United States Securities and Exchange Commission Washington, D.C. 20549 Form N-CSR Certified Shareholder Report of Registered Management Investment Companies 811-5536 (Investment Company Act File Number) Hibernia Funds _______________________________________________________________ (Exact Name of Registrant as Specified in Charter) 5800 Corporate Drive Pittsburgh, Pennsylvania 15237-7010 (412) 288-1900 (Registrant's Telephone Number) Timothy S. Johnson 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: 8/31/03 Date of Reporting Period: Six months ended 8/31/03 Item 1. Reports to Stockholders
ANNUAL REPORT
AUGUST 31, 2003
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE
FINANCIAL HIGHLIGHTS
FINANCIAL STATEMENTS
INDEPENDENT AUDITORS’ REPORT
BOARD OF TRUSTEES AND TRUST OFFICERS
[Logo of Hibernia Funds]
Hibernia Capital Appreciation Fund
Class A Shares
Class B Shares
Hibernia Louisiana Municipal Income Fund
Class A Shares
Class B Shares
Hibernia Mid Cap Equity Fund
Class A Shares
Class B Shares
Hibernia Total Return Bond Fund
Hibernia U.S. Government Income Fund
Hibernia Cash Reserve Fund
Class A Shares
Class B Shares
Hibernia U.S. Treasury Money Market Fund
Not FDIC Insured • May Lose Value • No Bank Guarantee
Management Discussion of Fund Performance
Hibernia Capital Appreciation Fund
Annual Report/12-month period from September 1, 2002 through August 31, 2003
HIBERNIA CAPITAL APPRECIATION FUND
The bear market in U.S. equities, which began in 2000, got rolling in earnest in 2001 and 2002, and saw a total, top-to-bottom decline of almost 50 percent,1 finally ended in the summer of 2002. And, the current bull market began in March of 2003, right in the middle of the fund's reporting period.
This reporting period has seen a tremendous amount of stock-market volatility. For the first couple of months of the fund's fiscal year, domestic equities consolidated their long declines and trended sideways as the market was dominated by uncertainty about the economy, both domestic and global. Further uncertainty was added with worries about geopolitical unrest. When the Iraq phase of the United States' "War on Terrorism" began in March of 2003, the U.S. Stock Market seemed to shrug off any more worries and began a rapid rise that slowed by the end of the reporting period, but continued all the way through the end of the fiscal year.
This new bull market was initially led by lower-quality companies with smaller market capitalizations. This rally however has been broad-based with participation by companies across the quality and capitalization spectrums. The market advance has been fueled by a steadily improving domestic economy and a steady flow of liquidity.
The economy has improved dramatically in the last 12 months, with Gross Domestic Product (GDP) accelerating steadily. GDP growth in the 1st quarter of 2003 was 1.4%, in the 2nd quarter, 3.3%. Most economists are now expecting 3rd quarter 2003 GDP growth to be reported at above 5 percent, with some even expecting 6 percent growth.
This robust economic growth is being driven by a potent combination of external and internal stimulants: tax-cuts and tax refunds, improved confidence among the consumer segment, and a slowly revitalizing capital spending environment. The corporate capital expenditure recession that began in early 2000 has itself finally ended. Corporations have been increasing their technology investments in 2003 and have become more and more efficient and productive. Other investments are being made in plants and equipment. Growth in durable goods orders, while not strong, has been much improved over the summer 2001 nadir.
The downside of the increased productivity has been the slow pace of new job creation. The employment situation has improved dramatically from late 2001 and early 2002 lows, when nonfarm payrolls were contracting at an annual rate of 1.5%. However, new jobs are not being created at a robust rate. The "jobless recovery" is a cause for concern with future strength dependent on the overall health of the consumer sector.
PERFORMANCE
The Hibernia Capital Appreciation Fund's Class A Shares produced a total return of 8.46%2 for the 12-month reporting period ended August 31, 2003, based on net asset value, while the S&P 500 Index returned 12.06%.
Fund performance over the reporting period was most impacted by a defensive position vis-à-vis cash equivalents. While fund performance benefited over the long bear market from higher than normal cash levels, the sudden and rapid rise in stock market values that began in March 2003 put the fund at a disadvantage in performance versus the benchmark. Fund performance was also negatively impacted by a capitalization bias. The portfolio was overweight with respect to larger capitalization stocks. On the positive side, portfolio diversification limited market volatility and sub-par performance.
STRATEGY
Portfolio strategy continues to emphasize broad diversification across sectors and industries. The current strategy also emphasizes minimizing exposure to benchmark characteristic risk (i.e., market capitalization, etc.).
1 Based on the Standard & Poor's 500 Index (S&P 500). The S&P 500 is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index.
2 Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total return for Class A Shares, based on offering price, was 3.56%, for the reporting period. Total returns for Class B Shares was 7.63% based on net asset value and 2.13% based on redemption value for the reporting period.
Hibernia Capital Appreciation Fund--Class A Shares
Growth of a $10,000 Investment
The graph below illustrates the hypothetical investment of $10,0001 in the Hibernia Capital Appreciation Fund--Class A Shares (the "Fund") from August 31, 1993 to August 31, 2003, compared to the Standard & Poor's 500 Index ("S&P 500'').2
AVERAGE ANNUAL TOTAL RETURNS3 FOR THE PERIOD ENDED AUGUST 31, 2003
1 Year | 3.56% | |
5 Years | 1.78% | |
10 Years | 9.06% |
Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.
1 Represents a hypothetical investment of $10,000 in the Fund after deducting the original maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). For the period from October 31, 1993 to August 31, 1996, the sales charge was reduced to 3.00%. Effective September 1, 1996, the maximum sales charge was changed to 4.50%. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.
2 The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission ("SEC") requires to be reflected in the Fund's performance. The index is unmanaged and investments cannot be made in an index.
3 Total return quoted reflects the current 4.50% sales charge.
Hibernia Capital Appreciation Fund--Class B Shares
Growth of a $10,000 Investment
The graph below illustrates the hypothetical investment of $10,0001 in the Hibernia Capital Appreciation Fund--Class B Shares (the "Fund") from December 2, 1996 (start of performance) to August 31, 2003, compared to the Standard & Poor's 500 Index ("S&P 500").2
AVERAGE ANNUAL TOTAL RETURNS3 FOR THE PERIOD ENDED AUGUST 31, 2003
1 Year | 2.13% | |
5 Years | 1.65% | |
Start of Performance (12/2/96) | 4.68% |
Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.
1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a 1.00% contingent deferred sales charge on any redemption less than seven years from the purchase date. The maximum contingent deferred sales charge is 5.50% on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.
2 The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and investments cannot be made in an index.
3 Total return quoted reflects all applicable contingent deferred sales charges.
Hibernia Louisiana Municipal Income Fund
Annual Report/12-month period from September 1, 2002 through August 31, 2003
HIBERNIA LOUISIANA MUNICIPAL INCOME FUND
Bond investors experienced a wild roller coaster ride during the recent 12-month reporting period. The yields on the 10-year government treasury notes ranged from a low of 3.37% to a high of 4.46% before ending the reporting period at 3.93%. The bond market volatility was largely a result of conflicting economic data, deflation fears, global terrorism concerns and corporate scandals. The reporting period began with investors' outlook for the U.S. economy generally improving. Economic data turned sour however in the fourth quarter of 2002 and yields began their dramatic decline to 45 year lows. The uncertainty surrounding the U.S. war with Iraq and fears over what the outcome might be created strong additional demand for the safety of U.S. Treasury securities thereby pushing yields down. The push to lower rates was also aggressively promoted by the Federal Reserve Board (the "Fed"), which cut the target federal funds rate repeatedly to help stimulate the precarious economic recovery. Also, of great concern was the high unemployment rate stuck at a politically unacceptable level of 6%. The Fed action culminated on June 25, 2003 with the federal funds rate at a historic low of 1.00%. Despite a spike in oil and gas prices, inflation remained practically non-existent. In fact, the sluggish global economy and excess global manufacturing capacity led many to fear deflation more than inflation. In retrospect, it was a "Perfect Storm" of economic events, geopolitics, bond market fundamentals and plain old fear that led to the great decline in rates.
