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) 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. Sullivan & Worcester LLP 1666 K Street, N.W. Washington, DC 20006 Registrant's telephone number, including area code: 1-800-253-0412 Date of fiscal year end: December 31 Date of reporting period: June 30, 2005 Item 1. Reports to Stockholders.
[Logo of Huntington VA Funds]
Semi-Annual
Shareholder
Report
Equity Funds
Huntington VA Dividend Capture Fund
Huntington VA Growth Fund
Huntington VA Income Equity Fund
Huntington VA International Equity Fund
Huntington VA Macro 100 Fund
Huntington VA Mid Corp America Fund
Huntington VA New Economy Fund
Huntington VA Rotating Markets Fund
Huntington VA Situs Small Cap Fund
Income Funds
Huntington VA Mortgage Securities Fund
JUNE 30, 2005
Huntington VA Dividend Capture Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2005
Asset Allocation | Percentage of | |
Common Stock (includes 10.6% Real Estate Investment Trusts) |
| 50.6% |
Preferred Stock (includes 2.7% Real Estate Investment Trusts) |
| 41.9% |
Other Investments |
| 5.8% |
Exchange Traded Funds | 3.5% |
|
Collateral for Securities Lending | 2.3% |
|
Cash1 |
| 3.6% |
Liabilities in Excess of Other Assets |
| (1.9)% |
TOTAL |
| 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of June 30, 2005, and are based on net assets.
1 Cash is comprised of investments in an affiliated money market fund.
Portfolio of Investments (Unaudited)
June 30, 2005
Shares | Value | ||
COMMON STOCKS -- 50.6% |
| ||
| Consumer Discretionary -- 4.7% |
| |
11,000 | Brunswick Corp. | $ 476,520 | |
2,000 | Fortune Brands, Inc. | 177,600 | |
15,000 | Leggett & Platt, Inc. | 398,700 | |
8,000 | Sherwin-Williams Co. | 376,720 | |
14,000 | The Walt Disney Co. | 352,520 | |
|
| 1,782,060 | |
| Consumer Staples -- 1.1% |
| |
13,000 | Archer-Daniels-Midland Co. | 277,940 | |
2,000 | Molson Coors Brewing Co., Class B | 124,000 | |
|
| 401,940 | |
| Energy -- 4.3% |
| |
11,000 | ConocoPhillips | 632,390 | |
10,000 | Exxon Mobil Corp. | 574,700 | |
6,500 | Unocal Corp. | 422,825 | |
|
| 1,629,915 | |
| Financials -- 15.5% |
| |
10,000 | Ace Ltd. | 448,500 | |
3,750 | Allstate Corp. | 224,063 | |
13,000 | Bank of America Corp. | 592,930 | |
2,000 | Chubb Corp. | 171,220 | |
9,000 | Hartford Financial Services | 673,020 | |
15,000 | Jefferson-Pilot Corp. | 756,299 | |
20,500 | KeyCorp | 679,575 | |
8,000 | Lincoln National Corp. | 375,360 | |
6,000 | Morgan Stanley Dean Witter & Co. | 314,820 | |
11,500 | Safeco Corp. | 624,910 | |
11,000 | Wachovia Corp. | 545,600 | |
13,000 | Washington Mutual, Inc. | 528,970 | |
|
| 5,935,267 | |
|
|
| |
| Health Care -- 3.9% |
| |
26,500 | Bristol-Myers Squibb Co. | $ 661,970 | |
18,500 | Merck & Co., Inc. | 569,800 | |
14,500 | PerkinElmer, Inc. | 274,050 | |
|
| 1,505,820 | |
| Industrials -- 3.1% |
| |
5,000 | Burlington Northern Santa Fe Corp. | 235,400 | |
9,000 | Deere & Co. | 589,410 | |
6,250 | Northrop Grumman Corp. | 345,313 | |
|
| 1,170,123 | |
| Materials -- 1.6% |
| |
9,000 | Ball Corp. | 323,640 | |
8,000 | Georgia Pacific Corp. | 254,400 | |
1,000 | The Dow Chemical Co. | 44,530 | |
|
| 622,570 | |
|
| Real Estate Investment Trusts -- 10.6% | |
4,000 | Bedford Property Investors, Inc. | 92,080 | |
4,000 | CBL & Associates Properties, Inc. | 172,280 | |
7,000 | Colonial Properties Trust | 308,000 | |
11,000 | Commercial NET Lease Realty | 225,170 | |
8,500 | Equity Inns, Inc. | 113,050 | |
8,500 | Equity Office Properties Trust | 281,350 | |
8,500 | Equity Residential Properties Trust | 312,970 | |
7,000 | First Industrial Realty Trust, Inc. | 279,300 | |
2,000 | General Growth Properties | 82,180 | |
4,000 | Health Care Real Estate Investment Trust, Inc. | 150,760 | |
5,500 | Heritage Property Investment | 192,610 | |
4,000 | Home Properties, Inc. | 172,080 | |
3,500 | Hospitality Properties Trust | 154,245 | |
1,000 | Kimco Realty Corp. | 58,910 | |
8,000 | Liberty Property Trust | 354,480 | |
COMMON STOCKS -- (continued) |
| ||
|
| Real Estate Investment Trusts -- (continued) | |
9,000 | Mid-America Apartment Communities, Inc. | $ 408,780 | |
8,000 | New Plan Excel Realty Trust | 217,360 | |
1,000 | Parkway Properties, Inc. | 50,010 | |
4,500 | Simon Property Group, Inc. | 326,205 | |
3,500 | Thornburg Mortgage, Inc. (c) | 101,955 | |
|
| 4,053,775 | |
| Technology -- 2.2% |
| |
13,000 | Intel Corp. | 338,780 | |
13,000 | Nokia Corp. ADR | 216,320 | |
14,000 | Sabre Holdings Corp., Class A | 279,300 | |
|
| 834,400 | |
| Telecommunications -- 1.7% |
| |
17,000 | AT&T Corp. | 323,680 | |
14,000 | SBC Communications, Inc. | 332,500 | |
|
| 656,180 | |
| Utilities -- 1.9% |
| |
6,000 | American Electric Power Co., Inc. | 221,220 | |
9,000 | Kinder Morgan Energy | 458,280 | |
2,500 | Nisource, Inc. | 61,825 | |
|
| 741,325 | |
| Total Common Stocks (Cost $18,111,545) | 19,333,375 | |
PREFERRED STOCKS -- 41.9% |
| ||
| Consumer Discretionary -- 1.2% |
| |
15,000 | The Walt Disney Co., 7.000% | 392,850 | |
2,000 | Viacom, Inc., 7.250% | 50,660 | |
|
| 443,510 | |
| Financials -- 28.7% |
| |
25,000 | ABN Amro Capital Funding | 608,250 | |
16,400 | Ace Ltd., Series C, 7.800% | 439,520 | |
19,900 | AMBAC Financial Group, 7.000% | 522,574 | |
19,100 | ASBC Capital I, 7.625% | 506,150 | |
650 | BancWest Capital I, 9.500% | 16,725 | |
3,000 | Chubb Corp., 7.000% | 95,280 | |
23,700 | Citigroup Capital Trust VIII, 6.950% | 607,668 | |
13,700 | Comerica Capital Trust I, 7.600% | 352,090 | |
22,000 | Compass Capital, 7.350% | 572,000 | |
7,600 | Everest Re Capital Trust, 7.850% | 202,464 | |
15,000 | Fleet Capital Trust VII, 7.200% | 386,400 | |
6,900 | Fleet Capital Trust VIII, 7.200% | 179,124 | |
10,000 | Ford Motor Credit, 7.375% | 217,400 | |
9,000 | General Electric Capital Corp., 6.100% | 233,100 | |
4,000 | Goldman Sachs Group, Inc., | 99,680 | |
|
| ||
| Financials -- (continued) |
| |
13,900 | Hartford Life Capital II, | $ 359,176 | |
20,000 | J.P. Morgan Chase & Co., | 520,000 | |
8,000 | Lehman Brothers Holdings, | 207,600 | |
10,000 | Lincoln National Capital V, | 260,900 | |
21,000 | Merrill Lynch Capital | 562,170 | |
21,100 | Morgan Stanley Capital | 546,068 | |
26,000 | National Commerce Capital | 678,340 | |
18,000 | Partnerre Capital Trust I, 7.900% | 467,280 | |
12,400 | PLC Capital Trust, 7.250% | 324,880 | |
1,900 | Provident Financial Group, | 51,376 | |
7,300 | RenaissanceRe Holdings Ltd., | 191,479 | |
17,600 | SLM Corp., 6.000% | 440,000 | |
13,900 | St. Paul Capital Trust, 7.600% | 365,014 | |
5,000 | Suntrust Capital IV, 7.125% | 129,000 | |
1,300 | Torchmark Capital Trust I, 7.750% | 34,424 | |
5,000 | Travelers Property Casualty | 111,900 | |
27,000 | Wells Fargo Capital Trust II, 7.000% | 697,680 | |
|
| 10,985,712 | |
| Health Care -- 1.6% |
| |
23,000 | Aetna, Inc., 8.500% | 600,530 | |
| Real Estate Investment Trusts -- 2.7% |
| |
1,400 | Equity Residential Properties, | 37,282 | |
10,000 | HRPT Properties Trust, | 260,800 | |
4,000 | Prologis Trust, Series F, 6.750% | 101,760 | |
25,000 | Public Storage, Series R, 8.000% | 650,000 | |
|
| 1,049,842 | |
| Telecommunications -- 0.9% |
| |
14,000 | SBC Communications, Inc., 7.000% | 358,540 | |
| Utilities -- 6.8% |
| |
16,400 | BGE Capital Trust II, 6.200% | 423,120 | |
10,000 | Consolidated Edison Co., | 258,200 | |
19,000 | Dominion CNG Capital | 497,420 | |
12,000 | Energy East Capital Trust I, 8.250% | 315,000 | |
22,000 | Entergy LA, Inc., 7.600% | 576,620 | |
20,000 | Georgia Power Capital, 7.125% | 522,400 | |
|
| 2,592,760 | |
| Total Preferred Stocks | 16,030,894 | |
Shares or | Value | ||
MUTUAL FUNDS -- 3.5% |
| ||
| Exchange Traded Funds -- 3.5% |
| |
16,500 | AMEX Technology SPDR | $ 328,845 | |
8,500 | SPDR Trust Series 1 Index Fund (c) | 1,012,520 | |
| Total Mutual Funds | 1,341,365 | |
CASH EQUIVALENT -- 3.6% |
| ||
1,378,064 | Huntington Money Market Fund, Interfund Shares* | 1,378,064 | |
| Total Cash Equivalent | 1,378,064 | |
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING -- 2.3% |
| ||
| Commercial Paper -- 0.1% |
| |
$ 15,944 | Park Granada LLC, 3.300%, 7/12/05 | 15,944 | |
12,827 | Three Pillars Fund 4-2 144A, | 12,827 | |
8,997 | Three Pillars Fund 4-2 144A, | 8,997 | |
|
| 37,768 | |
| Mutual Funds -- 0.0% |
| |
445 | JP Morgan Institutional Prime Money Market Fund | 445 | |
| Repurchase Agreements -- 1.1% |
| |
127,644 | JP Morgan Securities, 3.410%, 7/1/05 | 127,644 | |
127,644 | Morgan Stanley Dean Witter & Co., 3.400%, 7/1/05 | 127,644 | |
175,834 | UBS Warburg LLC, 3.400%, 7/1/05 | 175,834 | |
|
| 431,122 | |
| Variable Rate Obligations -- 1.1% |
| |
31,892 | Bankone Class A 2004-4, | 31,892 | |
19,151 | Bankone Class ISS Trust | 19,151 | |
15,944 | Bayerische Landesbk NY, | 15,944 | |
21,734 | CCCIT Series 2000, CL 2002-A9, 3.431%, 9/15/05 | 21,734 | |
12,560 | CCCIT Series 2000, CL 2002-A5, 3.447%, 9/15/05 | 12,560 |
Principal | Value | ||
|
| ||
| Variable Rate Obligations -- (continued) | ||
$ 10,244 | Chase CCC Trust 2004-2, C, | $ 10,244 | |
31,889 | Chase CCC Trust 2004-2, C, | 31,889 | |
15,944 | Chase CCMT 2001-2 Class A, | 15,944 | |
27,435 | Chase CCOT 2001-1 Class A, | 27,435 | |
8,106 | Chase CCOT 2003-1 Class A, | 8,106 | |
6,681 | Chase CCOT 2003-1 Class A, | 6,681 | |
19,151 | Chase CCOT 2003-1 Class A, | 19,151 | |
17,637 | Daimler Chrysler Master OT 2003-A, 3.270%, 7/15/05 | 17,637 | |
15,944 | Deutsche Bank, 3.568%, 7/1/05 | 15,944 | |
17,191 | Discover CMT I 2001-2, | 17,191 | |
15,944 | Discover CMT I 2003-1, | 15,944 | |
31,844 | HBOS Treasury Services PLC, 3.510%, 9/30/05 | 31,844 | |
31,844 | JP Morgan & Co., Inc., | 31,844 | |
6,413 | MBNA MCCT II 1997-K, | 6,413 | |
38,302 | MBNA MCCT II 2000-K, | 38,302 | |
25,565 | Merrill Lynch & Co., Inc., | 25,565 | |
|
| 421,415 | |
| Total Short-Term Securities Held as Collateral For Securities Lending (Cost $890,750) | 890,750 | |
| Total Investments | 38,974,448 | |
| Liabilities in Excess of | (729,586) | |
| Net Assets -- 100.0% | $38,244,862 | |
Huntington VA Growth Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2005
Asset Allocation | Percentage of |
Technology | 21.3% |
Health Care | 18.0% |
Consumer Staples | 15.1% |
Energy | 11.0% |
Industrials | 11.0% |
Cash1 | 10.3% |
Consumer Discretionary | 6.7% |
Materials | 2.6% |
Financials | 2.2% |
Other Investments (Exchange Traded Funds) | 1.2% |
Telecommunications | 0.6% |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of June 30, 2005, and are based on net assets.
