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: December 31, 2005 Item 1. Reports to Stockholders.
[Logo of Huntington VA Funds]
Annual
Shareholder
Report
Equity Funds
Huntington VA Dividend Capture Fund
Huntington VA Growth Fund
Huntington VA Income Equity Fund
Huntington VA International Equity Fund
Huntington VA Macro 100 Fund
Huntington VA Mid Corp America Fund
Huntington VA New Economy Fund
Huntington VA Rotating Markets Fund
Huntington VA Situs Small Cap Fund
Income Funds
Huntington VA Mortgage Securities Fund
DECEMBER 31, 2005
Huntington
VA Dividend Capture Fund
Management’s Discussion of Fund Performance
Co-Portfolio Managers:
Kirk Mentzer, MBA, Director of Research and
Senior Vice President
B. Randolph Bateman, CFA, Chief Investment Officer
Huntington Asset Advisors, Inc.
Average Annual Total Return for the Period Ended 12/31/2005 | ||
1 Year | 3.59% | |
3 Year | 12.66% | |
Start of Performance (10/15/01) | 9.48% |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Dividend Capture Fund from October 15, 2001 (inception) to December 31, 2005, compared to the S&P 500 and DCIB.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/05, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 and DCIB have been adjusted to reflect reinvestment of dividends on securities in the indices.
For the fiscal year ended December 31, 2005, the Huntington VA Dividend Capture Fund produced a total return of 3.59% compared to the total return of 4.91% for the Standard & Poor’s 500 Index (S&P 500)1 and the Dividend Capture Indices Blend’s (DCIB)2 total return of 5.03%. The Fund was managed using a top-down style and portfolio construction techniques aimed at producing a high level of stable income and low volatility. Here are the highlights from each of the Fund’s asset classes:
• Preferred Stocks--The Fund held core, stable holdings from high quality issuers and upgraded quality and call protection of its holdings during the reporting period ended December 31, 2005. This asset class was one of the worst performers during the reporting period.
• Common Stocks--Equity returns in 2005 came in at the low end of our expected range. Energy and commodity groups led performance gains again while the consumer discretionary sector clearly lagged. The market showed a strong preference for capital appreciation at the exclusion of dividend paying stocks during 2005. As such, the Fund’s holdings of dividend paying stocks lagged the broad market gains.
• Real Estate Investment Trusts (REITs)3--Real estate investors enjoyed yet another year of double-digit growth due to investor preference for physical assets. As measured by the Morgan Stanley REIT Index,4 REITs produced a total return of 11.53% for 2005.
For the reporting period ended December 31, 2005, the Fund’s total return was positively impacted by the strong results in REITs. Conversely, the Fund’s exposure to preferred stocks negatively impacted its performance as measured by the Merrill Lynch Fixed Rate Preferred Index5 return of 0.96% for the year ended December 31, 2005.
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
† The composition of the Fund’s holdings is subject to change.
1 The S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
2 The DCIB is a custom, blended index comprised of the following three indices with their noted respective weightings: S&P 500/Barra Value Index (40%), Merrill Lynch Fixed Rate Preferred Index (40%) and NAREIT Index (20%). This custom, blended index and its respective weightings are reflective of the Fund’s sector diversification. The S&P 500/Barra Value Index is a capitalization-weighted index of the stocks in the S&P 500 having the lowest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis. Merrill Lynch Fixed Rate Preferred Index is a total return index comprised of fixed-rate preferred stock issues. NAREIT Index represents returns for the National Association of Real Estate Investment Trust Equity Index. Indices are unmanaged and, unlike the Fund, are not affected by cashflows. Investments cannot be made in an index.
3 Investments in REITs involve special risks associated with an investment in real estate, such as limited liquidity.
4 The Morgan Stanley REIT Index comprises the most actively traded real estate investment trusts and is designed to measure real estate equity performance. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
5 The Merrill Lynch Fixed Rate Preferred Index is a total return index comprised of fixed-rate preferred stock issues. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
Huntington
VA Growth Fund
Management’s Discussion of Fund Performance
Portfolio Manager: James J. Gibboney, CFA, MBA
Senior Vice President
Portfolio Manager: Martina Cheung, CFA, MBA
Assistant Vice President
Huntington Asset Advisors, Inc.
Average Annual Total Return for the Period Ended 12/31/2005 | ||
1 Year | 0.72% | |
3 Year | 7.26% | |
Start of Performance (5/01/01) | (2.14)% |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Growth Fund from May 1, 2001 (inception) to December 31, 2005, compared to the S&P 500 BGI and the S&P 500.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/05, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 BGI and the S&P 500 have been adjusted to reflect reinvestment of dividends on securities in the indices.
For the fiscal year ended December 31, 2005, the Huntington VA Growth Fund produced a total return of 0.72%. This compared to a total return of 3.46% for the Standard & Poor’s 500/Barra Growth Index (S&P 500 BGI),1 the Fund’s benchmark, for the reporting period. The Fund was positively impacted by the stock market’s general rise in value, all of which occurred in the fourth quarter of the year. Index returns were again disparate, ranging from 1.17% for the Standard & Poor’s 100 Index (S&P 100)2 to 13.54% for the Morgan Stanley Capital International Europe, Far East and Australasia Index (MSCI EAFE Index).3 The Fund underperformed mainly due to its emphasis on large-cap stocks. The Fund was also negatively impacted late in the year by earnings disappointments in four stocks held by the Fund.
In general, high quality, large capitalization stocks under-performed as they did last year. While the Standard & Poor’s 500 Index (S&P 500)4 rose 4.91%, the Standard & Poor’s Equal Weight Index (S&P EWI)5 rose 8.06%. The S&P EWI performed better because large-cap stocks tended to underperform smaller cap stocks. On a price basis, the ten largest companies in the S&P 500 were down 4.8% for 2005. The Fund tended to own the largest companies within the S&P 500. This capitalization bias was a detriment to the Fund’s performance. However, the Fund’s over-weighting of the energy sector was a positive attribute to performance in 2005.
The Fund’s holdings in Anadarko Petroleum Corp., Iron Mountain, Inc. and Hewlett Packard Co. positively impacted performance while its holdings in Invacare Corp., Dell, Inc. and Media General, Inc. were a drag on performance.
The Fund’s sector weightings generally adhered to its investment policy sector guidelines.
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
†The composition of the Fund’s holdings is subject to change.
1 The S&P 500 BGI is a capitalization-weighted index of stocks in the S&P 500 having the highest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
2 The S&P 100 Index is a capitalization-weighted index of 100 stocks from a broad range of industries. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
3 The MSCI EAFE Index is a market capitalization-weighted equity index comprising 20 of the 48 countries in the MSCI universe and representing the developed world outside of North America. Each MSCI country index is created separately, then aggregated, without change, into regional MSCI indices. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
4 The S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
5 The S&P EWI is the equally weighted version of the S&P 500. The S&P EWI has the same stocks as the capitalization weighted S&P 500 but each company in the S&P EWI is allocated a fixed weight of 0.20% rebalanced quarterly. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
Huntington
VA Income Equity Fund
Management’s Discussion of Fund Performance
Co-Portfolio Managers:
Craig J. Hardy, CFA
Christopher G. Cwiklinski, CFA
Vice Presidents
Huntington Asset Advisors, Inc.
Average Annual Total Return for the Period Ended 12/31/2005 | ||
1 Year | 2.98% | |
3 Year | 11.50% | |
5 Year | 5.02% | |
Start of Performance (10/21/99) | 4.87% |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Income Equity Fund from October 21, 1999 (inception) to December 31, 2005, compared to the S&P 500 BVI and the S&P 500. The Advisor has elected to change the benchmark index from the S&P 500 to the S&P 500 BVI because the market capitalization of companies comprising the S&P 500 BVI more closely correlates to the market capitalization of the companies in which the Fund invests.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/05, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 and S&P 500 BVI have been adjusted to reflect reinvestment of all dividends on securities in the indices.
For the year ended December 31, 2005, the total return for the Huntington VA Income Equity Fund was 2.98%. This compared to a total return of 6.33% for the Standard & Poor’s 500/Barra Value Index (S&P 500 BVI),1 the Fund’s benchmark, and 4.91% for the Standard & Poor’s 500 Index (S&P 500).2
During 2005, the Fund was positioned relatively conservatively, with an emphasis on stocks with high dividend yields, reasonable dividend growth prospects and a value orientation. This combination of characteristics tended to produce returns that were lower than those of the S&P 500 BVI. This is primarily the reason why the Fund underperformed its benchmark during 2005, a period of moderate stock market returns.
The sectors that contributed most positively to the performance of the Fund in 2005 were the energy sector, led by integrated oil and gas producers; the materials sector, led by agricultural chemicals; and the utility sector, led by multi-utilities and independent power producers. The sectors that negatively impacted the Fund in 2005 were the consumer staples sector, led by the brewers; the health care sector, with weakness in health care equipment and the major pharmaceutical stocks; and the industrial sector, led by office supply companies and industrial conglomerates.
The stocks that contributed most positively to the performance of the Fund last year were Monsanto Co., driven by P/E multiple expansion; Occidental Petroleum Corp. and ConocoPhillips, due to higher volume and prices in crude oil; and Exelon Corp., which benefited from a turnaround in its energy transmission and delivery business. The stocks that most negatively impacted Fund performance in 2005 were Boston Scientific Corp., which suffered a substantial contraction in its P/E multiple due to a peak in earnings; Verizon Communications, Inc., which experienced a difficult earnings environment; Anheuser-Busch Cos., Inc., which saw a peak in earnings in the first quarter of 2005, and PPG Industries, Inc., which also saw its P/E multiple contract as the company came up against difficult earnings comparisons.
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
†The composition of the Fund’s holdings is subject to change.
1 The S&P 500 BVI is a market capitalization-weighted index of the stocks in the S&P 500 having the lowest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
2 The S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
Huntington
VA International Equity Fund
Management’s Discussion of Fund Performance
Portfolio Manager: Madelynn M. Matlock, CFA,
Director of International Investments
Vice President
Huntington Asset Advisors, Inc.
Average Annual Total Return for the Period Ended 12/31/2005 | ||
1 Year | 15.21% | |
Start of Performance (5/03/04) | 16.11% |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA International Equity Fund from May 3, 2004 (inception) to December 31, 2005, compared to the EAFE.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/05, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The EAFE has been adjusted to reflect reinvestment of all dividends on securities in the index.
For the fiscal year ended December 31, 2005, the Huntington VA International Equity Fund had a total return of 15.21%. This compared to the total return of 13.54% for the Morgan Stanley Capital International Europe, Far East and Australasia Index (EAFE).1 The Fund’s return, compared to the EAFE, was influenced by three main factors: its regional allocation to Europe, Asia and the Americas, its exposure to various economic sectors and the individual stocks in the portfolio.
The regional allocation of the Fund favored Asian markets, including Japan, Korea, Singapore, Taiwan and India. This regional balance helped Fund performance versus the EAFE, as Pacific markets in general rose more than European markets and the overall EAFE. Some of the smaller Asian markets, such as India and Hong Kong, posted very strong results. The best performing market globally was Japan. The portfolio benefited from a full weighting in the Japanese market as compared to the EAFE. European markets, on the other hand, lagged the overall EAFE, so the Fund’s underweight was beneficial.
The Fund’s performance was helped by its overweighting in the industrial, materials, and energy sectors over most of the year, as these more cyclical parts of the global equity market benefited from a strong gain in commodity prices and overall steady growth. Energy stocks did lag behind in the fourth quarter as oil prices softened. Financial stocks were underweighted in the portfolio, and they slightly outperformed the overall EAFE, which was detrimental to relative performance. Consumer staple goods, health care, and consumer discretionary stocks lagged the overall EAFE. The Fund had a higher exposure to health care and staples, but a lower weight in discretionary stocks, which netted to a drag to overall performance. Technology stocks, in which the Fund had an overweighted position, outperformed the overall EAFE for the first time in several years. In general, the Fund’s sector allocation was conservative but still surpassed the EAFE gain for the year.
The U.S. dollar gained about 15% versus the Japanese yen and the euro during 2005, which was a drag on the EAFE’s return in dollar terms. The decline in the value of most currencies against the dollar reduced the gain in the value of the Fund, although a number of the companies represented in the Fund’s portfolio benefited from improved earnings due to currency movements, which boosted their stock valuations.
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
†The composition of the Fund’s holdings is subject to change.
1 The EAFE is a market capitalization-weighted equity index comprising 20 of the 48 countries in the Morgan Stanley Capital International (MSCI) universe and representing the developed world outside of North America. Each MSCI country index is created separately, then aggregated, without change, into regional MSCI indices. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
International investing involves special risks including currency risk, political risk increased volatility of foreign securities, and differences in auditing and other financial standards.
Huntington
VA Macro 100 Fund
Management’s Discussion of Fund Performance
Portfolio Manager: Huntington Asset Advisors, Inc.
Portfolio Sub-Advisor: Laffer Investments, Inc.
Average Annual Total Return for the Period Ended 12/31/2005 | ||
1 Year | 5.14% | |
Start of Performance (5/03/04) | 9.91% |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Macro 100 Fund from May 3, 2004 (inception) to December 31, 2005, compared to the S&P 500.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/05, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of all dividends on securities in the index.
For the fiscal year ended December 31, 2005, the Huntington VA Macro 100 Fund had a total return of 5.14%. This compared to the total return of 4.91% for the Standard & Poor’s 500 Index (S&P 500).1
The Macro 100 Fund’s out-performance of the S&P 500 was led by the Fund’s overweight in the financial and information technology sectors for the fiscal year. At the industry level the groups with the most significant contribution to Fund performance were diversified financials, semiconductors, and health care equipment.
The positioning of the factors used to select the securities for the Fund remained relatively consistent throughout most of the year. The portfolio was positioned for a stable but weakened U.S. dollar, a healthy and growing economy, a continuation of rising short-term interest rates and improving state fiscal situations. The Fund modified its outlook during the course of the year with a shift from large capitalization stocks to smaller capitalization stocks.2 The continued increase in government spending, lack of an extension of the Bush tax cuts by Congress and increasing regulatory environment have moved the Fund to a smaller capitalization stock position. This change was initiated around the middle of the year and was completed in the fourth quarter. This reduced the Fund’s significant over-weights of the information technology and financial sectors.
With respect to longer-term positioning of the models used to select securities, the environment in 2005 was volatile. The past five years have been consistently unusual in terms of the number and frequency of major events affecting the financial markets, such as wars, contested elections, natural disasters, energy shocks, etc. During 2005, the severe weather conditions in the U.S. combined with continued erratic oil and gold prices, created short-run financial and economic shocks and an extension of the volatility in the markets from 2004. In spite of these situations, the economy, the models and the Fund performed well for investors.
On the individual security side of the ledger, some of the Fund’s winners for the fiscal year included Intel Corp., Express Scripts, Inc., Texas Instruments, Inc., Advanced Micro Devices, Inc., Freeport-McMoran Cooper & Gold, Inc., Moody’s Corp., E-Trade Group, Inc., and Franklin Resources, Inc.
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
†The composition of the Fund’s holdings is subject to change.
1 The S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
2 Small company stocks may be less liquid and subject to greater volatility than large capitalization stocks.
Huntington
VA Mid Corp America Fund
Management’s Discussion of Fund Performance
Portfolio Manager: Christopher M. Rowane, CFA, MBA
Senior Vice President
Huntington Asset Advisors, Inc.
Average Annual Total Return for the Period Ended 12/31/2005 | ||
1 Year | 12.67% | |
3 Year | 19.53% | |
Start of Performance (10/15/01) | 12.73% |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Mid Corp America Fund from October 15, 2001 (inception) to December 31, 2005, compared to the S&P 400, the RMCI, and the LMCC.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/05, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 400 and the RMCI indices have been adjusted to reflect reinvestment of dividends on securities in the indices.
For the fiscal year ended December 31, 2005, the Huntington VA Mid Corp America Fund produced a total return of 12.67% compared to the Standard & Poor’s Mid Cap 400 Index (S&P 400)1 total return of 12.55%, the Russell Midcap Index (RMCI)2 total return of 12.71%, and the Lipper Mid Cap Core Average (LMCC)3 total return of 10.26%.
The Fund maintained a disciplined approach of selecting high quality holdings and continued utilizing the sector strategy of Huntington Asset Advisors, Inc., which focuses on economic impact within equity markets. This sector weighting strategy contributed positively to the Fund’s performance, but shifts in industry performance due to short-term market changes hampered returns in the volatile fourth quarter. This was especially evident in the technology sector, where software and semiconductor industries caused a drag on performance, and the energy sector, the correction in which had a significantly negative impact on Fund returns. On the positive side, stock selection in the consumer discretionary and health care sectors combined with an overweighting in the health care sector and underweighting in the consumer discretionary sector enhanced Fund performance. The Fund focused on the long-term sector and stock selection attributes that have aided the Fund’s performance over volatile cycles. The Fund maintained a higher number of holdings than some of its peers to provide greater diversification.4
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
†The composition of the Fund’s holdings is subject to change.
1 The S&P 400 is a capitalization weighted index of common stocks representing all major industries in the mid range of the U.S. stock market. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
2 The RMCI measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 26% of the total market capitalization of the Russell 1000 Index. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
3 Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper Inc. as falling into the category indicated. They do not reflect sales charges.
4 Diversification does not assure a profit nor protect against loss.
Huntington
VA New Economy Fund
Management’s Discussion of Fund Performance
Portfolio Manager: Bernard A. Shinkel, Ph.D.
Vice President
Huntington Asset Advisors, Inc.
Average Annual Total Return for the Period Ended 12/31/2005 | ||
1 Year | 13.24% | |
3 Year | 20.95% | |
Start of Performance (10/15/01) | 12.87% |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA New Economy Fund from October 15, 2001 (inception) to December 31, 2005, compared to the RUS3G and the S&P 500.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/05, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 and the RUS3G indices have been adjusted to reflect reinvestment of dividends on securities in the indices.
For the fiscal year ended December 31, 2005, the Huntington VA New Economy Fund earned a total return of 13.24%, significantly outperforming the Fund’s benchmark, the Russell 3000 Growth Index (RUS3G),1 which had a total return of 5.17% for the same reporting period. The Fund also outperformed the broader stock market index, the Standard & Poor’s 500 Index (S&P 500),2 which had a total return of 4.91% for the year.
The Fund’s results were achieved by maintaining a highly diversified portfolio, with 225 holdings at year-end, and focusing primarily on the mid- and small-cap segments of the market.3,4 The Fund’s unique approach to growth investing, and its resulting sector emphasis on the high growth segments of the economy – information technology, health care, and consumer discretionary – further enhanced performance. As always, the mandate of the Fund allowed us to invest in the leading creators and implementers of science and technology when and where the stock market appeared to dictate that it would reward such investments.
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
†The composition of the Fund’s holdings is subject to change.
1 The RUS3G measures the performance of those Russell Midcap Companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000 Growth or the Russell 2000 Growth indices. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
2 The S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
3 Small company stocks may be less liquid and subject to greater volatility than large capitalization stocks.
4 Diversification does not assure a profit nor protect against loss.
Huntington
VA Rotating Markets Fund
Management’s Discussion of Fund Performance
Portfolio Manager: Paul Koscik JD
Vice President
Huntington Asset Advisors, Inc.
Average Annual Total Return for the Period Ended 12/31/2005 | ||
1 Year | 9.66% | |
3 Year | 15.04% | |
Start of Performance (10/15/01) | 7.39% |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Rotating Markets Fund from October 15, 2001 (inception) to December 31, 2005, compared to the S&P 500.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or changes and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/05, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of all dividends on securities in the index.
For the fiscal year ended December 31, 2005, the total return for the Huntington VA Rotating Markets Fund was 9.66%. This compared to the total return of 4.91% for the Fund’s benchmark, the Standard & Poor’s 500 Index (S&P 500).1
The Fund outperformed its benchmark in 2005 primarily due to the Fund’s heavy concentration in equity markets outside the United States. Also contributing to its out-performance was the Fund’s U.S. strategy of focusing on small and mid-cap indices.2
Throughout 2005, the Fund was invested in the global segment of the stock market with an emphasis on international and emerging markets.3 Reasonable valuations, stronger economic growth, and plenty of liquidity, caused international markets in general and emerging markets in particular to outperform the S&P 500 as evidenced by the 2005 returns for the Morgan Stanley Capital International Europe, Far East and Australasia Index (EAFE)4 and the Morgan Stanley Capital International Europe Index5 of 13.54% and 8.8% respectively. Even more significant were the returns of the Morgan Stanley Capital International Emerging Markets Index,6 the Standard & Poor’s Latin America 40 Index,7 the Morgan Stanley Capital International Mexico Index,8 and the Morgan Stanley Capital International Brazil Index9 of 32.6%, 54.6%, 43.8%, and 52.7% respectively at December 31, 2005.
The Fund continued its bias of emphasizing investment exposure to the mid- and small-cap segments of the U.S. stock market. The exposure was based on the belief that valuation levels and earnings growth would be superior to that of the large cap segment and would justify superior performance relative to the S&P 500. This occurred as the returns for the Standard & Poor’s Mid Cap 400 Index10 and the Standard & Poor’s Small Cap 600 Index11 were 12.1% and 7.5% respectively at December 31, 2005.
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
†The composition of the Fund’s holdings is subject to change.
1 The S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is umanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
2 Small company stacks may be less liquid and subject to greater volatility than large capitalization stocks.
3 International investing involves special risks including currency risk, political risk, increased volatility of foreign securities, and differences in auditing and other financial standards.
4 The EAFE is a market capitalization-weighted equity index comprising 20 of the 48 countries in the Morgan Stanley Capital International (MSCI) universe and representing the developed world outside of North America. Each MSCI country index is created separately, then aggregated, without change, into regional MSCI indices. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
5 The MSCI Europe Index is an unmanaged, market value-weighted average of the performance of over 500 securities listed on the stock exchanges of 16 countries in the European region. The index, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
6 The MSCI Emerging Markets Index is an unmanaged market capitalization weighted index composed of companies representative of the market structure of 26 emerging market countries in Europe, Latin America, and the Pacific Basin. The index, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
7 The Standard & Poor’s Latin America 40 Index is an unmanaged index of highly liquid securities from major economic sectors of the Mexican and South American equity markets. The index, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
8 The MSCI Mexico Index is an unmanaged index of publicly traded securities in the Mexican equity market. The index, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
9 The MSCI Brazil Index is an unmanaged index of publicly traded securities in the Brazilian equity market. The index, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
10 The Standard & Poor’s Mid Cap 400 Index is an unmanaged capitalization-weighted index of common stocks representing all major industries in the mid-range of the U.S. stock market. The index, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
11 The Standard & Poor’s Small Cap 600 Index is an unmanaged capitalization-weighted index representing all major industries in the small-cap range of the U.S. stock market. The index, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
Huntington
VA Situs Small Cap Fund
Management’s Discussion of Fund Performance
Portfolio Manager: B. Randolph Bateman, CFA
Chief Investment Officer
Huntington Asset Advisors
Average Annual Total Return for the Period Ended 12/31/2005 | ||
1 Year | 17.18% | |
Start of Performance (5/03/04) | 22.56% |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Situs Small Cap Fund from May 3, 2004 (inception) to December 31, 2005, compared to the S&P 600 and the S&P 500.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or changes and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/05, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 600 and the S&P 500 indices have been adjusted to reflect reinvestment of dividends on securities in the indices.
The Huntington VA Situs Small Cap Fund experienced a very positive year in 2005 in both relative and absolute terms. The Fund generated a total return of 17.18%, more than doubling the Standard & Poor’s Small Cap 600 Index (S&P 600),1 and the Standard & Poor’s 500 Index (S&P 500),2 returns of 7.70% and 4.91% respectively.
Several of the Fund’s larger holdings experienced extraordinary performance. Cerner Corp., the largest holding for much of the year, rose some 70.98%, causing the Fund’s portfolio manager to win the annual Forbes Magazine stock picking contest. Other concentrated holdings which performed well during the reporting period included: Florida Rock Industries, up 25%; Universal Forest Products, Inc., up 27.5%, Precision Cast Parts Corp., up 58% and Intergraph Corp., up 85%. The energy sector was also overweighted during the year and one of the energy holdings, Spinnaker Exploration Co., was an acquisition target and rose some 86.7% for the year. Other energy-related holdings performed well as oil and natural gas prices soared during most of the year.
The Fund primarily focused on those companies whose securities would be positively impacted by a geographical advantage over their competition such as favorable tax treatment (including tax incentives), opportunities afforded due to the proximity to a region that is experiencing significant immigration, or even meteorological events (hurricanes or snowfall).
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
†The composition of the Fund’s holdings is subject to change.
1 The S&P 600 is a capitalization-weighted index representing all major industries in the small-cap range of the U.S. stock market. The Index is unmanaged, and unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
2 The S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The Index is unmanaged, and unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
Small company stocks may be less liquid and subject to greater price volatility than large capitalization stocks.