In mid June, shortly before the Fed implemented their final rate cut, the bond market reversed course and interest rates moved higher. The capitulation was brought on by the realization that the economy was improving and stocks offered a much more compelling investment alternative. Profit takers and short sellers seized the opportunity and acted with a vengeance. Medium and long term rates shot upward by more than 1 percentage point.
LOUISIANA MUNICIPAL MARKET
The state of Louisiana fared better than most others during the difficult economic times experienced during the reporting period. Severe statewide cost cutting and a large last minute federal subsidy check allowed the State to balance its fiscal affairs. Municipal bond issuance in Louisiana was generally light during the reporting period. This relatively light supply situation allowed Louisiana municipal bonds to command a slight premium to the general bond market. During the reporting period, the state of Louisiana successfully passed an increase in personal income tax rates, garnering the State a more stable funding source and an upgraded bond rating by Moody's Investors Service and Standard & Poor's. Higher oil and gas prices were a mixed blessing to Louisiana with higher mineral income offset by large layoffs in the petrochemical industry.
PERFORMANCE
The fund's Class A Shares produced a total return of 3.33%1 for the 12-month reporting period ended August 31, 2003, based on net asset value while the Lehman 10 Year Municipal Bond Index returned 2.78%.2 The average Louisiana municipal bond fund, represented by the Lipper Louisiana Municipal Debt Funds Average, produced a total return of 2.32%3. Based on Class A Shares performance, the fund paid an income stream totaling $0.50 per share over the 12-month reporting period. As of August 31, 2003, the fund's Class A Shares SEC yield was 3.37% at the offering price and 3.48% at the net asset value. As of August 31, 2003, the fund's Class B Shares SEC yield was 2.63% based on net asset value.
STRATEGY
During the reporting period, the fund's investment strategy reflected our outlook for an improving economy and ultimately higher interest rates. The fund's position in higher coupon securities with attractive call features benefited the fund's performance during the reporting period. The fund's overall focus on high quality insured bonds also benefited fund performance. A neutral to slightly long average maturity and duration bias4 (versus the Lehman 10 Year Municipal Bond Index) also positively impacted fund performance during the reporting period environment of generally declining interest rates. The fund maintains a neutral duration position relative to its benchmark.
1 Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total return for Class A Shares, based on offering price, was 0.25%, for the reporting period. The maximum sales charge is 3.00%. Total returns for Class B Shares was 2.47 % based on net asset value and (2.94)% based on redemption value for the reporting period. The maximum contingent deferred sales charge is 5.50% for Class B Shares.
2 The Lehman 10 Year Municipal Bond Index is an unmanged, broad market performance benchmark index for the tax-exempt bond market. To be included in the Lehman Brothers Municipal Bond Index, bonds must have a minimum credit rating of at least Baa. The index includes both zero coupon bonds and bonds subject to the Alternative Minimum tax. Investments cannot be made in an index.
3 Lipper, Inc., ranks funds in various fund categories by making comparative calculations using total return. Total return assumes the reinvestment of all income dividends and capital gains distributions, if any.
Income may be subject to the federal alternative minimum tax.
4 Duration is a measure of a security's price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter duration.
Hibernia Louisiana Municipal Income Fund--Class A Shares
Growth of a $10,000 Investment
The graph below illustrates the hypothetical investment of $10,0001 in the Hibernia Louisiana Municipal Income Fund--Class A Shares (the "Fund") from August 31, 1993 to August 31, 2003, compared to the Lehman Brothers Ten Year Insured Bond Index ("LB10I").2
AVERAGE ANNUAL TOTAL RETURNS3 FOR THE
PERIOD ENDED AUGUST 31, 2003
1 Year | 0.25% | |
5 Years | 4.24% | |
10 Years | 4.97% |
Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.
1 Represents a hypothetical investment of $10,000 in the Fund after deducting the original maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). Effective October 31, 1988, the maximum sales charge was reduced to 3.00%. The Fund's performance assumes the reinvestment of all dividends and distributions. The LB10I has been adjusted to reflect reinvestment of dividends on securities in the index.
2 The LB10I is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and investments cannot be made in an index.
3 Total return quoted reflects the current 3.00% sales charge.
Hibernia Louisiana Municipal Income Fund--Class B Shares
Growth of a $10,000 Investment
The graph below illustrates the hypothetical investment of $10,0001 in the Hibernia Louisiana Municipal Income Fund--Class B Shares (the "Fund") from November 15, 2001 (start of performance) to August 31, 2003, compared to the Lehman Brothers Ten Year Insured Bond Index ("LB10I").2
AVERAGE ANNUAL TOTAL RETURNS3 FOR THE
PERIOD ENDED AUGUST 31, 2003
1 Year | (2.94)% | |
Start of Performance (11/15/01) | 0.95% |
Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.
1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a 4.50% contingent deferred sales charge on any redemption less than two years from the purchase date. The maximum contingent deferred sales charge is 5.50% on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The LB10I has been adjusted to reflect reinvestment of dividends on securities in the index.
2 The LB10I is not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and investments cannot be made in an index.
3 Total return quoted reflects all applicable contingent deferred sales charges.
Hibernia Mid Cap Equity Fund
Annual Report/12-month period from September 1, 2002 through August 31, 2003
HIBERNIA MID CAP EQUITY FUND
The bear market in U.S. equities, which began in 2000, got rolling in earnest in 2001 and 2002, and saw a total, top-to-bottom decline of almost 50 percent,1 finally ended in the summer of 2002. And, the current bull market began in March of 2003, right in the middle of the fund's reporting period.
This reporting period has seen a tremendous amount of stock-market volatility. For the first couple of months of the fund's fiscal year, domestic equities consolidated their long declines and trended sideways as the market was dominated by uncertainty about the economy, both domestic and global. Further uncertainty was added with worries about geopolitical unrest. When the Iraq phase of the United States' "War on Terrorism" began in March of 2003, the U.S. Stock Market seemed to shrug off any more worries and began a rapid rise that slowed by the end of the reporting period, but continued all the way through the end of the fiscal year.
This new bull market was initially led by lower-quality companies with smaller market capitalizations. This rally however has been broad-based with participation by companies across the quality and capitalization spectrums. The market advance has been fueled by a steadily improving domestic economy and a steady flow of liquidity.
The economy has improved dramatically in the last 12 months, with Gross Domestic Product (GDP) accelerating steadily. GDP growth in the 1st quarter of 2003 was 1.4%, in the 2nd quarter, 3.3%. Most economists are now expecting 3rd quarter 2003 GDP growth to be reported at above 5 percent, with some even expecting 6 percent growth.
This robust economic growth is being driven by a potent combination of external and internal stimulants: tax-cuts and tax refunds, improved confidence among the consumer segment, and a slowly revitalizing capital spending environment. The corporate capital expenditure recession that began in early 2000 has itself finally ended. Corporations have been increasing their technology investments in 2003 and have become more and more efficient and productive. Other investments are being made in plants and equipment. Growth in durable goods orders, while not strong, has been much improved over the summer 2001 nadir.
