United States Securities and Exchange Commission Washington, D.C. 20549 Form N-CSR Certified Shareholder Report of Registered Management Investment Companies 811-10021 (Investment Company Act File Number) Banknorth Funds (Exact Name of Registrant as Specified in Charter) 5800 Corporate Drive Pittsburgh, Pennsylvania 15237-7000 (412) 288-1900 (Registrant's Telephone Number) John W. McGonigle, Esquire Federated Investors Tower 1001 Liberty Avenue Pittsburgh, Pennsylvania 15222-3779 (Name and Address of Agent for Service) (Notices should be sent to the Agent for Service) Date of Fiscal Year End: 8/31/04 Date of Reporting Period: Six Months Ended 2/29/04 Item 1. Reports to Stockholders
SEMI-ANNUAL SHAREHOLDER
Banknorth Funds
BANKNORTH LARGE CAP CORE FUND
BANKNORTH SMALL/MID CAP CORE FUND
BANKNORTH INTERMEDIATE BOND FUND
BANKNORTH VERMONT MUNICIPAL BOND FUND
CONTENTS
Portfolios of Investments | 1 | |
Statements of Assets and Liabilities | 18 | |
Statements of Operations | 19 | |
Statements of Changes in Net Assets | 20 | |
Financial Highlights | 22 | |
Notes to Financial Statements | 24 |
FEBRUARY 29, 2004
Portfolios of Investments
BANKNORTH LARGE CAP CORE FUND (Unaudited)
Shares | Security Name | Value | |||
---|---|---|---|---|---|
| COMMON STOCK--96.4% |
|
| ||
| Aerospace & Defense--2.7% |
|
| ||
30,000 | United Technologies Corp. | $ | 2,763,300 | ||
| Agriculture--1.1% |
|
| ||
20,000 | Altria Group, Inc. | 1,151,000 | |||
| Air Freight & Couriers--2.7% |
|
| ||
40,000 | FedEx Corp. | 2,747,200 | |||
| Banks--8.0% |
|
| ||
50,000 | Northern Trust Corp. |
| 2,482,500 | ||
25,000 | SouthTrust Corp. |
| 840,000 | ||
25,000 | Wells Fargo & Co. |
| 1,433,750 | ||
35,000 | Zions Bancorporation |
| 2,039,450 | ||
12,000 | Golden West Financial Corp. | 1,385,040 | |||
|
| 8,180,740 | |||
| Building Materials--1.7% |
|
| ||
30,000 | Lowe's Cos., Inc. | 1,680,000 | |||
| Commercial Services & Supplies--3.3% |
|
| ||
25,000 | Banta Corp. |
| 1,109,000 | ||
60,000 | HON Industries, Inc. | 2,266,200 | |||
|
| 3,375,200 | |||
| Communications Equipment--5.7% |
|
| ||
167,720 | Cisco Systems, Inc. † |
| 3,874,332 | ||
30,000 | Qualcomm, Inc. | 1,903,500 | |||
|
| 5,777,832 | |||
| Computers & Periphals--4.1% |
|
| ||
90,000 | EMC Corp. † |
| 1,288,800 | ||
30,000 | IBM Corp. | 2,895,000 | |||
|
| 4,183,800 | |||
| Diversified Financial Services--9.6% |
|
| ||
55,000 | American Express Co. |
| 2,938,100 | ||
50,000 | Citigroup, Inc. |
| 2,513,000 | ||
80,000 | MBNA Corp. |
| 2,186,400 | ||
35,000 | Merrill Lynch & Co., Inc. | 2,142,350 | |||
|
| 9,779,850 | |||
| COMMON STOCK--continued |
| |||
| Food & Drug Retailing--3.1% |
|
| ||
80,000 | Sysco Corp. | $ | 3,172,000 | ||
| Food Products--1.8% |
|
| ||
60,000 | McCormick & Co., Inc. |
| 1,876,200 | ||
| Gas Utilities--1.1% |
|
| ||
35,000 | Sempra Energy |
| 1,109,500 | ||
| Healthcare Equipment & Supplies--4.5% |
|
| ||
40,000 | Becton Dickinson & Co. |
| 1,946,000 | ||
30,000 | Stryker Corp. | 2,661,900 | |||
|
| 4,607,900 | |||
| Healthcare Providers & Services--4.4% |
|
| ||
15,000 | Express Scripts, Inc. † |
| 1,091,400 | ||
54,000 | UnitedHealth Group, Inc. | 3,348,000 | |||
|
| 4,439,400 | |||
| Hotels, Restaurants & Leisure--4.3% |
|
| ||
74,000 | Carnival Corp. |
| 3,283,380 | ||
40,000 | McDonald's Corp. | 1,132,000 | |||
|
| 4,415,380 | |||
| Industrial Conglomerates--1.8% |
|
| ||
24,000 | 3M Co. | 1,872,480 | |||
| Insurance--2.7% |
|
| ||
40,000 | AFLAC, Inc. |
| 1,624,400 | ||
17,500 | MBIA, Inc. | 1,151,325 | |||
|
| 2,775,725 | |||
| Machinery--3.1% |
|
| ||
35,000 | Danaher Corp. | 3,137,050 | |||
| Media--1.0% |
|
| ||
12,000 | Gannett Co., Inc. | 1,035,240 | |||
| Metals & Mining--2.8% |
|
| ||
75,000 | Alcoa, Inc. | �� | 2,810,250 | ||
| Oil & Gas--5.3% |
|
| ||
30,000 | ConocoPhillips |
| 2,066,100 | ||
50,000 | Marathon Oil Corp. |
| 1,757,000 | ||
25,000 | Murphy Oil Corp. | 1,568,250 | |||
|
| 5,391,350 | |||
| COMMON STOCK--continued |
| |||
| Pharmaceuticals--4.3% |
|
| ||
15,000 | Barr Pharmaceuticals, Inc. † | $ | 1,161,150 | ||
30,000 | Forest Laboratories, Inc. † |
| 2,264,400 | ||
40,000 | Mylan Laboratories, Inc. |
| 940,000 | ||
|
|
| 4,365,550 | ||
| Retail--1.0% |
|
| ||
25,000 | CVS Corp. |
| 937,500 | ||
| Semiconductor Equipment & Products--6.5% |
|
| ||
35,000 | Analog Devices, Inc. |
| 1,746,500 | ||
110,000 | Intel Corp. |
| 3,215,300 | ||
40,000 | Linear Technology Corp. |
| 1,599,600 | ||
|
|
| 6,561,400 | ||
| Software--1.7% |
|
| ||
45,000 | Adobe Systems, Inc. |
| 1,675,800 | ||
| Specialty Retail--8.1% |
|
| ||
25,000 | Bed Bath & Beyond, Inc. † |
| 1,022,000 | ||
30,000 | Nike, Inc. |
| 2,197,500 | ||
110,000 | Staples, Inc. |
| 2,884,200 | ||
100,000 | The Gap, Inc. |
| 2,080,000 | ||
|
|
| 8,183,700 | ||
| TOTAL COMMON STOCK (Cost $73,637,433) |
| 98,005,347 | ||
| SHORT-TERM INVESTMENT--3.5% |
|
| ||
3,599,050 | Monarch Daily Assets Treasury Fund (Cost $3,599,050) |
| 3,599,050 | ||
| TOTAL INVESTMENTS IN SECURITIES (Cost $77,236,483)--99.9% |
| 101,604,397 | ||
| Other Assets and Liabilities, Net--0.1% |
| 93,927 | ||
| TOTAL NET ASSETS--100.0% | $ | 101,698,324 | ||
† Non-income earning securities.
