UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-09481 HUNTINGTON VA FUNDS (Exact name of registrant as specified in charter) 5800 Corporate Drive Pittsburgh, Pennsylvania 15237-7010 (Address of principal executive offices) (Zip code) Ronald J. Corn, Esq. The Huntington National Bank 41 South High Street Columbus, Ohio 43287 (Name and address of agent for service) Copies to: David C. Mahaffey, Esq. Sullivan & Worcester 1666 K Street, N.W. Washington, DC 20006 Registrant's telephone number, including area code: 1-800-253-0412 Date of fiscal year end: December 31 Date of reporting period: June 30, 2006 ITEM 1. REPORTS TO STOCKHOLDERS.
[Logo of Huntington Funds]
Semi-Annual
Shareholder
Report
Equity Funds
Huntington VA Dividend Capture Fund
Huntington VA Growth Fund
Huntington VA Income Equity Fund
Huntington VA International Equity Fund
Huntington VA Macro 100 Fund
Huntington VA Mid Corp America Fund
Huntington VA New Economy Fund
Huntington VA Rotating Markets Fund
Huntington VA Situs Small Cap Fund
Income Funds
Huntington VA Mortgage Securities Fund
JUNE 30, 2006
Huntington VA Dividend Capture Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2006
Asset Allocation | Percentage of | |
---|---|---|
Common Stock (includes 9.9% Real Estate Investment Trusts) | 52.6% | |
Preferred Stock (includes 2.1% Real Estate Investment Trusts) | 43.1% | |
Other Investments (Collateral for Securities Lending) | 7.3% | |
Exchange Traded Funds | 3.0% | |
Cash1 | 0.3% | |
Liabilities in Excess of Other Assets | (6.3)% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2006, 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 (Unaudited)
June 30, 2006
Shares |
| Value | ||
---|---|---|---|---|
COMMON STOCKS -- 52.6% | ||||
Consumer Discretionary -- 3.0% | ||||
3,500 | Black & Decker Corp. (c) | $ 295,610 | ||
4,000 | Sherwin-Williams Co. | 189,920 | ||
33,000 | Time Warner, Inc. | 570,900 | ||
10,500 | Waste Management, Inc. | 376,740 | ||
|
| 1,433,170 | ||
| Consumer Staples -- 1.1% | |||
7,500 | Molson Coors Brewing Co. | 509,100 | ||
| Energy -- 3.4% | |||
4,000 | ChevronTexaco Corp. | 248,240 | ||
11,000 | ConocoPhillips | 720,830 | ||
6,500 | Occidental Petroleum Corp. | 666,575 | ||
|
| 1,635,645 | ||
| Financials -- 15.5% | |||
15,000 | American Capital Strategies Ltd. (c) | 502,200 | ||
4,000 | Chubb Corp. | 199,600 | ||
9,000 | Hartford Financial Services Group, Inc. | 761,400 | ||
10,000 | KeyCorp | 356,800 | ||
12,000 | Lincoln National Corp. (c) | 677,280 | ||
10,000 | Morgan Stanley Dean Witter & Co. | 632,100 | ||
6,000 | PNC Bank Corp. | 421,020 | ||
17,000 | Protective Life Corp. | 792,540 | ||
6,000 | Safeco Corp. | 338,100 | ||
14,500 | State Street Corp. | 842,305 | ||
16,000 | Wachovia Corp. (c) | 865,280 | ||
20,000 | Washington Mutual, Inc. (c) | 911,600 | ||
|
| 7,300,225 | ||
| Health Care -- 3.8% | |||
5,500 | Eli Lilly & Co. | 303,985 | ||
31,000 | PerkinElmer, Inc. | 647,900 | ||
16,500 | Pfizer, Inc. | 387,255 | ||
10,500 | Wyeth | 466,305 | ||
| 1,805,445 | |||
Industrials -- 5.6% | ||||
7,500 | Deere & Co. (c) | $ 626,175 | ||
4,000 | Eaton Corp. | 301,600 | ||
19,500 | Energy Transfer Partners LP | 870,675 | ||
8,000 | Norfolk Southern Corp. | 425,760 | ||
10,000 | Raytheon Co. | 445,700 | ||
|
| 2,669,910 | ||
| Materials -- 3.2% | |||
9,000 | Freeport-McMoran Copper & Gold, Inc., Class B | 498,690 | ||
6,000 | Inco Ltd. | 395,400 | ||
11,000 | Louisiana-Pacific Corp. | 240,900 | ||
15,000 | Newell Rubbermaid, Inc. | 387,450 | ||
|
| 1,522,440 | ||
| Real Estate Investment Trusts -- 9.9% | |||
4,000 | Alexandria Real Estate Equities, Inc. | 354,720 | ||
25,000 | Cedar Shopping Centers, Inc. | 368,000 | ||
6,000 | Colonial Properties Trust | 296,400 | ||
10,000 | Entertainment Properties Trust | 430,500 | ||
12,500 | Equity One, Inc. | 261,250 | ||
11,000 | First Industrial Realty Trust, Inc. | 417,340 | ||
6,000 | Hospitality Properties Trust | 263,520 | ||
17,000 | LTC Properties, Inc. | 379,950 | ||
6,000 | Mack-Cali Realty Corp. | 275,520 | ||
8,000 | Mid-America Apartment Communities, Inc. | 446,000 | ||
25,000 | National Retail Properties, Inc. | 498,750 | ||
8,000 | New Plan Excel Realty Trust | 197,520 | ||
12,000 | Senior Housing Properties Trust | 214,920 | ||
21,000 | Windrose Medical Properties Trust | 306,600 | ||
|
| 4,710,990 | ||
| Technology -- 2.8% | |||
2,000 | Microsoft Corp. | 46,600 | ||
18,000 | Motorola, Inc. | 362,700 | ||
20,000 | Sabre Holdings Corp. | 440,000 | ||
53,559 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | $ 491,676 | ||
|
| 1,340,976 | ||
| Telecommunications -- 2.7% | |||
6,500 | Alltel Corp. | 414,895 | ||
24,500 | AT&T, Inc. (c) | 683,305 | ||
6,000 | Verizon Communications, Inc. | 200,940 | ||
|
| 1,299,140 | ||
| Utilities -- 1.6% | |||
21,500 | American Electric Power Co., Inc. | 736,375 | ||
| Total Common Stocks | 24,963,416 | ||
PREFERRED STOCKS -- 43.1% | ||||
Consumer Discretionary -- 2.9% | ||||
35,000 | ING Groep NV, 6.125% | 797,650 | ||
13,000 | Prudential PLC, 6.500% | 314,470 | ||
10,000 | The Walt Disney Co., 7.000% | 250,200 | ||
|
| 1,362,320 | ||
| Financials -- 28.6% | |||
45,000 | ABN Amro Capital Funding Trust V, 5.900% | 979,200 | ||
23,400 | Ace Ltd., Series C, 7.800% | 604,890 | ||
19,900 | AMBAC Financial Group, 7.000% | 496,107 | ||
24,000 | ASBC Capital I, 7.625% | 609,120 | ||
28,000 | CitiGroup Capital Trust VIII, 6.950% | 690,480 | ||
11,700 | Comerica Capital Trust I, 7.600% | 292,617 | ||
32,000 | Compass Capital, 7.350% | 793,600 | ||
27,600 | Everest Re Capital Trust, 7.850% | 699,660 | ||
15,000 | Fleet Capital Trust VII, 7.200% | 374,250 | ||
6,900 | Fleet Capital Trust VIII, 7.200% | 174,294 | ||
26,000 | HSBC Holdings PLC, Series A, 6.200% | 604,240 | ||
20,000 | JPMorgan Chase & Co., Series X, 7.000% | 497,000 | ||
15,500 | Lehman Brothers Holdings, Inc., 6.500% | 388,895 | ||
10,000 | Lincoln National Capital V, Series E, 7.650% | 250,500 | ||
18,000 | Merrill Lynch Capital Trust V, 7.280% (b) | 457,200 | ||
10,000 | Metlife, Inc., Series B, 6.500% | 246,300 | ||
13,000 | Morgan Stanley Capital Trust II, 7.250% | 328,120 | ||
16,000 | National Commerce Capital Trust II, 7.700% | 403,200 | ||
18,000 | Partnerre Capital Trust I, 7.900% | 452,700 | ||
12,400 | PLC Capital Trust, 7.250% | 305,288 | ||
1,900 | Provident Financial Group, Inc., 8.375% | 49,780 | ||
| Financials -- (continued) | |||
17,300 | Renaissance Re Holdings Ltd., Series B, 7.300% | $ 423,850 | ||
45,000 | Royal Bank of Scotland, Series N, 6.350% | 1,064,250 | ||
33,200 | SLM Corp., 6.000% | 719,776 | ||
13,900 | St. Paul Capital Trust, 7.600% | 352,226 | ||
5,000 | Suntrust Capital IV, 7.125% | 123,650 | ||
23,000 | The Bank of New York, Inc. Capital V, 7.800% | 519,340 | ||
1,300 | Torchmark Capital Trust I, 7.750% | 33,007 | ||
27,000 | Wells Fargo Capital Trust II, 7.000% | 670,410 | ||
|
| 13,603,950 | ||
| Industrials -- 1.6% | |||
32,000 | General Electric Capital Corp., 6.100% | 756,800 | ||
Real Estate Investment Trusts -- 2.1% | ||||
1,400 | Equity Residential Properties, Series D, 8.600% | 35,672 | ||
2,000 | Prologis Trust, Series F, 6.750% | 47,060 | ||
25,400 | Public Storage, Series F, 6.45% | 570,230 | ||
13,000 | Public Storage, Series R, 8.000% | 326,300 | ||
|
| 979,262 | ||
| Telecommunications -- 1.3% | |||
25,400 | AT&T, Inc., 7.000% | 623,316 | ||
| Utilities -- 6.6% | |||
44,700 | BGE Capital Trust II, 6.200% | 1,003,515 | ||
20,000 | Consolidated Edison Co., Inc., 7.500% | 500,200 | ||
3,000 | Dominion CNG Capital Trust I, 7.800% | 76,080 | ||
21,400 | Entergy LA, Inc., 7.600% | 535,000 | ||
40,000 | Georgia Power Capital, 7.125% | 1,002,000 | ||
|
| 3,116,795 | ||
| Total Preferred Stocks | 20,442,443 | ||
MUTUAL FUNDS -- 3.0% | ||||
| Exchange Traded Funds -- 3.0% | |||
16,500 | AMEX Technology SPDR | 335,445 | ||
8,500 | S&P 500 Depositary Receipt | 1,080,435 | ||
| Total Mutual Funds (Cost $1,227,729) | 1,415,880 | ||
Cash Equivalent -- 0.3% | ||||
136,099 | Huntington Money Market Fund, Interfund Shares* 4.51% (d) | 136,099 | ||
| Total Cash Equivalent | 136,099 | ||
Shares or |
| Value | ||
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING -- 7.3% | ||||
| Mutual Funds -- 5.8% | |||
2,700,628 | Institutional Money Market Trust Fund 5.13% (d) | $ 2,700,628 | ||
|
| 2,700,628 | ||
| Time Deposits -- 1.8% | |||
$ 238,617 | Barclays Bank PLC, 5.280%, 7/3/06 | 238,617 | ||
477,234 | KBC Bank, 5.281%, 7/3/06 | 477,234 | ||
|
| 715,850 | ||
| Total Short-Term Securities Held as Collateral for Securities Lending | 3,416,478 | ||
| Total Investments | 50,374,316 | ||
| Liabilities in Excess of | (2,933,439) | ||
| Net Assets -- 100.0% | $ 47,440,877 | ||
Huntington VA Growth Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2006
Asset Allocation | Percentage of | |
Other Investments (Collateral for Securities Lending) | 28.1% | |
Technology | 23.4% | |
Health Care | 20.6% | |
Consumer Staples | 15.3% | |
Industrials | 13.9% | |
Energy | 13.0% | |
Consumer Discretionary | 4.8% | |
Exchange Traded Funds | 2.9% | |
Financials | 2.6% | |
Materials | 1.7% | |
Cash1 | 1.6% | |
Telecommunications | 0.3% | |
Liabilities in Excess of Other Assets | (28.2)% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2006, 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 (Unaudited)
June 30, 2006
Shares |
| Value | ||
---|---|---|---|---|
COMMON STOCKS -- 95.6% | ||||
Consumer Discretionary -- 4.8% | ||||
4,219 | CBS Corp., Class B (c) | $ 114,124 | ||
520 | Discovery Holdings Co., Class A (b) | 7,608 | ||
500 | Ebay, Inc. (b) (c) | 14,645 | ||
10,278 | Home Depot, Inc. | 367,849 | ||
2,339 | Kohl's Corp. (b) | 138,282 | ||
7,677 | Time Warner, Inc. | 132,812 | ||
4,219 | Viacom, Inc., Class B (b) | 151,209 | ||
| 926,529 | |||
Consumer Staples -- 15.3% | ||||
4,248 | Colgate-Palmolive Co. | 254,455 | ||
13,510 | PepsiCo, Inc. (c) | 811,140 | ||
11,688 | Procter & Gamble Co. (c) | 649,853 | ||
10,675 | Sysco Corp. (c) | 326,228 | ||
3,441 | Wal-Mart Stores, Inc. (c) | 165,753 | ||
10,670 | Walgreen Co. (c) | 478,443 | ||
5,290 | WM Wrigley Jr. Co. | 239,954 | ||
1,322 | WM Wrigley Jr. Co. Class B | 59,887 | ||
| 2,985,713 | |||
Energy -- 13.0% | ||||
12,434 | Anadarko Petroleum Corp. | 592,977 | ||
5,000 | Exxon Mobil Corp. | 306,750 | ||
3,500 | Kinder Morgan, Inc. | 349,615 | ||
5,000 | Occidental Petroleum Corp. | 512,750 | ||
2,000 | Peabody Energy Corp. | 111,500 | ||
10,000 | Schlumberger, Ltd. (c) | 651,101 | ||
| 2,524,693 | |||
Financials -- 2.6% | ||||
2,591 | American Express Co. | $ 137,893 | ||
2,800 | Lehman Brothers Holdings, Inc. | 182,420 | ||
4,237 | St. Paul Cos., Inc. | 188,885 | ||
| 509,198 | |||
Health Care -- 20.6% | ||||
6,891 | Abbott Laboratories | 300,517 | ||
8,800 | Amgen, Inc. (b) | 574,023 | ||
6,100 | Baxter International, Inc. | 224,236 | ||
2,700 | Dentsply International, Inc. | 163,620 | ||
6,200 | Gilead Sciences, Inc. (b) (c) | 366,791 | ||
269 | Hospira, Inc. (b) | 11,551 | ||
2,290 | IMS Health, Inc. | 61,487 | ||
7,000 | Invacare Corp. | 174,160 | ||
4,277 | Johnson & Johnson | 256,278 | ||
1,968 | Medco Health Solutions, Inc. (b) (c) | 112,727 | ||
2,015 | Medtronic, Inc. | 94,544 | ||
2,648 | Millipore Corp. (b) (c) | 166,798 | ||
13,122 | Pfizer, Inc. | 307,973 | ||
4,000 | Roche Holdings Ltd. AG ADR | 329,959 | ||
12,363 | Schering-Plough Corp. | 235,268 | ||
6,530 | Stryker Corp. | 274,978 | ||
5,465 | Wyeth | 242,701 | ||
2,000 | Zimmer Holdings, Inc. (b) (c) | 113,440 | ||
| 4,011,051 | |||
Shares | Value | |||
Industrials -- 13.9% | ||||
4,000 | Caterpillar, Inc. | $ 297,920 | ||
10,200 | Cintas Corp. | 405,552 | ||
26,975 | General Electric Co. | 889,096 | ||
1,000 | Emerson Electric Co. | 83,810 | ||
17,612 | Illinois Tool Works, Inc. (c) | 836,570 | ||
1,500 | Lockheed Martin Corp. | 107,610 | ||
1,000 | Textron, Inc. (c) | 92,180 | ||
| 2,712,738 | |||
Materials -- 1.7% | ||||
8,029 | Ecolab, Inc. | 325,817 | ||
Technology -- 23.4% | ||||
7,500 | Advanced Micro Devices, Inc. (b) | 183,150 | ||
7,684 | Analog Devices, Inc. | 246,964 | ||
663 | Applied Materials, Inc. | 10,794 | ||
6,887 | Automatic Data Processing, Inc. | 312,325 | ||
6,900 | Broadcom Corp. (b) (c) | 207,345 | ||
14,594 | Cisco Systems, Inc. (b) | 285,021 | ||
10,000 | Computer Sciences Corp. (b) | 484,400 | ||
8,698 | Dell, Inc. (b) (c) | 212,318 | ||
8,340 | EMC Corp. (b) | 91,490 | ||
6,712 | Hewlett Packard Co. (c) | 212,636 | ||
17,764 | Intel Corp. | 336,628 | ||
2,999 | International Business Machines Corp. (c) | 230,383 | ||
7,500 | Iron Mountain, Inc. (b) (c) | 280,350 | ||
29,508 | Microsoft Corp. | 687,537 | ||
6,100 | Molex, Inc. | 204,777 | ||
342 | Network Appliance, Inc. (b) (c) | 12,073 | ||
14,980 | Oracle Corp. (b) | 217,060 | ||
6,930 | Qualcomm, Inc. (c) | 277,685 | ||
2,201 | Solectron Corp. (b) | 7,527 | ||
1,493 | Texas Instruments, Inc. | 45,223 | ||
| 4,545,686 | |||
Telecommunications -- 0.3% | ||||
2,308 | Vodafone Group PLC. | 49,160 | ||
Utilities -- 0.0% | ||||
187 | Duke Energy Corp. (c) | 5,492 | ||
Total Common Stocks | 18,596,077 | |||
MUTUAL FUNDS -- 2.9% | ||||
Exchange Traded Funds -- 2.9% | ||||
8,000 | iShares S&P 500/Barra Growth Index Fund | 468,000 | ||
2,675 | NASDAQ 100 Index Fund | 103,683 | ||
Total Mutual Funds | 571,683 | |||
Shares or Principal Amount |
| Value | ||
CASH EQUIVALENT -- 1.6% | ||||
316,617 | Huntington Money Market Fund, Interfund Shares* 4.51% (d) | $ 316,617 | ||
Total Cash Equivalent | 316,617 | |||
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING -- 28.1% | ||||
Mutual Funds -- 20.5% | ||||
3,991,396 | Institutional Money Market Trust Fund 5.13% (d) | 3,991,396 | ||
| 3,991,396 | |||
Time Deposits -- 5.6% | ||||
$ 352,664 | Barclay Bank PLC, 5.280%, 7/3/06 | 352,664 | ||
739,613 | KBC Bank, 5.281%, 7/3/06 | 739,613 | ||
| 1,092,277 | |||
Variable Rate Obligations -- 6.1% | ||||
395,835 | Morgan Stanley & Co., 5.372%, 7/3/06 | 395,835 | ||
| 395,835 | |||
Total Short-Term Securities Held as Collateral for Securities Lending | 5,479,508 | |||