The downside of the increased productivity has been the slow pace of new job creation. The employment situation has improved dramatically from late 2001 and early 2002 lows, when nonfarm payrolls were contracting at an annual rate of 1.5%. However, new jobs are not being created at a robust rate. The "jobless recovery" is a cause for concern with future strength dependent on the overall health of the consumer sector.
PERFORMANCE
The Hibernia Mid-Cap Equity Fund's Class A Shares produced a total return of 12.74%2 for the 12-month reporting period ended August 31, 2003, based on net asset value, while the S&P 400 Mid Cap Index returned 18.37%.3
Fund performance over the reporting period was most impacted by a defensive position vis-à-vis cash equivalents. While fund performance benefited over the long bear market from higher than normal cash levels, the sudden and rapid rise in stock market values that began in March 2003 put the fund at a disadvantage in performance versus the benchmark. Fund performance was also negatively impacted by a capitalization bias. The portfolio was overweight with respect to larger capitalization stocks. On the positive side, portfolio diversification provided limited market volatility and sub-par performance.
STRATEGY
Portfolio strategy continues to emphasize broad diversification across sectors and industries. The current strategy also emphasizes minimizing exposure to benchmark characteristic risk (i.e., market capitalization, etc.).
1 Based on the Standard & Poor's 500 Index (S&P 500). The S&P 500 is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index.
2 Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total return for Class A Shares, based on offering price, was 7.67%, for the reporting period. Total returns for Class B Shares was 11.87% based on net asset value and 6.37% based on redemption value for the reporting period.
3 The S&P 400 Mid Cap is an unmanaged capitalization-weighted index of common stocks representing all major industries in the mid-range of the U.S. stock market. Investments cannot be made in an index.
Hibernia Mid Cap Equity Fund--Class A Shares
Growth of a $10,000 Investment
The graph below illustrates the hypothetical investment of $10,0001 in the Hibernia Mid Cap Equity Fund--Class A Shares (the "Fund") from August 31, 19932 to August 31, 2003, compared to the Standard & Poor's 400 Mid Cap Index ("S&P 400").3
AVERAGE ANNUAL TOTAL RETURNS4 FOR THE
PERIOD ENDED AUGUST 31, 2003
1 Year | 7.67% | |
5 Years | 10.79% | |
10 Years | 11.82% |
Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.
1 Represents a hypothetical investment of $10,000 in the Fund after deducting the original maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550), which was effective on July 13, 1998. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 400 has been adjusted to reflect reinvestment of dividends on securities in the index.
2 Hibernia Mid Cap Equity Fund--Class A Shares is the successor to a common trust fund. The quoted performance data includes performance of the common trust fund for the period from 8/31/93 to 7/12/98 when the Fund first commenced operation, as adjusted to reflect the Fund's anticipated expenses. The common trust fund was not registered under the Investment Company Act of 1940 ("1940 Act") and, therefore, was not subject to certain investment restrictions imposed by the 1940 Act. If the common trust fund had been registered under the 1940 Act, the performance may have been adversely affected.
3 The S&P 400 is not adjusted to reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and investments cannot be made in an index.
4 Total returns quoted reflect the current 4.50% sales charge.
Hibernia Mid Cap Equity Fund--Class B Shares
Growth of a $10,000 Investment
The graph below illustrates the hypothetical investment of $10,0001 in the Hibernia Mid Cap Equity Fund--Class B Shares (the "Fund") from July 13, 1998 (start of performance) to August 31, 2003, compared to the Standard & Poor's 400 Mid Cap Index ("S&P 400").2
AVERAGE ANNUAL TOTAL RETURNS3 FOR THE
PERIOD ENDED AUGUST 31, 2003
1 Year | 6.37% | |
5 Years | 10.77% | |
Start of Performance (7/13/98) | 6.20% |
Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.
1 Represents a hypothetical investment of $10,000 in the Fund. The ending value of the Fund reflects a 1.00% contingent deferred sales charge on any redemption less than six years from the purchase date. The maximum contingent deferred sales charge is 5.50% on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 400 has been adjusted to reflect reinvestment of dividends on securities in the index.
2 The S&P 400 is not adjusted to reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and investments cannot be made in an index.
3 Total returns quoted reflect all applicable contingent deferred sales charges.
Hibernia Total Return Bond Fund
Annual Report/12-month period from September 1, 2002 through August 31, 2003
HIBERNIA TOTAL RETURN BOND FUND
Bond investors experienced a wild roller coaster ride during the recent 12-month reporting period. The yields on the 10-year government treasury notes ranged from a low of 3.37% to a high of 4.46% before ending the reporting period at 3.93%. The bond market volatility was largely a result of conflicting economic data, deflation fears, global terrorism concerns and corporate scandals. The reporting period began with investors' outlook for the U.S. economy generally improving. Economic data turned sour however in the fourth quarter of 2002 and yields began their dramatic decline to 45 year lows. The uncertainty surrounding the U.S. war with Iraq and fears over what the outcome might be created strong additional demand for the safety of U.S. Treasury securities thereby pushing yields down. The push to lower rates was also aggressively promoted by the Federal Reserve Board (the "Fed"), which cut the target federal funds rate repeatedly to help stimulate the precarious economic recovery. Also, of great concern was the high unemployment rate stuck at a politically unacceptable level of 6%. The Fed action culminated on June 25, 2003 with the federal funds rate at a historic low of 1.00%. Despite a spike in oil and gas prices, inflation remained practically non-existent. In fact, the sluggish global economy and excess global manufacturing capacity led many to fear deflation more than inflation. In retrospect, it was a "Perfect Storm" of economic events, geopolitics, bond market fundamentals and plain old fear that led to the great decline in rates.
In mid June, shortly before the Fed implemented their final rate cut, the bond market reversed course and interest rates moved higher. The capitulation was brought on by the realization that the economy was improving and stocks offered a much more compelling investment alternative. Profit takers and short sellers seized the opportunity and acted with a vengeance. Medium and long term rates shot upward by more than 1 percentage point.
Perhaps the greatest beneficiary of the historic decline in interest rates was the housing market. New and old homeowners alike rushed to purchase a new home or refinance an existing one. What was a blessing for homeowners, however, was a curse for mortgage bond investors. The deluge of refinancing created havoc in the mortgage market making it one of the lackluster performers of the reporting period. Based upon the Lehman Brothers U.S. Aggregate Index,1 corporate bonds were among the best performing bond investments of the reporting period after stumbling through the first half of 2002. Among corporate bonds, the lower grade sector performed the best.
PERFORMANCE
The fund produced a total return of 3.38%2 for the 12-month reporting period ended August 31, 2003, based on net asset value, while the Salomon Brothers Broad Investment-Grade Bond Index returned 4.43%3. The fund paid an income stream totaling $0.51 per share over the 12-month reporting period. As of August 31, 2003, the fund's SEC yield was 2.81% at the offering price and 2.89% at the net asset value.2
STRATEGY
During the reporting period, the fund's investment strategy reflected our outlook for an improving economy and ultimately higher interest rates. A stronger economy means improving overall corporate bond quality. The fund's overweight position in the better performing corporate and taxable municipal bond sector and underweight position in the lower performing mortgage sector benefited fund performance during the reporting period. The fund emphasized premium coupon bonds because of their lower volatility and higher income stream. The fund's overall defensive posture as reflected by the neutral to shorter term average maturity and duration4 (versus the Salomon Brothers Broad Investment-Grade Index) negatively impacted fund performance during the reporting period environment of generally declining interest rates.