1 Cash is comprised of investments in an affiliated money market fund.
Portfolio of Investments (Unaudited)
June 30, 2005
Shares | Value | ||
COMMON STOCKS -- 88.5% |
| ||
| Consumer Discretionary -- 6.7% |
| |
1,859 | Carnival Corp. | $ 101,408 | |
14,278 | Home Depot, Inc. | 555,414 | |
3,839 | Kohl’s Corp. (b) | 214,638 | |
5,203 | Liberty Media Corp. (b) | 53,019 | |
1,931 | Media General, Inc. | 125,052 | |
7,677 | Time Warner, Inc. (b) | 128,283 | |
2,408 | Viacom, Inc. | 77,104 | |
|
| 1,254,918 | |
| Consumer Staples -- 15.1% |
| |
7,500 | Anheuser Busch Cos., Inc. | 343,125 | |
4,248 | Colgate-Palmolive Co. | 212,018 | |
3,112 | J.M. Smuckers Co. | 146,077 | |
6,000 | PepsiCo, Inc. | 323,580 | |
9,928 | Procter & Gamble Co. | 523,702 | |
10,675 | SYSCO Corp. | 386,328 | |
3,441 | Wal-Mart Stores, Inc. | 165,856 | |
8,060 | Walgreen Co. | 370,679 | |
5,290 | William Wrigley Jr. Co. | 364,164 | |
|
| 2,835,529 | |
| Energy -- 11.0% |
| |
7,217 | Anadarko Petroleum Corp. | 592,877 | |
5,000 | Exxon Mobil Corp. | 287,350 | |
5,000 | Kinder Morgan, Inc. | 416,000 | |
5,000 | Occidental Petroleum Corp. | 384,650 | |
5,000 | Schlumberger, Ltd. | 379,700 | |
|
| 2,060,577 | |
| Financials -- 2.2% |
| |
2,591 | American Express Co. | 137,919 | |
1 | Berkshire Hathaway, Inc. (b) | 83,500 | |
1,457 | St. Paul Cos., Inc. | 57,595 | |
|
|
| |
| Financials -- (continued) |
| |
3,383 | Washington Mutual, Inc. | $ 137,654 | |
|
| 416,668 | |
| Health Care -- 18.0% |
| |
2,691 | Abbott Laboratories | 131,886 | |
5,000 | Amgen, Inc. (b) | 302,300 | |
7,500 | Baxter International, Inc. | 278,250 | |
2,700 | Dentsply International, Inc. | 145,800 | |
269 | Hospira, Inc. (b) | 10,491 | |
2,290 | IMS Health, Inc. | 56,723 | |
7,000 | Invacare Corp. | 310,520 | |
5,977 | Johnson & Johnson | 388,504 | |
1,968 | Medco Health Solutions, Inc. (b) | 105,012 | |
2,015 | Medtronic, Inc. | 104,357 | |
5,622 | Merck & Co., Inc. | 173,158 | |
2,648 | Millipore Corp. (b) | 150,221 | |
13,122 | Pfizer, Inc. | 361,905 | |
8,433 | Schering-Plough Corp. | 160,733 | |
6,530 | Stryker Corp. | 310,567 | |
5,465 | Wyeth | 243,193 | |
2,000 | Zimmer Holdings, Inc. (b) | 152,340 | |
|
| 3,385,960 | |
| Industrials -- 11.0% |
| |
6,337 | Avery Dennison Corp. | 335,608 | |
10,200 | Cintas Corp. | 393,720 | |
24,245 | General Electric Co. | 840,089 | |
6,136 | Illinois Tool Works, Inc. | 488,916 | |
|
| 2,058,333 | |
| Materials -- 2.6% |
| |
5,205 | Du Pont (E.I.) de Nemours & Co. | 223,867 | |
8,029 | Ecolab, Inc. | 259,818 | |
|
| 483,685 | |
COMMON STOCKS -- (continued) |
| ||
| Technology -- 21.3% |
| |
7,684 | Analog Devices, Inc. | $ 286,690 | |
663 | Applied Materials, Inc. (b) | 10,727 | |
7,887 | Automatic Data Processing, Inc. | 331,017 | |
14,594 | Cisco Systems, Inc. (b) | 278,891 | |
10,000 | Computer Sciences Corp. (b) | 437,000 | |
8,698 | Dell, Inc. (b) | 343,658 | |
620 | EMC Corp. (b) | 8,500 | |
6,712 | Hewlett Packard Co. | 157,799 | |
15,574 | Intel Corp. | 405,858 | |
2,999 | International Business Machines Corp. | 222,526 | |
7,500 | Iron Mountain, Inc. (b) | 232,650 | |
260 | Liberty Global, Inc. | 12,134 | |
29,508 | Microsoft Corp. | 732,980 | |
6,100 | Molex, Inc. | 158,844 | |
342 | Network Appliance, Inc. (b) | 9,668 | |
8,620 | Oracle Corp. (b) | 113,784 | |
6,930 | Qualcomm, Inc. | 228,759 | |
2,201 | Solectron Corp. (b) | 8,342 | |
1,493 | Texas Instruments, Inc. | 41,909 | |
|
| 4,021,736 | |
|
|
| |
| Telecommunications -- 0.6% |
| |
4,308 | Vodafone Group PLC. | $ 104,771 | |
| Utilities -- 0.0% |
| |
187 | Duke Energy Corp. | 5,560 | |
| Total Common Stocks | 16,627,737 | |
MUTUAL FUNDS -- 1.2% |
| ||
| Exchange Traded Funds -- 1.2% |
| |
2,675 | NASDAQ 100 Index Fund | 98,413 | |
1,020 | SPDR Trust Series 1 Index Fund | 121,503 | |
| Total Mutual Funds (Cost $177,194) | 219,916 | |
CASH EQUIVALENT -- 10.3% |
| ||
1,935,309 | Huntington Money Market Fund, Interfund Shares* | 1,935,309 | |
| Total Cash Equivalent | 1,935,309 | |
| Total Investments | 18,782,962 | |
| Other Assets in Excess of | 8,591 | |
| Net Assets -- 100.0% | $ 18,791,553 | |
Huntington VA Income Equity Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2005
Asset Allocation | Percentage of |
Financials | 35.9% |
Consumer Discretionary | 12.0% |
Energy | 9.6% |
Health Care | 8.9% |
Technology | 7.6% |
Industrials | 7.6% |
Utilities | 5.5% |
Telecommunications | 5.0% |
Materials | 3.7% |
Other Investments (Collateral for Securities Lending) | 2.8% |
Consumer Staples | 2.7% |
Real Estate Investment Trusts | 2.1% |
Cash1 | 0.6% |
Liabilities in Excess of Other Assets | (4.0)% |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of June 30, 2005, and are based on net assets.
1 Cash is comprised of investments in an affiliated money market fund.
Portfolio of Investments (Unaudited)
June 30, 2005
Shares | Value | ||
COMMON STOCKS -- 100.6% |
| ||
| Consumer Discretionary -- 12.0% |
| |
16,000 | Comcast Corp., Special Class A (b) | $ 479,200 | |
7,600 | Fortune Brands, Inc. | 674,880 | |
5,000 | Gannett Co., Inc. | 355,650 | |
20,100 | Genuine Parts Co. | 825,909 | |
10,700 | May Department Stores Co. | 429,712 | |
25,300 | Pearson PLC ADR | 300,564 | |
15,100 | Thompson Corp. | 507,511 | |
6,400 | V.F. Corp. | 366,208 | |
|
| 3,939,634 | |
| Consumer Staples -- 2.7% |
| |
8,200 | ConAgra Foods, Inc. | 189,912 | |
4,100 | Molson Coors Brewing Co., Class B | 254,200 | |
23,100 | Sara Lee Corp. | 457,611 | |
|
| 901,723 | |
| Energy -- 9.6% |
| |
15,200 | ChevronTexaco Corp. | 849,984 | |
15,600 | ConocoPhillips | 896,844 | |
12,500 | Occidental Petroleum Corp. | 961,625 | |
6,900 | Royal Dutch Petroleum Co. ADR | 447,810 | |
|
| 3,156,263 | |
| Financials -- 35.9% |
| |
22,500 | AmSouth Bancorporation | 585,000 | |
25,300 | Bank of America Corp. | 1,153,933 | |
18,300 | BB&T Corp. | 731,451 | |
26,000 | Citigroup, Inc. | 1,201,980 | |
10,300 | Comerica, Inc. | 595,340 | |
27,000 | J.P. Morgan Chase & Co. | 953,640 | |
|
|
| |
| Financials -- (continued) |
| |
20,000 | Lincoln National Corp. | $ 938,400 | |
35,000 | MBNA Corp. | 915,600 | |
30,700 | National City Corp. | 1,047,484 | |
26,800 | Regions Financial Corp. | 907,984 | |
6,600 | SunTrust Banks, Inc. | 476,784 | |
18,400 | Unitrin, Inc. | 903,440 | |
9,100 | Wachovia Corp. | 451,360 | |
23,000 | Washington Mutual, Inc. (c) | 935,870 | |
|
| 11,798,266 | |
| Health Care -- 8.9% |
| |
24,600 | Bristol-Myers Squibb Co. | 614,508 | |
22,800 | Merck & Co., Inc. | 702,240 | |
38,400 | Pfizer, Inc. | 1,059,072 | |
12,600 | Wyeth | 560,700 | |
|
| 2,936,520 | |
| Industrials -- 7.6% |
| |
23,000 | General Electric Co. | 796,950 | |
14,700 | Pitney Bowes, Inc. | 640,185 | |
30,900 | R.R. Donnelley & Sons Co. | 1,066,359 | |
|
| 2,503,494 | |
| Materials -- 3.7% |
| |
11,100 | Monsanto Co. | 697,857 | |
8,500 | PPG Industries, Inc. | 533,460 | |
|
| 1,231,317 | |
| Real Estate Investment Trusts -- 2.1% |
| |
11,700 | Equity Office Properties Trust | 387,270 | |
8,600 | Equity Residential Properties Trust | 316,652 | |
|
| 703,922 | |
Shares or | Value | ||
COMMON STOCKS -- (continued) |
| ||
| Technology -- 7.6% |
| |
9,300 | Automatic Data Processing, Inc. | $ 390,321 | |
7,900 | Diebold, Inc. | 356,369 | |
9,800 | First Data Corp. | 393,372 | |
18,800 | Intel Corp. | 489,928 | |
16,200 | Microsoft Corp. | 402,408 | |
28,300 | Nokia Corp. | 470,912 | |
|
| 2,503,310 | |
| Telecommunications -- 5.0% |
| |
15,700 | Alltel Corp. | 977,796 | |
14,400 | Sprint Corp. | 361,296 | |
9,400 | Verizon Communications, Inc. | 324,770 | |
|
| 1,663,862 | |
| Utilities -- 5.5% |
| |
10,800 | Consolidated Edison, Inc. | 505,872 | |
19,200 | Duke Energy Corp. | 570,816 | |
7,500 | Exelon Corp. | 384,975 | |
14,800 | Nisource, Inc. | 366,004 | |
|
| 1,827,667 | |
| Total Common Stocks (Cost $29,127,071) | 33,165,978 | |
CASH EQUIVALENT -- 0.6% |
| ||
194,345 | Huntington Money Market Fund, Interfund Shares* | 194,345 | |
| Total Cash Equivalent (Cost $194,345) | 194,345 | |
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING -- 2.8% |
| ||
| Commercial Paper -- 0.1% |
| |
$ 16,343 | Park Granada LLC, 3.300%, 7/12/05 | 16,343 | |
13,147 | Three Pillars Fund 4-2 144A, | 13,147 | |
9,221 | Three Pillars Fund 4-2 144A, | 9,221 | |
|
| 38,711 | |
| Mutual Funds -- 0.0% |
| |
457 | JP Morgan Institutional Prime Money Market Fund | 457 | |
| Repurchase Agreements -- 1.4% |
| |
130,833 | JP Morgan Securities, 3.410%, 7/1/05 | 130,833 | |
130,833 | Morgan Stanley Dean Witter & Co., 3.400%, 7/1/05 | 130,833 | |
180,226 | UBS Warburg LLC, 3.400%, 7/1/05 | 180,226 | |
|
| 441,892 | |
Principal | Value | ||
| Variable Rate Obligations -- 1.3% |
| |
$ 32,683 | Bankone Class A 2004-4, | $ 32,683 | |
19,630 | Bankone Class ISS Trust 2003-1, 3.270%, 7/15/05 | 19,630 | |
16,343 | Bayerische Landesbk NY, 3.310%, 7/19/05 | 16,343 | |
22,277 | CCCIT Series 2000, CL 2002-A9, 3.431%, 9/15/05 | 22,277 | |
12,873 | CCCIT Series 2000, CL 2002-A5, 3.447%, 9/15/05 | 12,873 | |
10,500 | Chase CCC Trust 2004-2, C, | 10,500 | |
32,685 | Chase CCC Trust 2004-2, C, | 32,685 | |
16,343 | Chase CCMT 2001-2 Class A, | 16,343 | |
28,120 | Chase CCOT 2001-1 Class A, | 28,120 | |
8,308 | Chase CCOT 2003-1 Class A, | 8,308 | |
6,848 | Chase CCOT 2003-1 Class A, | 6,848 | |
19,630 | Chase CCOT 2003-1 Class A, | 19,630 | |
18,077 | Daimler Chrysler Master OT 2003-A, 3.270%, 7/15/05 | 18,077 | |
16,343 | Deutsche Bank, 3.568%, 7/1/05 | 16,343 | |
17,621 | Discover CMT I 2001-2, | 17,621 | |
16,343 | Discover CMT I 2003-1, | 16,343 | |
32,640 | HBOS Treasury Services PLC, | 32,640 | |
32,640 | JP Morgan & Co., Inc., | 32,640 | |
6,574 | MBNA MCCT II 1997-K, Class A, 3.261%, 7/15/05 | 6,574 | |
39,259 | MBNA MCCT II 2000-K, Class A, 3.183%, 7/15/05 | 39,259 | |
26,203 | Merrill Lynch & Co., Inc., | 26,203 | |
|
| 431,940 | |
| Total Short-Term Securities Held as Collateral For Securities Lending | 913,000 | |
| Total Investments | 34,273,323 | |
| Liabilities in Excess of | (1,307,206) | |
| Net Assets -- 100.0% | $32,966,117 | |
Huntington VA International Equity Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2005
Asset Allocation | Percentage of |
United Kingdom | 23.8% |
Japan | 15.7% |
France | 8.2% |
Spain | 5.2% |
Germany | 4.6% |
Netherlands | 4.5% |
Switzerland | 4.4% |
Canada | 2.7% |
Ireland | 2.7% |
Singapore | 2.6% |
Netherlands Antilles | 2.5% |
Finland | 2.4% |
Mexico | 2.2% |
Sweden | 2.0% |
Hong Kong | 1.7% |
Brazil | 1.6% |
Taiwan | 1.3% |
India | 1.0% |
Other Assets in Excess of Liabilities | 10.9% |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of June 30, 2005, and are based on net assets.
Portfolio of Investments (Unaudited)
June 30, 2005
Shares | Value | ||
COMMON STOCKS -- 85.6% |
| ||
| Brazil -- 1.6% |
| |
| Energy -- 1.6% |
| |
240 | Petroleo Brasileiro SA ADR | $ 12,511 | |
| Canada -- 2.7% |
| |
| Energy -- 1.5% |
| |
300 | Encana Corp. ADR | 11,877 | |
| Industrials -- 1.2% |
| |
160 | Canadian National Railway Co. | 9,224 | |
|
| 21,101 | |
| Finland -- 2.4% |
| |
| Materials -- 2.4% |
| |
1,000 | UPM Kymmene OYJ ADR (b) | 19,170 | |
| France -- 8.2% |
| |
| Consumer Discretionary -- 4.1% |
| |
645 | Axa ADR | 16,067 | |
590 | Suez SA ADR | 16,007 | |
|
| 32,074 | |
| Consumer Staples -- 2.3% |
| |
1,040 | Groupe Danone ADR | 18,200 | |
| Energy -- 1.8% |
| |
120 | Total SA ADR | 14,022 | |
|
| 64,296 | |
| Germany -- 4.6% |
| |
| Consumer Discretionary -- 1.6% |
| |
50 | Puma AG Rudolf Dassler Sport ADR | 12,391 | |
|
|
| |
| Technology -- 3.0% |
| |
550 | SAP AG ADR | $ 23,815 | |
|
| 36,206 | |
| Hong Kong -- 1.7% |
| |
| Financials -- 1.7% |
| |
4,600 | Bank of East Asia Ltd. ADR | 13,581 | |
| Ireland -- 2.7% |
| |
| Financials -- 2.7% |
| |
500 | Allied Irish Banks PLC ADR | 21,475 | |
| Japan -- 14.5% |
| |
| Consumer Discretionary -- 4.2% |
| |
230 | Canon, Inc. ADR | 12,105 | |
740 | Matsushita Electric Industrial Co. Ltd. ADR | 11,233 | |
770 | Shiseido Co. Ltd. ADR | 9,728 | |
|
| 33,066 | |
| Electronics -- 2.3% |
| |
1,150 | Sharp Corp. ADR | 17,996 | |
| Financials -- 1.9% |
| |
1,740 | Mitsubishi Tokyo Financial Group, Inc. ADR | 14,755 | |
| Health Care -- 1.9% |
| |
450 | Eisai Co., Ltd. ADR | 15,148 | |
| Industrials -- 2.0% |
| |
500 | Komatsu Ltd. ADR | 15,540 | |
COMMON STOCKS -- (continued) |
| ||
| Technology -- 2.2% |
| |
200 | Secom Co., Ltd. ADR | $ 17,219 | |
|
| 113,724 | |
| Mexico -- 2.2% |
| |
| Consumer Discretionary -- 2.2% |
| |
403 | Cemex SA ADR | 17,095 | |
| Netherlands -- 4.5% |
| |
| Consumer Discretionary -- 2.5% |
| |
691 | ING Group NV ADR | 19,383 | |
| Industrials -- 2.0% |
| |
635 | TPG NV ADR | 16,097 | |
|
| 35,480 | |
| Netherlands Antilles -- 2.5% |
| |
| Energy -- 2.5% |
| |
260 | Schlumberger Ltd. ADR | 19,744 | |
| Singapore -- 2.6% |
| |
| Telecommunications -- 2.6% |
| |
1,264 | Singapore Telecommunications Ltd. ADR (b) | 20,751 | |
|
|
| |
| Spain -- 5.2% |
| |
| Financials -- 1.1% |
| |
550 | Banco Bilbao Vizcaya SA ADR | 8,448 | |
| Telecommunications -- 2.3% |
| |
374 | Telefonica SA ADR | 18,308 | |
| Utilities -- 1.8% |
| |
625 | Endesa SA ADR | 14,325 | |
|
| 41,081 | |
| Sweden -- 2.0% |
| |
| Consumer Discretionary -- 2.0% |
| |
375 | Electrolux AB, Series B ADR | 15,991 | |
| Switzerland -- 4.4% |
| |
| Health Care -- 2.6% |
| |
420 | Novartis AG ADR | 19,925 | |
| Materials -- 1.8% |
| |
700 | Syngenta AG ADR | 14,273 | |
|
| 34,198 | |
| United Kingdom -- 23.8% |
| |
| Consumer Discretionary -- 3.4% |
| |
760 | Boots Group PLC ADR | 16,592 | |
600 | Tesco PLC ADR | 10,284 | |
|
| 26,876 | |
|
|
| |
| Consumer Staples -- 2.2% |
| |
460 | Cadbury Schweppes PLC ADR | $ 17,632 | |
| Energy -- 1.9% |
| |
235 | BP Amoco PLC ADR | 14,659 | |
| Financials -- 1.5% |
| |
300 | Barclays PLC ADR | 11,982 | |
| Health Care -- 2.5% |
| |
400 | GlaxoSmithkline PLC ADR | 19,404 | |
| Industrials -- 6.3% |
| |
321 | Bunzl PLC ADR | 14,959 | |
1,400 | Pearson PLC ADR | 16,632 | |
915 | Tomkins PLC ADR | 17,404 | |
|
| 48,995 | |
| Materials -- 3.9% |
| |
2,950 | Filtrona PLC | 12,849 | |
145 | Rio Tinto PLC ADR | 17,678 | |
|
| 30,527 | |
| Utilities -- 2.1% |
| |
925 | Scottish & Southern Enegy PLC ADR | 16,796 | |
|
| 186,871 | |
| Total Common Stocks (Cost $642,097) | 673,275 | |
MUTUAL FUNDS -- 3.5% |
| ||
| India -- 1.0% |
| |
| Management Investment Operation -- 1.0% |
| |
240 | Morgan Stanley India Investment Fund | 7,704 | |
| Japan -- 1.2% |
| |
| Management Investment Operation -- 1.2% |
| |
950 | iShares MSCI Japan Index Fund | 9,633 | |
| Taiwan -- 1.3% |
| |
| Management Investment Operation -- 1.3% |
| |
850 | iShares MSCI Taiwan Index Fund | 10,285 | |
| Total Mutual Funds (Cost $25,903) | 27,622 | |
| Total Investments | 700,897 | |
| Other Assets in Excess of | 85,995 | |
| Net Assets -- 100.0% | $ 786,892 | |
Huntington VA Macro 100 Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2005
Asset Allocation | Percentage of |
Technology | 39.5% |
Financials | 30.9% |
Consumer Discretionary | 9.9% |
Consumer Staples | 6.9% |
Cash1 | 3.8% |
Industrials | 3.5% |
Materials | 2.2% |
Telecommunications | 1.5% |
Health Care | 0.5% |
Other Assets in Excess of Liabilities | 1.3% |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of June 30, 2005, and are based on net assets.