Total Investments | 24,963,885 | |||
Liabilities in Excess of | (5,490,737) | |||
Net Assets -- 100.0% | $ 19,473,148 | |||
Huntington VA Income Equity Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2006
Asset Allocation | Percentage of | |
Financials | 35.7% | |
Other Investments (Collateral for Securities Lending) | 15.8% | |
Energy | 15.6% | |
Industrials | 10.6% | |
Health Care | 7.7% | |
Materials | 7.6% | |
Telecommunications | 7.2% | |
Technology | 6.5% | |
Consumer Discretionary | 6.2% | |
Consumer Staples | 2.7% | |
Utilities | 1.3% | |
Cash1 | 0.1% | |
Liabilities in Excess of Other Assets | (17.0)% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2006, 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 (Unaudited)
June 30, 2006
Shares |
| Value | ||
---|---|---|---|---|
COMMON STOCKS -- 101.1% | ||||
Consumer Discretionary -- 6.2% | ||||
28,600 | CBS Corp., Class B (c) | $ 773,630 | ||
200 | Fortune Brands, Inc. | 14,202 | ||
8,900 | Genuine Parts Co. | 370,774 | ||
11,100 | Pearson PLC ADR | 151,515 | ||
9,800 | Thompson Corp. | 377,496 | ||
8,100 | V.F. Corp. | 550,152 | ||
| 2,237,769 | |||
Consumer Staples -- 2.7% | ||||
10,100 | Anheuser Busch Cos., Inc. | 460,459 | ||
7,300 | Molson Coors Brewing Co., Class B | 495,524 | ||
| 955,983 | |||
Energy -- 15.6% | ||||
3,100 | Ameren Corp. | 156,550 | ||
5,700 | Apache Corp. | 389,025 | ||
20,700 | AU Optronics Corp. ADR | 294,768 | ||
19,800 | Chevron Corp. | 1,228,788 | ||
22,600 | ConocoPhillips | 1,480,978 | ||
7,400 | Kinder Morgan Energy Partners LP | 340,104 | ||
12,800 | Occidental Petroleum Corp. | 1,312,640 | ||
8,900 | Progress Energy, Inc. | 381,543 | ||
| 5,584,396 | |||
Financials -- 35.7% | ||||
800 | AmSouth Bancorporation | 21,160 | ||
29,700 | Bank of America Corp. | 1,428,570 | ||
21,500 | BB&T Corp. | $ 894,185 | ||
29,700 | CitiGroup, Inc. | 1,432,728 | ||
16,500 | Comerica, Inc. | 857,835 | ||
27,700 | JPMorgan Chase & Co. | 1,163,400 | ||
18,900 | Lincoln National Corp. (c) | 1,066,716 | ||
36,100 | National City Corp. | 1,306,459 | ||
31,700 | Regions Financial Corp. | 1,049,904 | ||
10,200 | SunTrust Banks, Inc. | 777,852 | ||
19,300 | Unitrin, Inc. | 841,287 | ||
13,700 | Wachovia Corp. (c) | 740,896 | ||
27,000 | Washington Mutual, Inc. (c) | 1,230,660 | ||
| 12,811,652 | |||
Health Care -- 7.7% | ||||
32,500 | Bristol-Myers Squibb Co. (c) | 840,450 | ||
6,200 | Eli Lilly & Co. | 342,674 | ||
5,800 | GlaxoSmithKline PLC ADR | 323,640 | ||
25,900 | Merck & Co., Inc. | 943,537 | ||
7,200 | Wyeth | 319,752 | ||
| 2,770,053 | |||
Industrials -- 10.6% | ||||
21,700 | General Electric Co. | 715,232 | ||
26,300 | Masco Corp. | 779,532 | ||
18,000 | Pitney Bowes, Inc. | 743,400 | ||
24,200 | R.R. Donnelley & Sons Co. | 773,190 | ||
28,500 | Tyco International, Ltd. | 783,750 | ||
| 3,795,104 | |||
| 2,723,760 | |||
Shares | Value | |||
Materials -- 7.6% | ||||
39,200 | Boston Scientific Corp. (b) | $ 660,128 | ||
8,900 | Du Pont (E.I.) de Nemours & Co. (c) | 370,240 | ||
5,600 | POSCO ADR | 374,640 | ||
9,100 | PPG Industries, Inc. | 600,600 | ||
18,400 | The Dow Chemical Co. | 718,152 | ||
| 2,723,760 | |||
Technology -- 6.5% | ||||
6,000 | Automatic Data Processing, Inc. | 272,100 | ||
6,300 | First Data Corp. (c) | 283,752 | ||
13,600 | Intel Corp. | 257,720 | ||
11,700 | Microsoft Corp. | 272,610 | ||
13,600 | Motorola, Inc. | 274,040 | ||
27,000 | Nokia Corp. | 547,020 | ||
13,900 | Texas Instruments, Inc. | 421,031 | ||
| 2,328,273 | |||
Telecommunications -- 7.2% | ||||
20,600 | Alltel Corp. | 1,314,898 | ||
6,900 | AT&T, Inc. (c) | 192,441 | ||
25,500 | Avaya, Inc. (b) | 291,210 | ||
24,500 | Sprint Corp. | 489,755 | ||
9,300 | Verizon Communications, Inc. | 311,457 | ||
| 2,599,761 | |||
Utilities -- 1.3% | ||||
10,600 | Consolidated Edison, Inc. | 471,064 | ||
Total Common Stocks | 36,277,815 | |||
Shares or Principal Amount |
| Value | ||
CASH EQUIVALENT -- 0.1% | ||||
47,525 | Huntington Money Market Fund, Interfund Shares* 4.51% (d) | $ 47,525 | ||
Total Cash Equivalent | 47,525 | |||
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING -- 15.8% | ||||
Mutual Funds -- 10.8% | ||||
3,883,761 | Institutional Money Market Trust Fund 5.13% (d) | 3,883,761 | ||
| 3,883,761 | |||
Variable Rate Obligations -- 2.2% | ||||
$ 780,623 | Greenwich Capital Holdings, 5.31% 11/30/06 | 780,623 | ||
| 780,623 | |||
Time Deposits -- 2.8% | ||||
683,038 | KBC Bank, 5.281%, 7/3/06 | 683,038 | ||
309,344 | Barclays Bank PLC, 5.280%, 7/3/06 | 309,344 | ||
| 992,382 | |||
Total Short-Term Securities Held as Collateral for Securities Lending (Cost $5,656,766) | 5,656,766 | |||
Total Investments | 41,982,106 | |||
Liabilities in Excess of | (6,078,519) | |||
Net Assets -- 100.0% | $ 35,903,587 | |||
Huntington VA International Equity Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2006
Asset Allocation | Percentage of | |
---|---|---|
United Kingdom | 23.4% | |
Japan | 23.0% | |
France | 7.9% | |
Netherlands | 6.8% | |
Spain | 4.9% | |
Switzerland | 4.2% | |
Sweden | 3.6% | |
Finland | 3.3% | |
Canada | 3.2% | |
Germany | 2.3% | |
Taiwan | 2.3% | |
Singapore | 2.0% | |
Norway | 2.0% | |
Netherlands Antilles | 1.3% | |
Ireland | 1.1% | |
India | 0.9% | |
Mexico | 0.8% | |
South Korea | 0.7% | |
Other Assets in Excess of Liabilities | 6.3% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2006, and are based on net assets.
The Portfolio of Investments Summary Table and 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 (Unaudited)
June 30, 2006
Shares |
| Value | ||
---|---|---|---|---|
COMMON STOCKS -- 91.2% | ||||
Canada -- 3.2% | ||||
Energy -- 0.6% | ||||
470 | Encana Corp. ADR | $ 24,741 | ||
Industrials -- 1.4% | ||||
1,340 | Canadian National Railway Co. | 58,625 | ||
Materials -- 1.2% | ||||
1,060 | Alcan, Inc. | 49,756 | ||
| 133,122 | |||
Finland -- 3.3% | ||||
Materials -- 1.8% | ||||
3,500 | UPM Kymmene OYJ ADR | 75,215 | ||
Technology -- 1.5% | ||||
3,100 | Nokia OYJ ADR | 62,806 | ||
| 138,021 | |||
France -- 7.9% | ||||
Consumer Staples -- 2.2% | ||||
3,440 | Groupe Danone ADR | 91,745 | ||
Energy -- 1.0% | ||||
650 | Total SA ADR | 42,588 | ||
Financials -- 2.9% | ||||
3,509 | Axa ADR | 115,025 | ||
Utilities -- 1.8% | ||||
1,820 | Suez SA ADR | $ 75,985 | ||
| 325,343 | |||
Germany -- 2.3% | ||||
Consumer Discretionary -- 0.8% | ||||
85 | Puma AG Rudolf Dassler Sport ADR | 33,069 | ||
Technology -- 1.5% | ||||
1,150 | SAP AG ADR | 60,398 | ||
| 93,467 | |||
Ireland -- 1.1% | ||||
Financials -- 1.1% | ||||
935 | Allied Irish Banks PLC ADR | 45,217 | ||
Japan -- 22.1% | ||||
Consumer Discretionary -- 10.5% | ||||
1,701 | Canon, Inc. ADR | 124,631 | ||
2,810 | Honda Motor Co., LTD. ADR | 89,414 | ||
3,490 | Matsushita Electric Industrial Co. Ltd. ADR | 73,744 | ||
4,475 | Sharp Corp. ADR | 70,776 | ||
3,795 | Shiseido Co. Ltd. ADR | 74,529 | ||
| 433,094 | |||
Financials -- 2.4% | ||||
7,058 | Mitsubishi UFJ Financial Group, Inc. ADR | $ 98,459 | ||
Health Care -- 5.2% | ||||
2,200 | Eisai Co. Ltd. | 99,021 | ||
450 | Eisai Co., Ltd. ADR | 20,273 | ||
2,900 | Terumo Corp. | 96,819 | ||
| 216,113 | |||
Industrials -- 3.3% | ||||
900 | Komatsu Ltd. ADR | 71,645 | ||
660 | Secom Co., Ltd. ADR | 62,469 | ||
| 134,114 | |||
Utilities -- 0.7% | ||||
1,100 | The Tokyo Electric Power Co., Inc. | 30,379 | ||
| 912,159 | |||
Mexico -- 0.8% | ||||
Materials -- 0.8% | ||||
568 | Cemex SA ADR | 32,359 | ||
Netherlands -- 6.8% | ||||
Consumer Discretionary -- 4.3% | ||||
2,708 | ING Group NV ADR | 106,479 | ||
2,300 | Koninklijke (Royal) Philips Electronics NV ADR | 71,622 | ||
| 178,101 | |||
Industrials -- 2.5% | ||||
2,895 | TNT NV ADR | 103,641 | ||
| 281,742 | |||
Netherlands Antilles -- 1.3% | ||||
Energy -- 1.3% | ||||
820 | Schlumberger Ltd. ADR | 53,390 | ||
Norway -- 2.0% | ||||
Telecommunications -- 2.0% | ||||
6,832 | Telenor ASA | 82,625 | ||
Singapore -- 2.0% | ||||
Telecommunications -- 2.0% | ||||
5,164 | Singapore Telecommunications Ltd. ADR | 82,945 | ||
Spain -- 4.9% | ||||
Financials -- 2.9% | ||||
5,750 | Banco Bilbao Vizcaya SA ADR | 118,450 | ||
Telecommunications -- 2.0% | ||||
1,674 | Telefonica SA ADR | 83,265 | ||
| 201,715 | |||
Sweden -- 3.6% | ||||
Consumer Discretionary -- 2.0% | ||||
1,535 | Electrolux AB, Series B ADR | 44,323 | ||
1,535 | Husqvarna AB ADR (b) | 36,972 | ||
| 81,295 | |||
Financials -- 1.6% | ||||
2,500 | ForeningsSparbanken AB | 65,677 | ||
| 146,972 | |||
Switzerland -- 4.2% | ||||
Health Care -- 2.3% | ||||
1,740 | Novartis AG ADR | 93,821 | ||
| ||||
Materials -- 1.9% | ||||
2,930 | Syngenta AG ADR | $ 77,821 | ||
| 171,642 | |||
Taiwan -- 2.3% | ||||
Technology -- 2.3% | ||||
10,316 | Taiwan Semiconductor Manufacturing Co. Ltd. | 94,700 | ||
United Kingdom -- 23.4% | ||||
Consumer Discretionary -- 2.0% | ||||
6,150 | Pearson PLC ADR | 83,948 | ||
Consumer Staples -- 4.9% | ||||
3,018 | Cadbury Schweppes PLC ADR | 117,158 | ||
4,774 | Tesco PLC ADR | 88,474 | ||
| 205,632 | |||
Energy -- 2.3% | ||||
850 | BG Group PLC ADR | 56,848 | ||
535 | BP Amoco PLC ADR | 37,241 | ||
| 94,089 | |||
Financials -- 4.0% | ||||
1,547 | Barclays PLC ADR | 70,822 | ||
3,800 | Standard Chartered PLC | 92,746 | ||
| 163,568 | |||
Health Care -- 2.4% | ||||
1,745 | GlaxoSmithKline PLC ADR | 97,371 | ||
Industrials -- 3.9% | ||||
1,306 | Bunzl PLC ADR | 75,160 | ||
3,915 | Tomkins PLC ADR | 84,369 | ||
| 159,529 | |||
Materials -- 2.4% | ||||
465 | Rio Tinto PLC ADR | 97,515 | ||
Utilities -- 1.5% | ||||
2,825 | Scottish & Southern Energy PLC ADR | 60,140 | ||
| 961,792 | |||
Total Common Stocks (Cost $3,345,216) | 3,757,211 | |||
MUTUAL FUNDS -- 2.5% | ||||
India -- 0.9% | ||||
Management Investment Operation -- 0.9% | ||||
913 | Morgan Stanley India Investment Fund | 39,798 | ||
Japan -- 0.9% | ||||
Management Investment Operation -- 0.9% | ||||
2,700 | iShares MSCI Japan Index Fund | 36,828 | ||
South Korea -- 0.7% | ||||
Management Investment Operation -- 0.7% | ||||
615 | iShares MSCI, South Korea Index Fund | 27,718 | ||
Total Mutual Funds (Cost $87,922) | 104,344 | |||
Total Investments | 3,861,555 | |||
Other Assets in Excess of | 261,559 | |||
Net Assets -- 100.0% | $ 4,123,114 | |||
Huntington VA Macro 100 Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2006
Asset Allocation | Percentage of | |
---|---|---|
Technology | 21.9% | |
Financials | 26.0% | |
Consumer Discretionary | 17.7% | |
Industrials | 10.5% | |
Consumer Staples | 8.5% | |
Utilities | 4.1% | |
Telecommunications | 3.9% | |
Materials | 3.7% | |
Cash1 | 1.8% | |
Health Care | 1.0% | |
Energy | 0.9% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2006, 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 (Unaudited)
June 30, 2006
Shares |
| Value | ||
---|---|---|---|---|
COMMON STOCKS -- 98.2% | ||||
Consumer Discretionary -- 17.7% | ||||
2,000 | AFLAC, Inc. | $ 92,700 | ||
2,600 | Amazon.Com, Inc. (b) | 100,568 | ||
1,500 | Apollo Group, Inc. Class A (b) | 77,505 | ||
3,800 | AutoNation, Inc. (b) | 81,472 | ||
900 | AutoZone, Inc. (b) | 79,380 | ||
2,500 | Carnival Corp. | 104,350 | ||
2,900 | Ebay, Inc. (b) | 84,941 | ||
3,600 | Family Dollar Stores, Inc. | 87,948 | ||
2,200 | Genuine Parts Co. | 91,652 | ||
1,300 | Harman International Industries, Inc. | 110,981 | ||
3,100 | Hilton Hotels Corp. | 87,668 | ||
2,300 | International Game Technologies | 87,262 | ||
1,000 | Johnson Controls, Inc. | 82,220 | ||
1,300 | MGIC Investment Corp. | 84,500 | ||
1,000 | Nike, Inc. Class B | 81,000 | ||
1,800 | The E.W. Scripps Co. Class A | 77,652 | ||
3,800 | TJX Companies, Inc. | 86,868 | ||
1,500 | V.F. Corp. | 101,880 | ||
| 1,600,547 | |||
Consumer Staples -- 8.5% | ||||
4,200 | Coca-Cola Enterprises, Inc. | 85,554 | ||
3,700 | ConAgra Foods, Inc. | 81,807 | ||
2,000 | Kellogg Co. | 96,860 | ||
2,700 | McCormick & Co., Inc. | 90,585 | ||
3,400 | Staples, Inc. | 82,688 | ||
1,900 | The Coca-Cola Co. | 81,738 | ||
1,500 | The Hershey Co. | 82,605 | ||
5,400 | Tyson Foods, Inc., Class A | 80,244 | ||
1,300 | Whole Foods Market, Inc. | 84,032 | ||
| 766,113 | |||
Energy -- 0.9% | ||||
1,600 | Ameren Corp. | $ 80,800 | ||
Financials -- 26.0% | ||||
1,800 | American Express Co. | 95,796 | ||
3,200 | AmSouth Bancorporation | 84,640 | ||
1,800 | Bank of America Corp. | 86,580 | ||
2,100 | BB&T Corp. | 87,339 | ||
800 | Bear Stearns Companies, Inc. | 112,063 | ||
1,200 | Capital One Financial Corp. | 102,540 | ||
1,500 | Comerica, Inc. | 77,985 | ||
1,600 | Compass Bancshares, Inc. | 88,960 | ||
2,200 | Countrywide Credit Industries, Inc. | 83,776 | ||
1,700 | Federal Home Loan Mortgage Corp. | 96,917 | ||
2,200 | First Horizon National Corp. | 88,440 | ||
1,000 | Golden West Financial Corp. | 74,200 | ||
1,100 | Legg Mason, Inc. | 109,472 | ||
1,400 | Lehman Brothers Holdings, Inc. | 91,210 | ||
1,900 | Marshall & Ilsley Corp. | 86,906 | ||
2,600 | Regions Financial Corp. | 86,112 | ||
1,700 | SLM Corp. | 89,964 | ||
1,400 | State Street Corp. | 81,326 | ||
1,300 | SunTrust Banks, Inc. | 99,138 | ||
3,300 | Synovus Financial Corp. | 88,374 | ||
2,400 | T. Rowe Price Group, Inc. | 90,744 | ||
1,400 | Torchmark Corp. | 85,008 | ||
2,800 | U.S. Bancorp | 86,464 | ||
1,600 | Wachovia Corp. | 86,528 | ||
1,400 | Wells Fargo & Co. | 93,912 | ||
1,200 | Zions Bancorporation | 93,528 | ||
| 2,347,922 | |||
Shares |
| Value | ||
Health Care -- 1.0% | ||||
1,800 | Caremark Rx, Inc. | $ 89,766 | ||
Industrials -- 10.5% | ||||
1,200 | Cooper Industries Ltd., Class A | 111,504 | ||
1,300 | Eaton Corp. | 98,020 | ||
1,000 | Fedex Corp. | 116,860 | ||
1,700 | Illinois Tool Works, Inc. | 80,750 | ||
2,000 | Ingersoll Rand Co. | 85,560 | ||
1,900 | Norfolk Southern Corp. | 101,118 | ||
1,000 | Parker Hannifin Corp. | 77,600 | ||
1,400 | Rockwell International Corp. | 100,814 | ||
1,500 | Ryder System, Inc. | 87,645 | ||
1,100 | United Parcel Service, Inc. Class B | 90,563 | ||
| 950,434 | |||
Materials -- 3.7% | ||||
2,400 | Ball Corp. | 88,896 | ||
4,200 | Boston Scientific Corp. (b) | 70,728 | ||
2,100 | Du Pont (E.I.) de Nemours & Co. | 87,360 | ||
