | ||
| Chemicals -- 1.4% |
| ||
200 | Eastman Chemical Co. | 11,546 | ||
300 | Georgia Gulf Corp. | 14,940 | ||
300 | Monsanto Co. | 16,665 | ||
375 | OM Group, Inc. (b) | 12,158 | ||
380 | TETRA Technologies, Inc. (b) | 10,754 | ||
300 | The Dow Chemical Co. | 14,853 | ||
|
| 80,916 | ||
COMMON STOCKS -- (continued) |
| |||
|
| Commercial Services & Supplies -- 0.9% | ||
1,938 | Cendant Corp. | $ 45,310 | ||
300 | StarTek, Inc. | 8,535 | ||
|
| 53,845 | ||
| Communications Equipment -- 0.4% |
| ||
190 | L-3 Communications Corp. | 13,916 | ||
370 | Nextel Communications, Inc., Class A (b) | 11,100 | ||
|
| 25,016 | ||
| Computer Services -- 2.5% |
| ||
800 | Activision, Inc. (b) | 16,144 | ||
1,300 | Earthlink, Inc. (b) | 14,976 | ||
1,020 | Filenet Corp. (b) | 26,274 | ||
242 | First Data Corp. | 10,295 | ||
300 | Infospace, Inc. (b) | 14,265 | ||
420 | Intergraph Corp. (b) | 11,311 | ||
400 | Jabil Circuit, Inc. (b) | 10,232 | ||
800 | Pinnacle Systems, Inc. (b) | 4,880 | ||
207 | Sungard Data Systems, Inc. (b) | 5,864 | ||
400 | Synopsys, Inc. (b) | 7,848 | ||
300 | Veritas Software Corp. (b) | 8,565 | ||
476 | Yahoo, Inc. (b) | 17,936 | ||
|
| 148,590 | ||
| Computers -- 3.4% |
| ||
600 | Ansys, Inc. (b) | 19,236 | ||
825 | Apple Computer, Inc. (b) | 53,129 | ||
550 | Cerner Corp. (b) | 29,244 | ||
1,080 | Cisco Systems, Inc. (b) | 20,844 | ||
700 | EMC Corp. (b) | 10,409 | ||
700 | Maxtor Corp. (b) | 3,710 | ||
600 | Mentor Graphics Corp. (b) | 9,174 | ||
250 | NCR Corp. (b) | 17,308 | ||
400 | Progress Software Corp. (b) | 9,340 | ||
200 | Sandisk Corp. (b) | 4,994 | ||
1,190 | Transaction Systems Architects, Inc., | 23,622 | ||
|
| 201,010 | ||
| Consumer Products -- 0.8% |
| ||
1,220 | Finish Line, Class A | 22,326 | ||
120 | Harman International Industries, Inc. | 15,240 | ||
310 | Helen of Troy Ltd. (b) | 10,419 | ||
|
| 47,985 | ||
| Dental Supplies & Equipment -- 0.6% |
| ||
840 | Patterson Cos, Inc. (b) | 36,448 | ||
| Diversified Operations -- 1.5% |
| ||
400 | Ball Corp. | 17,592 | ||
2,170 | Casella Waste Systems, Inc., Class A (b) | 31,769 | ||
370 | Griffon Corp. (b) | 9,990 | ||
800 | The Brink’s Co. | 31,616 | ||
|
| 90,967 | ||
| Electronic Components -- 1.2% |
| ||
665 | Benchmark Electronics, Inc. (b) | 22,676 | ||
400 | DSP Group, Inc. (b) | 8,932 | ||
700 | Flextronics International Ltd. (b) | 9,674 | ||
810 | Methode Electronics | 10,409 | ||
2,100 | Sanmina Corp. (b) | 17,787 | ||
860 | Viscount Systems, Inc. (b) | 714 | ||
|
| 70,192 | ||
| Environmental Services -- 0.1% |
| ||
120 | Stericycle, Inc. (b) | 5,514 | ||
|
|
| ||
| Financial Services -- 1.1% |
| ||
470 | CompuCredit Corp. (b) | $ 12,850 | ||
300 | Doral Financial Corp. | 14,775 | ||
440 | First American Financial Corp. | 15,461 | ||
190 | Golden West Financial Corp. | 11,670 | ||
190 | H & R Block, Inc. | 9,310 | ||
|
| 64,066 | ||
| Food & Beverages -- 3.9% |
| ||
1,200 | Archer-Daniels-Midland Co. | 26,772 | ||
480 | Chiquita Brands International, Inc. | 10,589 | ||
700 | Coca-Cola Enterprises, Inc. | 14,595 | ||
318 | Constellation Brands, Inc. (b) | 14,790 | ||
380 | Flowers Foods, Inc. | 12,000 | ||
360 | Fresh Del Monte Produce, Inc. | 10,660 | ||
700 | Hormel Foods Corp. | 21,945 | ||
800 | Pilgrim’s Pride Corp. | 24,544 | ||
320 | Ralcorp Holding, Inc. | 13,418 | ||
390 | Sanderson Farms, Inc. | 16,879 | ||
700 | Smithfield Foods, Inc. (b) | 20,713 | ||
350 | SUPERVALU, Inc. | 12,082 | ||
1,000 | Tyson Foods, Inc., Class A | 18,400 | ||
258 | YUM! Brands, Inc. | 12,172 | ||
|
| 229,559 | ||
|
| Healthcare Equipment & Supplies -- 0.3% | ||
840 | Viasys Healthcare, Inc. (b) | 15,960 | ||
| Hotels -- 0.7% |
| ||
800 | Caesars Entertainment, Inc. (b) | 16,112 | ||
200 | MGM Grand, Inc. (b) | 14,548 | ||
200 | Starwood Hotels & Resorts | 11,680 | ||
|
| 42,340 | ||
| Household Furnishings -- 0.1% |
| ||
78 | American Woodmark Corp. | 3,407 | ||
|
|
| ||
| Instruments - Scientific -- 0.4% |
| ||
381 | Fisher Scientific International, Inc. (b) | 23,754 | ||
| Insurance -- 1.8% |
| ||
270 | AFLAC, Inc. | 10,757 | ||
335 | Fidelity National Financial, Inc. | 15,299 | ||
465 | Old Republic International Corp. | 11,765 | ||
350 | Progressive Corp. | 29,694 | ||
450 | UnitedHealth Group, Inc. | 39,613 | ||
|
| 107,128 | ||
| Internet Services -- 0.5% |
| ||
900 | DoubleClick, Inc. (b) | 7,002 | ||
700 | Verisign, Inc. (b) | 23,464 | ||
|
| 30,466 | ||
| Lasers - Systems/Components -- 0.2% |
| ||
400 | Coherent, Inc. (b) | 12,176 | ||
| Leisure -- 0.4% |
| ||
300 | Brunswick Corp. | 14,850 | ||
170 | Royal Caribbean Cruises Ltd. | 9,255 | ||
|
| 24,105 | ||
COMMON STOCKS -- (continued) |
| |||
| Machinery -- 0.5% |
| ||
143 | Albany International Corp., Class A | $ 5,028 | ||
520 | Sauer-Danfoss, Inc. | 11,341 | ||
200 | Smith International, Inc. (b) | 10,882 | ||
|
| 27,251 | ||
| Measuring Devices -- 0.8% |
| ||
742 | FLIR Systems, Inc. (b) | 47,332 | ||
| Medical & Medical Services -- 9.8% |
| ||
300 | Aetna US Healthcare, Inc. | 37,425 | ||
510 | Apria Healthcare Group, Inc. (b) | 16,805 | ||
400 | Bausch & Lomb, Inc. | 25,784 | ||
372 | Becton, Dickinson & Co. | 21,130 | ||
314 | Bio-Rad Laboratories, Inc., Class A (b) | 18,014 | ||
350 | Cooper Companies, Inc. | 24,707 | ||
390 | Coventry Health Care, Inc. (b) | 20,701 | ||
1,125 | DaVita, Inc. (b) | 44,471 | ||
280 | Dentsply International, Inc. | 15,736 | ||
620 | First Health Group Corp. (b) | 11,600 | ||
290 | Genesis Healthcare Corp. (b) | 10,159 | ||
1,220 | Gentiva Health Services (b) | 20,398 | ||
280 | Henry Schein, Inc. (b) | 19,499 | ||
1,056 | Hologic, Inc. (b) | 29,008 | ||
280 | Medtronic, Inc. | 13,908 | ||
1,169 | Ocular Sciences, Inc. (b) | 57,293 | ||
1,500 | Option Care, Inc. | 25,785 | ||
524 | Pediatrix Medical Group, Inc. (b) | 33,562 | ||
275 | Quest Diagnostics, Inc. | 26,276 | ||
585 | Renal Care Group, Inc. (b) | 21,054 | ||
1,020 | St. Jude Medical, Inc. (b) | 42,769 | ||
924 | Varian Medical Systems, Inc. (b) | 39,954 | ||
|
| 576,038 | ||
| Medical - HMO -- 3.7% |
| ||
1,500 | Humana, Inc. (b) | 44,535 | ||
980 | PacifiCare Health Systems, Inc. (b) | 55,390 | ||
1,140 | Sierra Health Services, Inc. (b) | 62,825 | ||
475 | Wellpoint, Inc. (b) | 54,625 | ||
|
| 217,375 | ||
| Metals & Mining -- 1.8% |
| ||
305 | Barrick Gold Corp. | 7,387 | ||
175 | Freeport-McMoran Copper & Gold, Inc., Class B | 6,690 | ||
150 | Newmont Mining Corp. | 6,662 | ||
350 | Nucor Corp. | 18,319 | ||
175 | Phelps Dodge Corp. | 17,311 | ||
650 | Reliance Steel & Aluminum Co. | 25,324 | ||
1,000 | Timken Co. | 26,020 | ||
|
| 107,713 | ||
|
| Miscellaneous Business Services -- 5.3% | ||
970 | Accenture Ltd. (b) | 26,190 | ||
500 | Acxiom Corp. | 13,150 | ||
2,620 | Autodesk, Inc. | 99,429 | ||
200 | Black & Decker Corp. | 17,666 | ||
587 | Caremark Rx, Inc. (b) | 23,145 | ||
200 | Electronic Arts, Inc. (b) | 12,336 | ||
|
|
| ||
|
| Miscellaneous Business Services -- (continued) | ||
304 | GTECH Holdings Corp. | $ 7,889 | ||
300 | Inco Ltd. (b) | 11,034 | ||
500 | Jack Henry & Associates, Inc. | 9,955 | ||
1,300 | Polycom, Inc. (b) | 30,316 | ||
600 | RSA Security, Inc. (b) | 12,036 | ||