1 Cash is comprised of investments in an affiliated money market fund.
Portfolio of Investments (Unaudited)
June 30, 2005
Shares | Value | ||
COMMON STOCKS -- 94.9% |
| ||
| Consumer Discretionary -- 9.9% |
| |
1,126 | Carnival Corp. | $ 61,423 | |
1,041 | Circuit City Stores, Inc. | 17,999 | |
2,474 | Ebay, Inc. (b) | 81,667 | |
1,826 | Gap, Inc. | 36,064 | |
745 | Genuine Parts Co. | 30,612 | |
1,117 | Hilton Hotels Corp. | 26,640 | |
3,612 | Home Depot, Inc. | 140,506 | |
1,428 | Lowe’s Cos., Inc. | 83,138 | |
707 | V.F. Corp. | 40,455 | |
|
| 518,504 | |
| Consumer Staples -- 6.9% |
| |
606 | Brown-Forman Corp. | 36,639 | |
1,064 | Coca-Cola Enterprises, Inc. | 23,419 | |
648 | Molson Coors Brewing Co., Class B | 40,176 | |
515 | Reynolds American, Inc. | 40,582 | |
5,312 | The Coca-Cola Co. | 221,775 | |
|
| 362,591 | |
| Financials -- 30.9% |
| |
2,696 | American Express Co. | 143,508 | |
1,066 | AmSouth Bancorporation | 27,716 | |
4,119 | Bank of America Corp. | 187,868 | |
1,064 | BB&T Corp. | 42,528 | |
400 | Bear Stearns Companies, Inc. | 41,576 | |
594 | Capital One Financial Corp. | 47,526 | |
700 | Compass Bancshares, Inc. | 31,500 | |
1,074 | Countrywide Credit Industries, Inc. | 41,467 | |
1,533 | E*Trade Group, Inc. (b) | 21,447 | |
711 | First Horizon National Corp. | 30,004 | |
584 | Franklin Resources, Inc. | 44,956 | |
834 | Golden West Financial Corp. | 53,693 | |
1,017 | Janus Capital Group, Inc. | 15,296 | |
|
|
| |
| Financials -- (continued) |
| |
776 | Marshall & Ilsley Corp. | $ 34,493 | |
832 | Principal Financial Group | 34,861 | |
748 | Prologis Trust | 30,100 | |
1,200 | Providian Financial Corp. (b) | 21,156 | |
1,116 | Regions Financial Corp. | 37,810 | |
565 | Simon Property Group, Inc. | 40,957 | |
790 | SLM Corp. | 40,132 | |
887 | SunTrust Banks, Inc. | 64,077 | |
604 | T. Rowe Price Group, Inc. | 37,810 | |
2,606 | The Charles Schwab Corp. | 29,396 | |
3,080 | U.S. Bancorp | 89,936 | |
2,889 | Wachovia Corp. | 143,294 | |
1,466 | Washington Mutual, Inc. | 59,652 | |
2,854 | Wells Fargo & Co. | 175,749 | |
587 | Zions Bancorporation | 43,162 | |
|
| 1,611,670 | |
| Health Care -- 0.5% |
| |
708 | Waters Corp. (b) | 26,316 | |
| Industrials -- 3.5% |
| |
588 | Cooper Industries Ltd., Class A | 37,573 | |
541 | Ingersoll Rand Co. | 38,600 | |
1,005 | Raytheon Co. | 39,316 | |
754 | Rockwell International Corp. | 36,727 | |
770 | Ryder System, Inc. | 28,182 | |
|
| 180,398 | |
| Materials -- 2.2% |
| |
863 | Freeport-McMoran Copper & Gold, Inc., Class B | 32,311 | |
479 | Phelps Dodge Corp. | 44,307 | |
642 | PPG Industries, Inc. | 40,292 | |
|
| 116,910 | |
COMMON STOCKS -- (continued) |
| ||
| Technology -- 39.5% |
| |
1,176 | Adobe Systems, Inc. | $ 33,657 | |
1,345 | Advanced Micro Devices, Inc. (b) | 23,322 | |
1,268 | Agilent Technologies, Inc. (b) | 29,189 | |
1,209 | Altera Corp. (b) | 23,962 | |
898 | Analog Devices, Inc. | 33,504 | |
1,731 | Applied Micro Circuits Corp. (b) | 4,431 | |
788 | Autodesk, Inc. | 27,084 | |
1,211 | BMC Software, Inc. (b) | 21,737 | |
939 | Broadcom Corp., Class A (b) | 33,344 | |
1,736 | Ciena Corp. (b) | 3,628 | |
10,693 | Cisco Systems, Inc. (b) | 204,344 | |
1,079 | Citrix Systems, Inc. (b) | 23,371 | |
1,409 | Computer Associates International, Inc. | 38,719 | |
743 | Computer Sciences Corp. (b) | 32,469 | |
1,690 | Compuware Corp. (b) | 12,151 | |
988 | Comverse Technology, Inc. (b) | 23,366 | |
4,051 | Dell, Inc. (b) | 160,056 | |
7,524 | Intel Corp. | 196,076 | |
754 | Intuit, Inc. (b) | 34,013 | |
846 | Jabil Circuit, Inc. (b) | 25,998 | |
2,433 | JDS Uniphase Corp. (b) | 3,698 | |
608 | Lexmark International Group, Inc. (b) | 39,417 | |
940 | Linear Technology Corp. | 34,489 | |
1,679 | LSI Logic Corp. (b) | 14,255 | |
6,673 | Lucent Technologies, Inc. (b) | 19,418 | |
931 | Maxim Integrated Products, Inc. | 35,574 | |
702 | Mercury Interactive Corp. (b) | 26,929 | |
7,154 | Microsoft Corp. | 177,706 | |
4,268 | Motorola, Inc. | 77,934 | |
1,231 | National Semiconductor Corp. | 27,119 | |
1,802 | Novell, Inc. (b) | 11,172 | |
|
|
| |
| Technology -- (continued) |
| |
906 | NVIDIA Corp. (b) | $ 24,208 | |
7,935 | Oracle Corp. (b) | 104,743 | |
1,516 | Parametric Technology Corp. (b) | 9,672 | |
1,260 | PMC-Sierra, Inc. (b) | 11,756 | |
820 | QLogic Corp. (b) | 25,313 | |
2,853 | Qualcomm, Inc. | 94,178 | |
2,034 | Sanmina Corp. (b) | 11,126 | |
767 | Scientific-Atlanta, Inc. | 25,518 | |
2,612 | Solectron Corp. (b) | 9,899 | |
1,462 | Symantec Corp. (b) | 31,784 | |
1,756 | Tellabs, Inc. (b) | 15,277 | |
3,126 | Texas Instruments, Inc. | 87,747 | |
1,625 | Unisys Corp. (b) | 10,286 | |
1,146 | Veritas Software Corp. (b) | 27,962 | |
1,078 | Xilinx, Inc. | 27,489 | |
2,682 | Yahoo, Inc. (b) | 92,931 | |
|
| 2,062,021 | |
| Telecommunications -- 1.5% |
| |
722 | ADC Telecommunications, Inc. | 15,718 | |
1,918 | Nextel Communications, Inc., Class A (b) | 61,971 | |
|
| 77,689 | |
| Total Common Stocks (Cost $4,888,501) | 4,956,099 | |
CASH EQUIVALENT -- 3.8% |
| ||
195,573 | Huntington Money Market Fund, | 195,573 | |
| Total Cash Equivalent (Cost $195,573) | 195,573 | |
| Total Investments | 5,151,672 | |
| Other Assets in Excess of | 70,488 | |
| Net Assets -- 100.0% | $ 5,222,160 | |
Huntington VA Mid Corp America Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2005
Asset Allocation | Percentage of | |
Consumer Discretionary |
| 15.6% |
Financials |
| 14.7% |
Health Care |
| 12.8% |
Technology |
| 11.7% |
Industrials |
| 11.1% |
Other Investments |
| 9.4% |
Collateral for Securities Lending | 5.0% |
|
Exchange Traded Funds | 4.4% |
|
Energy |
| 8.9% |
Materials |
| 6.3% |
Cash1 |
| 5.7% |
Utilities |
| 5.0% |
Consumer Staples |
| 3.4% |
Telecommunications |
| 0.3 % |
Liabilities in Excess of Other Assets |
| (4.9)% |
TOTAL |
| 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of June 30, 2005, and are based on net assets.
1 Cash is comprised of investments in an affiliated money market fund.
Portfolio of Investments (Unaudited)
June 30, 2005
Shares | Value | ||
COMMON STOCKS -- 89.8% |
| ||
| Consumer Discretionary -- 15.6% |
| |
2,349 | Abercrombie & Fitch Co., Class A | $ 161,376 | |
4,350 | AnnTaylor Stores Corp. (b) | 105,618 | |
4,200 | Beazer Homes USA, Inc. (c) | 240,030 | |
1,900 | BorgWarner, Inc. | 101,973 | |
1,400 | Boyd Gaming Corp. | 71,582 | |
2,000 | Brunswick Corp. | 86,640 | |
500 | Career Education Corp. (b) | 18,305 | |
2,000 | Centex Corp. | 141,340 | |
1,087 | Cooper Tire & Rubber Co. | 20,186 | |
700 | Cummins Engine, Inc. | 52,227 | |
4,000 | D. R. Horton, Inc. | 150,440 | |
1,000 | Dollar General Corp. | 20,360 | |
700 | Dorel Industries, CL B | 24,546 | |
600 | Harman International Industries, Inc. | 48,816 | |
400 | Hilton Hotels Corp. | 9,540 | |
300 | Hovnanian Enterprises , Class A (b) | 19,560 | |
700 | Intrawest Corp. | 16,856 | |
700 | Leggett & Platt, Inc. | 18,606 | |
400 | Lennar Corp. | 25,380 | |
3,444 | Liz Claiborne, Inc. | 136,933 | |
3,100 | Mohawk Industries, Inc. (b) | 255,750 | |
3,300 | NBTY, Inc. (b) | 85,602 | |
1,200 | Nieman Marcus Group, Inc. | 116,304 | |
2,179 | Nordstrom, Inc. | 148,107 | |
1,000 | Pacific Sunwear of California, Inc. (b) | 22,990 | |
1,300 | PETsMART, Inc. | 39,455 | |
|
|
| |
| Consumer Discretionary -- (continued) | ||
700 | Polo Ralph Lauren Corp. (b) | $ 30,177 | |
3,922 | Pulte Homes, Inc. | 330,430 | |
2,300 | Reebok International Ltd. | 96,209 | |
4,482 | Royal Caribbean Cruises Ltd. | 216,750 | |
1,678 | Ruby Tuesday, Inc. | 43,460 | |
3,300 | Sonic Automotives, Inc. | 70,158 | |
900 | Starwood Hotels & Resorts Worldwide, Inc. | 52,713 | |
700 | Stein Mart, Inc. (b) | 15,400 | |
700 | Technical Olympic USA, Inc. | 16,996 | |
1,493 | The Stanley Works | 67,991 | |
700 | The Warnaco Group, Inc. | 16,275 | |
1,400 | UniFirst Corp. | 56,756 | |
1,030 | Whirlpool Corp. | 72,213 | |
1,000 | Wolverine World Wide, Inc. (b) | 24,010 | |
3,400 | Zales Corp. (b) | 107,746 | |
|
| 3,355,806 | |
| Consumer Staples -- 3.4% |
| |
700 | Applebee’s International, Inc. | 18,543 | |
3,730 | Church & Dwight Co., Inc. | 135,025 | |
2,600 | Constellation Brands, Inc. (b) | 76,700 | |
1,500 | McCormick & Co., Inc. | 49,020 | |
1,660 | Molson Coors Brewing Co., Class B | 102,920 | |
2,111 | Ralcorp Holding, Inc. | 86,868 | |
2,200 | Smithfield Foods, Inc. (b) | 59,994 | |
2,600 | Spectrum Brands, Inc. | 85,800 | |
COMMON STOCKS -- (continued) |
| ||
| Consumer Staples --(continued) |
| |
1,934 | SUPERVALU, Inc. | $ 63,068 | |
2,770 | Tyson Foods, Inc., Class A | 49,306 | |
|
| 727,244 | |
| Energy -- 8.9% |
| |
3,356 | Apache Corp. | 216,798 | |
13,058 | Chesapeake Energy Corp. | 297,722 | |
7,014 | Devon Energy Corp. | 355,470 | |
1,400 | Forest Oil Corp. (b) | 58,800 | |
1,700 | Helmerich & Payne, Inc. | 79,764 | |
2,300 | Murphy Oil Corp. | 120,129 | |
4,042 | Noble Energy, Inc. | 305,777 | |
1,300 | Suncor Energy, Inc. ADR | 61,516 | |
1,743 | Unit Corp. (b) | 76,709 | |
600 | Unocal Corp. | 39,030 | |
3,300 | Vintage Petroleum, Inc. | 100,551 | |
3,507 | Weatherford International, Inc. (b) | 203,336 | |
|
| 1,915,602 | |
| Financials -- 14.7% |
| |
3,350 | Allied Capital Corp. (c) | 97,519 | |
2,000 | Allmerica Financial Corp. (b) | 74,180 | |
2,100 | AMBAC Financial Group, Inc. | 146,496 | |
1,400 | Amcore Financial, Inc. | 41,832 | |
3,084 | AmeriCredit Corp. (b) | 78,642 | |
2,500 | BancorpSouth, Inc. | 59,000 | |
1,337 | Bear Stearns Companies, Inc. | 138,968 | |
2,266 | BOK Financial Corp. (b) | 104,508 | |
2,700 | Chittenden Corp. | 73,440 | |
3,159 | City National Corp. | 226,532 | |
3,621 | Compass Bancshares, Inc. | 162,945 | |
3,117 | Fidelity National Financial, Inc. | 111,246 | |
2,900 | First American Financial Corp. | 116,406 | |
4,832 | First Horizon National Corp. | 203,910 | |
2,000 | Firstmerit Corp. | 52,220 | |
1,069 | Fulton Financial Corp. | 19,238 | |
2,767 | Legg Mason, Inc. | 288,072 | |
1,700 | M & T Bank Corp. | 178,772 | |
3,140 | MoneyGram International, Inc. | 60,037 | |
2,630 | Nationwide Financial Services, Inc. | 99,782 | |
533 | New York Community Bancorp, Inc. | 9,658 | |
5,949 | Old Republic International Corp. | 150,450 | |
2,743 | PMI Group, Inc. | 106,922 | |
3,723 | Protective Life Corp. | 157,185 | |
2,964 | TCF Financial Corp. | 76,708 | |
1,323 | TD Banknorth, Inc. (b) | 39,425 | |
3,227 | Torchmark Corp. | 168,449 | |
634 | Toronto-Dominion Bank | 28,283 | |
2,500 | Wilmington Trust Corp. | 90,025 | |
|
| 3,160,850 | |
| Health Care -- 12.8% |
| |
3,000 | AmerisourceBergen Corp. | 207,450 | |
2,785 | Barr Laboratories, Inc. (b) | 135,741 | |
974 | Caremark Rx, Inc. (b) | 43,362 | |
1,186 | Cephalon, Inc. (b) | 47,215 | |
|
|
| |
| Health Care -- (continued) |
| |
3,000 | Coventry Health Care, Inc. (b) | $ 212,250 | |
400 | Dentsply International, Inc. | 21,600 | |
1,200 | Health Management Associates, Inc. | 31,416 | |
1,470 | Hillenbrand Industries, Inc. | 74,309 | |
3,278 | Invitrogen Corp. (b) | 273,025 | |
3,533 | Lincare Holdings, Inc. (b) | 144,288 | |
6,352 | Mylan Laboratories, Inc. | 122,212 | |
7,000 | Omnicare, Inc. | 297,010 | |
2,620 | Owens & Minor, Inc. | 84,757 | |
4,500 | Pediatrix Medical Group, Inc. (b) | 330,930 | |
2,550 | Renal Care Group, Inc. (b) | 117,555 | |
6,100 | Respironics, Inc. (b) | 220,271 | |
3,689 | Thermo Electron Corp. (b) | 99,123 | |