1,600 | Eastman Chemical Co. | 86,400 | ||
| 333,384 | |||
Technology -- 21.9% | ||||
1,800 | Affiliated Computer Services, Inc. (b) | 92,898 | ||
2,800 | Analog Devices, Inc. | 89,992 | ||
2,400 | Autodesk, Inc. (b) | 82,704 | ||
3,700 | BMC Software, Inc. (b) | 88,430 | ||
20,500 | Ciena Corp. (b) | 98,605 | ||
4,200 | Cisco Systems, Inc. (b) | 82,026 | ||
2,500 | Citrix Systems, Inc. (b) | 100,350 | ||
11,600 | Compuware Corp. (b) | 77,720 | ||
4,200 | Comverse Technology, Inc. (b) | 83,034 | ||
3,500 | Dell, Inc. (b) | 85,435 | ||
2,000 | First Data Corp. | 90,080 | ||
1,500 | Intuit, Inc. (b) | 90,585 | ||
2,600 | Jabil Circuit, Inc. | 66,560 | ||
4,100 | Motorola, Inc. | 82,615 | ||
13,800 | Novell, Inc. (b) | 91,494 | ||
6,580 | Parametric Technology Corp. (b) | 83,632 | ||
9,300 | PMC-Sierra, Inc. (b) | 87,420 | ||
2,000 | Qualcomm, Inc. | 80,140 | ||
5,400 | Symantec Corp. (b) | 83,916 | ||
2,800 | Tektronix, Inc. | 82,376 | ||
2,800 | Texas Instruments, Inc. | 84,812 | ||
3,700 | Verisign, Inc. (b) | 85,729 | ||
2,800 | Yahoo, Inc. (b) | 92,400 | ||
| 1,982,953 | |||
Telecommunications -- 3.9% | ||||
4,900 | ADC Telecommunications, Inc. (b) | $ 82,614 | ||
1,400 | Alltel Corp. | 89,362 | ||
7,400 | Avaya, Inc. (b) | 84,508 | ||
3,900 | Corning, Inc. (b) | 94,341 | ||
150 | Embarq Corp. (b) | 6,149 | ||
| 356,974 | |||
Utilities -- 4.1% | ||||
1,800 | Constellation Energy Group | 98,136 | ||
1,400 | Dominion Resources, Inc. | 104,706 | ||
2,000 | DTE Energy Co. | 81,480 | ||
2,700 | The Southern Co. | 86,535 | ||
| 370,857 | |||
Total Common Stocks | 8,879,750 | |||
CASH EQUIVALENT -- 1.8% | ||||
159,161 | Huntington Money Market Fund, Interfund Shares* 4.51% (d) | 159,161 | ||
Total Cash Equivalent | 159,161 | |||
Total Investments | 9,038,911 | |||
Other Assets in Excess of | 3,628 | |||
Net Assets -- 100.0% | $ 9,042,539 | |||
Huntington VA Mid Corp America Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2006
Asset Allocation | Percentage of | |
---|---|---|
Other Investments (Collateral for Securities Lending) | 16.6% | |
Financials | 13.6% | |
Technology | 13.3% | |
Industrials | 11.9% | |
Health Care | 11.4% | |
Consumer Discretionary | 10.6% | |
Cash1 | 10.4% | |
Energy | 10.3% | |
Materials | 6.2% | |
Utilities | 5.3% | |
Exchange Traded Funds | 4.0% | |
Consumer Staples | 2.3% | |
Telecommunications | 0.7% | |
Liabilities in Excess of Other Assets | (16.6)% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2006, 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 (Unaudited)
June 30, 2006
Shares |
| Value | ||
---|---|---|---|---|
COMMON STOCKS -- 85.6% | ||||
Consumer Discretionary -- 10.6% | ||||
2,349 | Abercrombie & Fitch Co., Class A | $ 130,205 | ||
4,350 | AnnTaylor Stores Corp. (b) | 188,703 | ||
4,200 | Beazer Homes USA, Inc. | 192,654 | ||
1,900 | BorgWarner, Inc. | 123,690 | ||
1,400 | Boyd Gaming Corp. (c) | 56,504 | ||
2,000 | Brunswick Corp. | 66,500 | ||
2,000 | Centex Corp. | 100,600 | ||
700 | Cummins Engine, Inc. (c) | 85,575 | ||
4,000 | D. R. Horton, Inc. | 95,280 | ||
545 | Fidelity National Title Group, Inc., Class A | 10,720 | ||
2,000 | Hanover Insurance Group, Inc. | 94,920 | ||
600 | Harman International Industries, Inc. | 51,222 | ||
400 | Hilton Hotels Corp. (c) | 11,312 | ||
550 | Host Hotels & Resorts, Inc. (c) | 12,029 | ||
300 | Hovnanian Enterprises, Inc. Class A (b) | 9,024 | ||
700 | Intrawest Corp. | 22,302 | ||
3,444 | Liz Claiborne, Inc. | 127,635 | ||
3,100 | Mohawk Industries, Inc. (b) | 218,085 | ||
3,300 | NBTY, Inc. (b) | 78,903 | ||
4,358 | Nordstrom, Inc. | 159,067 | ||
1,000 | Pacific Sunwear of California, Inc. (b) (c) | 17,930 | ||
700 | Polo Ralph Lauren Corp. | 38,430 | ||
7,844 | Pulte Homes, Inc. | 225,828 | ||
2,000 | Republic Services, Inc., Class A | $ 80,680 | ||
4,482 | Royal Caribbean Cruises Ltd. | 171,437 | ||
3,300 | Sonic Automotives, Inc. | 73,194 | ||
900 | Starwood Hotels & Resorts Worldwide, Inc. | 54,306 | ||
700 | Technical Olympic USA, Inc. | 10,052 | ||
1,493 | The Stanley Works (c) | 70,499 | ||
1,400 | UniFirst Corp. | 48,300 | ||
1,030 | Whirlpool Corp. (c) | 85,130 | ||
1,000 | Wolverine World Wide, Inc. | 23,330 | ||
3,400 | Zales Corp. (b) | 81,906 | ||
| 2,815,952 | |||
Consumer Staples -- 2.3% | ||||
3,730 | Church & Dwight Co., Inc. | 135,846 | ||
2,600 | Constellation Brands, Inc. (b) | 65,000 | ||
1,660 | Molson Coors Brewing Co., Class B | 112,681 | ||
2,111 | Ralcorp Holding, Inc. (b) | 89,781 | ||
2,200 | Smithfield Foods, Inc. (b) | 63,426 | ||
2,600 | Spectrum Brands, Inc. (b) (c) | 33,592 | ||
1,934 | Supervalu, Inc. | 59,374 | ||
2,770 | Tyson Foods, Inc., Class A | 41,162 | ||
| 600,862 | |||
Energy -- 10.3% | ||||
4,156 | Apache Corp. | 283,647 | ||
100 | Baker Hughes, Inc. (c) | 8,185 | ||
300 | BJ Services Co. (c) | $ 11,178 | ||
13,058 | Chesapeake Energy Corp. (c) | 395,005 | ||
7,014 | Devon Energy Corp. | 423,716 | ||
1,400 | Forest Oil Corp. (b) | 46,424 | ||
2,200 | Helmerich & Payne, Inc. | 132,572 | ||
11 | Hugoton Royalty Trust | 327 | ||
1,133 | Mariner Energy, Inc. (b) | 20,813 | ||
2,400 | Murphy Oil Corp. (c) | 134,064 | ||
100 | National Oilwell Vargo, Inc. (b) (c) | 6,332 | ||
10,084 | Noble Energy, Inc. (c) | 472,536 | ||
1,386 | Occidental Petroleum Corp. | 142,134 | ||
200 | Patterson-Uti Energy, Inc. (c) | 5,662 | ||
200 | Peabody Energy Corp. | 11,150 | ||
300 | Smith International, Inc. | 13,341 | ||
1,900 | Suncor Energy, Inc. ADR | 153,919 | ||
100 | Sunoco, Inc. (c) | 6,929 | ||
1,743 | Unit Corp. (b) | 99,159 | ||
7,214 | Weatherford International, Inc. (b) | 357,959 | ||
200 | XTO Energy, Inc. | 8,854 | ||
| 2,733,906 | |||
Financials -- 13.6% | ||||
4,350 | Allied Capital Corp. (c) | 125,150 | ||
2,100 | AMBAC Financial Group, Inc. | 170,310 | ||
1,400 | Amcore Financial, Inc. | 41,034 | ||
3,084 | AmeriCredit Corp. (b) | 86,105 | ||
2,500 | BancorpSouth, Inc. | 68,125 | ||
1,337 | Bear Stearns Companies, Inc. | 187,287 | ||
2,266 | BOK Financial Corp. | 112,552 | ||
2,700 | Chittenden Corp. | 69,795 | ||
600 | CIT Group, Inc. | 31,374 | ||
3,159 | City National Corp. | 205,619 | ||
3,621 | Compass Bancshares, Inc. (c) | 201,328 | ||
3,117 | Fidelity National Financial, Inc. (c) | 121,407 | ||
2,900 | First American Financial Corp. | 122,583 | ||
4,832 | First Horizon National Corp. (c) | 194,246 | ||
2,000 | FirstMerit Corp. | 41,880 | ||
1,121 | Fulton Financial Corp. | 17,846 | ||
800 | Genworth Financial Inc. | 27,872 | ||
2,767 | Legg Mason, Inc. (c) | 275,373 | ||
1,700 | M & T Bank Corp. | 200,464 | ||
3,140 | MoneyGram International, Inc. | 106,603 | ||
2,630 | Nationwide Financial Services, Inc. | 115,930 | ||
7,436 | Old Republic International Corp. | 158,907 | ||
2,743 | PMI Group, Inc. (c) | 122,283 | ||
4,723 | Protective Life Corp. | 220,186 | ||
800 | T. Rowe Price Group, Inc. | 30,248 | ||
2,964 | TCF Financial Corp. | 78,398 | ||
1,323 | TD Banknorth, Inc. | 38,962 | ||
4,127 | Torchmark Corp. | 250,592 | ||
634 | Toronto-Dominion Bank | 32,188 | ||
2,500 | Wilmington Trust Corp. | 105,450 | ||
| 3,560,097 | |||
Health Care -- 11.4% | ||||
7,700 | AmerisourceBergen Corp. | $ 322,784 | ||
3,885 | Barr Laboratories, Inc. (b) | 185,276 | ||
974 | Caremark Rx, Inc. (c) | 48,573 | ||
1,186 | Cephalon, Inc. (b) (c) | 71,279 | ||
5,900 | Coventry Health Care, Inc. (b) | 324,146 | ||
400 | Dentsply International, Inc. | 24,240 | ||
4,278 | Invitrogen Corp. (b) | 282,647 | ||
3,533 | Lincare Holdings, Inc. (b) | 133,689 | ||
11,352 | Mylan Laboratories, Inc. | 227,040 | ||
7,000 | Omnicare, Inc. | 331,940 | ||
2,620 | Owens & Minor, Inc. | 74,932 | ||
9,000 | Pediatrix Medical Group, Inc. (b) | 407,700 | ||
6,100 | Respironics, Inc. (b) | 208,742 | ||
3,689 | Thermo Electron Corp. (b) | 133,689 | ||
2,900 | Viasys Healthcare, Inc. (b) | 74,240 | ||
7,500 | Watson Pharmaceutical, Inc. (b) | 174,600 | ||
| 3,025,517 | |||
Industrials -- 11.9% | ||||
1,675 | Alliant Techsystems, Inc. (b) | 127,886 | ||
2,900 | Banta Corp. | 134,357 | ||
700 | Chaparral Steel Co. (b) | 50,414 | ||
3,656 | Cooper Industries Ltd., Class A | 339,716 | ||
4,100 | Elbit Systems Ltd. | 110,044 | ||
1,300 | G & K Services, Inc., Class A | 44,590 | ||
4,200 | Griffon Corp. (b) | 109,620 | ||
3,238 | Insituform Technologies, Inc., Class A (b) | 74,118 | ||
4,019 | Kennametal, Inc. | 250,183 | ||
5,959 | L-3 Communications Corp. | 449,427 | ||
3,152 | NCO Group, Inc. (b) | 83,339 | ||
2,600 | Oshkosh Truck Corp. | 123,552 | ||
4,379 | Pall Corp. | 122,612 | ||
2,336 | Parker Hannifin Corp. | 181,274 | ||
5,000 | Precision Castparts Corp. | 298,800 | ||
1,000 | R.R. Donnelley & Sons Co. | 31,950 | ||
300 | Rockwell International Corp. | 21,603 | ||
2,400 | Ryder System, Inc. (c) | 140,232 | ||
3,421 | Teleflex, Inc. | 184,802 | ||
1,600 | Textron, Inc. (c) | 147,488 | ||
2,400 | Thomas & Betts Corp. (b) | 123,120 | ||
| 3,149,127 | |||
Materials -- 6.2% | ||||
3,300 | Albemarle Corp. | 158,004 | ||
4,300 | AptarGroup, Inc. | 213,323 | ||
600 | Ball Corp. (c) | 22,224 | ||
3,000 | Bemis Co. | 91,860 | ||
2,000 | Cymer, Inc. (b) | 92,920 | ||
5,000 | Cytec Industries, Inc. | 268,300 | ||
3,093 | Eagle Materials, Inc. | 146,918 | ||
900 | Ferro Corp. | 14,364 | ||
5,000 | FMC Corp. | 321,950 | ||
1,960 | Lubrizol Corp. | 78,106 | ||
Shares |
| Value | ||
1,100 | Minerals Technologies, Inc. | $ 57,200 | ||
2,300 | Pactiv Corp. (b) | 56,925 | ||
800 | Schnitzer Steel Industries, Inc. | 28,384 | ||
700 | Texas Industries, Inc. | 37,170 | ||
1,400 | The Scotts Co. | 59,248 | ||
| 1,646,896 | |||
Technology -- 13.3% | ||||
14,354 | Activision, Inc. (b) (c) | 163,349 | ||
2,159 | Affiliated Computer Services, Inc. (b) | 111,426 | ||
700 | Amdocs, Ltd. (b) | 25,620 | ||
26 | Avid Technology, Inc. (b) | 867 | ||
2,000 | Avocent Corp (b) | 52,500 | ||
225 | Benchmark Electronics, Inc. (b) | 5,427 | ||
2,600 | Cognos, Inc. (b) | 73,970 | ||
1,540 | Coherent, Inc. (b) | 51,944 | ||
1,900 | Electronic Arts, Inc. (b) | 81,776 | ||
600 | Fiserv, Inc. (b) | 27,216 | ||
2,312 | Fisher Scientific International, Inc. (b) | 168,892 | ||
976 | FLIR Systems, Inc. (b) (c) | 21,531 | ||
5,410 | Forrester Research, Inc. (b) | 151,372 | ||
400 | Genzyme Corp. (b) (c) | 24,420 | ||
5,100 | Harris Corp. | 211,700 | ||
3,778 | Imation Corp. | 155,087 | ||
5,000 | Integrated Device Technology, Inc. (b) | 70,900 | ||
700 | Interactive Data Corp. (b) | 14,063 | ||
4,500 | Intergraph Corp. (b) | 141,705 | ||
2,792 | International Rectifier Corp. (b) | 109,111 | ||
2,500 | Intersil Corp., Class A | 58,125 | ||
700 | Intuit, Inc. (b) | 42,273 | ||
2,600 | Jabil Circuit, Inc. | 66,560 | ||
3,200 | JDA Software Group, Inc. (b) | 44,896 | ||
2,000 | Kla-Tencor Corp. | 83,140 | ||
2,000 | LAM Research Corp. (b) (c) | 93,240 | ||
2,000 | MEMC Electronic Materials, Inc. (b) (c) | 75,000 | ||
600 | Microchip Technology, Inc. | 20,130 | ||
4,000 | Micron Technology, Inc. (b) (c) | 60,240 | ||
600 | Molex, Inc. | 20,142 | ||
3,948 | NCR Corp. (b) (c) | 144,655 | ||
1,600 | Novell, Inc. (b) | 10,608 | ||
Shares |
| Value | ||
1,200 | NVIDIA Corp. (b) | $ 25,548 | ||
10,000 | ON Semiconductor Corp. (b) | 58,800 | ||
7,768 | Paxar Corp. (b) | 159,788 | ||
2,140 | Progress Software Corp. (b) | 50,097 | ||
898 | SafeNet, Inc. (b) | 15,913 | ||
5,800 | Sandisk Corp. (b) (c) | 295,683 | ||
3,800 | Sybase, Inc. (b) | 73,720 | ||
10,800 | Symantec Corp. (b) | 167,832 | ||
1,700 | Symmetricom, Inc. (b) | 12,019 | ||
1,050 | THQ, Inc. (b) | 22,680 | ||
3,250 | Trimble Navigation Ltd. (b) | 145,080 | ||
3,176 | Varian Semiconductor Equipment Associates, Inc. (b) | 103,553 | ||
| 3,512,598 | |||
Telecommunications -- 0.7% | ||||
1,407 | CenturyTel, Inc. | 52,270 | ||
14,000 | Sycamore Networks, Inc. (b) | 56,840 | ||
2,000 | Telus Corp. | 80,760 | ||
| 189,870 | |||
Utilities -- 5.3% | ||||
2,200 | AGL Resources, Inc. | 83,864 | ||
1,296 | Allete, Inc. | 61,366 | ||
2,300 | Atmos Energy Corp. | 64,193 | ||
1,700 | Constellation Energy Group | 92,684 | ||
3,691 | Energy East Corp. | 88,326 | ||
700 | KeySpan Corp. (c) | 28,280 | ||
6,321 | MDU Resources Group, Inc. | 231,412 | ||
4,400 | National Fuel Gas Co. | 154,616 | ||
1,200 | New Jersey Resources Corp. | 56,136 | ||
6,664 | Questar Corp. (c) | 536,384 | ||
| 1,397,261 | |||
Total Common Stocks | 22,632,086 | |||
MUTUAL FUNDS -- 4.0% | ||||
Exchange Traded Funds -- 4.0% | ||||
7,200 | iShares S&P Midcap 400 Index Fund | 549,288 | ||
3,652 | MidCap SPDR Trust Series 1 Index Fund (c) | 509,235 | ||
Total Mutual Funds (Cost $688,326) | 1,058,523 | |||
CASH EQUIVALENT -- 10.4% | ||||
2,754,774 | Huntington Money Market Fund, Interfund Shares* 4.51% (d) | 2,754,774 | ||
Total Cash Equivalent | 2,754,774 | |||
Shares or Principal Amount |
| Value | ||
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING -- 16.6% | ||||
Mutual Funds -- 11.9% | ||||
3,149,016 | Institutional Money Market Trust Fund 5.13% (d) | $ 3,149,016 | ||
| 3,149,016 | |||
Time Deposits -- 3.2% | ||||
$ 573,408 | KBC Bank, 5.281%, 7/3/06 | 573,408 | ||
265,864 | Barclays Bank PLC, 5.280%, 7/3/06 | 265,864 | ||
| 839,271 | |||
Variable Rate Obligations -- 1.6% | ||||
269,428 | Bear Sterns & Co, Inc. 5.372%., 10/2/06 | 269,428 | ||
10,331 | Sedina Finance, Inc., 5.292%., 1/25/07 | 10,331 | ||
132,230 | Tango Financial Corp., 5.310% 6/28/07 | 132,230 | ||
| 411,989 | |||
Total Short-Term Securities Held | 4,400,277 | |||
Total Investments | 30,845,660 | |||
Liabilities in Excess of | (4,398,004) | |||
Net Assets -- 100.0% | $ 26,447,656 | |||
Huntington VA New Economy Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2006
Asset Allocation | Percentage of | |
---|---|---|
Industrials | 17.2% | |
Consumer Discretionary | 15.2% | |
Technology | 13.3% | |
Health Care | 11.0% | |
Financials | 9.6% | |
Materials | 9.5% | |
Cash1 | 7.7% | |
Energy | 6.6% | |
Other Investments (Collateral for Securities Lending) | 6.2% | |
Telecommunications | 5.0% | |
Consumer Staples | 4.5% | |
Utilities | 0.6% | |