1 Lehman Brothers U.S. Aggregate Index is an unmanaged index that tracks investment grade corporate and government bonds. Investments cannot be made in an index.
2 Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total return, based on offering price, was 0.32%, for the reporting period.
3 Salomon Brothers Broad Investment-Grade Bond Index is an unmanaged market value-weighted index composed of over 4,000 individually priced securities with a quality rating of at least BBB. Each issue has a minimum maturity of one year with an outstanding par amount of at least $25 million. Investment cannot be made in an index.
4 Duration is a measure of a security's price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.
Hibernia Total Return Bond Fund
Growth of a $10,000 Investment
The graph below illustrates the hypothetical investment of $10,0001 in the Hibernia Total Return Bond Fund (the "Fund") from August 31, 1993 to August 31, 2003, compared to the Salomon Brothers Broad Investment-Grade Bond Index ("SBBIGBI").2
AVERAGE ANNUAL TOTAL RETURNS3 FOR THE
PERIOD ENDED AUGUST 31, 2003
1 Year | 0.32% | |
5 Years | 4.56% | |
10 Years | 5.11% |
Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.
1 Represents a hypothetical investment of $10,000 in the Fund after deducting the original maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550), which was effective on November 2, 1992. Effective May 1, 1994, the maximum sales charge was reduced to 3.00%. The Fund's performance assumes the reinvestment of all dividends and distributions. The SBBIGBI has been adjusted to reflect reinvestment of dividends on securities in the index.
2 The SBBIGBI is not adjusted to reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and investments cannot be made in an index.
3 Total returns quoted reflect the current 3.00% sales charge.
Hibernia U.S. Government Income Fund
Annual Report/12-month period from September 1, 2002 through August 31, 2003
HIBERNIA U.S. GOVERNMENT INCOME FUND
Bond investors experienced a wild roller coaster ride during the recent 12-month reporting period. The yields on the 10-year government treasury notes ranged from a low of 3.37% to a high of 4.46% before ending the reporting period at 3.93%. The bond market volatility was largely a result of conflicting economic data, deflation fears, global terrorism concerns and corporate scandals. The reporting period began with investors' outlook for the U.S. economy generally improving. Economic data turned sour however in the fourth quarter of 2002 and yields began their dramatic decline to 45 year lows. The uncertainty surrounding the U.S. war with Iraq and fears over what the outcome might be created strong additional demand for the safety of U.S. Treasury securities thereby pushing yields down. The push to lower rates was also aggressively promoted by the Federal Reserve Board (the "Fed"), which cut the target federal funds rate repeatedly to help stimulate the precarious economic recovery. Also, of great concern was the high unemployment rate stuck at a politically unacceptable level of 6%. The Fed action culminated on June 25, 2003 with the federal funds rate at a historic low of 1.00%. Despite a spike in oil and gas prices, inflation remained practically non-existent. In fact, the sluggish global economy and excess global manufacturing capacity led many to fear deflation more than inflation. In retrospect, it was a "Perfect Storm" of economic events, geopolitics, bond market fundamentals and plain old fear that led to the great decline in rates.
In mid June, shortly before the Fed implemented their final rate cut, the bond market reversed course and interest rates moved higher. The capitulation was brought on by the realization that the economy was improving and stocks offered a much more compelling investment alternative. Profit takers and short sellers seized the opportunity and acted with a vengeance. Medium and long term rates shot upward by more than 1 percentage point.
Perhaps the greatest beneficiary of the historic decline in interest rates was the housing market. New and old homeowners alike rushed to purchase a new home or refinance an existing one. What was a blessing for homeowners, however, was a curse for mortgage bond investors. The deluge of refinancing created havoc in the mortgage market making it one of the lackluster performers of the reporting period. Based upon the Lehman Brothers U.S. Aggregate Index,1 corporate bonds were among the best performing bond investments of the reporting period after stumbling through the first half of 2002. Among corporate bonds, the lower grade sector performed the best.
PERFORMANCE
The fund produced a total return of 3.01%2 for the 12-month reporting period ended August 31, 2003, based on net asset value, while the Salomon Brothers Medium Term Broad Investment Grade Bond Index returned 4.14%3. The fund paid an income stream totaling $0.49 per share over the 12-month reporting period. As of August 31, 2003, the SEC yield was 2.40% at offering price and 2.48% at net asset value.2
STRATEGY
During the reporting period the fund's investment strategy reflected our outlook for an improving economy and ultimately higher interest rates. A stronger economy means improving overall corporate bond quality. The fund's position in the better performing corporate bond sector benefited fund performance during the reporting period. The fund emphasized premium coupon bonds and callable agency bonds because of their lower volatility and higher income stream. The fund's overall defensive posture as reflected by the shorter term average maturity and duration4 (versus the Salomon Brothers Medium Term Broad Investment-Grade Bond Index) negatively impacted fund performance during the reporting period environment of generally declining interest rates.
1 Lehman Brothers U.S. Aggregate Index is an unmanaged index that tracks investment grade corporate and government bonds. Investments cannot be made in an index.
2 Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total return, based on offering price, was (0.05)% for the reporting period. The maximum sales charge is 3.00% for the fund.
3 Salomon Brothers Medium Term Broad Investment-Grade Bond Index is an unmanaged market value-weighted index composed of over 4,000 individually priced securities with a quality rating of at least BBB. Each issue has a minimum maturity of one year with an outstanding par amount of at least $25 million. Investment cannot be made in an index.
4 Duration is a measure of a security's price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.
Hibernia U.S. Government Income Fund
Growth of a $10,000 Investment
The graph below illustrates the hypothetical investment of $10,0001 in the Hibernia U.S. Government Income Fund (the "Fund") from August 31, 1993 to August 31, 2003, compared to the Salomon Brothers Medium Term Broad Index ("SBMTBI").2
AVERAGE ANNUAL TOTAL RETURNS3 FOR THE
PERIOD ENDED AUGUST 31, 2003
1 Year | (0.05)% | |
5 Years | 4.94% | |
10 Years | 5.41% |
Past performance is no guarantee of future results. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.
1 Represents a hypothetical investment of $10,000 in the Fund after deducting the original maximum sales charge of 4.50% ($10,000 investment minus $450 sales charge = $9,550). Effective October 31, 1993, the maximum sales charge was reduced to 3.00%. The Fund's performance assumes the reinvestment of all dividends and distributions. The SBMTBI has been adjusted to reflect reinvestment of dividends on securities in the index.
2 The SBMTBI is not adjusted to reflect sales charges, expenses or other fees that the SEC requires to be reflected in the Fund's performance. The index is unmanaged and investments cannot be made in an index.