2,900 | Viasys Healthcare, Inc. (b) | 65,511 | |
7,500 | Watson Pharmaceutical, Inc. (b) | 221,700 | |
|
| 2,749,725 | |
| Industrials -- 11.1% |
| |
1,675 | Alliant Techsystems, Inc. (b) | 118,255 | |
300 | Avery Dennison Corp. | 15,888 | |
2,900 | Banta Corp. | 131,544 | |
2,656 | Cooper Industries Ltd., Class A | 169,718 | |
4,100 | Elbit Systems Ltd. | 90,282 | |
1,300 | G & K Services, Inc., Class A | 49,049 | |
4,200 | Griffon Corp. (b) | 93,240 | |
3,238 | Insituform Technologies, Inc., | 51,905 | |
3,019 | Kennametal, Inc. | 138,421 | |
4,759 | L-3 Communications Corp. | 364,445 | |
3,152 | NCO Group, Inc. (b) | 68,178 | |
1,300 | Oshkosh Truck Corp. | 101,764 | |
4,379 | Pall Corp. | 132,946 | |
2,336 | Parker Hannifin Corp. | 144,855 | |
1,900 | Precision Castparts Corp. | 148,010 | |
1,000 | R.R. Donnelley & Sons Co. | 34,510 | |
300 | Rockwell International Corp. | 14,613 | |
1,600 | Ryder System, Inc. | 58,560 | |
1,800 | Stericycle, Inc. (b) | 90,576 | |
984 | Tecumseh Products Co., Class A | 27,001 | |
3,421 | Teleflex, Inc. | 203,105 | |
1,100 | Textron, Inc. | 83,435 | |
2,400 | Thomas & Betts Corp. (b) | 67,776 | |
|
| 2,398,076 | |
| Materials -- 6.3% |
| |
3,300 | Albemarle Corp. | 120,351 | |
4,300 | AptarGroup, Inc. | 218,440 | |
600 | Ball Corp. | 21,576 | |
3,000 | Bemis Co. | 79,620 | |
5,000 | Cytec Industries, Inc. | 199,000 | |
1,031 | Eagle Materials, Inc. | 95,460 | |
900 | Ferro Corp. | 17,874 | |
5,000 | FMC Corp. (b) | 280,700 | |
700 | Lafarge North America Corp. | 43,708 | |
1,960 | Lubrizol Corp. | 82,340 | |
1,100 | Minerals Technologies, Inc. | 67,760 |
Shares | Value | ||
COMMON STOCKS -- (continued) |
| ||
| Materials -- (continued) |
| |
1,300 | Pactiv Corp. (b) | $ 28,054 | |
800 | Schnitzer Steel Industries, Inc. | 18,960 | |
700 | Texas Industries, Inc. (b) | 39,361 | |
700 | The Scotts Co. (b) | 49,847 | |
|
| 1,363,051 | |
| Technology -- 11.7% |
| |
10,766 | Activision, Inc. (b) | 177,854 | |
1,459 | Affiliated Computer Services, Inc. (b) | 74,555 | |
700 | Amdocs, Ltd. (b) | 18,501 | |
150 | Benchmark Electronics, Inc. (b) | 4,563 | |
2,600 | Cognos, Inc. (b) | 88,764 | |
1,540 | Coherent, Inc. (b) | 55,455 | |
1,900 | Electronic Arts, Inc. (b) | 107,559 | |
2,000 | ESS Technology, Inc. (b) | 8,420 | |
2,312 | Fisher Scientific International, Inc. (b) | 150,049 | |
976 | FLIR Systems, Inc. (b) | 29,124 | |
5,410 | Forrester Research, Inc. (b) | 96,460 | |
3,300 | Harris Corp. | 102,993 | |
2,878 | Imation Corp. | 111,638 | |
700 | Interactive Data Corp. (b) | 14,546 | |
4,500 | Intergraph Corp. (b) | 155,070 | |
2,792 | International Rectifier Corp. (b) | 133,234 | |
700 | Intuit, Inc. (b) | 31,577 | |
3,200 | JDA Software Group, Inc. (b) | 36,416 | |
600 | Molex, Inc. | 15,624 | |
2,748 | NCR Corp. (b) | 96,510 | |
1,600 | Novell, Inc. (b) | 9,920 | |
6,168 | Paxar Corp. (b) | 109,482 | |
300 | Pinnacle Systems, Inc. (b) | 1,650 | |
2,140 | Progress Software Corp. (b) | 64,521 | |
898 | SafeNet, Inc. (b) | 30,586 | |
3,700 | Sandisk Corp. (b) | 87,801 | |
3,928 | Scientific-Atlanta, Inc. | 130,685 | |
1,900 | Storage Technology Corp. (b) | 68,951 | |
3,800 | Sybase, Inc. (b) | 69,730 | |
10,800 | Symantec Corp. (b) | 234,791 | |
1,700 | Symmetricom, Inc. (b) | 17,629 | |
1,907 | Tektronix, Inc. | 44,376 | |
700 | THQ, Inc. | 20,489 | |
2,050 | Trimble Navigation Ltd. (b) | 79,889 | |
1,117 | Varian Semiconductor Equipment Associates, Inc. (b) | 41,329 | |
|
| 2,520,741 | |
| Telecommunications -- 0.3% |
| |
1,407 | CenturyTel, Inc. | 48,724 | |
400 | Commonwealth Telephone | 16,764 | |
|
| 65,488 | |
| Utilities -- 5.0% |
| |
2,200 | AGL Resources, Inc. | 85,030 | |
1,296 | Allete, Inc. | 64,670 | |
2,300 | Atmos Energy Corp. | 66,240 |
Shares or | Value | ||
|
|
| |
| Utilities -- (continued) |
| |
1,700 | Constellation Energy Group | $ 98,073 | |
3,691 | Energy East Corp. | 106,965 | |
700 | Keyspan Corp. | 28,490 | |
4,321 | MDU Resources Group, Inc. | 121,723 | |
2,900 | National Fuel Gas Co. | 83,839 | |
1,200 | New Jersey Resources Corp. | 57,900 | |
1,200 | Peoples Energy Corp. | 52,152 | |
4,664 | Questar Corp. | 307,358 | |
|
| 1,072,440 | |
| Total Common Stocks (Cost $14,951,620) | 19,329,023 | |
MUTUAL FUNDS -- 4.4% |
| ||
| Exchange Traded Funds -- 4.4% |
| |
7,200 | iShares S&P Midcap 400 (c) | 493,560 | |
3,652 | MidCap SPDR Trust Series 1 Index Fund (c) | 457,303 | |
| Total Mutual Funds (Cost $688,326) | 950,863 | |
CASH EQUIVALENT -- 5.7% |
| ||
1,217,077 | Huntington Money Market Fund, Interfund Shares* | 1,217,077 | |
| Total Cash Equivalent (Cost $1,217,077) | 1,217,077 | |
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING -- 5.0% | |||
| Commercial Paper -- 0.2% |
| |
$ 19,200 | Park Granada LLC, 3.300%, | 19,200 | |
15,445 | Three Pillars Fund 4-2 144A, | 15,445 | |
10,833 | Three Pillars Fund 4-2 144A, | 10,833 | |
|
| 45,478 | |
| Mutual Funds -- 0.0% |
| |
536 | JP Morgan Institutional Prime Money Market Fund | 536 | |
| Repurchase Agreements -- 2.4% |
| |
153,704 | JP Morgan Securities, 3.410%, | 153,704 | |
153,704 | Morgan Stanley Dean Witter & Co., 3.400%, 7/1/05 | 153,704 | |
211,731 | UBS Warburg LLC, 3.400%, 7/1/05 | 211,731 | |
|
| 519,139 | |
| Variable Rate Obligations -- 2.4% |
| |
38,397 | Bankone Class A 2004-4, | 38,397 | |
23,061 | Bankone Class ISS Trust 2003-1, 3.270%, 7/15/05 | 23,061 | |
19,200 | Bayerische Landesbk NY, | 19,200 |
Principal | Value | ||
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING -- (continued) |
| ||
|
| Variable Rate Obligations -- (continued) | |
$ 26,171 | CCCIT Series 2000, CL 2002-A9, 3.431%, 9/15/05 | $ 26,171 | |
15,124 | CCCIT Series 2000, CL 2002-A5, 3.447%, 9/15/05 | 15,124 | |
12,335 | Chase CCC Trust 2004-2, C, | 12,335 | |
38,399 | Chase CCC Trust 2004-2, C, | 38,399 | |
19,200 | Chase CCMT 2001-2 Class A, | 19,200 | |
33,036 | Chase CCOT 2001-1 Class A, | 33,036 | |
9,761 | Chase CCOT 2003-1 Class A, | 9,761 | |
8,045 | Chase CCOT 2003-1 Class A, | 8,045 | |
23,061 | Chase CCOT 2003-1 Class A, | 23,061 | |
21,237 | Daimler Chrysler Master OT 2003-A, 3.270%, 7/15/05 | 21,237 | |
19,200 | Deutsche Bank, 3.568%, 7/1/05 | 19,200 | |
20,701 | Discover CMT I 2001-2, | 20,701 | |
|
| Variable Rate Obligations -- (continued) | |
$ 19,200 | Discover CMT I 2003-1, | $ 19,200 | |
38,345 | HBOS Treasury Services PLC, 3.510%, 9/30/05 | 38,345 | |
38,345 | JP Morgan & Co., Inc., | 38,345 | |
7,723 | MBNA MCCT II 1997-K, Class A, 3.261%, 7/15/05 | 7,723 | |
46,122 | MBNA MCCT II 2000-K, Class A, 3.183%, 7/15/05 | 46,122 | |
30,784 | Merrill Lynch & Co., Inc., | 30,784 | |
|
| 507,447 | |
| Total Short-Term Securities Held as Collateral For Securities Lending | 1,072,600 | |
| Total Investments | 22,569,563 | |
| Liabilities in Excess of | (1,052,767) | |
| Net Assets -- 100.0% | $ 21,516,796 | |
Huntington VA New Economy Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2005
Asset Allocation | Percentage of |
Consumer Discretionary | 19.4% |
Health Care | 17.5% |
Technology | 16.4% |
Industrials | 13.5% |
Financials | 8.4% |
Energy | 6.7% |
Materials | 5.0% |
Telecommunications | 4.3% |
Consumer Staples | 4.1% |
Utilities | 2.7% |
Cash1 | 1.6% |
Other Investments (Collateral for Securities Lending) | 1.1% |
Liabilities in Excess of Other Assets | (0.7)% |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of June 30, 2005, and are based on net assets.
1 Cash is comprised of investments in an affiliated money market fund.
Portfolio of Investments (Unaudited)
June 30, 2005
Shares | Value | ||
COMMON STOCKS -- 98.0% |
| ||
| Consumer Discretionary -- 19.4% |
| |
2,800 | Adesa, Inc. | $ 60,956 | |
4,400 | Alderwoods Group, Inc. | 63,227 | |
1,200 | Alliance Atlantis Communications, | 28,260 | |
850 | American Eagle Outfitters, Inc. | 26,053 | |
520 | Autoliv, Inc. | 22,776 | |
307 | AutoNation, Inc. (b) | 6,300 | |
750 | Barnes & Noble, Inc. | 29,100 | |
775 | Bebe Stores, Inc. | 20,514 | |
200 | Black & Decker Corp. | 17,970 | |
300 | Brunswick Corp. | 12,996 | |
1,050 | Bunge Ltd. | 66,569 | |
800 | Burlington Coat Factory Warehouse | 34,112 | |
1,200 | Burlington Northern Santa Fe Corp. | 56,496 | |
2,700 | Canwest Global Comm Corp. | 29,970 | |
194 | CBRL Group, Inc. | 7,539 | |
580 | Centex Corp. | 40,989 | |
2,100 | Chiquita Brands International, Inc. | 57,666 | |
1,250 | Circuit City Stores, Inc. | 21,613 | |
480 | Coach, Inc. (b) | 16,114 | |
1,400 | D. R. Horton, Inc. | 52,654 | |
450 | Electronics Boutique Holdings Corp. (b) | 28,571 | |
1,220 | Finish Line | 23,082 | |
177 | Harrah’s Entertainment, Inc. | 12,748 | |
350 | Hovnanian Enterprises (b) | 22,820 | |
300 | J.C. Penney Co., Inc. | 15,774 | |
1,030 | K-Swiss, Inc. | 33,310 | |
240 | KB Home | 18,295 | |
|
|
| |
| Consumer Discretionary -- (continued) |
| |
400 | Lennar Corp. | $ 25,380 | |
1,400 | Longs Drug Stores Corp. (b) | 60,270 | |
152 | M/I Schottenstein Homes, Inc. | 8,223 | |
210 | MDC Holdings, Inc. | 17,273 | |
350 | Meritage Corp. | 27,825 | |
400 | MGM Grand, Inc. (b) | 15,832 | |
900 | Movie Gallery, Inc. | 23,787 | |
300 | Nordstrom, Inc. | 20,391 | |
39 | NVR, Inc. (b) | 31,590 | |
900 | Orient-Express Hotel Ltd. | 28,503 | |
900 | Phillips-Van Heusen Corp. (b) | 29,421 | |
200 | Pulte Homes, Inc. | 16,850 | |
1,300 | Quiksilver, Inc. (b) | 20,774 | |
315 | RARE Hospitality International, Inc. (b) | 9,598 | |
170 | Royal Caribbean Cruises Ltd. | 8,221 | |
200 | Ryland Group, Inc. | 15,174 | |
520 | Sauer-Danfoss, Inc. | 9,240 | |
885 | SCP Pool Corp. | 31,055 | |
200 | Sears Holdings Corp. (b) | 29,974 | |
410 | Standard-Pacific Corp. | 36,060 | |
200 | Starwood Hotels & Resorts | 11,714 | |
270 | TBC Corp. (b) | 7,325 | |
1,468 | Technical Olympic USA, Inc. | 35,643 | |
730 | The Children’s Place, Inc. (b) | 34,069 | |
2,300 | The Great Atlantic & Pacific Tea Co., | 66,837 | |
300 | Toll Brothers, Inc. (b) | 30,465 | |
400 | Urban Outfitters, Inc. (b) | 22,676 | |
700 | Vail Resorts, Inc. (b) | 19,670 | |
COMMON STOCKS -- (continued) |
| ||
| Consumer Discretionary -- (continued) |
| |
575 | Wci Communities Inc. | $ 18,417 | |
258 | YUM! Brands, Inc. | 13,437 | |
|
| 1,552,168 | |
| Consumer Staples -- 4.1% |
| |
580 | 7-ELEVEN, Inc. (b) | 17,539 | |
1 | Applebee’s International, Inc. | 13 | |
2,300 | Archer-Daniels-Midland Co. | 49,174 | |
725 | Brascan Corp | 27,666 | |
750 | Chattem, Inc. (b) | 31,050 | |
1,736 | Constellation Brands, Inc. (b) | 51,212 | |
1,620 | CVS Corp. | 47,093 | |
380 | Flowers Foods, Inc. | 13,437 | |
1,600 | Pilgrim’s Pride Corp. | 54,609 | |
920 | Ralcorp Holding, Inc. | 37,858 | |
|
| 329,651 | |
| Energy -- 6.7% |
| |
500 | Atwood Oceanics, Inc. (b) | 30,780 | |
600 | Burlington Resources, Inc. | 33,144 | |
350 | ConocoPhillips | 20,122 | |
1,200 | Grand Prideco, Inc. (b) | 31,740 | |
1,000 | Helmerich & Payne, Inc. | 46,919 | |
550 | Hydril (b) | 29,893 | |
4,500 | Mission Resources Corp. (b) | 36,315 | |
260 | Murphy Oil Corp. | 13,580 | |
585 | Occidental Petroleum Corp. | 45,004 | |
1,200 | Oil States International, Inc. (b) | 30,204 | |
500 | Precision Drilling | 19,740 | |
925 | Remington Oil & Gas Corp. (b) | 33,023 | |
1,720 | Todco | 44,152 | |
500 | Transocean Sedco Forex, Inc. (b) | 26,985 | |
700 | Unit Corp. (b) | 30,807 | |
400 | Valero Energy Corp. | 31,644 | |