Liabilities in Excess of Other Assets | (6.4)% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2006, 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 (Unaudited)
June 30, 2006
Shares |
| Value | ||
---|---|---|---|---|
COMMON STOCKS -- 92.5% | ||||
Consumer Discretionary -- 15.2% | ||||
4,280 | AAR Corp. (b) | $ 95,144 | ||
4,400 | Alderwoods Group, Inc. (b) | 85,624 | ||
1,200 | Alliance Atlantis Communications, Inc. (b) | 35,040 | ||
1,540 | Aon Corp. (c) | 53,623 | ||
870 | Autoliv, Inc. | 49,216 | ||
307 | AutoNation, Inc. (b) | 6,582 | ||
750 | Barnes & Noble, Inc. | 27,375 | ||
200 | Black & Decker Corp. | 16,892 | ||
1,088 | Brookfield Asset Management, Inc. | 44,174 | ||
1,200 | Burlington Northern Santa Fe Corp. | 95,100 | ||
2,900 | Casey's General Stores, Inc. | 72,529 | ||
1,890 | Cash America International, Inc. | 60,480 | ||
3,600 | Charming Shoppes, Inc. (b) | 40,464 | ||
1,750 | Circuit City Stores, Inc. | 47,635 | ||
480 | Coach, Inc. (b) | 14,352 | ||
3,600 | Donegal Group, Inc., Class A | 69,876 | ||
58 | Fidelity National Title Group, Inc., Class A | 1,141 | ||
1,129 | GameStop Corp. (b) | 47,418 | ||
176 | Harrah's Entertainment, Inc. | 12,528 | ||
122 | Host Hotels & Resorts, Inc. (c) | 2,668 | ||
5,170 | ICT Group, Inc. (b) | 126,820 | ||
3,700 | Innkeepers USA Trust | 63,936 | ||
300 | J.C. Penney Co., Inc. | 20,253 | ||
2,000 | Kendle International, Inc. (b) | 73,460 | ||
400 | Lennar Corp. | 17,748 | ||
1,400 | Longs Drug Stores Corp. | 63,868 | ||
600 | Nordstrom, Inc. | $ 21,900 | ||
2,570 | SCPIE Holdings, Inc. (b) | 59,753 | ||
200 | Sears Holdings Corp. (b) | 30,968 | ||
12,580 | Spherion Corp. (b) | 114,730 | ||
200 | Starwood Hotels & Resorts Worldwide, Inc. | 12,068 | ||
1,468 | Technical Olympic USA, Inc. | 21,080 | ||
4,810 | The Great Atlantic & Pacific Tea Co., Inc. | 109,283 | ||
1,780 | The Pantry, Inc. (b) | 102,421 | ||
1,700 | Trammell Crow Co. (b) | 59,789 | ||
1,350 | Vail Resorts, Inc. (b) | 50,085 | ||
1,580 | W.R. Berkley Corp. | 53,925 | ||
258 | YUM! Brands, Inc. | 12,970 | ||
1,300 | Zenith National Insurance Corp. | 51,571 | ||
| 1,944,489 | |||
Consumer Staples -- 4.5% | ||||
3,980 | Archer-Daniels-Midland Co. | 164,294 | ||
750 | Chattem, Inc. (b) | 22,778 | ||
1,736 | Constellation Brands, Inc. (b) | 43,400 | ||
1,620 | CVS Corp. | 49,734 | ||
570 | Flowers Foods, Inc. | 16,325 | ||
1,220 | Reynolds American, Inc. (c) | 140,666 | ||
7,250 | Wild Oats Markets, Inc. (b) | 142,100 | ||
| 579,297 | |||
Energy -- 6.6% | ||||
1,000 | Atwood Oceanics, Inc. (b) | 49,600 | ||
2,000 | Chesapeake Energy Corp. (c) | 60,500 | ||
782 | ConocoPhillips | $ 51,244 | ||
2,300 | Edge Petroleum Corp. (b) | 45,954 | ||
1,200 | Grand Prideco, Inc. (b) | 53,700 | ||
1,000 | Helmerich & Payne, Inc. | 60,260 | ||
59 | Hugoton Royalty Trust | 1,752 | ||
550 | Hydril (b) | 43,186 | ||
2,300 | KCS Energy, Inc. (b) | 68,310 | ||
200 | Marathon Oil Corp. | 16,660 | ||
585 | Occidental Petroleum Corp. | 59,992 | ||
1,200 | Oil States International, Inc. (b) | 41,136 | ||
925 | Remington Oil & Gas Corp. (b) | 40,672 | ||
1,720 | Todco, Class A | 70,263 | ||
500 | Transocean Sedco Forex, Inc. (b) (c) | 40,160 | ||
700 | Unit Corp. (b) | 39,823 | ||
800 | Valero Energy Corp. | 53,216 | ||
208 | Weatherford International, Inc. (b) | 10,321 | ||
1,004 | XTO Energy, Inc. | 44,447 | ||
| 851,196 | |||
Financials -- 9.6% | ||||
3,100 | American Real Estate Partners LP | 126,479 | ||
1,800 | Capital Corp. of the West | 57,600 | ||
4,500 | CB Richard Ellis Group, Inc. (b) | 112,049 | ||
1,200 | CBL & Associates Properties, Inc. | 46,716 | ||
2,450 | Center Financial Corp. | 57,918 | ||
2,500 | CompuCredit Corp. (b) | 96,100 | ||
1,348 | Countrywide Credit Industries, Inc. | 51,332 | ||
2,085 | Credicorp Ltd. | 62,467 | ||
2,900 | Felcor Lodging Trust, Inc. | 63,046 | ||
335 | Fidelity National Financial, Inc. (c) | 13,048 | ||
440 | First American Financial Corp. | 18,599 | ||
375 | First Republic Bancorp, Inc. | 17,175 | ||
190 | Golden West Financial Corp. | 14,098 | ||
1,650 | Intervest Bancshares Corp. (b) | 66,825 | ||
1,200 | Jones Lang LaSalle, Inc. | 105,060 | ||
850 | Nelnet, Inc. (b) | 34,468 | ||
2,100 | Philadelphia Consolidated Holdings Corp. (b) | 63,756 | ||
1,400 | Progressive Corp. | 35,994 | ||
1,100 | Shinhan Financial Group Co., Ltd. ADR | 103,950 | ||
483 | Sovereign Bancorp | 9,810 | ||
1,495 | Wachovia Corp. (c) | 80,850 | ||
| 1,237,340 | |||
Health Care -- 11.0% | ||||
1,800 | Aetna, Inc. | 71,874 | ||
1,900 | Alpharma, Inc., Class A | 45,676 | ||
372 | Becton, Dickinson & Co. | 22,740 | ||
2,200 | Biovail Corp. | 51,502 | ||
587 | Caremark Rx, Inc. (c) | 29,274 | ||
1,100 | Cerner Corp. (b) | 40,821 | ||
3,000 | Community Health Care, Inc. (b) | 110,250 | ||
585 | Coventry Health Care, Inc. (b) | 32,140 | ||
2,000 | Dade Behring Holdings, Inc. | 83,280 | ||
1,125 | DaVita, Inc. (b) | $ 55,913 | ||
280 | Dentsply International, Inc. | 16,968 | ||
1,565 | Genesis Healthcare Corp. (b) | 74,134 | ||
2,150 | Humana, Inc. (b) | 115,455 | ||
3,600 | inVentiv Health, Inc. (b) | 103,608 | ||
3,200 | King Pharmaceuticals, Inc. (b) | 54,400 | ||
2,250 | Option Care, Inc. | 26,955 | ||
870 | Parexel International Corp. (b) | 25,100 | ||
1,048 | Pediatrix Medical Group, Inc. (b) | 47,474 | ||
550 | Quest Diagnostics, Inc. | 32,956 | ||
2,980 | Sierra Health Services, Inc. (b) | 134,189 | ||
4,300 | Thoratec Corp. (b) | 59,641 | ||
1,978 | UnitedHealth Group, Inc. | 88,575 | ||
1,300 | Wellpoint, Inc. (b) | 94,601 | ||
| 1,417,526 | |||
Industrials -- 17.2% | ||||
143 | Albany International Corp. | 6,062 | ||
925 | AMERCO (b) | 93,111 | ||
1,980 | Ameron International Corp. | 132,699 | ||
9,110 | ASE Test Ltd. (b) | 82,719 | ||
2,500 | Astec Industries, Inc. (b) | 85,300 | ||
1,400 | Canadian Pacific Railway Ltd. | 71,596 | ||
1,000 | Chemed Corp. | 54,530 | ||
1,700 | Dollar Thrifty Automotive Group, Inc. (b) | 76,619 | ||
750 | DRS Technologies, Inc. (c) | 36,563 | ||
1,650 | FirstService Corp. (b) | 43,956 | ||
530 | Flowserve Corp. (b) | 30,157 | ||
3,400 | Gardner Denver, Inc. (b) | 130,899 | ||
700 | Genlyte Group, Inc. (b) | 50,701 | ||
2,300 | Hornbeck Offshore Services, Inc. (b) | 81,696 | ||
190 | L-3 Communications Corp. | 14,330 | ||
2,600 | Laidlaw International, Inc. | 65,520 | ||
2,800 | Manitowoc Co. | 124,600 | ||
1,500 | McGrath Rentcorp | 41,715 | ||
2,100 | Mobile Mini, Inc. (b) | 61,446 | ||
2,400 | Norfolk Southern Corp. | 127,728 | ||
183 | PACCAR, Inc. | 15,076 | ||
1,400 | Precision Castparts Corp. | 83,664 | ||
1,450 | Shaw Group, Inc. (b) | 40,310 | ||
620 | Simpson Manufacturing Co., Inc. (c) | 22,351 | ||
11,920 | Staktek Holdings, Inc. (b) | 57,931 | ||
800 | Terex Corp. (b) | 78,960 | ||
1,000 | Timken Co. | 33,510 | ||
3,105 | Trinity Industries, Inc. | 125,442 | ||
1,200 | Universal Forest Products, Inc. | 75,276 | ||
1,540 | USG Corp. (b) (c) | 112,312 | ||
492 | Ventas, Inc. | 16,669 | ||
880 | Washington Group International, Inc. | 46,939 | ||
1,700 | West Corp. (b) | 81,447 | ||
| 2,201,834 | |||
Shares |
| Value | ||
Materials -- 9.5% | ||||
305 | Barrick Gold Corp. | $ 9,028 | ||
3,200 | Belden CDT, Inc. | 105,759 | ||
2,900 | Commercial Metals Co. | 74,530 | ||
2,800 | Encore Wire Corp. (b) (c) | 100,632 | ||
4,100 | General Cable Corp. (b) | 143,499 | ||
300 | INCO Ltd. | 19,770 | ||
1,300 | NS Group, Inc. (b) | 71,604 | ||
2,150 | Olympic Steel, Inc. | 76,089 | ||
1,460 | Oregon Steel Mills, Inc. (b) | 73,964 | ||
1,000 | Phelps Dodge Corp. | 82,160 | ||
885 | Pool Corp. (c) | 38,613 | ||
937 | Quanex Corp. | 40,357 | ||
650 | Reliance Steel & Aluminum Co. | 53,918 | ||
340 | Rio Tinto PLC ADR | 71,301 | ||
1,500 | RTI International Metals, Inc. (b) | 83,760 | ||
300 | Silgan Holdings, Inc. | 11,103 | ||
700 | Southern Copper Corp (c) | 62,391 | ||
5,900 | Suntron Corp. (b) | 8,496 | ||
3,980 | Technitrol, Inc. | 92,137 | ||
| 1,219,111 | |||
Technology -- 13.3% | ||||
1,300 | Ansys, Inc. (b) | 62,166 | ||
1,650 | Apple Computer, Inc. (b) | 94,248 | ||
11,110 | Ariba, Inc. (b) | 91,435 | ||
9,000 | Arris Group, Inc. (b) | 118,080 | ||
5,750 | CalAmp Corp. (b) | 51,118 | ||
3,390 | Commscope, Inc. (b) | 106,514 | ||
700 | EMC Corp. (b) | 7,679 | ||
1 | Fisher Scientific International, Inc. (b) | 58 | ||
2,270 | Hewlett Packard Co. | 71,914 | ||
10,810 | iGATE Corp. (b) | 69,076 | ||
1,270 | Intergraph Corp. (b) | 39,992 | ||
3,200 | Internet Security, Inc. (b) | 60,320 | ||
1,800 | Itron, Inc. (b) | 106,668 | ||
400 | Jabil Circuit, Inc. | 10,240 | ||
1,150 | Komag, Inc. (b) | 53,107 | ||
1,225 | NCR Corp. (b) (c) | 44,884 | ||
5,600 | NVIDIA Corp. (b) | 119,224 | ||
6,500 | Radiant Systems, Inc. (b) | 68,705 | ||
30,150 | Safeguard Scientifics, Inc. (b) | 65,124 | ||
4,700 | SBA Communications Corp. (b) | 122,858 | ||
6,020 | Stellent, Inc. | 57,491 | ||
4,880 | Sykes Enterprises, Inc. (b) | 78,861 | ||
5,775 | TALX Corp. | 126,299 | ||
6,030 | TTM Technologies, Inc. (b) | 87,254 | ||
860 | Viscount Systems, Inc. (b) | 318 | ||
| 1,713,633 | |||
Telecommunications -- 5.0% | ||||
1,870 | America Movil SA de CV ADR, Series L | 62,196 | ||
3,306 | American Tower Corp., Class A (b) | 102,883 | ||
Shares or Principal Amount |
| Value | ||
42 | Embarq Corp. (b) | $ 1,722 | ||
26,240 | Optical Communication Products, Inc. (b) | 52,742 | ||
9,660 | Qwest Communications International, Inc. (b) (c) | 78,149 | ||
849 | Sprint Corp. | 16,972 | ||
230 | Telephone & Data Systems, Inc. | 9,522 | ||
230 | Telephone & Data Systems, Inc. Special Shares | 8,947 | ||
1,900 | Telus Corp. | 76,722 | ||
3,760 | Time Warner Telecom, Inc. Class A (b) | 55,836 | ||
10,210 | Tollgrade Communications, Inc. (b) | 99,037 | ||
7,500 | UbiquiTel, Inc. (b) | 77,550 | ||
| 642,278 | |||
Utilities -- 0.6% | ||||
1,800 | AES Corp. (b) | 33,210 | ||
1,250 | Allegheny Energy, Inc. (b) | 46,338 | ||
| 79,548 | |||
Total Common Stocks | 11,886,252 | |||
CASH EQUIVALENT -- 7.7% | ||||
992,474 | Huntington Money Market Fund, Interfund Shares* 4.51% (d) | 992,474 | ||
Total Cash Equivalent | 992,474 | |||
SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING -- 6.2% | ||||
Mutual Funds -- 4.6% | ||||
585,592 | Institutional Money Market Trust Fund 5.13% (d) | 585,592 | ||
| 585,592 | |||
Time Deposits -- 1.2% | ||||
$106,691 | KBC Bank, 5.281%, 7/3/06 | 106,691 | ||
51,741 | Barclays Bank PLC, 5.280%, 7/3/06 | 51,741 | ||
| 158,432 | |||
Variable Rate Obligations -- 0.4% | ||||
52,194 | CitiGroup, 5.382%, 8/25/06 | 52,194 | ||
| 52,194 | |||
Total Short-Term Securities Held as Collateral for Securities Lending | 796,218 | |||
Total Investments | 13,674,944 | |||
Liabilities in Excess of | (821,886) | |||
Net Assets -- 100.0% | $ 12,853,058 | |||
Huntington VA Rotating Markets Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2006
Asset Allocation | Percentage of | |
---|---|---|
United States of America | 46.1% | |
Europe | 27.1% | |
Asia | 8.0% | |
Latin America | 6.2% | |
Emerging Markets | 6.2% | |
Cash1 | 4.4% | |
Canada | 2.3% | |
Liabilities in Excess of Other Assets | (0.3)% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2006, 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 (Unaudited)
June 30, 2006
Shares |
| Value | ||
---|---|---|---|---|
MUTUAL FUNDS -- 95.9% | ||||
1,200 | DIAMONDS Trust Series I | $ 134,124 | ||
7,000 | iShares Dow Jones Select Dividend Index Fund | 441,420 | ||
17,955 | iShares EAFE Index Fund | 1,174,078 | ||
7,131 | iShares MSCI Canada Index Fund | 169,361 | ||
9,542 | iShares MSCI EMU Index Fund | 841,795 | ||
2,600 | iShares MSCI France Index Fund | 78,078 | ||
3,300 | iShares MSCI Germany Index Fund | 75,669 | ||
4,890 | iShares MSCI Hong Kong Index Fund | 66,113 | ||
2,650 | iShares MSCI Italy Index Fund | 77,513 | ||
10,300 | iShares MSCI Japan Index Fund | 140,492 | ||
1,175 | iShares MSCI Pacific ex-Japan Index Fund | 126,078 | ||
9,940 | iShares MSCI United Kingdom Index Fund | 209,237 | ||
13,193 | iShares Russell 1000 Index Fund | 911,372 | ||
3,551 | iShares Russell 3000 Value Index Fund | 338,694 | ||
3,185 | iShares Russell Midcap Value Index Fund | 420,961 | ||
3,500 | iShares S&P Global 100 Index Fund | 232,015 | ||
3,911 | iShares S&P Small Cap 600 Index Fund | 242,873 | ||
1,470 | iShares U.S. Energy Sector Index Fund | 141,664 | ||
5,065 | MidCap SPDR Trust Series 1 Index Fund | 706,264 | ||
11,400 | Rydex S&P Equal Weight Index Fund | 489,630 | ||
Total Mutual Funds (Cost $5,764,481) | 7,017,431 | |||
CASH EQUIVALENT -- 4.4% | ||||
321,958 | Huntington Money Market Fund, Interfund Shares* 4.51% (d) | $ 321,958 | ||
Total Cash Equivalent (Cost $321,958) | 321,958 | |||
Total Investments | 7,339,389 | |||
Liabilities in Excess of | (23,531) | |||
Net Assets -- 100.0% | $ 7,315,858 | |||
Huntington VA Situs Small Cap Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2006
Asset Allocation | Percentage of | |
---|---|---|
Technology | 17.7% | |
Industrials | 16.4% | |
Energy | 12.8% | |
Cash1 | 11.3% | |
Health Care | 9.9% | |
Consumer Discretionary | 12.8% | |
Financials | 8.8% | |
Materials | 8.5% | |
Consumer Staples | 2.4% | |
Utilities | 2.2% | |
Telecommunications | 0.8% | |
Liabilities in Excess of Other Assets | (3.6)% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2006, 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 (Unaudited)
June 30, 2006
Shares |
| Value | ||
---|---|---|---|---|
COMMON STOCKS -- 92.3% | ||||
Cayman Islands -- 3.8% | ||||
Consumer Discretionary -- 3.8% | ||||
3,000 | Garmin Ltd. | $ 316,320 | ||
8,000 | Scottish RE Group Ltd. | 133,440 | ||
| 449,760 | |||
Finland -- 1.5% | ||||
Industrials -- 1.5% | ||||
2,000 | Cargotec Corp., Class B | 87,605 | ||
2,100 | Kone Oyj, Class B | 87,285 | ||
| 174,890 | |||
Ireland -- 0.6% | ||||
Consumer Staples -- 0.6% | ||||
3,500 | Kerry Group PLC | 75,200 | ||
Japan -- 1.3% | ||||
Industrials -- 0.7% | ||||
3,500 | Sato Corp. | 80,908 | ||
Technology -- 0.6% | ||||
7,000 | Furuno Electric Co. Ltd. | 74,393 | ||
| 155,301 | |||
United Kingdom -- 0.8% | ||||
Technology -- 0.8% | ||||
25,000 | Halma PLC | 91,410 | ||