Huntington
VA Mortgage Securities Fund
Management’s Discussion of Fund Performance
Portfolio Manager: William G. Doughty, MBA
Vice President
Portfolio Manager: Gustave J. Seasongood
Vice President
Huntington Asset Advisors, Inc.
Average Annual Total Return for the Period Ended 12/31/2005 | ||
1 Year | 1.25% | |
Start of Performance (5/03/04) | 4.28% |
The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Mortgage Securities Fund from May 3, 2004 (inception) to December 31, 2005, compared to the LBMBSI.
The performance information does not include the charges and expenses imposed by the insurance company separate accounts or changes and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. For the fiscal year ended 12/31/05, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company and Nationwide Life Insurance Company. Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.
* The Fund’s performance assumes the reinvestment of all dividends and distributions. The LBMBSI has been adjusted to reflect reinvestment of dividends on securities in the index.
For the fiscal year ended December 31, 2005, the Huntington VA Mortgage Securities Fund produced a total return of 1.25%. This compared to the total return of 2.61% for the Fund’s benchmark, the Lehman Brothers Mortgage Backed Securities Index (LBMBSI),1 and the Lipper U.S. Mortgage Funds Average return of 1.93%2 for the same reporting period.
During 2005, the Fund’s investment in Real Estate Investment Trusts (REITs) contributed positively to performance versus its benchmark. As measured by the Standard & Poor’s REIT Index (S&P REIT Index),3 REITs produced a total return of 11.62% for 2005 and the Fund had a portfolio weighting in REITs of 7.7% at year end. Performance was also helped by the selection of both mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs) during the year. Due to the slow down of refinancing in the mortgage market, and an increase in demand for yield products by large domestic banks and foreign central banks, yield spreads tightened for MBS products versus Treasurys during the year. Underperformance was due primarily to the shorter duration of the Fund versus the benchmark, as longer securities outperformed shorter duration securities for the year.
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance for a variable investment option changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance contact your insurance company.
†The composition of the Fund’s holdings is subject to change.
Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.
1 The LBMBSI is composed of all fixed securities mortgage pools by the Government National Mortgage Association (GNMA), Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, including GNMA Graduated Payment Mortgages. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
2 Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper Inc. as falling into the category indicated. They do not reflect sales charges.
3 Investments in REITs involve special risks associated with an investment in real estate, such as limited liquidity. The S&P REIT Index is comprised of real estate investment trusts. The index is unmanaged and, unlike the Fund, is not affected by cashflows. Investments cannot be made in an index.
Huntington VA Dividend Capture Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2005
Asset Allocation | Percentage of | |
Common Stock (includes 11.6% Real Estate Investment Trusts) | 52.3% | |
Preferred Stock (includes 2.4% Real Estate Investment Trusts) | 43.2% | |
Exchange Traded Funds | 3.2% | |
Cash1 | 1.1% | |
Other Assets in Excess of Liabilities | 0.2% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2005, and are based on net assets.
1 Investments in an affiliated money market fund.
Portfolio of Investments
December 31, 2005
Shares | Value | |||
COMMON STOCKS -- 52.3% |
| |||
| Consumer Discretionary -- 2.9% |
| ||
7,000 | Genuine Parts Co. | $ 307,440 | ||
5,500 | J.C. Penney Co., Inc. | 305,800 | ||
13,000 | Time Warner, Inc. | 226,720 | ||
8,000 | V.F. Corp. | 442,720 | ||
|
| 1,282,680 | ||
| Consumer Staples -- 0.9% |
| ||
1,000 | Bunge Ltd. | 56,610 | ||
16,500 | ConAgra Foods, Inc. | 334,620 | ||
|
| 391,230 | ||
| Energy -- 4.6% |
| ||
9,000 | ChevronTexaco Corp. | 510,930 | ||
14,000 | ConocoPhillips | 814,520 | ||
10,000 | Marathon Oil Corp. | 609,700 | ||
1,000 | Sunoco, Inc. | 78,380 | ||
|
| 2,013,530 | ||
| Financials -- 16.1% |
| ||
14,750 | Allstate Corp. | 797,533 | ||
20,000 | American Capital Strategies Ltd. | 724,200 | ||
20,000 | Bank of New York Company, Inc. | 637,000 | ||
2,000 | Chubb Corp. | 195,300 | ||
9,000 | Hartford Financial Services Group, Inc. | 773,010 | ||
18,000 | KeyCorp | 592,740 | ||
12,000 | Lincoln National Corp. | 636,360 | ||
10,000 | Morgan Stanley Dean Witter & Co. | 567,400 | ||
17,000 | Protective Life Corp. | 744,090 | ||
11,500 | Safeco Corp. | 649,750 | ||
16,000 | Wachovia Corp. | 845,759 | ||
|
| 7,163,142 | ||
| Health Care -- 3.9% |
| ||
30,500 | Bristol-Myers Squibb Co. | 700,890 | ||
6,000 | Merck & Co., Inc. | 190,860 | ||
14,000 | Pfizer, Inc. | 326,480 | ||
10,500 | Wyeth | 483,735 | ||
|
| 1,701,965 | ||
| Industrials -- 3.6% |
| ||
4,000 | Burlington Northern Santa Fe Corp. | $ 283,280 | ||
5,000 | Cooper Industries Ltd. | 365,000 | ||
5,000 | Harsco Corp. | 337,550 | ||
8,000 | Norfolk Southern Corp. | 358,640 | ||
6,000 | Raytheon Co. | 240,900 | ||
|
| 1,585,370 | ||
| Materials -- 2.2% |
| ||
6,000 | Inco Ltd. | 261,420 | ||
11,000 | Louisiana-Pacific Corp. | 302,170 | ||
6,000 | Weyerhaeuser Co. | 398,040 | ||
|
| 961,630 | ||
| Real Estate Investment Trusts -- 11.6% |
| ||
15,000 | Bedford Property Investors, Inc. | 329,100 | ||
7,000 | CBL & Associates Properties, Inc. | 276,570 | ||
8,000 | Colonial Properties Trust | 335,840 | ||
32,000 | Commercial NET Lease Realty | 651,840 | ||
10,000 | Entertainment Properties | 407,500 | ||
8,500 | Equity Inns, Inc. | 115,175 | ||
7,000 | Equity Office Properties Trust | 212,310 | ||
4,000 | Equity Residential Properties Trust | 156,480 | ||
7,000 | First Industrial Realty Trust, Inc. | 269,500 | ||
8,500 | Heritage Property Investment | 283,900 | ||
5,000 | Home Properties, Inc. | 204,000 | ||
36,000 | HRPT Properties Trust | 372,600 | ||
2,000 | Kimco Realty Corp. | 64,160 | ||
14,000 | LTC Properties, Inc. | 294,420 | ||
8,000 | Mid-America Apartment Communities, Inc. | 388,000 | ||
8,000 | New Plan Excel Realty Trust | 185,440 | ||
3,500 | Parkway Properties, Inc. | 140,490 | ||
2,500 | Simon Property Group, Inc. | 191,575 | ||
5,000 | Sovran Self Storage, Inc. | 234,850 | ||
|
| 5,113,750 | ||
COMMON STOCKS -- (continued) |
| |||
| Technology -- 2.6% |
| ||
2,000 | Hewlett Packard Co. | $ 57,260 | ||
5,000 | Intel Corp. | 124,800 | ||
2,000 | Microsoft Corp. | 52,300 | ||
8,000 | Motorola, Inc. | 180,720 | ||
14,000 | Sabre Holdings Corp. | 337,540 | ||
40,000 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 396,400 | ||
|
| 1,149,020 | ||
| Telecommunications -- 2.4% |
| ||
21,750 | AT&T, Inc. | 532,658 | ||
19,000 | BellSouth Corp. | 514,900 | ||
|
| 1,047,558 | ||
| Utilities -- 1.5% |
| ||
6,000 | American Electric Power Co., Inc. | 222,540 | ||
16,000 | Duke Energy Corp. | 439,200 | ||
|
| 661,740 | ||
| Total Common Stocks | 23,071,615 | ||
PREFERRED STOCKS -- 43.2% |
| |||
| Consumer Discretionary -- 1.4% |
| ||
25,000 | The Walt Disney Co., 7.000% | 637,500 | ||
| Financials -- 29.2% |
| ||
35,000 | ABN Amro Capital Funding Trust V, 5.900% | 829,150 | ||
16,400 | Ace Ltd., Series C, 7.800% | 428,040 | ||
19,900 | AMBAC Financial Group, 7.000% | 501,878 | ||
24,000 | ASBC Capital I, 7.625% | 614,880 | ||
28,000 | Citigroup Capital Trust VIII, 6.950% | 706,160 | ||
13,700 | Comerica Capital Trust I, 7.600% | 345,925 | ||
22,000 | Compass Capital, 7.350% | 557,040 | ||
27,600 | Everest Re Capital Trust, 7.850% | 703,248 | ||
15,000 | Fleet Capital Trust VII, 7.200% | 378,300 | ||
6,900 | Fleet Capital Trust VIII, 7.200% | 175,398 | ||
4,000 | Goldman Sachs Group, Inc., Class A, 3.910% | 102,800 | ||
6,000 | Hartford Life Capital II, Series B, 7.625% | 152,880 | ||
20,000 | HSBC Holdings PLC, Series A, 6.200% | 495,000 | ||
20,000 | JPMorgan Chase & Co., Series X, 7.000% | 508,600 | ||
15,500 | Lehman Brothers Holdings, Inc., 6.500% | 406,875 | ||
10,000 | Lincoln National Capital V, Series E, 7.650% | 254,100 | ||
21,000 | Merrill Lynch Capital Trust V, 7.280% | 548,520 | ||
10,000 | Metlife, Inc., Series B, 6.500% | 259,200 | ||
13,000 | Morgan Stanley Capital Trust II, 7.250% | 331,110 | ||
26,000 | National Commerce Capital Trust II, 7.700% | 663,000 | ||
18,000 | Partnerre Capital Trust I, 7.900% | 459,000 | ||
12,400 | PLC Capital Trust, 7.250% | 315,952 | ||
1,900 | Provident Financial Group, Inc., 8.375% | 51,110 | ||
17,300 | RenaissanceRe Holdings Ltd., Series B, 7.300% | 436,998 | ||
35,000 | Royal Bank of Scotland, Series N, 6.350% | 879,550 | ||
24,700 | SLM Corp., 6.000% | 585,390 | ||
| Financials -- (continued) |
| ||
13,900 | St. Paul Capital Trust, 7.600% | $ 356,535 | ||
5,000 | Suntrust Capital IV, 7.125% | 126,350 | ||
1,300 | Torchmark Capital Trust I, 7.750% | 33,553 | ||
27,000 | Wells Fargo Capital Trust II, 7.000% | 682,560 | ||
|
| 12,889,102 | ||
| Health Care -- 1.3% |
| ||
23,000 | Aetna, Inc., 8.500% | 586,040 | ||
| Industrials -- 1.4% |
| ||
25,000 | General Electric Capital Corp., 6.100% | 630,750 | ||
| Real Estate Investment Trusts -- 2.4% |
| ||
1,400 | Equity Residential Properties, | 35,756 | ||
10,000 | HRPT Properties Trust, Series A, 9.875% | 254,300 | ||
2,000 | Prologis Trust, Series F, 6.750% | 49,580 | ||
17,000 | Public Storage, Series F, 6.45% | 392,700 | ||
13,000 | Public Storage, Series R, 8.000% | 329,030 | ||
|
| 1,061,366 | ||
| Telecommunications -- 1.0% |
| ||
17,000 | AT&T, Inc., 7.000% | 426,360 | ||
| Utilities -- 6.5% |
| ||
39,700 | BGE Capital Trust II, 6.200% | 1,016,320 | ||
20,000 | Consolidated Edison Co., Inc., 7.500% | 505,000 | ||
10,000 | Dominion CNG Capital Trust I, 7.800% | 255,200 | ||
23,400 | Entergy LA, Inc., 7.600% | 594,126 | ||
20,000 | Georgia Power Capital, 7.125% | 504,600 | ||
|
| 2,875,246 | ||
| Total Preferred Stocks | 19,106,364 | ||
MUTUAL FUNDS -- 3.2% |
| |||
| Exchange Traded Funds -- 3.2% |
| ||
16,500 | AMEX Technology SPDR | 344,850 | ||
8,500 | S&P 500 Depositary Receipt | 1,057,655 | ||
| Total Mutual Funds (Cost $1,227,729) | 1,402,505 | ||
CASH EQUIVALENT -- 1.1% |
| |||
507,344 | Huntington Money Market Fund, | 507,344 | ||
| Total Cash Equivalent (Cost $507,344) | 507,344 | ||
| Total Investments | 44,087,828 | ||
| Other Assets in Excess of | 106,196 | ||
| Net Assets -- 100.0% | $ 44,194,024 | ||
Huntington VA Growth Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2005
Asset Allocation | Percentage of | |
Technology | 22.1% | |
Health Care | 19.5% | |
Consumer Staples | 15.8% | |
Industrials | 12.0% | |
Energy | 11.5% | |
Consumer Discretionary | 6.3% | |
Exchange Traded Funds | 3.6% | |
Financials | 3.1% | |
Cash1 | 2.9% | |
Materials | 2.6% | |
Telecommunications | 0.5% | |
Other Assets in Excess of Liabilities | 0.1% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2005, and are based on net assets.
1 Investments in an affiliated money market fund.
Portfolio of Investments
December 31, 2005
Shares | Value | |||
COMMON STOCKS -- 93.4% |
| |||
| Consumer Discretionary -- 6.3% |
| ||
1,859 | Carnival Corp. | $ 99,401 | ||
10,278 | Home Depot, Inc. | 416,053 | ||
3,839 | Kohl’s Corp.(b) | 186,575 | ||
260 | Liberty Global, Inc., Class A (b) | 5,850 | ||
260 | Liberty Global, Inc., Series C (b) | 5,512 | ||
5,203 | Liberty Media Corp. (b) | 40,948 | ||
1,931 | Media General, Inc. | 97,902 | ||
7,677 | Time Warner, Inc. | 133,887 | ||
8,438 | Viacom, Inc. | 275,079 | ||
|
| 1,261,207 | ||
| Consumer Staples -- 15.8% |
| ||
7,500 | Anheuser Busch Cos., Inc. | 322,200 | ||
4,248 | Colgate-Palmolive Co. | 233,003 | ||
3,112 | J.M. Smuckers Co. | 136,928 | ||
8,110 | PepsiCo, Inc. | 479,139 | ||
11,688 | Procter & Gamble Co. | 676,501 | ||
10,675 | SYSCO Corp. | 331,459 | ||
3,441 | Wal-Mart Stores, Inc. | 161,039 | ||
10,670 | Walgreen Co. | 472,254 | ||
5,290 | William Wrigley Jr. Co. | 351,732 | ||
|
| 3,164,255 | ||
| Energy -- 11.5% |
| ||
7,217 | Anadarko Petroleum Corp. | 683,811 | ||
5,000 | Exxon Mobil Corp. | 280,850 | ||
5,000 | Kinder Morgan, Inc. | 459,750 | ||
5,000 | Occidental Petroleum Corp. | 399,400 | ||
5,000 | Schlumberger, Ltd. | 485,750 | ||
|
| 2,309,561 | ||
| Financials -- 3.1% |
| ||
2,591 | American Express Co. | $ 133,333 | ||
1 | Berkshire Hathaway, Inc. (b) | 88,620 | ||
4,237 | St. Paul Cos., Inc. | 189,267 | ||
4,573 | Washington Mutual, Inc. | 198,925 | ||
|
| 610,145 | ||
| Health Care -- 19.5% |
| ||
6,891 | Abbott Laboratories | 271,712 | ||
5,000 | Amgen, Inc. (b) | 394,299 | ||
6,100 | Baxter International, Inc. | 229,665 | ||
2,700 | Dentsply International, Inc. | 144,963 | ||
1,000 | Gilead Sciences, Inc. (b) | 52,630 | ||
269 | Hospira, Inc. (b) | 11,508 | ||
2,290 | IMS Health, Inc. | 57,067 | ||
7,000 | Invacare Corp. | 220,430 | ||
5,977 | Johnson & Johnson | 359,218 | ||
1,968 | Medco Health Solutions, Inc. (b) | 109,814 | ||
2,015 | Medtronic, Inc. | 116,004 | ||
2,648 | Millipore Corp. (b) | 174,874 | ||
13,122 | Pfizer, Inc. | 306,005 | ||
4,000 | Roche Holdings Ltd. | 299,404 | ||
12,363 | Schering-Plough Corp. | 257,769 | ||
6,530 | Stryker Corp. | 290,128 | ||
3,600 | UnitedHealth Group, Inc. | 223,704 | ||
5,465 | Wyeth | 251,773 | ||
2,000 | Zimmer Holdings, Inc. (b) | 134,880 | ||
|
| 3,905,847 | ||
COMMON STOCKS -- (continued) |
| |||
| Industrials -- 12.0% |
| ||
4,587 | Avery Dennison Corp. | $ 253,523 | ||
10,200 | Cintas Corp. | 420,036 | ||
26,975 | General Electric Co. | 945,474 | ||
8,806 | Illinois Tool Works, Inc. | 774,840 | ||
|
| 2,393,873 | ||
| Materials -- 2.6% |
| ||
5,205 | Du Pont (E.I.) de Nemours & Co. | 221,213 | ||
8,029 | Ecolab, Inc. | 291,211 | ||
|
| 512,424 | ||
| Technology -- 22.1% |
| ||
7,684 | Analog Devices, Inc. | 275,625 | ||
663 | Applied Materials, Inc. | 11,894 | ||
6,887 | Automatic Data Processing, Inc. | 316,044 | ||
14,594 | Cisco Systems, Inc. (b) | 249,849 | ||
10,000 | Computer Sciences Corp. (b) | 506,400 | ||
8,698 | Dell, Inc. (b) | 260,853 | ||
8,340 | EMC Corp. (b) | 113,591 | ||
6,712 | Hewlett Packard Co. | 192,165 | ||
17,764 | Intel Corp. | 443,389 | ||
2,999 | International Business Machines Corp. | 246,518 | ||
7,500 | Iron Mountain, Inc. (b) | 316,650 | ||
29,508 | Microsoft Corp. | 771,634 | ||
6,100 | Molex, Inc. | 158,295 | ||
342 | Network Appliance, Inc. (b) | 9,234 | ||
14,980 | Oracle Corp. (b) | 182,906 | ||
6,930 | Qualcomm, Inc. | 298,544 | ||
2,201 | Solectron Corp. (b) | 8,056 | ||
1,493 | Texas Instruments, Inc. | 47,881 | ||
|
| 4,409,528 | ||
| Telecommunications -- 0.5% |
| ||
520 | Discovery Holding Co., Class A (b) | $ 7,878 | ||
4,308 | Vodafone Group PLC. | 92,493 | ||
|
| 100,371 | ||
| Utilities -- 0.0% |
| ||
187 | Duke Energy Corp. | 5,133 | ||
| Total Common Stocks (Cost $17,195,322) | 18,672,344 | ||
MUTUAL FUNDS -- 3.6% |
| |||
| Exchange Traded Funds -- 3.6% |
| ||
8,000 | iShares S&P 500/Barra Growth | 474,319 | ||
2,675 | NASDAQ 100 Index Fund | 108,124 | ||
1,020 | S&P Depositary Receipt | 126,919 | ||
| Total Mutual Funds (Cost $650,309) | 709,362 | ||
CASH EQUIVALENT -- 2.9% |
| |||
582,352 | Huntington Money Market Fund, | 582,352 | ||
| Total Cash Equivalent (Cost $582,352) | 582,352 | ||
| Total Investments | 19,964,058 | ||
| Other Assets in Excess of | 10,248 | ||
| Net Assets -- 100.0% | $ 19,974,306 | ||
Huntington VA Income Equity Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2005
Asset Allocation | Percentage of | |
Financials | 35.3% | |
Energy | 10.4% | |
Consumer Discretionary | 9.5% | |
Industrials | 8.0% | |
Health Care | 7.5% | |
Technology | 7.2% | |
Materials | 6.6% | |
Telecommunications | 5.5% | |
Cash1 | 4.7% | |
Utilities | 3.1% | |
Real Estate Investment Trusts | 2.0% | |
Consumer Staples | 1.4% | |
Liabilities in Excess of Other Assets | (1.2)% | |
TOTAL | 100.0 % |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2005, and are based on net assets.
1 Investments in an affiliated money market fund.
The Portfolio of Investments Summary Table and the Portfolio of Investments are broken down by sectors, and these sectors do not represent industry categories for purposes of identifying “industry concentration” as described in the Investment Company Act of 1940, as amended.
Portfolio of Investments
December 31, 2005
Shares | Value |
| |||
COMMON STOCKS -- 96.5% |
|
| |||
| Consumer Discretionary -- 9.5% |
|
| ||
9,700 | Fortune Brands, Inc. | $ 756,794 |
| ||
25,600 | Genuine Parts Co. | 1,124,352 |
| ||
32,100 | Pearson PLC ADR | 381,027 |
| ||
19,100 | Thompson Corp. | 660,860 |
| ||
8,100 | V.F. Corp. | 448,254 |
| ||
|
| 3,371,287 |
| ||
| Consumer Staples -- 1.4% |
|
| ||
5,200 | Anheuser Busch Cos., Inc. | 223,392 |
| ||
4,100 | Molson Coors Brewing Co., Class B | 274,659 |
| ||
|
| 498,051 |
| ||
| Energy -- 10.4% |
|
| ||
19,400 | Chevron Corp. | 1,101,338 |
| ||
18,100 | ConocoPhillips | 1,053,058 |
| ||
15,900 | Occidental Petroleum Corp. | 1,270,092 |
| ||
5,700 | Progress Energy, Inc. | 250,344 |
| ||
|
| 3,674,832 |
| ||
| Financials -- 35.3% |
|
| ||
23,600 | AmSouth Bancorporation | 618,556 |
| ||
26,500 | Bank of America Corp. | 1,222,975 |
| ||
19,100 | BB&T Corp. | 800,481 |
| ||
27,300 | Citigroup, Inc. | 1,324,869 |
| ||
10,800 | Comerica, Inc. | 613,008 |
| ||
28,300 | JPMorgan Chase & Co. | 1,123,227 |
| ||
20,900 | Lincoln National Corp. | 1,108,327 |
| ||
18,200 | MBNA Corp. | 494,312 |
| ||
| Financials -- (continued) |
|
| ||
32,200 | National City Corp. | $ 1,080,954 |
| ||
28,100 | Regions Financial Corp. | 959,896 |
| ||
9,100 | SunTrust Banks, Inc. | 662,116 |
| ||
19,300 | Unitrin, Inc. | 869,465 |
| ||
9,600 | Wachovia Corp. | 507,456 |
| ||
24,100 | Washington Mutual, Inc. | 1,048,350 |
| ||
|
| 12,433,992 |
| ||
| Health Care -- 7.5% |
|
| ||
30,800 | Bristol-Myers Squibb Co. | 707,784 |
| ||
6,400 | Eli Lilly & Co. | 362,176 |
| ||
6,100 | GlaxoSmithKline PLC ADR | 307,928 |
| ||
23,200 | Merck & Co., Inc. | 737,992 |
| ||
11,500 | Wyeth | 529,805 |
| ||
|
| 2,645,685 |
| ||
| Industrials -- 8.0% |
|
| ||
27,800 | General Electric Co. | 974,390 |
| ||
17,700 | Pitney Bowes, Inc. | 747,825 |
| ||
31,800 | R.R. Donnelley & Sons Co. | 1,087,878 |
| ||
|
| 2,810,093 |
| ||
| Materials -- 6.6% |
|
| ||
18,900 | Boston Scientific Corp. (b) | 462,861 |
| ||
15,300 | Monsanto Co. | 1,186,209 |
| ||
11,700 | PPG Industries, Inc. | 677,430 |
| ||
|
| 2,326,500 |
| ||
COMMON STOCKS -- (continued) |
|
| |||
| Real Estate Investment Trusts -- 2.0% |
|
| ||
12,200 | Equity Office Properties Trust | $ 370,026 |
| ||
9,000 | Equity Residential Properties Trust | 352,080 |
| ||
|
| 722,106 |
| ||
| Technology -- 7.2% |
|
| ||
9,300 | Automatic Data Processing, Inc. | 426,777 |
| ||
9,700 | First Data Corp. | 417,197 |
| ||
18,800 | Intel Corp. | 469,248 |
| ||
16,000 | Microsoft Corp. | 418,400 |
| ||
44,800 | Nokia Corp. | 819,840 |
| ||
|
| 2,551,462 |
| ||
| Telecommunications -- 5.5% |
|
| ||
16,300 | Alltel Corp. | 1,028,530 |
| ||
12,400 | AT&T, Inc. | 303,676 |
| ||
15,000 | Sprint Corp. | 350,400 |
| ||
8,900 | Verizon Communications, Inc. | 268,068 |
| ||
|
| 1,950,674 |
| ||
| Utilities -- 3.1% |
|
| ||
7,500 | Consolidated Edison, Inc. | 347,475 |
| ||
13,300 | Duke Energy Corp. | 365,085 |
| ||
7,500 | Exelon Corp. | 398,550 |
| ||
|
| 1,111,110 |
| ||
| Total Common Stocks | 34,095,792 |
| ||
CASH EQUIVALENT -- 4.7% |
|
| |||
1,663,753 | Huntington Money Market Fund, | $ 1,663,753 |
| ||
| Total Cash Equivalent | 1,663,753 |
| ||
| Total Investments | 35,759,545 |
| ||
| Liabilities in Excess of Other | (422,148 | ) | ||
| Net Assets -- 100.0% | $ 35,337,397 |
| ||
Huntington VA International Equity Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2005
Asset Allocation | Percentage of | |
United Kingdom | 22.0% | |
Japan | 19.9% | |
France | 7.1% | |
Netherlands | 5.5% | |
Canada | 5.5% | |
Sweden | 4.9% | |
Switzerland | 4.2% | |
Germany | 2.9% | |
Finland | 2.9% | |
Singapore | 2.4% | |
Spain | 2.2% | |
Norway | 2.1% | |
Ireland | 1.9% | |
Netherlands Antilles | 1.8% | |
Mexico | 1.5% | |
Taiwan | 1.4% | |
South Korea | 1.3% | |
Hong Kong | 1.1% | |
Brazil | 0.8% | |
India | 0.8% | |
Other Assets in Excess of Liabilities | 7.8% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2005, and are based on net assets.