Shares | Security Name | Value | |||
---|---|---|---|---|---|
| COMMON STOCK--94.0% |
|
| ||
| Automobiles--4.9% |
|
| ||
6,000 | Lear Corp. | $ | 369,780 | ||
7,500 | Paccar, Inc. |
| 415,575 | ||
|
|
| 785,355 | ||
| Banks--5.8% |
|
| ||
16,000 | AmSouth Bancorp |
| 404,800 | ||
4,000 | Northern Trust Corp. |
| 198,600 | ||
15,000 | Sovereign Bancorp, Inc. |
| 332,250 | ||
|
|
| 935,650 | ||
| Building Materials--1.8% |
|
| ||
6,000 | Vulcan Materials Co. |
| 283,800 | ||
| Chemicals--3.6% |
|
| ||
16,000 | Praxair, Inc. |
| 581,120 | ||
| Commercial Services & Supplies--3.5% |
|
| ||
15,000 | HON Industries, Inc. |
| 566,550 | ||
| Communications Equipment--4.5% |
|
| ||
16,000 | Scientific-Atlanta, Inc. |
| 529,600 | ||
10,000 | TDC A/S ADR |
| 201,100 | ||
|
|
| 730,700 | ||
| Computers & Peripherals--6.6% |
|
| ||
11,500 | Diebold, Inc. |
| 605,935 | ||
18,000 | Electronics for Imaging † |
| 456,660 | ||
|
|
| 1,062,595 | ||
| Diversified Financials--7.1% |
|
| ||
12,000 | Franklin Resources, Inc. |
| 678,000 | ||
5,000 | Legg Mason, Inc. |
| 471,700 | ||
|
|
| 1,149,700 | ||
| Electronic Equipment--3.4% |
|
| ||
24,000 | American Power Conversion Corp. |
| 542,880 | ||
| Food Products--3.1% |
|
| ||
16,000 | McCormick & Co., Inc. |
| 500,320 | ||
| Gas Utilities--2.5% |
|
| ||
6,000 | Sempra Energy |
| 190,200 | ||
6,000 | Questar Corp. |
| 215,100 | ||
|
|
| 405,300 | ||
| COMMON STOCK--continued |
|
| ||
| Healthcare Equipment & Supplies--3.3% |
|
| ||
7,000 | Biomet, Inc. | $ | 272,860 | ||
6,000 | Dentsply International, Inc. |
| 262,860 | ||
|
|
| 535,720 | ||
| Healthcare Providers & Services--1.4% |
|
| ||
3,000 | Express Scripts, Inc. † |
| 218,280 | ||
| Hotels, Restaurants & Leisure--10.7% |
|
| ||
4,000 | Cheesecake Factory † |
| 188,920 | ||
20,000 | International Game Technology |
| 784,800 | ||
20,000 | Starbucks Corp. † |
| 748,200 | ||
|
|
| 1,721,920 | ||
| Household Products--1.3% |
|
| ||
5,000 | Church & Dwight Co., Inc. |
| 208,400 | ||
| Insurance--4.4% |
|
| ||
4,000 | Everest Re Group, Ltd. |
| 349,560 | ||
7,000 | Torchmark Corp. |
| 364,840 | ||
|
|
| 714,400 | ||
| IT Consulting & Services--1.2% |
|
| ||
4,000 | Affiliated Computer Services, Inc. Class A † |
| 193,040 | ||
| Machinery--5.7% |
|
| ||
5,000 | Carlisle Cos., Inc. |
| 284,750 | ||
7,000 | Danaher Corp. |
| 627,410 | ||
|
|
| 912,160 | ||
| Multiline Retail--1.2% |
|
| ||
5,000 | Family Dollar Stores |
| 190,200 | ||
| Oil & Gas--5.5% |
|
| ||
11,000 | Marathon Oil Corp. |
| 386,540 | ||
8,000 | Murphy Oil Corp. |
| 501,840 | ||
|
|
| 888,380 | ||
| Pharmaceuticals--3.7% |
|
| ||
3,000 | Allergan, Inc. |
| 262,620 | ||
14,000 | Mylan Laboratories, Inc. |
| 329,000 | ||
|
|
| 591,620 | ||
| Semiconductor Equipment & Products--3.0% |
|
| ||
12,000 | Linear Technology Corp. |
| 479,880 | ||
| COMMON STOCK--continued |
|
| ||
| Software--2.5% |
|
| ||
11,000 | Adobe Systems, Inc. | $ | 409,640 | ||
| Specialty Retail--3.3% |
|
| ||
20,000 | Staples, Inc. |
| 524,400 | ||
| TOTAL COMMON STOCK (Cost $10,933,988) |
| 15,132,010 | ||
| SHORT-TERM INVESTMENTS--6.1% |
|
| ||
800,651 | Monarch Daily Assets Treasury Fund |
| 800,651 | ||
175,216 | Scudder Cash Management Fund |
| 175,216 | ||
| TOTAL SHORT-TERM INVESTMENTS (Cost $975,867) |
| 975,867 | ||
| TOTAL INVESTMENTS IN SECURITIES (Cost $11,909,855)--100.1% |
| 16,107,877 | ||
| Other Assets and Liabilities, Net--(0.1)% |
| (17,116) | ||
| TOTAL NET ASSETS--100.0% | $ | 16,090,761 | ||
† Non-income earning securities.
ADR--American Depositary Receipt
Principal | Security Name | Interest | Maturity |
| Value | |||||
---|---|---|---|---|---|---|---|---|---|---|
|
| CORPORATE BONDS & NOTES--68.8% |
|
|
|
| ||||
|
| Automotive Repair, Services & Parking--0.5% |
|
|
|
| ||||
$ | 500,000 | Hertz Corp. | 6.38% | 10/15/05 | $ | 524,220 | ||||
| Building Materials, Hardware, Garden Supply & Mobile Home Dealers--0.9% |
|
|
|
| |||||
900,000 | Lowe's Cos., Inc. | 6.38 | 12/15/05 |
| 972,657 | |||||
| Communications--1.3% |
|
|
|
| |||||
1,000,000 | Alltel Corp. | 6.65 | 01/15/08 |
| 1,118,590 | |||||
250,000 | GTE South, Inc. | 6.13 | 06/15/07 |
| 275,498 | |||||
|
|
|
|
| 1,394,088 | |||||
| Consumer Staples--2.6% |
|
|
|
| |||||
2,500,000 | Safeway, Inc. | 5.80 | 08/15/12 |
| 2,661,300 | |||||
| Depository Institutions--14.4% |
|
|
|
| |||||
1,000,000 | ABN Amro Bank NV, Chicago | 7.55 | 06/28/06 |
| 1,119,260 | |||||
2,500,000 | CIT Group, Inc. | 4.00 | 05/08/08 |
| 2,562,875 | |||||
1,500,000 | Citicorp | 7.13 | 09/01/05 |
| 1,615,830 | |||||
2,000,000 | Citigroup, Inc. | 6.20 | 03/15/09 |
| 2,250,880 | |||||
1,000,000 | Credit Suisse First Boston USA, Inc. | 5.50 | 08/15/13 |
| 1,052,000 | |||||
2,000,000 | Credit Suisse First Boston USA, Inc. | 5.13 | 01/15/14 |
| 2,038,080 | |||||
1,000,000 | Mercantile Bancorp | 7.30 | 06/15/07 |
| 1,148,070 | |||||
500,000 | National City Corp. | 6.63 | 03/01/04 |
| 500,455 | |||||
500,000 | Southtrust Bank NA | 7.00 | 11/15/08 |
| 577,970 | |||||
2,000,000 | Washington Mutual, Inc. | 4.00 | 01/15/09 |
| 2,033,240 | |||||
|
|
|
|
| 14,898,660 | |||||
| Electric, Gas & Sanitary Services--5.8% |
|
|
|
| |||||
1,000,000 | Alabama Power Co., Series L | 7.13 | 10/01/07 |
| 1,137,440 | |||||
250,000 | Carolina Power & Light Co. | 7.88 | 04/15/04 |
| 251,905 | |||||
1,000,000 | Carolina Power & Light Co. | 6.80 | 08/15/07 |
| 1,121,550 | |||||
600,000 | Midamerican Energy Co. | 6.38 | 06/15/06 |
| 648,774 | |||||
1,650,000 | Public Service Electric & Gas Co., Series PP | 6.50 | 05/01/04 |
| 1,663,877 | |||||
1,050,000 | Public Service Electric & Gas Co., Series UU | 6.75 | 03/01/06 |
| 1,141,046 | |||||
|
|
|
|
| 5,964,592 | |||||
| Industrial & Commercial Machinery & Computer Equipment--4.9% |
|
|
|
| |||||
2,500,000 | Hewlett-Packard Co. | 6.50 | 07/01/12 |
| 2,855,500 | |||||
2,000,000 | IBM Corp. | 6.45 | 08/01/07 |
| 2,246,260 | |||||
|
|
|
|
| 5,101,760 | |||||
| Measuring, Analyzing & Controlling Instruments; Photographic, Medical & Optical Goods--1.1% |
|
|
|
| |||||
1,000,000 | Baxter International, Inc. | 7.13 | 02/01/07 |
| 1,124,320 | |||||
| CORPORATE BONDS & NOTES--continued |
|
|
|
| |||||
| Motion Pictures--2.9% |
|
|
|
| |||||
$ | 200,000 | Walt Disney Co. | 5.62% | 12/01/08 | $ | 210,996 | ||||
2,550,000 | Walt Disney Co., Series B | 6.75 | 03/30/06 |
| 2,784,549 | |||||
|
|
|
|
| 2,995,545 | |||||
| Nondepository Credit Institutions--8.1% |
|
|
|
| |||||
500,000 | Ford Motor Credit Co. | 6.13 | 01/09/06 |
| 525,170 | |||||
2,500,000 | Ford Motor Credit Co. | 7.88 | 06/15/10 |
| 2,798,550 | |||||
1,000,000 | General Motors Acceptance Corp. | 6.63 | 10/15/05 |
| 1,064,750 | |||||
300,000 | Household Finance Corp. | 7.20 | 07/15/06 |
| 333,561 | |||||
1,000,000 | Household Finance Corp. | 5.88 | 02/01/09 |
| 1,101,440 | |||||
2,500,000 | John Deere Capital Corp. | 5.10 | 01/15/13 |
| 2,612,700 | |||||
|
|
|
|
| 8,436,171 | |||||
| Paper & Allied Products--0.5% |
|
|
|
| |||||
500,000 | International Paper Co. | 7.63 | 08/01/04 |
| 513,115 | |||||
| Security & Commodity Brokers, Dealers, Exchanges & Services--12.8% |
|
|
|
| |||||
1,000,000 | Goldman Sachs Group, Inc. | 7.35 | 10/01/09 |
| 1,181,620 | |||||
1,500,000 | Goldman Sachs Group, Inc. | 5.25 | 10/15/13 |
| 1,538,835 | |||||
2,500,000 | JP Morgan Chase & Co. | 7.00 | 11/15/09 |
| 2,914,150 | |||||
2,500,000 | JP Morgan Chase & Co. | 5.75 | 01/02/13 |
| 2,693,775 | |||||
1,500,000 | Lehman Brothers Holdings, Inc. | 8.50 | 08/01/15 |
| 1,934,010 | |||||
2,500,000 | Merrill Lynch & Co., Inc. | 6.38 | 10/15/08 |
| 2,828,775 | |||||
250,000 | Transamerica Financial Corp. | 7.50 | 03/15/04 |
| 250,622 | |||||
|
|
|
|
| 13,341,787 | |||||
| Tobacco Products--2.6% |
|
|
|
| |||||