United States -- 84.3% | ||||
Consumer Discretionary -- 9.0% | ||||
2,000 | AnnTaylor Stores Corp. (b) | 86,760 | ||
3,000 | Audiovox Corp., Class A (b) | 40,980 | ||
10,000 | Brunswick Corp. | 332,500 | ||
300 | Columbia Sportswear Co. (b) | $ 13,578 | ||
2,000 | Fossil, Inc. (b) | 36,020 | ||
1,000 | Home Depot, Inc. | 35,790 | ||
1,500 | Polo Ralph Lauren Corp. | 82,350 | ||
9,000 | ScanSource, Inc. (b) | 263,880 | ||
800 | Toll Brothers, Inc. (b) | 20,456 | ||
8,500 | Urban Outfitters, Inc. (b) | 148,665 | ||
350 | West Marine, Inc. (b) | 4,718 | ||
| 1,065,697 | |||
Consumer Staples -- 1.8% | ||||
3,100 | Fresh Del Monte Produce, Inc. | 53,537 | ||
5,200 | Performance Food Group Co. (b) | 157,976 | ||
| 211,513 | |||
Energy -- 12.8% | ||||
4,550 | CARBO Ceramics, Inc. | 223,542 | ||
8,000 | Denbury Resources, Inc. (b) | 253,360 | ||
9,000 | Headwaters, Inc. (b) | 230,040 | ||
1,000 | Houston Exploration Co. (b) | 61,190 | ||
59 | Hugoton Royalty Trust | 1,752 | ||
1,000 | Hydril Co. (b) | 78,520 | ||
2,000 | National-Oilwell Varco, Inc. (b) | 126,640 | ||
4,000 | Newfield Exploration Co. (b) | 195,760 | ||
6,000 | Pacific Ethanol, Inc. (b) | 138,720 | ||
4,000 | Remington Oil & Gas Corp. (b) | 175,880 | ||
1,000 | XTO Energy, Inc. | 44,270 | ||
| 1,529,674 | |||
Financials -- 8.8% | ||||
4,250 | Arch Capital Group Ltd. (b) | $ 252,705 | ||
5,000 | Bancshares of Florida, Inc (b) | 110,000 | ||
7,200 | Colonial Bancgroup, Inc. | 184,896 | ||
6,500 | Cullen/Frost Bankers, Inc. | 372,450 | ||
2,000 | WSFS Financial Corp. | 122,900 | ||
| 1,042,951 | |||
Health Care -- 9.9% | ||||
5,000 | Albany Molecular Research (b) | 53,400 | ||
2,150 | Bio-Rad Laboratories, Inc., Class A (b) | 139,621 | ||
6,000 | Cerner Corp. (b) | 222,660 | ||
6,500 | Edwards Lifesciences Corp. (b) | 295,295 | ||
1,000 | Kindred Healthcare, Inc. (b) | 26,000 | ||
10,000 | Mentor Corp. | 435,000 | ||
100 | Par Pharmaceutical, Inc. (b) | 1,846 | ||
| 1,173,822 | |||
Industrials -- 14.2% | ||||
6,500 | Armor Holdings, Inc. (b) | 356,395 | ||
6,000 | ElkCorp | 166,620 | ||
5,500 | Jacobs Engineering Group, Inc. (b) | 438,020 | ||
6,000 | Precision Castparts Corp. | 358,560 | ||
500 | Ryder System, Inc. | 29,215 | ||
5,500 | Universal Forest Products, Inc. | 345,015 | ||
| 1,693,825 | |||
Materials -- 8.5% | ||||
1,000 | Albemarle Corp. | 47,880 | ||
2,000 | Commercial Metals Co. | 51,400 | ||
6,750 | Florida Rock Industries | 335,273 | ||
1,000 | Quanex Corp. | 43,070 | ||
5,500 | RTI International Metals, Inc. (b) | 307,120 | ||
2,000 | Steel Technologies, Inc. | 38,880 | ||
4,400 | The Scotts Co., Class A | 186,208 | ||
| 1,009,831 | |||
Technology -- 16.3% | ||||
4,000 | Black Box Corp. | $ 153,320 | ||
7,000 | Global Imaging Systems, Inc. (b) | 288,960 | ||
3,000 | Hutchinson Technology, Inc. (b) | 64,890 | ||
4,000 | Imation Corp. | 164,200 | ||
7,500 | Intergraph Corp. (b) | 236,175 | ||
7,000 | Methode Electronics, Inc. | 73,570 | ||
19,000 | Red Hat, Inc. (b) | 444,599 | ||
8,000 | Standard Microsystems Corp. (b) | 174,640 | ||
1,000 | StarTek, Inc. | 14,950 | ||
8,000 | Transaction Systems Architects, Inc. (b) | 333,520 | ||
| 1,948,824 | |||
Telecommunications -- 0.8% | ||||
7,300 | General Communication, Inc., Class A (b) | 89,936 | ||
Utilities -- 2.2% | ||||
4,000 | Hawaiian Electric Industries, Inc. | 111,640 | ||
6,000 | UGI Corp. | 147,720 | ||
| 259,360 | |||
| 10,025,433 | |||
Total Common Stocks | 10,971,994 | |||
CASH EQUIVALENT -- 11.3% | ||||
1,340,249 | Huntington Money Market Fund, Interfund Shares* 4.51% (d) | 1,340,249 | ||
Total Cash Equivalent | 1,340,249 | |||
Total Investments | 12,312,243 | |||
Liabilities in Excess of | (429,192) | |||
Net Assets -- 100.0% | $ 11,883,051 | |||
Huntington VA Mortgage Securities Fund
Portfolio of Investments Summary Table (Unaudited)
June 30, 2006
Asset Allocation | Percentage of | |
---|---|---|
U.S. Government Mortgage Backed Agencies | 71.2% | |
U.S. Government Agencies | 16.0% | |
Real Estate Investment Trusts | 8.2% | |
Cash1 | 4.2% | |
Other Assets in Excess of Liabilities | 0.4% | |
TOTAL | 100.0% |
Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2006, 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 (Unaudited)
June 30, 2006
Principal Amount |
| Value | ||
---|---|---|---|---|
U.S. GOVERNMENT MORTGAGE BACKED AGENCIES -- 71.2% | ||||
Federal Home Loan Bank -- 7.2% | ||||
$ 81,388 | Series 6B-2012, Class A, 5.125%, 4/25/12 | $ 81,657 | ||
78,382 | Series 7I-2012, Class A, 5.000%, 6/15/12 | 78,938 | ||
86,634 | Series SK-2015, Class 1, 5.140%, 8/18/15 | 86,231 | ||
61,316 | Series Z2-2013, Class A, 4.800%, 2/25/13 | 61,841 | ||
| 308,667 | |||
Federal Home Loan Mortgage Corporation -- 24.6% | ||||
99,930 | Pool # 1G0865, 4.921%, 7/1/35 | 96,752 | ||
39,623 | Pool # B18052, 4.500%, 3/1/15 | 37,742 | ||
105,454 | Pool # C90779, 5.000%, 1/1/24 | 100,222 | ||
36,268 | Pool # C90837, 5.500%, 6/1/24 | 35,265 | ||
47,663 | Pool # E96459, 5.000%, 5/1/18 | 45,998 | ||
40,494 | Pool # G18008, 4.500%, 9/1/19 | 38,291 | ||
20,641 | Pool # G18015, 4.500%, 10/1/19 | 19,518 | ||
95,342 | Pool # M80916, 4.000%, 5/1/11 | 91,399 | ||
91,140 | Pool # M80982, 5.000%, 7/1/12 | 88,946 | ||
97,693 | Pool # M81004, 5.000%, 1/1/13 | 95,342 | ||
49,161 | Pool # M90777, 4.500%, 1/1/08 | 48,335 | ||
36,956 | Series 1994-23, Class PK, 6.000%, 5/25/10 | 37,055 | ||
531 | Series 2469, Class AK, 6.000%, 4/15/30 | 530 | ||
50,744 | Series 2548, Class HA, 4.500%, 1/15/10 | 49,823 | ||
85,826 | Series 3046, Class YA, 5.000%, 2/15/19 | 81,115 | ||
96,394 | Series R005, Class AB, 5.500%, 12/15/18 | 94,840 | ||
98,503 | Series R007, Class AC, 5.875%, 5/15/16 | 98,234 | ||
| 1,059,407 | |||
Federal National Mortgage Association -- 29.9% | ||||
$ 33,524 | Pool # 254908, 5.000%, 9/1/23 | $ 31,886 | ||
114,124 | Pool # 254914, 4.500%, 9/1/13 | 109,916 | ||
59,057 | Pool # 254955, 4.000%, 10/1/10 | 56,091 | ||
36,073 | Pool # 255224, 4.000%, 5/1/11 | 34,108 | ||
20,172 | Pool # 255360, 5.000%, 8/1/24 | 19,137 | ||
84,962 | Pool # 255711, 5.500%, 4/1/25 | 82,457 | ||
86,615 | Pool # 255745, 5.500%, 5/1/25 | 84,061 | ||
88,316 | Pool # 255767, 5.500%, 6/1/25 | 85,712 | ||
86,941 | Pool # 255807, 5.500%, 8/1/20 | 85,382 | ||
68,692 | Pool # 255808, 5.000%, 7/1/25 | 65,081 | ||
96,975 | Pool # 256116, 6.000%, 2/1/26 | 96,311 | ||
91,864 | Pool # 357771, 5.000%, 5/1/25 | 87,035 | ||
36,697 | Pool # 721540, 5.000%, 7/1/33 | 34,481 | ||
107,712 | Pool # 786457, 5.278%, 7/1/34 | 104,383 | ||
99,545 | Pool # 845573, 5.655%, 2/1/36 | 98,240 | ||
97,630 | Pool # 881602, 6.500%, 2/1/36 | 98,182 | ||
62,824 | Series 2003-15, Class P, 5.000%, 12/25/26 | 62,511 | ||
50,000 | Series 2672, Class GH, 5.500%, 8/15/31 | 47,770 | ||
| 1,282,744 | |||
Government National Mortgage Association -- 9.5% | ||||
27,972 | Pool # 3571, 6.500%, 6/20/34 | 28,234 | ||
33,890 | Pool # 3590, 5.500%, 8/20/19 | 33,401 | ||
19,667 | Pool # 3637, 5.500%, 11/20/34 | 19,006 | ||
83,020 | Pool # 3708, 5.500%, 5/20/20 | 81,807 | ||
69,259 | Pool # 3710, 5.000%, 5/20/35 | 65,180 | ||
95,733 | Pool # 3741, 4.500%, 8/20/20 | 90,946 | ||
93,060 | Pool # 650348, 5.500%, 11/15/35 | 90,273 | ||
| 408,847 | |||
Total U.S. Government Mortgage Backed Agencies (Cost $3,141,277) | 3,059,665 | |||
Principal Amount or Shares |
| Value | ||
U.S. GOVERNMENT AGENCIES -- 16.0% | ||||
Federal Home Loan Bank -- 9.3% | ||||
$ 400,000 | 5.040%, 7/6/06 | $ 399,720 | ||
Federal Home Loan Mortgage Corporation -- 4.4% | ||||
100,000 | 4.000%, 4/8/11 | 93,890 | ||
100,000 | 5.000%, 3/2/15 | 95,569 | ||
| 189,459 | |||
Federal National Mortgage Association -- 2.3% | ||||
100,000 | 5.600%, 2/8/16 | 97,831 | ||
Total U.S. Government Agencies (Cost $697,371) | 687,010 | |||
COMMON STOCKS -- 8.2% | ||||
Real Estate Investment Trusts -- 8.2% | ||||
100 | Acadia Realty Trust | 2,365 | ||
200 | Alexandria Real Estate Equities, Inc. | 17,736 | ||
200 | AMB Property Corp. | 10,110 | ||
400 | American Campus Communities, Inc. | 9,940 | ||
100 | Avalonbay Communities, Inc. | 11,062 | ||
100 | Boston Properties, Inc. | 9,040 | ||
500 | Brandywine Realty Trust | 16,085 | ||
200 | CBL & Associates Properties, Inc. | 7,786 | ||
300 | Digital Reality Trust | 7,407 | ||
300 | Duke Realty Corp. | 10,545 | ||
100 | EastGroup Properties, Inc. | 4,668 | ||
200 | Equity Lifestyle Properties, Inc. | 8,766 | ||
300 | Equity Residential Properties Trust | 13,419 | ||
100 | Essex Property Trust, Inc. | 11,166 | ||
200 | General Growth Properties, Inc. | 9,012 | ||
300 | Health Care Property Investors, Inc. | 8,022 | ||
200 | Home Properties, Inc. | 11,102 | ||
300 | Hospitality Properties Trust | 13,176 | ||
Shares | Value | |||
400 | Host Hotels & Resorts, Inc. | $ 8,748 | ||
300 | Kimco Realty Corp. | 10,947 | ||
300 | Mack-Cali Realty Corp. | 13,776 | ||
300 | Maguire Properties, Inc. | 10,551 | ||
100 | Mills Corp. | 2,675 | ||
300 | Nationwide Health Properties, Inc. | 6,753 | ||
200 | New Plan Excel Realty Trust | 4,938 | ||
100 | Pennsylvania Real Estate Investment Trust | 4,037 | ||
400 | ProLogis | 20,848 | ||
100 | Public Storage, Inc. | 7,590 | ||
200 | Realty Income Corp. | 4,380 | ||
200 | Reckson Associates Realty Corp. | 8,276 | ||
200 | Simon Property Group, Inc. | 16,588 | ||
300 | Sunstone Hotel Investors, Inc. | 8,718 | ||
400 | Tanger Factory Outlet Centers, Inc. | 12,948 | ||
200 | U-STORE-IT Trust | 3,772 | ||
200 | United Dominion Realty Trust, Inc. | 5,602 | ||
100 | Vornado Realty Trust | 9,755 | ||
300 | Weingarten Realty Investors | 11,484 | ||
Total Common Stocks | 353,793 | |||
CASH EQUIVALENT -- 4.2% | ||||
179,868 | Huntington Money Market Fund, Interfund Shares* 4.51% (d) | 179,868 | ||
Total Cash Equivalent | 179,868 | |||
Total Investments | 4,280,336 | |||
Other Assets in Excess of | 19,162 | |||
Net Assets -- 100.0% | $ 4,299,498 | |||
See Notes to Portfolio of Investments on page 24.
See Notes which are an integral part of the Financial Statements.
Huntington Funds
Notes to Portfolio of Investments
(a) See Notes to Financial Statements for unrealized appreciation (depreciation) of securities.
(b) Non-income producing security.
(c) All or part of the security was on loan as of June 30, 2006.
(d) Rate disclosed is the seven day yield as of June 30, 2006.
* Affiliated
The categories of investments are shown as a percentage of net assets.
The following abbreviations are used in the Portfolio of Investments:
ADR | -- | American Depositary Receipt |
AMEX | -- | American Stock Exchange |
EAFE | -- | Europe, Australasia and Far East |
EMU | -- | European Monetary Union |
MSCI | -- | Morgan Stanley Capital International |
S&P | -- | Standard & Poor's |
SPDR | -- | Standard & Poor's Depositary Receipt |
See Notes which are an integral part of the Financial Statements.
Huntington Funds
Statements of Assets and Liabilities
June 30, 2006 (Unaudited)
| Huntington | Huntington | Huntington | Huntington | Huntington | |||||
---|---|---|---|---|---|---|---|---|---|---|
Assets: | ||||||||||
Investments, at value(1) | $ 50,238,217 | $ 24,647,268 | $ 41,934,581 | $ 3,861,555 | $ 8,879,750 | |||||
Investment in affiliated securities, at value | 136,099 | 316,617 | 47,525 | -- | 159,161 | |||||
Total Investments | 50,374,316 | 24,963,885 | 41,982,106 | 3,861,555 | 9,038,911 | |||||
Cash | 18,590 | -- | -- | 254,113 | -- | |||||
Foreign currency, at value (cost $0; $0; $0; $4,622 and $0) | -- | -- | -- | 4,654 | -- | |||||
Income receivable | 157,982 | 20,361 | 63,379 | 5,259 | 10,839 | |||||
Receivable for investments sold | 775,920 | -- | 205,072 | -- | -- | |||||
Receivable for shares sold | -- | -- | -- | 1,327 | 778 | |||||
Receivable from adviser | -- | -- | -- | 283 | -- | |||||
Prepaid expenses and other assets | 1,181 | 1,111 | 1,186 | 743 | 949 | |||||
Total assets | 51,327,989 | 24,985,357 | 42,251,743 | 4,127,934 | 9,051,477 | |||||
Liabilities: | ||||||||||
Options written, at value (proceeds $0; $0; $378,756; $0; and $0) | -- | -- | 632,798 | -- | -- | |||||
Payable for investments purchased | 413,984 | -- | -- | -- | -- | |||||
Payable for shares redeemed | 18,577 | 14,777 | 26,164 | 205 | 530 | |||||
Payable for return of collateral received for | 3,416,478 | 5,479,508 | 5,656,766 | -- | -- | |||||
Accrued expenses and other payables | ||||||||||
Investment adviser fees | 23,126 | 9,603 | 17,670 | 1,883 | 4,407 | |||||
Administration fees | 2,589 | 1,059 | 1,967 | 224 | 497 | |||||
Sub-Administration fees | 2,614 | 1,102 | 2,009 | 200 | 495 | |||||
Custodian fees | 1,002 | 416 | 766 | 1,003 | 191 | |||||
Financial Administration fees | 2,129 | 1,060 | 1,669 | 877 | 902 | |||||
Trustees' fees | 637 | 291 | 507 | 48 | 122 | |||||
Compliance Service fees | 329 | 142 | 255 | 22 | 62 | |||||
Other | 5,647 | 4,251 | 7,585 | 358 | 1,732 | |||||
Total liabilities | 3,887,112 | 5,512,209 | 6,348,156 | 4,820 | 8,938 | |||||
Net Assets | $ 47,440,877 | $ 19,473,148 | $ 35,903,587 | $ 4,123,114 | $ 9,042,539 | |||||
Net Assets Consists of: | ||||||||||
Paid in capital | $ 44,986,979 | $ 18,217,431 | $ 30,909,714 | $ 3,650,298 | $ 8,375,056 | |||||
Net unrealized appreciation (depreciation) of investments, options and translation of assets and liabilities denominated in foreign currency | 279,626 | 1,208,943 | 3,732,048 | 428,449 | 417,513 | |||||
Accumulated net realized gain (loss) on investments, options and foreign currency transactions | 1,334,757 | 5,825 | 881,422 | 6,629 | 237,734 | |||||
Accumulated net investment income (loss) | 839,515 | 40,949 | 380,403 | 37,738 | 12,236 | |||||
Total Net Assets | $ 47,440,877 | $ 19,473,148 | $ 35,903,587 | $ 4,123,114 | $ 9,042,539 | |||||
Shares Outstanding | 3,897,667 | 2,238,571 | 3,102,806 | 295,817 | 771,137 | |||||
Net Asset Value Per Share | ||||||||||
(Net asset value, offering and redemption price per share) | $ 12.17 | $ 8.70 | $ 11.57 | $ 13.94 | $ 11.73 | |||||
Investments, at cost | $ 50,094,690 | $ 23,754,942 | $ 37,996,016 | $ 3,433,138 | $ 8,621,398 | |||||
(1) Includes securities on loan of $3,316,658; $5,285,341; $5,498,461; $0; $0.