400 | Steel Dynamics, Inc. | 15,152 | ||
1,200 | Symantec Corp. (b) | 30,912 | ||
|
| 309,210 | ||
| Multimedia -- 0.2% |
| ||
88 | News Corp., Class A | 1,642 | ||
440 | News Corp., Class B | 8,448 | ||
|
| 10,090 | ||
| Office Equipment & Supplies -- 0.3% |
| ||
200 | Avid Technology, Inc. (b) | 12,350 | ||
77 | John H. Harland Co. | 2,780 | ||
|
| 15,130 | ||
| Oil Company - Exploration & |
| ||
248 | Kerr-McGee Corp. | 14,332 | ||
585 | Occidental Petroleum Corp. | 34,141 | ||
290 | Pogo Producing Co. | 14,062 | ||
500 | Transocean Sedco Forex, Inc. (b) | 21,195 | ||
753 | Xto Energy, Inc. | 26,641 | ||
|
| 110,371 | ||
| Paper & Allied Products -- 0.4% |
| ||
300 | Georgia Pacific Corp. | 11,244 | ||
175 | Temple-Inland, Inc. | 11,970 | ||
|
| 23,214 | ||
| Personal Products -- 0.3% |
| ||
843 | NBTY, Inc. (b) | 20,240 | ||
|
| Petroleum & Petroleum Products -- 1.0% | ||
175 | ConocoPhillips | 15,195 | ||
130 | Murphy Oil Corp. | 10,459 | ||
400 | Patina Oil & Gas Corp. | 15,000 | ||
400 | Valero Energy Corp. | 18,160 | ||
|
| 58,814 | ||
| Pharmaceutical Preparations -- 0.6% |
| ||
500 | Medicis Pharmaceutical Corp., Class A | 17,555 | ||
870 | Parexel International Corp. (b) | 17,661 | ||
|
| 35,216 | ||
| Pharmaceuticals -- 0.3% |
| ||
550 | Omnicare, Inc. | 19,041 | ||
| Process Control Instruments -- 0.2% |
| ||
530 | Flowserve Corp. (b) | 14,596 | ||
| Professional Services -- 0.5% |
| ||
116 | Apollo Group, Inc., Class A (b) | 9,362 | ||
200 | Strayer Education, Inc. | 21,958 | ||
|
| 31,320 | ||
| Real Estate Investment Trusts -- 0.5% |
| ||
540 | Annaly Mortgage Management, Inc. | 10,595 | ||
55 | Simon Property Group, Inc. | 3,557 | ||
492 | Ventas, Inc. | 13,485 | ||
|
| 27,637 | ||
COMMON STOCKS -- (continued) |
| |||
| Restaurants -- 0.1% |
| ||
254 | Applebee’s International, Inc. | $ 6,705 | ||
| Retail -- 4.0% |
| ||
580 | 7-ELEVEN, Inc. (b) | 13,891 | ||
345 | Aeropostale, Inc. (b) | 10,153 | ||
307 | AutoNation, Inc. (b) | 5,897 | ||
570 | Bombay Co., Inc. (b) | 3,152 | ||
194 | CBRL Group, Inc. | 8,119 | ||
414 | Chico’s FAS, Inc. (b) | 18,849 | ||
260 | CVS Corp. | 11,718 | ||
200 | Dollar Tree Stores, Inc. (b) | 5,736 | ||
960 | Foot Locker, Inc. | 25,853 | ||
300 | J.C. Penney Co., Inc. | 12,420 | ||
200 | Kmart Holding Corp. (b) | 19,790 | ||
99 | Lowe’s Cos., Inc. | 5,701 | ||
300 | Nordstrom, Inc. | 14,019 | ||
155 | O’Reilly Automotive, Inc. (b) | 6,983 | ||
300 | Officemax, Inc. | 9,414 | ||
310 | Pacific Sunwear of California, Inc. (b) | 6,901 | ||
288 | PETsMART, Inc. | 10,233 | ||
315 | RARE Hospitality International, Inc. (b) | 10,036 | ||
198 | Regis Corp. | 9,138 | ||
270 | TBC Corp. (b) | 7,506 | ||
400 | Urban Outfitters, Inc. (b) | 17,760 | ||
|
| 233,269 | ||
| Schools -- 0.7% |
| ||
960 | Career Education Corp. (b) | 38,400 | ||
| Software -- 0.7% |
| ||
1,200 | Alliance Atlantis Communications, Inc., Class B (b) | 32,976 | ||
390 | Inter-Tel, Inc. | 10,678 | ||
|
| 43,654 | ||
| Technology -- 1.0% |
| ||
500 | Altera Corp. (b) | 10,350 | ||
1,500 | Compuware Corp. (b) | 9,705 | ||
780 | Intel Corp. | 18,244 | ||
300 | Micros Systems, Inc. (b) | 23,418 | ||
|
| 61,717 | ||
| Telecommunication Equipment -- 0.2% |
| ||
600 | Tekelec (b) | 12,264 | ||
|
| Telephone & Telecommunications -- 0.6% | ||
2,020 | Aspect Communications (b) | 22,502 | ||
130 | Telephone & Data Systems, Inc. | 10,004 | ||
|
| 32,506 | ||
| Transportation Services -- 1.0% |
| ||
290 | ABX Air, Inc. (b) | $ 2,578 | ||
540 | CP Ships Ltd. | 7,749 | ||
160 | Fedex Corp. | 15,759 | ||
278 | J.B. Hunt Transport Services, Inc. | 12,468 | ||
710 | Sea Containers Ltd., Class A | 13,980 | ||
119 | Yellow Roadway Corp. (b) | 6,629 | ||
|
| 59,163 | ||
| Wholesale Distribution -- 1.2% |
| ||
344 | CDW Corp. | 22,824 | ||
280 | Fastenal Co. | 17,237 | ||
885 | SCP Pool Corp. | 28,232 | ||
|
| 68,293 | ||
| Total Common Stocks (Cost $3,203,380) | 4,384,963 | ||
MUTUAL FUNDS -- 8.0% |
| |||
| Exchange Traded Funds -- 8.0% |
| ||
1,800 | iShares Russell 2000 Index Fund | 233,100 | ||
6,000 | iShares Russell 3000 Growth Index Fund | 239,520 | ||
| Total Mutual Funds (Cost $420,610) | 472,620 | ||
PREFERRED STOCK -- 0.1% |
| |||
| Real Estate Investment Trusts -- 0.1% |
| ||
57 | Simon Property Group, 6.000% | 3,376 | ||
| Total Preferred Stock (Cost $3,052) | 3,376 | ||
CASH EQUIVALENT -- 17.3% |
| |||
1,018,203 | Huntington Money Market Fund, | 1,018,203 | ||
| Total Cash Equivalent | 1,018,203 | ||
| Total Investments | 5,879,162 | ||
| Other Assets in Excess of | 1,695 | ||
| Net Assets -- 100.0% | $ 5,880,857 | ||
Huntington VA Rotating Markets Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2004
Asset Allocation | Percentage of | |
USA | 50.1% | |
Europe | 29.2% | |
Asia | 10.6% | |
Cash1 | 4.8% | |
Global 100 | 3.0% | |
Latin America | 2.8% | |
Canada | 2.1% | |
Liabilities in Excess of Other Assets | (2.6)% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2004, and are based on net assets.
1 Cash includes investments in an affiliated money market fund.
Portfolio of Investments
December 31, 2004
Shares | Value | |||
MUTUAL FUNDS -- 97.8% |
| |||
4,675 | iShares Dow Jones U.S. Telecommunications Sector Index Fund | $ 114,023 | ||
9,619 | iShares EAFE Index Fund | 1,539,521 | ||
7,131 | iShares MSCI Canada Index Fund | 123,295 | ||
318 | iShares MSCI Emerging Markets | 64,188 | ||
7,782 | iShares MSCI EMU Index Fund | 566,063 | ||
4,890 | iShares MSCI Hong Kong Index Fund | 59,120 | ||
5,316 | iShares MSCI Mexico Index Fund | 133,751 | ||
8,055 | iShares MSCI Singapore Index Fund | 57,754 | ||
9,940 | iShares MSCI United Kingdom | 180,212 | ||
13,866 | iShares Russell 1000 Index Fund | 903,647 | ||
2,055 | iShares Russell 3000 Value Index Fund | 178,333 | ||
1,985 | iShares Russell Midcap Value Index Fund | 224,583 | ||
2,845 | iShares S&P Global 100 Index Fund | 174,968 | ||
500 | iShares S&P Latin America 40 Index Fund | 40,270 | ||
1,488 | iShares S&P Small Cap 600/BARRA Value Index Fund | 181,238 | ||
2,357 | iShares S&P Small Cap 600 Index Fund | 383,319 | ||
1,295 | iShares U.S. Energy Sector Index Fund | 83,269 | ||
3,020 | Materials Select Sector SPDR Trust | 89,875 | ||
1,796 | MidCap SPDR Trust Series 1 Index Fund | 217,549 | ||
10,504 | NASDAQ 100 Index Fund | 419,215 | ||
2,355 | SPDR Trust Series 1 Index Fund | 284,720 | ||
| Total Mutual Funds (Cost $5,142,203) | 6,018,913 | ||
CASH EQUIVALENT -- 4.8% |
| |||
294,193 | Huntington Money Market Fund, | $ 294,193 | ||
| Total Cash Equivalent (Cost $294,193) | 294,193 | ||
| Total Investments | 6,313,106 | ||
| Liabilities in Excess of | (160,917 ) | ||
| Net Assets -- 100.0% | $ 6,152,189 | ||
Huntington VA Situs Small Cap Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2004
Asset Allocation | Percentage of | |
Industrials | 21.8% | |
Technology | 14.0% | |
Financials | 12.4% | |
Consumer Discretionary | 11.7% | |
Cash1 | 8.8% | |
Health Care | 8.4% | |
Energy | 6.7% | |
Materials | 6.0% | |
Capital Goods | 3.6% | |
Utilites | 2.2% | |
Consumer Staples | 1.2% | |
Other Assets in Excess of Liabilities | 3.2% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2004, and are based on net assets.