2,500,000 | Altria Group, Inc. | 7.20 | 02/01/07 |
| 2,728,125 | |||||
| Transportation Equipment--10.4% |
|
|
|
| |||||
2,500,000 | Boeing Co. | 5.13 | 02/15/13 |
| 2,580,975 | |||||
1,000,000 | Daimler Chrysler NA Holding | 7.40 | 01/20/05 |
| 1,049,590 | |||||
600,000 | Ford Motor Co. | 7.25 | 10/01/08 |
| 651,642 | |||||
1,000,000 | General Motors Corp. | 6.25 | 05/01/05 |
| 1,043,190 | |||||
1,995,000 | General Motors Corp. | 7.10 | 03/15/06 |
| 2,148,396 | |||||
1,000,000 | General Motors Corp. | 6.38 | 05/01/08 |
| 1,074,930 | |||||
2,000,000 | General Motors Corp. | 7.20 | 01/15/11 |
| 2,190,580 | |||||
|
|
|
|
| 10,739,303 | |||||
| TOTAL CORPORATE BONDS & NOTES (Cost $67,997,374) |
|
|
| 71,395,643 | |||||
| U.S. GOVERNMENT AGENCY SECURITIES--20.8% |
|
|
|
| |||||
| Federal Farm Credit Bank--5.9% |
|
|
|
| |||||
$ | 650,000 | Federal Farm Credit Bank | 6.38% | 11/27/06 | $ | 721,487 | ||||
1,000,000 | Federal Farm Credit Bank | 6.82 | 03/16/09 |
| 1,161,280 | |||||
1,500,000 | Federal Farm Credit Bank | 3.88 | 05/07/10 |
| 1,516,485 | |||||
1,500,000 | Federal Farm Credit Bank | 6.03 | 12/29/10 |
| 1,698,885 | |||||
1,000,000 | Federal Farm Credit Bank | 4.75 | 12/12/13 |
| 1,027,290 | |||||
|
|
|
|
| 6,125,427 | |||||
| Federal Home Loan Bank--11.9% |
|
|
|
| |||||
350,000 | Federal Home Loan Bank | 4.45 | 11/27/06 |
| 370,646 | |||||
1,000,000 | Federal Home Loan Bank | 3.42 | 03/19/08 |
| 1,000,700 | |||||
1,000,000 | Federal Home Loan Bank | 6.09 | 06/04/08 |
| 1,011,600 | |||||
1,000,000 | Federal Home Loan Bank | 3.75 | 08/15/08 |
| 1,028,200 | |||||
1,500,000 | Federal Home Loan Bank | 3.17 | 10/02/08 |
| 1,502,010 | |||||
2,000,000 | Federal Home Loan Bank | 4.25 | 11/13/09 |
| 2,073,760 | |||||
1,000,000 | Federal Home Loan Bank | 6.25 | 03/01/11 |
| 1,071,030 | |||||
1,000,000 | Federal Home Loan Bank | 6.30 | 08/09/11 |
| 1,020,290 | |||||
2,200,000 | Federal Home Loan Bank | 5.30 | 10/30/12 |
| 2,214,080 | |||||
1,000,000 | Federal Home Loan Bank | 5.17 | 02/25/14 |
| 1,010,780 | |||||
|
|
|
|
| 12,303,096 | |||||
| Federal Home Loan Mortgage Corporation--2.0% |
|
|
|
| |||||
1,000,000 | Federal Home Loan Mortgage Corporation | 3.50 | 09/15/07 |
| 1,027,870 | |||||
1,000,000 | Federal Home Loan Mortgage Corporation † | 3.00 | 04/15/08 |
| 1,001,940 | |||||
|
|
|
|
| 2,029,810 | |||||
| Federal National Mortgage Association--1.0% |
|
|
|
| |||||
1,070,000 | Federal National Mortgage Association | 4.00 | 10/28/09 |
| 1,068,780 | |||||
| TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $21,465,274) |
|
|
| 21,527,113 | |||||
| U.S. TREASURY SECURITIES--8.2% |
|
|
|
| |||||
| U.S. Treasury Notes--8.2% |
|
|
|
| |||||
1,000,000 | U.S. Treasury Notes | 6.50 | 08/15/05 |
| 1,074,530 | |||||
6,000,000 | U.S. Treasury Notes | 5.88 | 11/15/05 |
| 6,443,460 | |||||
1,000,000 | U.S. Treasury Notes | 2.63 | 05/15/08 |
| 999,220 | |||||
|
|
|
|
| 8,517,210 | |||||
| TOTAL U.S. TREASURY SECURITIES (Cost $8,122,542) |
|
|
| 8,517,210 | |||||
Shares | Security Name | Interest | Maturity | Value | ||||||
| SHORT-TERM INVESTMENTS--1.1% |
|
|
|
| |||||
132,564 | Citibank Money Market Deposit Account |
|
| $ | 132,564 | |||||
1,022,159 | Monarch Daily Assets Treasury Fund |
|
|
| 1,022,159 | |||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,154,723) |
|
|
| 1,154,723 | |||||
| TOTAL INVESTMENTS IN SECURITIES (Cost $98,739,913)--98.9% |
|
|
| 102,594,689 | |||||
| Other Assets and Liabilities, Net--1.1% |
|
|
| 1,126,954 | |||||
| TOTAL NET ASSETS--100.0% |
|
| $ | 103,721,643 | |||||
† Step rate bond. The maturity date is the effective maturity date; the rate shown is the rate in effect as of February 29, 2004.
Principal | Security Name | Interest | Maturity | Value | ||||||
---|---|---|---|---|---|---|---|---|---|---|
|
| MUNICIPAL BONDS--95.3% |
|
|
|
| ||||
|
| Louisiana--0.5% |
|
|
|
| ||||
$ | 184,000 | Jefferson Parish, LA, Home Mortgage Authority, SFH RV, FGIC/FHA/VA insured | 7.10% | 08/01/10 | $ | 232,070 | ||||
| 150,000 | Monroe-West Monroe, LA, Public Transportation Financing Authority, SFH RV | 7.20 | 08/01/10 |
| 174,747 | ||||
|
|
|
|
|
| 406,817 | ||||
|
| Puerto Rico--2.9% |
|
|
|
| ||||
| 2,000,000 | Commonwealth of Puerto Rico, GO Bonds, MBIA-IBC insured | 5.50 | 07/01/09 |
| 2,327,180 | ||||
|
| Vermont--91.9% |
|
|
|
| ||||
| 565,000 | Burlington, VT, Airport RV, Series A, MBIA insured | 3.63 | 07/01/17 |
| 547,502 | ||||
| 1,250,000 | Burlington, VT, Airport RV, Series A, MBIA insured | 5.00 | 07/01/23 |
| 1,323,100 | ||||
| 500,000 | Burlington, VT, Electric RV, Series A, MBIA insured | 5.00 | 07/01/04 |
| 506,895 | ||||
| 415,000 | Burlington, VT, GO Bonds, Series A | 5.00 | 12/01/04 |
| 427,628 | ||||
| 800,000 | Burlington, VT, GO Bonds, Series A | 5.10 | 12/01/05 |
| 855,432 | ||||
| 785,000 | Burlington, VT, GO Bonds, Series A | 5.20 | 12/01/06 |
| 836,849 | ||||
| 130,000 | Burlington, VT, Public Improvement Project, GO Bonds, Series A | 3.50 | 11/01/04 |
| 132,211 | ||||
| 135,000 | Burlington, VT, Public Improvement Project, GO Bonds, Series A | 3.50 | 11/01/05 |
| 140,358 | ||||
| 135,000 | Burlington, VT, Public Improvement Project, GO Bonds, Series A | 3.50 | 11/01/06 |
| 142,526 | ||||
| 140,000 | Burlington, VT, Public Improvement Project, GO Bonds, Series A | 3.50 | 11/01/07 |
| 148,987 | ||||
| 145,000 | Burlington, VT, Public Improvement Project, GO Bonds, Series A | 3.50 | 11/01/08 |
| 154,383 | ||||
| 150,000 | Burlington, VT, Public Improvement Project, GO Bonds, Series A | 3.50 | 11/01/09 |
| 159,181 | ||||
| 155,000 | Burlington, VT, Public Improvement Project, GO Bonds, Series A | 3.50 | 11/01/10 |
| 163,799 | ||||
| 90,000 | Burlington, VT, Public Improvement Project, GO Bonds, Series A | 3.50 | 11/01/11 |
| 94,437 | ||||
| 170,000 | Burlington, VT, Public Improvement Project, GO Bonds, Series A | 3.50 | 11/01/12 |
| 175,894 | ||||
| 125,000 | Burlington, VT, Public Improvement Project, GO Bonds, Series A | 3.60 | 11/01/13 |
| 128,777 | ||||
| 185,000 | Burlington, VT, Public Improvement Project, GO Bonds, Series A | 3.75 | 11/01/14 |
| 189,754 | ||||
| 190,000 | Burlington, VT, Public Improvement Project, GO Bonds, Series A | 3.75 | 11/01/15 |
| 192,880 | ||||
| 200,000 | Burlington, VT, Public Improvement Project, GO Bonds, Series A | 4.00 | 11/01/16 |
| 204,784 | ||||
| 210,000 | Burlington, VT, Public Improvement Project, GO Bonds, Series A | 4.00 | 11/01/17 |
| 213,303 | ||||
| 220,000 | Burlington, VT, Public Improvement Project, GO Bonds, Series A | 4.00 | 11/01/18 |
| 222,163 | ||||
| 400,000 | Burlington, VT, Waterworks System, Water RV, Series A, FGIC insured | 4.50 | 07/01/04 |
| 404,804 | ||||
| 300,000 | Burlington, VT, Waterworks System, Water RV, Series A, FGIC insured | 4.65 | 07/01/06 |
| 322,803 | ||||
| 150,000 | Burlington, VT, Waterworks System, Water RV, Series A, FGIC insured | 4.75 | 07/01/07 |
| 164,938 | ||||
| 300,000 | Burlington, VT, Waterworks System, Water RV, Series A, FGIC insured | 4.80 | 07/01/08 |
| 326,679 | ||||
| 95,000 | Champlain Valley, VT, Union SD No. 15, GO Bonds | 5.00 | 06/01/08 |
| 95,294 | ||||
| 145,000 | Champlain Valley, VT, Union SD No. 15, GO Bonds | 5.13 | 06/01/12 |
| 145,464 | ||||
| 110,000 | Chittenden, VT, Solid Waste District, Resource Recovery RV, Series A, AMBAC insured | 2.50 | 01/01/07 |
| 112,787 | ||||
| 100,000 | Chittenden, VT, Solid Waste District, Resource Recovery RV, Series A, AMBAC insured | 3.30 | 01/01/10 |
| 104,406 | ||||
|
| MUNICIPAL BONDS--continued |
|
|
|
| ||||
$ | 310,000 | Chittenden, VT, Solid Waste District, Resource Recovery RV, Series A, AMBAC insured | 3.40% | 01/01/11 | $ | 322,977 | ||||
| 205,000 | Chittenden, VT, Solid Waste District, Resource Recovery RV, Series A, AMBAC insured | 3.50 | 01/01/12 |