Huntington Funds
Statements of Assets and Liabilities
June 30, 2006 (Unaudited)
| Huntington | Huntington | Huntington | Huntington | Huntington | |||||
---|---|---|---|---|---|---|---|---|---|---|
Assets: | ||||||||||
Investments, at value(1) | $ 28,090,886 | $ 12,682,469 | $ 7,017,431 | $ 10,971,994 | $ 4,100,468 | |||||
Investment in affiliated securities, at value | 2,754,774 | 992,474 | 321,958 | 1,340,249 | 179,868 | |||||
Total Investments | 30,845,660 | 13,674,943 | 7,339,389 | 12,312,243 | 4,280,336 | |||||
Income receivable | 29,960 | 8,410 | 4,814 | 8,462 | 19,170 | |||||
Receivable for investments sold | -- | -- | -- | 336,046 | -- | |||||
Receivable for shares sold | -- | -- | -- | 12,720 | 3,392 | |||||
Receivable from adviser | -- | -- | -- | -- | 574 | |||||
Prepaid expenses and other assets | 1,113 | 974 | 1,005 | 877 | 828 | |||||
Total assets | 30,876,733 | 13,684,327 | 7,345,208 | 12,670,348 | 4,304,300 | |||||
Liabilities: | ||||||||||
Payable for investments purchased | -- | -- | -- | 755,197 | -- | |||||
Payable for shares redeemed | 5,068 | 23,312 | 22,663 | 22,008 | 115 | |||||
Payable for return of collateral received for | 4,400,277 | 796,218 | -- | -- | -- | |||||
Accrued expenses and other payables | ||||||||||
Investment adviser fees | 12,787 | 6,059 | 3,530 | 5,593 | 2,097 | |||||
Administration fees | 1,417 | 682 | 392 | 648 | 244 | |||||
Sub-Administration fees | 1,460 | 681 | 402 | 610 | 228 | |||||
Custodian fees | 554 | 263 | 153 | 236 | 91 | |||||
Financial Administration fees | 1,581 | 1,422 | 572 | 876 | 1,236 | |||||
Trustees' fees | 363 | 170 | 103 | 144 | 53 | |||||
Compliance Service fees | 188 | 85 | 52 | 72 | 27 | |||||
Other | 5,382 | 2,377 | 1,483 | 1,913 | 711 | |||||
Total liabilities | 4,429,077 | 831,269 | 29,350 | 787,297 | 4,802 | |||||
Net Assets | $ 26,447,656 | $ 12,853,058 | $ 7,315,858 | $ 11,883,051 | $ 4,299,498 | |||||
Net Assets Consists of: | ||||||||||
Paid in capital | $ 20,166,905 | $ 10,186,583 | $ 5,669,724 | $ 11,081,904 | $ 4,282,503 | |||||
Net unrealized appreciation (depreciation) of investments and translation of assets and liabilities denominated in foreign currency | 6,003,267 | 2,569,831 | 1,252,950 | 698,737 | (53,088) | |||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | 218,635 | 81,597 | 398,659 | 109,018 | (1,258) | |||||
Accumulated net investment income (loss) | 58,849 | 15,047 | (5,475) | (6,608) | 71,341 | |||||
Total Net Assets | $ 26,447,656 | $ 12,853,058 | $ 7,315,858 | $ 11,883,051 | $ 4,299,498 | |||||
Shares Outstanding | 1,620,362 | 763,466 | 561,835 | 839,561 | 405,147 | |||||
Net Asset Value Per Share | ||||||||||
(Net asset value, offering and redemption | $ 16.32 | $ 16.84 | $ 13.02 | $ 14.15 | $ 10.61 | |||||
Investments, at cost | $ 24,842,393 | $ 11,105,112 | $ 6,086,439 | $ 11,613,506 | $ 4,333,424 | |||||
(1) Includes securities on loan of $4,265,497; $769,920; $0; $0; $0.
Huntington Funds
Statements of Operations
Six Months Ended June 30, 2006 (Unaudited)
| Huntington | Huntington | Huntington | Huntington | Huntington | |||||
---|---|---|---|---|---|---|---|---|---|---|
Investment Income: | ||||||||||
Dividend income | $ 1,032,646 | $ 128,998 | $ 535,141 | $ 53,661(1) | $ 47,048 | |||||
Dividend income from affiliated securities | 16,494 | 4,005 | 7,581 | -- | 7,656 | |||||
Income from securities lending | 1,713 | 987 | 2,074 | -- | -- | |||||
Total investment income | 1,050,853 | 133,990 | 544,796 | 53,661 | 54,704 | |||||
Expenses: | ||||||||||
Investment adviser fees | 138,924 | 60,065 | 107,660 | 9,454 | 26,090 | |||||
Administration fees | 19,681 | 8,509 | 15,252 | 1,339 | 3,696 | |||||
Sub-Administration fees | 11,577 | 5,005 | 8,972 | 788 | 2,174 | |||||
Custodian fees | 6,020 | 2,603 | 4,665 | 1,590 | 1,131 | |||||
Transfer and dividend disbursing agent fees | 6,709 | 2,902 | 5,200 | 441 | 1,252 | |||||
Trustees' fees | 1,574 | 695 | 1,219 | 108 | 296 | |||||
Auditing fees | 2,925 | 1,337 | 2,363 | 141 | 517 | |||||
Legal fees | 1,443 | 625 | 1,088 | 97 | 269 | |||||
Financial Administration fees | 11,583 | 5,621 | 9,034 | 2,392 | 3,545 | |||||
Printing and postage | 6,789 | 2,983 | 5,325 | 406 | 1,229 | |||||
Insurance premiums | 2,608 | 2,217 | 2,450 | 2,009 | 2,004 | |||||
Compliance Service fees | 659 | 285 | 511 | 45 | 124 | |||||
Other | 846 | 369 | 654 | 133 | 157 | |||||
Total expenses | 211,338 | 93,216 | 164,393 | 18,943 | 42,484 | |||||
Reimbursements: | ||||||||||
Reimbursements from adviser | -- | -- | -- | (3,187) | -- | |||||
Net expenses | 211,338 | 93,216 | 164,393 | 15,756 | 42,484 | |||||
Net investment income (loss) | 839,515 | 40,774 | 380,403 | 37,905 | 12,220 | |||||
Realized and Unrealized Gain (Loss) on Investments, Options and Foreign Currency Transactions: | ||||||||||
Net realized gain (loss) on | 1,431,940 | 14,568 | 1,547,854 | 8,391 | 259,249 | |||||
Net realized gain (loss) on options transactions | -- | -- | (25,969) | -- | -- | |||||
Net realized gain (loss) on foreign | -- | -- | -- | (441) | -- | |||||
Net realized gain (loss) on investments, options | 1,431,940 | 14,568 | 1,521,885 | 7,950 | 259,249 | |||||
Net change in unrealized appreciation/depreciation of investments, options and translation of | (368,174) | (327,132) | (767,329) | 189,374 | (185,479) | |||||
Net realized and unrealized gain (loss) on | 1,063,766 | (312,564) | 754,556 | 197,324 | 73,770 | |||||
Change in net assets resulting from operations | $ 1,903,281 | $ (271,790) | $ 1,134,959 | $ 235,229 | $ 85,990 | |||||
(1) Net of foreign dividend taxes withheld of $639.
Huntington Funds
Statements of Operations
Six Months Ended June 30, 2006 (Unaudited)
| Huntington | Huntington | Huntington | Huntington | Huntington | |||||
---|---|---|---|---|---|---|---|---|---|---|
Investment Income: | ||||||||||
Dividend income | $ 112,388 | $ 54,310 | $ 25,278 | $ 22,946 | $ 4,003 | |||||
Dividend income from affiliated securities | 66,755 | 17,929 | 4,645 | 18,960 | 5,424 | |||||
Interest income | -- | -- | -- | -- | 80,581 | |||||
Income from securities lending | 2,456 | 870 | -- | -- | -- | |||||
Total investment income | 181,599 | 73,109 | 29,923 | 41,906 | 90,008 | |||||
Expenses: | ||||||||||
Investment adviser fees | 79,230 | 35,910 | 21,775 | 30,402 | 11,200 | |||||
Administration fees | 11,225 | 5,087 | 3,085 | 4,307 | 1,587 | |||||
Sub-Administration fees | 6,603 | 2,993 | 1,815 | 2,534 | 933 | |||||
Custodian fees | 3,433 | 1,556 | 943 | 1,317 | 485 | |||||
Transfer and dividend disbursing agent fees and expenses | 3,811 | 1,712 | 1,048 | 1,435 | 530 | |||||
Trustees' fees | 897 | 407 | 247 | 346 | 127 | |||||
Auditing fees | 1,649 | 711 | 453 | 537 | 207 | |||||
Legal fees | 823 | 373 | 225 | 313 | 115 | |||||
Financial Administration fees | 8,091 | 5,341 | 2,494 | 3,624 | 4,509 | |||||
Printing and postage | 3,865 | 1,709 | 1,062 | 1,380 | 507 | |||||
Insurance premiums | 2,264 | 2,077 | 2,017 | 1,998 | 1,947 | |||||
Compliance Service fees | 376 | 170 | 103 | 144 | 53 | |||||
Other | 483 | 216 | 131 | 177 | 67 | |||||
Total expenses | 122,750 | 58,262 | 35,398 | 48,514 | 22,267 | |||||
Reimbursements: | ||||||||||
Reimbursements from adviser | -- | -- | -- | -- | (3,600) | |||||
Net expenses | 122,750 | 58,262 | 35,398 | 48,514 | 18,667 | |||||
Net investment income (loss) | 58,849 | 14,847 | (5,475) | (6,608) | 71,341 | |||||
Realized and Unrealized Gain (Loss) on Investments, Options and Foreign Currency Transactions: | ||||||||||
Net realized gain (loss) on | 218,635 | 81,597 | 398,659 | 112,554 | 1,495 | |||||
Net realized gain (loss) on foreign | -- | -- | -- | (3,536) | -- | |||||
Net realized gain (loss) on investments and translation of assets and liabilities in foreign currency | 218,635 | 81,597 | 398,659 | 109,018 | 1,495 | |||||
Net change in unrealized appreciation/depreciation of investments and translation of | (171,437) | 439,762 | 80,184 | (32,241) | (40,836) | |||||
Net realized and unrealized gain (loss) on | 47,198 | 521,359 | 478,843 | 76,777 | (39,341) | |||||
Change in net assets resulting from operations | $ 106,047 | $ 536,206 | $ 473,368 | $ 70,169 | $ 32,000 | |||||
Huntington Funds
Statements of Changes in Net Assets
| Huntington VA | Huntington VA | ||||||
---|---|---|---|---|---|---|---|---|
| Six Months | Year Ended | Six Months | Year Ended | ||||
Increase (Decrease) in Net Assets | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ 839,515 | $ 1,674,502 | $ 40,774 | $ 84,462 | ||||
Net realized gain (loss) on investment transactions | 1,431,940 | 1,023,116 | 14,568 | 234,355 | ||||
Net change in unrealized appreciation/depreciation of investments | (368,174) | (1,261,695) | (327,132) | (164,978) | ||||
Change in net assets resulting from operations | 1,903,281 | 1,435,923 | (271,790) | 153,839 | ||||
Distributions to Shareholders: | ||||||||
From net investment income | (1,674,502) | (1,152,185) | (84,462) | (89,380) | ||||
From net realized gains | (1,099,175) | (1,753,704) | (234,355) | (5,501) | ||||
Change in net assets resulting from distributions to shareholders | (2,773,677) | (2,905,889) | (318,817) | (94,881) | ||||
Change in net assets resulting from capital transactions | 4,117,249 | 13,881,730 | 89,449 | 1,982,459 | ||||
Change in net assets | 3,246,853 | 12,411,764 | (501,158) | 2,041,417 | ||||
Net Assets: | ||||||||
Beginning of period | 44,194,024 | 31,782,260 | 19,974,306 | 17,932,889 | ||||
End of period | $ 47,440,877 | $ 44,194,024 | $ 19,473,148 | $ 19,974,306 | ||||
Accumulated net investment income (loss) included in net assets at end of period | $ 839,515 | $ 1,674,502 | $ 40,949 | $ 84,637 | ||||
Huntington Funds
Statements of Changes in Net Assets
| Huntington VA | Huntington VA | ||||||
---|---|---|---|---|---|---|---|---|
| Six Months | Year Ended | Six Months | Year Ended | ||||
Increase (Decrease) in Net Assets | ||||||||
Operations: | ||||||||
Net investment income (loss) | $ 380,403 | $ 708,376 | $ 37,905 | $ 9,806 | ||||
Net realized gain (loss) on investment and foreign currency | 1,521,885 | 1,026,383 | 7,950 | 5,573 | ||||
Net change in unrealized appreciation/depreciation of investments and translation of assets denominated in foreign currency | (767,329) | (698,385) | 189,374 | 198,549 | ||||
Change in net assets resulting from operations | 1,134,959 | 1,036,374 | 235,229 | 213,928 | ||||
Distributions to Shareholders: | ||||||||
From net investment income | (708,376) | (526,840) | -- | (10,210) | ||||
From net realized gains | (1,067,128) | -- | (1,062) | (3,923) | ||||
Change in net assets resulting from distributions to shareholders | (1,775,504) | (526,840) | (1,062) | (14,133) | ||||
Change in net assets resulting from capital transactions | 1,206,735 | 3,479,498 | 1,728,332 | 1,557,923 | ||||
Change in net assets | 566,190 | 3,989,032 | 1,962,499 | 1,757,718 | ||||
Net Assets: | ||||||||
Beginning of period | 35,337,397 | 31,348,365 | 2,160,615 | 402,897 | ||||
End of period | $ 35,903,587 | $ 35,337,397 | $ 4,123,114 | $ 2,160,615 | ||||
Accumulated net investment income (loss) included in net assets at end of period | $ 380,403 | $ 708,376 | $ 37,738 | $ (167) | ||||
Huntington Funds
Statements of Changes in Net Assets
| Huntington VA | Huntington VA | Huntington VA | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months | Year Ended | Six Months | Year Ended | Six Months | Year Ended | ||||||
Increase (Decrease) in Net Assets | ||||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $ 12,220 | $ 14,450 | $ 58,849 | $ 105,600 | $ 14,847 | $ 14,600 | ||||||
Net realized gain (loss) on investment transactions | 259,249 | 84,844 | 218,635 | 322,968 | 81,597 | 180,846 | ||||||
Net change in unrealized appreciation/ depreciation of investments | (185,479) | 448,739 | (171,437) | 2,223,061 | 439,762 | 896,152 | ||||||
Change in net assets resulting from operations | 85,990 | 548,033 | 106,047 | 2,651,629 | 536,206 | 1,091,598 | ||||||
Distributions to Shareholders: | ||||||||||||
From net investment income | (14,450) | (10,780) | (105,600) | (22,779) | (14,400) | -- | ||||||
From net realized gains | (105,627) | -- | (322,968) | (30,259) | (180,902) | (7,097) | ||||||
Change in net assets resulting from distributions to shareholders | (120,077) | (10,780) | (428,568) | (53,038) | (195,302) | (7,097) | ||||||
Change in net assets resulting from capital transactions | 1,327,831 | 4,887,685 | 1,555,651 | 4,811,419 | 1,774,787 | 3,772,009 | ||||||
Change in net assets | 1,293,744 | 5,424,938 | 1,233,130 | 7,410,010 | 2,115,691 | 4,856,510 | ||||||
Net Assets: | ||||||||||||
Beginning of period | 7,748,795 | 2,323,857 | 25,214,526 | 17,804,516 | 10,737,367 | 5,880,857 | ||||||
End of period | $ 9,042,539 | $ 7,748,795 | $ 26,447,656 | $ 25,214,526 | $ 12,853,058 | $ 10,737,367 | ||||||
Accumulated net investment income (loss) included in net assets at end of period | $ 12,236 | $ -- | $ 58,849 | $ 52,721 | $ 15,047 | $ 14,600 | ||||||
Huntington Funds
Statements of Changes in Net Assets
| Huntington VA | Huntington VA | Huntington VA | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months | Year Ended | Six Months | Year Ended | Six Months | Year Ended | ||||||
Increase (Decrease) in Net Assets | ||||||||||||
Operations: | ||||||||||||
Net investment income (loss) | $ (5,475) | $ 47,074 | $ (6,608) | $ (7,774) | $ 71,341 | $ 51,015 | ||||||
Net realized gain (loss) on investment and foreign currency transactions | 398,659 | 262,242 | 109,018 | 90,540 | 1,495 | (198) | ||||||
Net change in unrealized appreciation/ depreciation of investments and translation of assets and liabilities in foreign currency | 80,184 | 296,056 | (32,241) | 628,095 | (40,836) | (22,790) | ||||||
Change in net assets resulting from operations | 473,368 | 605,372 | 70,169 | 710,861 | 32,000 | 28,027 | ||||||
Distributions to Shareholders: | ||||||||||||
From net investment income | (47,074) | (40,588) | -- | (366) | (52,721) | (8,175) | ||||||
From net realized gains | (254,062) | (124,902) | (46,081) | (39,417) | -- | -- | ||||||
Change in net assets resulting from distributions to shareholders | (301,136) | (165,490) | (46,081) | (39,783) | (52,721) | (8,175) | ||||||
Change in net assets resulting from capital transactions | 296,606 | 254,949 | 3,855,687 | 6,013,607 | 1,112,286 | 2,780,838 | ||||||
Change in net assets | 468,838 | 694,831 | 3,879,775 | 6,684,685 | 1,091,565 | 2,800,690 | ||||||
Net Assets: | ||||||||||||
Beginning of period | 6,847,020 | 6,152,189 | 8,003,276 | 1,318,591 | 3,207,933 | 407,243 | ||||||
End of period | $ 7,315,858 | $ 6,847,020 | $ 11,883,051 | $ 8,003,276 | $ 4,299,498 | $ 3,207,933 | ||||||
Accumulated net investment income (loss) included in net assets at end of period | $ (5,475) | $ 47,074 | $ (6,608) | $ -- | $ 71,341 | $ 52,721 | ||||||
See Notes which are an integral part of the Financial Statements.
Huntington Funds--Equity Funds
Financial Highlights
(For a share outstanding throughout each period)
Year ended | Net Asset | Net Investment | Net Realized | Total from | Distributions | Distributions | Return of | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | 0.19 | 0.07 | 0.46 | (0.39) | (0.60) | -- | |||||||
2006(8) | $ 12.41 | 0.20 | 0.32 | 0.52 | (0.46) | (0.30) | ||||||||
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 | -- (7) | -- | -- | |||||||
2005 | $ 8.95 | 0.04 | 0.02 | 0.06 | (0.04) | -- (7) | -- | |||||||
2006(8) | $ 8.97 | 0.02 | (0.14) | (0.12) | (0.04) | (0.11) | -- | |||||||
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) | -- | -- | |||||||
2006(8) | $ 11.78 | 0.12 | 0.27 | 0.39 | (0.24) | (0.36) | -- | |||||||
Huntington VA International Equity Fund | ||||||||||||||
2004(6) | $ 10.00 | 0.03 | 1.10 | 1.13 | (0.06) | -- | -- | |||||||
2005 | $ 11.07 | 0.06 | 1.62 | 1.68 | (0.06) | (0.02) | -- | |||||||
2006(8) | $ 12.67 | 0.13 | 1.14 | 1.27 | -- | -- (7) | -- | |||||||
Huntington VA Macro 100 Fund | ||||||||||||||
2004(6) | $ 10.00 | 0.05 | 1.08 | 1.13 | -- | -- | -- | |||||||
2005 | $ 11.13 | (0.01) | 0.58 | 0.57 | (0.02) | -- | -- | |||||||
2006(8) | $ 11.68 | 0.01 | 0.20 | 0.21 | (0.02) | (0.14) | -- | |||||||
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 | -- (7) | -- | -- | |||||||
2005 | $ 14.67 | 0.07 | 1.79 | 1.86 | (0.02) | (0.02) | -- | |||||||
2006(8) | $ 16.49 | 0.03 | 0.07 | 0.10 | (0.07) | (0.20) | -- | |||||||
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) | -- | |||||||
2006(8) | $ 16.27 | 0.02 | 0.82 | 0.84 | (0.02) | (0.25) | -- | |||||||
(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) Reflects operations for the period from May 3, 2004 (commencement of operations) to December 31, 2004.
(7) Amount is less than $0.005.
(8) Six months ended June 30, 2006 (Unaudited).