1,004 | XTO Energy, Inc. | 34,126 | |
|
| 538,178 | |
| Financials -- 8.4% |
| |
1,000 | American Real Estate Partners, L.P. | 29,050 | |
1,500 | CB Richard Ellis Group, Inc. | 65,789 | |
1,200 | CBL & Associates Properties, Inc. | 51,684 | |
2,450 | Center Financial Corp. | 60,834 | |
1,000 | CompuCredit Corp. (b) | 34,280 | |
1,348 | Countrywide Credit Industries, Inc. | 52,046 | |
2,085 | Credicorp Ltd | 41,471 | |
335 | Fidelity National Financial, Inc. | 11,956 | |
440 | First American Financial Corp. | 17,662 | |
375 | First Republic Bancorp, Inc. | 13,249 | |
190 | Golden West Financial Corp. | 12,232 | |
1,200 | Jones Lang LaSalle, Inc. (b) | 53,076 | |
247 | MB Financial, Inc. | 9,838 | |
850 | Nelnet, Inc. | 28,280 | |
700 | Philadelphia Consolidated Holdings | 59,332 | |
350 | Progressive Corp. | 34,584 | |
1,100 | Shinhan Finnancial Group Co., Ltd ADR | 57,673 | |
|
|
| |
| Financials -- (continued) |
| |
460 | Sovereign Bancorp | $ 10,276 | |
492 | Ventas, Inc. | 14,858 | |
220 | WFS Financial, Inc. (b) | 11,156 | |
|
| 669,326 | |
| Health Care -- 17.5% |
| |
900 | Aetna US Healthcare, Inc. | 74,538 | |
510 | Apria Healthcare Group, Inc. (b) | 17,666 | |
400 | Bausch & Lomb, Inc. | 33,200 | |
372 | Becton, Dickinson & Co. | 19,519 | |
1,200 | Biosite, Inc. | 65,988 | |
587 | Caremark Rx, Inc. (b) | 26,133 | |
550 | Cerner Corp. (b) (c) | 37,384 | |
1,700 | Community Health Care, Inc. | 64,243 | |
1,233 | Cooper Companies, Inc. | 75,040 | |
390 | Coventry Health Care, Inc. (b) | 27,593 | |
1,000 | Dade Behring Holdings, Inc. | 65,010 | |
1,125 | DaVita, Inc. (b) | 51,165 | |
280 | Dentsply International, Inc. | 15,120 | |
1,565 | Genesis Healthcare Corp. (b) | 72,428 | |
2,150 | Humana, Inc. (b) | 85,441 | |
2,900 | Medcath Corp Com | 80,591 | |
2,250 | Option Care, Inc. (c) | 31,725 | |
980 | PacifiCare Health Systems, Inc. (b) | 70,021 | |
870 | Parexel International Corp. (b) | 17,270 | |
524 | Pediatrix Medical Group, Inc. (b) | 38,535 | |
550 | Quest Diagnostics, Inc. | 29,299 | |
585 | Renal Care Group, Inc. (b) | 26,969 | |
1,490 | Sierra Health Services, Inc. (b) (c) | 106,474 | |
4,300 | Thoratec Corp. | 65,962 | |
900 | UnitedHealth Group, Inc. | 46,926 | |
3,600 | Ventiv Health, Inc. (b) | 69,408 | |
1,300 | Wellpoint, Inc. (b) | 90,532 | |
|
| 1,404,180 | |
| Industrials -- 13.5% |
| |
143 | Albany International Corp. | 4,592 | |
925 | AMERCO | 49,534 | |
78 | American Woodmark Corp. | 2,341 | |
1,400 | Canadia Pacific Railway | 48,314 | |
1,938 | Cendant Corp. | 43,353 | |
1,700 | Dollar Thrifty Automotive Group, Inc. | 64,566 | |
750 | DRS Technologies, Inc. (b) | 38,460 | |
160 | Fedex Corp. | 12,962 | |
1,650 | Firstservice Corp. | 32,951 | |
530 | Flowserve Corp. (b) | 16,038 | |
1,700 | Gardner Denver, Inc. (b) | 59,636 | |
700 | Genlyte Group | 34,118 | |
2,300 | Hornbeck Offshore Services, Inc. | 62,307 | |
556 | J.B. Hunt Transport Services, Inc. | 10,731 | |
190 | L-3 Communications Corp. | 14,550 | |
2,900 | Labor Ready, Inc. | 67,598 | |
2,600 | Laidlaw International, Inc. | 62,660 | |
440 | Masco Corp. | 13,974 | |
1,500 | McGrath Rentcorp | 35,550 | |
1,050 | Mobile Mini, Inc. (b) | 36,204 |
Shares |
| Value | |
COMMON STOCKS -- (continued) |
| ||
| Industrials -- (continued) |
| |
183 | PACCAR, Inc. | $ 12,444 | |
1,450 | Shaw Group, Inc. (b) | 31,190 | |
620 | Simpson Manufacturing Co., Inc. | 18,941 | |
1,200 | Teledyne Technologies, Inc. (b) | 39,096 | |
800 | Terex Corp. (b) | 31,520 | |
800 | The Brink’s Co. | 28,800 | |
1,000 | Timken Co. | 23,100 | |
1,540 | USG Corp. (b) | 65,449 | |
880 | Washington Group International, Inc. (b) | 44,986 | |
1,700 | West Corp. | 65,280 | |
119 | Yellow Roadway Corp. (b) | 6,045 | |
|
| 1,077,290 | |
| Materials -- 5.0% |
| |
305 | Barrick Gold Corp. | 7,634 | |
200 | Eastman Chemical Co. | 11,030 | |
300 | Inco Ltd. (b) | 11,325 | |
325 | Lyondell Chemical Co. | 8,587 | |
300 | Monsanto Co. | 18,861 | |
1,300 | NS Group, Inc. (b) | 42,263 | |
975 | Nucor Corp. | 44,480 | |
500 | Phelps Dodge Corp. | 46,250 | |
400 | Potash Corporation of Saskatchewan, | 38,232 | |
625 | Quanex Corp. | 33,131 | |
650 | Reliance Steel & Aluminum Co. | 24,096 | |
1,500 | RTI International Metals, Inc. (b) | 47,114 | |
150 | Silgan Holdings, Inc. | 8,436 | |
700 | Southern Peru Copper Corp. | 29,988 | |
400 | Steel Dynamics, Inc. | 10,500 | |
300 | The Dow Chemical Co. | 13,359 | |
600 | USEC, Inc. | 8,784 | |
|
| 404,070 | |
| Technology -- 16.4% |
| |
1,066 | Activision, Inc. (b) | 17,610 | |
1,300 | Ansys, Inc. (b) | 46,163 | |
1,050 | Anteon International Corp. (b) | 47,901 | |
1,650 | Apple Computer, Inc. (b) | 60,737 | |
9,000 | Arris Group, Inc | 78,390 | |
2,620 | Autodesk, Inc. | 90,049 | |
5,000 | Bottomline Technologies, Inc. | 74,850 | |
200 | Electronic Arts, Inc. (b) | 11,322 | |
700 | EMC Corp. (b) | 9,597 | |
1 | Fisher Scientific International, Inc. (b) | 52 | |
2,850 | Geac Computer | 24,824 | |
700 | Hutchinson Technology, Inc. (b) | 26,957 | |
1,270 | Intergraph Corp. (b) | 43,764 | |
3,200 | Internet Security, Inc. (b) | 64,928 | |
1,800 | Itron, Inc. (b) | 80,424 | |
5,100 | Ixys Corp. | 72,318 | |
400 | Jabil Circuit, Inc. (b) | 12,292 | |
1,150 | Komag, Inc. | 32,626 | |
600 | Micros Systems, Inc. (b) | 26,850 |
Shares or | Value | ||
|
|
| |
| Technology -- (continued) |
| |
1,225 | NCR Corp. (b) | $ 43,022 | |
2,800 | NVIDIA Corp. (b) | 74,816 | |
400 | Progress Software Corp. (b) | 12,060 | |
6,500 | Radiant Systems, Inc. (b) | 74,100 | |
4,700 | SBA Communications Corp. (b) | 63,450 | |
1,350 | SRA International, Inc. (b) | 46,872 | |
3,850 | TALX Corp. | 111,304 | |
1,550 | Verisign, Inc. (b) | 44,578 | |
860 | Viscount Systems, Inc. (b) | 679 | |
476 | Yahoo, Inc. (b) | 16,493 | |
|
| 1,309,028 | |
| Telecommunications -- 4.3% |
| |
1,075 | Commonwealth Telephone Enterprises, Inc. (b) | 45,053 | |
670 | Nextel Communications, Inc. (b) | 21,648 | |
925 | SpectraSite, Inc. (b) | 68,848 | |
230 | Telephone & Data Systems, Inc. | 8,818 | |
230 | Telephone & Data Systems, Inc. | 9,386 | |
4,200 | Telesystem International Wireless, Inc. (b) | 65,604 | |
1,900 | Telus Corp. | 64,619 | |
7,500 | UbiquiTel, Inc. (b) | 61,200 | |
|
| 345,176 | |
| Utilities -- 2.7% |
| |
1,800 | AES Corp. (b) | 29,484 | |
1,250 | Allegheny Energy, Inc. (b) | 31,525 | |
525 | Constellation Energy Group | 30,287 | |
800 | Energen Corp. (b) | 28,040 | |
900 | ONEOK, Inc. (b) | 29,385 | |
2,500 | Sierra Pacific Resources | 31,125 | |
1,200 | UGI Corp. | 33,480 | |
|
| 213,326 | |
| Total Common Stocks | 7,842,393 | |
CASH EQUIVALENT -- 1.6% |
| ||
128,652 | Huntington Money Market Fund, Interfund Shares* | 128,652 | |
| Total Cash Equivalent (Cost $128,652) | 128,652 | |
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES |
| ||
| Commercial Paper -- 0.1% |
| |
$ 1,600 | Park Granada LLC, 3.300%, 7/12/05 | 1,600 | |
1,287 | Three Pillars Fund 4-2 144A, | 1,287 | |
903 | Three Pillars Fund 4-2 144A, | 903 | |
|
| 3,790 | |
| Mutual Funds -- 0.0% |
| |
45 | JP Morgan Institutional Prime Money Market Fund | 45 | |
Principal | Value | ||
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES |
| ||
| Repurchase Agreements -- 0.5% |
| |
$ 12,807 | JP Morgan Securities, 3.410%, 7/1/05 | $ 12,807 | |
12,807 | Morgan Stanley Dean Witter & Co., 3.400%, 7/1/05 | 12,807 | |
17,643 | UBS Warburg LLC, 3.400%, 7/1/05 | 17,643 | |
|
| 43,257 | |
| Variable Rate Obligations -- 0.5% |
| |
3,197 | Bankone Class A 2004-4, | 3,197 | |
1,922 | Bankone Class ISS Trust 2003-1, | 1,922 | |
1,600 | Bayerische Landesbk NY, | 1,600 | |
2,181 | CCCIT Series 2000, CL 2002-A9, 3.431%, 9/15/05 | 2,181 | |
1,260 | CCCIT Series 2000, CL 2002-A5, 3.447%, 9/15/05 | 1,260 | |
1,028 | Chase CCC Trust 2004-2, C, | 1,028 | |
3,200 | Chase CCC Trust 2004-2, C, | 3,200 | |
1,600 | Chase CCMT 2001-2 Class A, | 1,600 | |
2,753 | Chase CCOT 2001-1 Class A, | 2,753 | |
813 | Chase CCOT 2003-1 Class A, | 813 | |
| Variable Rate Obligations -- (continued) | ||
$ 670 | Chase CCOT 2003-1 Class A, | $ 670 | |
1,922 | Chase CCOT 2003-1 Class A, | 1,922 | |
1,770 | Daimler Chrysler Master OT 2003-A, 3.270%, 7/15/05 | 1,770 | |
1,600 | Deutsche Bank, 3.568%, 7/1/05 | 1,600 | |
1,725 | Discover CMT I 2001-2, | 1,725 | |
1,600 | Discover CMT I 2003-1, | 1,600 | |
3,195 | HBOS Treasury Services PLC, | 3,195 | |
3,195 | JP Morgan & Co., Inc., 3.388%, 9/2/05 | 3,195 | |
644 | MBNA MCCT II 1997-K, Class A, 3.261%, 7/15/05 | 644 | |
3,843 | MBNA MCCT II 2000-K, Class A, 3.183%, 7/15/05 | 3,843 | |
2,565 | Merrill Lynch & Co., Inc., 3.444%, 9/15/05 | 2,565 | |
|
| 42,283 | |
| Total Short-Term Securities Held as Collateral For Securities Lending | 89,375 | |
| Total Investments | 8,060,420 | |
| Liabilities in Excess of | (57,785) | |
| Net Assets -- 100.0% | $ 8,002,635 | |
Huntington VA Rotating Markets Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2005
Asset Allocation | Percentage of |
United States of America | 55.1% |
Europe | 27.2% |
Asia | 6.2% |
Cash1 | 3.5% |
Latin America | 5.7% |
Canada | 2.1% |
Other Assets in Excess of Liabilities | 0.2% |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of June 30, 2005, and are based on net assets.
1 Cash is comprised of investments in an affiliated money market fund.
Portfolio of Investments (Unaudited)
June 30, 2005
Shares | Value | ||
MUTUAL FUNDS -- 96.5% |
| ||
17,955 | iShares EAFE Index Fund | $ 939,226 | |
2,572 | iShares MSCI Brazil Index Fund | 63,837 | |
7,131 | iShares MSCI Canada Index Fund | 129,428 | |
3,379 | iShares MSCI Emerging Markets | 241,936 | |
7,782 | iShares MSCI EMU Index Fund | 553,611 | |
4,890 | iShares MSCI Hong Kong Index Fund | 60,734 | |
5,782 | iShares MSCI Mexico Index Fund | 156,577 | |
2,350 | iShares MSCI Pacific ex-Japan | 221,229 | |
13,499 | iShares MSCI Singapore Index Fund | 102,187 | |
9,940 | iShares MSCI United Kingdom | 178,622 | |
2,609 | iShares Russell 1000 Growth Fund | 125,232 | |
14,753 | iShares Russell 1000 Index Fund | 951,274 | |
1,181 | iShares Russell 3000 Value Index Fund | 103,101 | |
3,185 | iShares Russell Midcap Value | 376,435 | |
1,379 | iShares S&P Latin America 40 | 128,150 | |
5,211 | iShares S&P Small Cap 600 Index Fund | 286,397 | |
2,596 | iShares S&P Small Cap 600 BARRA Growth Index Fund | 282,964 | |
800 | iShares U.S. Energy Sector Index Fund | 61,560 | |
1,900 | iShares U.S. Healthcare Sector | 116,318 | |
5,065 | MidCap SPDR Trust Series 1 | 634,239 | |
1,425 | Rydex S&P Equal Weight Index Fund | 222,101 | |
| Total Mutual Funds (Cost $5,277,252) | 5,935,158 | |
CASH EQUIVALENT -- 3.5% |
| ||
215,782 | Huntington Money Market Fund, | $ 215,782 | |
| Total Cash Equivalent (Cost $215,782) | 215,782 | |
| Total Investments | 6,150,940 | |
| Other Assets in Excess of | 9,258 | |
| Net Assets -- 100.0% | $ 6,160,198 | |
Huntington VA Situs Small Cap Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2005
Asset Allocation | Percentage of |
Industrials | 15.9% |
Consumer Discretionary | 13.8% |
Health Care | 13.7% |
Technology | 11.9% |
Financials | 11.6% |
Energy | 9.7% |
Cash1 | 9.1% |
Materials | 7.1% |
Utilites | 3.6% |
Consumer Staples | 2.2% |
Telecommunications | 0.6% |
Other Assets in Excess of Liabilities | 0.8% |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of June 30, 2005, and are based on net assets.