Portfolio of Investments
December 31, 2005
Shares | Value | |||
COMMON STOCKS -- 88.5% |
| |||
| Brazil -- 0.8% |
| ||
| Energy -- 0.8% |
| ||
240 | Petroleo Brasileiro SA ADR | $ 17,105 | ||
| Canada -- 5.5% |
| ||
| Energy -- 1.0% |
| ||
470 | Encana Corp. ADR | 21,225 | ||
| Industrials -- 2.5% |
| ||
670 | Canadian National Railway Co. | 53,594 | ||
| Materials -- 2.0% |
| ||
1,060 | Alcan, Inc. | 43,407 | ||
|
| 118,226 | ||
| Finland -- 2.9% |
| ||
| Materials -- 0.9% |
| ||
1,000 | UPM Kymmene OYJ ADR | 19,600 | ||
| Technology -- 2.0% |
| ||
2,300 | Nokia OYJ ADR | 42,090 | ||
|
| 61,690 | ||
| France -- 7.1% |
| ||
| Consumer Staples -- 1.6% |
| ||
1,640 | Groupe Danone ADR | $ 34,506 | ||
| Energy -- 1.9% |
| ||
325 | Total SA ADR | 41,080 | ||
| Financials -- 2.0% |
| ||
1,309 | Axa ADR | 42,319 | ||
| Utilities -- 1.6% |
| ||
1,120 | Suez SA ADR | 34,989 | ||
|
| 152,894 | ||
| Germany -- 2.9% |
| ||
| Consumer Discretionary -- 1.1% |
| ||
85 | Puma AG Rudolf Dassler Sport ADR | 24,735 | ||
| Technology -- 1.8% |
| ||
850 | SAP AG ADR | 38,309 | ||
|
| 63,044 | ||
COMMON STOCKS -- (continued) |
| |||
| Hong Kong -- 1.1% |
| ||
| Financials -- 1.1% |
| ||
7,800 | Bank of East Asia Ltd. ADR | $ 23,590 | ||
| Ireland -- 1.9% |
| ||
| Financials -- 1.9% |
| ||
935 | Allied Irish Banks PLC ADR | 40,168 | ||
| Japan -- 18.3% |
| ||
| Consumer Discretionary -- 6.9% |
| ||
501 | Canon, Inc. ADR | 29,474 | ||
1,710 | Honda Motor Co., LTD. ADR | 49,538 | ||
1,790 | Matsushita Electric Industrial Co. Ltd. ADR | 34,690 | ||
1,920 | Shiseido Co. Ltd. ADR | 35,787 | ||
|
| 149,489 | ||
| Electronics -- 2.2% |
| ||
3,075 | Sharp Corp. ADR | 46,738 | ||
| Financials -- 2.2% |
| ||
3,458 | Mitsubishi UFJ Financial Group, Inc. | 47,340 | ||
| Health Care -- 2.0% |
| ||
100 | Eisai Co. Ltd. | 4,198 | ||
450 | Eisai Co., Ltd. ADR | 18,872 | ||
700 | Terumo Corp. | 20,718 | ||
|
| 43,788 | ||
| Industrials -- 3.8% |
| ||
650 | Komatsu Ltd. ADR | 42,978 | ||
370 | Secom Co., Ltd. ADR | 38,683 | ||
|
| 81,661 | ||
| Utilities -- 1.2% |
| ||
1,100 | The Tokyo Electric Power Co., Inc. | 26,726 | ||
|
| 395,742 | ||
| Mexico -- 1.5% |
| ||
| Materials -- 1.5% |
| ||
553 | Cemex SA ADR | 32,809 | ||
| Netherlands -- 5.5% |
| ||
| Consumer Discretionary -- 2.8% |
| ||
1,708 | ING Group NV ADR | 59,472 | ||
| Industrials -- 2.7% |
| ||
1,895 | TNT NV ADR | 59,276 | ||
|
| 118,748 | ||
| Netherlands Antilles -- 1.8% |
| ||
| Energy -- 1.8% |
| ||
410 | Schlumberger Ltd. ADR | 39,832 | ||
| Norway -- 2.1% |
| ||
| Telecommunications -- 2.1% |
| ||
4,632 | Telenor ASA | 45,500 | ||
| Singapore -- 2.4% |
| ||
| Telecommunications -- 2.4% |
| ||
3,364 | Singapore Telecommunications Ltd. ADR | 52,803 | ||
| Spain -- 2.2% |
| ||
| Financials -- 0.5% |
| ||
550 | Banco Bilbao Vizcaya SA ADR | 9,818 | ||
| Telecommunications -- 1.7% |
| ||
824 | Telefonica SA ADR | 37,096 | ||
|
| 46,914 | ||
| Sweden -- 4.9% |
| ||
| Consumer Discretionary -- 1.7% |
| ||
725 | Electrolux AB, Series B ADR | $ 37,623 | ||
| Financials -- 3.2% |
| ||
2,500 | ForeningsSparbanken AB | 68,177 | ||
|
| 105,800 | ||
| Switzerland -- 4.2% |
| ||
| Health Care -- 2.6% |
| ||
1,040 | Novartis AG ADR | 54,580 | ||
| Materials -- 1.6% |
| ||
1,430 | Syngenta AG ADR | 35,621 | ||
|
| 90,201 | ||
| Taiwan -- 1.4% |
| ||
| Technology -- 1.4% |
| ||
3,000 | Taiwan Semiconductor | 29,730 | ||
| United Kingdom -- 22.0% |
| ||
| Consumer Discretionary -- 2.3% |
| ||
4,150 | Pearson PLC ADR | 49,261 | ||
| Consumer Staples -- 5.5% |
| ||
1,317 | Boots Group PLC ADR | 27,357 | ||
1,243 | Cadbury Schweppes PLC ADR | 47,593 | ||
2,474 | Tesco PLC ADR | 42,239 | ||
|
| 117,189 | ||
| Energy -- 2.6% |
| ||
450 | BG Group PLC ADR | 22,352 | ||
535 | BP Amoco PLC ADR | 34,357 | ||
|
| 56,709 | ||
| Financials -- 2.1% |
| ||
1,097 | Barclays PLC ADR | 46,162 | ||
| Health Care -- 2.4% |
| ||
1,045 | GlaxoSmithKline PLC ADR | 52,752 | ||
| Industrials -- 3.7% |
| ||
746 | Bunzl PLC ADR | 39,985 | ||
1,915 | Tomkins PLC ADR | 39,468 | ||
|
| 79,453 | ||
| Materials -- 2.2% |
| ||
265 | Rio Tinto PLC ADR | 48,439 | ||
| Utilities -- 1.2% |
| ||
1,525 | Scottish & Southern Energy PLC ADR | 26,547 | ||
|
| 476,512 | ||
| Total Common Stocks (Cost $1,684,188) | 1,911,308 | ||
MUTUAL FUNDS -- 3.7% |
| |||
| India -- 0.8% |
| ||
| Management Investment |
| ||
453 | Morgan Stanley India Investment Fund | 16,920 | ||
| Japan -- 1.6% |
| ||
| Management Investment |
| ||
2,700 | iShares MSCI Japan Index Fund | 36,450 | ||
MUTUAL FUNDS -- (continued) |
| |||
| South Korea -- 1.3% |
| ||
| Management Investment |
| ||
615 | iShares MSCI, South Korea Index Fund | $ 27,435 | ||
| Total Mutual Funds (Cost $68,851) | 80,805 | ||
| Total Investments | 1,992,113 | ||
| Other Assets in Excess of | 168,502 | ||
| Net Assets -- 100.0% | $ 2,160,615 | ||
Huntington VA Macro 100 Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2005
Asset Allocation | Percentage of | |
Technology | 34.4% | |
Financials | 19.0% | |
Consumer Discretionary | 17.5% | |
Industrials | 10.7% | |
Consumer Staples | 5.7% | |
Cash1 | 4.3% | |
Health Care | 3.8% | |
Materials | 2.9% | |
Telecommunications | 1.7% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2005, and are based on net assets.
1 Investments in an affiliated money market fund.
The Portfolio of Investments Summary Table and the Portfolio of Investments are broken down by sectors, and these sectors do not represent industry categories for purposes of identifying “industry concentration” as described in the Investment Company Act of 1940, as amended.
Portfolio of Investments
December 31, 2005
Shares | Value |
| |||
COMMON STOCKS -- 95.7% |
|
| |||
| Consumer Discretionary -- 17.5% |
|
| ||
900 | 3M Co. | $ 69,750 |
| ||
3,600 | AutoNation, Inc. (b) | 78,228 |
| ||
800 | AutoZone, Inc. (b) | 73,400 |
| ||
1,800 | Bed Bath & Beyond, Inc. (b) | 65,070 |
| ||
2,300 | Darden Restaurants, Inc. | 89,424 |
| ||
1,800 | Ebay, Inc. (b) | 77,850 |
| ||
1,700 | Genuine Parts Co. | 74,664 |
| ||
3,100 | Hilton Hotels Corp. | 74,741 |
| ||
1,900 | Home Depot, Inc. | 76,912 |
| ||
3,400 | Limited Brands, Inc. | 75,990 |
| ||
1,800 | Liz Claiborne, Inc. | 64,476 |
| ||
1,100 | Lowe’s Cos., Inc. | 73,326 |
| ||
1,300 | Reebok International Ltd. | 75,699 |
| ||
2,700 | Starbucks Corp. (b) | 81,027 |
| ||
3,200 | TJX Companies, Inc. | 74,336 |
| ||
1,800 | UST, Inc. | 73,494 |
| ||
1,600 | Wendy’s International, Inc. | 88,416 |
| ||
1,400 | YUM! Brands, Inc. | 65,632 |
| ||
|
| 1,352,435 |
| ||
| Consumer Staples -- 5.7% |
|
| ||
1,200 | Brown-Forman Corp. | 83,184 |
| ||
3,500 | Coca-Cola Enterprises, Inc. | 67,095 |
| ||
2,900 | Constellation Brands, Inc. (b) | 76,067 |
| ||
2,400 | Pepsi Bottling Group, Inc. | 68,664 |
| ||
800 | Reynolds American, Inc. | 76,264 |
| ||
3,200 | Staples, Inc. | 72,672 |
| ||
|
| 443,946 |
| ||
| Financials -- 19.0% |
|
| ||
600 | Bear Stearns Companies, Inc. | $ 69,318 |
| ||
900 | Capital One Financial Corp. | 77,760 |
| ||
1,600 | Compass Bancshares, Inc. | 77,264 |
| ||
2,200 | Countrywide Credit Industries, Inc. | 75,218 |
| ||
4,000 | E*Trade Group, Inc. (b) | 83,440 |
| ||
2,000 | First Horizon National Corp. | 76,880 |
| ||
800 | Franklin Resources, Inc. | 75,208 |
| ||
1,100 | Golden West Financial Corp. | 72,600 |
| ||
600 | Goldman Sachs Group, Inc. | 76,626 |
| ||
600 | Lehman Brothers Holdings, Inc. | 76,902 |
| ||
1,700 | Marshall & Ilsley Corp. | 73,168 |
| ||
1,100 | Merrill Lynch & Co., Inc. | 74,503 |
| ||
1,400 | Moody’s Corp. | 85,988 |
| ||
1,300 | Morgan Stanley | 73,762 |
| ||
1,800 | Principal Financial Group | 85,374 |
| ||
1,600 | SLM Corp. | 88,144 |
| ||
1,100 | T. Rowe Price Group, Inc. | 79,233 |
| ||
4,900 | The Charles Schwab Corp. | 71,883 |
| ||
1,500 | Wachovia Corp. | 79,290 |
| ||
|
| 1,472,561 |
| ||
| Health Care -- 3.8% |
|
| ||
800 | Bausch & Lomb, Inc. | 54,320 |
| ||
1,500 | Caremark Rx, Inc. (b) | 77,685 |
| ||
1,100 | Express Scripts, Inc. (b) | 92,180 |
| ||
2,300 | Thermo Electron Corp. (b) | 69,299 |
| ||
|
| 293,484 |
| ||
COMMON STOCKS -- (continued) |
|
| |||
| Industrials -- 10.7% |
|
| ||
1,300 | Avery Dennison Corp. | $ 71,851 |
| ||
1,400 | Danaher Corp. | 78,092 |
| ||
1,800 | Dover Corp. | 72,882 |
| ||
1,100 | Eaton Corp. | 73,799 |
| ||
1,900 | Ingersoll Rand Co. | 76,703 |
| ||
600 | ITT Industries, Inc. | 61,692 |
| ||
2,700 | Pall Corp. | 72,522 |
| ||
1,500 | Parker Hannifin Corp. | 98,940 |
| ||
1,700 | Pitney Bowes, Inc. | 71,825 |
| ||
1,300 | Rockwell International Corp. | 76,908 |
| ||
1,000 | Textron, Inc. | 76,980 |
| ||
|
| 832,194 |
| ||
| Materials -- 2.9% |
|
| ||
1,500 | Freeport-McMoran Copper & Gold, Inc., Class B | 80,700 |
| ||
1,600 | Sherwin-Williams Co. | 72,672 |
| ||
1,000 | Vulcan Materials Co. | 67,750 |
| ||
|
| 221,122 |
| ||
| Technology -- 34.4% |
|
| ||
2,400 | Adobe Systems, Inc. | 88,704 |
| ||
2,900 | Advanced Micro Devices, Inc. (b) | 88,740 |
| ||
1,400 | Affiliated Computer Services, Inc. (b) | 82,852 |
| ||
3,800 | Altera Corp. (b) | 70,414 |
| ||
2,000 | Analog Devices, Inc. | 71,740 |
| ||
6,100 | Andrew Corporation (b) | 65,453 |
| ||
21,100 | Applied Micro Circuits Corp. (b) | 54,227 |
| ||
1,600 | Autodesk, Inc. | 68,720 |
| ||
3,500 | BMC Software, Inc. (b) | 71,715 |
| ||
1,500 | Broadcom Corp., Class A (b) | 70,725 |
| ||
24,100 | Ciena Corp. (b) | 71,577 |
| ||
2,900 | Citrix Systems, Inc. (b) | 83,462 |
| ||
2,600 | Computer Associates International, Inc. | 73,294 |
| ||
8,400 | Compuware Corp. (b) | 75,348 |
| ||
2,700 | Comverse Technology, Inc. (b) | 71,793 |
| ||
1,300 | Electronic Arts, Inc. (b) | 68,003 |
| ||
1,100 | Fisher Scientific International, Inc. (b) | 68,046 |
| ||
1,600 | Intuit, Inc. (b) | 85,280 |
| ||
2,300 | Jabil Circuit, Inc. (b) | 85,307 |
| ||
32,400 | JDS Uniphase Corp. (b) | 76,464 |
| ||
1,900 | Linear Technology Corp. | 68,533 |
| ||
1,700 | Maxim Integrated Products, Inc. | 61,608 |
| ||
| Technology -- (continued) |
|
| ||
2,200 | Mercury Interactive Corp. (b) | $ 61,138 |
| ||
2,800 | National Semiconductor Corp. | 72,744 |
| ||
9,100 | Novell, Inc. (b) | 80,353 |
| ||
6,000 | Oracle Corp. (b) | 73,260 |
| ||
10,100 | Parametric Technology Corp. (b) | 61,610 |
| ||
8,100 | PMC-Sierra, Inc. (b) | 62,451 |
| ||
2,100 | QLogic Corp. (b) | 68,271 |
| ||
1,600 | Qualcomm, Inc. | 68,928 |
| ||
2,100 | Scientific-Atlanta, Inc. | 90,447 |
| ||
6,600 | Siebel Systems, Inc. | 69,828 |
| ||
3,100 | Symantec Corp. (b) | 54,250 |
| ||
2,800 | Tektronix, Inc. | 78,988 |
| ||
10,300 | Unisys Corp. (b) | 60,049 |
| ||
2,600 | Xilinx, Inc. | 65,546 |
| ||
2,100 | Yahoo, Inc. (b) | 82,278 |
| ||
|
| 2,672,146 |
| ||
| Telecommunications -- 1.7% |
|
| ||
6,100 | Avaya, Inc. (b) | 65,087 |
| ||
2,802 | Sprint Corp. | 65,455 |
| ||
|
| 130,542 |
| ||
| Total Common Stocks (Cost $6,815,438) | 7,418,430 |
| ||
CASH EQUIVALENT -- 4.3% |
|
| |||
332,180 | Huntington Money Market Fund, | 332,180 |
| ||
| Total Cash Equivalent (Cost $332,180) | 332,180 |
| ||
| Total Investments | 7,750,610 |
| ||
| Liabilities in Excess of | (1,815 | ) | ||
| Net Assets -- 100.0% | $ 7,748,795 |
| ||
Huntington VA Mid Corp America Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2005
Asset Allocation | Percentage of | |
Cash1 | 13.5% | |
Consumer Discretionary | 13.3% | |
Financials | 13.2% | |
Health Care | 12.4% | |
Technology | 11.5% | |
Industrials | 10.0% | |
Energy | 9.5% | |
Materials | 5.7% | |
Exchange Traded Funds | 4.1% | |
Utilities | 4.1% | |
Consumer Staples | 2.4% | |
Other Investments (Collateral for Securities Lending) | 1.2% | |
Telecommunications | 0.2% | |
Liabilities in Excess of Other Assets | (1.1)% | |
TOTAL | 100.0 % |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2005, and are based on net assets.