1 Cash includes investments in an affiliated money market fund.
Portfolio of Investments
December 31, 2004
Shares | Value | |||
COMMON STOCKS -- 88.0% |
| |||
| Aerospace & Defense -- 3.6% |
| ||
1,000 | Armor Holdings, Inc. (b) | $ 47,020 | ||
| Banking -- 11.5% |
| ||
1,000 | Anchor Bancorp Wisconsin, Inc. | 29,150 | ||
1,000 | Bancshares of Florida, Inc (b) | 16,110 | ||
2,200 | Colonial Bancgroup, Inc. | 46,706 | ||
1,000 | WSFS Financial Corp. | 60,319 | ||
|
| 152,285 | ||
| Building & Construction -- 6.6% |
| ||
1,000 | Florida Rock Industries | 59,530 | ||
400 | Toll Brothers, Inc. (b) | 27,444 | ||
|
| 86,974 | ||
| Business Services -- 2.0% |
| ||
550 | Jacobs Engineering Group, Inc. (b) | 26,285 | ||
| Computer Services -- 6.7% |
| ||
1,000 | Cerner Corp. (b) | 53,170 | ||
800 | Intergraph Corp. (b) | 21,544 | ||
700 | Transaction Systems Architects, Inc. (b) | 13,895 | ||
|
| 88,609 | ||
| Consumer Products - Misc. -- 1.7% |
| ||
300 | The Scotts Co. (b) | 22,056 | ||
| Electrical & Electronic -- 2.2% |
| ||
1,000 | Hawaiian Electric Industries, Inc. | 29,150 | ||
|
| Electronic Measuring Instruments -- 2.3% | ||
500 | Garmin Ltd. | 30,420 | ||
| Energy -- 2.2% |
| ||
1,000 | Headwaters, Inc. (b) | 28,500 | ||
|
| Fire, Marine & Casualty Insurance -- 1.9% | ||
650 | Arch Capital Group (b) | 25,155 | ||
| Food & Beverages -- 1.5% |
| ||
300 | Fresh Del Monte Produce, Inc. | 8,883 | ||
400 | Performance Food Group Co. (b) | 10,764 | ||
|
| 19,647 | ||
| Household Furnishings -- 1.4% |
| ||
700 | Fossil, Inc. (b) | $ 17,948 | ||
| Insurance -- 2.0% |
| ||
1,000 | Scottish Annuity & Life Holdings Ltd. | 25,900 | ||
| Leisure -- 0.9% |
| ||
250 | Brunswick Corp. | 12,375 | ||
| Machinery -- 6.4% |
| ||
1,000 | Cuno, Inc. (b) | 59,400 | ||
1,000 | Intermagnetics General Corp. (b) | 25,410 | ||
|
| 84,810 | ||
| Medical & Medical Services -- 6.0% |
| ||
650 | Bio-Rad Laboratories, Inc., Class A (b) | 37,291 | ||
1,000 | Edwards Lifesciences Corp. (b) | 41,260 | ||
|
| 78,551 | ||
| Metals & Mining -- 5.0% |
| ||
1,000 | Precision Castparts Corp. | 65,680 | ||
| Networking Products -- 0.7% |
| ||
200 | Black Box Corp. | 9,604 | ||
| Office Equipment -- 2.1% |
| ||
700 | Global Imaging Systems, Inc. (b) | 27,650 | ||
| Oil Companies - Exploration and |
| ||
350 | Remington Oil & Gas Corp. (b) | 9,538 | ||
300 | Spinnaker Exploration Co. (b) | 10,521 | ||
|
| 20,059 | ||
| Paper & Paper Products -- 4.3% |
| ||
1,300 | Universal Forest Products | 56,420 | ||
| Petroleum & Petroleum Products -- 5.3% |
| ||
1,000 | Houston Exploration Co. (b) | 56,310 | ||
300 | Hydril Co. (b) | 13,653 | ||
|
| 69,963 | ||
| Pharmaceuticals -- 0.3% |
| ||
100 | Par Pharmaceutical, Inc. (b) | 4,138 | ||
COMMON STOCKS -- (continued) |
| |||
| Retail -- 7.3% |
| ||
300 | Columbia Sportswear Co. (b) | $ 17,883 | ||
500 | Polo Ralph Lauren Corp. | 21,300 | ||
500 | Reebok International Ltd. | 22,000 | ||
600 | Urban Outfitters, Inc. (b) | 26,639 | ||
350 | West Marine, Inc. (b) | 8,663 | ||
|
| 96,485 | ||
| Surgical Appliances & Supplies -- 2.0% |
| ||
800 | Mentor Corp. | 26,992 | ||
| Wireless Equipment -- 0.6% |
| ||
500 | Audiovox Corp., Class A (b) | 7,890 | ||
| Total Common Stocks (Cost $1,057,683) | 1,160,566 | ||
CASH EQUIVALENT -- 8.8% |
| |||
116,172 | Huntington Money Market Fund, | $ 116,172 | ||
| Total Cash Equivalent (Cost $116,172) | 116,172 | ||
| Total Investments | 1,276,738 | ||
| Other Assets in Excess of | 41,853 | ||
| Net Assets -- 100.0% | $ 1,318,591 | ||
Huntington VA Mortgage Securities Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2004
Asset Allocation | Percentage of | |
Mortgage Backed Securities | 78.6% | |
Real Estate Investment Trusts | 11.1% | |
U.S. Agency Bonds | 6.2% | |
Cash1 | 2.0% | |
Other Assets in Excess of Liabilities | 2.1% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2004, and are based on net assets.
1 Cash includes investments in an affiliated money market fund.
Portfolio of Investments
December 31, 2004
Principal | Value | |||
U.S. GOVERNMENT MORTGAGE BACKED |
| |||
| Federal Home Loan Mortgage |
| ||
$ 47,648 | Pool # C90837, 5.500%, 6/1/24 | $ 48,748 | ||
49,138 | Pool # G18008, 4.500%, 9/1/19 | 49,020 | ||
24,642 | Pool # G18015, 4.500%, 10/1/19 | 24,583 | ||
|
| 122,351 | ||
|
| Federal National Mortgage Association -- 28.2% | ||
43,342 | Pool # 254908, 5.000%, 9/1/23 | 43,571 | ||
47,122 | Pool # 255224, 4.000%, 5/1/11 | 46,894 | ||
24,335 | Pool # 255360, 5.000%, 8/1/24 | 24,446 | ||
|
| 114,911 | ||
| Government National Mortgage |
| ||
54,515 | Pool # 3571, 6.500%, 6/20/34 | 57,296 | ||
24,948 | Pool # 3637, 5.500%, 11/20/34 | 25,478 | ||
|
| 82,774 | ||
| Total U.S. Government Mortgage Backed Agencies (Cost $318,892) | 320,036 | ||
U.S. GOVERNMENT AGENCIES -- 6.2% |
| |||
| Federal Home Loan Bank -- 6.2% |
| ||
25,000 | 4.000%, 11/13/09 | 25,131 | ||
| Total U.S. Government Agencies (Cost $25,262) | 25,131 | ||
Shares | Value | |||
COMMON STOCKS -- 11.1% |
| |||
| Real Estate Investment Trusts -- 11.1% |
| ||
100 | Alexandria Real Estate Equities, Inc. | $ 7,442 | ||
100 | Boston Properties, Inc. | 6,467 | ||
100 | Duke Realty Corp. | 3,414 | ||
100 | Essex Property Trust, Inc. | 8,380 | ||
100 | Health Care Property Investors, Inc. | 2,769 | ||
100 | Hospitality Properties Trust | 4,600 | ||
100 | Kimco Realty Corp. | 5,799 | ||
100 | Simon Property Group, Inc. | 6,467 | ||
| Total Common Stocks (Cost $35,813) | 45,338 | ||
CASH EQUIVALENT -- 2.0% |
| |||
8,383 | Huntington Money Market Fund, | 8,383 | ||
| Total Cash Equivalent (Cost $8,383) | 8,383 | ||
| Total Investments | 398,888 | ||
| Other Assets in Excess of | 8,355 | ||
| Net Assets -- 100.0% | $ 407,243 | ||
See Notes to Portfolio of Investments on page 35.
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Notes to Portfolio of Investments
(a) See notes to financial statements for unrealized appreciation (depreciation) of securities.
(b) Non-income producing security.
(c) All or part of the security was on loan as of December 31, 2004.
* 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 | -- | European 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
December 31, 2004
| Huntington | Huntington | Huntington | Huntington | Huntington | |||||
Assets: |
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Investments, at value | $ 30,891,317 | $ 17,579,591 | $ 30,858,865 | $ 359,206 | $ 2,265,784 | |||||
Investment in affiliated securities, at value | 1,208,471 | 337,406 | 588,611 | -- | 45,538 | |||||
Total Investments | 32,099,788 | 17,916,997 | 31,447,476 | 359,206 | 2,311,322 | |||||
Cash | -- | -- | -- | 42,515 | -- | |||||
Income receivable | 124,869 | 23,806 | 59,688 | 672 | 1,388 | |||||
Receivable for investments sold | 755,053 | -- | -- | -- | -- | |||||
Receivable for shares sold | 15,953 | 5,128 | 5,625 | 6,316 | 14,523 | |||||
Prepaid expenses and other assets | 3,536 | 3,234 | 3,554 | 2,804 | 2,820 | |||||
Total assets | 32,999,199 | 17,949,165 | 31,516,343 | 411,513 | 2,330,053 | |||||
Liabilities: |
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| |||||
Options written, at value (proceeds $0; $0; $139,558; $0; and $0) | -- | -- | 139,720 | -- | -- | |||||
Payable to adviser | -- | -- | -- | 877 | 4,410 | |||||
Payable for investments purchased | 1,188,596 | -- | -- | 7,266 | -- | |||||
Accrued expenses and other payables |
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| |||||
Investment adviser fees | 15,784 | 9,004 | 15,642 | 192 | 1,070 | |||||
Administration fees | 2,236 | 1,276 | 2,216 | 27 | 151 | |||||
Sub-Administration fees | 1,315 | 750 | 1,303 | 16 | 89 | |||||
Custodian fees | 684 | 390 | 678 | 103 | 46 | |||||
Portfolio accounting fees | 1,198 | 735 | 1,195 | 113 | 170 | |||||
Trustees’ fees | 687 | 401 | 712 | 19 | 77 | |||||
Other | 6,439 | 3,720 | 6,512 | 3 | 183 | |||||
Total liabilities | 1,216,939 | 16,276 | 167,978 | 8,616 | 6,196 | |||||
Net Assets | $ 31,782,260 | $ 17,932,889 | $ 31,348,365 | $ 402,897 | $ 2,323,857 | |||||
Net Assets Consists of: |
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| |||||
Paid in capital | $ 26,988,000 | $ 16,145,523 | $ 26,223,481 | $ 364,043 | $ 2,159,540 | |||||
Net unrealized appreciation (depreciation) of investments and options | 1,909,495 | 1,701,053 | 5,197,762 | 40,526 | 154,253 | |||||
Accumulated net realized gain (loss) on investment and options transactions | 1,732,580 | (3,242) | (599,718) | (1,730) | (766) | |||||
Accumulated net investment income (loss) | 1,152,185 | 89,555 | 526,840 | 58 | 10,830 | |||||
Total Net Assets | $ 31,782,260 | $ 17,932,889 | $ 31,348,365 | $ 402,897 | $ 2,323,857 | |||||
Shares Outstanding | 2,455,496 | 2,003,248 | 2,698,730 | 36,398 | 208,847 | |||||
Net Asset Value Per Share |
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(Net asset value, offering and redemption price per share) | $ 12.94 | $ 8.95 | $ 11.62 | $ 11.07 | $ 11.13 | |||||
Investments, at cost | $ 30,190,293 | $ 16,215,944 | $ 26,249,552 | $ 318,680 | $ 2,157,069 | |||||
Huntington VA Funds
Statements of Assets and Liabilities
December 31, 2004
| Huntington | Huntington | Huntington | Huntington | Huntington | |||||
Assets: |
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| |||||
Investments, at value(1) | $ 17,447,355 | $ 4,860,959 | $ 6,018,913 | $ 1,160,566 | $ 390,505 | |||||
Investment in affiliated securities, at value | 1,161,280 | 1,018,203 | 294,193 | 116,172 | 8,383 | |||||
Total Investments | 18,608,635 | 5,879,162 | 6,313,106 | 1,276,738 | 398,888 | |||||
Cash | -- | -- | -- | -- | -- | |||||
Income receivable | 15,447 | 3,473 | 2,768 | 571 | 1,843 | |||||
Receivable for investments sold | -- | -- | -- | -- | -- | |||||
Receivable for shares sold | 53,690 | 572 | 4,124 | 41,547 | 5,829 | |||||
Prepaid expenses and other assets | 3,192 | 2,920 | 2,939 | 2,807 | 2,804 | |||||
Total assets | 18,680,964 | 5,886,127 | 6,322,937 | 1,321,663 | 409,364 | |||||
Liabilities: |
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Payable to adviser | -- | -- | -- | 2,101 | 1,718 | |||||
Payable for investments purchased | -- | -- | 165,161 | -- | -- | |||||
Payable for return of collateral received for securities on loan | 860,589 | -- | -- | -- | -- | |||||
Accrued expenses and other payables |
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Investment adviser fees | 8,815 | 2,892 | 3,055 | 572 | 202 | |||||
Administration fees | 1,249 | 410 | 433 | 81 | 29 | |||||
Sub-Administration fees | 735 | 241 | 255 | 48 | 17 | |||||
Custodian fees | 382 | 125 | 132 | 25 | 9 | |||||
Portfolio accounting fees | 707 | 303 | 318 | 137 | 114 | |||||
Trustees’ fees | 390 | 127 | 135 | 40 | 22 | |||||
Other | 3,581 | 1,172 | 1,259 | 68 | 10 | |||||
Total liabilities | 876,448 | 5,270 | 170,748 | 3,072 | 2,121 | |||||
Net Assets | $ 17,804,516 | $ 5,880,857 | $ 6,152,189 | $ 1,318,591 | $ 407,243 | |||||
Net Assets Consists of: |
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| |||||
Paid in capital | $ 13,799,835 | $ 4,639,843 | $ 5,118,169 | $ 1,212,610 | $ 389,379 | |||||
Net unrealized appreciation (depreciation) of investments | 3,951,643 | 1,233,917 | 876,710 | 102,883 | 10,538 | |||||
Accumulated net realized gain (loss) on | 30,259 | 7,097 | 116,722 | 2,732 | (849) | |||||
Accumulated net investment income (loss) | 22,779 | -- | 40,588 | 366 | 8,175 | |||||
Total Net Assets | $ 17,804,516 | $ 5,880,857 | $ 6,152,189 | $ 1,318,591 | $ 407,243 | |||||
Shares Outstanding | 1,213,304 | 408,868 | 517,340 | 110,188 | 38,457 | |||||
Net Asset Value Per Share |
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(Net asset value, offering and redemption price per share) | $ 14.67 | $ 14.38 | $ 11.89 | $ 11.97 | $ 10.59 | |||||
Investments, at cost | $ 14,656,992 | $ 4,645,245 | $ 5,436,396 | $ 1,173,855 | $ 388,350 | |||||
(1) Includes securities on loan of $842,375; $0; $0; $0; and $0.