1 Cash is comprised of investments in an affiliated money market fund.
Portfolio of Investments (Unaudited)
June 30, 2005
Shares | Value | ||
COMMON STOCKS -- 90.1% |
| ||
| Cayman Islands -- 2.3% |
| |
| Consumer Discretionary -- 2.3% |
| |
2,000 | Garmin Ltd. | $ 85,500 | |
| United States -- 88.4% |
| |
| Consumer Discretionary -- 11.5% |
| |
3,000 | Audiovox Corp., Class A (b) | 46,500 | |
500 | Brunswick Corp. | 21,660 | |
300 | Columbia Sportswear Co. (b) | 14,817 | |
1,500 | Fossil, Inc. (b) | 34,050 | |
500 | Kerzner International Ltd. (b) | 28,475 | |
500 | Polo Ralph Lauren Corp. | 21,555 | |
1,200 | Reebok International Ltd. | 50,196 | |
400 | Toll Brothers, Inc. (b) | 40,620 | |
3,000 | Urban Outfitters, Inc. (b) | 170,070 | |
350 | West Marine, Inc. (b) | 6,321 | |
|
| 434,264 | |
| Consumer Staples -- 2.2% |
| |
1,100 | Fresh Del Monte Produce, Inc. | 29,612 | |
1,700 | Performance Food Group Co. (b) | 51,357 | |
|
| 80,969 | |
| Energy -- 9.7% |
| |
2,000 | Denbury Resources, Inc. (b) | 79,540 | |
2,000 | Headwaters, Inc. (b) | 68,760 | |
1,000 | Houston Exploration Co. (b) | 53,050 | |
1,000 | Hydril Co. (b) | 54,350 | |
1,000 | Newfield Exploration Co. (b) | 39,890 | |
1,000 | Remington Oil & Gas Corp. (b) | 35,700 | |
1,000 | Spinnaker Exploration Co. (b) | 35,490 | |
|
| 366,780 | |
|
|
| |
| Financials -- 11.6% |
| |
1,000 | Anchor Bancorp Wisconsin, Inc. | $ 30,260 | |
3,250 | Arch Capital Group Ltd. (b) | 146,413 | |
1,000 | Bancshares of Florida, Inc (b) | 17,000 | |
4,200 | Colonial Bancgroup, Inc. | 92,652 | |
4,000 | Scottish Annuity & Life Holdings Ltd. | 96,960 | |
1,000 | WSFS Financial Corp. | 54,710 | |
|
| 437,995 | |
| Health Care -- 13.7% |
| |
1,150 | Bio-Rad Laboratories, Inc., Class A (b) | 68,092 | |
2,000 | Cerner Corp. (b) | 135,940 | |
2,500 | Edwards Lifesciences Corp. (b) | 107,550 | |
2,500 | Intermagnetics General Corp. (b) | 76,900 | |
3,000 | Mentor Corp. | 124,440 | |
100 | Par Pharmaceutical, Inc. (b) | 3,181 | |
|
| 516,103 | |
| Industrials -- 15.9% |
| |
2,000 | Armor Holdings, Inc. (b) | 79,220 | |
1,500 | Cuno, Inc. (b) | 107,160 | |
2,500 | Jacobs Engineering Group, Inc. (b) | 140,650 | |
2,000 | Precision Castparts Corp. | 155,799 | |
1,000 | Thomas Industries, Inc. | 39,960 | |
1,800 | Universal Forest Products, Inc. | 74,610 | |
|
| 597,399 | |
| Materials -- 7.1% |
| |
2,500 | Florida Rock Industries | 183,375 | |
2,000 | Steel Technologies, Inc. | 33,800 | |
700 | The Scotts Co., Class A (b) | 49,847 | |
|
| 267,022 | |
COMMON STOCKS -- (continued) |
| ||
| Technology -- 11.9% |
| |
1,000 | Black Box Corp. | $ 35,400 | |
2,000 | Global Imaging Systems, Inc. (b) | 63,720 | |
3,000 | Hutchinson Technology, Inc. (b) | 115,530 | |
2,500 | Intergraph Corp. (b) | 86,150 | |
1,000 | Standard Microsystems Corp. (b) | 23,380 | |
5,000 | Transaction Systems Architects, Inc. (b) | 123,150 | |
|
| 447,330 | |
| Telecommunications -- 0.6% |
| |
2,300 | General Communication, Inc., Class A (b) | 22,701 | |
| Utilities -- 3.6% |
| |
2,000 | Hawaiian Electric Industries, Inc. | 53,620 | |
3,000 | UGI Corp. | 83,700 | |
|
| 137,320 | |
|
| 3,307,883 | |
| Total Common Stocks (Cost $3,060,012) | 3,393,383 | |
CASH EQUIVALENT -- 9.1% |
| ||
342,707 | Huntington Money Market Fund, | $ 342,707 | |
| Total Cash Equivalent (Cost $342,707) | 342,707 | |
| Total Investments | 3,736,090 | |
| Other Assets in Excess of | 31,014 | |
| Net Assets -- 100.0% | $ 3,767,104 | |
Huntington VA Mortgage Securities Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2005
Asset Allocation | Percentage of |
Mortgage Backed Securities | 71.7% |
Real Estate Investment Trusts | 9.6% |
U.S. Agency Bonds | 17.5% |
Cash1 | 2.7% |
Liabilities in Excess of Other Assets | (1.5)% |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of June 30, 2005, and are based on net assets.
1 Cash is comprised of investments in an affiliated money market fund.
Portfolio of Investments (Unaudited)
June 30, 2005
Principal | Value | ||
U.S. GOVERNMENT MORTGAGE BACKED AGENCIES -- 71.7% |
| ||
| Federal Home Loan Bank -- 7.9% |
| |
$ 88,778 | Series Z2-2013, Class A, | 89,416 | |
| Federal Home Loan Mortgage |
| |
48,924 | Pool # B18052, 4.500%, 3/1/15 | 48,809 | |
44,007 | Pool # C90837, 5.500%, 6/1/24 | 44,939 | |
46,499 | Pool # G18008, 4.500%, 9/1/19 | 46,347 | |
23,386 | Pool # G18015, 4.500%, 10/1/19 | 23,310 | |
45,092 | Series 1994-23, Class PK, 6.000%, 5/25/10 | 46,325 | |
50,000 | Series 2469, Class AK, | 50,860 | |
|
| 260,590 | |
| Federal National Mortgage Association -- 24.4% | ||
39,852 | Pool # 254908, 5.000%, 9/1/23 | 40,188 | |
43,528 | Pool # 255224, 4.000%, 5/1/11 | 43,039 | |
22,870 | Pool # 255360, 5.000%, 8/1/24 | 23,062 | |
75,000 | Pool # 255808, 5.000%, 7/1/25 | 75,600 | |
43,899 | Pool # 721540, 5.000%, 7/1/33 | 43,974 | |
50,000 | Series 2672, Class GH, | 51,252 | |
|
| 277,115 | |
| Government National Mortgage |
| |
44,146 | Pool # 3571, 6.500%, 6/20/34 | 45,962 | |
41,661 | Pool # 3590, 5.500%, 8/20/19 | 42,909 | |
23,568 | Pool # 3637, 5.500%, 11/20/34 | 24,047 | |
74,876 | Pool # 3710, 5.000%, 5/20/35 | 75,338 | |
|
| 188,256 | |
| Total U.S. Government Mortgage Backed Agencies (Cost $813,978) | 815,377 | |
Principal | Value | ||
U.S. GOVERNMENT AGENCIES -- 17.5% |
| ||
| Federal Home Loan Bank -- 8.7% |
| |
$ 100,000 | 3.170%, 7/20/05 | $ 99,833 | |
| Federal Home Loan Mortgage |
| |
100,000 | 4.000%, 4/8/11 | 99,671 | |
| Total U.S. Government Agencies (Cost $199,051) | 199,504 | |
COMMON STOCKS -- 9.6% |
| ||
| Real Estate Investment Trusts -- 9.6% |
| |
100 | Acadia Realty Trust | 1,865 | |
100 | Alexandria Real Estate Equities, Inc. | 7,345 | |
100 | American Campus Communities, Inc. | 2,268 | |
100 | Boston Properties, Inc. | 7,000 | |
100 | Brandywine Realty Trust | 3,065 | |
100 | Capital Automotive Real Estate Investment Trust, Inc. | 3,817 | |
100 | Duke Realty Corp. | 3,166 | |
100 | EastGroup Properties, Inc. | 4,211 | |
100 | Equity Residential Properties Trust | 3,682 | |
100 | Essex Property Trust, Inc. | 8,306 | |
100 | General Growth Properties | 4,109 | |
100 | Health Care Property Investors, Inc. | 2,704 | |
100 | Hospitality Properties Trust | 4,407 | |
100 | Kimco Realty Corp. | 5,891 | |
100 | Mack-Cali Realty Corp. | 4,530 | |
100 | New Plan Excel Realty Trust | 2,717 | |
100 | Pennsylvania Real Estate Investment Trust | 4,750 | |
100 | ProLogis | 4,024 | |
100 | Public Storage, Inc. | 6,325 | |
100 | Realty Income Corp. | 2,504 | |
100 | Simon Property Group, Inc. | 7,249 | |
100 | Tanger Factory Outlet Centers | 2,693 | |
100 | Vornado Realty Trust | 8,040 | |
100 | Weingarten Realty Investors | 3,922 | |
| Total Common Stocks (Cost $97,723) | 108,590 | |
Shares | Value | ||
CASH EQUIVALENT -- 2.7% |
| ||
31,156 | Huntington Money Market Fund, Interfund Shares* | $ 31,156 | |
| Total Cash Equivalent (Cost $31,156) | 31,156 | |
| Total Investments | 1,154,627 | |
| Liabilities in Excess of | (17,286) | |
| Net Assets -- 100.0% | $ 1,137,341 | |
See Notes to Portfolio of Investments on page 25.
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 June 30, 2005.
* 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 |
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Statements of Assets and Liabilities
June 30, 2005 (Unaudited)
Huntington | Huntington | Huntington | Huntington | Huntington | ||||||
Assets: |
|
|
|
|
| |||||
Investments, at value(1) | $37,596,384 | $16,847,653 | $44,078,978 | $700,897 | $4,956,098 | |||||
Investment in affiliated securities, at value | 1,378,064 | 1,935,309 | 194,345 | -- | 195,574 | |||||
Total Investments | 38,974,448 | 18,782,962 | 34,273,323 | 700,897 | 5,151,672 | |||||
Cash | -- | -- | -- | 120,849 | -- | |||||
Income receivable | 149,091 | 22,804 | 71,423 | 2,023 | 5,468 | |||||
Receivable for shares sold | 61,391 | -- | 5,726 | 630 | 67,923 | |||||
Receivable from adviser | -- | -- | -- | 231 | -- | |||||
Prepaid expenses and other assets | 1,379 | 1,286 | 1,413 | 960 | 835 | |||||
Total assets | 39,186,309 | 18,807,052 | 34,351,885 | 825,590 | 5,225,898 | |||||
Liabilities: |
|
|
|
|
| |||||
Options written, at value (proceeds $0; $0; $396,042; $0 and $0) | -- | -- | 446,195 | -- | -- | |||||
Payable for investments purchased | 20,604 | -- | -- | 37,980 | -- | |||||
Payable for shares redeemed | -- | 325 | -- | 335 | -- | |||||
Payable for return of collateral received for securities on loan | 890,750 | -- | 913,000 | -- | -- | |||||
Accrued expenses and other payables |
|
|
|
|
| |||||
Investment adviser fees | 18,526 | 9,267 | 16,242 | -- | 2,165 | |||||
Administration fees | 2,625 | 1,313 | 2,301 | 50 | 341 | |||||
Sub-Administration fees | 1,544 | 772 | 1,354 | 30 | 201 | |||||
Custodian fees | 803 | 402 | 704 | 83 | 104 | |||||
Portfolio accounting fees | 1,226 | 677 | 1,126 | 146 | 348 | |||||
Trustees’ fees | 728 | 383 | 675 | 19 | 101 | |||||
Other | 4,641 | 2,360 | 4,171 | 55 | 478 | |||||
Total liabilities | 941,447 | 15,499 | 1,385,768 | 38,698 | 3,738 | |||||
Net Assets | $38,244,862 | $18,791,553 | $32,966,117 | $786,892 | $5,222,160 | |||||
Net Assets Consists of: |
|
|
|
|
| |||||
Paid in capital | $32,906,768 | $17,399,401 | $27,600,238 | $749,738 | $5,132,387 | |||||
Net unrealized appreciation (depreciation) of investments and options | 1,040,900 | 928,673 | 3,988,754 | 33,036 | 67,598 | |||||
Accumulated net realized gain (loss) on investment and options transactions | 2,368,684 | 335,370 | 496,377 | (1,265) | (66) | |||||
Accumulated net investment income (loss) | 1,928,510 | 128,109 | 880,748 | 5,383 | 22,241 | |||||
Total Net Assets | $38,244,862 | $18,791,553 | $32,966,117 | $786,892 | $5,222,160 | |||||
Shares Outstanding | 2,915,026 | 2,146,195 | 2,818,008 | 71,558 | 490,907 | |||||
Net Asset Value Per Share |
|
|
|
|
| |||||
(Net asset value, offering and redemption price per share) | $13.12 | $8.76 | $11.70 | $11.00 | $10.64 | |||||
Investments, at cost | $37,933,548 | $17,854,289 | $30,234,416 | $668,000 | $5,084,074 | |||||
(1) Includes securities on loan of $805,667; $0; $893,860; $0 and $0.
Huntington VA Funds
Statements of Assets and Liabilities
June 30, 2005 (Unaudited)
Huntington | Huntington | Huntington | Huntington | Huntington | |||||
Assets: |
|
|
|
|
| ||||
Investments, at value(1) | $21,352,486 | $7,931,768 | $5,935,158 | $ 3,393,383 | $1,123,471 | ||||
Investment in affiliated securities, at value | 1,217,077 | 128,652 | 215,782 | 342,707 | 31,156 | ||||
Total Investments | 22,569,563 | 8,060,420 | 6,150,940 | 3,736,090 | 1,154,627 | ||||
Cash | -- | 4,528 | -- | -- | -- | ||||
Income receivable | 19,813 | 5,260 | 3,233 | 1,932 | 4,477 | ||||
Receivable for shares sold | 15,672 | 26,348 | 9,676 | 31,187 | -- | ||||
Receivable from adviser | -- | -- | -- | -- | 139 | ||||
Prepaid expenses and other assets | 1,228 | 1,199 | 1,208 | 701 | 925 | ||||
Total assets | 22,606,276 | 8,097,755 | 6,165,057 | 3,769,910 | 1,160,168 | ||||
Liabilities: |
|
|
|
|
| ||||
Payable for investments purchased | -- | -- | -- | -- | 21,636 | ||||
Payable for shares redeemed | -- | -- | -- | -- | 848 | ||||
Payable for return of collateral received for securities on loan | 1,072,600 | 89,375 | -- | -- | -- | ||||
Accrued expenses and other payables |
|
|
|
|
| ||||
Investment adviser fees | 10,395 | 3,535 | 3,000 | 1,512 | -- | ||||
Administration fees | 1,473 | 551 | 425 | 241 | 72 | ||||
Sub-Administration fees | 866 | 324 | 250 | 142 | 42 | ||||
Custodian fees | 450 | 168 | 130 | 74 | 22 | ||||
Portfolio accounting fees | 659 | 61 | 181 | 410 | 102 | ||||
Trustees’ fees | 405 | 149 | 124 | 67 | 22 | ||||
Other | 2,632 | 957 | 749 | 360 | 83 | ||||
Total liabilities | 1,089,480 | 95,120 | 4,859 | 2,806 | 22,827 | ||||
Net Assets | $21,516,796 | $8,002,635 | $6,160,198 | $ 3,767,104 | $1,137,341 | ||||
Net Assets Consists of: |
|
|
|
|
| ||||
Paid in capital | $16,543,933 | $6,505,756 | $5,172,790 | $ 3,434,012 | $1,106,933 | ||||
Net unrealized appreciation (depreciation) of investments | 4,639,940 | 1,451,704 | 657,906 | 333,371 | 12,719 | ||||
Accumulated net realized gain (loss) on investment transactions | 251,732 | 32,165 | 295,074 | 2,732 | (1,361) | ||||
Accumulated net investment income (loss) | 81,191 | 13,010 | 34,428 | (3,011) | 19,050 | ||||
Total Net Assets | $21,516,796 | $8,002,635 | $6,160,198 | $3,767,104 | $1,137,341 | ||||
Shares Outstanding | 1,400,003 | 538,654 | 522,289 | 296,837 | 106,397 | ||||
Net Asset Value Per Share |
|
|
|
|
| ||||
(Net asset value, offering and redemption price per share) | $15.37 | $14.86 | $11.79 | $12.69 | $10.69 | ||||
Investments, at cost | $17,969,623 | $6,608,716 | $5,493,034 | $3,402,719 | $1,141,908 | ||||
(1) Includes securities on loan of $1,049,097; $86,840; $0; $0 and $0.
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Statements of Operations
Six Months Ended June 30, 2005 (Unaudited)
Huntington | Huntington | Huntington | Huntington | Huntington | |||||
Investment Income: |
|
|
|
|
| ||||
Dividend income | $921,682 | $112,218 | $494,756 | $8,060(1) | $26,489 | ||||
Dividend income from affiliated securities | 8,846 | 10,859 | 4,257 | -- | 2,420 | ||||
Income from securities lending | 3,238 | -- | 286 | -- | -- | ||||
Total investment income | 933,766 | 123,077 | 499,299 | 8,060 | 28,909 | ||||
Expenses: |
|
|
|
|
| ||||
Investment adviser fees | 102,051 | 53,805 | 94,121 | 1,641 | 10,499 | ||||
Administration fees | 14,518 | 7,654 | 13,390 | 234 | 1,494 | ||||
Sub-Administration fees | 8,444 | 4,452 | 7,788 | 136 | 869 | ||||
Custodian fees | 4,422 | 2,331 | 4,078 | 662 | 455 | ||||
Transfer and dividend disbursing agent fees and expenses | 5,297 | 2,820 | 4,907 | 86 | 536 | ||||
Trustees’ fees | 1,426 | 762 | 1,319 | 17 | 123 | ||||
Auditing fees | 2,440 | 1,317 | 2,278 | 51 | 299 | ||||
Legal fees | 849 | 446 | 785 | 10 | 78 | ||||
Portfolio accounting fees | 8,701 | 5,148 | 7,884 | 1,360 | 2,432 | ||||
Printing and postage | 5,535 | 2,977 | 5,187 | 84 | 513 | ||||
Insurance premiums | 2,157 | 1,948 | 2,140 | 1,844 | 1,985 | ||||
Other | 1,601 | 863 | 1,514 | 57 | 223 | ||||
Total expenses | 157,441 | 84,523 | 145,391 | 6,182 | 19,506 | ||||
Reimbursements: |
|
|
|
|
| ||||
Reimbursements from adviser | -- | -- | -- | (3,447) | (2,008) | ||||
Net expenses | 157,441 | 84,523 | 145,391 | 2,735 | 17,498 | ||||
Net investment income (loss) | 776,325 | 38,554 | 353,908 | 5,325 | 11,411 | ||||
Realized and Unrealized Gain (Loss) on Investments and Options: |
|
|
|
|
| ||||
Net realized gain (loss) on investment transactions | 636,104 | 338,612 | 1,125,641 | 465 | 700 | ||||
Net realized gain (loss) on options transactions | -- | -- | (29,546) | -- | -- | ||||
Net realized gain (loss) on investment and options transactions | 636,104 | 338,612 | 1,096,095 | 465 | 700 | ||||
Net change in unrealized appreciation/depreciation of investments and options | (868,595) | (772,380) | (1,209,008) | (7,490) | (86,655) | ||||
Net realized and unrealized gain (loss) on investments and options | (232,491) | (433,768) | (112,913) | (7,025) | (85,955) | ||||
Change in net assets resulting from operations | $543,834 | $(395,214) | $240,995 | $ (1,700) | $(74,544) | ||||
(1) Net of foreign dividend taxes withheld of $5.