1 Investments in an affiliated money market fund.
Portfolio of Investments
December 31, 2005
Shares | Value | ||||
COMMON STOCKS -- 82.3% |
| ||||
| Consumer Discretionary -- 13.3% |
| |||
2,349 | Abercrombie & Fitch Co., Class A | $ 153,108 | |||
4,350 | AnnTaylor Stores Corp. (b) | 150,162 | |||
4,200 | Beazer Homes USA, Inc. (c) | 305,928 | |||
1,900 | BorgWarner, Inc. | 115,197 | |||
1,400 | Boyd Gaming Corp. | 66,724 | |||
2,000 | Brunswick Corp. | 81,320 | |||
500 | Career Education Corp. (b) | 16,860 | |||
2,000 | Centex Corp. | 142,980 | |||
1,087 | Cooper Tire & Rubber Co. | 16,653 | |||
700 | Cummins Engine, Inc. | 62,811 | |||
4,000 | D. R. Horton, Inc. | 142,920 | |||
1,000 | Dollar General Corp. | 19,070 | |||
700 | Dorel Industries, CL B (b) | 16,660 | |||
545 | Fidelity National Title Group, Inc., Class A | 13,271 | |||
2,000 | Hanover Insurance Group, Inc. | 83,540 | |||
600 | Harman International Industries, Inc. | 58,710 | |||
400 | Hilton Hotels Corp. | 9,644 | |||
300 | Hovnanian Enterprises (b) | 14,892 | |||
700 | Intrawest Corp. | 20,265 | |||
700 | Leggett & Platt, Inc. | 16,072 | |||
400 | Lennar Corp. | 24,408 | |||
3,444 | Liz Claiborne, Inc. | 123,364 | |||
3,100 | Mohawk Industries, Inc. (b) | 269,638 | |||
3,300 | NBTY, Inc. (b) | 53,625 | |||
4,358 | Nordstrom, Inc. | 162,989 | |||
1,000 | Pacific Sunwear of California, Inc. (b) | 24,920 | |||
| Consumer Discretionary -- (continued) |
| |||
700 | Polo Ralph Lauren Corp. | $ 39,298 | |||
7,844 | Pulte Homes, Inc. | 308,739 | |||
2,300 | Reebok International Ltd. | 133,929 | |||
4,482 | Royal Caribbean Cruises Ltd. | 201,959 | |||
1,678 | Ruby Tuesday, Inc. | 43,443 | |||
3,300 | Sonic Automotives, Inc. | 73,524 | |||
900 | Starwood Hotels & Resorts Worldwide, Inc. | 57,474 | |||
700 | Stein Mart, Inc. | 12,705 | |||
700 | Technical Olympic USA, Inc. | 14,763 | |||
1,493 | The Stanley Works | 71,724 | |||
700 | The Warnaco Group, Inc. (b) | 18,704 | |||
1,400 | UniFirst Corp. | 43,540 | |||
1,030 | Whirlpool Corp. | 86,273 | |||
1,000 | Wolverine World Wide, Inc. | 22,460 | |||
3,400 | Zales Corp. (b) | 85,510 | |||
|
| 3,379,776 | |||
| Consumer Staples -- 2.4% |
| |||
3,730 | Church & Dwight Co., Inc. | 123,203 | |||
2,600 | Constellation Brands, Inc. (b) | 68,198 | |||
1,660 | Molson Coors Brewing Co., Class B | 111,203 | |||
2,111 | Ralcorp Holding, Inc. (b) | 84,250 | |||
2,200 | Smithfield Foods, Inc. (b) | 67,320 | |||
2,600 | Spectrum Brands, Inc. (b) | 52,806 | |||
1,934 | SUPERVALU, Inc. | 62,816 | |||
2,770 | Tyson Foods, Inc., Class A | 47,367 | |||
|
| 617,163 | |||
COMMON STOCKS -- (continued) |
| ||||
| Energy -- 9.5% |
| |||
3,356 | Apache Corp. | $ 229,953 | |||
100 | Baker Hughes, Inc. | 6,078 | |||
300 | BJ Services Co. | 11,001 | |||
13,058 | Chesapeake Energy Corp. | 414,330 | |||
7,014 | Devon Energy Corp. | 438,656 | |||
1,400 | Forest Oil Corp. (b) | 63,798 | |||
1,700 | Helmerich & Payne, Inc. | 105,247 | |||
2,400 | Murphy Oil Corp. | 129,576 | |||
100 | National Oilwell Vargo, Inc. (b) | 6,270 | |||
8,084 | Noble Energy, Inc. | 325,785 | |||
200 | PATTERSON-UTI Energy, Inc. | 6,590 | |||
100 | Peabody Energy Corp. | 8,242 | |||
300 | Smith International, Inc. | 11,133 | |||
1,300 | Suncor Energy, Inc. ADR | 82,069 | |||
100 | Sunoco, Inc. | 7,838 | |||
1,743 | Unit Corp. (b) | 95,917 | |||
3,300 | Vintage Petroleum, Inc. | 175,989 | |||
7,214 | Weatherford International, Inc. (b) | 261,147 | |||
200 | XTO Energy, Inc. | 8,788 | |||
|
| 2,388,407 | |||
| Financials -- 13.2% |
| |||
3,350 | Allied Capital Corp. (c) | 98,390 | |||
2,100 | AMBAC Financial Group, Inc. | 161,826 | |||
1,400 | Amcore Financial, Inc. | 42,574 | |||
3,084 | AmeriCredit Corp. (b) | 79,043 | |||
2,500 | BancorpSouth, Inc. | 55,175 | |||
1,337 | Bear Stearns Companies, Inc. | 154,464 | |||
2,266 | BOK Financial Corp. | 102,944 | |||
2,700 | Chittenden Corp. | 75,087 | |||
600 | Cit Group, Inc. | 31,068 | |||
3,159 | City National Corp. | 228,838 | |||
3,621 | Compass Bancshares, Inc. | 174,858 | |||
3,117 | Fidelity National Financial, Inc. | 114,674 | |||
2,900 | First American Financial Corp. | 131,370 | |||
4,832 | First Horizon National Corp. | 185,742 | |||
2,000 | FirstMerit Corp. | 51,820 | |||
1,068 | Fulton Financial Corp. | 18,797 | |||
800 | Genworth Financial Inc. | 27,664 | |||
2,767 | Legg Mason, Inc. | 331,182 | |||
1,700 | M & T Bank Corp. | 185,385 | |||
3,140 | MoneyGram International, Inc. | 81,891 | |||
2,630 | Nationwide Financial Services, Inc. | 115,720 | |||
533 | New York Community Bancorp, Inc. | 8,805 | |||
5,949 | Old Republic International Corp. | 156,221 | |||
2,743 | PMI Group, Inc. | 112,655 | |||
3,723 | Protective Life Corp. | 162,956 | |||
400 | T. Rowe Price Group, Inc. | 28,812 | |||
2,964 | TCF Financial Corp. | 80,443 | |||
1,323 | TD Banknorth, Inc. | 38,433 | |||
3,227 | Torchmark Corp. | 179,421 | |||
634 | Toronto-Dominion Bank | 33,412 | |||
2,500 | Wilmington Trust Corp. | 97,275 | |||
|
| 3,346,945 | |||
|
|
| |||
| Health Care -- 12.4% |
| |||
6,000 | AmerisourceBergen Corp. | $ 248,400 | |||
3,385 | Barr Laboratories, Inc. (b) | 210,852 | |||
974 | Caremark Rx, Inc. (b) | 50,443 | |||
1,186 | Cephalon, Inc. (b) | 76,782 | |||
4,900 | Coventry Health Care, Inc. (b) | 279,104 | |||
400 | Dentsply International, Inc. | 21,476 | |||
1,200 | Health Management Associates, Inc. | 26,352 | |||
1,470 | Hillenbrand Industries, Inc. | 72,633 | |||
3,278 | Invitrogen Corp. (b) | 218,446 | |||
3,533 | Lincare Holdings, Inc. (b) | 148,068 | |||
6,352 | Mylan Laboratories, Inc. | 126,786 | |||
7,000 | Omnicare, Inc. | 400,539 | |||
2,620 | Owens & Minor, Inc. | 72,129 | |||
4,500 | Pediatrix Medical Group, Inc. (b) | 398,564 | |||
2,550 | Renal Care Group, Inc. (b) | 120,641 | |||
6,100 | Respironics, Inc. (b) | 226,127 | |||
3,689 | Thermo Electron Corp. (b) | 111,150 | |||
2,900 | Viasys Healthcare, Inc. (b) | 74,530 | |||
7,500 | Watson Pharmaceutical, Inc. (b) | 243,825 | |||
|
| 3,126,847 | |||
| Industrials -- 10.0% |
| |||
1,675 | Alliant Techsystems, Inc. (b) | 127,585 | |||
300 | Avery Dennison Corp. | 16,581 | |||
2,900 | Banta Corp. | 144,420 | |||
700 | Chaparral Steel (b) | 21,175 | |||
2,656 | Cooper Industries Ltd., Class A | 193,888 | |||
4,100 | Elbit Systems Ltd. | 100,901 | |||
1,300 | G & K Services, Inc., Class A | 51,025 | |||
4,200 | Griffon Corp. (b) | 100,002 | |||
3,238 | Insituform Technologies, Inc., Class A (b) | 62,720 | |||
3,019 | Kennametal, Inc. | 154,090 | |||
4,759 | L-3 Communications Corp. | 353,831 | |||
3,152 | NCO Group, Inc. (b) | 53,332 | |||
2,600 | Oshkosh Truck Corp. | 115,934 | |||
4,379 | Pall Corp. | 117,620 | |||
2,336 | Parker Hannifin Corp. | 154,083 | |||
3,800 | Precision Castparts Corp. | 196,878 | |||
1,000 | R.R. Donnelley & Sons Co. | 34,210 | |||
300 | Rockwell International Corp. | 17,748 | |||
1,600 | Ryder System, Inc. | 65,632 | |||
984 | Tecumseh Products Co., Class A | 22,543 | |||
3,421 | Teleflex, Inc. | 222,297 | |||
1,100 | Textron, Inc. | 84,678 | |||
2,400 | Thomas & Betts Corp. (b) | 100,704 | |||
|
| 2,511,877 | |||
| Materials -- 5.7% |
| |||
3,300 | Albemarle Corp. | 126,555 | |||
4,300 | AptarGroup, Inc. | 224,460 | |||
600 | Ball Corp. | 23,832 | |||
3,000 | Bemis Co. | 83,580 | |||
5,000 | Cytec Industries, Inc. | 238,150 | |||
1,031 | Eagle Materials, Inc. | 126,153 | |||
COMMON STOCKS -- (continued) |
| ||||
| Materials -- (continued) |
| |||
900 | Ferro Corp. | $ 16,884 | |||
5,000 | FMC Corp. (b) | 265,850 | |||
700 | Lafarge North America Corp. | 38,514 | |||
1,960 | Lubrizol Corp. | 85,123 | |||
1,100 | Minerals Technologies, Inc. | 61,479 | |||
1,300 | Pactiv Corp. (b) | 28,600 | |||
800 | Schnitzer Steel Industries, Inc. | 24,472 | |||
700 | Texas Industries, Inc. | 34,888 | |||
1,400 | The Scotts Co. | 63,336 | |||
|
| 1,441,876 | |||
| Technology -- 11.5% |
| |||
14,354 | Activision, Inc. (b) | 197,224 | |||
1,459 | Affiliated Computer Services, Inc. (b) | 86,344 | |||
700 | Amdocs, Ltd. (b) | 19,250 | |||
26 | Avid Technology, Inc. (b) | 1,424 | |||
150 | Benchmark Electronics, Inc. (b) | 5,045 | |||
2,600 | Cognos, Inc. (b) | 90,246 | |||
1,540 | Coherent, Inc. (b) | 45,707 | |||
1,900 | Electronic Arts, Inc. (b) | 99,389 | |||
600 | Fiserv, Inc. (b) | 25,962 | |||
2,312 | Fisher Scientific International, Inc. (b) | 143,020 | |||
976 | FLIR Systems, Inc. (b) | 21,794 | |||
5,410 | Forrester Research, Inc. (b) | 101,438 | |||
400 | Genzyme Corp. (b) | 28,312 | |||
3,700 | Harris Corp. | 159,137 | |||
2,878 | Imation Corp. | 132,589 | |||
700 | Interactive Data Corp. | 15,897 | |||
4,500 | Intergraph Corp. (b) | 224,144 | |||
2,792 | International Rectifier Corp. (b) | 89,065 | |||
700 | Intuit, Inc. (b) | 37,310 | |||
600 | Jabil Circuit, Inc. (b) | 22,254 | |||
3,200 | JDA Software Group, Inc. (b) | 54,432 | |||
600 | Microchip Technology, Inc. | 19,290 | |||
600 | Molex, Inc. | 15,570 | |||
2,748 | NCR Corp. (b) | 93,267 | |||
1,600 | Novell, Inc. (b) | 14,128 | |||
600 | NVIDIA Corp. (b) | 21,936 | |||
6,168 | Paxar Corp. (b) | 121,078 | |||
2,140 | Progress Software Corp. (b) | 60,733 | |||
898 | SafeNet, Inc. (b) | 28,934 | |||
4,100 | Sandisk Corp. (b) | 257,561 | |||
3,928 | Scientific-Atlanta, Inc. | 169,179 | |||
3,800 | Sybase, Inc. (b) | 83,068 | |||
10,800 | Symantec Corp. (b) | 189,000 | |||
1,700 | Symmetricom, Inc. (b) | 14,399 | |||
1,907 | Tektronix, Inc. | 53,796 | |||
1,050 | THQ, Inc. (b) | 25,043 | |||
2,050 | Trimble Navigation Ltd. (b) | 72,755 | |||
1,117 | Varian Semiconductor Equipment Associates, Inc. (b) | 49,070 | |||
|
| 2,888,790 | |||
Shares or | Value | ||||
| Telecommunications -- 0.2% |
| |||
1,407 | CenturyTel, Inc. | $ 46,656 | |||
| Utilities -- 4.1% |
| |||
2,200 | AGL Resources, Inc. | 76,582 | |||
1,296 | Allete, Inc. | 57,024 | |||
2,300 | Atmos Energy Corp. | 60,168 | |||
1,700 | Constellation Energy Group | 97,920 | |||
3,691 | Energy East Corp. | 84,155 | |||
700 | KeySpan Corp. | 24,983 | |||
4,321 | MDU Resources Group, Inc. | 141,470 | |||
2,900 | National Fuel Gas Co. | 90,451 | |||
1,200 | New Jersey Resources Corp. | 50,268 | |||
4,664 | Questar Corp. | 353,064 | |||
|
| 1,036,085 | |||
| Total Common Stocks | 20,784,422 | |||
MUTUAL FUNDS -- 4.1% |
| ||||
| Exchange Traded Funds -- 4.1% |
| |||
7,200 | iShares S&P Midcap 400 | 531,360 | |||
3,652 | MidCap SPDR Trust Series 1 | 491,632 | |||
| Total Mutual Funds (Cost $688,326) | 1,022,992 | |||
CASH EQUIVALENT -- 13.5% |
| ||||
3,393,896 | Huntington Money Market Fund, Interfund Shares* | 3,393,896 | |||
| Total Cash Equivalent | 3,393,896 | |||
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES |
| ||||
| Commercial Paper -- 0.2% |
| |||
$ 8,925 | Bank of America Corp., | 8,925 | |||
5,210 | Cafco LLC, 4.220%, 1/25/06 | 5,210 | |||
3,026 | Cafco LLC, 4.220%, 1/26/06 | 3,026 | |||
4,836 | CRC Funding LLC, 4.220%, 1/25/06 | 4,836 | |||
7,426 | Curzon Funding LLC, | 7,426 | |||
8,928 | Park Granada LLC, 4.340%, 1/5/06 | 8,928 | |||
12,511 | Three Pillars Fund 4-2 144A, | 12,511 | |||
7,301 | Three Pillars Fund 4-2 144A, | 7,301 | |||
|
| 58,163 | |||
| Mutual Funds -- 0.0% |
| |||
14,887 | JPMorgan & Co., Inc. | 14,887 | |||
218 | JPMorgan Institutional Prime | 218 | |||
|
| 15,105 | |||
Principal | Value |
| |||
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES |
|
| |||
| Repurchase Agreements -- 0.3% |
|
| ||
$ 29,775 | JPMorgan Securities, 4.300%, dated 12/30/05, due 1/3/06, repurchase price $29,789 (Fully collateralized by U.S. Government Agencies and Mortgage Securities) | $ 29,775 |
| ||
5,959 | Morgan Stanley Dean Witter & Co., 4.270%, dated 12/30/05, due 1/3/06, repurchase price $5,972 (Fully collateralized by U.S. Government Agencies and Mortgage Securities) | 5,969 |
| ||
30,670 | UBS Warburg Securities, 4.300%, dated 12/30/05, due 1/3/06, repurchase price $30,685 (Fully collateralized by U.S. Government Agencies and Mortgage Securities.) | 30,670 |
| ||
|
| 66,414 |
| ||
| Variable Rate Obligations -- 0.7% |
|
| ||
4,462 | Arran Funding Ltd., 4.460%, 2/15/06 | 4,462 |
| ||
14,882 | Bankone Class A 2004-4, | 14,882 |
| ||
8,923 | Bankone ISS Trust 2003-1, | 8,923 |
| ||
4,774 | Chase CCC Trust 2004-2, Class C, 4.410%, 1/17/06 | 4,774 |
| ||
14,882 | Chase CCC Trust 2004-2, Class C, 4.410%, 1/17/06 | 14,882 |
| ||
7,426 | Chase CCMT 2001-2, Class A, | 7,426 |
| ||
12,792 | Chase CCOT 2001-1, Class A, | 12,792 |
| ||
8,216 | Daimler Chrysler Master OT, 2003, Class A, 4.420%, 1/17/06 | 8,216 |
| ||
7,426 | Deutsche Bank, 4.380%, 1/3/06 | 7,426 |
| ||
| Variable Rate Obligations -- (continued) |
|
| ||
$ 8,018 | Discover CMT I 2001-2, | $ 8,018 |
| ||
2,815 | General Electric Capital Corp., | 2,815 |
| ||
4,805 | General Electric Capital Corp., | 4,805 |
| ||
5,959 | General Electric Capital Corp., | 5,959 |
| ||
4,462 | General Electric Capital Corp., | 4,462 |
| ||
14,887 | HBOS Treasury Services PLC, | 14,887 |
| ||
11,918 | Merrill Lynch & Co., Inc., | 11,918 |
| ||
7,426 | Merrill Lynch & Co., Inc., | 7,426 |
| ||
6,552 | Royal Bank of Scotland, | 6,552 |
| ||
7,434 | Santander Central Hispano, | 7,434 |
| ||
7,426 | Santander Central Hispano, | 7,426 |
| ||
6,833 | World Savings Bank, FSB, | 6,833 |
| ||
|
| 172,318 |
| ||
| Total Short-Term Securities Held as Collateral for Securities Lending (Cost $312,000) | 312,000 |
| ||
| Total Investments | 25,513,310 |
| ||
| Other Assets in Excess of | (298,784 | ) | ||
| Net Assets -- 100.0% | $ 25,214,526 |
| ||
Huntington VA New Economy Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2005
Asset Allocation | Percentage of | |
Consumer Discretionary | 17.6% | |
Health Care | 16.0% | |
Industrials | 14.7% | |
Technology | 13.6% | |
Financials | 9.5% | |
Energy | 8.8% | |
Cash1 | 6.3% | |
Materials | 5.4% | |
Telecommunications | 2.9% | |
Consumer Staples | 2.6% | |
Utilities | 2.6% | |
TOTAL | 100.0 % |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2005, and are based on net assets.
1 Investments in an affiliated money market fund.
Portfolio of Investments
December 31, 2005
Shares | Value | |||
COMMON STOCKS -- 93.7% |
| |||
| Consumer Discretionary -- 17.6% |
| ||
3,500 | AAR Corp. (b) | $ 83,825 | ||
2,800 | Adesa, Inc. | 68,376 | ||
4,400 | Alderwoods Group, Inc. (b) | 69,828 | ||
1,200 | Alliance Atlantis | 34,500 | ||
520 | Autoliv, Inc. | 23,618 | ||
307 | AutoNation, Inc. (b) | 6,671 | ||
750 | Barnes & Noble, Inc. | 32,003 | ||
200 | Black & Decker Corp. | 17,392 | ||
725 | Brookfield Asset Management, Inc. | 36,489 | ||
1,050 | Bunge Ltd. | 59,441 | ||
800 | Burlington Coat Factory | 32,168 | ||
1,200 | Burlington Northern Santa Fe Corp. | 84,984 | ||
2,700 | Canwest Global Comm Corp. (b) | 22,275 | ||
2,900 | Casey’s General Stores, Inc. | 71,920 | ||
580 | Centex Corp. | 41,464 | ||
2,100 | Chiquita Brands International, Inc. | 42,021 | ||
1,250 | Circuit City Stores, Inc. | 28,238 | ||
480 | Coach, Inc. (b) | 16,003 | ||
1,400 | D. R. Horton, Inc. | 50,022 | ||
2,700 | Donegal Group, Inc., Class A | 62,748 | ||
58 | Fidelity National Title Group, Inc., | 1,412 | ||
354 | GameStop Corp. (b) | 11,264 | ||
176 | Harrah’s Entertainment, Inc. | 12,547 | ||
350 | Hovnanian Enterprises (b) | 17,374 | ||
3,700 | Innkeepers USA Trust | 59,200 | ||
300 | J.C. Penney Co., Inc. | 16,680 | ||
1,030 | K-Swiss, Inc. | 33,413 | ||
240 | KB Home | 17,438 | ||
| Consumer Discretionary -- (continued) |
| ||
2,000 | Kendle International, Inc. (b) | $ 51,480 | ||
400 | Lennar Corp. | 24,408 | ||
1,400 | Longs Drug Stores Corp. | 50,946 | ||
152 | M/I Schottenstein Homes, Inc. | 6,174 | ||
210 | MDC Holdings, Inc. | 13,016 | ||
350 | Meritage Corp. (b) | 22,022 | ||
400 | MGM Grand, Inc. (b) | 14,668 | ||
900 | Movie Gallery, Inc. | 5,049 | ||
600 | Nordstrom, Inc. | 22,440 | ||
39 | NVR, Inc. (b) | 27,378 | ||
900 | Orient-Express Hotel Ltd. | 28,368 | ||
6,200 | Pathmark Stores, Inc. (b) | 61,938 | ||
900 | Phillips-Van Heusen Corp. | 29,160 | ||
400 | Pulte Homes, Inc. | 15,744 | ||
1,300 | Quiksilver, Inc. (b) | 17,992 | ||
200 | Ryland Group, Inc. | 14,426 | ||
885 | SCP Pool Corp. | 32,940 | ||
200 | Sears Holdings Corp. (b) | 23,106 | ||
820 | Standard-Pacific Corp. | 30,176 | ||
200 | Starwood Hotels & Resorts | 12,772 | ||
1,468 | Technical Olympic USA, Inc. | 30,960 | ||
2,300 | The Great Atlantic & Pacific Tea | 73,094 | ||
1,600 | The Pantry, Inc. (b) | 75,184 | ||
600 | Toll Brothers, Inc. (b) | 20,784 | ||
800 | Urban Outfitters, Inc. (b) | 20,248 | ||
700 | Vail Resorts, Inc. (b) | 23,121 | ||
575 | Wci Communities, Inc. (b) | 15,439 | ||
258 | YUM! Brands, Inc. | 12,095 | ||
1,300 | Zenith National Insurance Corp. | 59,956 | ||
|
| 1,888,398 | ||
COMMON STOCKS -- (continued) |
| |||
| Consumer Staples -- 2.6% |
| ||
1 | Applebee’s International, Inc. | $ 11 | ||
2,300 | Archer-Daniels-Midland Co. | 56,719 | ||
750 | Chattem, Inc. (b) | 27,293 | ||
1,736 | Constellation Brands, Inc. (b) | 45,535 | ||
1,620 | CVS Corp. | 42,800 | ||
570 | Flowers Foods, Inc. | 15,709 | ||
1,600 | Pilgrim’s Pride Corp. | 53,056 | ||
920 | Ralcorp Holding, Inc. (b) | 36,717 | ||
|
| 277,840 | ||
| Energy -- 8.8% |
| ||
500 | Atwood Oceanics, Inc. (b) | 39,015 | ||
600 | Burlington Resources, Inc. | 51,720 | ||
2,000 | Chesapeake Energy Corp. | 63,460 | ||
350 | ConocoPhillips | 20,363 | ||
2,300 | Edge Petroleum Corp. (b) | 57,293 | ||
1,500 | Edison International | 65,415 | ||
1,200 | Grand Prideco, Inc. (b) | 52,944 | ||
1,000 | Helmerich & Payne, Inc. | 61,910 | ||
550 | Hydril (b) | 34,430 | ||
2,300 | KCS Energy, Inc. (b) | 55,706 | ||
200 | Marathon Oil Corp. | 12,194 | ||
260 | Murphy Oil Corp. | 14,037 | ||
585 | Occidental Petroleum Corp. | 46,730 | ||
1,200 | Oil States International, Inc. (b) | 38,016 | ||
925 | Remington Oil & Gas Corp. (b) | 33,763 | ||
1,720 | Todco, Class A | 65,463 | ||
500 | Transocean Sedco Forex, Inc. (b) | 34,845 | ||
1,400 | TXU Corp. | 70,266 | ||
700 | Unit Corp. (b) | 38,521 | ||
800 | Valero Energy Corp. | 41,280 | ||
209 | Weatherford International, Inc. (b) | 7,562 | ||
1,004 | XTO Energy, Inc. | 44,116 | ||
|
| 949,049 | ||
| Financials -- 9.5% |
| ||
3,100 | American Real Estate Partners LP | 119,505 | ||
1,800 | Capital Corp. of the West | 58,410 | ||
1,500 | CB Richard Ellis Group, Inc. (b) | 88,275 | ||
1,200 | CBL & Associates Properties, Inc. | 47,412 | ||
2,450 | Center Financial Corp. | 61,642 | ||
2,500 | CompuCredit Corp. (b) | 96,200 | ||
1,348 | Countrywide Credit Industries, Inc. | 46,088 | ||
2,085 | Credicorp Ltd. | 47,517 | ||
335 | Fidelity National Financial, Inc. | 12,325 | ||
440 | First American Financial Corp. | 19,932 | ||
375 | First Republic Bancorp, Inc. | 13,879 | ||
190 | Golden West Financial Corp. | 12,540 | ||
1,200 | Jones Lang LaSalle, Inc. | 60,420 | ||
850 | Nelnet, Inc. (b) | 34,578 | ||
700 | Philadelphia Consolidated | 67,683 | ||
350 | Progressive Corp. | 40,873 | ||
1,100 | Shinhan Finnancial Group Co., | 89,650 | ||
460 | Sovereign Bancorp | 9,945 | ||
| Financials -- (continued) |
| ||
492 | Ventas, Inc. | $ 15,754 | ||
1,020 | WFS Financial, Inc. (b) | 77,673 | ||
|
| 1,020,301 | ||
| Health Care -- 16.0% |
| ||
900 | Aetna, Inc. | 84,879 | ||
1,900 | Alpharma, Inc., Class A | 54,169 | ||
510 | Apria Healthcare Group, Inc. (b) | 12,296 | ||
400 | Bausch & Lomb, Inc. | 27,160 | ||
372 | Becton, Dickinson & Co. | 22,350 | ||
1,200 | Biosite, Inc. (b) | 67,548 | ||
2,200 | Biovail Corp. | 52,206 | ||
587 | Caremark Rx, Inc. (b) | 30,401 | ||
550 | Cerner Corp. (b) | 50,001 | ||
3,000 | Community Health Care, Inc. (b) | 115,020 | ||
1,233 | Cooper Companies, Inc. | 63,253 | ||
585 | Coventry Health Care, Inc. (b) | 33,322 | ||
2,000 | Dade Behring Holdings, Inc. | 81,780 | ||
1,125 | DaVita, Inc. (b) | 56,970 | ||
280 | Dentsply International, Inc. | 15,033 | ||
1,565 | Genesis Healthcare Corp. (b) | 57,154 | ||
2,150 | Humana, Inc. (b) | 116,810 | ||
3,200 | King Pharmaceuticals, Inc. (b) | 54,144 | ||
2,900 | Medcath Corp Com (b) | 53,795 | ||
2,250 | Option Care, Inc. | 30,060 | ||
870 | Parexel International Corp. (b) | 17,626 | ||
524 | Pediatrix Medical Group, Inc. (b) | 46,411 | ||
550 | Quest Diagnostics, Inc. | 28,314 | ||
585 | Renal Care Group, Inc. (b) | 27,676 | ||
1,490 | Sierra Health Services, Inc. (b) | 119,139 | ||
4,300 | Thoratec Corp. (b) | 88,967 | ||
1,978 | UnitedHealth Group, Inc. | 122,912 | ||
3,600 | Ventiv Health, Inc. (b) | 85,032 | ||
1,300 | Wellpoint, Inc. (b) | 103,727 | ||
|
| 1,718,155 | ||
| Industrials -- 14.7% |
| ||
143 | Albany International Corp. | 5,171 | ||
925 | AMERCO | 66,646 | ||
2,500 | Astec Industries, Inc. (b) | 81,649 | ||
1,400 | Canadia Pacific Railway Ltd. | 58,730 | ||
1,938 | Cendant Corp. | 33,431 | ||
1,000 | Chemed Corp. | 49,680 | ||
1,700 | Dollar Thrifty Automotive Group, | 61,319 | ||
750 | DRS Technologies, Inc. | 38,565 | ||
1,650 | FirstService Corp. (b) | 42,323 | ||
530 | Flowserve Corp. (b) | 20,967 | ||
1,700 | Gardner Denver, Inc. (b) | 83,809 | ||
700 | Genlyte Group, Inc. (b) | 37,499 | ||
2,300 | Hornbeck Offshore Services, Inc. (b) | 75,210 | ||
190 | L-3 Communications Corp. | 14,127 | ||
2,900 | Labor Ready, Inc. (b) | 60,378 | ||
2,600 | Laidlaw International, Inc. | 60,398 | ||
1,400 | Manitowoc Co. | 70,308 | ||
1,500 | McGrath Rentcorp | 41,700 | ||
COMMON STOCKS -- (continued) |
| |||
| Industrials -- (continued) |
| ||
1,050 | Mobile Mini, Inc. (b) | $ 49,770 | ||
183 | PACCAR, Inc. | 12,669 | ||
1,400 | Precision Castparts Corp. | 72,534 | ||
1,450 | Shaw Group, Inc. (b) | 42,181 | ||
620 | Simpson Manufacturing Co., Inc. | 22,537 | ||
1,200 | Teledyne Technologies, Inc. (b) | 34,920 | ||
800 | Terex Corp. (b) | 47,520 | ||
1,000 | Timken Co. | 32,020 | ||
1,700 | Trinity Industries, Inc. | 74,919 | ||
1,200 | Universal Forest Products, Inc. | 66,300 | ||
1,540 | USG Corp. (b) | 100,099 | ||
880 | Washington Group International, Inc. | 46,614 | ||
1,700 | West Corp. (b) | 71,655 | ||
|
| 1,575,648 | ||
| Materials -- 5.4% |
| ||
305 | Barrick Gold Corp. | 8,500 | ||
2,800 | Encore Wire Corp. (b) | 63,728 | ||
4,100 | General Cable Corp. (b) | 80,771 | ||
1,700 | Greatbatch, Inc. (b) | 44,217 | ||
300 | INCO Ltd. | 13,071 | ||
1,300 | NS Group, Inc. (b) | 54,353 | ||
500 | Phelps Dodge Corp. | 71,935 | ||
400 | Potash Corporation of | 32,088 | ||
500 | Precision Drilling Corp. | 16,500 | ||
625 | Quanex Corp. | 31,231 | ||
650 | Reliance Steel & Aluminum Co. | 39,728 | ||
1,500 | RTI International Metals, Inc. (b) | 56,925 | ||
300 | Silgan Holdings, Inc. | 10,836 | ||
700 | Southern Copper Corp | 46,886 | ||
600 | USEC, Inc. | 7,170 | ||
|
| 577,939 | ||
| Technology -- 13.6% |
| ||
1,421 | Activision, Inc. (b) | 19,525 | ||
1,300 | Ansys, Inc. (b) | 55,497 | ||
1,050 | Anteon International Corp. (b) | 57,068 | ||
1,650 | Apple Computer, Inc. (b) | 118,618 | ||
9,000 | Arris Group, Inc. (b) | 85,230 | ||
2,620 | Autodesk, Inc. | 112,528 | ||
5,000 | Bottomline Technologies, Inc. (b) | 55,100 | ||
700 | EMC Corp. (b) | 9,534 | ||
1 | Fisher Scientific International, Inc. (b) | 49 | ||
2,850 | Geac Computer Corp. Ltd. (b) | 31,065 | ||
700 | Hutchinson Technology, Inc. (b) | 19,915 | ||
1,270 | Intergraph Corp. (b) | 63,259 | ||
3,200 | Internet Security, Inc. (b) | 67,040 | ||
1,800 | Itron, Inc. (b) | 72,072 | ||
5,100 | Ixys Corp. (b) | 59,619 | ||
400 | Jabil Circuit, Inc. (b) | 14,836 | ||
1,150 | Komag, Inc. (b) | 39,859 | ||
600 | Micros Systems, Inc. (b) | 28,992 | ||
| Technology -- (continued) |
| ||
1,225 | NCR Corp. (b) | $ 41,577 | ||
2,800 | NVIDIA Corp. (b) | 102,368 | ||
400 | Progress Software Corp. (b) | 11,352 | ||
6,500 | Radiant Systems, Inc. (b) | 79,040 | ||
4,700 | SBA Communications Corp. (b) | 84,130 | ||
1,350 | SRA International, Inc. (b) | 41,229 | ||
3,850 | TALX Corp. | 175,983 | ||
860 | Viscount Systems, Inc. (b) | 469 | ||
476 | Yahoo, Inc. (b) | 18,650 | ||
|
| 1,464,604 | ||
| Telecommunications -- 2.9% |
| ||
3,306 | American Tower Corp., Class A (b) | 89,592 | ||
1,075 | Commonwealth Telephone | 36,303 | ||
849 | Sprint Corp. | 19,833 | ||
230 | Telephone & Data Systems, Inc. | 8,287 | ||
230 | Telephone & Data Systems, Inc. | 7,960 | ||
1,900 | Telus Corp. | 76,494 | ||
7,500 | UbiquiTel, Inc. (b) | 74,175 | ||
|
| 312,644 | ||
| Utilities -- 2.6% |
| ||
1,800 | AES Corp. (b) | 28,494 | ||
1,250 | Allegheny Energy, Inc. (b) | 39,563 | ||
525 | Constellation Energy Group | 30,240 | ||
800 | Energen Corp. | 29,056 | ||
900 | ONEOK, Inc. | 23,967 | ||
900 | Questar Corp. | 68,130 | ||
2,500 | Sierra Pacific Resources (b) | 32,600 | ||
1,200 | UGI Corp. | 24,720 | ||
|
| 276,770 | ||
| Total Common Stocks | 10,061,348 | ||
CASH EQUIVALENT -- 6.3% |
| |||
672,457 | Huntington Money Market Fund, | 672,457 | ||
| Total Cash Equivalent (Cost $672,457) | 672,457 | ||
| Total Investments | 10,733,805 | ||
| Other Assets in Excess of | 3,562 | ||
| Net Assets -- 100.0% | $ 10,737,367 | ||
Huntington VA Rotating Markets Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2005
Asset Allocation | Percentage of | |
United States of America | 46.1% | |
Europe | 27.1% | |
Asia | 8.0% | |
Latin America | 6.7% | |
Emerging Markets | 6.2% | |
Cash1 | 3.6% | |
Canada | 2.3% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2005, and are based on net assets.