| 212,620 | ||||
| 90,000 | Fair Haven, VT, Union SD, GO Bonds, AMBAC insured | 4.95 | 12/01/04 |
| 92,635 | ||||
| 90,000 | Fair Haven, VT, Union SD, GO Bonds, AMBAC insured | 5.00 | 12/01/05 |
| 95,949 | ||||
| 90,000 | Fair Haven, VT, Union SD, GO Bonds, AMBAC insured | 5.05 | 12/01/06 |
| 95,500 | ||||
| 25,000 | Norwich, VT, SD, GO Bonds, AMBAC insured | 4.50 | 07/15/09 |
| 27,712 | ||||
| 120,000 | Pawlett/Rupert, VT, Union Elementary SD No. 47, GO Bonds, MBIA insured | 5.00 | 11/01/04 |
| 123,170 | ||||
| 30,000 | Shelburne, VT, SD, GO Bonds | 5.00 | 06/01/08 |
| 30,093 | ||||
| 145,000 | Shelburne, VT, SD, GO Bonds | 5.10 | 06/01/10 |
| 145,461 | ||||
| 120,000 | Shelburne, VT, SD, GO Bonds | 5.13 | 06/01/11 |
| 120,384 | ||||
| 135,000 | Shelburne, VT, SD, GO Bonds | 5.13 | 06/01/12 |
| 135,432 | ||||
| 510,000 | St. Johnsbury, VT, SD, GO Bonds, AMBAC insured | 4.50 | 09/01/04 |
| 518,930 | ||||
| 500,000 | St. Johnsbury, VT, SD, GO Bonds, AMBAC insured | 4.50 | 09/01/05 |
| 525,215 | ||||
| 520,000 | St. Johnsbury, VT, SD, GO Bonds, AMBAC insured | 4.55 | 09/01/06 |
| 559,624 | ||||
| 515,000 | St. Johnsbury, VT, SD, GO Bonds, AMBAC insured | 4.65 | 09/01/07 |
| 565,110 | ||||
| 520,000 | St. Johnsbury, VT, SD, GO Bonds, AMBAC insured | 4.80 | 09/01/08 |
| 580,388 | ||||
| 805,000 | University of Vermont & State & Agricultural College, Educational Facilities RV, AMBAC insured | 4.10 | 10/01/11 |
| 874,697 | ||||
| 500,000 | University of Vermont & State & Agricultural College, Educational Facilities RV, AMBAC insured | 4.20 | 10/01/12 |
| 542,190 | ||||
| 500,000 | University of Vermont & State & Agricultural College, Educational Facilities RV, AMBAC insured | 5.50 | 10/01/18 |
| 572,335 | ||||
| 500,000 | University of Vermont & State & Agricultural College, Educational Facilities RV, AMBAC insured | 5.50 | 10/01/19 |
| 569,040 | ||||
| 250,000 | University of Vermont & State & Agricultural College, Educational Facilities RV, AMBAC insured | 5.25 | 10/01/21 |
| 273,575 | ||||
| 1,150,000 | University of Vermont & State & Agricultural College, Educational Facilities RV, AMBAC insured | 5.25 | 10/01/23 |
| 1,245,370 | ||||
| 164,164 | Vermont Economic & Development Authority, Industrial RV, Tubbs Project1 | 6.18 | 08/31/06 |
| 160,880 | ||||
| 90,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, Champlain College Project, Series A, Merchants Bank, LOC | 5.60 | 10/01/04 |
| 91,955 | ||||
| 190,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, Landmark College Project, Series A, Remarketed 11/1/94, Vermont National Bank, LOC | 7.15 | 11/01/14 |
| 196,264 | ||||
| 4,650,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, Marlboro College Project1 | 5.25 | 04/01/19 |
| 4,650,837 | ||||
| 770,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, Middlebury College Project | 5.30 | 11/01/08 |
| 856,594 | ||||
|
| MUNICIPAL BONDS--continued |
|
|
|
| ||||
$ | 190,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, Middlebury College Project | 5.38% | 11/01/26 | $ | 205,639 | ||||
| 400,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, Middlebury College Project, Series A | 4.00 | 11/01/13 |
| 425,064 | ||||
| 3,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, Middlebury College Project, Series A2 | 1.10 | 11/01/27 |
| 3,021 | ||||
| 130,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, St. Michaels College Project | 5.30 | 04/01/04 |
| 130,537 | ||||
| 20,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, St. Michaels College Project | 5.75 | 10/01/04 |
| 20,570 | ||||
| 140,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, St. Michaels College Project | 5.40 | 04/01/05 |
| 146,647 | ||||
| 50,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, St. Michaels College Project | 3.25 | 10/01/09 |
| 51,589 | ||||
| 100,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, St. Michaels College Project | 3.60 | 10/01/10 |
| 104,356 | ||||
| 140,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, St. Michaels College Project | 3.88 | 10/01/11 |
| 147,095 | ||||
| 195,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, St. Michaels College Project | 4.00 | 10/01/12 |
| 204,467 | ||||
| 125,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, St. Michaels College Project | 4.13 | 10/01/13 |
| 130,985 | ||||
| 385,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, St. Michaels College Project | 4.25 | 10/01/14 |
| 401,486 | ||||
| 370,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, St. Michaels College Project | 4.38 | 10/01/15 |
| 385,599 | ||||
| 100,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, St Michaels College Project, Prerefunded 10/01/04 @ 102 | 5.90 | 10/01/06 |
| 104,927 | ||||
| 1,190,000 | Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, St Michaels College Project, Prerefunded 10/01/04 @ 102 | 6.50 | 10/01/14 |
| 1,252,856 | ||||
| 555,000 | Vermont Educational & Health Buildings Financing Agency, Healthcare RV, Central Vermont Hospital & Nursing Project, AMBAC insured | 4.38 | 11/15/04 |
| 567,909 | ||||
| 60,000 | Vermont Educational & Health Buildings Financing Agency, Healthcare RV, Central Vermont Hospital & Nursing Project, AMBAC insured | 4.40 | 11/15/05 |
| 63,241 | ||||
| 605,000 | Vermont Educational & Health Buildings Financing Agency, Healthcare RV, Central Vermont Hospital & Nursing Project, AMBAC insured | 4.50 | 11/15/06 |
| 651,954 | ||||
| 200,000 | Vermont Educational & Health Buildings Financing Agency, Healthcare RV, Central Vermont Hospital & Nursing Project, AMBAC insured | 4.63 | 11/15/07 |
| 217,878 | ||||
| 65,000 | Vermont Educational & Health Buildings Financing Agency, Healthcare RV, Fletcher Allen Health Project, Series A, AMBAC insured | 5.30 | 12/01/08 |
| 73,559 | ||||
| 55,000 | Vermont Educational & Health Buildings Financing Agency, Healthcare RV, Fletcher Allen Health Project, Series A, AMBAC insured | 5.30 | 12/01/09 |
| 62,520 | ||||
|
| MUNICIPAL BONDS--continued |
|
|
|
| ||||
$ | 110,000 | Vermont Educational & Health Buildings Financing Agency, Healthcare RV, Medical Center Hospital of Vermont Project, FGIC insured | 6.00% | 09/01/22 | $ | 112,599 | ||||
| 1,284,000 | Vermont Educational & Health Buildings Financing Agency, Healthcare RV, North Country Hospital Project1 | 2.20 | 10/01/11 |
| 1,307,870 | ||||
| 1,100,000 | Vermont Housing Finance Agency, 64 School Street LP1,3 | 2.40 | 10/30/04 |
| 1,100,374 | ||||
| 130,000 | Vermont Housing Finance Agency, Home Mortgage Program, Series B, FHA/VA insured2 | 7.40 | 12/01/05 |
| 130,477 | ||||
| 205,000 | Vermont Housing Finance Agency, MFH RV, Series A, HUD/Section 8 insured | 4.45 | 02/15/08 |
| 217,550 | ||||
| 130,000 | Vermont Housing Finance Agency, MFH RV, Series A, HUD/Section 8 insured | 4.55 | 02/15/09 |
| 138,251 | ||||
| 522,500 | Vermont Housing Finance Agency, Rutland West Housing LP1,3 | 2.30 | 08/30/04 |
| 522,552 | ||||
| 155,000 | Vermont Housing Finance Agency, SFH RV, Series 11A, FSA insured | 4.60 | 11/01/04 |
| 157,871 | ||||
| 150,000 | Vermont Housing Finance Agency, SFH RV, Series 11A, FSA insured | 4.70 | 11/01/05 |
| 156,572 | ||||
| 205,000 | Vermont Housing Finance Agency, SFH RV, Series 11A, FSA insured | 4.85 | 11/01/06 |
| 217,335 | ||||
| 155,000 | Vermont Housing Finance Agency, SFH RV, Series 11A, FSA insured | 4.95 | 11/01/07 |
| 165,695 | ||||
| 205,000 | Vermont Housing Finance Agency, SFH RV, Series 11A, FSA insured | 5.05 | 11/01/08 |
| 219,826 | ||||
| 275,000 | Vermont Housing Finance Agency, SFH RV, Series 11A, FSA insured | 5.15 | 11/01/09 |
| 295,281 | ||||
| 175,000 | Vermont Housing Finance Agency, SFH RV, Series 12B, FSA insured | 5.50 | 11/01/08 |