Huntington VA Funds
Statements of Operations
Six Months Ended June 30, 2005 (Unaudited)
Huntington | Huntington | Huntington | Huntington | Huntington | ||||||
Investment Income: |
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Dividend income | $123,185 | $38,081 | $21,978 | $5,490 | $1,097 | |||||
Dividend income from affiliated securities | 23,029 | 8,179 | 1,550 | 2,607 | 486 | |||||
Interest income | -- | -- | -- | -- | 12,551 | |||||
Income from securities lending | 2,245 | 149 | -- | -- | -- | |||||
Total investment income | 148,459 | 46,409 | 23,528 | 8,097 | 14,134 | |||||
Expenses: |
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Investment adviser fees | 57,076 | 20,096 | 17,894 | 6,884 | 1,955 | |||||
Administration fees | 8,119 | 2,859 | 2,546 | 979 | 278 | |||||
Sub-Administration fees | 4,723 | 1,663 | 1,481 | 570 | 162 | |||||
Custodian fees | 2,473 | 871 | 775 | 298 | 85 | |||||
Transfer and dividend disbursing agent fees and expenses | 2,962 | 1,041 | 942 | 347 | 100 | |||||
Trustees’ fees | 786 | 276 | 254 | 83 | 19 | |||||
Auditing fees | 1,368 | 482 | 438 | 193 | 59 | |||||
Legal fees | 472 | 167 | 149 | 50 | 12 | |||||
Portfolio accounting fees | 6,087 | 3,664 | 2,212 | 1,851 | 1,737 | |||||
Printing and postage | 3,105 | 1,082 | 993 | 346 | 95 | |||||
Insurance premiums | 1,964 | 1,720 | 1,731 | 2,106 | 1,879 | |||||
Other | 912 | 283 | 273 | 151 | 65 | |||||
Total expenses | 90,047 | 34,204 | 29,688 | 13,858 | 6,446 | |||||
Reimbursements: |
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Reimbursements from adviser | -- | (805) | -- | (2,384) | (3,187) | |||||
Net expenses | 90,047 | 33,399 | 29,688 | 11,474 | 3,259 | |||||
Net investment income (loss) | 58,412 | 13,010 | (6,160) | (3,377) | 10,875 | |||||
Realized and Unrealized Gain (Loss) on Investments: |
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Net realized gain (loss) on investment transactions | 221,473 | 25,068 | 178,352 | -- | (512) | |||||
Net change in unrealized appreciation/depreciation of investments | 688,297 | 217,787 | (218,804) | 230,488 | 2,181 | |||||
Net realized and unrealized gain (loss) on investments | 909,770 | 242,855 | (40,452) | 230,488 | 1,669 | |||||
Change in net assets resulting from operations | $968,182 | $255,865 | $(46,612) | $227,111 | $12,544 | |||||
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Statements of Changes in Net Assets
Huntington VA | Huntington VA | |||||||
Six Months | Year Ended | Six Months | Year Ended | |||||
Increase (Decrease) in Net Assets |
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Operations: |
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Net investment income (loss) | $776,325 | $1,152,148 | $38,554 | $89,555 | ||||
Net realized gain (loss) on investment transactions | 636,104 | 1,742,727 | 338,612 | 31,968 | ||||
Net change in unrealized appreciation/depreciation of investments | (868,595) | 565,523 | (772,380) | 781,265 | ||||
Change in net assets resulting from operations | 543,834 | 3,460,398 | (395,214) | 902,788 | ||||
Distributions to Shareholders: |
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From net investment income | -- | (12,719) | -- | (976) | ||||
From net realized gains | -- | (314,133) | -- | -- | ||||
Change in net assets resulting from distributions to shareholders | -- | (326,852) | -- | (976) | ||||
Change in net assets resulting from capital transactions | 5,918,768 | 11,288,850 | 1,253,878 | 4,966,471 | ||||
Change in net assets | 6,462,602 | 14,422,396 | 858,664 | 5,868,283 | ||||
Net Assets: |
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Beginning of period | 31,782,260 | 17,359,864 | 17,932,889 | 12,064,606 | ||||
End of period | $38,244,862 | $31,782,260 | $18,791,553 | $17,932,889 | ||||
Accumulated net investment income (loss) included in net assets at end of period | $1,928,510 | $1,152,185 | $128,109 | $89,555 | ||||
Huntington VA Funds
Statements of Changes in Net Assets
Huntington VA | Huntington VA | |||||||
Six Months | Year Ended | Six Months | Period Ended | |||||
Increase (Decrease) in Net Assets |
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Operations: |
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Net investment income (loss) | $353,908 | $526,840 | $5,325 | $1,038 | ||||
Net realized gain (loss) on investment and options transactions | 1,096,095 | (514,101) | 465 | (1,730) | ||||
Net change in unrealized appreciation/depreciation of investments and options | (1,209,008) | 3,611,612 | (7,490) | 40,526 | ||||
Change in net assets resulting from operations | 240,995 | 3,624,351 | (1,700) | 39,834 | ||||
Distributions to Shareholders: |
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From net investment income | -- | -- | -- | (1,038) | ||||
From distributions in excess of net investment income | -- | -- | -- | (953) | ||||
From net realized gains | -- | (213,790) | -- | -- | ||||
Change in net assets resulting from distributions to shareholders | -- | (213,790) | -- | (1,991) | ||||
Change in net assets resulting from capital transactions | 1,376,757 | 6,705,484 | 385,695 | 365,054 | ||||
Change in net assets | 1,617,752 | 10,116,045 | 383,995 | 402,897 | ||||
Net Assets: |
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Beginning of period | 31,348,365 | 21,232,320 | 402,897 | -- | ||||
End of period | $32,966,117 | $31,348,365 | $786,892 | $402,897 | ||||
Accumulated net investment income (loss) included in net assets at end of period | $880,748 | $526,840 | $5,383 | $58 | ||||
(1) Fund commenced operations on May 3, 2004.
Huntington VA Funds
Statements of Changes in Net Assets
| Huntington VA | Huntington VA | Huntington VA | |||||||||
| Six Months | Period Ended | Six Months | Year Ended | Six Months | Year Ended | ||||||
Increase (Decrease) in Net Assets |
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Operations: |
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Net investment income (loss) | $11,411 | $9,584 | $58,412 | $22,779 | $13,010 | $ (13,077) | ||||||
Net realized gain (loss) on investment transactions | 700 | (766) | 221,473 | 46,434 | 25,068 | 7,097 | ||||||
Net change in unrealized appreciation/depreciation of investments | (86,655) | 154,253 | 688,297 | 2,286,342 | 217,787 | 860,440 | ||||||
Change in net assets resulting from operations | (74,544) | 163,071 | 968,182 | 2,355,555 | 255,865 | 854,460 | ||||||
Distributions to Shareholders: |
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From net investment income | -- | -- | -- | (2,275) | -- | -- | ||||||
From net realized gains | -- | -- | -- | -- | -- | (85,068) | ||||||
Change in net assets resulting from distributions to shareholders | -- | -- | -- | (2,275) | -- | (85,068) | ||||||
Change in net assets resulting from capital transactions | 2,972,847 | 2,160,786 | 2,744,098 | 5,099,186 | 1,865,913 | 2,113,125 | ||||||
Change in net assets | 2,898,303 | 2,323,857 | 3,712,280 | 7,452,466 | 2,121,778 | 2,882,517 | ||||||
Net Assets: |
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Beginning of period | 2,323,857 | -- | 17,804,516 | 10,352,050 | 5,880,857 | 2,998,340 | ||||||
End of period | $5,222,160 | $2,323,857 | $21,516,796 | $17,804,516 | $8,002,635 | $5,880,857 | ||||||
Accumulated net investment income (loss) included in net assets at end of period | $22,241 | $10,830 | $81,191 | $22,779 | $13,010 | $ -- | ||||||
(1) Fund commenced operations on May 3, 2004.
Huntington VA Funds
Statements of Changes in Net Assets
Huntington VA | Huntington VA | Huntington VA | ||||||||||
| Six Months | Year Ended |
| Six Months | Period Ended | Six Months | Period | |||||
Increase (Decrease) in Net Assets |
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Operations: |
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Net investment income (loss) | $(6,160) | $40,588 |
| $(3,377) | $(597) | $10,875 | $6,809 | |||||
Net realized gain (loss) on investment transactions | 178,352 | 126,052 |
| -- | 2,732 | (512) | (453) | |||||
Net change in unrealized appreciation/depreciation of investments | (218,804) | 450,675 |
| 230,488 | 102,883 | 2,181 | 10,538 | |||||
Change in net assets resulting from operations | (46,612) | 617,315 |
| 227,111 | 105,018 | 12,544 | 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 | 54,621 | 1,491,739 |
| 2,221,402 | 1,213,573 | 717,554 | 390,349 | |||||
Change in net assets | 8,009 | 1,933,492 |
| 2,448,513 | 1,318,591 | 730,098 | 407,243 | |||||
Net Assets: |
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Beginning of period | 6,152,189 | 4,218,697 |
| 1,318,591 | -- | 407,243 | -- | |||||
End of period | $6,160,198 | $6,152,189 |
| $ 3,767,104 | $1,318,591 | $1,137,341 | $407,243 | |||||
Accumulated net investment income (loss) included in net assets at end of period | $34,428 | $40,588 |
| $(3,011) | $ 366 | $19,050 | $8,175 | |||||
(1) Fund commenced operations on May 3, 2004.
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds--Equity 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) | -- | -- | |||||||||
2005(10) | $ 12.94 | 0.19 | (0.01) | 0.18 | -- | -- | -- | -- | |||||||||
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) | -- | -- | -- | |||||||||
2005(10) | $ 8.95 | 0.02 | (0.21) | (0.19) | -- | -- | -- | -- | |||||||||
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) | -- | -- | |||||||||
2005(10) | $ 11.62 | 0.11 | (0.03) | 0.08 | -- | -- | -- | -- | |||||||||
Huntington VA International Equity Fund |
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2004(7) | $ 10.00 | 0.03 | 1.10 | 1.13 | (0.03) | -- | -- | (0.03) | |||||||||
2005(10) | $ 11.07 | 0.08 | (0.15) | (0.07) | -- | -- | -- | -- | |||||||||
Huntington VA Macro 100 Fund |
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2004(7) | $ 10.00 | 0.05 | 1.08 | 1.13 | -- | -- | -- | -- | |||||||||
2005(10) | $ 11.13 | -- | (0.49) | (0.49) | -- | -- | -- | -- | |||||||||
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) | -- | -- | -- | |||||||||
2005(10) | $ 14.67 | 0.04 | 0.66 | 0.70 | -- | -- | -- | -- | |||||||||
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) | -- | -- | |||||||||
2005(10) | $ 14.38 | 0.02 | 0.46 | 0.48 | -- | -- | -- | -- | |||||||||
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) | -- | -- | |||||||||
2005(10) | $ 11.89 | (0.01) | (0.09) | (0.10) | -- | -- | -- | -- | |||||||||
Huntington VA Situs Small Cap Fund |
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2004(7) | $ 10.00 | (0.01) | 1.98 | 1.97 | -- | -- | -- | -- | |||||||||
2005(10) | $ 11.97 | (0.01) | 0.73 | 0.72 | -- | -- | -- | -- | |||||||||
(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.
(10) Six months ended June 30, 2005 (unaudited).
Huntington VA Funds--Equity 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% | ||||||||
-- | $ 13.12 | 1.39%(4) | 0.93%(5) | 4.56%(5) | -- (9) | -- (9) | $ 38,245 | 54% | ||||||||
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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% | ||||||||
-- | $ 8.76 | (2.12)%(4) | 0.94%(5) | 0.43%(5) | -- (9) | -- (9) | $ 18,792 | 9% | ||||||||
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(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% | ||||||||
-- | $ 11.70 | 0.69%(4) | 0.93%(5) | 2.26%(5) | -- (9) | -- (9) | $ 32,966 | 34% | ||||||||
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(0.06) | $ 11.07 | 11.26%(4) | 1.00%(5) | 0.56%(5) | 1.76%(5) | (0.20)%(5) | $ 403 | 31% | ||||||||
-- | $ 11.00 | (0.63)%(4) | 1.00%(5) | 1.95%(5) | 2.26%(5) | 0.69%(5) | $ 787 | 4% | ||||||||
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-- | $ 11.13 | 11.30%(4) | 1.00%(5) | 1.62%(5) | 1.05%(5) | 1.57%(5) | $ 2,324 | 1% | ||||||||
-- | $ 10.64 | (4.40)%(4) | 1.00%(5) | 0.65%(5) | 1.11%(5) | 0.53%(5) | $ 5,222 | -- | ||||||||
-- | $ 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% | ||||||||
-- | $ 15.37 | 4.77%(4) | 0.95%(5) | 0.61%(5) | -- (9) | -- (9) | $ 21,517 | 5% | ||||||||
-- | $ 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% | ||||||||
-- | $ 14.86 | 3.34%(4) | 1.00%(5) | 0.39%(5) | 1.02%(5) | 0.36%(5) | $ 8,003 | 50% | ||||||||
-- | $ 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% | ||||||||
-- | $ 11.79 | (0.84)%(4) | 1.00%(5)(6) | (0.21)%(5) | -- (9) | -- (9) | $ 6,160 | 38% | ||||||||
-- | $ 11.97 | 19.70%(4) | 1.00%(5) | (0.19)%(5) | 1.19%(5) | (0.38)%(5) | $ 1,319 | 3% | ||||||||
-- | $ 12.69 | 6.02%(4) | 1.00%(5) | (0.29)%(5) | 1.22%(5) | (0.51)%(5) | $ 3,767 | -- | ||||||||
Huntington VA Funds--Income Fund
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 |
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2004(2) | $ 10.00 | 0.18 | 0.41 | 0.59 | $ 10.59 | 5.90%(3) | ||||||
2005(5) | $ 10.59 | 0.17(6) | (0.07)(7) | 0.10 | $ 10.69 | 0.94%(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.
(5) Six months ended June 30, 2005 (unaudited).
(6) Per share net investment income (loss) has been calculated using the average daily shares method.
(7) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.
Huntington VA Funds--Income Fund
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% | |||||
1.00%(4) | 3.34%(4) | 1.98%(4) | 2.36%(4) | $ 1,137 | 13% | |||||
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Notes to Financial Statements
June 30, 2005 (Unaudited)
(1) Organization
Huntington VA Funds (the “Trust”), established under the laws of the Commonwealth of Massachusetts on June 30, 1999, is registered under the Investment Company Act of 1940, as amended (the “1940 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 (“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 may enter into contracts with vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.
(2) Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
A. Investment Valuations
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 policies approved by the Trustees, 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 or reported on the NASDAQ National Market System at the last reported sales price on the principal exchange. Portfolio securities quoted by NASDAQ are valued at the NASDAQ Official Closing Price. 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.
Under certain circumstances, a 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. In such situations, 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 at issue (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.
The Funds may use the fair value of a security to calculate its NAV when a market price is not readily available, such as when: (1) a portfolio security is not traded in a public market or the principal market in which the security trades is closed, (2) trading in a portfolio security is suspended and not resumed prior to the normal market close, (3) a portfolio security is not traded in significant volume for a substantial period, or (4) the Funds’ investment adviser, Huntington Asset Advisors, Inc. (“Advisor”), determines that the quotation or price for a portfolio security provided by a dealer or independent pricing service is inaccurate.
Fair valuation procedures are also used when a significant event affecting the value of a portfolio security is determined to have occurred between the time when the price of the portfolio security is determined and the close of trading on the New York Stock Exchange (“NYSE”), which is when each Fund’s NAV is computed. An event is considered significant if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Significant events include significant general securities market movements occurring between the time when the price of the portfolio security is determined and the close of trading on the NYSE. For domestic fixed income securities, such events may occur where the cut-off time for the market information used by the independent pricing service is earlier than the end of regular trading on the NYSE. For securities normally priced at their last sale price in a foreign market, such events can occur between the close of trading in the foreign market and the close of trading on the NYSE. In such cases, use of fair valuation can reduce an investor’s ability to seek to profit by estimating a Fund’s NAV in advance of the time when the NAV is calculated.