1 Investments in an affiliated money market fund.
Portfolio of Investments
December 31, 2005
Shares | Value |
| |||
MUTUAL FUNDS -- 96.4% |
|
| |||
17,955 | iShares EAFE Index Fund | $ 1,067,605 |
| ||
2,572 | iShares MSCI Brazil Index Fund | 85,493 |
| ||
7,131 | iShares MSCI Canada Index Fund | 156,169 |
| ||
4,839 | iShares MSCI Emerging Markets | 427,042 |
| ||
7,782 | iShares MSCI EMU Index Fund | 604,272 |
| ||
4,890 | iShares MSCI Hong Kong Index Fund | 61,712 |
| ||
10,300 | iShares MSCI Japan Index Fund | 139,050 |
| ||
5,782 | iShares MSCI Mexico Index Fund | 206,475 |
| ||
2,350 | iShares MSCI Pacific ex-Japan | 231,804 |
| ||
2,600 | iShares MSCI South Korea Index Fund | 115,986 |
| ||
9,940 | iShares MSCI United Kingdom | 184,685 |
| ||
11,293 | iShares Russell 1000 Index Fund | 764,988 |
| ||
1,181 | iShares Russell 3000 Value Index Fund | 106,621 |
| ||
3,185 | iShares Russell Midcap Value Index Fund | 396,278 |
| ||
1,379 | iShares S&P Latin America 40 | 169,438 |
| ||
5,211 | iShares S&P Small Cap 600 Index Fund | 301,039 |
| ||
2,596 | iShares S&P SmallCap 600 BARRA Growth Index Fund | 301,499 |
| ||
1,470 | iShares U.S. Energy Sector Index Fund | 125,891 |
| ||
5,065 | MidCap SPDR Trust Series 1 Index Fund | 681,850 |
| ||
2,850 | Rydex S&P Equal Weight Index Fund | 473,300 |
| ||
| Total Mutual Funds (Cost $5,428,431) | 6,601,197 |
| ||
CASH EQUIVALENT -- 3.6% |
|
| |||
246,367 | Huntington Money Market Fund, | $ 246,367 |
| ||
| Total Cash Equivalent (Cost $246,367) | 246,367 |
| ||
| Total Investments | 6,847,564 |
| ||
| Liabilities in Excess of Other | (544 | ) | ||
| Net Assets -- 100.0% | $ 6,847,020 |
| ||
Huntington VA Situs Small Cap Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2005
Asset Allocation | Percentage of | |
Technology | 15.1% | |
Health Care | 15.0% | |
Industrials | 14.2% | |
Consumer Discretionary | 12.9% | |
Financials | 12.6% | |
Energy | 11.3% | |
Cash1 | 10.6% | |
Materials | 8.9% | |
Consumer Staples | 2.7% | |
Utilities | 2.2% | |
Telecommunications | 0.3% | |
Liabilities in Excess of Other Assets | (5.8)% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2005, and are based on net assets.
1 Investments in an affiliated money market fund.
Portfolio of Investments
December 31, 2005
Shares | Value |
| |||
COMMON STOCKS -- 95.2% |
|
| |||
| Cayman Islands -- 2.5% |
|
| ||
| Consumer Discretionary -- 2.5% |
|
| ||
3,000 | Garmin Ltd. | $ 199,050 |
| ||
| United States -- 92.7% |
|
| ||
| Consumer Discretionary -- 10.4% |
|
| ||
2,000 | AnnTaylor Stores Corp. (b) | 69,040 |
| ||
3,000 | Audiovox Corp., Class A (b) | 41,580 |
| ||
5,000 | Brunswick Corp. | 203,300 |
| ||
300 | Columbia Sportswear Co. (b) | 14,319 |
| ||
2,000 | Fossil, Inc. (b) | 43,020 |
| ||
1,000 | Home Depot, Inc. | 40,480 |
| ||
1,500 | Kerzner International Ltd. (b) | 103,125 |
| ||
1,500 | Polo Ralph Lauren Corp. | 84,210 |
| ||
2,000 | ScanSource, Inc. (b) | 109,360 |
| ||
800 | Toll Brothers, Inc. (b) | 27,712 |
| ||
3,500 | Urban Outfitters, Inc. (b) | 88,585 |
| ||
350 | West Marine, Inc. (b) | 4,893 |
| ||
|
| 829,624 |
| ||
| Consumer Staples -- 2.7% |
|
| ||
3,100 | Fresh Del Monte Produce, Inc. | 70,587 |
| ||
5,200 | Performance Food Group Co. (b) | 147,524 |
| ||
|
| 218,111 |
| ||
| Energy -- 11.3% |
|
| ||
1,750 | CARBO Ceramics, Inc. | 98,910 |
| ||
6,000 | Denbury Resources, Inc. (b) | 136,680 |
| ||
7,000 | Headwaters, Inc. (b) | 248,080 |
| ||
1,000 | Houston Exploration Co. (b) | 52,800 |
| ||
1,000 | Hydril Co. (b) | 62,600 |
| ||
2,000 | National-Oilwell Varco, Inc. (b) | 125,400 |
| ||
| United States -- (continued) |
|
| ||
| Energy -- (continued) |
|
| ||
2,000 | Newfield Exploration Co. (b) | $ 100,140 |
| ||
1,000 | Remington Oil & Gas Corp. (b) | 36,500 |
| ||
1,000 | XTO Energy, Inc. | 43,940 |
| ||
|
| 905,050 |
| ||
| Financials -- 12.6% |
|
| ||
4,250 | Arch Capital Group Ltd. (b) | 232,688 |
| ||
5,000 | Bancshares of Florida, Inc (b) | 112,950 |
| ||
5,200 | Colonial Bancgroup, Inc. | 123,864 |
| ||
5,000 | Cullen/Frost Bankers, Inc. | 268,400 |
| ||
6,000 | Scottish Annuity & Life Holdings Ltd. | 147,300 |
| ||
2,000 | WSFS Financial Corp. | 122,500 |
| ||
|
| 1,007,702 |
| ||
| Health Care -- 15.0% |
|
| ||
5,000 | Albany Molecular Research (b) | 60,750 |
| ||
2,150 | Bio-Rad Laboratories, Inc., Class A (b) | 140,696 |
| ||
3,000 | Cerner Corp. (b) | 272,730 |
| ||
5,500 | Edwards Lifesciences Corp. (b) | 228,855 |
| ||
6,000 | Intermagnetics General Corp. (b) | 191,400 |
| ||
1,000 | Kindred Healthcare, Inc. (b) | 25,760 |
| ||
6,000 | Mentor Corp. | 276,480 |
| ||
100 | Par Pharmaceutical, Inc. (b) | 3,134 |
| ||
|
| 1,199,805 |
| ||
| Industrials -- 14.2% |
|
| ||
4,500 | Armor Holdings, Inc. (b) | 191,925 |
| ||
4,000 | ElkCorp | 134,640 |
| ||
4,500 | Jacobs Engineering Group, Inc. (b) | 305,415 |
| ||
5,000 | Precision Castparts Corp. | 259,050 |
| ||
4,500 | Universal Forest Products, Inc. | 248,625 |
| ||
|
| 1,139,655 |
| ||
COMMON STOCKS -- (continued) |
|
| |||
| United States -- (continued) |
|
| ||
| Materials -- 8.9% |
|
| ||
1,000 | Commercial Metals Co. | $ 37,540 |
| ||
6,750 | Florida Rock Industries | 331,155 |
| ||
3,500 | RTI International Metals, Inc. (b) | 132,825 |
| ||
2,000 | Steel Technologies, Inc. | 55,980 |
| ||
3,400 | The Scotts Co., Class A | 153,816 |
| ||
|
| 711,316 |
| ||
| Technology -- 15.1% |
|
| ||
4,000 | Black Box Corp. | 189,520 |
| ||
7,000 | Global Imaging Systems, Inc. (b) | 242,409 |
| ||
3,000 | Hutchinson Technology, Inc. (b) | 85,350 |
| ||
1,000 | Imation Corp. | 46,070 |
| ||
4,500 | Intergraph Corp. (b) | 224,145 |
| ||
6,000 | Methode Electronics, Inc. | 59,820 |
| ||
6,000 | Standard Microsystems Corp. (b) | 172,140 |
| ||
1,000 | StarTek, Inc. | 18,000 |
| ||
6,000 | Transaction Systems Architects, Inc. (b) | 172,740 |
| ||
|
| 1,210,194 |
| ||
| Telecommunications -- 0.3% |
|
| ||
2,300 | General Communication, Inc., Class A (b) | 23,759 |
| ||
| United States -- (continued) |
|
| ||
| Utilities -- 2.2% |
|
| ||
2,000 | Hawaiian Electric Industries, Inc. | $ 51,800 |
| ||
6,000 | UGI Corp. | 123,600 |
| ||
|
| 175,400 |
| ||
|
| 7,420,616 |
| ||
| Total Common Stocks (Cost $6,888,688) | 7,619,666 |
| ||
CASH EQUIVALENT -- 10.6% |
|
| |||
849,718 | Huntington Money Market Fund, | 849,718 |
| ||
| Total Cash Equivalent (Cost $849,718) | 849,718 |
| ||
| Total Investments | 8,469,384 |
| ||
| Liabilities in Excess of Other | (466,108 | ) | ||
| Net Assets -- 100.0% | $ 8,003,276 |
| ||
Huntington VA Mortgage Securities Fund
Portfolio of Investments Summary Table (Unaudited)
December 31, 2005
Asset Allocation | Percentage of |
U.S. Government Mortgage Backed Agencies | 75.9% |
U.S. Government Agencies | 12.3% |
Real Estate Investment Trusts | 7.7% |
Cash1 | 3.7% |
Other Assets in Excess of Liabilities | 0.4% |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change.
Percentages are as of December 31, 2005, and are based on net assets.
1 Investments in an affiliated money market fund.
Portfolio of Investments
December 31, 2005
Principal | Value | |||
U.S. GOVERNMENT MORTGAGE BACKED |
| |||
| Federal Home Loan Bank -- 7.5% |
| ||
$ 87,549 | Series 6B-2012, Class A, | $ 87,686 | ||
85,565 | Series 7I-2012, Class A, | 85,351 | ||
67,754 | Series Z2-2013, Class A, | 67,245 | ||
|
| 240,282 | ||
| Federal Home Loan Mortgage |
| ||
99,961 | Pool # 1G0865, 4.921%, 7/1/35 | 98,753 | ||
44,840 | Pool # B18052, 4.500%, 3/1/15 | 43,771 | ||
39,443 | Pool # C90837, 5.500%, 6/1/24 | 39,428 | ||
51,876 | Pool # E96459, 5.000%, 5/1/18 | 51,449 | ||
43,283 | Pool # G18008, 4.500%, 9/1/19 | 42,196 | ||
21,950 | Pool # G18015, 4.500%, 10/1/19 | 21,399 | ||
102,135 | Pool # M80916, 4.000%, 5/1/11 | 99,245 | ||
95,378 | Pool # M80982, 5.000%, 7/1/12 | 95,001 | ||
56,718 | Pool # M90777, 4.500%, 1/1/08 | 56,224 | ||
41,085 | Series 1994-23, Class PK, | 41,721 | ||
31,309 | Series 2469, Class AK, | 31,365 | ||
95,342 | Series 25444, Class QB, | 95,318 | ||
60,612 | Series 2548, Class HA, | 60,189 | ||
96,181 | Series 3046, Class YA, | 95,389 | ||
|
| 871,448 | ||
| Federal National Mortgage |
| ||
$ 35,882 | Pool # 254908, 5.000%, 9/1/23 | $ 35,130 | ||
64,674 | Pool # 254955, 4.000%, 10/1/10 | 62,566 | ||
39,030 | Pool # 255224, 4.000%, 5/1/11 | 37,710 | ||
21,246 | Pool # 255360, 5.000%, 8/1/24 | 20,790 | ||
93,333 | Pool # 255745, 5.500%, 5/1/25 | 93,168 | ||
94,480 | Pool # 255767, 5.500%, 6/1/25 | 94,313 | ||
92,846 | Pool # 255807, 5.500%, 8/1/20 | 93,467 | ||
72,268 | Pool # 255808, 5.000%, 7/1/25 | 70,679 | ||
94,842 | Pool # 357771, 5.000%, 5/1/25 | 92,758 | ||
38,899 | Pool # 721540, 5.000%, 7/1/33 | 37,839 | ||
89,713 | Series 2003-15, Class P, | 89,862 | ||
85,454 | Series 2005-11, Class PK, | 85,444 | ||
50,000 | Series 2672, Class GH, | 49,400 | ||
|
| 863,126 | ||
| Government National Mortgage |
| ||
33,806 | Pool # 3571, 6.500%, 6/20/34 | 35,058 | ||
38,423 | Pool # 3590, 5.500%, 8/20/19 | 38,883 | ||
21,196 | Pool # 3637, 5.500%, 11/20/34 | 21,295 | ||
96,594 | Pool # 3708, 5.500%, 5/20/20 | 97,738 | ||
72,237 | Pool # 3710, 5.000%, 5/20/35 | 71,063 | ||
98,338 | Pool # 3741, 4.500%, 8/20/20 | 96,107 | ||
99,890 | Pool # 650348, 5.500%, 11/15/35 | 100,608 | ||
|
| 460,752 | ||
| Total U.S. Government Mortgage Backed Agencies (Cost $2,458,150) | 2,435,608 | ||
Shares or | Value | |||
U.S. GOVERNMENT AGENCIES -- 12.3% |
| |||
| Federal Home Loan Bank -- 6.2% |
| ||
$ 200,000 | 3.650%, 1/18/06 | $ 199,655 | ||
| Federal Home Loan Mortgage |
| ||
100,000 | 4.000%, 4/8/11 | 96,556 | ||
100,000 | 5.000%, 3/2/15 | 98,480 | ||
|
| 195,036 | ||
| Total U.S. Government Agencies | 394,691 | ||
COMMON STOCKS -- 7.7% |
| |||
| Real Estate Investment Trusts -- 7.7% |
| ||
100 | Acadia Realty Trust | 2,005 | ||
100 | Alexandria Real Estate Equities, Inc. | 8,050 | ||
200 | AMB Property Corp. | 9,834 | ||
300 | American Campus Communities, Inc. | 7,440 | ||
100 | Boston Properties, Inc. | 7,413 | ||
300 | Brandywine Realty Trust | 8,373 | ||
200 | CBL & Associates Properties, Inc. | 7,902 | ||
200 | Digital Reality Trust | 4,526 | ||
200 | Duke Realty Corp. | 6,680 | ||
100 | EastGroup Properties, Inc. | 4,516 | ||
200 | Equity Lifestyle Properties, Inc. | 8,900 | ||
200 | Equity Residential Properties Trust | 7,824 | ||
100 | Essex Property Trust, Inc. | 9,220 | ||
200 | General Growth Properties, Inc. | 9,398 | ||
300 | Health Care Property Investors, Inc. | 7,668 | ||
200 | Home Properties, Inc. | 8,160 | ||
300 | Hospitality Properties Trust | 12,030 | ||
300 | Kimco Realty Corp. | 9,624 | ||
200 | Mack-Cali Realty Corp. | 8,640 | ||
100 | Maguire Properties, Inc. | 3,090 | ||
100 | Mills Corp. | 4,194 | ||
300 | Nationwide Health Properties, Inc. | 6,420 | ||
200 | New Plan Excel Realty Trust | 4,636 | ||
100 | Pennsylvania Real Estate | 3,736 | ||
Shares | Value | |||
| Real Estate Investment |
| ||
200 | ProLogis | $ 9,344 | ||
100 | Public Storage, Inc. | 6,772 | ||
200 | Realty Income Corp. | 4,324 | ||
200 | Reckson Associates Realty Corp. | 7,196 | ||
200 | Simon Property Group, Inc. | 15,326 | ||
200 | Tanger Factory Outlet Centers, Inc. | 5,748 | ||
100 | U-STORE-IT Trust | 2,105 | ||
200 | United Dominion Realty Trust, Inc. | 4,688 | ||
100 | Vornado Realty Trust | 8,347 | ||
300 | Weingarten Realty Investors | 11,343 | ||
| Total Common Stocks (Cost $231,894) | 245,472 | ||
CASH EQUIVALENT -- 3.7% |
| |||
119,684 | Huntington Money Market Fund, | 119,684 | ||
| Total Cash Equivalent (Cost $119,684) | 119,684 | ||
| Total Investments | 3,195,455 | ||
| Other Assets in Excess of | 12,478 | ||
| Net Assets -- 100.0% | $ 3,207,933 | ||
See Notes to Portfolio of Investments on page 34.
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Notes to Portfolio of Investments
(a) See Notes to Financial Statements for unrealized appreciation (depreciation) of securities.
(b) Non-income producing security.