| 178,764 | ||||
| 225,000 | Vermont Housing Finance Agency, SFH RV, Series 12B, FSA insured | 5.60 | 11/01/09 |
| 230,011 | ||||
| 50,000 | Vermont Housing Finance Agency, SFH RV, Series 5 | 5.90 | 05/01/04 |
| 50,045 | ||||
| 55,000 | Vermont Housing Finance Agency, SFH RV, Series 5 | 5.90 | 11/01/04 |
| 55,213 | ||||
| 90,000 | Vermont Housing Finance Agency, SFH RV, Series 5 | 6.88 | 11/01/16 |
| 92,362 | ||||
| 135,000 | Vermont Housing Finance Agency, SFH RV, Series 9, MBIA insured | 5.00 | 05/01/05 |
| 139,398 | ||||
| 50,000 | Vermont Housing Finance Agency, SFH RV, Series 9, MBIA insured | 5.10 | 05/01/06 |
| 52,652 | ||||
| 110,000 | Vermont Housing Finance Agency, SFH RV, Series 9, Remarketed 08/26/98, MBIA insured | 4.55 | 05/01/08 |
| 118,099 | ||||
| 2,230,000 | Vermont Housing Finance Agency, Smallest City Housing LP1,3 | 2.50 | 12/31/04 |
| 2,230,178 | ||||
| 1,400,000 | Vermont Housing Finance Agency, Templeton Project1,3 | 1.60 | 04/30/04 |
| 1,400,252 | ||||
| 1,650,000 | Vermont Housing Finance Agency, Wall Street Housing LP1,3 | 2.45 | 11/10/04 |
| 1,650,083 | ||||
| 1,350,000 | Vermont Housing Finance Agency, Whetstone Housing LP1,3 | 2.50 | 11/30/04 |
| 1,350,014 | ||||
| 2,123,000 | Vermont Housing Finance Authority, Mountainview St. Jay Housing LP1,3 | 2.75 | 04/30/05 |
| 2,123,382 | ||||
| 80,000 | Vermont Municipal Bond Bank, Series 1 | 5.70 | 12/01/04 |
| 82,714 | ||||
| 250,000 | Vermont Municipal Bond Bank, Series 1 | 3.00 | 12/01/07 |
| 261,148 | ||||
| 250,000 | Vermont Municipal Bond Bank, Series 1 | 3.30 | 12/01/08 |
| 263,648 | ||||
| 250,000 | Vermont Municipal Bond Bank, Series 1 | 3.50 | 12/01/09 |
| 264,723 | ||||
| 250,000 | Vermont Municipal Bond Bank, Series 1 | 3.70 | 12/01/10 |
| 266,510 | ||||
| 250,000 | Vermont Municipal Bond Bank, Series 1 | 3.80 | 12/01/11 |
| 266,820 | ||||
| 30,000 | Vermont Municipal Bond Bank, Series 1, AMBAC insured | 5.10 | 12/01/04 |
| 30,936 | ||||
| 250,000 | Vermont Municipal Bond Bank, Series 1, AMBAC insured | 3.90 | 12/01/12 |
| 265,470 | ||||
| 250,000 | Vermont Municipal Bond Bank, Series 1, AMBAC insured | 4.00 | 12/01/13 |
| 263,758 | ||||
| 1,500,000 | Vermont Municipal Bond Bank, Series 1, FSA insured | 4.30 | 12/01/06 |
| 1,617,000 | ||||
|
| MUNICIPAL BONDS--continued |
|
|
|
| ||||
$ | 1,000,000 | Vermont Municipal Bond Bank, Series 1, FSA insured | 4.40% | 12/01/07 | $ | 1,095,300 | ||||
| 860,000 | Vermont Municipal Bond Bank, Series 1, MBIA insured | 4.60 | 12/01/07 |
| 948,520 | ||||
| 100,000 | Vermont Municipal Bond Bank, Series 1, MBIA insured | 4.80 | 12/01/08 |
| 111,005 | ||||
| 340,000 | Vermont Municipal Bond Bank, Series 1, MBIA insured | 4.80 | 12/01/09 |
| 382,571 | ||||
| 50,000 | Vermont Municipal Bond Bank, Series 1, MBIA insured | 3.30 | 12/01/10 |
| 52,071 | ||||
| 520,000 | Vermont Municipal Bond Bank, Series 1, MBIA insured | 3.60 | 12/01/11 |
| 547,409 | ||||
| 550,000 | Vermont Municipal Bond Bank, Series 1, MBIA insured | 3.75 | 12/01/12 |
| 577,742 | ||||
| 500,000 | Vermont Municipal Bond Bank, Series 1, MBIA insured | 3.90 | 12/01/13 |
| 523,730 | ||||
| 2,000,000 | Vermont Municipal Bond Bank, Series 1, MBIA insured | 5.38 | 12/01/16 |
| 2,279,560 | ||||
| 750,000 | Vermont Municipal Bond Bank, Series 2, AMBAC insured | 6.00 | 12/01/04 |
| 778,380 | ||||
| 500,000 | Vermont Municipal Bond Bank, Series 2, AMBAC insured | 5.20 | 12/01/07 |
| 543,535 | ||||
| 165,000 | Vermont Municipal Bond Bank, Series 2, FSA insured | 4.30 | 12/01/06 |
| 177,870 | ||||
| 665,000 | Vermont Municipal Bond Bank, Series 2, FSA insured | 4.40 | 12/01/07 |
| 728,375 | ||||
| 1,000,000 | Vermont Municipal Bond Bank, Series 2, MBIA insured | 5.00 | 12/01/17 |
| 1,109,530 | ||||
| 1,000,000 | Vermont Municipal Bond Bank, Series 2, MBIA insured | 5.00 | 12/01/18 |
| 1,101,760 | ||||
| 100,000 | Vermont Public Power Supply Authority, Power RV, McNeil Project, Series D, AMBAC insured | 4.40 | 07/01/04 |
| 101,166 | ||||
| 1,000,000 | Vermont Public Power Supply Authority, Power RV, McNeil Project, Series D, AMBAC insured | 4.50 | 07/01/05 |
| 1,045,580 | ||||
| 840,000 | Vermont Public Power Supply Authority, Power RV, McNeil Project, Series E, MBIA insured | 5.00 | 07/01/11 |
| 961,582 | ||||
| 500,000 | Vermont Public Power Supply Authority, Power RV, McNeil Project, Series E, MBIA insured | 5.25 | 07/01/15 |
| 576,510 | ||||
| 500,000 | Vermont State Colleges, Educational Facilities RV, FGIC Insured | 2.00 | 07/01/05 |
| 506,290 | ||||
| 500,000 | Vermont State Colleges, Educational Facilities RV, FGIC Insured | 2.25 | 07/01/06 |
| 510,520 | ||||
| 1,065,000 | Vermont State, GO Bonds, Series A | 5.00 | 01/15/05 |
| 1,102,967 | ||||
| 50,000 | Vermont State, GO Bonds, Series A | 4.50 | 02/01/05 |
| 50,594 | ||||
| 500,000 | Vermont State, GO Bonds, Series A | 4.40 | 01/15/07 |
| 540,055 | ||||
| 1,000,000 | Vermont State, GO Bonds, Series A | 2.00 | 02/01/07 |
| 1,012,770 | ||||
| 1,000,000 | Vermont State, GO Bonds, Series A | 2.13 | 02/01/08 |
| 1,008,400 | ||||
| 250,000 | Vermont State, GO Bonds, Series A | 4.75 | 08/01/20 |
| 262,678 | ||||
| 1,600,000 | Vermont State, GO Bonds, Series A, Prerefunded 01/15/06 @ 102 | 5.00 | 01/15/08 |
| 1,742,640 | ||||
| 1,300,000 | Vermont State, GO Bonds, Series A, Prerefunded 01/15/06 @ 102 | 5.00 | 01/15/10 |
| 1,415,895 | ||||
| 1,100,000 | Vermont State, GO Bonds, Series B | 4.30 | 10/15/04 |
| 1,123,166 | ||||
| 500,000 | Vermont State, GO Bonds, Series C | 4.60 | 01/15/13 |
| 541,300 | ||||
| 500,000 | Vermont State, Student Assistance Corp., Educational Loan RV, Financing Program, Series A-3, FSA insured | 6.40 | 06/15/04 |
| 506,955 | ||||
| 135,000 | Vermont State, Student Assistance Corp., Educational Loan RV, Financing Program, Series A-3, FSA insured | 6.40 | 12/15/04 |
| 136,895 | ||||
| 150,000 | Vermont State, Student Assistance Corp., Educational Loan RV, Financing Program, Series A-3, FSA insured | 6.50 | 06/15/05 |
| 152,169 | ||||
|
| MUNICIPAL BONDS--continued |
|
|
|
| ||||
$ | 300,000 | Vermont State, Student Assistance Corp., Educational Loan RV, Financing Program, Series B, FSA insured | 6.13% | 06/15/04 | $ | 304,062 | ||||
| 315,000 | Vermont State, Student Assistance Corp., Educational Loan RV, Financing Program, Series B, FSA insured | 6.13 | 12/15/04 |
| 322,277 | ||||
| 480,000 | Vermont State, Student Assistance Corp., Educational Loan RV, Financing Program, Series B, FSA insured | 6.25 | 12/15/05 |
| 491,261 | ||||
| 1,095,000 | Vermont State, Student Assistance Corp., Educational Loan RV, Financing Program, Series B, FSA insured | 6.35 | 06/15/06 |
| 1,121,006 | ||||
| 160,000 | Vermont State, Student Assistance Corp., Educational Loan RV, Financing Program, Series D, FSA insured | 5.40 | 12/15/04 |
| 164,885 | ||||
| 400,000 | Vermont State, Student Assistance Corp., Educational Loan RV, Financing Program, Series D, FSA insured | 5.60 | 12/15/06 |
| 411,740 | ||||
|
|
|
|
|
| 73,241,008 | ||||
|
| TOTAL MUNICIPAL BONDS (Cost $72,836,161) |
|
|
| 75,975,005 | ||||
Shares | SHORT-TERM INVESTMENT--3.8% |
|
|
|
| |||||
| 3,046,146 | Scudder Tax Free Money Fund (Cost $3,046,146) |
|
|
| 3,046,146 | ||||
|
| TOTAL INVESTMENTS IN SECURITIES (Cost 75,882,307)--99.1% |
|
|
| 79,021,151 | ||||
|
| Other Assets & Liabilities, Net--0.9% |
|
|
| 704,234 | ||||
|
| TOTAL NET ASSETS--100.0% |
|
| $ | 79,725,385 | ||||
1 Denotes a restricted security which is subject to restrictions on resale under federal securities law. At February 29, 2004, these securities amounted to $16,496,422 which represents 20.7% of Net Assets. Included in these amounts are securities which have been deemed liquid that amounted to $10,376,835, which represents 13.0% of Net Assets.