Huntington Funds--Equity Funds
Financial Highlights
(For a share outstanding throughout each period)
Total | Net | Total | Ratio of Net | Ratio of Net | Ratio of | Ratio of | Net Assets, | Portfolio | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
(0.09) | $ 10.15 | 2.44%(4) | 2.00%(5) | 5.25%(5) | 17.47%(5) | (10.22)%(5) | $ 220 | 12% | ||||||||
(0.34) | $ 9.81 | (0.05)% | 1.12% | 5.89% | 2.23% | 4.78% | $ 3,396 | 70% | ||||||||
(0.36) | $ 11.54 | 21.36% | 1.00% | 5.22% | 1.01% | 5.21% | $ 17,360 | 87% | ||||||||
(0.17) | $ 12.94 | 13.75% | 0.95% | 4.72% | 0.95% | 4.72% | $ 31,782 | 88% | ||||||||
(0.99) | $ 12.41 | 3.59% | 0.93% | 4.41% | 0.93% | 4.41% | $ 44,194 | 111% | ||||||||
(0.76) | $ 12.17 | 4.25%(4) | 0.91%(5) | 3.63%(5) | 0.91%(5) | 3.63%(5) | $ 47,441 | 46% | ||||||||
-- | $ 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% | 1.00% | 0.32% | $ 12,065 | 4% | ||||||||
-- | $ 8.95 | 5.67% | 0.95% | 0.59% | 0.95% | 0.59% | $ 17,933 | 11% | ||||||||
(0.04) | $ 8.97 | 0.72% | 0.95% | 0.45% | 0.95% | 0.45% | $ 19,974 | 15% | ||||||||
(0.15) | $ 8.70 | (1.42)%(4) | 0.93%(5) | 0.41%(5) | 0.93%(5) | 0.41%(5) | $ 19,473 | 10% | ||||||||
(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% | 1.00% | 2.63% | $ 21,232 | 97% | ||||||||
(0.09) | $ 11.62 | 13.66% | 0.93% | 2.00% | 0.93% | 2.00% | $ 31,348 | 47% | ||||||||
(0.19) | $ 11.78 | 2.98% | 0.93% | 2.15% | 0.93% | 2.15% | $ 35,337 | 53% | ||||||||
(0.60) | $ 11.57 | 3.22%(4) | 0.92%(5) | 2.12%(5) | 0.92%(5) | 2.12%(5) | $ 35,904 | 31% | ||||||||
(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% | ||||||||
-- (7) | $ 13.94 | 10.05%(4) | 1.00%(5) | 2.40%(5) | 1.20%(5) | 2.20%(5) | $ 4,123 | 2% | ||||||||
-- | $ 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% | ||||||||
(0.16) | $ 11.73 | 1.80%(4) | 0.98%(5) | 0.28%(5) | 0.98%(5) | 0.28%(5) | $ 9,043 | 57% | ||||||||
-- | $ 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% | 1.00% | 0.20% | $ 10,352 | 25% | ||||||||
-- | $ 14.67 | 16.91% | 0.95% | 0.17% | 0.95% | 0.17% | $ 17,805 | 10% | ||||||||
(0.04) | $ 16.49 | 12.67% | 0.95% | 0.49% | 0.95% | 0.49% | $ 25,215 | 7% | ||||||||
(0.27) | $ 16.32 | 0.58%(4) | 0.93%(5) | 0.45%(5) | 0.93%(5) | 0.45%(5) | $ 26,448 | 4% | ||||||||
-- | $ 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)% | 0.98% | (0.31)% | $ 5,881 | 18% | ||||||||
(0.01) | $ 16.27 | 13.24% | 1.00% | 0.18% | 1.02% | 0.16% | $ 10,737 | 49% | ||||||||
(0.27) | $ 16.84 | 5.16%(4) | 0.97%(5) | 0.25%(5) | 0.97%(5) | 0.25%(5) | $ 12,853 | 19% | ||||||||
Huntington Funds--Equity Funds
Financial Highlights
(For a share outstanding throughout each period)
Year ended December 31, | Net Asset | Net Investment | Net Realized | Total from | Distributions | Distributions | Return of | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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) | -- | |||||||
2006(8) | $ 12.70 | (0.01) | 0.89 | 0.88 | (0.09) | (0.47) | -- | |||||||
Huntington VA Situs Small Cap Fund | ||||||||||||||
2004(6) | $ 10.00 | (0.01) | 1.98 | 1.97 | -- | -- | -- | |||||||
2005 | $ 11.97 | (0.01) | 2.07 | 2.06 | -- (7) | (0.08) | -- | |||||||
2006(8) | $ 13.95 | (0.01) | 0.27 | 0.26 | -- | (0.06) | -- | |||||||
(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) Not annualized.
(4) Computed on annualized basis.
(5) Does not include the effect of expenses of underlying funds.
(6) Reflects operations for the period from May 3, 2004 (commencement of operations) to December 31, 2004.
(7) Amount is less than $0.005.
(8) Six months ended June 30, 2006 (Unaudited).
Huntington Funds--Equity Funds
Financial Highlights
(For a share outstanding throughout each period)
| Total | Net | Total | Ratio of Net | Ratio of Net | Ratio of | Ratio of | Net Assets, | Portfolio | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |||||||||||||||||
| -- | $ 10.45 | 4.50%(3) | 2.00%(4)(5) | (0.21)%(4)(5) | 18.20%(4)(5) | (16.41)%(4) | $ 210 | -- | ||||||||
| -- | $ 8.87 | (15.12)% | 1.21%(5) | (0.20)%(5) | 3.33%(5) | (2.32)%(5) | $ 930 | 113% | ||||||||
| -- | $ 11.03 | 24.35% | 1.00%(5) | 1.02%(5) | 1.06%(5) | 0.96%(5) | $ 4,219 | 151% | ||||||||
| (0.38) | $ 11.89 | 11.63% | 0.98%(5) | 0.77%(5) | 0.98%(5) | 0.77%(5) | $ 6,152 | 81% | ||||||||
| (0.32) | $ 12.70 | 9.66% | 1.00%(5) | (0.75)%(5) | 1.00%(5) | (0.75)%(5) | $ 6,847 | 44% | ||||||||
| (0.56) | $ 13.02 | 6.89%(3) | 0.98%(4)(5) | (0.15)%(4)(5) | 0.98%(4)(5) | (0.15)%(4)(5) | $ 7,316 | 22% | ||||||||
| |||||||||||||||||
| -- | $ 11.97 | 19.70%(3) | 1.00%(4) | (0.19)%(4) | 1.19%(4) | (0.38)%(4) | $ 1,319 | 3% | ||||||||
| (0.08) | $ 13.95 | 17.18% | 0.99% | (0.19)% | 1.05% | (0.25)% | $ 8,003 | 10% | ||||||||
| (0.06) | $ 14.15 | 1.86%(3) | 0.96%(4) | (0.13)%(4) | 0.96%(4) | (0.13)%(4) | $ 11,883 | 5% | ||||||||
Huntington Funds--Income Fund
Financial Highlights
(For a share outstanding throughout each period)
Year ended December 31, | Net Asset | Net Investment | Net Realized | Total from | Distributions | Total | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Huntington VA Mortgage Securities Fund | ||||||||||||
2004(2) | $ 10.00 | 0.18 | 0.41 | 0.59 | -- | -- | ||||||
2005 | $ 10.59 | 0.37(5) | (0.24) | 0.13 | (0.07) | (0.07) | ||||||
2006(6) | $ 10.65 | 0.20(5) | (0.10) | 0.10 | (0.14) | (0.14) | ||||||
(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.
(6) Six months ended June 30, 2006 (Unaudited).
Huntington Funds--Income Fund
Financial Highlights
(For a share outstanding throughout each period)
Net | Total | Ratio of Net | Ratio of Net | Ratio of | Ratio of | Net Assets, | Portfolio | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$ 10.59 | 5.90%(3) | 1.00%(4) | 3.42%(4) | 1.33%(4) | 3.09%(4) | $ 407 | 51% | |||||||
$ 10.65 | 1.25% | 1.00% | 3.53% | 1.50% | 3.03% | $ 3,208 | 19% | |||||||
$ 10.61 | 0.94%(3) | 1.00%(4) | 3.82%(4) | 1.19%(4) | 3.63%(4) | $ 4,299 | 13% | |||||||
See Notes which are an integral part of the Financial Statements.
Huntington Funds
Notes to Financial Statements
June 30, 2006 (Unaudited)
(1) Organization
The Huntington Funds (the "Trust"), was originally two separate Massachusetts business trusts: The Huntington Funds, established on February 10, 1987 and Huntington VA Funds, established on June 30, 1999 (together, the "Original Trusts"). The Original Trusts were reorganized into a single Delaware statutory trust retaining the name of The Huntington Funds on June 23, 2006. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust operates 29 separate series, or mutual funds, each with its own investment objective and strategy. This report contains the financial statements and financial highlights of the funds listed below (each individually referred to as a "Fund," or collectively as the "Funds"):
Huntington VA Dividend Capture Fund (VA Dividend Capture Fund)
Huntington VA Growth Fund (VA Growth Fund)
Huntington VA Income Equity Fund (VA Income Equity Fund)
Huntington VA International Equity Fund (VA International Equity Fund)
Huntington VA Macro 100 Fund (VA Macro 100 Fund)
Huntington VA Mid Corp America Fund (VA Mid Corp America Fund)
Huntington VA New Economy Fund (VA New Economy Fund)
Huntington VA Rotating Markets Fund (VA Rotating Markets Fund)
Huntington VA Situs Small Cap Fund (VA Situs Small Cap Fund)
Huntington VA Mortgage Securities Fund (VA Mortgage Securities Fund)
The assets of each Fund are segregated and a shareholder's interest is limited to the Fund in which shares ("Shares") are held.
The Trust accounts for the assets, liabilities and operations of each Fund separately. Shares of the Funds are not offered directly to the public, but pursuant to an exemptive order granted by the Securities and Exchange Commission and procedures adopted by the Trust's Board of Trustees (the "Trustees"), they are sold only to separate accounts of Hartford Life Insurance Company, Nationwide Life and Annuity Insurance Company, Nationwide Life Insurance Company, and Transamerica Life Insurance Company for use with their respective variable insurance contracts and policies.
Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Trust may enter into contracts with vendors and others that provide for general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.
(2) Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").
A. Investment Valuations
The price at which the Funds will offer or redeem Shares is the net asset value ("NAV") per Share next determined after the order is considered received. In computing NAV, current market value is used to value portfolio securities with respect to which market quotations are readily available. Pursuant to policies approved by the Trustees, the Trust relies on certain security pricing services to provide current market value of securities. Those security pricing services value equity securities (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 sec urities 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 as of the close of the New York Stock Exchange (generally 4:00 p.m. Eastern Time), on the day the value of the foreign security is determined. Option contracts are generally valued at the mean of the bid and asked price as reported on the hig hest-volume exchange (in terms of the number of option contracts traded for that issue) 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 val uation 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 advisor, 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, su ch events can occur between the close of trading in the foreign market and the close of trading on the NYSE. In such cases, use of fair valuation can reduce an investor's ability to seek to profit by estimating a Fund's NAV in advance of the time when the NAV is calculated.
In some cases, events affecting the issuer of a portfolio security may be considered significant events. Examples of potentially significant events include announcements concerning earnings, acquisitions, new products, management changes, litigation developments, a strike or natural disaster affecting the company's operations or regulatory changes or market developments affecting the issuer's industry occurring between the time when the price of the portfolio security is determined and the close of trading on the NYSE. For securities of foreign issuers, such events could also include political or other developments affecting the economy or markets in which the issuer conducts its operations or its securities are traded.
The Trustees have authorized the use of an independent fair valuation service to monitor changes in a designated U.S. market index after foreign markets close, and to implement a fair valuation methodology to adjust the closing prices of foreign securities if the movement in the index is significant. Since the VA International Equity Fund invests primarily in foreign securities, it is most likely to be affected by this fair valuation methodology. Since the VA Situs Small Cap Fund invests some of its assets in foreign securities, it may be affected, although to a lesser extent.
There can be no assurance that a Fund could purchase or sell a portfolio security at the price used to calculate the Fund's NAV. In the case of fair valued portfolio securities, lack of information and uncertainty as to the significance of information may lead to a conclusion that a prior valuation is the best indication of a portfolio security's present value. Fair valuations generally remain unchanged until new information becomes available. Consequently, changes in fair valuation of portfolio securities may be less frequent and of greater magnitude than changes in the price of portfolio securities valued at their last sale price, by an independent pricing service, or based on market quotations. Fair valuation determinations often involve the consideration of a number of subjective factors, and the fair value price may be higher or lower than a readily available market quotation.
B. Repurchase Agreements
The Funds may enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Funds' Advisor to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. It is the policy of the Funds to require the custodian bank to take possession of, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Funds to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement transaction. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited.
C. Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared and paid annually for the Funds. Net realized capital gains, if any, are distributed at least annually. The amount of dividends from net investment income and net realized gains are determined in accordance with the federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. reclassification of market discounts, foreign currency gain/loss, paydowns, and distributions), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. Temporary differences are primarily due to market discount, gain/loss, paydowns, capital loss carryforwards and losses deferred due to wash sales.
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, and VA Situs Small Cap Fund have been provided for in accordance with each Fund's applicable country's tax rules and rates.
As of June 30, 2006, 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 | $ 50,215,980 | $ 1,757,286 | $ (1,598,950) | $ 158,336 | ||||
VA Growth Fund | 23,763,510 | 2,283,613 | (1,083,238) | 1,200,375 | ||||
VA Income Equity Fund | 38,237,839 | 4,494,415 | (750,148) | 3,744,267 | ||||
VA International Equity Fund | 3,437,605 | 448,997 | (25,047) | 423,950 | ||||
VA Macro 100 Fund | 8,642,898 | 548,001 | (151,988) | 396,013 | ||||
VA Mid Corp America Fund | 24,842,394 | 6,345,272 | (342,006) | 6,003,266 | ||||
VA New Economy Fund | 11,104,911 | 2,964,687 | (394,655) | 2,570,032 | ||||
VA Rotating Markets Fund | 6,086,439 | 1,254,134 | (1,184) | 1,252,950 | ||||
VA Situs Small Cap Fund | 11,613,505 | 1,353,486 | (654,748) | 698,738 | ||||
VA Mortgage Securities Fund | 4,333,423 | 44,716 | (97,803) | (53,087) |
** The difference between the book-basis and tax-basis cost of securities is attributable primarily to tax deferral of losses on wash sales.
E. Foreign Exchange Contracts
The VA International Equity Fund, VA Rotating Markets Fund and VA Situs Small Cap Fund may enter into foreign currency commitments for the delayed delivery of securities or foreign currency exchange transactions. The VA International Equity Fund, VA Rotating Markets Fund and VA Situs Small Cap Fund may enter into foreign currency contract transactions to protect assets against adverse changes in foreign currency exchange rates or exchange control regulations. 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 June 30, 2006, the VA International Equity Fund, VA Rotating Markets Fund and VA Situs Small Cap Fund had no outstanding foreign currency commitments.
F. Foreign Currency Translation
Investment valuations, other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investments and income expenses are converted into U.S. dollars based upon exchange rates prevailing on the respective dates of such transactions. The VA International Equity Fund and VA Situs Small Cap Fund do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
G. When-Issued and Delayed Transactions
The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.
H. Expenses
Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among various Funds or all Funds within the Trust in relation to the net assets of each Fund or on another reasonable basis.
I. Written Options Contracts
Certain of the Funds may write options contracts for which premiums received are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are either exercised or closed are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses.
The following is a summary of the VA Income Equity Fund's written option activity for the six months ended June 30, 2006:
Contracts | Number of Contracts | Premium | ||
---|---|---|---|---|
Outstanding at 12/31/2005 | 2,456 | $ 486,539 | ||
Options written | 4,813 | 1,043,386 | ||
Options expired | (855) | (55,258) | ||
Options closed | (4,736) | (1,052,824) | ||
Options exercised | (124) | (43,087) | ||
Outstanding at 06/30/2006 | 1,554 | $ 378,756 | ||
At June 30, 2006, the VA Income Equity Fund had the following outstanding options:
Contract | Type | Expiration | Exercise | Number of | Market | Unrealized | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Ameren, Inc. | Call | December 2006 | 50 | 31 | $ 7,208 | $ (2,900) | ||||||
Apache Corp. | Call | January 2007 | 65 | 57 | 52,155 | (28,957) | ||||||
ChevronTexaco Corp. | Call | December 2006 | 65 | 198 | 50,985 | (9,010) | ||||||
ConocoPhillips | Call | January 2007 | 65 | 226 | 145,770 | (65,091) | ||||||
Consolidated Edison, Inc. | Call | August 2006 | 45 | 96 | 6,960 | (2,256) | ||||||
Genuine Parts Co. | Call | November 2006 | 40 | 89 | 26,700 | (4,165) | ||||||
Kinder Morgan Energy Partners | Call | December 2006 | 50 | 68 | 2,720 | 987 | ||||||
Merck & Co., Inc. | Call | July 2006 | 35 | 252 | 44,100 | (21,673) | ||||||
Occidental Petroleum Corp. | Call | January 2007 | 100 | 128 | 154,880 | (57,987) | ||||||
Posco-ADR | Call | November 2006 | 65 | 56 | 42,280 | (24,997) | ||||||
Progress Energy, Inc. | Call | October 2006 | 40 | 81 | 25,515 | (9,154) | ||||||
Thomson Corp. | Call | October 2006 | 40 | 48 | 5,400 | 5,607 | ||||||
Thomson Corp. | Call | October 2006 | 45 | 50 | 625 | 1,825 | ||||||
Verizon Communications, Inc. | Call | October 2006 | 35 | 93 | 5,115 | 1,767 | ||||||
V.F. Corp. | Call | November 2006 | 65 | 41 | 23,985 | (16,318) | ||||||
V.F. Corp. | Call | November 2006 | 60 | 40 | 38,400 | (21,721) | ||||||
NET UNREALIZED DEPRECIATION ON WRITTEN OPTION CONTRACTS |
|
| $ (254,043) | |||||||||
J. Securities Lending
To generate additional income, the Funds may lend a certain percentage of their total assets, to the extent permitted by the 1940 Act or the rules or regulations thereunder, 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 Funds. Information on the investment of cash collateral is shown in the Portfolio of Investments. The Funds receive payments from borrowers equivalent to the dividends and interest that would have been earned on securities on loan. In addition, the Funds retain all or a portion of the interest received on investment of coll ateral or receive a fee from the borrower. 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. Prior to February 1, 2006, Boston Global Advisors ("BGA") served as the sub-custodian for the securities lending program. BGA received a sub-custody fee based on the value of collater al received from borrowers. In addition, The Huntington National Bank ("Huntington"), as custodian to each of the Funds except VA International Equity Fund, received a monthly fee from BGA to offset certain transaction costs incurred by the custodian. On February 1, 2006, PFPC Trust Co. ("PFPC") began serving as sub-custodian for the securities lending program. PFPC retained a portion of the earnings from the investment and reinvestment of cash collateral and a portion of any loan fees paid by borrowers with respect to securities loans.
As of June 30, 2006, the following Funds had securities with the following market values on loan:
Fund | Market Value | Market Value | ||
---|---|---|---|---|
VA Dividend Capture Fund | $ 3,316,658 | $ 3,416,478 | ||
VA Growth Fund | 5,285,341 | 5,479,508 | ||
VA Income Equity Fund | 5,498,461 | 5,656,766 | ||
VA Mid Corp America Fund | 4,265,497 | 4,400,277 | ||
VA New Economy Fund | 769,920 | 796,218 |
* Includes securities and cash collateral.
K. Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.
L. Security Transactions and Related Income
During the period, investment transactions are accounted for no later than the first calculation of NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on trade date on the last business day of the reporting period. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. Securities gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends, less foreign tax withholding (if any), are recorded on the ex-dividend date.