(c) All or part of the security was on loan as of December 31, 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 |
Huntington VA Funds
Statements of Assets and Liabilities
December 31, 2005
Huntington | Huntington | Huntington | Huntington | Huntington | ||||||
Assets: |
|
|
|
|
| |||||
Investments, at value | $ 3,580,484 | $ 19,381,706 | $ 34,095,792 | $ 1,992,113 | $ 7,418,430 | |||||
Investment in affiliated securities, at value | 507,344 | 582,352 | 1,663,753 | -- | 332,180 | |||||
Total Investments | 44,087,828 | 19,964,058 | 35,759,545 | 1,992,113 | 7,750,610 | |||||
Cash | -- | -- | -- | 160,070 | 104 | |||||
Foreign currency, at value (cost $0; $0; $0; $225; and $0) | -- | -- | -- | 226 | -- | |||||
Income receivable | 139,429 | 28,049 | 56,872 | 2,780 | 5,113 | |||||
Receivable for shares sold | 12,923 | 2,407 | -- | 5,741 | 683 | |||||
Receivable from adviser | -- | -- | -- | 41 | -- | |||||
Prepaid expenses and other assets | 3,865 | 3,362 | 3,695 | 2,757 | 2,967 | |||||
Total assets | 44,244,045 | 19,997,876 | 35,820,112 | 2,163,728 | 7,759,477 | |||||
Liabilities: |
|
|
|
|
| |||||
Options written, at value (premiums received $0; $0; $486,539; $0; and $0) | -- | -- | 442,025 | -- | -- | |||||
Payable for shares redeemed | 7,179 | 3,590 | 5,899 | 1,746 | 3,066 | |||||
Accrued expenses and other payables |
|
|
|
|
| |||||
Investment adviser fees | 22,415 | 10,327 | 18,035 | -- | 3,938 | |||||
Administration fees | 3,175 | 1,463 | 2,555 | 150 | 558 | |||||
Sub-Administration fees | 1,868 | 861 | 1,503 | 88 | 328 | |||||
Custodian fees | 971 | 448 | 782 | 270 | 171 | |||||
Financial Administration fees | 1,871 | 961 | 1,530 | 349 | 546 | |||||
Trustees’ fees | 678 | 317 | 558 | 30 | 119 | |||||
Compliance Service fees | 321 | 148 | 258 | 15 | 56 | |||||
Other | 11,543 | 5,455 | 9,570 | 465 | 1,900 | |||||
Total liabilities | 50,021 | 23,570 | 482,715 | 3,113 | 10,682 | |||||
Net Assets | $ 44,194,024 | $ 19,974,306 | $ 35,337,397 | $ 2,160,615 | $ 7,748,795 | |||||
Net Assets Consists of: |
|
|
|
|
| |||||
Paid in capital | $ 40,869,730 | $ 18,127,982 | $ 29,702,979 | $ 1,921,966 | $ 7,047,225 | |||||
Net unrealized appreciation (depreciation) of investments, options and translation of assets and liabilities denominated in foreign currency | 647,800 | 1,536,075 | 4,499,377 | 239,075 | 602,992 | |||||
Accumulated net realized gain (loss) on investments, options and foreign currency transactions | 1,001,992 | 225,612 | 426,665 | (259) | 84,112 | |||||
Accumulated net investment income (loss) | 1,674,502 | 84,637 | 708,376 | (167) | 14,466 | |||||
Total Net Assets | $ 44,194,024 | $ 19,974,306 | $ 35,337,397 | $ 2,160,615 | $ 7,748,795 | |||||
Shares Outstanding | 3,561,685 | 2,227,488 | 2,999,031 | 170,534 | 663,615 | |||||
Net Asset Value Per Share |
|
|
|
|
| |||||
(Net asset value, offering and redemption price per share) | $ 12.41 | $ 8.97 | $ 11.78 | $ 12.67 | $ 11.68 | |||||
Investments, at cost | $ 43,440,028 | $ 18,427,983 | $ 31,304,682 | $ 1,753,039 | $ 7,147,618 | |||||
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Statements of Assets and Liabilities
December 31, 2005
Huntington | Huntington | Huntington | Huntington | Huntington | ||||||
Assets: |
|
|
|
|
| |||||
Investments, at value(1) | $ 22,119,414 | $ 10,061,348 | $ 6,601,197 | $ 7,619,666 | $ 3,075,771 | |||||
Investment in affiliated securities, at value | 3,393,896 | 672,457 | 246,367 | 849,718 | 119,684 | |||||
Total Investments | 25,513,310 | 10,733,805 | 6,847,564 | 8,469,384 | 3,195,455 | |||||
Cash | -- | 19 | 575 | -- | -- | |||||
Income receivable | 26,061 | 10,303 | 4,185 | 4,932 | 14,571 | |||||
Receivable for shares sold | 12,707 | 3,302 | -- | 766 | 172 | |||||
Prepaid expenses and other assets | 3,421 | 3,069 | 3,034 | 2,892 | 2,780 | |||||
Total assets | 25,555,499 | 10,750,498 | 6,855,358 | 8,477,974 | 3,212,978 | |||||
Liabilities: |
|
|
|
|
| |||||
Payable for investments purchased | -- | -- | -- | 466,850 | -- | |||||
Payable for shares redeemed | 4,229 | 2,468 | 1,539 | 324 | 2,599 | |||||
Payable for return of collateral received for securities on loan | 312,000 | -- | -- | -- | -- | |||||
Accrued expenses and other payables |
|
|
|
|
| |||||
Investment adviser fees | 12,856 | 5,429 | 3,488 | 4,000 | 606 | |||||
Administration fees | 1,821 | 773 | 494 | 567 | 222 | |||||
Sub-Administration fees | 1,071 | 455 | 291 | 333 | 131 | |||||
Custodian fees | 557 | 237 | 151 | 173 | 68 | |||||
Financial Administration fees | 1,327 | 834 | 406 | 491 | 672 | |||||
Trustees’ fees | 388 | 164 | 107 | 114 | 45 | |||||
Compliance Service fees | 184 | 78 | 50 | 57 | 22 | |||||
Other | 6,540 | 2,693 | 1,812 | 1,789 | 680 | |||||
Total liabilities | 340,973 | 13,131 | 8,338 | 474,698 | 5,045 | |||||
Net Assets | $ 25,214,526 | $ 10,737,367 | $ 6,847,020 | $ 8,003,276 | $ 3,207,933 | |||||
Net Assets Consists of: |
|
|
|
|
| |||||
Paid in capital | $ 18,611,254 | $ 8,411,796 | $ 5,373,118 | $ 7,226,217 | $ 3,170,217 | |||||
Net unrealized appreciation (depreciation) of investments, options and translation of | 6,174,704 | 2,130,069 | 1,172,766 | 730,978 | (12,252) | |||||
Accumulated net realized gain (loss) on investment transactions | 322,968 | 180,902 | 254,062 | 46,081 | (2,753) | |||||
Accumulated net investment income (loss) | 105,600 | 14,600 | 47,074 | -- | 52,721 | |||||
Total Net Assets | $ 25,214,526 | $ 10,737,367 | $ 6,847,020 | $ 8,003,276 | $ 3,207,933 | |||||
Shares Outstanding | 1,528,693 | 659,901 | 539,245 | 573,781 | 301,096 | |||||
Net Asset Value Per Share |
|
|
|
|
| |||||
(Net asset value, offering and redemption price per share) | $ 16.49 | $ 16.27 | $ 12.70 | $ 13.95 | $ 10.65 | |||||
Investments, at cost | $ 19,338,606 | $ 8,603,736 | $ 5,674,798 | $ 7,738,406 | $ 3,207,707 | |||||
(1) Includes securities on loan of $306,630; $0; $0; $0; $0.
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Statements of Operations
Year Ended December 31, 2005
Huntington | Huntington | Huntington | Huntington | Huntington | ||||||
Investment Income: |
|
|
|
|
| |||||
Dividend income | $ 1,994,423 | $ 244,752 | $ 994,066 | $ 19,994 (1) | $ 59,163 | |||||
Dividend income from affiliated securities | 25,885 | 18,303 | 15,230 | -- | 6,538 | |||||
Interest income | -- | -- | 4,924 | -- | -- | |||||
Income from securities lending | 6,580 | 79 | 494 | -- | -- | |||||
Total investment income | 2,026,888 | 263,134 | 1,014,714 | 19,994 | 65,701 | |||||
Expenses: |
|
|
|
|
| |||||
Investment adviser fees | 227,607 | 113,342 | 197,311 | 6,113 | 30,815 | |||||
Administration fees | 32,515 | 16,190 | 28,183 | 874 | 4,404 | |||||
Sub-Administration fees | 18,697 | 9,313 | 16,212 | 502 | 2,529 | |||||
Custodian fees | 9,863 | 4,911 | 8,550 | 2,468 | 1,335 | |||||
Transfer and dividend disbursing agent fees and expenses | 11,509 | 5,758 | 10,012 | 313 | 1,552 | |||||
Trustees’ fees | 2,764 | 1,366 | 2,363 | 68 | 344 | |||||
Auditing fees | 6,578 | 3,263 | 5,638 | 220 | 1,024 | |||||
Legal fees | 2,227 | 1,102 | 1,938 | 56 | 297 | |||||
Financial Administration fees | 19,703 | 10,996 | 17,044 | 3,273 | 5,623 | |||||
Printing and postage | 12,869 | 6,544 | 11,391 | 306 | 1,636 | |||||
Insurance premiums | 4,476 | 4,022 | 4,443 | 3,640 | 3,606 | |||||
Compliance Service fees | 1,560 | 798 | 1,392 | 37 | 191 | |||||
Other | 2,018 | 1,067 | 1,861 | 267 | 327 | |||||
Total expenses | 352,386 | 178,672 | 306,338 | 18,137 | 53,683 | |||||
Reimbursements: |
|
|
|
|
| |||||
Reimbursements from adviser | -- | -- | -- | (7,949) | (2,432) | |||||
Net expenses | 352,386 | 178,672 | 306,338 | 10,188 | 51,251 | |||||
Net investment income (loss) | 1,674,502 | 84,462 | 708,376 | 9,806 | 14,450 | |||||
Realized and Unrealized Gain (Loss) on Investments, Options and Foreign Currency Transactions: |
|
|
|
|
| |||||
Net realized gain (loss) on investment transactions | 1,023,116 | 234,355 | 789,371 | 5,501 | 84,844 | |||||
Net realized gain (loss) on options transactions | -- | -- | 237,012 | -- | -- | |||||
Net realized gain (loss) on foreign currency transactions | -- | -- | -- | 72 | -- | |||||
Net realized gain (loss) on investments, options and translation of assets and liabilities in foreign currency | 1,023,116 | 234,355 | 1,026,383 | 5,573 | 84,844 | |||||
Net change in unrealized appreciation/depreciation of investments, options and translation of assets and liabilities in foreign currency | (1,261,695) | (164,978) | (698,385) | 198,549 | 448,739 | |||||
Net realized and unrealized gain (loss) on investments, options and translation of assets and liabilities in foreign currency | (238,579) | 69,377 | 327,998 | 204,122 | 533,583 | |||||
Change in net assets resulting from operations | $ 1,435,923 | $ 153,839 | $ 1,036,374 | $ 213,928 | $ 548,033 | |||||
(1) Net of foreign dividend taxes withheld of $10.
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Statements of Operations
Year Ended December 31, 2005
Huntington | Huntington | Huntington | Huntington | Huntington | ||||||
Investment Income: |
|
|
|
|
| |||||
Dividend income | $ 242,502 | $ 70,894 | $ 104,258 | $ 22,994 | $ 5,620 | |||||
Dividend income from affiliated securities | 61,556 | 24,679 | 5,532 | 10,842 | 3,565 | |||||
Interest income | -- | -- | -- | -- | 56,271 | |||||
Income from securities lending | 5,229 | 514 | -- | -- | -- | |||||
Total investment income | 309,287 | 96,087 | 109,790 | 33,836 | 65,456 | |||||
Expenses: |
|
|
|
|
| |||||
Investment adviser fees | 128,688 | 48,985 | 37,748 | 25,143 | 8,665 | |||||
Administration fees | 18,384 | 6,999 | 5,392 | 3,594 | 1,238 | |||||
Sub-Administration fees | 10,571 | 4,023 | 3,102 | 2,063 | 711 | |||||
Custodian fees | 5,576 | 2,123 | 1,636 | 1,089 | 375 | |||||
Transfer and dividend disbursing agent fees and expenses | 6,493 | 2,471 | 1,914 | 1,269 | 441 | |||||
Trustees’ fees | 1,550 | 597 | 457 | 298 | 101 | |||||
Auditing fees | 3,718 | 1,437 | 1,089 | 845 | 309 | |||||
Legal fees | 1,245 | 480 | 369 | 249 | 84 | |||||
Financial Administration fees | 14,178 | 9,091 | 4,765 | 4,324 | 5,526 | |||||
Printing and postage | 7,210 | 2,705 | 2,163 | 1,292 | 424 | |||||
Insurance premiums | 4,044 | 3,689 | 3,658 | 3,641 | 3,640 | |||||
Compliance Service fees | 880 | 326 | 266 | 150 | 50 | |||||
Other | 1,150 | 410 | 362 | 241 | 126 | |||||
Total expenses | 203,687 | 83,336 | 62,921 | 44,198 | 21,690 | |||||
Reimbursements: |
|
|
|
|
| |||||
Reimbursements from adviser | -- | (1,849) | (205) | (2,588) | (7,249) | |||||
Net expenses | 203,687 | 81,487 | 62,716 | 41,610 | 14,441 | |||||
Net investment income (loss) | 105,600 | 14,600 | 47,074 | (7,774) | 51,015 | |||||
Realized and Unrealized Gain (Loss) on Investments: |
|
|
|
|
| |||||
Net realized gain (loss) on investment transactions | 322,968 | 180,846 | 262,242 | 90,540 | (198) | |||||
Net change in unrealized appreciation/depreciation of investments | 2,223,061 | 896,152 | 296,056 | 628,095 | (22,790) | |||||
Net realized and unrealized gain (loss) on investments | 2,546,029 | 1,076,998 | 558,298 | 718,635 | (22,988) | |||||
Change in net assets resulting from operations | $ 2,651,629 | $ 1,091,598 | $ 605,372 | $ 710,861 | $ 28,027 | |||||
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Statements of Changes in Net Assets
Huntington VA | Huntington VA | Huntington VA | ||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||
Increase (Decrease) in Net Assets |
|
|
|
|
|
| ||||||
Operations: |
|
|
|
|
|
| ||||||
Net investment income (loss) | $ 1,674,502 | $ 1,152,148 | $ 84,462 | $ 89,555 | $ 708,376 | $ 526,840 | ||||||
Net realized gain (loss) on investment and options transactions | 1,023,116 | 1,742,727 | 234,355 | 31,968 | 1,026,383 | (514,101) | ||||||
Net change in unrealized appreciation/ depreciation of investments and options | (1,261,695) | 565,523 | (164,978) | 781,265 | (698,385) | 3,611,612 | ||||||
Change in net assets resulting from operations | 1,435,923 | 3,460,398 | 153,839 | 902,788 | 1,036,374 | 3,624,351 | ||||||
Distributions to Shareholders: |
|
|
|
|
|
| ||||||
From net investment income | (1,152,185) | (12,719) | (89,380) | (976) | (526,840) | -- | ||||||
From net realized gains | (1,753,704) | (314,133) | (5,501) | -- | -- | (213,790) | ||||||
Change in net assets resulting from distributions to shareholders | (2,905,889) | (326,852) | (94,881) | (976) | (526,840) | (213,790) | ||||||
Change in net assets resulting from capital transactions | 13,881,730 | 11,288,850 | 1,982,459 | 4,966,471 | 3,479,498 | 6,705,484 | ||||||
Change in net assets | 12,411,764 | 14,422,396 | 2,041,417 | 5,868,283 | 3,989,032 | 10,116,045 | ||||||
Net Assets: |
|
|
|
|
|
| ||||||
Beginning of period | 31,782,260 | 17,359,864 | 17,932,889 | 12,064,606 | 31,348,365 | 21,232,320 | ||||||
End of period | $ 44,194,024 | $ 31,782,260 | $ 19,974,306 | $ 17,932,889 | $ 35,337,397 | $ 31,348,365 | ||||||
Accumulated net investment income (loss) included in net assets at end of period | $ 1,674,502 | $ 1,152,185 | $ 84,637 | $ 89,555 | $ 708,376 | $ 526,840 | ||||||
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Statements of Changes in Net Assets
Huntington VA | Huntington VA | Huntington VA | ||||||||||
Year Ended | Period Ended | Year Ended | Period Ended | Year Ended | Year Ended | |||||||
Increase (Decrease) in Net Assets |
|
|
|
|
|
| ||||||
Operations: |
|
|
|
|
|
| ||||||
Net investment income (loss) | $ 9,806 | $ 1,038 | $ 14,450 | $ 9,584 | $ 105,600 | $ 22,779 | ||||||
Net realized gain (loss) on investment and foreign currency transactions | 5,573 | (1,730) | 84,844 | (766) | 322,968 | 46,434 | ||||||
Net change in unrealized appreciation/ depreciation of investments, options and translation of assets denominated in foreign currency | 198,549 | 40,526 | 448,739 | 154,253 | 2,223,061 | 2,286,342 | ||||||
Change in net assets resulting from operations | 213,928 | 39,834 | 548,033 | 163,071 | 2,651,629 | 2,355,555 | ||||||
Distributions to Shareholders: |
|
|
|
|
|
| ||||||
From net investment income | (10,210) | (1,991) | (10,780) | -- | (22,779) | (2,275) | ||||||
From net realized gains | (3,923) | -- | -- | -- | (30,259) | -- | ||||||
Change in net assets resulting from distributions to shareholders | (14,133) | (1,991) | (10,780) | -- | (53,038) | (2,275) | ||||||
Change in net assets resulting from capital transactions | 1,557,923 | 365,054 | 4,887,685 | 2,160,786 | 4,811,419 | 5,099,186 | ||||||
Change in net assets | 1,757,718 | 402,897 | 5,424,938 | 2,323,857 | 7,410,010 | 7,452,466 | ||||||
Net Assets: |
|
|
|
|
|
| ||||||
Beginning of period | 402,897 | -- | 2,323,857 | -- | 17,804,516 | 10,352,050 | ||||||
End of period | $ 2,160,615 | $ 402,897 | $ 7,748,795 | $ 2,323,857 | $ 25,214,526 | $ 17,804,516 | ||||||
Accumulated net investment income (loss) included in net assets at end of period | $ (167) | $ 58 | $ 14,466 | $ 10,830 | $ 105,600 | $ 22,779 | ||||||
(1) Fund commenced operations on May 3, 2004.
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Statements of Changes in Net Assets
Huntington VA | Huntington VA | Huntington VA | |||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Period Ended | ||||||
Increase (Decrease) in Net Assets |
|
|
|
|
|
| |||||
Operations: |
|
|
|
|
|
| |||||
Net investment income (loss) | $ 14,600 | $ (13,077) | $ 47,074 | $ 40,588 | $ (7,774) | $ (597) | |||||
Net realized gain (loss) on investment transactions | 180,846 | 7,097 | 262,242 | 126,052 | 90,540 | 2,732 | |||||
Net change in unrealized appreciation/ depreciation of investments and translation of assets denominated in foreign currency | 896,152 | 860,440 | 296,056 | 450,675 | 628,095 | 102,883 | |||||
Change in net assets resulting from operations | 1,091,598 | 854,460 | 605,372 | 617,315 | 710,861 | 105,018 | |||||
Distributions to Shareholders: |
|
|
|
|
|
| |||||
From net investment income | -- | -- | (40,588) | (24,401) | (366) | -- | |||||
From net realized gains | (7,097) | (85,068) | (124,902) | (151,161) | (39,417) | -- | |||||
Change in net assets resulting from distributions to shareholders | (7,097) | (85,068) | (165,490) | (175,562) | (39,783) | -- | |||||
Change in net assets resulting from capital transactions | 3,772,009 | 2,113,125 | 254,949 | 1,491,739 | 6,013,607 | 1,213,573 | |||||
Change in net assets | 4,856,510 | 2,882,517 | 694,831 | 1,933,492 | 6,684,685 | 1,318,591 | |||||
Net Assets: |
|
|
|
|
|
| |||||
Beginning of period | 5,880,857 | 2,998,340 | 6,152,189 | 4,218,697 | 1,318,591 | -- | |||||
End of period | $ 10,737,367 | $ 5,880,857 | $ 6,847,020 | $ 6,152,189 | $ 8,003,276 | $ 1,318,591 | |||||
Accumulated net investment income (loss) included in net assets at end of period | $ 14,600 | $ -- | $ 47,074 | $ 40,588 | $ -- | $ 366 | |||||
(1) Fund commenced operations on May 3, 2004.
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Statement of Changes in Net Assets
Huntington VA | ||||
Year Ended | Period Ended | |||
Increase (Decrease) in Net Assets |
|
| ||
Operations: |
|
| ||
Net investment income (loss) | $ 51,015 | $ 6,809 | ||
Net realized gain (loss) on investment transactions | (198) | (453) | ||
Net change in unrealized appreciation/depreciation of investments | (22,790) | 10,538 | ||
Change in net assets resulting from operations | 28,027 | 16,894 | ||
Distributions to Shareholders: |
|
| ||
From net investment income | (8,175) | -- | ||
From net realized gains | -- | -- | ||
Change in net assets resulting from distributions to shareholders | (8,175) | -- | ||
Change in net assets resulting from capital transactions | 2,780,838 | 390,349 | ||
Change in net assets | 2,800,690 | 407,243 | ||
Net Assets: |
|
| ||
Beginning of period | 407,243 | -- | ||
End of period | $ 3,207,933 | $ 407,243 | ||
Accumulated net investment income (loss) included in net assets at end of period | $ 52,721 | $ 8,175 | ||
(1) Fund commenced operations on May 3, 2004.
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Financial Highlights
(For a share outstanding throughout each period)
Year ended | Net Asset | Net Investment | Net Realized | Total from | Distributions | Distributions | Return of | |||||||
Huntington VA Dividend Capture Fund |
|
|
| |||||||||||
2001(2) | $ 10.00 | 0.14 | 0.10 | 0.24 | (0.09) | -- | -- | |||||||
2002 | $ 10.15 | 0.33 | (0.33) | -- | (0.34) | -- | -- | |||||||
2003 | $ 9.81 | 0.33 | 1.76 | 2.09 | (0.36) | -- | -- | |||||||
2004 | $ 11.54 | 0.47 | 1.10 | 1.57 | (0.01) | (0.16) | -- | |||||||
2005 | $ 12.94 | 0.39 | 0.07 | 0.46 | (0.39) | (0.60) | -- | |||||||
Huntington VA Growth Fund |
|
|
| |||||||||||
2001(3) | $ 10.00 | (0.04) | (0.74) | (0.78) | -- | -- | -- | |||||||
2002 | $ 9.22 | -- | (1.90) | (1.90) | -- | -- | -- | |||||||
2003 | $ 7.32 | 0.02 | 1.15 | 1.17 | (0.02) | -- | -- | |||||||
2004 | $ 8.47 | 0.04 | 0.44 | 0.48 | -- (8) | -- | -- | |||||||
2005 | $ 8.95 | 0.04 | 0.02 | 0.06 | (0.04) | -- (8) | -- | |||||||
Huntington VA Income Equity Fund |
|
|
|
| ||||||||||
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 | $ 11.62 | 0.23 | 0.12 | 0.35 | (0.19) | -- | -- | |||||||
Huntington VA International Equity Fund |
|
|
| |||||||||||
2004(7) | $ 10.00 | 0.03 | 1.10 | 1.13 | (0.06) | -- | -- | |||||||
2005 | $ 11.07 | 0.06 | 1.62 | 1.68 | (0.06) | (0.02) | -- | |||||||
Huntington VA Macro 100 Fund |
|
|
|
| ||||||||||
2004(7) | $ 10.00 | 0.05 | 1.08 | 1.13 | -- | -- | -- | |||||||
2005 | $ 11.13 | (0.01) | 0.58 | 0.57 | (0.02) | -- | -- | |||||||
Huntington VA Mid Corp America Fund |
|
|
|
| ||||||||||
2001(2) | $ 10.00 | (0.02) | 1.17 | 1.15 | -- | -- | -- | |||||||
2002 | $ 11.15 | -- | (1.45) | (1.45) | -- | -- | -- | |||||||
2003 | $ 9.70 | 0.01 | 2.86 | 2.87 | (0.01) | (0.01) | -- | |||||||
2004 | $ 12.55 | 0.02 | 2.10 | 2.12 | -- (8) | -- | -- | |||||||
2005 | $ 14.67 | 0.07 | 1.79 | 1.86 | (0.02) | (0.02) | -- | |||||||
Huntington VA New Economy Fund |
|
|
|
| ||||||||||
2001(2) | $ 10.00 | (0.03) | 0.93 | 0.90 | -- | -- | -- | |||||||
2002 | $ 10.90 | (0.02) | (1.47) | (1.49) | -- | -- | -- | |||||||
2003 | $ 9.41 | (0.02) | 2.99 | 2.97 | -- | -- | -- | |||||||
2004 | $ 12.38 | (0.03) | 2.31 | 2.28 | -- | (0.28) | -- | |||||||
2005 | $ 14.38 | 0.02 | 1.88 | 1.90 | -- | (0.01) | -- | |||||||
Huntington VA Rotating Markets Fund |
|
|
|
| ||||||||||
2001(2) | $ 10.00 | -- | 0.45 | 0.45 | -- | -- | -- | |||||||
2002 | $ 10.45 | (0.01) | (1.57) | (1.58) | -- | -- | -- | |||||||
2003 | $ 8.87 | 0.06 | 2.10 | 2.16 | -- | -- | -- | |||||||
2004 | $ 11.03 | 0.07 | 1.17 | 1.24 | (0.05) | (0.33) | -- | |||||||
2005 | $ 11.89 | 0.09 | 1.04 | 1.13 | (0.08) | (0.24) | -- | |||||||
Huntington VA Situs Small Cap Fund |
|
|
|
| ||||||||||
2004(7) | $ 10.00 | (0.01) | 1.98 | 1.97 | -- | -- | -- | |||||||
2005 | $ 11.97 | (0.01) | 2.07 | 2.06 | -- (8) | (0.08) | -- | |||||||
(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 $0.005.
(9) There were no fee reductions in this period.