2 Variable rate security. The rate reported is the rate in effect on February 29, 2004. The date reported is the stated maturity.
3 Denotes a restricted security that has been deemed liquid by criteria approved by the Board of Trustees.
Notes to Portfolios of Investments
The following abbreviations are used in these portfolios:
AMBAC | --American Municipal Bond Assurance Corporation | |
FGIC | --Financial Guaranty Insurance Corporation | |
FHA | --Federal Housing Authority | |
FSA | --Financial Security Assurance, Incorporated | |
GO | --General Obligation | |
HUD | --Housing and Urban Development | |
LOC | --Letter of Credit | |
LP | --Limited Partnership | |
MBIA | --Municipal Bond Insurance Association | |
MFH | --Multi-Family Housing | |
RV | --Revenue Bonds | |
SD | --School District | |
SFH | --Single Family Housing | |
VA | --Veterans Administration |
Statements of Assets and Liabilities
Banknorth Funds
February 29, 2004 (Unaudited)
Banknorth | Banknorth | Banknorth | Banknorth | |||||
---|---|---|---|---|---|---|---|---|
Assets: | ||||||||
Total investments in securities, at value (identified cost $77,236,483, $11,909,855, $98,739,913 and $75,882,307, respectively) | $101,604,397 | $16,107,877 | $102,594,689 | $79,021,151 | ||||
Cash | 98,101 | 9,375 | -- | 13,079 | ||||
Interest, dividends and other receivables | 105,950 | 18,902 | 1,399,824 | 789,869 | ||||
Receivable for shares sold | 47,567 | -- | 137,000 | 150,208 | ||||
Total Assets | 101,856,015 | 16,136,154 | 104,131,513 | 79,974,307 | ||||
Liabilities: | ||||||||
Payable for shares redeemed | 31,900 | 6,132 | 9,200 | -- | ||||
Income distribution payable | -- | -- | 318,718 | 193,537 | ||||
Payable for investment adviser fees (Note 4) | 48,171 | 5,182 | 20,486 | 12,609 | ||||
Payable for administrator fees (Note 4) | 12,043 | 1,943 | 12,292 | 9,457 | ||||
Payable for shareholder services fees (Note 4) | 20,071 | 3,239 | 20,486 | 15,761 | ||||
Payable for transfer agent fees (Note 4) | 11,251 | 5,629 | 6,492 | 6,681 | ||||
Accrued expenses | 34,255 | 23,268 | 22,196 | 10,877 | ||||
Total Liabilities | 157,691 | 45,393 | 409,870 | 248,922 | ||||
Net Assets for (10,785,948, 2,214,965, 9,880,361 and 7,743,037 shares outstanding, respectively) | $101,698,324 | $16,090,761 | $103,721,643 | $ 79,725,385 | ||||
Net Assets Consist of: | ||||||||
Paid in capital | $ 79,976,826 | $11,591,958 | $100,648,368 | $ 76,573,287 | ||||
Net unrealized appreciation of investments | 24,367,914 | 4,198,022 | 3,854,776 | 3,138,844 | ||||
Accumulated net realized gain (loss) on investments | (2,601,683) | 327,098 | (776,837) | 13,351 | ||||
Accumulated undistributed net investment income (loss) | (44,733) | (26,317) | (4,664) | (97) | ||||
Total Net Assets | $101,698,324 | $16,090,761 | $103,721,643 | $ 79,725,385 | ||||
Net Asset Value and Redemption Proceeds Per Share | $ 9.43 | $ 7.26 | $ 10.50 | $ 10.30 | ||||
See Notes to Financial Statements
Statements of Operations
Banknorth Funds
Six-Months Ended February 29, 2004 (Unaudited)
Banknorth | Banknorth | Banknorth | Banknorth | |||||
---|---|---|---|---|---|---|---|---|
Investment Income: | ||||||||
Interest | $ -- | $ 11 | $ 2,667,391 | $ 1,565,303 | ||||
Dividend | 563,326 | 94,901 | 7,489 | 9,745 | ||||
Total Investment Income | 563,326 | 94,912 | 2,674,880 | 1,575,048 | ||||
Expenses: | ||||||||
Investment adviser fee (Note 4) | 383,191 | 63,143 | 325,875 | 199,095 | ||||
Administrative personnel and services fee (Note 4) | 76,639 | 36,871 | 81,469 | 59,729 | ||||
Custodian fees | 8,427 | 4,384 | 8,666 | 6,991 | ||||
Transfer and dividend disbursing agent fees and expenses (Note 4) | 18,386 | 12,279 | 12,275 | 11,849 | ||||
Directors'/Trustees' fees and expenses | 2,389 | 1,739 | 3,953 | 3,237 | ||||
Auditing fee | 11,108 | 9,605 | 9,091 | 9,721 | ||||
Legal fee | 2,034 | 2,541 | 2,247 | 13,335 | ||||
Portfolio accounting fees | 29,628 | 4,792 | 30,542 | 22,701 | ||||
Shareholder services fee (Note 4) | 127,730 | 21,048 | 135,781 | 99,548 | ||||
Share registration costs | 12,135 | 11,412 | 11,981 | 11,210 | ||||
Miscellaneous | 13,031 | 7,124 | 7,973 | 176 | ||||
Total Expenses | 684,698 | 174,938 | 629,853 | 437,592 | ||||
Waivers and Reimbursement (Note 4): | ||||||||
Waiver of investment adviser fee | (76,639) | (29,467) | (190,093) | (119,457) | ||||
Waiver of administrative personnel and services fee | -- | (24,242) | -- | -- | ||||
Reimbursement of legal expenses | -- | -- | -- | (7,547) | ||||
Total Waivers and Reimbursement | (76,639) | (53,709) | (190,093) | (127,004) | ||||
Net Expenses | 608,059 | 121,229 | 439,760 | 310,588 | ||||
Net Investment Income (Loss) | (44,733) | (26,317) | 2,235,120 | 1,264,460 | ||||
Realized and Unrealized Gain (Loss) on Investments: | ||||||||
Net realized gain on investments | 4,242,212 | 354,530 | 481,832 | 152,929 | ||||
Net change in unrealized appreciation of investments | 6,258,811 | 1,480,202 | 1,895,572 | 1,465,461 | ||||
Net realized and unrealized gain on investments | 10,501,023 | 1,834,732 | 2,377,404 | 1,618,390 | ||||
Change in Net Assets Resulting From Operations | $ 10,456,290 | $ 1,808,415 | $ 4,612,524 | $ 2,882,850 | ||||
See Notes to Financial Statements
Statements of Changes in Net Assets
Banknorth Funds
For the year ended August 31, 2003 (Audited) and for the
six-months ended February 29, 2004 (Unaudited)
|
Banknorth | |
---|---|---|
Net Assets--August 31, 2002 | $ 76,020,283 | |
Undistributed Net Investment Income August 31, 2002 | -- | |
Operations: | ||
Net investment income (loss) | (114,899) | |
Net realized gain (loss) on investments | (606,504) | |
Net change in unrealized appreciation (depreciation) of investments | 8,497,809 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 7,776,406 | |
Distributions to Shareholders: | ||
Distributions from net investment income | -- | |
Distributions from net realized gain on investments | -- | |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | -- | |
Share Transactions: | ||
Proceeds from sale of shares | 35,726,951 | |
Issuance through Merger (Note 1) | 7,783,420 | |
Net asset value of shares issued to shareholders in payment of distributions declared | -- | |
Cost of shares redeemed | (22,489,851) | |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 21,020,520 | |
Change in net assets | 28,796,926 | |
Net Assets--August 31, 2003 | $ 104,817,209 | |
Undistributed Net Investment Income August 31, 2003 | $ -- | |
Operations: | ||
Net investment income (loss) | (44,733) | |
Net realized gain on investments | 4,242,212 | |
Net change in unrealized appreciation of investments | 6,258,811 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 10,456,290 | |
Distributions to Shareholders: | ||
Distributions from net investment income | -- | |
Distributions from net realized gain on investments | -- | |
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS | -- | |
Share Transactions: | ||
Proceeds from sale of shares | 9,934,736 | |
Net asset value of shares issued to shareholders in payment of distributions declared | -- | |
Cost of shares redeemed | (23,509,911) | |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (13,575,175) | |
Change in net assets | (3,118,885) | |
Net Assets--February 29, 2004 | $ 101,698,324 | |
Accumulated Undistributed Net Investment Income (Loss) February 29, 2004 | $ (44,733) | |
See Notes to Financial Statements
Banknorth | Banknorth | Banknorth | ||
---|---|---|---|---|
$ 20,535,461 | $ 122,586,396 | $ 82,132,002 | ||
-- | 54 | 4,038 | ||
(79,401) | 5,539,245 | 2,745,529 | ||
463,581 | 2,410,991 | 15,633 | ||
551,528 | (4,675,620 ) | (1,386,452) | ||
935,708 | 3,274,616 | 1,374,710 | ||
-- | (5,533,929) | (2,743,633) | ||
(2,335,524) | -- | -- | ||
(2,335,524) | (5,533,929) | (2,743,633) | ||
5,981,536 | 17,473,366 | 10,906,820 | ||
-- | -- | -- | ||
547,284 | 651,461 | 456 | ||