In some cases, events affecting the issuer of a portfolio security may be considered significant events. Examples of potentially significant events include announcements concerning earnings, acquisitions, new products, management changes, litigation developments, a strike or natural disaster affecting the company’s operations or regulatory changes or market developments affecting the issuer’s industry occurring between the time when the price of the portfolio security is determined and the close of trading on the NYSE. For securities of foreign issuers, such events could also include political or other developments affecting the economy or markets in which the issuer conducts its operations or its securities are traded.
The Trustees have authorized the use of an independent fair valuation service to monitor changes in a designated U.S. market index after foreign markets close, and to implement a fair valuation methodology to adjust the closing prices of foreign securities if the movement in the index is significant. Since the VA International Equity Fund invests primarily in foreign securities, it is most likely to be affected by this fair valuation methodology. Since the VA Situs Small Cap Fund invests some of its assets in foreign securities, it may be affected, although to a lesser extent.
There can be no assurance that a Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s NAV. In the case of fair valued portfolio securities, lack of information and uncertainty as to the significance of information may lead to a conclusion that a prior valuation is the best indication of a portfolio security’s present value. Fair valuations generally remain unchanged until new information becomes available. Consequently, changes in fair valuation of portfolio securities may be less frequent and of greater magnitude than changes in the price of portfolio securities valued at their last sale price, by an independent pricing service, or based on market quotations. Fair valuation determinations often involve the consideration of a number of subjective factors, and the fair value price may be higher or lower than a readily available market quotation.
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’ 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 Taxes
It is the policy of each Fund to qualify or continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. In addition to complying with the federal tax requirements applicable to regulated investment companies, the Funds also plan to comply with certain diversification standards applicable to underlying assets of variable annuity contracts in order to avoid taxation on the variable contract owners with respect to earnings allocable to the contract from investments in the Funds.
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 June 30, 2005, 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 | $ 37,994,723 | $ 1,556,113 | $ (576,388) | $ 979,725 |
VA Growth Fund | 17,862,857 | 1,516,478 | (596,373) | 920,105 |
VA Income Equity Fund | 30,512,543 | 4,095,149 | (334,369) | 3,760,780 |
VA International Equity Fund | 669,321 | 40,111 | (8,535) | 31,576 |
VA Macro 100 Fund | 5,084,024 | 187,106 | (119,458) | 67,648 |
VA Mid Corp America Fund | 17,929,623 | 4,805,683 | (165,743) | 4,639,940 |
VA New Economy Fund | 6,608,660 | 1,522,507 | (70,747) | 1,451,760 |
VA Rotating Markets Fund | 5,501,214 | 650,370 | (644) | 649,726 |
VA Situs Small Cap Fund | 3,402,719 | 373,468 | (40,097) | 333,371 |
VA Mortgage Securities Fund | 1,141,908 | 14,665 | (1,946) | 12,719 |
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. Purchase contracts are used to acquire exposure to foreign currencies; whereas, 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 June 30, 2005, 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 six months ended June 30, 2005:
Contracts | Number of Contracts | Premium | |
Outstanding at 12/31/2004 | 842 | $ 139,558 | |
Options written | 2,464 | 452,688 | |
Options expired | (467) | (45,667) | |
Options closed | (868) | (128,470) | |
Options exercised | (54) | (22,067) | |
Outstanding at 06/30/2005 | 1,917 | $ 396,042 | |
At June 30, 2005, the VA Income Equity Fund had the following outstanding options:
Contracts | Type | Expiration | Exercise | Number of | Market | Unrealized | |||||
Alltel Corp. | Call | October 2005 | 65 | 157 | 18,055 | (4,868) | |||||
ChevronTexaco Corp. | Call | September 2005 | 60 | 18 | 1,800 | 1,566 | |||||
ChevronTexaco Corp. | Call | January 2006 | 55 | 134 | 52,260 | (7,104) | |||||
ConocoPhillips | Call | November 2005 | 60 | 18 | 5,580 | 126 | |||||
ConocoPhillips | Call | January 2006 | 52.5 | 138 | 104,880 | (41,610) | |||||
Diebold, Inc. | Call | November 2005 | 55 | 79 | 395 | 6,241 | |||||
Duke Energy Corp. | Call | October 2005 | 27.5 | 81 | 20,655 | (649) | |||||
Duke Energy Corp. | Call | October 2005 | 30 | 86 | 8,170 | 1,040 | |||||
Duke Energy Corp. | Call | October 2005 | 30 | 25 | 875 | 1,225 | |||||
Exelon Corp. | Call | October 2005 | 50 | 75 | 19,500 | (3,376) | |||||
Fortune Brands, Inc. | Call | September 2005 | 95 | 76 | 5,320 | 3,192 | |||||
Intel Corp. | Call | October 2005 | 27.5 | 188 | 15,040 | 7,895 | |||||
May Department Stores Co. | Call | September 2005 | 40 | 103 | 11,845 | (5,738) | |||||
Monsanto Co. | Call | October 2005 | 70 | 111 | 16,095 | 22,420 | |||||
Occidental Petroleum Corp. | Call | January 2006 | 70 | 109 | 112,270 | (43,610) | |||||
Occidental Petroleum Corp. | Call | November 2005 | 80 | 16 | 6,560 | 2,512 | |||||
R.R. Donnelley & Sons Co. | Call | December 2005 | 35 | 154 | 17,710 | 1,077 | |||||
Royal Dutch Petroleum Co. | Call | October 2005 | 65 | 69 | 19,665 | (7,798) | |||||
V.F. Corp. | Call | November 2005 | 65 | 64 | 1,600 | 2,496 | |||||
Wachovia Corp. | Call | July 2005 | 50 | 90 | 5,400 | 7,376 | |||||
Wyeth | Call | October 2005 | 50 | 126 | 2,520 | 7,434 | |||||
NET UNREALIZED DEPRECIATION ON WRITTEN OPTION CONTRACTS |
|
|
| $ (50,153) | |||||||
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 New Economy, VA Rotating Markets, VA Situs Small Cap, and VA Mortgage Securities 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 the securities on loan for the VA Dividend Capture, VA International Equity, VA Macro 100, VA Mid Corp America, VA New Economy, VA Rotating Markets, VA Situs Small Cap and VA Mortgage Securities Funds, and at least equal to 102% of the value of the 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 a portion of the interest received on investment of collateral. Collateral is marked to market daily. 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. For the six months ended June 30, 2005, Boston Global Advisers (“BGA”) served as sub-custodian for the securities lending program. BGA received a sub-custody fee based on the value of collateral received from borrowers. In addition, The Huntington National Bank (“Huntington”), as custodian of each of the Funds except VA International Equity Fund, received a monthly fee from BGA to offset certain transaction costs incurred by the custodian. As of June 30, 2005, the following Funds had securities with the following market values on loan:
Fund | Market Value | Market Value | ||
VA Dividend Capture Fund | $ 805,667 | $ 890,750 | ||
VA Income Equity Fund | 893,860 | 913,000 | ||
VA Mid Corp America Fund | 1,049,097 | 1,072,600 | ||
VA New Economy Fund | 86,840 | 89,375 | ||
* Includes securities and cash collateral.
K. Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.
L. Security Transactions and Related Income
Investment transactions are accounted for no later than the first calculation of NAV on the business day following the trade date. However, for financial reporting purposes, portfolio security transactions are reported on trade date. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. Securities gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends, less foreign tax withholding (if any), are recorded on the ex-dividend date.
(3) Shares of Beneficial Interest
The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (with no par value). Transactions in capital stock were as follows:
| VA Dividend Capture Fund | VA Growth Fund | |||||||||||||
| Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||
Shares sold | 487,570 | $ 6,280,030 | 1,015,784 | $ 12,080,654 | 208,182 | $ 1,824,464 | 676,069 | $ 5,798,121 | |||||||
Distributions reinvested | -- | -- | 28,496 | 326,850 | -- | -- | 113 | 976 | |||||||
Shares redeemed | (28,040) | (361,262) | (93,054) | (1,118,654) | (65,235) | (570,586) | (97,323) | (832,626) | |||||||
NET CHANGE RESULTING FROM SHARE | 459,530 | $ 5,918,768 | 951,226 | $ 11,288,850 | 142,947 | $ 1,253,878 | 578,859 | $ 4,966,471 | |||||||
| VA Income Equity Fund | VA International | |||||||||||||
| Six Months Ended | Year Ended | Six Months | Period Ended | |||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||
Shares sold | 214,187 | $ 2,468,547 | 729,861 | $ 7,697,822 | 37,904 | $ 416,435 | 36,371 | $ 364,650 | |||||||
Distributions reinvested | -- | -- | 20,676 | 213,787 | -- | -- | 181 | 1,991 | |||||||
Shares redeemed | (94,909) | (1,091,790) | (111,572) | (1,206,125) | (2,744) | (30,740) | (154) | (1,587) | |||||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 119,278 | $ 1,376,757 | 638,965 | $ 6,705,484 | 35,160 | $ 385,695 | 36,398 | $ 365,054 | |||||||
| VA Macro 100 Fund | VA Mid Corp America Fund | |||||||||||||
| Six Months Ended | Period Ended | Six Months Ended | Year Ended | |||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||
Shares sold | 285,561 | $ 3,009,664 | 214,571 | $ 2,220,202 | 199,167 | $ 2,927,678 | 446,644 | $ 5,861,059 | |||||||
Shares redeemed | (3,501) | (36,817) | (5,724) | (59,416) | (12,468) | (183,580) | (57,885) | (761,873) | |||||||
NET CHANGE RESULTING FROM SHARE | 282,060 | $ 2,972,847 | 208,847 | $ 2,160,786 | 186,699 | $ 2,744,098 | 388,759 | $ 5,099,186 | |||||||
| VA New Economy Fund | VA Rotating Markets Fund | |||||||||||||
| Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Dollars | ||||||||
Shares sold | 147,572 | $ 2,125,321 | 203,698 | $ 2,589,250 | 43,457 | $ 509,464 | 199,189 | $ 2,196,063 | |||||||
Distributions reinvested | -- | -- | 6,816 | 85,068 | -- | -- | 16,485 | 175,562 | |||||||
Shares redeemed | (17,786) | (259,408) | (43,925) | (561,193) | (38,508) | (454,843) | (80,964) | (879,886) | |||||||
NET CHANGE RESULTING FROM SHARE | 129,786 | $ 1,865,913 | 166,589 | $ 2,113,125 | 4,949 | $ 54,621 | 134,710 | $ 1,491,739 | |||||||
| VA Situs Small Cap Fund | VA Mortgage Securities Fund | |||||||||||||
| Six Months Ended | Period Ended | Six Months Ended | Period Ended | |||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||
Shares sold | 190,305 | $ 2,264,541 | 112,095 | $ 1,233,845 | 69,414 | $ 733,052 | 38,688 | $ 392,731 | |||||||
Shares redeemed | (3,656) | (43,139) | (1,907) | (20,272) | (1,474) | (15,498) | (231) | (2,382) | |||||||
NET CHANGE RESULTING FROM SHARE | 186,649 | $ 2,221,402 | 110,188 | $ 1,213,573 | 67,940 | $ 717,554 | 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 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, 2006. Huntington and the Advisor may also pay out their reasonable profits and other resources (including those of their affiliates) advertising, marketing, and other expenses for the benefit of the Funds.
Sub-Investment Advisory Fee--Laffer Investments, Inc. is 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. FServ and Edgewood Services, Inc., the Trust’s distributor, are wholly-owned subsidiaries of Federated Investors, Inc.
Transfer and Dividend Disbursing Agent Fees and Expenses--Unified Fund Services, Inc. (“Unified”) is transfer and dividend disbursing agent for the Funds. For its services, Unified receives fees based on the size, type, and number of accounts and transactions made by shareholders.
Custodian Fees--Huntington serves as the 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 to provide certain compliance services on behalf of the Trust. Subject to the direction and control of the Trustees, BISYS 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, investors in the Fund incurred expenses of both the Fund and Underlying Funds, including transaction costs related to the purchases and sales of Underlying Fund shares.
(6) Investment Transactions
Purchases and sales of investments, excluding short-term securities and long-term U.S. government securities (and in-kind contributions), for the six months ended June 30, 2005 were as follows:
Fund | Purchases | Sales | ||
VA Dividend Capture Fund | $ 24,034,157 | $ 17,987,349 | ||
VA Growth Fund | 1,473,269 | 1,771,437 | ||
VA Income Equity Fund | 12,962,757 | 10,622,271 | ||
VA International Equity Fund | 366,620 | 17,764 | ||
VA Macro 100 Fund | 2,781,895 | 5,705 | ||
VA Mid Corp America Fund | 3,623,746 | 840,396 | ||
VA New Economy Fund | 5,727,816 | 2,989,237 | ||
VA Rotating Markets Fund | 2,254,502 | 2,518,877 | ||
VA Situs Small Cap Fund | 2,002,329 | -- | ||
VA Mortgage Securities Fund | 72,969 | 10,828 |
(7) Changes in Independent Auditors
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.
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 January 1, 2005 to June 30, 2005.
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.
| Beginning | Ending | Expenses | Annualized | |||
VA Dividend Capture Fund |
|
|
|
| |||
Actual | $ 1,000.00 | $ 1,013.90 | $ 4.64 | 0.93% | |||
Hypothetical(1) | $ 1,000.00 | $ 1,020.39 | $ 4.67 | 0.93% | |||
VA Growth Fund |
|
|
|
| |||
Actual | $ 1,000.00 | $ 978.80 | $ 4.61 | 0.94% | |||
Hypothetical(1) | $ 1,000.00 | $ 1,020.34 | $ 4.72 | 0.94% | |||
VA Income Equity Fund |
|
|
|
| |||
Actual | $ 1,000.00 | $ 1,006.90 | $ 4.63 | 0.93% | |||
Hypothetical(1) | $ 1,000.00 | $ 1,020.39 | $ 4.67 | 0.93% | |||
VA International Equity Fund |
|
|
|
| |||
Actual | $ 1,000.00 | $ 993.70 | $ 4.94 | 1.00% | |||
Hypothetical(1) | $ 1,000.00 | $ 1,020.04 | $ 5.02 | 1.00% | |||
VA Macro 100 Fund |
|
|
|
| |||
Actual | $ 1,000.00 | $ 956.00 | $ 4.85 | 1.00% | |||
Hypothetical(1) | $ 1,000.00 | $ 1,020.04 | $ 5.02 | 1.00% | |||
VA Mid Corp America Fund |
|
|
|
| |||
Actual | $ 1,000.00 | $ 1,047.70 | $ 4.82 | 0.95% | |||
Hypothetical(1) | $ 1,000.00 | $ 1,020.29 | $ 4.77 | 0.95% | |||
VA New Economy Fund |
|
|
|
| |||
Actual | $ 1,000.00 | $ 1,033.40 | $ 5.04 | 1.00% | |||
Hypothetical(1) | $ 1,000.00 | $ 1,020.04 | $ 5.02 | 1.00% | |||
VA Rotating Markets Fund |
|
|
|
| |||
Actual | $ 1,000.00 | $ 991.60 | $ 4.94 | 1.00% | |||
Hypothetical(1) | $ 1,000.00 | $ 1,020.04 | $ 5.02 | 1.00% | |||
VA Situs Small Cap Fund |
|
|
|
| |||
Actual | $ 1,000.00 | $ 1,060.20 | $ 5.11 | 1.00% | |||
Hypothetical(1) | $ 1,000.00 | $ 1,020.04 | $ 5.02 | 1.00% | |||
VA Mortgage Securities Fund |
|
|
|
| |||
Actual | $ 1,000.00 | $ 1,009.40 | $ 4.98 | 1.00% | |||
Hypothetical(1) | $ 1,000.00 | $ 1,020.04 | $ 5.02 | 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 181/365 (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, 2005 through April 30, 2006. The “Financial Highlights” tables in the Funds’ financial statements, included in this report, also show the gross expense ratios.
Variable investment options are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the 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.huntingtonvafunds.com. 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 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.) You may also access this information at www.huntingtonvafunds.com by selecting "Form N-Q."
[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. Not applicable. Item 3. Audit Committee Financial Expert. Not applicable. Item 4. Principal Accountant Fees and Services. Not applicable. Item 5. Audit Committee of Listed Registrants. Not applicable. Item 6. Schedule of Investments. Not applicable. Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable. Item 8. 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. (a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-2 under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR. (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second 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) Not applicable. (a)(2) Certifications pursuant to Rule 30a-2(a) under the Act are attached hereto. (a)(3) Not applicable. (b) Certifications pursuant to Rule 30a-2(b) under the Act 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 September 7, 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 September 7, 2005 ____________________________________ By /s/Christopher E. Sabato ------------------------------------------------------------------------ Christopher E. Sabato, Treasurer and Principal Financial Officer Date September 6, 2005 ____________________________________