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Financial Highlights
(For a share outstanding throughout each period)
Total | Net | Total | Ratio of Net | Ratio of Net | Ratio of | Ratio of | Net Assets, | Portfolio | |||||||
|
|
|
|
|
|
|
|
| |||||||
(0.09) | $ 10.15 | 2.44%(4) | 2.00%(5) | 5.25%(5) | 17.47%(5) | (10.22)%(5) | $ 220 | 12% | |||||||
(0.34) | $ 9.81 | (0.05)% | 1.12% | 5.89% | 2.23% | 4.78% | $ 3,396 | 70% | |||||||
(0.36) | $ 11.54 | 21.36% | 1.00% | 5.22% | 1.01% | 5.21% | $ 17,360 | 87% | |||||||
(0.17) | $ 12.94 | 13.75% | 0.95% | 4.72% | --(9) | --(9) | $ 31,782 | 88% | |||||||
(0.99) | $ 12.41 | 3.59% | 0.93% | 4.41% | --(9) | --(9) | $ 44,194 | 111% | |||||||
|
|
|
|
|
|
|
|
| |||||||
-- | $ 9.22 | (7.80)%(4) | 2.00%(5) | 1.11%(5) | 16.85%(5) | (13.74)%(5) | $ 434 | -- | |||||||
-- | $ 7.32 | (20.56)% | 1.02% | 0.14% | 1.58% | (0.42)% | $ 3,654 | 2% | |||||||
(0.02) | $ 8.47 | 15.95% | 1.00% | 0.32% | --(9) | --(9) | $ 12,065 | 4% | |||||||
-- | $ 8.95 | 5.67% | 0.95% | 0.59% | --(9) | --(9) | $ 17,933 | 11% | |||||||
(0.04) | $ 8.97 | 0.72% | 0.95% | 0.45% | --(9) | --(9) | $ 19,974 | 15% | |||||||
|
|
|
|
|
|
|
|
| |||||||
(0.21) | $ 10.10 | 2.34% | 1.91% | 1.76% | 2.06% | 1.61% | $ 4,453 | 38% | |||||||
(0.23) | $ 8.88 | (9.96)% | 1.11% | 2.81% | 1.54% | 2.38% | $ 8,712 | 4% | |||||||
(0.20) | $ 10.31 | 18.43% | 1.00% | 2.63% | --(9) | --(9) | $ 21,232 | 97% | |||||||
(0.09) | $ 11.62 | 13.66% | 0.93% | 2.00% | --(9) | --(9) | $ 31,348 | 47% | |||||||
(0.19) | $ 11.78 | 2.98% | 0.93% | 2.15% | --(9) | --(9) | $ 35,337 | 53% | |||||||
|
|
|
|
|
|
|
|
| |||||||
(0.06) | $ 11.07 | 11.26%(4) | 1.00%(5) | 0.56%(5) | 1.76%(5) | (0.20%)(5) | $ 403 | 31% | |||||||
(0.08) | $ 12.67 | 15.21% | 1.00% | 0.96% | 1.78% | 0.18% | $ 2,161 | 7% | |||||||
|
|
|
|
|
|
|
|
| |||||||
-- | $ 11.13 | 11.30%(4) | 1.00%(5) | 1.62%(5) | 1.05%(5) | 1.57%(5) | $ 2,324 | 1% | |||||||
(0.02) | $ 11.68 | 5.14% | 1.00% | 0.28% | 1.04% | 0.23% | $ 7,749 | 82% | |||||||
|
|
|
|
|
|
|
|
| |||||||
-- | $ 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% | |||||||
(0.04) | $ 16.49 | 12.67% | 0.95% | 0.49% | --(9) | --(9) | $ 25,215 | 7% | |||||||
|
|
|
|
|
|
|
|
| |||||||
-- | $ 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% | |||||||
(0.01) | $ 16.27 | 13.24% | 1.00% | 0.18% | 1.02% | 0.16% | $ 10,737 | 49% | |||||||
|
|
|
|
|
|
|
|
| |||||||
-- | $ 10.45 | 4.50%(4) | 2.00%(5)(6) | (0.21)%(5)(6) | 18.20%(5)(6) | (16.41)%(5) | $ 210 | -- | |||||||
-- | $ 8.87 | (15.12)% | 1.21%(6) | (0.20)%(6) | 3.33%(6) | (2.32)%(6) | $ 930 | 113% | |||||||
-- | $ 11.03 | 24.35% | 1.00%(6) | 1.02%(6) | 1.06%(6) | 0.96%(6) | $ 4,219 | 151% | |||||||
(0.38) | $ 11.89 | 11.63% | 0.98%(6) | 0.77%(6) | --(6)(9) | --(6)(9) | $ 6,152 | 81% | |||||||
(0.32) | $ 12.70 | 9.66% | 1.00%(6) | 0.75%(6) | --(6)(8) | --(6)(8) | $ 6,847 | 44% | |||||||
|
|
|
|
|
|
|
|
| |||||||
-- | $ 11.97 | 19.70%(4) | 1.00%(5) | (0.19)%(5) | 1.19%(5) | (0.38)%(5) | $ 1,319 | 3% | |||||||
(0.08) | $ 13.95 | 17.18% | 0.99% | (0.19)% | 1.05% | (0.25)% | $ 8,003 | 10% | |||||||
Huntington VA Funds
Financial Highlights
(For a share outstanding throughout each period)
Year ended December 31, | Net Asset | Net Investment | Net Realized and Unrealized Gain (Loss) on Investments | Total from | Distributions | Total | Net Asset | |||||||
Huntington VA Mortgage Securities Fund |
|
|
|
| ||||||||||
2004(2) | $ 10.00 | 0.18 | 0.41 | 0.59 | -- | -- | $ 10.59 | |||||||
2005 | $ 10.59 | 0.37(5) | (0.24) | 0.13 | (0.07) | (0.07) | $ 10.65 | |||||||
(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) Per share net investment income (loss) has been calculated using the average daily shares method.
See Notes which are an integral part of the Financial Statements.
Huntington VA Funds
Financial Highlights
(For a share outstanding throughout each period)
Total | Ratio of Net | Ratio of Net | Ratio of Expenses | Ratio of Net | Net Assets, | Portfolio | ||||||
|
|
|
|
|
|
| ||||||
5.90%(3) | 1.00%(4) | 3.42%(4) | 1.33%(4) | 3.09%(4) | $ 407 | 51% | ||||||
1.25% | 1.00% | 3.53% | 1.50% | 3.03% | $ 3,208 | 19% | ||||||
Huntington VA Funds
Notes to Financial Statements
December 31, 2005
(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 enters into contracts with vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.
(2) Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
A. Investment Valuations
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 (including foreign equity securities) traded on a securities exchange or reported on the NASDAQ National Market System at the last reported sales price on the principal exchange. Equity 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, equity securities are valued at a bid price estimated by the security pricing service. Foreign securities are subject to modification based on significant events, as described below. 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. 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 zero-coupon securities, debt 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 or 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 or option 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 foreign currency gain/loss, 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 discounts, capital loss carryforwards and losses deferred due to wash sales.
The Funds may own shares of real estate investment trusts (“REITS”) which report information on the source of their distributions annually. Certain distributions received from the REITS during the year, which are known to be a return of capital, are recorded as a reduction to the cost of the individual REIT.
D. Federal Income Taxes
It is the policy of each Fund to qualify or continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. In addition to complying with the federal 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 have been provided for in accordance with each Fund’s applicable country’s tax rules and rates.
As of December 31, 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 | $ 43,537,211 | $ 1,609,542 | $ (1,058,925) | $ 550,617 | ||||
VA Growth Fund | 18,436,551 | 2,253,319 | (725,812) | 1,527,507 | ||||
VA Income Equity Fund | 31,510,169 | 4,416,823 | (167,447) | 4,249,376 | ||||
VA International Equity Fund | 1,754,359 | 250,313 | (12,559) | 237,754 | ||||
VA Macro 100 Fund | 7,169,117 | 730,196 | (148,703) | 581,493 | ||||
VA Mid Corp America Fund | 19,338,606 | 6,361,681 | (186,977) | 6,174,704 | ||||
VA New Economy Fund | 8,603,536 | 2,392,727 | (262,458) | 2,130,269 | ||||
VA Rotating Markets Fund | 5,674,798 | 1,172,766 | -- | 1,172,766 | ||||
VA Situs Small Cap Fund | 7,738,406 | 890,458 | (159,480) | 730,978 | ||||
VA Mortgage Securities Fund | 3,207,707 | 22,175 | (34,427) | (12,252) |
As of December 31, 2005, for federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains, if any, to the extent provided by the Treasury regulations:
Fund | Amount | Expires | ||
VA Mortgage Securities Fund | $ 849 | 2012 | ||
VA Mortgage Securities Fund | 1,904 | 2013 |
Under current tax law, capital losses realized after October 31 of a Fund’s fiscal year may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The following Funds had deferred post October capital and currency losses, which will be treated as arising on the first business day of the fiscal year ending December 31, 2006:
Post-October | ||
VA Income Equity Fund | $ 434,976 | |
VA International Equity Fund | 167 |
The tax character of distributions paid during the fiscal year ended December 31, 2005, was as follows:
Distributions Paid From | ||||||||||
Fund | Ordinary | Net Long Term | Total Taxable | Tax Exempt | Total | |||||
VA Dividend Capture Fund | $ 2,145,041 | $ 760,848 | $ 2,905,889 | $ -- | $ 2,905,889 | |||||
VA Growth Fund | 89,380 | 5,501 | 94,881 | -- | 94,881 | |||||
VA Income Equity Fund | 526,840 | -- | 526,840 | -- | 526,840 | |||||
VA International Equity Fund | 12,103 | 2,030 | 14,133 | -- | 14,133 | |||||
VA Macro 100 Fund | 10,780 | -- | 10,780 | -- | 10,780 | |||||
VA Mid Corp America Fund | 22,779 | 30,259 | 53,038 | -- | 53,038 | |||||
VA New Economy Fund | -- | 7,097 | 7,097 | -- | 7,097 | |||||
VA Rotating Markets Fund | 105,164 | 60,326 | 165,490 | -- | 165,490 | |||||
VA Situs Small Cap Fund | 32,231 | 7,552 | 39,783 | -- | 39,783 | |||||
VA Mortgage Securities Fund | 8,175 | -- | 8,175 | -- | 8,175 |
The tax character of distributions paid during the fiscal year ended December 31, 2004, was as follows:
Distributions Paid From | ||||||||||
Fund | Ordinary | Net Long Term | Total Taxable | Tax Exempt | Total | |||||
VA Dividend Capture Fund | $ 309,273 | $ 17,579 | $ 326,852 | $ -- | $ 326,852 | |||||
VA Growth Fund | 976 | -- | 976 | -- | 976 | |||||
VA Income Equity Fund | 95,791 | 117,998 | 213,789 | -- | 213,789 | |||||
VA International Equity Fund | 1,991 | -- | 1,991 | -- | 1,991 | |||||
VA Macro 100 Fund | -- | -- | -- | -- | -- | |||||
VA Mid Corp America Fund | 2,275 | -- | 2,275 | -- | 2,275 | |||||
VA New Economy Fund | 75,213 | 9,855 | 85,068 | -- | 85,068 | |||||
VA Rotating Markets Fund | 175,562 | -- | 175,562 | -- | 175,562 | |||||
VA Situs Small Cap Fund | -- | -- | -- | -- | -- | |||||
VA Mortgage Securities Fund | -- | -- | -- | -- | -- |
As of December 31, 2005, the components of accumulated earnings (deficit) on a tax basis were as follows:
Undistributed | Undistributed | Undistributed | Accumulated | Distributions | Accumulated | Unrealized | Total | |||||||||
VA Dividend Capture Fund | $ -- | $ 2,046,943 | $ 726,734 | $ 2,773,677 | $ -- | $ -- | $ 550,617 | $ 3,324,294 | ||||||||
VA Growth Fund | -- | 100,751 | 218,066 | 318,817 | -- | -- | 1,527,507 | 1,846,324 | ||||||||
VA Income Equity Fund | -- | 777,005 | 998,499 | 1,775,504 | -- | (434,976) | 4,293,890 | 5,634,418 | ||||||||
VA International Equity Fund | -- | 677 | 385 | 1,062 | -- | (167) | 237,754 | 238,649 | ||||||||
VA Macro 100 Fund | -- | 104,493 | 15,584 | 120,077 | -- | -- | 581,493 | 701,570 | ||||||||
VA Mid Corp America Fund | -- | 188,958 | 239,610 | 428,568 | -- | -- | 6,174,704 | 6,603,272 | ||||||||
VA New Economy Fund | -- | 19,805 | 175,497 | 195,302 | -- | -- | 2,130,269 | 2,325,571 | ||||||||
VA Rotating Markets Fund | -- | 76,971 | 224,165 | 301,136 | -- | -- | 1,172,766 | 1,473,902 | ||||||||
VA Situs Small Cap Fund | -- | 35,927 | 10,154 | 46,081 | -- | -- | 730,978 | 777,059 | ||||||||
VA Mortgage Securities Fund | -- | 52,721 | -- | 52,721 | -- | (2,753) | (12,252) | 37,716 |
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, while contracts to sell are used to hedge the securities against currency fluctuations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their commitments and from unanticipated movements in security prices or foreign exchange rates. The foreign currency translations are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the settlement date. At December 31, 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 and 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 option activity for the year ended December 31, 2005:
Contracts | Number of Contracts | Premium Received | ||
Outstanding at 12/31/2004 | 842 | $ 139,558 | ||
Options written | 7,767 | 1,080,755 | ||
Options expired | (1,636) | (204,541) | ||
Options closed | (4,427) | (498,094) | ||
Options exercised | (90) | (31,139) | ||
Outstanding at 12/31/2005 | 2,456 | $ 486,539 | ||
At December 31, 2005, the VA Income Equity Fund had the following outstanding options:
Contract | Type | Expiration | Exercise | Number of | Value | Unrealized | ||||||
Automatic Data Processing, Inc. | Call | January 2006 | 47.5 | 93 | 2,325 | $ 9,485 | ||||||
Chevron Texaco Corp. | Call | January 2006 | 55 | 134 | 28,810 | 16,346 | ||||||
Comcast Corp. Class A | Call | April 2006 | 30 | 163 | 70,090 | (18,421) | ||||||
Comerica, Inc.* | Call | January 2006 | 60 | 108 | 1,080 | 9,518 | ||||||
ConocoPhillips | Call | May 2006 | 65 | 181 | 31,675 | 5,790 | ||||||
Consolidated Edison | Call | February 2006 | 45 | 75 | 15,000 | (1,111) | ||||||
Duke Energy Corp. | Call | April 2006 | 27.5 | 133 | 13,300 | 2,261 | ||||||
Equity Office Properties Trust | Call | April 2006 | 30 | 122 | 20,130 | 4,806 | ||||||
Exelon Corp. | Call | January 2006 | 50 | 75 | 24,750 | (1,726) | ||||||
First Data Corp. | Call | January 2006 | 45 | 97 | 1,940 | 7,178 | ||||||
Fortune Brands, Inc. | Call | January 2006 | 85 | 97 | 3,880 | 17,638 | ||||||
Intel Corp. | Call | April 2006 | 27.5 | 188 | 8,460 | 6,391 | ||||||
Monsanto Co. | Call | April 2006 | 80 | 153 | 67,320 | 5,659 | ||||||
Occidental Petroleum Corp. | Call | January 2006 | 70 | 109 | 106,820 | (38,160) | ||||||
Occidental Petroleum Corp. | Call | January 2006 | 75 | 18 | 9,540 | (54) | ||||||
Progress Energy, Inc. | Call | April 2006 | 45 | 57 | 3,705 | 4,765 | ||||||
Thompson Corp.* | Call | January 2006 | 40 | 146 | 730 | 6,737 | ||||||
Verizon | Call | January 2006 | 32.5 | 89 | 445 | 4,806 | ||||||
V.F. Corp. | Call | February 2006 | 55 | 81 | 16,605 | 971 | ||||||
Wachovia Corp. | Call | January 2006 | 55 | 96 | 960 | 4,224 | ||||||
Washington Mutual, Inc. | Call | January 2006 | 45 | 241 | 14,460 | (2,589) | ||||||
NET UNREALIZED APPRECIATION ON WRITTEN OPTION CONTRACTS |
|
|
|
| $ 44,514 | |||||||
* Options were fair valued as of December 31, 2005.
J. Securities Lending
To generate additional income, the Funds may lend a certain percentage of their total assets (20% for the VA Growth and the VA Income Equity Funds, and 33 1/3% for the VA Dividend Capture, VA International Equity, VA Macro 100, VA Mid Corp America, VA 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 Portfolios 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 year ended December 31, 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 December 31, 2005, the following Funds had securities with the following market values on loan:
Fund | Market Value | Market Value | ||
VA Mid Corp America Fund | $306,630 | $312,000 |
* Includes securities and cash collateral.
Effective February 1, 2006, PFPC Trust Company will serve as sub-custodian for the securities lending program.
K. Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.
L. Security Transactions and Related Income
Investment transactions are accounted for no later than the first calculation of NAV on the business day following the trade date. However, for financial reporting purposes, portfolio security transactions are reported on trade date. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. Securities gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends, less foreign tax withholding (if any), are recorded on the ex-dividend date.
(3) Shares of Beneficial Interest
The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (with no par value). Transactions in capital stock were as follows:
VA Dividend Capture Fund | VA Growth Fund | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||
Shares sold | 941,902 | $ 11,871,304 | 1,015,784 | $ 12,080,654 | 373,542 | $ 3,305,136 | 676,069 | $ 5,798,121 | ||||||||
Distributions reinvested | 235,676 | 2,905,889 | 28,496 | 326,850 | 10,613 | 94,881 | 113 | 976 | ||||||||
Shares redeemed | (71,389) | (895,463) | (93,054) | (1,118,654) | (159,915) | (1,417,558) | (97,323) | (832,626) | ||||||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 1,106,189 | $ 13,881,730 | 951,226 | $ 11,288,850 | 224,240 | $ 1,982,459 | 578,859 | $ 4,966,471 | ||||||||
VA Income Equity Fund | VA International Equity Fund | ||||||||||||||||
Year Ended | Year Ended | Year Ended | Period Ended | ||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||||
Shares sold | 454,191 | $ 5,247,829 | 729,861 | $ 7,697,822 | 138,655 | $ 1,609,168 | 36,371 | $ 364,650 | |||||||||
Distributions reinvested | 44,799 | 526,840 | 20,676 | 213,787 | 975 | 14,133 | 181 | 1,991 | |||||||||
Shares redeemed | (198,689) | (2,295,171) | (111,572) | (1,206,125) | (5,494) | (65,378) | (154) | (1,587) | |||||||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 300,301 | $ 3,479,498 | 638,965 | $ 6,705,484 | 134,136 | $ 1,557,923 | 36,398 | $ 365,054 | |||||||||
VA Macro 100 Fund | VA Mid Corp America Fund | |||||||||||||||
Year Ended | Period Ended | Year Ended | Year Ended | |||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||
Shares sold | 475,708 | $ 5,122,512 | 214,571 | $ 2,220,202 | 347,629 | $ 5,314,722 | 446,644 | $ 5,861,059 | ||||||||
Distributions reinvested | 973 | 10,780 | -- | -- | 3,338 | 53,038 | -- | -- | ||||||||
Shares redeemed | (21,913) | (245,607) | (5,724) | (59,416) | (35,578) | (556,341) | (57,885) | (761,873) | ||||||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 454,768 | $ 4,887,685 | 208,847 | $ 2,160,786 | 315,389 | $ 4,811,419 | 388,759 | $ 5,099,186 | ||||||||
VA New Economy Fund | VA Rotating Markets Fund | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||
Shares sold | 277,776 | $ 4,172,788 | 203,698 | $ 2,589,250 | 64,556 | $ 766,272 | 199,189 | $ 2,196,063 | ||||||||
Distributions reinvested | 463 | 7,097 | 6,816 | 85,068 | 14,025 | 165,490 | 16,485 | 175,562 | ||||||||
Shares redeemed | (27,206) | (407,876) | (43,925) | (561,193) | (56,676) | (676,813) | (80,964) | (879,886) | ||||||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 251,033 | $ 3,772,009 | 166,589 | $ 2,113,125 | 21,905 | $ 254,949 | 134,710 | $ 1,491,739 | ||||||||
VA Situs Small Cap Fund | VA Mortgage Securities Fund | |||||||||||||||
Year Ended | Period Ended | Year Ended | Period Ended | |||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||
Shares sold | 470,357 | $ 6,098,370 | 112,095 | $ 1,233,845 | 271,725 | $ 2,877,086 | 38,688 | $ 392,731 | ||||||||
Distributions reinvested | 2,845 | 39,783 | -- | -- | 771 | 8,175 | -- | -- | ||||||||
Shares redeemed | (9,609) | (124,546) | (1,907) | (20,272) | (9,857) | (104,423) | (231) | (2,382) | ||||||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | 463,593 | $ 6,013,607 | 110,188 | $ 1,213,573 | 262,639 | $ 2,780,838 | 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 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--Huntington is the Administrator to the Trust, and Federated Services Company (“FServ”) is 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. 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. (“BISYS”). BISYS (the Sub-Financial Administrator) is paid directly by Huntington, not the Funds, for these services. The fees paid for administrative, sub-administrative and financial administrative services are based on the level of average net assets of each Fund for the period, subject to minimum fees, in certain circumstances. 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 each of the Funds’ custodian except for the VA International Equity Fund. State Street Bank and Trust Company (“State Street”) serves as custodian for the VA International Equity Fund. Huntington and State Street receive fees based on the level of a Fund's average daily net assets for the period, plus out-of-pocket expenses. Huntington receives an administrative fee from the lending agent for the transaction activity associated with the securities lending program.
Effective December 21, 2005, The Bank of New York began serving as sub-custodian of VA Situs Small Cap Fund’s foreign assets.
Compliance Services--Prior to September 29, 2005, the Trust contracted with BISYS to provide certain compliance services and a Chief Compliance Officer to the Trust. Effective September 29, 2005, the Trust contracted with Huntington to provide a Chief Compliance Officer to the Trust. During fiscal year 2005 BISYS and Huntington charged a fixed compliance service fee.
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 incur expenses of both the Fund and Underlying Funds, including transaction costs related to the purchases and sales of Underlying Fund shares.
(6) Investment Transactions
Purchases and sales of investments, excluding short-term securities and long-term U.S. government securities (and in-kind contributions), for the year ended December 31, 2005 were as follows:
Fund | Purchases | Sales | ||
VA Dividend Capture Fund | $ 54,091,874 | $ 41,073,049 | ||
VA Growth Fund | 4,399,303 | 2,666,565 | ||
VA Income Equity Fund | 20,320,306 | 17,121,009 | ||
VA International Equity Fund | 1,497,786 | 68,927 | ||
VA Macro 100 Fund | 8,660,707 | 4,041,254 | ||
VA Mid Corp America Fund | 3,994,964 | 1,320,346 | ||
VA New Economy Fund | 7,696,794 | 3,573,295 | ||
VA Rotating Markets Fund | 2,673,735 | 3,105,463 | ||
VA Situs Small Cap Fund | 6,138,345 | 397,879 | ||
VA Mortgage Securities Fund | 210,750 | 16,804 |
(7) Other Tax Information (unaudited)
For the taxable year ended December 31, 2005, the following percentage of ordinary income dividends paid by the Funds qualify for the dividends received deduction available to corporations:
Fund | Dividends Deduction | |
VA Dividend Capture Fund | 60.65% | |
VA Growth Fund | 100.0% | |
VA Income Equity Fund | 100.0% | |
VA Macro 100 Fund | 100.0% | |
VA Mid Corp America Fund | 100.0% | |
VA Rotating Markets Fund | 74.15% | |
VA Situs Small Cap Fund | 37.69% |
Huntington VA Funds
Report of Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders
of the Huntington VA Funds
We have audited the accompanying statements of assets and liabilities of the Huntington VA Funds, comprising the Huntington VA Dividend Capture Fund, Huntington VA Growth Fund, Huntington VA Income Equity Fund, Huntington VA International Equity Fund, Huntington VA Macro 100 Fund, Huntington VA Mid Corp America Fund, Huntington VA New Economy Fund, Huntington VA Rotating Markets Fund, Huntington VA Situs Small Cap Fund, and Huntington VA Mortgage Securities Fund (collectively referred to as the “Funds”), including the portfolios of investments, as of December 31, 2005, and the related statements of operations for the year then ended, and the statements of changes in net assets and financial highlights for each of the two years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights presented herein for each of the three years in the period ended December 31, 2003, were audited by another registered public accounting firm whose report dated February 11, 2004 expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2005, by correspondence with the custodians and brokers. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective portfolios comprising the Huntington VA Funds at December 31, 2005, the results of their operations for the year then ended, and the changes in their net assets and financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.
/s/ Ernst & Young LLP
Columbus, Ohio
February 10, 2006
Huntington VA Funds
Board of Trustees and Trust Officers (Unaudited)
The following tables give information about the Independent Trustees (Trustees who are not “interested persons” of the Trust, as defined in the 1940 Act), Interested Trustees (Trustees who are “interested persons” of the Trust, as defined in the 1940 Act) and the senior Officers of the Trust. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term (subject to mandatory retirement provisions). Unless otherwise noted, the business address of each person listed below is c/o Huntington VA Funds, 5800 Corporate Drive, Pittsburgh, PA. Each officer is elected annually. As of December 31, 2005, The Huntington Fund Complex consisted of two investment companies: The Huntington Funds with 19 portfolios and the Trust with 10 portfolios. Each Trustee serves as Trustee for all portfolios of The Huntington Fund Complex. The Funds’ Statement of Additional Information includes additional information about the Huntington VA Funds’ Trustees and is available, without charge and upon request, by calling 1-800-253-0412.