(3) Shares of Beneficial Interest
The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (with no par value). Transactions in capital stock were as follows:
| VA Dividend Capture Fund | VA Growth Fund | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended | Year Ended | Six Months Ended | Year Ended | ||||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||
Shares sold | 216,238 | $ 2,741,288 | 941,902 | $ 11,871,304 | 89,658 | $ 814,776 | 373,542 | $ 3,305,136 | ||||||||
Distributions reinvested | 230,563 | 2,773,676 | 235,676 | 2,905,889 | 36,024 | 318,814 | 10,613 | 94,881 | ||||||||
Shares redeemed | (110,819) | (1,397,715) | (71,389) | (895,463) | (114,599) | (1,044,141) | (159,915) | (1,417,558) | ||||||||
NET CHANGE RESULTING FROM SHARE | 335,982 | $ 4,117,249 | 1,106,189 | $ 13,881,730 | 11,083 | $ 89,449 | 224,240 | $ 1,982,459 | ||||||||
| VA Income Equity Fund | VA International Equity Fund | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended | Year Ended | Six Months Ended | Year Ended | ||||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||
Shares sold | 94,633 | $ 1,134,005 | 454,191 | $ 5,247,829 | 130,585 | $ 1,799,939 | 138,655 | $ 1,609,168 | ||||||||
Distributions reinvested | 152,142 | 1,775,499 | 44,799 | 526,840 | 75 | 1,062 | 975 | 14,133 | ||||||||
Shares redeemed | (143,000) | (1,702,769) | (198,689) | (2,295,171) | (5,377) | (72,669) | (5,494) | (65,378) | ||||||||
NET CHANGE RESULTING FROM SHARE | 103,775 | $ 1,206,735 | 300,301 | $ 3,479,498 | 125,283 | $ 1,728,332 | 134,136 | $ 1,557,923 | ||||||||
| VA Macro 100 Fund | VA Mid Corp America Fund | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended | Year Ended | Six Months Ended | Year Ended | ||||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||
Shares sold | 114,513 | $ 1,414,116 | 475,708 | $ 5,122,512 | 123,407 | $ 2,086,891 | 347,629 | $ 5,314,722 | ||||||||
Distributions reinvested | 10,006 | 120,076 | 973 | 10,780 | 25,895 | 428,567 | 3,338 | 53,038 | ||||||||
Shares redeemed | (16,997) | (206,361) | (21,913) | (245,607) | (57,633) | (959,807) | (35,578) | (556,341) | ||||||||
NET CHANGE RESULTING FROM SHARE | 107,522 | $ 1,327,831 | 454,768 | $ 4,887,685 | 91,669 | $ 1,555,651 | 315,389 | $ 4,811,419 | ||||||||
| VA New Economy Fund | VA Rotating Markets Fund | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended | Year Ended | Six Months Ended | Year Ended | ||||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||
Shares sold | 109,747 | $ 1,881,481 | 277,776 | $ 4,172,788 | 29,175 | $ 388,177 | 64,556 | $ 766,272 | ||||||||
Distributions reinvested | 11,488 | 195,301 | 463 | 7,097 | 22,952 | 301,136 | 14,025 | 165,490 | ||||||||
Shares redeemed | (17,670) | (301,995) | (27,206) | (407,876) | (29,537) | (392,707) | (56,676) | (676,813) | ||||||||
NET CHANGE RESULTING FROM SHARE | 103,565 | $ 1,774,787 | 251,033 | $ 3,772,009 | 22,590 | $ 296,606 | 21,905 | $ 254,949 | ||||||||
| VA Situs Small Cap Fund | VA Mortgage Securities Fund | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended | Year Ended | Six Months Ended | Year Ended | ||||||||||||
| Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||
Shares sold | 275,966 | $ 4,002,204 | 470,357 | $ 6,098,370 | 110,144 | $ 1,177,705 | 271,725 | $ 2,877,086 | ||||||||
Distributions reinvested | 3,196 | 46,080 | 2,845 | 39,783 | 5,002 | 52,721 | 771 | 8,175 | ||||||||
Shares redeemed | (13,382) | (192,597) | (9,609) | (124,546) | (11,095) | (118,140) | (9,857) | (104,423) | ||||||||
NET CHANGE RESULTING FROM SHARE | 265,780 | $ 3,855,687 | 463,593 | $ 6,013,607 | 104,051 | $ 1,112,286 | 262,639 | $ 2,780,838 | ||||||||
(1) Unaudited.
(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, 2007. Huntington and the Advisor may also pay out of their reasonable profits and other resources (including those of their affiliates) advertising, marketing, and other expenses for the benefit of the Funds.
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, financial administrative and sub-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 dis tributor, are wholly-owned subsidiaries of Federated Investors, Inc.
Huntington provides administrative services at the following annual rate:
Maximum Administrative Fee |
| Average Daily Net Assets of the Funds |
---|---|---|
0.135 of 1% |
| on the first $4 billion |
0.125 of 1% |
| on the next $3 billion |
0.115 of 1% |
| on assets in excess of $7 billion |
There is no minimum annual fee per Fund or class of Shares.
FServ receives a fee from Huntington for providing sub-administrative services from Huntington at the following annual rate:
Maximum Sub-Administrative Fee |
| Average Daily Net Assets of the Funds |
---|---|---|
0.05% |
| on the first $3 billion |
0.04% |
| on the next $2 billion |
0.03% |
| on assets in excess of $5 billion |
There is a minimum annual fee per Fund of $50,000.
Transfer and Dividend Disbursing Agent Fees and Expenses--Unified Fund Services, Inc. ("Unified") is transfer and dividend disbursing agent for the Funds. For its services, Unified receives fees based on the size, type, and number of accounts and transactions made by shareholders.
Custodian Fees--Huntington serves as the Funds' custodian except for the VA International Equity Fund. State Street Bank and Trust Company ("State Street") serves as custodian for the VA International Equity Fund. The Bank of New York serves as sub-custodian of VA Situs Small Cap Fund's foreign assets. Huntington, State Street and The Bank of New York receive fees based on the level of a Fund's average daily net assets for the period, plus out-of-pocket expenses. PFPC serves as sub-custodian for the securities lending program and retains a portion of the earnings from the investment and reinvestment of cash collateral and a portion of any loan fees paid by borrowers with respect to securities loans.
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, for which it pays Huntington $100,000.
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 six months ended June 30, 2006 were as follows:
Fund | Purchases | Sales | ||
---|---|---|---|---|
VA Dividend Capture Fund | $ 24,522,421 | $ 20,976,916 | ||
VA Growth Fund | 2,306,548 | 2,077,037 | ||
VA Income Equity Fund | 12,435,555 | 11,313,426 | ||
VA International Equity Fund | 1,742,285 | 17,764 | ||
VA Macro 100 Fund | 6,184,743 | 53,957 | ||
VA Mid Corp America Fund | 2,793,038 | 957,027 | ||
VA New Economy Fund | 3,430,958 | 2,127,184 | ||
VA Rotating Markets Fund | 1,522,713 | 1,585,322 | ||
VA Situs Small Cap Fund | 3,727,623 | 455,608 | ||
VA Mortgage Securities Fund | 1,288,808 | 422,829 |
Huntington Funds
Supplemental Information (Unaudited)
Shareholder Expense Example
Fund Expenses. As a shareholder of a Fund, you incur ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire six-month period from January 1, 2006 to June 30, 2006.
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 | $ 1,042.50 | $ 4.61 | 0.91% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.49 | $ 4.57 | 0.91% | ||||
VA Growth Fund | ||||||||
Actual | $ 1,000.00 | $ 985.80 | $ 4.58 | 0.93% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.39 | $ 4.67 | 0.93% | ||||
VA Income Equity Fund | ||||||||
Actual | $ 1,000.00 | $ 1,032.20 | $ 4.64 | 0.92% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.44 | $ 4.62 | 0.92% | ||||
VA International Equity Fund | ||||||||
Actual | $ 1,000.00 | $ 1,100.50 | $ 5.21 | 1.00% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.04 | $ 5.02 | 1.00% | ||||
VA Macro 100 Fund | ||||||||
Actual | $ 1,000.00 | $ 1,018.00 | $ 4.90 | 0.98% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.14 | $ 4.92 | 0.98% | ||||
VA Mid Corp America Fund | ||||||||
Actual | $ 1,000.00 | $ 1,005.80 | $ 4.63 | 0.93% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.39 | $ 4.67 | 0.93% | ||||
VA New Economy Fund | ||||||||
Actual | $ 1,000.00 | $ 1,051.60 | $ 4.93 | 0.97% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.19 | $ 4.87 | 0.97% | ||||
VA Rotating Markets Fund | ||||||||
Actual | $ 1,000.00 | $ 1,068.90 | $ 5.03 | 0.98% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.14 | $ 4.92 | 0.98% | ||||
VA Situs Small Cap Fund | ||||||||
Actual | $ 1,000.00 | $ 1,018.60 | $ 4.80 | 0.96% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.24 | $ 4.82 | 0.96% | ||||
VA Mortgage Securities Fund | ||||||||
Actual | $ 1,000.00 | $ 1,009.40 | $ 4.98 | 1.00% | ||||
Hypothetical(1) | $ 1,000.00 | $ 1,020.04 | $ 5.02 | 1.00% |
(1) Hypothetical assumes 5% annual return before expenses.
(2) Expenses are equal to the Fund's annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The annualized expense ratios reflect contractual reimbursement of expenses by the Funds' Advisor to limit the Funds' total operating expenses to not more than 1.00% of the Funds' average daily net assets, for the period beginning January 1, 2006 through June 30, 2006. The "Financial Highlights" tables in the Funds' financial statements, included in this report, also show the gross expense ratios, without such reimbursements.
Huntington Funds
Last Meeting of Shareholders
A Special Meeting of Shareholders of Huntington VA Funds (the "VA Funds") was held on June 22, 2006. On April 21, 2006, the record date for shareholders voting at the meeting, there were 13,734,061.771 total outstanding shares of the Trust. The following items were considered by shareholders of the VA Funds and the results of their voting are listed below. Each matter was approved by the requisite shareholder vote.
AGENDA ITEM 1
To elect four Trustees.1
Name |
| For |
| Withheld |
Carl A. Nelson |
| 13,147,438.040 |
| 501,926.437 |
Tadd C. Seitz |
| 13,150,621.089 |
| 498,743.388 |
Mark D. Shary |
| 13,150,621.089 |
| 498,743.388 |
Thomas J. Westerfield |
| 13,150,558.679 |
| 498,805.798 |
1 The following Trustees continued their terms: David S. Schoedinger and John M. Shary.
AGENDA ITEM 2
To ratify the selection of Ernst & Young LLP as the VA Funds' independent auditors.
For |
| Against |
| Abstained |
13,212,728.260 |
| 77,740.596 |
| 358,895.621 |
Huntington Funds
Last Meeting of Shareholders
A Special Meeting of Shareholders of Huntington VA Growth Fund (the "Fund") was held on June 22, 2006. On April 21, 2006, the record date for shareholders voting at the meeting, there were 2,197,646.911 total outstanding shares of the Fund. The following items were considered by shareholders of the Fund and the results of their voting are listed below. Each matter was approved by the requisite shareholder vote.
AGENDA ITEM 1
(a) To amend the Fund's fundamental investment policy regarding diversification.
For |
| Against |
| Abstained |
2,030,966.721 |
| 8,552.500 |
| 158,127.302 |
(b) To amend the Fund's fundamental investment policy regarding concentration.
For |
| Against |
| Abstained |
1,984,208.983 |
| 35,264.266 |
| 178,173.274 |
(c) To amend the Fund's fundamental investment policy regarding issuing senior securities.
For |
| Against |
| Abstained |
1,994,322.599 |
| 42,321.213 |
| 161,002.711 |
(d) To amend the Fund's fundamental investment policy regarding lending.
For |
| Against |
| Abstained |
1,911,307.238 |
| 101,901.005 |
| 184,438.280 |
(e) To amend the Fund's fundamental investment policy regarding borrowing money.
For |
| Against |
| Abstained |
1,974,012.322 |
| 57,555.051 |
| 166,079.150 |
(f) To amend the Fund's fundamental investment policy regarding investing in commodities.
For |
| Against |
| Abstained |
1,921,813.496 |
| 109,753.877 |
| 166,079.150 |
(g) To amend the Fund's fundamental investment policy regarding investments in real estate.
For |
| Against |
| Abstained |
1,948,886.946 |
| 82,680.426 |
| 166,079.151 |
(h) To amend the Fund's fundamental investment policy regarding underwriting securities.
For |
| Against |
| Abstained |
1,938,921.177 |
| 65,489.794 |
| 193,235.552 |
(i) To amend the Fund's fundamental investment policy regarding pledging, mortgaging or hypothecating assets.
For |
| Against |
| Abstained |
1,861,530.517 |
| 119,620.555 |
| 216,495.451 |
AGENDA ITEM 2
(a) To eliminate the Fund's fundamental investment policy regarding investing in illiquid securities.
For |
| Against |
| Abstained |
1,963,980.299 |
| 52,257.363 |
| 181,408.861 |
(b) To eliminate the Fund's fundamental investment policy regarding investments in new issuers.
For |
| Against |
| Abstained |
1,982,413.047 |
| 44,813.298 |
| 170,420.178 |
(c) To eliminate the Fund's fundamental investment policy regarding purchases on margin.
For |
| Against |
| Abstained |
1,918,576.627 |
| 69,368.809 |
| 209,701.087 |
(d) To eliminate the Fund's fundamental investment policy regarding short selling.
For |
| Against |
| Abstained |
1,920,742.920 |
| 79,933.679 |
| 196,969.924 |
(e) To eliminate the Fund's fundamental investment policy regarding certain transactions with "Interested Persons" of the Fund.
For |
| Against |
| Abstained |
1,960,043.101 |
| 50,410.292 |
| 187,193.130 |
(f) To eliminate the Fund's fundamental investing in issuers owned by officers and Trustees.
For |
| Against |
| Abstained |
1,926,218,993 |
| 66,442.642 |
| 204,984.888 |
(g) To eliminate the Fund's fundamental investment policy regarding purchasing securities of other investment companies.
For |
| Against |
| Abstained |
1,944,159.474 |
| 50,354.329 |
| 203,132.720 |
Huntington Funds
Last Meeting of Shareholders
A Special Meeting of Shareholders of Huntington VA Income Equity Fund (the "Fund") was held on June 22, 2006. On April 21, 2006, the record date for shareholders voting at the meeting, there were 2,993,091.589 total outstanding shares of the Fund. The following items were considered by shareholders of the Fund and the results of their voting are listed below. Each matter was approved by the requisite shareholder vote.
AGENDA ITEM 1
(a) To amend the Fund's fundamental investment policy regarding diversification.
For |
| Against |
| Abstained |
2,719,118.241 |
| 39,677.098 |
| 234,294.934 |
(b) To amend the Fund's fundamental investment policy regarding concentration.
For |
| Against |
| Abstained |
2,700,425.818 |
| 77,416.183 |
| 215,248.272 |
(c) To amend the Fund's fundamental investment policy regarding issuing senior securities.
For |
| Against |
| Abstained |
2,715,012.151 |
| 67,372.662 |
| 210,705.460 |
(d) To amend the Fund's fundamental investment policy regarding lending.
For |
| Against |
| Abstained |
2,633,437.534 |
| 122,275.302 |
| 237,377.437 |
(e) To amend the Fund's fundamental investment policy regarding borrowing money.
For |
| Against |
| Abstained |
2,655,823.343 |
| 103,161.361 |
| 234,105.569 |
(f) To amend the Fund's fundamental investment policy regarding investing in commodities.
For |
| Against |
| Abstained |
2,614,930.621 |
| 144,388.097 |
| 233,771.555 |
(g) To amend the Fund's fundamental investment policy regarding investments in real estate.
For |
| Against |
| Abstained |
2,709,490.425 |
| 71,870.256 |
| 211,729.592 |
(h) To amend the Fund's fundamental investment policy regarding underwriting securities.
For |
| Against |
| Abstained |
2,694,060.526 |
| 79,527.956 |
| 219,501.791 |
(i) To amend the Fund's fundamental investment policy regarding pledging, mortgaging or hypothecating assets.
For |
| Against |
| Abstained |
2,606,176.435 |
| 122,523.795 |
| 264,390.043 |
AGENDA ITEM 2
(a) To eliminate the Fund's fundamental investment policy regarding investing in illiquid securities.
For |
| Against |
| Abstained |
2,647,888.039 |
| 75,872.749 |
| 269,329.485 |
(b) To eliminate the Fund's fundamental investment policy regarding investments in new issuers.
For |
| Against |
| Abstained |
2,662,178.024 |
| 81,696.561 |
| 249,215.688 |
(c) To eliminate the Fund's fundamental investment policy regarding purchases on margin.
For |
| Against |
| Abstained |
2,589,899.465 |
| 141,325.642 |
| 261,865.166 |
(d) To eliminate the Fund's fundamental investment policy regarding short selling.
For |
| Against |
| Abstained |
2,564,536.540 |
| 149,352.066 |
| 279,201.667 |
(e) To eliminate the Fund's fundamental investment policy regarding certain transactions with "Interested Persons" of the Fund.
For |
| Against |
| Abstained |
2,635,876.288 |
| 77,959.110 |
| 279,254.875 |
(f) To eliminate the Fund's fundamental investing in issuers owned by officers and Trustees.
For |
| Against |
| Abstained |
2,675,269.985 |
| 76,910.785 |
| 240,909.503 |
(g) To eliminate the Fund's fundamental investment policy regarding purchasing securities of other investment companies.
For |
| Against |
| Abstained |
2,673,359.454 |
| 31,188.979 |
| 288,541.840 |
AGENDA ITEM 3
(a) To amend the Fund's fundamental investment objective.
For |
| Against |
| Abstained |
2,634,675.668 |
| 33,622.233 |
| 324,792.372 |
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 Funds]
The Huntington National Bank, a subsidiary of Huntington Bancshares, Inc. is the Administrator and Financial Administrator of The Huntington Funds and is the Custodian of certain Funds. State Street Bank and Trust Company is also a Custodian to one of the Funds. Huntington Asset Advisors, Inc., a subsidiary of The Huntington National Bank, serves as Investment Adviser to the Funds. Federated Services Co. and Edgewood Services, Inc., the Sub-Administrator and Distributor of The Huntington Funds, respectively, are not affiliated with The Huntington National Bank.
Cusip 446771206
Cusip 446771107
Cusip 446771701
Cusip 446771305
Cusip 446771503
Cusip 446771602
Cusip 446771800
Cusip 446771875
Cusip 446771867
Cusip 446771883
ITEM 2. CODE OF ETHICS. Not applicable. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable. ITEM 6. SCHEDULE OF INVESTMENTS. Not applicable. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. On November 15, 2005, the Board of Trustees adopted a Policy for the Consideration of Trustee Nominees and approved corresponding revisions to the existing Nominating Committee Charter (collectively, the "Nominating Guidelines"). Pursuant to the Nominating Guidelines, the Nominating Committee will now consider nominations for openings on the Board from shareholders who have separately, or as a group, held at least 5% of the shares of one of the Trust's funds for at least one full year. The Policy for the Consideration of Trustee Nominees details how shareholders may make nominations and how those nominees will be considered by the Nominating Committee. Additionally, the Nominating Guidelines state that prospective nominees must now meet the criteria of Independent Trustee, as defined under the 1940 Act. 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 (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. (a)(1) NOT APPLICABLE. (a)(2) CERTIFICATIONS PURSUANT TO RULE 30A-2(A) UNDER THE ACT ARE ATTACHED HERETO. (a)(3) NOT APPLICABLE. (b) CERTIFICATIONS PURSUANT TO RULE 30A-2(B) UNDER THE ACT ARE FURNISHED HEREWITH. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Huntington VA Funds By* /s/Charles L. Davis, Jr. Charles L. Davis, Jr., Chief Executive Officer and Principal Executive Officer Date September 7, 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 September 7, 2006 By* /s/Christopher E. Sabato Christopher E. Sabato, Treasurer and Principal Financial Officer Date September 7, 2006