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Statements of Operations
Year Ended December 31, 2004
| Huntington | Huntington | Huntington | Huntington | Huntington | |||||
Investment Income: |
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Dividend income | $ 1,377,700 | $ 224,709 | $ 767,079 | $ 2,868 (2) | $ 14,949 | |||||
Dividend income from affiliated securities | 4,454 | 9,901 | 6,090 | -- | 539 | |||||
Income from securities lending | 901 | -- | 98 | -- | -- | |||||
Total investment income | 1,383,055 | 234,610 | 773,267 | 2,868 | 15,488 | |||||
Expenses: |
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Investment adviser fees | 146,387 | 91,406 | 158,083 | 1,102 | 3,542 | |||||
Administration fees | 18,805 | 11,717 | 20,270 | 144 | 473 | |||||
Sub-Administration fees | 14,132 | 8,850 | 15,299 | 104 | 324 | |||||
Custodian fees | 6,344 | 3,961 | 6,851 | 773 | 154 | |||||
Transfer and dividend disbursing agent fees and expenses | 8,022 | 5,016 | 8,534 | 58 | 187 | |||||
Trustees fees | 2,695 | 1,667 | 2,856 | 33 | 106 | |||||
Auditing fees | 3,884 | 2,291 | 3,862 | 22 | 71 | |||||
Legal fees | 5,106 | 3,404 | 4,497 | 16 | 38 | |||||
Portfolio accounting fees | 11,628 | 7,718 | 11,788 | 878 | 1,046 | |||||
Printing and postage | 9,772 | 6,184 | 10,299 | 104 | 232 | |||||
Insurance premiums | 1,893 | 1,512 | 1,846 | -- | -- | |||||
Other | 2,239 | 1,329 | 2,242 | 4 | 9 | |||||
Total expenses | 230,907 | 145,055 | 246,427 | 3,238 | 6,182 | |||||
Reimbursements: |
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Reimbursements from adviser | -- | -- | -- | (1,408) | (278) | |||||
Net expenses | 230,907 | 145,055 | 246,427 | 1,830 | 5,904 | |||||
Net investment income (loss) | 1,152,148 | 89,555 | 526,840 | 1,038 | 9,584 | |||||
Realized and Unrealized Gain (Loss) on Investments and Options: |
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Net realized gain (loss) on investment transactions | 1,742,727 | 31,968 | (341,034) | (1,730) | (766) | |||||
Net realized gain (loss) on options transactions | -- | -- | (173,067) | -- | -- | |||||
Net realized gain (loss) on investment and options transactions | 1,742,727 | 31,968 | (514,101) | (1,730) | (766) | |||||
Net change in unrealized appreciation/depreciation of investments and options | 565,523 | 781,265 | 3,611,612 | 40,526 | 154,253 | |||||
Net realized and unrealized gain (loss) on investments and options | 2,308,250 | 813,233 | 3,097,511 | 38,796 | 153,487 | |||||
Change in net assets resulting from operations | $ 3,460,398 | $ 902,788 | $ 3,624,351 | $ 39,834 | $ 163,071 | |||||
(1) Fund commenced operations on May 3, 2004.
(2) Net of foreign dividend taxes withheld of $44.
Huntington VA Funds
Statements of Operations
Year Ended December 31, 2004
| Huntington | Huntington | Huntington | Huntington | Huntington | |||||
Investment Income: |
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Dividend income | $ 142,010 | $ 23,473 | $ 90,056 | $ 2,081 | $ 902 | |||||
Dividend income from affiliated securities | 10,056 | 4,950 | 1,803 | 408 | 161 | |||||
Interest income | -- | -- | -- | -- | 7,728 | |||||
Income from securities lending | 1,531 | 240 | -- | -- | -- | |||||
Total investment income | 153,597 | 28,663 | 91,859 | 2,489 | 8,791 | |||||
Expenses: |
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Investment adviser fees | 82,310 | 25,427 | 31,501 | 1,852 | 1,194 | |||||
Administration fees | 10,571 | 3,271 | 4,036 | 247 | 156 | |||||
Sub-Administration fees | 7,948 | 2,451 | 3,052 | 170 | 113 | |||||
Custodian fees | 3,567 | 1,102 | 1,365 | 80 | 52 | |||||
Transfer and dividend disbursing agent fees and expenses | 4,525 | 1,397 | 1,734 | 98 | 63 | |||||
Trustees fees | 1,518 | 472 | 577 | 56 | 36 | |||||
Auditing fees | 2,143 | 691 | 782 | 37 | 24 | |||||
Legal fees | 3,081 | 922 | 1,219 | 22 | 17 | |||||
Portfolio accounting fees | 7,055 | 3,004 | 3,443 | 928 | 885 | |||||
Printing and postage | 5,522 | 1,705 | 2,102 | 139 | 110 | |||||
Insurance premiums | 1,373 | 918 | 1,006 | -- | -- | |||||
Other | 1,205 | 380 | 454 | 4 | 1 | |||||
Total expenses | 130,818 | 41,740 | 51,271 | 3,633 | 2,651 | |||||
Reimbursements: |
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Reimbursements from adviser | -- | -- | -- | (547) | (669) | |||||
Net expenses | 130,818 | 41,740 | 51,271 | 3,086 | 1,982 | |||||
Net investment income (loss) | 22,779 | (13,077) | 40,588 | (597) | 6,809 | |||||
Realized and Unrealized Gain (Loss) on Investments and Options: |
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Net realized gain (loss) on investment transactions | 46,434 | 7,097 | 126,052 | 2,732 | (453) | |||||
Net change in unrealized appreciation/depreciation of investments | 2,286,342 | 860,440 | 450,675 | 102,883 | 10,538 | |||||
Net realized and unrealized gain (loss) on investments | 2,332,776 | 867,537 | 576,727 | 105,615 | 10,085 | |||||
Change in net assets resulting from operations | $ 2,355,555 | $ 854,460 | $ 617,315 | $ 105,018 | $ 16,894 | |||||
(1) Fund commenced operations on May 3, 2004.
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Statements of Changes in Net Assets
| Huntington VA | Huntington VA | Huntington VA | |||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||
Increase (Decrease) in Net Assets |
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Operations: |
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Net investment income (loss) | $ 1,152,148 | $ 497,437 | $ 89,555 | $ 22,975 | $ 526,840 | $ 384,703 | ||||||
Net realized gain (loss) on investment and options transactions | 1,742,727 | 339,242 | 31,968 | (24,829) | (514,101) | 564,227 | ||||||
Net change in unrealized appreciation/ depreciation of investments and options | 565,523 | 1,370,067 | 781,265 | 1,340,594 | 3,611,612 | 1,984,674 | ||||||
Change in net assets resulting from operations | 3,460,398 | 2,206,746 | 902,788 | 1,338,740 | 3,624,351 | 2,933,604 | ||||||
Distributions to Shareholders: |
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From net investment income | (12,719) | (500,110) | (976) | (22,801) | -- | (391,597) | ||||||
From net realized gains | (314,133) | -- | -- | -- | (213,790) | -- | ||||||
Change in net assets resulting from distributions to shareholders | (326,852) | (500,110) | (976) | (22,801) | (213,790) | (391,597) | ||||||
Change in net assets resulting from capital transactions | 11,288,850 | 12,256,855 | 4,966,471 | 7,095,081 | 6,705,484 | 9,978,397 | ||||||
Change in net assets | 14,422,396 | 13,963,491 | 5,868,283 | 8,411,020 | 10,116,045 | 12,520,404 | ||||||
Net Assets: |
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Beginning of period | 17,359,864 | 3,396,373 | 12,064,606 | 3,653,586 | 21,232,320 | 8,711,916 | ||||||
End of period | $ 31,782,260 | $ 17,359,864 | $ 17,932,889 | $ 12,064,606 | $ 31,348,365 | $ 21,232,320 | ||||||
Accumulated net investment income (loss) included in net assets at end of period | $ 1,152,185 | $ 12,756 | $ 89,555 | $ 976 | $ 526,840 | $ -- | ||||||
Huntington VA Funds
Statements of Changes in Net Assets
| Huntington VA | Huntington VA | Huntington VA | Huntington VA | ||||||||
| Period Ended | Period Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||
Increase (Decrease) in Net Assets |
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Operations: |
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Net investment income (loss) | $ 1,038 | $ 9,584 | $ 22,779 | $ 12,691 | $ (13,077) | $ (4,816) | ||||||
Net realized gain (loss) on investment transactions | (1,730) | (766) | 46,434 | (16,175) | 7,097 | 104,361 | ||||||
Net change in unrealized appreciation/depreciation | 40,526 | 154,253 | 2,286,342 | 1,896,745 | 860,440 | 391,819 | ||||||
Change in net assets resulting from operations | 39,834 | 163,071 | 2,355,555 | 1,893,261 | 854,460 | 491,364 | ||||||
Distributions to Shareholders: |
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From net investment income | (1,038) | -- | (2,275) | (10,416) | -- | -- | ||||||
From distributions in excess of net investment income | (953) | -- | -- | -- | -- | -- | ||||||
From net realized gains | -- | -- | -- | (6,509) | (85,068) | -- | ||||||
Change in net assets resulting from distributions | (1,991) | -- | (2,275) | (16,925) | (85,068) | -- | ||||||
Change in net assets resulting from capital transactions | 365,054 | 2,160,786 | 5,099,186 | 5,369,811 | 2,113,125 | 1,751,508 | ||||||
Change in net assets | 402,897 | 2,323,857 | 7,452,466 | 7,246,147 | 2,882,517 | 2,242,872 | ||||||
Net Assets: |
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Beginning of period | -- | -- | 10,352,050 | 3,105,903 | 2,998,340 | 755,468 | ||||||
End of period | $ 402,897 | $ 2,323,857 | $ 17,804,516 | $ 10,352,050 | $ 5,880,857 | $ 2,998,340 | ||||||
Accumulated net investment income (loss) included | $ 58 | $ 10,830 | $ 22,779 | $ 2,275 | $ -- | $ -- | ||||||
(1) Fund commenced operations on May 3, 2004.