INTERESTED TRUSTEES BACKGROUND
Name |
| Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
Thomas J. Westerfield† |
| Principal Occupation: Since August 2005, of Counsel, Dinsmore & Shohl LLP (law firm). |
† Thomas J. Westerfield has been deemed an Interested Trustee due to the position he holds with Dinsmore & Shohl LLP, which may be retained to provide legal services to Huntington.
INDEPENDENT TRUSTEES BACKGROUND
Name |
| Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s) |
David S. Schoedinger | Principal Occupation: Since 1965, Chairman of the Board, Schoedinger Funeral Service. Since 1987, CEO, Schoedinger Financial Services, Inc. | |
John M. Shary | Principal Occupation: Retired. | |
William R. Wise |
| Principal Occupation: Retired. |
Huntington VA Funds
Board of Trustees and Trust Officers (continued)
Officers
Name |
| Principal Occupation(s) for Past Five Years and Previous Position(s) |
B. Randolph Bateman | Principal Occupations: President and Chief Investment Officer, Huntington Asset Advisors, Inc. (February 2001 to present); Chief Investment Officer, Huntington National Bank (October 2000 to present). | |
Charles L. Davis, Jr. | Principal Occupations: Vice President, Managing Director of Mutual Fund Services, Federated Services Company (October 2002 to present); President, Edgewood Services, Inc., the Funds’ distributor (March 2004 to present); Officer of various Funds distributed by Edgewood Services, Inc. (December 2002 to present). | |
David R. Carson |
| Principal Occupations: Chief Compliance Officer, Trust (September 2005 to present). |
George Polatas | Principal Occupation: Assistant Vice President, Federated Services Company; Vice President and Assistant Treasurer of various funds distributed by Edgewood Services, Inc. (January 1997 to present). | |
Christopher E. Sabato | Principal Occupations: Director-Financial Services, BISYS Fund Services Ohio, Inc. (February 1993 to present). | |
Victor R. Siclari | Principal Occupations: Partner, Reed Smith LLP (October 2002 to present). | |
Huntington VA Funds
Board of Trustees Consideration of Investment Advisory and Subadvisory Agreements for
The Huntington VA Funds (the “Funds”)
The Board of Trustees is responsible for determining whether to approve the Funds’ investment advisory and subadvisory agreements. At a meeting held on August 3, 2005, the Board, including a majority of the independent Trustees, approved the investment advisory agreement (the “Advisory Agreement”) between Huntington Asset Advisors, Inc. (the “Advisor”) and the Funds and an investment subadvisory agreement (the “Subadvisory Agreement”) between the Advisor and Laffer Investments, Inc. (the “Subadvisor”) with respect to the VA Macro 100 Fund. Pursuant to the Advisory Agreements between the Advisor and the Funds, the Advisor provides advisory services to the Funds. Pursuant to the Subadvisory Agreement between the Advisor and the Subadvisor, the Subadvisor provides the day-to-day investment management for the VA Macro 100 Fund.
During the review process, the Board received assistance and advice from, and met separately with, independent legal counsel. In approving each of the Advisory Agreements and the Subadvisory Agreement, the Board, including a majority of the independent Trustees, considered many factors, among the most material of which are: (1) the nature of the services provided to the Funds by the Advisor and Subadvisor in relation to the advisory and subadvisory fees; (2) the individual performance of the Funds; (3) the Advisor’s and Subadvisor’s costs and the profits realized through providing the Funds with advisory services; (4) whether the Advisor or Subadvisor has realized or may realize economies of scale in providing services to the Funds and if these economies are shared with the Funds; and (5) a comparison of the fees and performance of comparable funds.
Nature, Extent and Quality of Services in Relation to the Advisory and Subadvisory Fees--In considering the nature, extent and quality of the services provided by the Advisor and Subadvisor, the Board reviewed information relating to the Advisor’s and Subadvisor’s operations and personnel. Among other things, the Advisor and Subadvisor each provided descriptions of its organizational and management structure, biographical information on its supervisory and portfolio management staff, on a Fund-by-Fund basis, and financial information. The Trustees also took into account the financial condition of the Advisor and Subadvisor with respect to their ability to provide the services required under the Advisory and Subadvisory Agreements. The Board determined that the nature, extent and quality of the services provided by the Advisor and Subadvisor, in relation to the Advisory and Subadvisory fees, were acceptable.
Individual Performance of the Funds--The Board reviewed the Funds’ performance record and the Advisors’ and Subadvisor’s management styles and long-term performance records with the Funds in relation to comparable funds and appropriate benchmarks. The Board noted that the Board reviews on a quarterly basis detailed information about the Fund’s performance. The Board also reviewed various comparative data provided to them in connection with their consideration of the renewal of the Advisory and Subadvisory Agreements with respect to each of the Funds, including, among other information, each Fund’s performance compared to comparable funds and its benchmark index.
Advisor’s Costs and the Profits Realized Through Providing the Funds With Advisory Services--In considering the reasonableness of the advisory fees payable to the Advisor, the Board reviewed information provided by the Advisor setting forth all revenues and other benefits, both direct and indirect, received by the Advisor and its affiliates attributable to managing each of the Funds individually, the cost of providing such services and the resulting profitability to the Advisor and its affiliates from these relationships. The Trustees also took into account the Advisor’s agreement to limit the total annual expenses of each Fund to 1.0% of its net assets. The Trustees determined that the profitability of the Advisor was acceptable in relation to the nature and quality of services provided to the Funds.
Economies of Scale in Providing Services to the Funds and if These Economies are Shared With the Funds--The Board also considered the effect of the Funds’ growth and size on their performance and fees. The Board considered the fees under the Advisory and Subadvisory Agreements for each Fund and possible economies of scale that may be realized as the assets of the Funds grow. The Board also noted that if the Funds’ assets increase over time, the Advisor and Subadvisor may realize economies of scale. The Board concluded that none of the Funds was currently large enough to have realized economies of scale.
Comparison of the Fees and Performance of Comparable Funds--With respect to the Funds’ performance and fees, the Board considered comparisons to other mutual funds with comparable investment programs to be particularly useful, given the high degree of competition in the mutual fund business. The Board also received information concerning fees charged by the Advisor to other accounts but did not consider that information to be as relevant in light of the differences in services provided.
Other Considerations--The Board also requests and receives substantial and detailed information about the Funds, the Advisor and Subadvisor on a regular basis. The Advisor and Subadvisor provide much of this information at each regular meeting of the Board, and furnish additional reports in connection with the Board’s formal review of the Advisory and Subadvisory Agreements. The Board may also receive information between regular meetings relating to particular matters as the need arises. The Board’s evaluation of the Advisory and Subadvisory Agreements is informed by reports covering such matters as the Advisor’s investment philosophy, personnel, and processes; operating strategies; the Funds’ short- and long term performance (in absolute terms, both on a gross basis and net of expenses, as well as in relationship to its particular investment program and certain competitive funds and/or other benchmarks, as appropriate) and comments on reasons for performance; the Funds’ expenses (including the advisory fee itself and the overall expense structure of the Funds, both in absolute terms and relative to similar and/or competing funds, with due regard for contractual or voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Funds’ portfolio securities; the nature and extent of the advisory and other services provided to the Funds by the Advisor and Subadvisor and their affiliates; compliance and audit reports concerning the Funds (including communications from regulatory agencies), as well as the Advisor’s and the Subadvisors’ responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Funds and/or the Advisor and Subadvisor are responding to them. In the course of their deliberations regarding the Advisory and Subadvisory Agreements, the Board also evaluated, among other things, the Advisor’s ability to supervise each of the Fund’s other service providers and their compliance programs.
The Board based its decision to approve the Advisory and Subadvisory Agreements on the totality of the circumstances and relevant factors and with a view to past and future long-term considerations. Not all of the factors and considerations identified above are relevant to each of the Funds, nor does the Board consider any one of them to be determinative. With respect to the factors that are relevant, the Board’s decision to approve the Advisory and Subadvisory Agreements reflects its determination that the Advisor’s and the Subadvisor’s performance and actions provide an acceptable basis to support the decision to continue the existing arrangements.
While attention was given to all information furnished, the following discusses the primary factors relevant to the Board’s decisions. In each case, the Board concluded that the Fund’s performance was acceptable and that the Fund’s advisory and total fees were reasonable in light of the quality and nature of services provided by the Advisor and its affiliates.
Huntington VA Mortgage Securities Fund
Among other data considered, the Trustees noted that the Fund had performed generally in line with its benchmarks for the period from inception through December 31, 2004 and for the six months ended June 30, 2005. The Trustees also noted that the Fund’s combined advisory and administrative fee and its total expenses were above the medians for its peer group.
Huntington VA Growth Fund
Among other data considered, the Trustees noted that the Fund underperformed its benchmark and its peer group for the year ended December 31, 2004 and for the six months ended June 30, 2005. The Trustees also noted that the Fund’s combined advisory and administrative fee was below the median for its peer group, but that its total expenses were above the median. The Board requested that the Fund’s ongoing performance continue to be monitored closely.
Huntington VA Income Equity Fund
Among other data considered, the Trustees noted that the Fund outperformed its benchmark and its peer group for the year ended December 31, 2004. The Fund outperformed its benchmark but underperformed its peer group for the six months ended June 30, 2005. The Trustees noted that the Fund’s combined advisory and administration fee and its total expenses were higher than the medians of its peer group.
Huntington VA Rotating Markets Fund
Among other data considered, the Trustees noted that the Fund outperformed its benchmark and peer group for the year ended December 31, 2004. The Fund outperformed its benchmark but underperformed its peer group for the six months ended June 30, 2005. The Trustees noted that the Fund’s combined advisory and administration fee and its total expenses were higher than the medians of its peer group.
Huntington VA Dividend Capture Fund
Among other data considered, the Trustees noted that the Fund outperformed its benchmark for the year ended December 31, 2004 and for the six months ended June 30, 2005. The Trustees also noted that the Fund’s combined advisory and administration fee and its total expenses were below the medians for its peer group.
Huntington VA International Equity Fund
Among other data considered, the Trustees noted that the Fund underperformed its benchmark for the period from inception through December 31, 2004 and had outperformed its benchmark and its peer group for the six months ended June 30, 2005. The Trustees also noted that the Fund’s combined advisory and administration fee and its total expenses were below the medians of its peer group.
Huntington VA Macro 100 Fund
Among other data considered, the Trustees noted that the Fund outperformed its benchmark for the period from inception through December 31, 2004, but had underperformed its benchmark and its peer group for the six months ended June 30, 2005. The Trustees noted that the Fund’s combined advisory and administrative fee was below the median of its peer group but that its total expenses were above the median.
Huntington VA Mid Corp America Fund
Among other data considered, the Trustees noted that the Fund outperformed its benchmark and its peer group for the year ended December 31, 2004 and for the six months ended June 30, 2005. The Trustees also noted that the Fund’s combined advisory and administrative fee was below the median of its peer group but that its total expenses were above the median.
Huntington VA New Economy Fund
Among other data considered, the Trustees noted that the Fund outperformed its benchmark and its peer group for the year ended December 31, 2004 and for the six months ended June 30, 2005. The Trustees noted that the Fund’s combined advisory and administrative fee was below the median of its peer group, but that its total expenses were above the median.
Huntington VA Situs Small Cap Fund
Among other data considered, the Trustees noted that the Fund outperformed its benchmark for the period from inception through December 31, 2004 and outperformed its benchmark and its peer group for the six months ended June 30, 2005. The Trustees also noted that the Fund’s combined advisory and administrative fee and its total expenses were below the medians of its peer group.
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, as well as transactional costs. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire six-month period from July 1, 2005 to December 31, 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.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as withdrawal charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the separate accounts, variable annuity contracts or variable life insurance policies. Therefore, the “hypothetical” lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning | Ending | Expenses | Annualized | |||||
VA Dividend Capture Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,021.70 | $ 4.74 | 0.93% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.31 | $ 4.75 | 0.93% | ||||
VA Growth Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,029.00 | $ 4.86 | 0.95% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.21 | $ 4.85 | 0.95% | ||||
VA Income Equity Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,022.80 | $ 4.74 | 0.93% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.31 | $ 4.75 | 0.93% | ||||
VA International Equity Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,157.30 | $ 5.44 | 1.00% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,019.96 | $ 5.10 | 1.00% | ||||
VA Macro 100 Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,099.80 | $ 5.29 | 1.00% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,019.96 | $ 5.10 | 1.00% | ||||
VA Mid Corp America Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,075.40 | $ 4.97 | 0.95% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.21 | $ 4.85 | 0.95% | ||||
VA New Economy Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,095.80 | $ 5.28 | 1.00% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,019.96 | $ 5.10 | 1.00% | ||||
VA Rotating Markets Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,105.90 | $ 5.31 | 1.00% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,019.96 | $5.10 | 1.00% | ||||
VA Situs Small Cap Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,105.30 | $ 5.25 | 0.99% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.01 | $ 5.05 | 0.99% | ||||
VA Mortgage Securities Fund |
|
|
|
| ||||
Actual | $ 1,000.00 | $ 1,003.00 | $ 5.05 | 1.00% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,019.96 | $ 5.10 | 1.00% |
(1) Hypothetical assumes 5% annual return before expenses.
(2) Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (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, without such reimbursements.
Variable investment options are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by 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 and The Bank of New York is Sub-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. (a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's Principal Executive Officer and Principal Financial Officer. (c) Not Applicable (d) Not Applicable (e) Not Applicable (f) The registrant has included a copy of the code of ethics that applies to its Principal Executive Officer and Principal Financial Officer as an exhibit hereto. Item 3. Audit Committee Financial Expert. The registrant's Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. The audit committee's financial expert is John M. Shary, who is "independent" for purposes of this Item 3 of Form N-CSR. Item 4. Principal Accountant Fees and Services. a) Audit Fees billed to the registrant by its principal accountants for the two most recent fiscal years: Fiscal year ended 2005: $9,961 Fiscal year ended 2004*: $9,502 (b) Audit-Related Fees billed to the registrant by its principal accountants for the two most recent fiscal years: Fiscal year ended 2005: $0 Fiscal year ended 2004*: $0 Amount requiring approval of the registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0, respectively. (c) Tax Fees billed to the registrant by its principal accountants for the two most recent fiscal years: Fiscal year ended 2005: $2,250 Fiscal year ended 2004*: $2,139 Fees for both years related to the review of the registrant's tax returns. Amount requiring approval of the registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively. (d) All other fees billed to the registrant by its principal accountants for the two most recent fiscal years: Fiscal year ended 2005: $0 Fiscal year ended 2004*: $0 Amount requiring approval of the registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0, respectively. Total: Fiscal year ended 2005: $12,211 Fiscal year ended 2004: $11,641 * KPMG LLP ("KPMG") served as the registrant's principal accountant for the period January 1, 2004 to March 2, 2004. The registrant changed principal accountants effective March 2, 2004. Ernst and Young ("E&Y") served as the registrant's principal accountant for the period March 2, 2004 to December 31, 2004. (e)(1) Audit Committee Policies regarding pre-approval of services. HUNTINGTON FUNDS HUNTINGTON VA FUNDS Audit and Non-Audit Services Pre-Approval Policies and Procedures I. Purpose Under the Sarbanes-Oxley Act of 2002 (the "Act"), the Audit Committee of the Board of Trustees of the Huntington Funds and the Huntington VA Funds (the "Funds") is responsible for the appointment, compensation and oversight of the work of the Funds' independent auditor. As part of this responsibility, the Audit Committee is required to grant approval for audit and non-audit services performed by the independent auditor for the Funds in order assure that they do not impair the auditor's independence from the Funds. In addition, the Audit Committee also must pre-approve its independent auditor's engagement for non-audit services with the Fund's investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Funds, if the engagement relates directly to the operations and/or financial reporting of the Funds. To implement these provisions of the Act, the Securities and Exchange Commission (the "SEC") has issued rules specifying the types of services that the Funds' independent auditor may not provide to the Funds, as well as the Audit Committee's administration of the engagement of the independent auditor. Under these rules, the SEC has provided that a permissible approval of audit and non-audit services can take the form of either (i) a general pre-approval, or (ii) a specific pre-approval (where a specific type of service is authorized, generally subject to a fee maximum). General pre-approvals are authorized by SEC rules only subject to detailed policies and procedures. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent auditor. Accordingly, the Audit Committee has adopted these Audit and Non-Audit Services Pre-Approval Policies and Procedures, which set forth the procedures and the conditions pursuant to which services for the Funds may be performed by the independent auditor under pre-approvals. II. General Pre-Approval Policies It is the policy of the Audit Committee that audit and non-audit services to be performed by the Funds' independent auditor be pre-approved only when in the best interests of the Funds' shareholders and fully consistent with applicable law and, particularly, the maintenance of the auditor's independence. In granting any pre-approval, consideration shall be given to: 1. the qualifications of the auditor to perform the services involved; 2. the proposed costs (which may be presented as an estimate or based on professional time charges subject to a ceiling) of the services and the reasonableness thereof; 3. the permissibility of the services under applicable rules and guidance of the SEC; 4. the effect, if any, of the performance of the proposed services on the auditor's independence; 5. the effect of the compensation for the proposed services on the auditor's independence; and 6. the effect, if any, of the proposed services on the Funds' ability to manage or control risk or to improve audit quality. In accordance with SEC rules, non-audit services performed by the Funds' independent auditor may not include the following: 1. Bookkeeping or other services related to the accounting records or financial statements of the audit client; 2. Financial information systems design and implementation; 3. Appraisal or valuation services, fairness opinions or contribution-in-kind reports; 4. Actuarial services; 5. Internal audit outsourcing services; 6. Management functions or human resources; 7. Broker-dealer, investment adviser or investment banking services; and 8. Legal services and expert services unrelated to the audit. III. Procedures for Pre-Approval by the Audit Committee 1. Requests for pre-approval shall be in writing and may be made by either the independent auditors or by management of the Funds. 2. All requests for pre-approval shall be made to the full Audit Committee at regularly scheduled meetings thereof (or at a special meeting of the Audit Committee set to coincide with regular meetings of the Funds' Board of Trustees) whenever practicable. 3. Under normal circumstances, requests for pre-approval should be presented at least 7 days prior (and in no event later than 48 hours prior) to the proposed commencement of the engagement. 4. If consideration of a request for pre-approval on the dates identified in Section III(2) would not be timely, the requesting party shall notify the Chairman of the Audit Committee. The Chairman of the Audit Committee shall then determine whether to schedule a special meeting of the Audit Committee (which may be conducted telephonically) on an alternative date or whether the request may appropriately be presented to a delegate of the Audit Committee under procedures set forth in Section IV below. 5. Requests for pre-approval may include, but are not limited to, the following services: a. audit engagement, particularly for interim periods; b. tax compliance, tax planning, and tax advice; c. review and consents with respect to use of reports in post-effective amendments to the registration statements of the Funds; d. review of IRS shareholder materials; e. review and validation of fund procedures (e.g., valuation, interfund lending, etc.), and f. market research and strategic insights. 6. Requests for pre-approval should identify the nature of the services to be provided in a manner sufficiently specific to allow evaluation of the considerations identified above in Section II. 7. Requests for pre-approval must include an assessment by the independent auditor of their independence should the request be granted and the proposed services rendered. 8. The Audit Committee's action on a request for pre-approval shall be recorded in the Audit Committee's minutes. 9. The Audit Committee's action on a request for pre-approval shall be communicated in writing to the independent auditor and, under normal circumstances, a copy of this communication shall be provided to the Funds' management. 10. The Audit Committee's action on a request for pre-approval shall be reported to the full Board of Trustees. 11. Pre-approvals will be granted for a period of no more than one year. IV. Procedures for Pre-Approval by a Delegate of the Audit Committee 1. Where it has been determined by the Chairman of the Audit Committee that consideration of a request for pre-approval by the full Audit Committee would not be timely, the Chairman may determine that the request be presented to a member(s) of the Audit Committee appointed by the Audit Committee as its delegate (the "Delegate") for this purpose. (As of the date of the adoption of these guidelines and procedures, William R. Wise has been so appointed, and such appointment may be revoked or modified by the Audit Committee at any time.) 2. Requests for pre-approval shall be in writing and may be made by either the independent auditors or by management of the Funds. 3. Under normal circumstances, requests for pre-approval should be presented at least 7 days prior (and in no event later than 48 hours prior) to the proposed commencement of the engagement. 4. Requests for pre-approval may include, but are not limited to, the following services: a. audit engagement, particularly for interim periods; b. tax compliance, tax planning, and tax advice; c. review and consents with respect to use of reports in post-effective amendments to the registration statements of the Funds; d. review of IRS shareholder materials; e. review and validation of fund procedures (e.g., valuation, interfund lending, etc.); and f. market research and strategic insights. 5. Requests for pre-approval should identify the nature of the services to be provided in a manner sufficiently specific to allow evaluation of the considerations identified above in Section II. 6. Requests for pre-approval must include an assessment by the independent auditor of their independence should the request be granted and the proposed services rendered. 7. The Delegate's action on a request for pre-approval shall be communicated in writing to the independent auditor, with a copy to each other member of the Audit Committee and, under normal circumstances, to the Funds' management. 8. Pre-approvals by the Delegate shall be reviewed by the Audit Committee at a meeting held no later than the next scheduled meeting of the Board of Trustees or the Audit Committee, whichever occurs sooner. An earlier review shall be conducted upon the written request of one or more Audit Committee members addressed to the Chairman of the Audit Committee. 9. Pre-approvals by the Delegate may be modified or revoked by the Audit Committee, but will not absolve the Funds' of their responsibility to compensate the independent auditor for services rendered prior to such modification or revocation. 10. The results of the Audit Committee's review of the Delegate's action on a request for pre-approval shall be recorded in the Audit Committee's minutes and reported to the full Board of Trustees. 11. Pre-approvals will be granted by the Delegate for a period of no more than one year. V. Procedures for Monitoring Engagements Authorized Under Pre-Approval Procedures The independent auditor shall inform the Audit Committee in writing upon the commencement of services rendered under a pre-approval. The independent auditor shall thereafter provide the Audit Committee with written quarterly progress reports within one month of the close of each calendar quarter detailing the work done and fees and other charges incurred during said calendar quarter. Should fees and expenses exceed those specified in a pre-approval (or appear likely to do so prior to completion of the work), the independent auditor or management shall so apprise the Audit Committee and an additional express approval or pre-approval must be obtained. VI. Amendment These Policies and Procedures may be amended or revoked at any time by the Audit Committee and shall be reviewed at least annually in conjunction with review of the Audit Committee Charter. (e)(2) Percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the Audit Committee pursuant to paragraph (C)(7)(i)(C) of Rule 2-01 of Regulation S-X. 4(b) Fiscal year ended 2005- 0% Fiscal year ended 2004- 0% Percentage of services provided to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant's Audit Committee pursuant to paragraph (C) (7) (i) (C) of Rule 2-01 of Regulation S-X, 0% and 0%, respectively. 4(c) Fiscal year ended 2005- 0% Fiscal year ended 2004- 0% Percentage of services provided to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant's Audit Committee pursuant to paragraph (C) (7) (i) (C) of Rule 2-01 of Regulation S-X, 0% and 0%, respectively. 4(d) Fiscal year ended 2005- 0% Fiscal year ended 2004- 0% Percentage of services provided to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant's Audit Committee pursuant to paragraph (C) (7) (i) (C) of Rule 2-01 of Regulation S-X, 0% and 0%, respectively. (f) Not applicable. (g) The aggregate non-audit fees billed by KPMG for the period January 1, 2004 to March 2, 2004 and by E&Y for services rendered to the registrant, the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser for the period March 2, 2004 to December 31, 2004 were $0 and $19,219, respectively. The aggregate non-audit fees billed by E&Y for services rendered to the registrant, the registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser and service affiliates for the fiscal year ended December 31, 2005 was $11,775. (h) The registrant's Audit Committee has considered that the provision of non-audit services that were rendered to the registrant's adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (C)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. Item 5. Audit Committee of Listed Registrants. Not applicable. Item 6. Schedule of Investments. Not applicable. Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable. Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable. Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. Not applicable. Item 10. Submission of Matters to a Vote of Security Holders. Not applicable. Item 11. Controls and Procedures. (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) The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto. (a)(2) Certifications pursuant to Rule 30a-2(a) 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 March 7, 2006 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By /s/Charles L. Davis, Jr. ---------------------------------------------------------------------- Charles L. Davis, Jr., Chief Executive Officer and Principal Executive Officer Date March 7, 2006 By /s/Christopher E. Sabato ------------------------------------------------------------------------ Christopher E. Sabato, Treasurer and Principal Financial Officer Date March 6, 2006