3 Total returns quoted reflect the current 3.00% sales charge.
Financial Highlights
Hibernia Funds
August 31, 2003
(For a share outstanding throughout each period)
Year Ended | Net Asset | Net | Net | Total from | Distributions | Distributions | Distributions | |||||||
Capital Appreciation Fund--Class A Shares | ||||||||||||||
1999 | $ 21.14 | 0.01 | 7.73 | 7.74 | (0.00) (3) | (2.79) | (0.02) (4) | |||||||
2000 | $ 26.07 | (0.01) | 4.50 | 4.49 | -- | (3.15) | -- | |||||||
2001 | $ 27.41 | 0.02 | (6.07) | (6.05) | -- | (0.52) | -- | |||||||
2002 | $ 20.84 | 0.04 | (3.44) | (3.40) | (0.02) | (0.92) | -- | |||||||
2003 | $ 16.50 | 0.08(5) | 1.31 | 1.39 | (0.07) | -- | -- | |||||||
Capital Appreciation Fund--Class B Shares | ||||||||||||||
1999 | $ 20.99 | (0.16) | 7.66 | 7.50 | -- | (2.79) | -- | |||||||
2000 | $ 25.70 | (0.18) | 4.39 | 4.21 | -- | (3.15) | -- | |||||||
2001 | $ 26.76 | (0.18) | (5.87) | (6.05) | -- | (0.52) | -- | |||||||
2002 | $ 20.19 | (0.11) | (3.31) | (3.42) | -- | (0.92) | -- | |||||||
2003 | $ 15.85 | (0.04)(5) | 1.25 | 1.21 | -- | -- | -- | |||||||
Louisiana Municipal Income Fund--Class A Shares | ||||||||||||||
1999 | $ 11.47 | 0.54 | (0.54) | 0.00 | (0.54) | (0.08) | -- | |||||||
2000 | $ 10.85 | 0.56 | 0.09 | 0.65 | (0.55) | (0.10) | -- | |||||||
2001 | $ 10.85 | 0.53 (5) | 0.50 | 1.03 | (0.53) | (0.02) | -- | |||||||
2002 | $ 11.33 | 0.51 (6) | 0.07 (6) | 0.58 | (0.51) | (0.00) (3) | -- | |||||||
2003 | $ 11.40 | 0.50 | (0.12) | 0.38 | (0.50) | (0.07) | -- | |||||||
Louisiana Municipal Income Fund--Class B Shares | ||||||||||||||
2002 (7) | $ 11.36 | 0.34 (6) | 0.05 (6) | 0.39 | (0.35) | (0.00) (3) | -- | |||||||
2003 | $ 11.40 | 0.40 | (0.12) | 0.28 | (0.40) | (0.07) | -- | |||||||
Mid Cap Equity Fund--Class A Shares | ||||||||||||||
1999 | $ 8.14 | (0.05)(5) | 3.26 | 3.21 | -- | -- | -- | |||||||
2000 | $ 11.35 | (0.05) | 4.71 | 4.66 | -- | -- | -- | |||||||
2001 | $ 16.01 | (0.03) | (2.12) | (2.15) | -- | (1.29) | -- | |||||||
2002 | $ 12.57 | (0.02) | (1.01) | (1.03) | -- | (0.08) | -- | |||||||
2003 | $ 11.46 | (0.05)(5) | 1.51 | 1.46 | -- | -- | -- | |||||||
Mid Cap Equity Fund--Class B Shares | ||||||||||||||
1999 | $ 8.13 | (0.13)(5) | 3.29 | 3.16 | -- | -- | -- | |||||||
2000 | $ 11.29 | (0.11) | 4.63 | 4.52 | -- | -- | -- | |||||||
2001 | $ 15.81 | (0.11) | (2.13) | (2.24) | -- | (1.29) | -- | |||||||
2002 | $ 12.28 | 0.18 | (1.26) | (1.08) | -- | (0.08) | -- | |||||||
2003 | $ 11.12 | (0.14)(5) | 1.46 | 1.32 | -- | -- | -- | |||||||
Total Return Bond Fund | ||||||||||||||
1999 | $ 10.27 | 0.58 | (0.57) | 0.01 | (0.57) | (0.03) | -- | |||||||
2000 | $ 9.68 | 0.59 | (0.07) | 0.52 | (0.58) | -- | -- | |||||||
2001 | $ 9.62 | 0.57 | 0.56 | 1.13 | (0.59) | -- | -- | |||||||
2002 | $ 10.16 | 0.52 (5)(9) | -- (9) | 0.52 | (0.53) | -- | -- | |||||||
2003 | $ 10.15 | 0.45 (5) | (0.11) | 0.34 | (0.51) | -- | -- |
(1) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
(2) This voluntary expense decrease is reflected in both the expense and net investment income ratios.
(3) Represents less than $0.01.
(4) These distributions in excess of net investment income were a result of certain book and tax timing differences. These distributions do not represent a return of capital for federal tax purposes.
(5) Based on average shares outstanding.
(6) Effective September 1, 2001 the Hibernia Louisiana Municipal Income Fund adopted the provisions of the American Institute of Certified Public Accountants (AICPA) Audit and Accounting Guide for Investment companies and began accreting short and long term discounts on debt securities. For the period ended August 31, 2002 this change had no effect on net investment income per share or net realized and unrealized gain per share, but increased the ratio of net investment income to average net assets from 4.58% to 4.59% for Class A Shares and increased the ratio of net investment income to average net assets from 3.75% to 3.76% for Class B Shares. Per share, ratios and supplemental data for periods prior to September 1, 2001 have not been restated to reflect this change in presentation.
Ratio to Average Net Assets | ||||||||||||||
Total |
|
|
| Total |
| Expenses |
| Net |
| Expense |
| Net Assets, End |
| Portfolio |
|
|
|
|
|
|
|
| |||||||
(2.81) | $ 26.07 | 38.35% | 1.22% | 0.03% | -- | $ 352,876 | 44% | |||||||
(3.15) | $ 27.41 | 18.55% | 1.20% | (0.04)% | -- | $ 380,073 | 8% | |||||||
(0.52) | $ 20.84 | (22.37)% | 1.21% | 0.07% | -- | $ 265,817 | 2% | |||||||
(0.94) | $ 16.50 | (17.18)% | 1.23% | 0.18% | -- | $ 217,744 | 3% | |||||||
(0.07) | $ 17.82 | 8.46% | 1.27% | 0.48% | -- | $234,905 | 29% | |||||||
|
|
|
|
|
|
|
| |||||||
(2.79) | $ 25.70 | 37.35% | 1.98% | (0.73)% | -- | $ 18,435 | 44% | |||||||
(3.15) | $ 26.76 | 17.65% | 1.95% | (0.79)% | -- | $ 21,159 | 8% | |||||||
(0.52) | $ 20.19 | (22.93)% | 1.96% | (0.68)% | -- | $ 15,245 | 2% | |||||||
(0.92) | $ 15.85 | (17.83)% | 1.98% | (0.57)% | -- | $ 11,849 | 3% | |||||||
-- | $ 17.06 | 7.63% | 2.02% | (0.27)% | -- | $ 11,865 | 29% | |||||||
|
|
|
|
|
|
|
| |||||||
(0.62) | $ 10.85 | (0.08)% | 0.66% | 4.77% | 0.29% | $ 92,702 | 17% | |||||||
(0.65) | $ 10.85 | 6.23% | 0.67% | 5.20% | 0.33% | $ 93,684 | 12% | |||||||
(0.55) | $ 11.33 | 9.79% | 0.66% | 4.83% | 0.33% | $ 98,822 | 9% | |||||||
(0.51) | $ 11.40 | 5.32% | 0.71% | 4.59%(6) | 0.33% | $ 84,361 | 10% | |||||||
(0.57) | $ 11.21 | 3.33% | 0.74% | 4.36% | 0.33% | $ 81,468 | 9% | |||||||
|
|
|
|
|
|
|
| |||||||
(0.35) | $ 11.40 | 3.60% | 1.59%(8) | 3.76%(6)(8) | 0.23%(8) | $ 2,824 | 10% | |||||||
(0.47) | $ 11.21 | 2.47% | 1.59% | 3.51% | 0.23% | $ 4,127 | 9% | |||||||
|
|
|
|
|
|
|
| |||||||
-- | $ 11.35 | 39.43% | 1.76% | (0.44)% | 0.70% | $ 18,283 | 55% | |||||||
-- | $ 16.01 | 41.06% | 1.72% | (0.35)% | 0.23% | $ 26,171 | 32% | |||||||
(1.29) | $ 12.57 | (14.05)% | 1.58% | (0.21)% | 0.15% | $ 36,985 | 20% | |||||||
(0.08) | $ 11.46 | (8.27)% | 1.57% | (0.51)% | -- | $ 42,545 | 12% | |||||||
-- | $ 12.92 | 12.74% | 1.55% | (0.48)% | -- | $ 59,735 | 25% | |||||||
|
|
|
|
|
|
|
| |||||||
-- | $ 11.29 | 38.87% | 2.51% | (1.21)% | 0.63% | $ 1,990 | 55% | |||||||
-- | $ 15.81 | 40.04% | 2.47% | (1.10)% | 0.23% | $ 4,090 | 32% | |||||||
(1.29) | $ 12.28 | (14.86)% | 2.33% | (0.94)% | 0.15% | $ 3,548 | 20% | |||||||
(0.08) | $ 11.12 | (8.87)% | 2.32% | (1.26)% | -- | $ 3,450 | 12% | |||||||
-- | $ 12.44 | 11.87% | 2.30% | (1.23)% | -- | $ 3,795 | 25% | |||||||
|
|
|
|
|
|
|
| |||||||
(0.60) | $ 9.68 | (0.03)% | 0.99% | 5.69% | 0.30% | $ 79,913 | 20% | |||||||
(0.58) | $ 9.62 | 5.53% | 0.98% | 6.04% | 0.30% | $ 77,909 | 11% | |||||||
(0.59) | $ 10.16 | 12.08% | 0.97% | 5.79% | 0.30% | $ 71,060 | 8% | |||||||
(0.53) | $ 10.15 | 5.39% | 1.01% | 5.18% (9) | 0.30% | $ 47,428 | 0% | |||||||
(0.51) | $ 9.98 | 3.38% | 1.01% | 4.38% | 0.40% | $ 48,563 | 20% |
(7) Reflects operations for the period from November 15, 2001 (date of initial public offering) to August 31, 2002.