Huntington VA Funds
Statements of Changes in Net Assets
| Huntington VA | Huntington VA | Huntington VA | |||||
| Year Ended | Year Ended | Period Ended | Period Ended | ||||
Increase (Decrease) in Net Assets |
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Operations: |
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Net investment income (loss) | $ 40,588 | $ 24,401 | $ (597) | $ 6,809 | ||||
Net realized gain (loss) on investment transactions | 126,052 | 159,898 | 2,732 | (453) | ||||
Net change in unrealized appreciation/depreciation of investments | 450,675 | 462,449 | 102,883 | 10,538 | ||||
Change in net assets resulting from operations | 617,315 | 646,748 | 105,018 | 16,894 | ||||
Distributions to Shareholders: |
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From net investment income | (24,401) | -- | -- | -- | ||||
From net realized gains | (151,161) | -- | -- | -- | ||||
Change in net assets resulting from distributions to shareholders | (175,562) | -- | -- | -- | ||||
Change in net assets resulting from capital transactions | 1,491,739 | 2,642,278 | 1,213,573 | 390,349 | ||||
Change in net assets | 1,933,492 | 3,289,026 | 1,318,591 | 407,243 | ||||
Net Assets: |
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Beginning of period | 4,218,697 | 929,671 | -- | -- | ||||
End of period | $ 6,152,189 | $ 4,218,697 | $ 1,318,591 | $ 407,243 | ||||
Accumulated net investment income (loss) included in | $ 40,588 | $ 24,401 | $ 366 | $ 8,175 | ||||
(1) Fund commenced operations on May 3, 2004.
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Financial Highlights
(For a share outstanding throughout each period)
Year ended | Net Asset | Net Investment | Net Realized | Total from | Distributions |
Distributions | Return of | Distributions | ||||||||
Huntington VA Dividend Capture Fund |
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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 | $ 11.54 | 0.47 | 1.10 | 1.57 | (0.01) | (0.16) | -- | -- | ||||||||
Huntington VA Growth Fund |
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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 | $ 8.47 | 0.04 | 0.44 | 0.48 | -- (8) | -- | -- | -- | ||||||||
Huntington VA Income Equity Fund |
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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 | $ 10.31 | 0.20 | 1.20 | 1.40 | -- | (0.09) | -- | -- | ||||||||
Huntington VA International Equity Fund |
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2004(7) | $ 10.00 | 0.03 | 1.10 | 1.13 | (0.03) | -- | -- | (0.03) | ||||||||
Huntington VA Macro 100 Fund |
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2004(7) | $ 10.00 | 0.05 | 1.08 | 1.13 | -- | -- | -- | -- | ||||||||
Huntington VA Mid Corp America Fund |
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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 | $ 12.55 | 0.02 | 2.10 | 2.12 | -- (8) | -- | -- | -- | ||||||||
Huntington VA New Economy Fund |
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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 | $ 12.38 | (0.03) | 2.31 | 2.28 | -- | (0.28) | -- | -- | ||||||||
Huntington VA Rotating Markets Fund |
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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 | $ 11.03 | 0.07 | 1.17 | 1.24 | (0.05) | (0.33) | -- | -- | ||||||||
Huntington VA Situs Small Cap Fund |
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2004(7) | $ 10.00 | (0.01) | 1.98 | 1.97 | -- | -- | -- | -- | ||||||||
(1) During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(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) Not annualized.
(5) Computed on annualized basis.
(6) Does not include the effect of expenses of underlying funds.
(7) Reflects operations for the period from May 3, 2004 (commencement of operations) to December 31, 2004.
(8) Amount is less than $0.01.
(9) There were no fee reductions in this period.
Huntington VA Funds
Financial Highlights
(For a share outstanding throughout each period)
Total | Net | Total | Ratio of Net | Ratio of Net | Ratio of | Ratio of | Net Assets, | Portfolio | ||||||||
(0.09) | $ 10.15 | 2.44%(4) | 2.00%(5) | 5.25%(5) | 17.47%(5) | (10.22)%(5) | $ 220 | 12% | ||||||||
(0.34) | $ 9.81 | (0.05)% | 1.12% | 5.89% | 2.23% | 4.78% | $ 3,396 | 70% | ||||||||
(0.36) | $ 11.54 | 21.36% | 1.00% | 5.22% | 1.01% | 5.21% | $ 17,360 | 87% | ||||||||
(0.17) | $ 12.94 | 13.75% | 0.95% | 4.72% | -- (9) | -- (9) | $ 31,782 | 88% | ||||||||
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-- | $ 9.22 | (7.80)%(4) | 2.00%(5) | 1.11%(5) | 16.85%(5) | (13.74)%(5) | $ 434 | -- | ||||||||
-- | $ 7.32 | (20.56)% | 1.02% | 0.14% | 1.58% | (0.42)% | $ 3,654 | 2% | ||||||||
(0.02) | $ 8.47 | 15.95% | 1.00% | 0.32% | -- (9) | -- (9) | $ 12,065 | 4% | ||||||||
-- | $ 8.95 | 5.67% | 0.95% | 0.59% | -- (9) | -- (9) | $ 17,933 | 11% | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
(0.33) | $ 10.07 | 5.85% | 0.77% | 3.66% | 2.24% | 2.19% | $ 3,516 | 6% | ||||||||
(0.21) | $ 10.10 | 2.34% | 1.91% | 1.76% | 2.06% | 1.61% | $ 4,453 | 38% | ||||||||
(0.23) | $ 8.88 | (9.96)% | 1.11% | 2.81% | 1.54% | 2.38% | $ 8,712 | 4% | ||||||||
(0.20) | $ 10.31 | 18.43% | 1.00% | 2.63% | -- (9) | -- (9) | $ 21,232 | 97% | ||||||||
(0.09) | $ 11.62 | 13.66% | 0.93% | 2.00% | -- (9) | -- (9) | $ 31,348 | 47% | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
(0.06) | $ 11.07 | 11.26%(4) | 1.00%(5) | 0.56%(5) | 1.76%(5) | (0.20%)(5) | $ 403 | 31% | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
-- | $ 11.13 | 11.30%(4) | 1.00%(5) | 1.62%(5) | 1.05%(5) | 1.57%(5) | $ 2,324 | 1% | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
-- | $ 11.15 | 11.50%(4) | 2.00%(5) | (0.85)%(5) | 17.87%(5) | (16.72)%(5) | $ 289 | 3% | ||||||||
-- | $ 9.70 | (13.00)% | 1.15% | (0.10)% | 2.10% | (1.05)% | $ 3,106 | 3% | ||||||||
(0.02) | $ 12.55 | 29.63% | 1.00% | 0.20% | -- (9) | -- (9) | $ 10,352 | 25% | ||||||||
-- | $ 14.67 | 16.91% | 0.95% | 0.17% | -- (9) | -- (9) | $ 17,805 | 10% | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
-- | $ 10.90 | 9.00%(4) | 2.00%(5) | (1.20)%(5) | 17.91%(5) | (17.11)%(5) | $ 228 | -- | ||||||||
-- | $ 9.41 | (13.67)% | 1.21% | (0.44)% | 3.38% | (2.61)% | $ 755 | 20% | ||||||||
-- | $ 12.38 | 31.56% | 1.00% | (0.28)% | 1.05% | (0.33)% | $ 2,998 | 80% | ||||||||
(0.28) | $ 14.38 | 18.75% | 0.98% | (0.31)% | -- (9) | -- (9) | $ 5,881 | 18% | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
-- | $ 10.45 | 4.50%(4) | 2.00%(5)(6) | (0.21)%(5) | 18.20%(5)(6) | (16.41)%(5) | $ 210 | -- | ||||||||
-- | $ 8.87 | (15.12)% | 1.21%(6) | (0.20)% | 3.33% | (2.32)% | $ 930 | 113% | ||||||||
-- | $ 11.03 | 24.35% | 1.00%(6) | 1.02% | 1.06% | 0.96% | $ 4,219 | 151% | ||||||||
(0.38) | $ 11.89 | 11.63% | 0.98%(6) | 0.77% | -- (9) | -- (9) | $ 6,152 | 81% | ||||||||
|
|
|
|
|
|
|
|
| ||||||||
-- | $ 11.97 | 19.70%(4) | 1.00%(5) | (0.19)%(5) | 1.19%(5) | (0.38)%(5) | $ 1,319 | 3% | ||||||||
Huntington VA Funds
Financial Highlights
(For a share outstanding throughout each period)
Year ended December 31, | Net Asset | Net Investment |
Net Realized | Total from | Net Asset | Total Return | ||||||
Huntington VA Mortgage Securities Fund |
|
|
| |||||||||
2004(2) | $ 10.00 | 0.18 | 0.41 | 0.59 | $ 10.59 | 5.90%(3) | ||||||
(1) During the period certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(2) Reflects operations for the period from May 3, 2004 (commencement of operations) to December 31, 2004.
(3) Not annualized.
(4) Computed on annualized basis.
Huntington VA Funds
Financial Highlights
(For a share outstanding throughout each period)
Ratio of Net | Ratio of Net | Ratio of Expenses | Ratio of Net | Net Assets, | Portfolio | |||||
1.00%(4) | 3.42%(4) | 1.33%(4) | 3.09%(4) | $ 407 | 51% | |||||
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Notes to Financial Statements
December 31, 2004
(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 objective and strategy. This report contains the financial statements and financial highlights of the funds listed below (each individually referred to as a “Fund,” or collectively as the “Funds”):
Huntington VA 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 U.S. generally accepted accounting principles (“GAAP”).
A. Investment Valuations
The price at which the Funds will offer or redeem shares is the net asset value (“NAV”) per share next determined after the order is considered received. In computing NAV, current market value is used to value portfolio securities with respect to which market quotations are readily available.
Pursuant to Trustee-approved policies, the Trust relies on certain security pricing services to provide current market value of securities. Those security pricing services value equity securities traded on a national securities exchange at the last reported sales price on the principal exchange. Portfolio securities quoted by NASDAQ are valued at the NASDAQ Official Closing Price (NOCP). If there is no reported sale on the principal exchange, and in the case of over-the-counter securities not included in the NASDAQ National Market System, securities are valued at a bid price estimated by the security pricing service. U.S. Government obligations held by the VA Mortgage Securities Fund are valued at the mean between the over-the-counter bid and asked prices furnished by the security pricing service. Foreign equity securities are valued at the last sales price, or if no sales price is given at a bid price estimated by the security pricing service, and are subject to modification based on significant events, as described below. Except as noted above, debt securities traded on a national securities exchange or in the over-the-counter market are valued at the last reported sales price on the principal exchange. If there is no reported sale on the principal exchange, and for all other debt securities, including foreign debt securities and zero-coupon securities, securities are valued at a bid price estimated by the security pricing service. Foreign securities quoted in foreign currencies are translated in U.S. dollars at the foreign exchange rate in effect at 4:00 p.m., Eastern Time, on the day the value of the foreign security is determined. Option contracts are valued at the last quoted bid price as reported on the primary exchange of the board of trade on which such options are traded. Short-term investments with remaining maturities of 60 days or less at the time of purchase are valued at amortized cost. Investments in other open-end investment companies are valued at NAV. In certain limited circumstances such as when a security’s closing price versus the prior day’s closing price exceeds a defined variance tolerance, or when a security’s closing price is unchanged as compared to the prior day’s closing price, a financial intermediary’s good faith determination of the fair value of a security may be used instead of its current market value, even if the security’s market price is readily available. Additionally, should the Trust’s sub-financial administrator determine that the intermediary’s fair value determination does not accurately reflect a security’s fair value, then the Trust’s sub-financial administrator may request that the Trust’s Pricing Committee, as described herein, make its own fair value determination.