(8,269,785) | (25,518,043) | (11,173,115) | ||
(1,740,965) | (7,393,216) | (265,839) | ||
(3,140,781) | (9,652,529) | (1,634,762) | ||
$ 17,394,680 | $ 112,933,867 | $ 80,497,240 | ||
$ -- | $ 5,370 | $ 5,934 | ||
(26,317) | 2,235,120 | 1,264,460 | ||
354,530 | 481,832 | 152,929 | ||
1,480,202 | 1,895,572 | 1,465,461 | ||
1,808,415 | 4,612,524 | 2,882,850 | ||
-- | (2,245,154) | (1,270,491) | ||
(490,964) | -- | (93,477) | ||
(490,964) | (2,245,154) | (1,363,968) | ||
1,426,203 | 8,023,497 | 2,322,705 | ||
140,144 | 171,722 | 659 | ||
(4,187,717) | (19,774,813) | (4,614,101) | ||
(2,621,370) | (11,579,594) | (2,290,737) | ||
(1,303,919) | (9,212,224) | (771,855) | ||
$ 16,090,761 | $ 103,721,643 | $ 79,725,385 | ||
$ (26,317) | $ (4,664) | $ (97) | ||
See Notes to Financial Statements
Financial Highlights
(For a share outstanding throughout each period)
| Selected Data for a Single Share | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
| ||||||
| Beginning | Net | Net Realized | Dividends | Distributions | Ending | ||||||
Banknorth Large Cap Core Fund | ||||||||||||
1999 | $ 10.13 | $ (0.01) | $ 2.31 | $ --(c) | $ (0.94) | $ 11.49 | ||||||
2000 | 11.49 | (0.03) | 1.80 | -- | (1.11) | 12.15 | ||||||
2001 | 12.15 | (0.01) | (1.00) | -- | (1.53) | 9.61 | ||||||
2001(d) | 9.61 | (0.01) | (0.77) | -- | -- | 8.83 | ||||||
2002 | 8.83 | (0.02) | (0.83) | -- | (0.01) | 7.97 | ||||||
2003 | 7.97 | (0.01) | 0.55 | -- | -- | 8.51 | ||||||
2004(g) | 8.51 | (0.01) | 0.93 | -- | -- | 9.43 | ||||||
Banknorth Small/Mid Cap Core Fund | ||||||||||||
2001(f) | 10.00 | (0.08) | (2.04) | -- | (0.02) | 7.86 | ||||||
2002 | 7.86 | (0.07) | (0.61) | -- | -- | 7.18 | ||||||
2003 | 7.18 | (0.04) | 0.44 | -- | (0.84) | 6.74 | ||||||
2004(g) | 6.74 | (0.02) | 0.74 | -- | (0.20) | 7.26 | ||||||
Banknorth Intermediate Bond Fund | ||||||||||||
2001(f) | 10.00 | 0.49 | 0.39 | (0.49) | -- | 10.39 | ||||||
2002 | 10.39 | 0.53 | 0.10 | (0.53) | -- | 10.49 | ||||||
2003 | 10.49 | 0.48 | (0.22 ) | (0.48) | -- | 10.27 | ||||||
2004(g) | 10.27 | 0.22 | 0.23 | (0.22) | -- | 10.50 | ||||||
Banknorth Vermont Municipal Bond Fund | ||||||||||||
2001(f) | 10.00 | 0.37 | 0.22 | (0.37) | -- | 10.22 | ||||||
2002 | 10.22 | 0.38 | 0.05 | (0.38) | -- | 10.27 | ||||||
2003 | 10.27 | 0.34 | (0.17 ) | (0.34) | -- | 10.10 | ||||||
2004(g) | 10.10 | 0.16 | 0.21 | (0.16) | (0.01) | 10.30 |
(a) Total return calculations are for the period indicated do not include sales charges and are not annualized.
(b) The ratio of Gross Expenses to Average Net Assets reflects the expense ratio excluding any waivers and/or reimbursements (Note 4).
(c) Distributions per share were less than $0.01.
(d) The Fund changed its fiscal year end from May 31 to August 31.
(e) Annualized.
(f) Commencement of operations, October 2, 2000.
(g) Six months ended February 29, 2004 (unaudited).
|
| Ratios/Supplemental Data |
| |||||||
---|---|---|---|---|---|---|---|---|---|---|
|
| Ratios to Average Net Assets |
| |||||||
Total | Net Assets At | Net | Net | Gross | Portfolio | |||||
24.21% | $ 32,134 | (0.06)% | 1.10% | 1.44% | 16% | |||||
15.96% | 34,398 | (0.21)% | 1.10% | 1.42% | 26% | |||||
(9.04)% | 46,926 | (0.14)% | 1.25% | 1.47% | 26% | |||||
(8.12)% | 43,930 | (0.43)%(e) | 1.45%(e) | 1.75%(e) | 12% | |||||
(9.68)% | 76,020 | (0.41)% | 1.43% | 1.48% | 34% | |||||
6.78 % | 104,817 | (0.13)% | 1.34% | 1.35% | 59% | |||||
10.81 % | 101,698 | (0.09)%(e) | 1.19%(e) | 1.34%(e) | 30% | |||||
(21.22)% | 29,050 | (1.06)%(e) | 1.45%(e) | 1.83%(e) | 31% | |||||
(8.65)% | 20,535 | (0.84)% | 1.49% | 1.69% | 48% | |||||
7.33% | 17,395 | (0.45)% | 1.63% | 1.99% | 73% | |||||
10.85% | 16,091 | (0.31)%(e) | 1.44%(e) | 2.08%(e) | 12% | |||||
9.12% | 141,864 | 5.28%(e) | 1.05%(e) | 1.41%(e) | 9% | |||||
6.09% | 122,586 | 5.03% | 0.99% | 1.14% | 11% | |||||
2.42% | 112,934 | 4.50% | 1.01% | 1.16% | 50% | |||||
4.39% | 103,722 | 4.12%(e) | 0.81%(e) | 1.16%(e) | 13% | |||||
6.00% | 86,924 | 3.96%(e) | 0.91%(e) | 1.37%(e) | 11% | |||||
4.33% | 82,132 | 3.75% | 0.81% | 1.11% | 7% | |||||
1.74% | 80,497 | 3.30% | 0.84% | 1.10% | 20% | |||||
3.63% | 79,725 | 3.18%(e) | 0.78%(e) | 1.10%(e) | 12% |
Notes to Financial Statements (Unaudited)
(1) ORGANIZATION
Banknorth Funds (the "Trust") is a Delaware business trust that is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end, management investment company. The Trust consists of four portfolios, Banknorth Large Cap Core Fund, Banknorth Small/Mid Cap Core Fund, Banknorth Intermediate Bond Fund and Banknorth Vermont Municipal Bond Fund (each a "Fund" and collectively, the "Funds"). The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The investment objective for Banknorth Large Cap Core Fund and for Banknorth Small/Mid Cap Core Fund is long-term capital appreciation. The investment objective for Banknorth Intermediate Bond Fund is to provide current income. The investment objective for Banknorth Vermont Municipal Bond Fund is to provide current income which is exempt from federal regular income tax and the personal income taxes imposed by the State of Vermont and Vermont municipalities.
On August 27, 2002, Banknorth Large Cap Core Fund received contributing assets and liabilities from Banknorth Large Cap Growth Fund, a series of Banknorth Funds as follows:
Shares of | Banknorth | Unrealized | Net Assets of | Net Assets of | Net Assets of | |||||
---|---|---|---|---|---|---|---|---|---|---|
2,805,682 | $ 22,639,706 | $ 1,521,145 | $ 54,019,586 | $ 22,639,706 | $ 76,659,292 |
On March 31, 2003, Banknorth Large Cap Core Fund received contributing assets and liabilities from Banknorth Large Cap Value Fund, a series of Banknorth Funds as follows:
Shares of | Banknorth | Unrealized | Net Assets of | Net Assets of | Net Assets of | |||||
---|---|---|---|---|---|---|---|---|---|---|
1,026,972 | $ 7,783,420 | $ 2,303,035 | $ 87,881,405 | $ 7,783,420 | $ 95,664,825 |
1 Unrealized Appreciation is included in the Banknorth Large Cap Growth Fund and Banknorth Large Cap Value Fund Net Assets Received amount shown above.
(2) SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles ("GAAP") in the United States of America.
Investment Valuations--U.S. government securities, listed corporate bonds, other fixed income and asset-backed securities, and unlisted securities and private placement securities are generally valued at the mean of the latest bid and asked price as furnished by an independent pricing service. Listed equity securities are valued at the last sales or official Closing price reported on a national securities exchange. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investments in other open-end regulated investment companies are valued at net asset value. Securities for which no quotations are readily available are valued at fair value as determined in good faith using methods approved by the Board of Trustees (the "Trustees").
Investment Income, Expenses and Distributions--Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value.
Premium and Discount Amortization--All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes.
Federal Taxes--It is each Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders each year substantially all of its income. Accordingly, no provisions for federal tax are necessary.
When-Issued and Delayed Delivery 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.
Restricted Securities--Restricted Securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense either upon demand by the Funds or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Trustees. The Funds will not incur any registration costs upon such resales. The Funds' restricted securities are valued by an independent pricing service or, if no market prices are available, at the fair value as determined in good faith using methods approved by the Trustees.