(8) Computed on an annualized basis.
(9) Effective September 1, 2001, the Total Return Bond Fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premiums on long term debt securities. The effect of this change for the fiscal year ended August 31, 2002 was to decrease net investment income per share by $0.01, increase net realized and unrealized gain/loss per share by $0.01, and decrease the ratio of net investment income to average net assets from 5.34% to 5.18%. Per share, ratios and supplemental data for the periods prior to September 1, 2001 have not been restated to reflect this change
in presentation.
Financial Highlights (continued)
Hibernia Funds
August 31, 2003
(For a share outstanding throughout each period)
Year Ended | Net Asset Value, | Net Investment | Net Realized and | Total from | Distributions from | |||||
U.S. Government Income Fund | ||||||||||
1999 | $ 10.33 | 0.57 | (0.52) | 0.05 | (0.57) | |||||
2000 | $ 9.81 | 0.58 | 0.03 | 0.61 | (0.57) | |||||
2001 | $ 9.85 | 0.59 | 0.46 | 1.05 | (0.60) | |||||
2002 | $10.30 | 0.61 (3) | 0.13 (3) | 0.74 | (0.56) | |||||
2003 | $10.48 | 0.42 (4) | (0.11) | 0.31 | (0.49) | |||||
Cash Reserve Fund--Class A Shares | ||||||||||
1999 | $ 1.00 | 0.04 | -- | 0.04 | (0.04) | |||||
2000 | $ 1.00 | 0.05 | -- | 0.05 | (0.05) | |||||
2001 | $ 1.00 | 0.05 | -- | 0.05 | (0.05) | |||||
2002 | $ 1.00 | 0.01 | (0.00) (5) | 0.01 | (0.01) | |||||
2003 | $ 1.00 | 0.01 | 0.00(5) | 0.01 | (0.01) | |||||
Cash Reserve Fund--Class B Shares | ||||||||||
1999(6) | $ 1.00 | 0.03 | -- | 0.03 | (0.03) | |||||
2000 | $ 1.00 | 0.04 | -- | 0.04 | (0.04) | |||||
2001 | $ 1.00 | 0.04 | -- | 0.04 | (0.04) | |||||
2002 | $ 1.00 | 0.01 | (0.00) (5) | 0.01 | (0.01) | |||||
2003 | $ 1.00 | 0.01 | 0.00(5) | 0.01 | (0.01) | |||||
U.S. Treasury Money Market Fund | ||||||||||
1999 | $ 1.00 | 0.04 | -- | 0.04 | (0.04) | |||||
2000 | $ 1.00 | 0.05 | -- | 0.05 | (0.05) | |||||
2001 | $ 1.00 | 0.05 | -- | 0.05 | (0.05) | |||||
2002 | $ 1.00 | 0.01 | -- | 0.01 | (0.01) | |||||
2003 | $ 1.00 | 0.01 | -- | 0.01 | (0.01) |
(1) Based on net asset value, which does not reflect the sales charge or contingent deferred sales charge, if applicable.
(2) This voluntary expense decrease is reflected in both the expense and net investment income ratios.
(3) Effective September 1, 2001, the U.S. Government Income Fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premiums on long term debt securities. The effect of this change for the fiscal year ended August 31, 2002 was to decrease net investment income per share by $0.05, increase net realized and unrealized gain/loss per share by $0.05, and decrease the ratio of net investment income to average net assets from 5.41% to 4.87%. Per share, ratios and supplemental data for the periods prior to September 1, 2001 have not been restated to reflect this change in presentation.
(4) Based on average shares outstanding.
Ratio to Average Net Assets | ||||||||||||
Net Asset | Total | Expenses | Net | Expense | Net Assets, | Portfolio | ||||||
|
|
|
|
|
|
| ||||||
$ 9.81 | 0.41% | 0.70% | 5.55% | 0.27% | $ 84,242 | 24% | ||||||
$ 9.85 | 6.47% | 0.68% | 5.96% | 0.31% | $ 85,724 | 15% | ||||||
$10.30 | 10.95% | 0.68% | 5.83% | 0.31% | $ 85,017 | 27% | ||||||
$10.48 | 7.39% | 0.69% | 4.87%(3) | 0.31% | $ 85,093 | 39% | ||||||
$10.30 | 3.01% | 0.70% | 3.97% | 0.31% | $ 89,573 | 31% | ||||||
|
|
|
|
|
|
| ||||||
$ 1.00 | 4.23% | 0.92% | 4.16% | -- | $ 157,099 | -- | ||||||
$ 1.00 | 5.10% | 0.94% | 5.03% | -- | $ 232,410 | -- | ||||||
$ 1.00 | 4.66% | 0.90% | 4.47% | -- | $ 244,254 | -- | ||||||
$ 1.00 | 1.27% | 0.84% | 1.28% | 0.06% | $ 212,320 | -- | ||||||
$ 1.00 | 0.80% | 0.53% | 0.81% | 0.40% | $ 182,575 | -- | ||||||
|
|
|
|
|
|
| ||||||
$ 1.00 | 3.37% | 1.67%(7) | 3.35%(7) | -- | $ 77 | -- | ||||||
$ 1.00 | 4.31% | 1.69% | 4.27% | -- | $ 189 | -- | ||||||
$ 1.00 | 3.88% | 1.65% | 3.34% | -- | $ 509 | -- | ||||||
$ 1.00 | 0.84% | 1.30% | 0.81% | 0.35% | $ 696 | -- | ||||||
$ 1.00 | 0.57% | 0.89% | 0.45% | 0.79% | $ 677 | -- | ||||||
|
|
|
|
|
|
| ||||||
$ 1.00 | 4.23% | 0.63% | 4.14% | -- | $ 213,793 | -- | ||||||
$ 1.00 | 5.15% | 0.63% | 4.99% | -- | $ 198,457 | -- | ||||||
$ 1.00 | 4.68% | 0.64% | 4.56% | -- | $ 210,102 | -- | ||||||
$ 1.00 | 1.38% | 0.62% | 1.37% | -- | $ 193,535 | -- | ||||||
$ 1.00 | 0.62% | 0.65% | 0.61% | -- | $ 221,334 | -- |
(5) Represents less than $0.01.