Securities for which market quotations are not readily available are valued at their “fair value.” In these cases, 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”).
When a good faith fair valuation of a security is required, consideration is generally given to a number of factors, including, but not limited to the following: dealer quotes, published analyses by dealers or analysts 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.
Sometimes a significant event occurring in the period between the close of a particular portfolio security’s market and the time at which a Fund calculates its NAV affects the security’s value such that its market value cannot be considered readily available. Portfolio managers and others are responsible for monitoring their Funds’ portfolio securities for such significant events. When a significant event occurs, the Pricing Committee makes a good faith fair valuation of the security at issue.
With respect to foreign equity securities that are principally traded in a foreign market, a fair valuation vendor monitors the effect of market fluctuations on these securities after the close of trading in that foreign market. If market fluctuations exceed a certain threshold, affected securities are fair valued using data supplied by the fair valuation vendor.
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. Temporary differences are primarily due to market discount, gain/loss, paydowns, capital loss carryforwards, and losses deferred due to wash sales.
D. Federal Income 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 income 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.
Withholding taxes on foreign interest, dividends and capital gains with respect to VA International Equity Fund, VA New Economy Fund and VA Situs Small Cap Fund have been provided for in accordance with each Fund’s applicable country’s tax rules and rates.
As of December 31, 2004, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund was as follows:
Fund | Tax Cost | Unrealized | Unrealized | Net | ||||
VA Dividend Capture Fund | $ 30,211,417 | $ 2,007,994 | $ (119,623) | $ 1,888,371 | ||||
VA Growth Fund | 16,224,687 | 2,049,446 | (357,136) | 1,692,310 | ||||
VA Income Equity Fund | 26,497,459 | 4,966,253 | (16,236) | 4,950,017 | ||||
VA International Equity Fund | 320,001 | 39,711 | (506) | 39,205 | ||||
VA Macro 100 Fund | 2,157,069 | 166,429 | (12,176) | 154,253 | ||||
VA Mid Corp America Fund | 13,796,402 | 4,016,897 | (65,254) | 3,951,643 | ||||
VA New Economy Fund | 4,645,245 | 1,317,826 | (83,909) | 1,233,917 | ||||
VA Rotating Markets Fund | 5,444,576 | 868,530 | -- | 868,530 | ||||
VA Situs Small Cap Fund | 1,173,855 | 104,871 | (1,988) | 102,883 | ||||
VA Mortgage Securities Fund | 388,350 | 11,373 | (835) | 10,538 |
As of December 31, 2004, for federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains, if any to the extent provided by the Treasury regulations:
Fund | Amount | Expires | ||
VA Dividend Capture Fund | $ -- | -- | ||
VA Growth Fund | -- | -- | ||
VA Income Equity Fund | 401,925 | 2012 | ||
VA International Equity Fund | 409 | 2012 | ||
VA Macro 100 Fund | 766 | 2012 | ||
VA Mid Corp America Fund | -- | -- | ||
VA New Economy Fund | -- | -- | ||
VA Rotating Markets Fund | -- | -- | ||
VA Situs Small Cap Fund | -- | -- | ||
VA Mortgage Securities Fund | 849 | 2012 |
The tax character of distributions paid during the fiscal year ended December 31, 2004, was as follows:
Distributions Paid From | ||||||||||
Fund | Ordinary | Net Long Term | Total Taxable | Tax Exempt | Total | |||||
VA Dividend Capture Fund | $ 309,273 | $ 17,579 | $ 326,852 | $ -- | $ 326,852 | |||||
VA Growth Fund | 976 | -- | 976 | -- | 976 | |||||
VA Income Equity Fund | 95,791 | 117,998 | 213,789 | -- | 213,789 | |||||
VA International Equity Fund | 1,991 | -- | 1,991 | -- | 1,991 | |||||
VA Macro 100 Fund | -- | -- | -- | -- | -- | |||||
VA Mid Corp America Fund | 2,275 | -- | 2,275 | -- | 2,275 | |||||
VA New Economy Fund | 75,213 | 9,855 | 85,068 | -- | 85,068 | |||||
VA Rotating Markets Fund | 175,562 | -- | 175,562 | -- | 175,562 | |||||
VA Situs Small Cap Fund | -- | -- | -- | -- | -- | |||||
VA Mortgage Securities Fund | -- | -- | -- | -- | -- |
The tax character of distributions paid during the fiscal year ended December 31, 2003, was as follows:
Distributions Paid From | ||||||||||
Fund | Ordinary | Net Long Term | Total Taxable | Tax Exempt | Total | |||||
VA Dividend Capture Fund | $ 500,110 | $ -- | $ 500,110 | $ -- | $ 500,110 | |||||
VA Growth Fund | 22,801 | -- | 22,801 | -- | 22,801 | |||||
VA Income Equity Fund | 391,597 | -- | 391,597 | -- | 391,597 | |||||
VA Mid Corp America Fund | 15,495 | 1,430 | 16,925 | -- | 16,925 | |||||
VA New Economy Fund | -- | -- | -- | -- | -- | |||||
VA Rotating Markets Fund | -- | -- | -- | -- | -- |
As of December 31, 2004, the components of accumulated earnings (deficit) on a tax basis were as follows:
| Undistributed | Undistributed | Undistributed | Accumulated | Distributions | Accumulated | Unrealized | Total | ||||||||
VA Dividend Capture Fund | $ -- | $ 2,145,041 | $ 760,848 | $ 2,905,889 | $ -- | $ -- | $ 1,888,371 | $ 4,794,260 | ||||||||
VA Growth Fund | -- | 89,555 | 5,501 | 95,056 | -- | -- | 1,692,310 | 1,787,366 | ||||||||
VA Income Equity Fund | -- | 526,840 | -- | 526,840 | -- | (401,925) | 4,949,855 | 5,074,770 | ||||||||
VA International Equity Fund | -- | 58 | -- | 58 | -- | (409) | 39,205 | 38,854 | ||||||||
VA Macro 100 Fund | -- | 10,830 | -- | 10,830 | -- | (766) | 154,253 | 164,317 | ||||||||
VA Mid Corp America Fund | -- | 22,779 | 30,259 | 53,038 | -- | -- | 3,951,643 | 4,004,681 | ||||||||
VA New Economy Fund | -- | -- | 7,097 | 7,097 | -- | -- | 1,233,917 | 1,241,014 | ||||||||
VA Rotating Markets Fund | -- | 105,164 | 60,326 | 165,490 | -- | -- | 868,530 | 1,034,020 | ||||||||
VA Situs Small Cap Fund | -- | 3,098 | -- | 3,098 | -- | -- | 102,883 | 105,981 | ||||||||
VA Mortgage Securities Fund | -- | 8,175 | -- | 8,175 | -- | (849) | 10,538 | 17,864 |
* The differences between the book-basis unrealized appreciation (depreciation) is attributable primarily to: tax deferral of losses on wash sales, the differences between book and tax amortization methods for premium and market discount, and the return of capital adjustments from real estate investment trusts.
E. 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 unrealized until the settlement date. At December 31, 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
Investment valuations, other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investments and income expenses are converted into U.S. dollars based upon exchange rates prevailing on the respective dates of such transactions. 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 options activity for the year ended December 31, 2004:
Contracts | Number of Contracts | Premium | ||
Outstanding at 12/31/2003 | 304 | $ 32,347 | ||
Options written | 4,483 | 467,525 | ||
Options expired | (961) | (55,478) | ||
Options closed | (2,714) | (280,454) | ||
Options exercised | (270) | (24,382) | ||
Outstanding at 12/31/2004 | 842 | $ 139,558 | ||
At December 31, 2004, the VA Income Equity Fund had the following outstanding options:
Contract | Type | Expiration | Exercise | Number of | Fair | Unrealized | ||||||
Johnson Controls, Inc. | Call | January 2005 | 60 | 51 | 18,360 | $ (5,508) | ||||||
May Department Stores Co. | Call | January 2005 | 30 | 223 | 11,150 | 12,710 | ||||||
Microsoft Corp. | Call | January 2005 | 27 | 109 | 2,180 | 7,602 | ||||||
PPG Industries, Inc. | Call | January 2005 | 65 | 57 | 18,240 | (171) | ||||||
Symbol Technologies, Inc. | Call | January 2005 | 17.5 | 226 | 12,430 | (3,159) | ||||||
Textron, Inc. | Call | January 2005 | 70 | 101 | 37,370 | 464 | ||||||
Wyeth | Call | January 2005 | 40 | 37 | 10,730 | (3,626) | ||||||
XL Capital Ltd. | Call | January 2005 | 70 | 38 | 29,260 | (8,474) | ||||||
NET UNREALIZED DEPRECIATION ON WRITTEN OPTION CONTRACTS |
|
|
|
| $ (162) | |||||||
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 331/3% 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. Information on the investment of cash collateral is shown in the Portfolio of Investments. The Funds receive payments from borrowers equivalent to the dividends and interest that would have been earned on securities on loan. In addition, the Funds retain all or a portion of the interest received on investment of collateral or receive a fee from the borrower. Collateral is marked to market daily to provide a level of collateral at least equal to the market value of securities on loan. 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 termination 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 December 31, 2004, the following Fund had securities with the following market value on loan:
Fund | Market Value | Market Value | ||
VA Mid Corp America Fund | $ 842,375 | $ 860,589 | ||
* 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 | ||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||
Shares sold | 1,015,784 | $ 12,080,654 | 1,150,010 | $ 12,140,624 | 676,069 | $ 5,798,121 | 933,095 | $ 7,152,851 | ||||||||
Distributions reinvested | 28,496 | 326,850 | 44,464 | 500,110 | 113 | 976 | 2,787 | 22,801 | ||||||||
Shares redeemed | (93,054) | (1,118,654) | (36,255) | (383,879) | (97,323) | (832,626) | (10,912) | (80,571) | ||||||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 951,226 | $ 11,288,850 | 1,158,219 | $ 12,256,855 | 578,859 | $ 4,966,471 | 924,970 | $ 7,095,081 | ||||||||
| VA Income Equity Fund | VA International |
| VA Macro 100 Fund | ||||||||||||
| Year Ended | Year Ended | Period Ended | Period Ended December 31, 2004(1) | ||||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||
Shares sold | 729,861 | $ 7,697,822 | 1,167,240 | $ 10,860,286 | 36,371 | $ 364,650 | 214,571 | $ 2,220,202 | ||||||||
Distributions reinvested | 20,676 | 213,787 | 39,560 | 391,597 | 181 | 1,991 | -- | -- | ||||||||
Shares redeemed | (111,572) | (1,206,125) | (128,638) | (1,273,486) | (154) | (1,587) | (5,724) | (59,416) | ||||||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 638,965 | $ 6,705,484 | 1,078,162 | $ 9,978,397 | 36,398 | $ 365,054 | 208,847 | $ 2,160,786 | ||||||||
| VA Mid Corp America Fund | VA New Economy Fund | ||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||
Shares sold | 446,644 | $ 5,861,059 | 514,214 | $ 5,469,316 | 203,698 | $ 2,589,250 | 169,443 | $ 1,836,144 | ||||||||
Distributions reinvested | -- | -- | 1,427 | 16,925 | 6,816 | 85,068 | -- | -- | ||||||||
Shares redeemed | (57,885) | (761,873) | (11,171) | (116,430) | (43,925) | (561,193) | (7,464) | (84,636) | ||||||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 388,759 | $ 5,099,186 | 504,470 | $ 5,369,811 | 166,589 | $ 2,113,125 | 161,979 | $ 1,751,508 | ||||||||
| VA Rotating Markets Fund | VA Situs | VA Mortgage | |||||||||||||
| Year Ended | Year Ended | Period Ended | Period Ended | ||||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||
Shares sold | 199,189 | $ 2,196,063 | 283,350 | $ 2,695,044 | 112,095 | $ 1,233,845 | 38,688 | $ 392,731 | ||||||||
Distributions reinvested | 16,485 | 175,562 | -- | -- | -- | -- | -- | -- | ||||||||
Shares redeemed | (80,964) | (879,886) | (5,586) | (52,766) | (1,907) | (20,272) | (231) | (2,382) | ||||||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 134,710 | $ 1,491,739 | 277,764 | $ 2,642,278 | 110,188 | $ 1,213,573 | 38,457 | $ 390,349 | ||||||||
(1) Reflects operations for the period from May 3, 2004 (date of initial public investment) to December 31, 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--Effective November 1, 2004, Huntington became the Administrator to the Trust, and Federated Services Company (“FServ”) became the Sub-Administrator. As Administrator, Huntington provides the Funds with certain administrative services. As Sub-Administrator, FServ provides the Funds with certain administrative personnel, and generally assists with the provision of administrative services necessary to operate the Funds. Prior to November 1, 2004, FServ was the Administrator and Huntington served as Sub-Administrator to the Trust. 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 net assets of each Fund 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 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. Huntington receives an administrative fee from the lending agent for the transaction activity associated with the securities lending program.