Additional information on each restricted security held at February 29, 2004 is as follows:
Banknorth Vermont Municipal Bond Fund:
Security | Acquisition Date | Acquisition Cost | ||
---|---|---|---|---|
Vermont Economic & Development Authority, Industrial RV, Tubbs Project | September 18, 1996 | $ 1,776,324 | ||
Vermont Educational & Health Buildings Financing Agency, Healthcare RV, North Country Hospital Project | November 7, 1996 | 1,464,045 | ||
Vermont Educational & Health Buildings Financing Agency, Educational Facilities RV, Marlboro College Project | March 22, 1999 | 4,650,101 | ||
Vermont Housing Finance Agency, Templeton Project | February 20, 2003 | 1,400,000 | ||
Vermont Housing Finance Authority, Mountainview St. Jay Housing LP | October 15, 2003 | 2,123,000 | ||
Vermont Housing Finance Agency, Wall Street Housing LP | October 15, 2003 | 1,650,000 | ||
Vermont Housing Finance Agency, 64 School Street LP | November 13, 2003 | 1,100,000 | ||
Vermont Housing Finance Agency, Smallest City Housing LP | December 1, 2003 | 2,230,000 | ||
Vermont Housing Finance Agency, Rutland West Housing LP | December 10, 2003 | 522,500 | ||
Vermont Housing Finance Agency, Whetstone Housing LP | February 4, 2004 | 1,350,000 |
Use of Estimates--The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, revenues and expenses reported in the financial statements. Actual results could differ from those estimated.
Other--Investment transactions are accounted for on a trade date basis.
(3) CAPITAL STOCK
The Declaration of Trust permits the Trustees to issue an unlimited number of shares of beneficial interest (without par value) for each Fund.
TRANSACTIONS IN SHARES WERE AS FOLLOWS:
| Six Months Ended February 29, 2004 |
| Year Ended August 31, 2003 | ||||||
---|---|---|---|---|---|---|---|---|---|
Banknorth Large Cap Core Fund | Shares | Amount | Shares | Amount | |||||
Shares sold | 1,103,643 | $ 9,934,736 | 4,558,831 | $ 35,726,951 | |||||
Shares issued due to merger (Note 1) | -- | -- | 1,026,972 | 7,783,420 | |||||
Shares issued to shareholders in payment of | -- | -- | -- | -- | |||||
Shares redeemed | (2,627,995) | (23,509,911) | (2,816,852) | (22,489,851) | |||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | (1,524,352) | $ (13,575,175) | 2,768,951 | $ 21,020,520 | |||||
| Six Months Ended February 29, 2004 |
| Year Ended August 31, 2003 | |||||
---|---|---|---|---|---|---|---|---|
Banknorth Small/Mid Cap Core Fund | Shares | Amount | Shares | Amount | ||||
Shares sold | 199,802 | $ 1,426,203 | 951,907 | $ 5,981,536 | ||||
Shares issued to shareholders in payment of | 20,107 | 140,144 | 92,918 | 547,284 | ||||
Shares redeemed | (586,652) | (4,187,717) | (1,322,898) | (8,269,785) | ||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | (366,743) | $ (2,621,370) | (278,073) | $ (1,740,965) | ||||
| Six Months Ended February 29, 2004 |
| Year Ended August 31, 2003 | |||||
---|---|---|---|---|---|---|---|---|
Banknorth Intermediate Bond Fund | Shares | Amount | Shares | Amount | ||||
Shares sold | 769,381 | $ 8,023,497 | 1,654,554 | $ 17,473,366 | ||||
Shares issued to shareholders in payment of | 16,480 | 171,722 | 61,775 | 651,461 | ||||
Shares redeemed | (1,898,308) | (19,774,813) | (2,413,245) | (25,518,043) | ||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | (1,112,447) | $ (11,579,594) | (696,916) | $ (7,393,216) | ||||
| Six Months Ended February 29, 2004 |
| Year Ended August 31, 2003 | |||||
---|---|---|---|---|---|---|---|---|
Banknorth Vermont Municipal Bond Fund | Shares | Amount | Shares | Amount | ||||
Shares sold | 226,987 | $ 2,322,705 | 1,057,592 | $ 10,906,820 | ||||
Shares issued to shareholders in payment of | 65 | 659 | 44 | 456 | ||||
Shares redeemed | (451,209) | (4,614,101) | (1,091,335) | (11,173,115) | ||||
NET CHANGE RESULTING FROM SHARE TRANSACTIONS | (224,157) | $ (2,290,737) | (33,699) | $ (265,839) | ||||
(4) INVESTMENT ADVISER FEE AND OTHER
TRANSACTIONS WITH AFFILIATES
Investment Adviser Fee--Banknorth Investment Advisors, the Funds' investment adviser (the "Adviser"), receives for its services an annual investment adviser fee from each Fund at an annual rate of the Fund's average daily net assets as follows:
Banknorth Large Cap Core Fund | 0.75% | |
Banknorth Small/Mid Cap Core Fund | 0.75% | |
Banknorth Intermediate Bond Fund | 0.60% | |
Banknorth Vermont Municipal Bond Fund | 0.50% |
Effective September 1, 2003 the Adviser agreed to voluntarily waive fees of 0.15%, 0.35%, 0.35% and 0.30% for the Banknorth Large Cap Core Fund, Banknorth Small/Mid Cap Core Fund, Banknorth Intermediate Bond Fund and Banknorth Vermont Municipal Bond Fund, respectively. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion. The Adviser is a division of Banknorth, N.A.
Administration Fee--Federated Services Company ("FServ"), the Funds' administrator, receives for its services an administrative fee based on a scale that ranges from 0.15% to 0.10% of each Fund's average aggregate daily net assets, subject to a $75,000 annual minimum per Fund. FServ may voluntarily choose to waive any portion of its fee. FServ can modify or terminate this voluntary waiver at any time at its sole discretion.
Distribution Services Fee--The Trust adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Funds compensated Edgewood Services, Inc. ("Edgewood"), the principal distributor, a distribution fee at an annual rate of 0.25% of the average daily net assets of each Fund. The Plan provided that the Funds may incur distribution expenses of up to 0.25% of the average daily net assets of the Institutional Service Shares, annually, to compensate Edgewood. Edgewood paid any or all of these payments to various institutions that provided distribution or shareholder services for the Funds. Edgewood contractually waived the distribution (12b-1) fee through December 1, 2003. Effective December 1, 2003, the Funds eliminated the 12b-1 plan.
Shareholder Services Fee--Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Funds will pay FSSC up to 0.25% of average daily net assets of each Fund for the period. FSSC may pay any or all amounts of these fees to various institutions that provide shareholder servicing to their customers. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.
Transfer and Dividend Disbursing Agent Fees and Expenses--FServ serves as transfer and dividend disbursing agent for the Funds. The fee paid to FServ is based on the size, type and number of accounts and transactions made by shareholders. FServ may voluntarily choose to waive any portion of its fee. FServ can modify or terminate this voluntary waiver at any time at its sole discretion.
Other Service Providers--Citigroup Global Transaction Services, through its various affiliates (collectively "Citigroup"), provides certain sub-administration services to the Funds. Forum Trust, LLC, the Funds custodian, receives for its services a fee based on the average daily net assets of each Fund, plus an annual maintenance fee per Fund, and certain other transaction charges.
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations (and in-kind contributions), for the period ended February 29, 2004, were as follows:
| Purchases | Sales | ||
---|---|---|---|---|
Banknorth Large Cap Core Fund | $ 29,358,004 | $ 41,843,135 | ||
Banknorth Small/Mid Cap Core Fund | 1,925,139 | 5,743,156 | ||
Banknorth Intermediate Bond Fund | 13,786,267 | 20,971,881 | ||
Banknorth Vermont Municipal Bond Fund | 9,022,484 | 15,393,300 |
At February 29, 2004, the cost basis of investments owned, the net unrealized appreciation (depreciation) of investments, aggregate gross unrealized appreciation for all securities in which there was an excess of market value over tax cost, and the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over market value were as follows:
| Cost | Unrealized | Unrealized | Net Unrealized | ||||
---|---|---|---|---|---|---|---|---|
Banknorth Large Cap Core Fund | $ 77,236,483 | $ 24,683,089 | $ (315,175) | $ 24,367,914 | ||||
Banknorth Small/Mid Cap Core Fund | 11,909,855 | 4,213,967 | (15,945) | 4,198,022 | ||||
Banknorth Intermediate Bond Fund | 98,739,913 | 4,358,476 | (503,700) | 3,854,776 | ||||
Banknorth Vermont Municipal Bond Fund | 75,882,307 | 3,153,299 | (14,455) | 3,138,844 |
(6) CONCENTRATION OF RISK
The Banknorth Vermont Municipal Bond Fund invests a substantial amount of its assets in issuers located in one state and therefore, it is more susceptible to factors adversely affecting issuers of that state than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at February 29, 2004, 49% of the securities in the portfolio of investments are backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The percentage of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 16% of total investments.
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BANKNORTH LARGE CAP CORE FUND
BANKNORTH SMALL/MID CAP CORE FUND
BANKNORTH INTERMEDIATE BOND FUND
BANKNORTH VERMONT MUNICIPAL BOND FUND
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Banknorth Investment Advisors
Investment Adviser
FEBRUARY 29, 2004
Mutual funds 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 mutual funds 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 its objective and policies, management fees, expenses and other information.
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds' portfolio is available, without charge and upon request, by calling 1-888-247-4505. This information is also available from the EDGAR database on the SEC's Internet site at http://www.sec.gov.
Banknorth Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7010
Edgewood Services, Inc., Distributor
Investment Company Act File No. 811-10021
Cusip 06646S204
Cusip 06646S501
Cusip 06646S105
Cusip 06646S600
26289 (4/04)
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 [Reserved] Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies Not Applicable Item 8. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers Not Applicable Item 9. Submission of Matters to a Vote of Security Holders Not Applicable Item 10. Controls and Procedures (a) The registrant's President and Treasurer 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), or the internal control over financial reporting of its service providers during the last fiscal half year (the registrant's second half year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 11. Exhibits 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 Banknorth Funds By /S/ Richard J. Thomas, Principal Financial Officer Date April 21, 2004 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By /S/ Charles L. Davis, Jr., Principal Executive Officer Date April 21, 2004 By /S/ Richard J. Thomas, Principal Financial Officer Date April 21, 2004