(6) Reflects operations for the period from September 4, 1998 (date of initial public offering) to August 31, 1999.
(7) Computed on an annualized basis.
Portfolio of Investments
Hibernia Funds
August 31, 2003
CAPITAL APPRECIATION FUND
Shares | Value | |||
| COMMON STOCKS--98.1% |
| ||
Commercial Services--1.2% | ||||
33,600 | McGraw-Hill Cos., Inc. | $ 2,049,600 | ||
13,200 | Omnicom Group, Inc. | 1,030,920 | ||
Total | 3,080,520 | |||
Communications--3.8% | ||||
117,400 | BellSouth Corp. | 2,958,480 | ||
64,000 | (1) NEXTEL Communications, Inc., Class A | 1,233,920 | ||
145,670 | Verizon Communications | 5,145,064 | ||
Total | 9,337,464 | |||
Consumer Durables--0.8% | ||||
86,163 | Ford Motor Co. | 996,044 | ||
25,900 | General Motors Corp. | 1,064,490 | ||
Total | 2,060,534 | |||
Consumer Non-Durables--7.9% | ||||
55,000 | Altria Group, Inc. | 2,267,100 | ||
52,620 | Anheuser-Busch Cos., Inc. | 2,712,035 | ||
12,000 | (1) Coach, Inc. | 696,480 | ||
70,745 | Coca-Cola Co. | 3,078,822 | ||
1,594 | Colgate-Palmolive Co. | 88,116 | ||
35,600 | Kimberly-Clark Corp. | 1,819,516 | ||
105,674 | PepsiCo, Inc. | 4,706,720 | ||
46,041 | Procter & Gamble Co. | 4,018,919 | ||
| Total | 19,387,708 | ||
| Consumer Services--4.7% | |||
161,940 | (1) AOL Time Warner, Inc. | 2,649,338 | ||
32,350 | (1) Comcast Corp., Class A | 962,413 | ||
97,400 | Viacom, Inc., Class B | 4,383,000 | ||
119,600 | (1) Yum! Brands, Inc. | 3,546,140 | ||
| Total | 11,540,891 | ||
| Distribution Services--1.3% | |||
100,000 | McKesson HBOC, Inc. | 3,274,000 | ||
| Electronic Technology--7.6% | |||
229,020 | (1) Cisco Systems, Inc. | 4,385,733 | ||
5,851 | (1) Dell, Inc. | 190,918 | ||
143,400 | (1) EMC Corp. Mass | 1,828,350 | ||
Shares |
| Value | ||
86,986 | Hewlett-Packard Co. | $ 1,732,761 | ||
205,332 | Intel Corp. | 5,876,602 | ||
25,000 | KLA-Tencor Corp. | 1,484,000 | ||
80,000 | National Semiconductor Corp. | 2,331,200 | ||
20,000 | Qlogic Corp. | 980,400 | ||
| Total | 18,809,964 | ||
| Energy Minerals--4.7% | |||
10,000 | Anadarko Petroleum Corp. | 435,000 | ||
18,000 | Apache Corp. | 1,241,640 | ||
6,105 | ChevronTexaco Corp. | 444,871 | ||
30,000 | ConocoPhillips | 1,675,200 | ||
122,710 | ExxonMobil Corp. | 4,626,167 | ||
52,600 | Marathon Oil Corp. | 1,467,014 | ||
37,507 | Royal Dutch Petroleum Co., ADR | 1,682,939 | ||
| Total | 11,572,831 | ||
| Finance--19.0% | |||
30,000 | Allstate Corp. | 1,072,500 | ||
73,450 | Ambac Financial Group, Inc. | 4,768,374 | ||
53,395 | American Express Co. | 2,405,445 | ||
8,400 | American International Group, Inc. | 500,388 | ||
58,900 | Bank of America Corp. | 4,667,825 | ||
24,500 | Bear Stearns Cos., Inc. | 1,714,510 | ||
223,707 | Citigroup, Inc. | 9,697,698 | ||
33,000 | Countrywide Financial Corp. | 2,239,050 | ||
30,000 | Equity Office Properties Trust | 834,600 | ||
43,000 | Golden West Financial Corp. | 3,709,610 | ||
52,000 | J.P. Morgan Chase & Co. | 1,779,440 | ||
52,800 | Marsh & McLennan Cos., Inc. | 2,640,000 | ||
10,000 | Merrill Lynch & Co., Inc. | 537,800 | ||
20,000 | Metropolitan Life Insurance Co. | 568,400 | ||
38,000 | SouthTrust Corp. | 1,101,620 | ||
3,275 | SunTrust Banks, Inc. | 200,201 | ||
60,000 | UNUMProvident Corp. | 846,000 | ||
67,600 | Union Planters Corp. | 2,156,440 | ||
3,091 | Wachovia Corp. | 130,286 | ||
85,650 | Washington Mutual, Inc. | 3,338,637 | ||
41,200 | Wells Fargo & Co. | 2,065,768 | ||
| Total | 46,974,592 | ||
Shares |
| Value | ||
COMMON STOCKS--continued | ||||
| Health Services--0.9% |
| ||
4,753 | (1) Medco Health Solutions, Inc. | $ 126,917 | ||
41,000 | UnitedHealth Group, Inc. | 2,026,630 | ||
| Total | 2,153,547 | ||
| Health Technology--10.8% | |||
81,581 | Abbott Laboratories | 3,287,714 | ||
60,000 | (1) Amgen, Inc. | 3,954,000 | ||
9,126 | Bristol-Myers Squibb Co. | 231,527 | ||
83,656 | Johnson & Johnson | 4,147,665 | ||
20,080 | Lilly (Eli) & Co. | 1,335,922 | ||
1,480 | Medtronic, Inc. | 73,378 | ||
39,415 | Merck & Co., Inc. | 1,983,363 | ||
190,157 | Pfizer, Inc. | 5,689,498 | ||
68,000 | (1) Watson Pharmaceuticals, Inc. | 2,794,800 | ||
5,764 | Wyeth | 246,987 | ||
54,912 | (1) Zimmer Holdings, Inc. | 2,841,147 | ||
| Total | 26,586,001 | ||
| Industrial Services--0.7% | |||
34,500 | Schlumberger Ltd. | 1,708,095 | ||
| Miscellaneous--3.0% | |||
72,000 | S&P Depositary Receipts Trust, ADR | 7,303,680 | ||
| Non-Energy Minerals--1.3% | |||
112,802 | Alcoa, Inc. | 3,221,625 | ||
| Process Industries--1.4% | |||
61,716 | Dow Chemical Co. | 2,131,053 | ||
3,663 | Du Pont (E.I.) de Nemours & Co. | 163,883 | ||
20,000 | Sigma-Aldrich Corp. | 1,095,000 | ||
| Total | 3,389,936 | ||
| Producer Manufacturing--7.9% | |||
25,000 | 3M Co. | 3,561,750 | ||
15,000 | Caterpillar, Inc. | 1,077,450 | ||
3,500 | Dover Corp. | 133,070 | ||
13,400 | Emerson Electric Co. | 747,184 | ||
200,000 | General Electric Co. | 5,914,000 | ||
3,500 | Honeywell International, Inc. | 101,465 | ||
33,000 | Molex, Inc. | 970,860 | ||
20,000 | PACCAR, Inc. | 1,704,000 | ||
35,000 | Tyco International Ltd. | 720,300 | ||