Compliance Services--The Trust has contracted with BISYS Fund Services Ohio, Inc. to provide certain compliance services on behalf of the Trust. Subject to the direction and control of the Trustees, BISYS Fund Services Ohio, Inc. has developed and assisted in implementing a compliance program on behalf of the Trust and provides the Chief Compliance Officer to the Trust.
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, shareholders of the Fund incur 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 year ended December 31, 2004 were as follows:
Fund | Purchases | Sales | ||
VA Dividend Capture Fund | $ 32,732,994 | $ 21,089,421 | ||
VA Growth Fund | 7,000,156 | 1,472,724 | ||
VA Income Equity Fund | 20,265,312 | 12,061,343 | ||
VA International Equity Fund | 404,779 | 84,131 | ||
VA Macro 100 Fund | 2,124,847 | 12,549 | ||
VA Mid Corp America Fund | 6,407,983 | 1,285,512 | ||
VA New Economy Fund | 1,993,350 | 664,293 | ||
VA Rotating Markets Fund | 5,556,488 | 4,071,229 | ||
VA Situs Small Cap Fund | 1,067,710 | 12,760 | ||
VA Mortgage Securities Fund | 35,813 | -- |
(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.
(8) Other Tax Information (unaudited)
For the taxable year ended December 31, 2004, the following percentage of ordinary income dividends paid by the Funds qualify for the dividends received deduction available to corporations:
Fund | Qualified Dividend | |
VA Dividend Capture Fund | 62.8% | |
VA Growth Fund | 100.0% | |
VA Income Equity Fund | 87.6% | |
VA International Equity Fund | 0.0% | |
VA Macro 100 Fund | 0.0% | |
VA Mid Corp America Fund | 100.0% | |
VA New Economy Fund | 12.7% | |
VA Rotating Markets Fund | 21.1% | |
VA Situs Small Cap Fund | 0.0% | |
VA Mortgage Securities Fund | 0.0% |
Huntington VA Funds
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of the
Huntington VA Funds
We have audited the accompanying statements of assets and liabilities of the Huntington VA Funds, comprising the 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, and Huntington VA Mortgage Securities Fund (collectively referred to as the “Funds”), including the portfolios of investments, as of December 31, 2004, and the related statements of operations, changes in net assets and the financial highlights for the year or period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statements of changes in net assets and the financial highlights presented herein for each of the respective periods ended December 31, 2003 were audited by another registered public accounting firm whose report dated February 11, 2004 expressed an unqualified opinion on those statements of changes in net assets and financial highlights.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2004, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Huntington VA Funds at December 31, 2004, the results of their operations, changes in their net assets and financial highlights for the year or period then ended in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Columbus, Ohio
February 10, 2005
Huntington VA Funds
Board of Trustees and Trust Officers (Unaudited)
The following tables give information about the Independent Trustees (Trustees who are not “interested persons” of the Trust, as defined in the 1940 Act) and the senior Officers of the Trust. Each Independent Trustee oversees all portfolios of the Trust and serves for an indefinite term (subject to mandatory retirement provisions). Unless otherwise noted, the business address of each person listed below is c/o Huntington VA Funds, 5800 Corporate Drive, Pittsburgh, PA. Each officer is elected annually. As of December 31, 2004, The Huntington Fund Complex consisted of two investment companies: The Huntington Funds with 19 portfolios and the Trust with 10 portfolios. Each Independent Trustee serves as Trustee for all portfolios of The Huntington Fund Complex. The Funds’ Statement of Additional Information includes additional information about the Huntington VA Funds’ Trustees and is available, without charge and upon request, by calling 1-800-253-0412.
Name |
| Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
David S. Schoedinger | Principal Occupation: Since 1965, Chairman of the Board, Schoedinger Funeral Service. Since 1987, CEO, Schoedinger Financial Services, Inc. Previous Position: From 1992 to 1993, President, Board of Directors of National Selected Morticians (national trade association for morticians). | |
John M. Shary | Principal Occupations: Retired. Previous Positions: Member, Business Advisory Board, HIE-HEALTHCARE.COM (formerly Hublink, Inc.) (1993-1997) (database integration software); Member, Business Advisory Board, Mind Leaders, Inc. (formerly DPEC – Data Processing Education Corp.) (1993-1996) (data processing education); Member, Business Advisory Board, Miratel Corporation (1993-1995) (research and development firm for CADCAM); Chief Financial Officer of OCLC Online Computer Library Center, Inc. (1978-1993); Member, Board of Directors, Applied Information Technology Research Center (1987-1990); Member, Board of Directors, AIT (1987-1990) technology. | |
Thomas J. Westerfield |
| Principal Occupations: Since April 1993, Of Counsel, Cors & Bassett LLC (law firm). |
William R. Wise |
| Principal Occupations: Retired. Previous Positions: Corporate Director of Financial Services and Treasurer, Children’s Hospital, Columbus, Ohio; Associate Executive Director and Treasurer, Children’s Hospital, Columbus, Ohio (1985-1989). |
Huntington VA Funds
Board of Trustees and Trust Officers (continued)
Officers
Name |
| Principal Occupation(s) for Past Five Years and Previous Position(s) |
Daniel B. Benhase | Principal Occupations: Executive Vice President, Private Financial Group, Huntington Bancshares Incorporated (June 2000 to present). | |
Charles L. Davis, Jr. | Principal Occupations: Vice President, Managing Director of Mutual Fund Services, Federated Services Company (October 2002 to present); President, Edgewood Services, Inc., the Funds’ distributor (March 2004 to present); Officer of various Funds distributed by Edgewood Services, Inc. (December 2002 to present). Previous Positions: Vice President, Edgewood Services, Inc. (January 2000 to March 2004); President, Federated Clearing Services (January 2000 to October 2002); Director, Business Development, Mutual Fund Services, Federated Services Company (September 1998 to December 2000). | |
Frank J. Pavlak |
| Principal Occupations: Vice President and Chief Compliance officer, BISYS Fund Services Ohio, Inc. (May 2004 to present). |
George Polatas | Principal Occupation: Assistant Vice President, Federated Services Company; Vice President and Assistant Treasurer of various funds distributed by Edgewood Services, Inc. (January 1997 to present). | |
Bryan C. Haft | Principal Occupations: Vice President, BISYS Fund Services Ohio, Inc. (June 2000 to present). | |
Victor R. Siclari | Principal Occupations: Partner, Reed Smith LLP (October 2002 to present). Previous Positions: Sr. Corporate Counsel and Vice President, Federated Services Company (prior to October 2002). | |
Huntington VA Funds
Supplemental Information (Unaudited)
Shareholder Expense Example
Fund Expenses. As a shareholder of a Fund, you incur ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire six-month period from July 1, 2004 to December 31, 2004.
Actual Expenses. The “actual” lines of the table provide information about actual account values and actual expenses. You may use the information on this line together with the amount you invested to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the “actual” line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes. The “hypothetical” lines of the table provide information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios, and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as withdrawal charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the separate accounts, variable annuity contracts or variable life insurance policies. Therefore, the “hypothetical” lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| Beginning | Ending | Expenses | Annualized | ||||
VA Dividend Capture Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,109.80 | $ 5.04 | 0.95% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.22 | $ 4.84 | 0.95% | ||||
VA Growth Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,024.00 | $ 4.83 | 0.95% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.22 | $ 4.84 | 0.95% | ||||
VA Income Equity Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,098.30 | $ 4.85 | 0.92% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.37 | $ 4.68 | 0.92% | ||||
VA International Equity Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,133.00 | $ 5.31 | 0.99% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.02 | $ 5.04 | 0.99% | ||||
VA Macro 100 Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,060.00 | $ 5.18 | 1.00% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,019.97 | $ 5.09 | 1.00% | ||||
VA Mid Corp America Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,098.10 | $ 5.01 | 0.95% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.22 | $ 4.84 | 0.95% | ||||
VA New Economy Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,117.30 | $ 5.22 | 0.98% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.07 | $ 4.99 | 0.98% | ||||
VA Rotating Markets Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,092.80 | $ 5.10 | 0.97% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.12 | $ 4.94 | 0.97% | ||||
VA Situs Small Cap Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,135.70 | $ 5.37 | 1.00% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,019.97 | $ 5.09 | 1.00% | ||||
VA Mortgage Securities Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,049.60 | $ 5.15 | 1.00% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,019.97 | $ 5.09 | 1.00% |
(1) Hypothetical assumes 5% annual return before expenses.
(2) Expenses are equal to the Funds’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). The annualized expense ratios reflect contractual reimbursement of expenses by the Funds’ Advisor to limit the Funds’ total operating expenses to not more than 1.00% of the Funds’ average daily net assets, for the period beginning May 1, 2004 through April 30, 2005. The “Financial Highlights” tables in the Funds’ financial statements, included in this report, also show the gross expense ratios, without such reimbursements.
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 www.huntingtonfunds.com/shareholders/. This information is also available from the EDGAR database on the
SEC’s website at www.sec.gov.
QUARTERLY PORTFOLIO SCHEDULE
The Funds file with the SEC a complete schedule of their portfolio holdings, as of the first and third quarters of their fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (call 1-800-SEC-0330 for information on the operation of the Public Reference Room.)
[Logo of Huntington VA Funds]
The Huntington National Bank, a subsidiary of Huntington Bancshares, Inc. is the 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 Sub-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
Cusip 446771602
Cusip 446771800
Cusip 446771875
Cusip 446771867
Cusip 446771883
Item 2. Code of Ethics The registrant has adopted a code of ethics that applies to the registrant's Principal Executive Officer and Principal Financial Officer. This code of ethics is included as an Exhibit hereto. During the period covered by the report, there have been no amendments to, nor any waivers granted from the registrant's code of ethics that applies to its Principal Executive Officer and Principal Financial Officer. Item 3. Audit Committee Financial Expert. The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. The audit committee's financial expert is William R. Wise, who is "independent" for purposes of this Item 3 of Form N-CSR. Item 4. Principal Accountant Fees and Services. (a) Audit Fees billed to the registrant by its principal accountants for the two most recent fiscal years: Fiscal year ended 2004*: $9,502 Fiscal year ended 2003**: $1,792 (b) Audit-Related Fees billed to the registrant by its principal accountants for the two most recent fiscal years: Fiscal year ended 2004*: $0 Fiscal year ended 2003**: $0 Amount requiring approval of the registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively. (c) Tax Fees billed to the registrant by its principal accountants for the two most recent fiscal years: Fiscal year ended 2004*: $2,139 Fiscal year ended 2003**: $946 Fees for both years related to the review of the registrant's tax returns. Amount requiring approval of the registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively. (d) All other fees billed to the registrant by its principal accountants for the two most recent fiscal years: Fiscal year ended 2004*: $0 Fiscal year ended 2003**: $0 Amount requiring approval of the registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively. Total: Fiscal year ended 2004: $11,641 Fiscal year ended 2003: $2,738 * KPMG LLP ("KPMG") served as the registrant's principal accountant for the period January 1, 2004 to March 2, 2004. The registrant changed principal accountants effective March 2, 2004. Ernst and Young ("E & Y") served as the registrant's principal accountant for the period March 2, 2004 to December 31, 2004. ** KPMG served as the registrant's principal accountant for the period January 1, 2003 to December 31, 2003. (e)(1) Audit Committee Policies regarding Pre-Approval of Services. I. Purpose Under the Sarbanes-Oxley Act of 2002 (the "Act"), the Audit Committee of the Board of Trustees of the Huntington Funds and the Huntington VA Funds (the "Funds") is responsible for the appointment, compensation and oversight of the work of the Funds' independent auditor. As part of this responsibility, the Audit Committee is required to grant approval for audit and non-audit services performed by the independent auditor for the Funds in order assure that they do not impair the auditor's independence from the Funds. In addition, the Audit Committee also must pre-approve its independent auditor's engagement for non-audit services with the Fund's investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Funds, if the engagement relates directly to the operations and/or financial reporting of the Funds. To implement these provisions of the Act, the Securities and Exchange Commission (the "SEC") has issued rules specifying the types of services that the Funds' independent auditor may not provide to the Funds, as well as the Audit Committee's administration of the engagement of the independent auditor. Under these rules, the SEC has provided that a permissible approval of audit and non-audit services can take the form of either (i) a general pre-approval, or (ii) a specific pre-approval (where a specific type of service is authorized, generally subject to a fee maximum). General pre-approvals are authorized by SEC rules only subject to detailed policies and procedures. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent auditor. Accordingly, the Audit Committee has adopted these Audit and Non-Audit Services Pre-Approval Policies and Procedures, which set forth the procedures and the conditions pursuant to which services for the Funds may be performed by the independent auditor under pre-approvals. II. General Pre-Approval Policies It is the policy of the Audit Committee that audit and non-audit services to be performed by the Funds' independent auditor be pre-approved only when in the best interests of the Funds' shareholders and fully consistent with applicable law and, particularly, the maintenance of the auditor's independence. In granting any pre-approval, consideration shall be given to: 1. the qualifications of the auditor to perform the services involved; 2. the proposed costs (which may be presented as an estimate or based on professional time charges subject to a ceiling) of the services and the reasonableness thereof; 3. the permissibility of the services under applicable rules and guidance of the SEC; 4. the effect, if any, of the performance of the proposed services on the auditor's independence; 5. the effect of the compensation for the proposed services on the auditor's independence; and 6. the effect, if any, of the proposed services on the Funds' ability to manage or control risk or to improve audit quality. In accordance with SEC rules, non-audit services performed by the Funds' independent auditor may not include the following: 1. Bookkeeping or other services related to the accounting records or financial statements of the audit client; 2. Financial information systems design and implementation; 3. Appraisal or valuation services, fairness opinions or contribution-in-kind reports; 4. Actuarial services; 5. Internal audit outsourcing services; 6. Management functions or human resources; 7. Broker-dealer, investment adviser or investment banking services; and 8. Legal services and expert services unrelated to the audit. III. Procedures for Pre-Approval by the Audit Committee 1. Requests for pre-approval shall be in writing and may be made by either the independent auditors or by management of the Funds. 2. All requests for pre-approval shall be made to the full Audit Committee at regularly scheduled meetings thereof (or at a special meeting of the Audit Committee set to coincide with regular meetings of the Funds' Board of Trustees) whenever practicable. 3. Under normal circumstances, requests for pre-approval should be presented at least 7 days prior (and in no event later than 48 hours prior) to the proposed commencement of the engagement. 4. If consideration of a request for pre-approval on the dates identified in Section III(2) would not be timely, the requesting party shall notify the Chairman of the Audit Committee. The Chairman of the Audit Committee shall then determine whether to schedule a special meeting of the Audit Committee (which may be conducted telephonically) on an alternative date or whether the request may appropriately be presented to a delegate of the Audit Committee under procedures set forth in Section IV below. 5. Requests for pre-approval may include, but are not limited to, the following services: a. audit engagement, particularly for interim periods; b. tax compliance, tax planning, and tax advice; c. review and consents with respect to use of reports in post-effective amendments to the registration statements of the Funds; d. review of IRS shareholder materials; e. review and validation of fund procedures (e.g., valuation, interfund lending, etc.), and f. market research and strategic insights. 6. Requests for pre-approval should identify the nature of the services to be provided in a manner sufficiently specific to allow evaluation of the considerations identified above in Section II. 7. Requests for pre-approval must include an assessment by the independent auditor of their independence should the request be granted and the proposed services rendered. 8. The Audit Committee's action on a request for pre-approval shall be recorded in the Audit Committee's minutes. 9. The Audit Committee's action on a request for pre-approval shall be communicated in writing to the independent auditor and, under normal circumstances, a copy of this communication shall be provided to the Funds' management. 10. The Audit Committee's action on a request for pre-approval shall be reported to the full Board of Trustees. 11. Pre-approvals will be granted for a period of no more than one year. IV. Procedures for Pre-Approval by a Delegate of the Audit Committee 1. Where it has been determined by the Chairman of the Audit Committee that consideration of a request for pre-approval by the full Audit Committee would not be timely, the Chairman may determine that the request be presented to a member(s) of the Audit Committee appointed by the Audit Committee as its delegate (the "Delegate") for this purpose. (As of the date of the adoption of these guidelines and procedures, William R. Wise has been so appointed, and such appointment may be revoked or modified by the Audit Committee at any time.) 2. Requests for pre-approval shall be in writing and may be made by either the independent auditors or by management of the Funds. 3. Under normal circumstances, requests for pre-approval should be presented at least 7 days prior (and in no event later than 48 hours prior) to the proposed commencement of the engagement. 4. Requests for pre-approval may include, but are not limited to, the following services: a. audit engagement, particularly for interim periods; b. tax compliance, tax planning, and tax advice; c. review and consents with respect to use of reports in post-effective amendments to the registration statements of the Funds; d. review of IRS shareholder materials; e. review and validation of fund procedures (e.g., valuation, interfund lending, etc.); and f. market research and strategic insights. 5. Requests for pre-approval should identify the nature of the services to be provided in a manner sufficiently specific to allow evaluation of the considerations identified above in Section II. 6. Requests for pre-approval must include an assessment by the independent auditor of their independence should the request be granted and the proposed services rendered. 7. The Delegate's action on a request for pre-approval shall be communicated in writing to the independent auditor, with a copy to each other member of the Audit Committee and, under normal circumstances, to the Funds' management. 8. Pre-approvals by the Delegate shall be reviewed by the Audit Committee at a meeting held no later than the next scheduled meeting of the Board of Trustees or the Audit Committee, whichever occurs sooner. An earlier review shall be conducted upon the written request of one or more Audit Committee members addressed to the Chairman of the Audit Committee. 9. Pre-approvals by the Delegate may be modified or revoked by the Audit Committee, but will not absolve the Funds' of their responsibility to compensate the independent auditor for services rendered prior to such modification or revocation. 10. The results of the Audit Committee's review of the Delegate's action on a request for pre-approval shall be recorded in the Audit Committee's minutes and reported to the full Board of Trustees. 11. Pre-approvals will be granted by the Delegate for a period of no more than one year. V. Procedures for Monitoring Engagements Authorized Under Pre-Approval Procedures The independent auditor shall inform the Audit Committee in writing upon the commencement of services rendered under a pre-approval. The independent auditor shall thereafter provide the Audit Committee with written quarterly progress reports within one month of the close of each calendar quarter detailing the work done and fees and other charges incurred during said calendar quarter. Should fees and expenses exceed those specified in a pre-approval (or appear likely to do so prior to completion of the work), the independent auditor or management shall so apprise the Audit Committee and an additional express approval or pre-approval must be obtained. VI. Amendment These Policies and Procedures may be amended or revoked at any time by the Audit Committee and shall be reviewed at least annually in conjunction with review of the Audit Committee Charter. (e)(2) Percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. 4(b) Fiscal year ended 2004- 0% Fiscal year ended 2003- 0% Percentage of services provided to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant's audit committee pursuant to paragraph (c) (7) (i) (C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively. 4(c) Fiscal year ended 2004- 0% Fiscal year ended 2003- 0% Percentage of services provided to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant's audit committee pursuant to paragraph (c) (7) (i) (C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively. 4(d) Fiscal year ended 2004- 0% Fiscal year ended 2003- 0% Percentage of services provided to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant's audit committee pursuant to paragraph (c) (7) (i) (C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively. (f) Not applicable. (g) The aggregate fees billed by KPMG LLP ("KPMG") for non-audit services rendered to the registrant and service affiliates for the fiscal year ended December 31, 2003 was $3,818,694. The aggregate fees billed by KPMG for the period January 1, 2004 to March 2, 2004 and by Ernst and Young LLP ("E&Y") for the period March 2, 2004 to December 31, 2004 were $0 and $17,080, respectively. (h) The registrant's Audit Committee has considered that the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. Item 5. Audit Committee of Listed Registrants. Not applicable. Item 6. Schedule of Investments. Not applicable. Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable. Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable. Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable. Item 10. Submission of Matters to a Vote of Security Holders. Not applicable. Item 11. Controls and Procedures. 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 effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act. There were no changes in the registrant's internal control over financial reporting that occurred during the last fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 12. Exhibits. (a)(1)The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto. (a)(2)Certifications pursuant to Rule 30a-2(a) are attached hereto. (a)(3) Not applicable. (b) Certifications pursuant to Rule 30a-2(b) are furnished herewith. 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 March 8, 2005 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 March 8, 2005 By /s/Bryan C. Haft Bryan C. Haft, Treasurer and Principal Financial Officer Date March 8, 2005