56,000 | United Technologies Corp. | 4,494,000 | ||
| Total | 19,424,079 | ||
Shares | Value | |||
| Retail Trade--7.6% | |||
5,300 | Home Depot, Inc. | $ 170,448 | ||
57,000 | Sherwin-Williams Co. | 1,714,560 | ||
75,000 | SUPERVALU, Inc. | 1,807,500 | ||
344,000 | TJX Cos., Inc. | 7,451,040 | ||
2,016 | Target Corp. | 81,850 | ||
129,400 | Wal-Mart Stores, Inc. | 7,656,598 | ||
| Total | 18,881,996 | ||
| Technology Services--9.4% | |||
92,000 | Electronic Data Systems Corp. | 2,008,360 | ||
100,000 | First Data Corp., Class | 3,840,000 | ||
77,044 | International Business Machines Corp. | 6,318,378 | ||
320,000 | Microsoft Corp. | 8,486,400 | ||
44,500 | (1) Symantec Corp. | 2,555,635 | ||
| Total | 23,208,773 | ||
| Transportation--1.6% | |||
34,000 | Burlington Northern Santa Fe | 963,900 | ||
45,000 | FedEx Corp. | 3,019,500 | ||
| Total | 3,983,400 | ||
| Utilities--2.5% | |||
34,000 | Constellation Energy Group | 1,237,260 | ||
4,510 | DQE, Inc. | 66,523 | ||
55,700 | DTE Energy Co. | 1,944,487 | ||
39,300 | Exelon Corp. | 2,314,770 | ||
15,000 | NICOR, Inc. | 509,850 | ||
7,611 | NiSource, Inc. | 147,197 | ||
| Total | 6,220,087 | ||
| TOTAL COMMON STOCKS (identified cost $182,216,108) | 242,119,723 | ||
MUTUAL FUND--0.0% | ||||
100,000 | Fidelity Institutional Cash Treasury Money Market Fund | 100,000 | ||
Principal | Value | |||
| REPURCHASE |
| ||
$3,378,000 | Joint repurchase agreement with State Street Corp., dated 8/29/2003, due 9/2/2003 at 0.93% collateralized by a U.S. Treasury Obligation with maturity of 1/31/2005 (repurchase proceeds $3,378,349) (cost of $3,378,000) | $ 3,378,000 | ||
TOTAL INVESTMENTS--99.5% | 245,597,723 | |||
OTHER ASSETS AND LIABILITIES--NET--0.5% | 1,172,840 | |||
TOTAL NET ASSETS--100% | $ 246,770,563 | |||
LOUISIANA MUNICIPAL INCOME FUND
Principal | Credit | Value | ||||
| (2) LONG-TERM MUNICIPALS--97.2% |
|
| |||
| Louisiana--97.2% |
|
| |||
$ 1,000,000 | Bossier City, LA, Revenue Bonds, 5.00% (FGIC INS), 12/1/2019 | AAA | $ 1,019,420 | |||
500,000 | Bossier City, LA, Revenue Refunding Bonds, 5.20% (FGIC INS)/(Original Issue Yield: 5.35%), 11/1/2014 | AAA | 535,375 | |||
1,000,000 | Calcasieu Parish, LA, IDB, Sales Tax, 5.50% (FSA INS), 11/1/2019 | AAA | 1,066,040 | |||
85,000 | East Baton Rouge, LA, Mortgage Finance Authority, Revenue Refunding Bonds, 4.80% (GNMA Collateralized Home Mortgage Program COL), 10/1/2004 | NR | 86,947 | |||
265,000 | East Baton Rouge, LA, Mortgage Finance Authority, SFM Purchasing Revenue Bonds (Series B), 5.40% (FNMA COL), 10/1/2025 | NR | 266,245 | |||
130,000 | East Baton Rouge, LA, Mortgage Finance Authority, SFM Revenue Refunding Bonds (Series C), 7.00%, 4/1/2032 | NR | 130,701 | |||
750,000 | East Baton Rouge Parish, LA, Refunding Revenue Bonds, 5.00% (FGIC INS)/(Original Issue Yield: 4.72%), 2/1/2013 | AAA | 789,135 | |||
1,500,000 | East Baton Rouge Parish, LA, Refunding Revenue Bonds, 5.40% (FGIC INS)/(Original Issue Yield: 5.85%), 2/1/2018 | AAA | 1,590,675 | |||
Principal | Credit | Value | ||||
$1,250,000 | East Baton Rouge Parish, LA, Sales & Use Tax Revenue Bonds (Series ST), 5.90% (FGIC INS), 2/1/2017 | AAA | $ 1,350,050 | |||
1,000,000 | Ernest N Morial-New Orleans, LA, Exhibit Hall Authority, Special Tax Refunding Bonds (Series C), 5.50% (MBIA INS)/(Original Issue Yield: 5.58%), 7/15/2018 | AAA | 1,073,240 | |||
1,200,000 | Ernest N Morial-New Orleans, LA, Exhibit Hall Authority, Special Tax Refunding Bonds (series C), 5.60% (MBIA INS)/(Original Issue Yield: 5.65%), 7/15/2025 | AAA | 1,264,500 | |||
1,300,000 | Harahan, LA, Refunding Bonds, 6.10%, 6/1/2024 | AA | 1,405,495 | |||
680,000 | Jefferson, LA, Sales Tax District Special Sales Tax Revenue, (Series B), 5.75% (AMBAC INS)/(Original Issue Yield: 5.20%), 12/1/2014 | AAA | 763,694 | |||
2,000,000 | Jefferson Parish, LA, Home Mortgage Authority, Refunding Revenue Bond (Series A), 6.15% (FNMA and GNMA COL), 6/1/2028 | AAA | 2,104,440 | |||
500,000 | Jefferson Parish, LA, Home Mortgage Authority, Revenue Bonds, 5.85% (FNMA COL)/(GNMA LOC), 12/1/2028 | AAA | 511,550 | |||
1,000,000 | Jefferson Parish, LA, Hospital Service District No. 2, Refunding Revenue Bonds, 5.75% (MBIA INS)/(Original Issue Yield: 6.05%), 7/1/2016 | AAA | 1,022,900 | |||
Principal | Credit | Value | ||||
| (2) LONG-TERM MUNICIPALS--continued |
|
| |||
| Louisiana--continued |
|
| |||
$1,000,000 | Jefferson Parish, LA, School Board, GO UT Bonds, 5.10% accrual (FSA INS)/(Original Issue Yield: 5.10%), 3/1/2010 | AAA | $ 777,310 | |||
500,000 | Lafayette Parish, LA, School Board, Refunding Revenue Bonds, 4.50% (FGIC INS)/(Original Issue Yield: 4.85%), 4/1/2008 (@101.5) | AAA | 514,655 | |||
1,500,000 | Lafayette, LA, Public Improvement Sales Tax, (Series A), 5.625% (FGIC INS)/(Original Issue Yield: 5.69%), 3/1/2025 | AAA | 1,585,665 | |||
1,305,000 | Lafayette, LA, Public Power Authority, (Series A), 5.00% (AMBAC INS)/(Original Issue Yield: 2.47%), 11/1/2008 | AAA | 1,445,287 | |||
1,650,000 | Louisiana HFA, Multifamily Housing Revenue Refunding Bonds (Series A), 6.10% (Woodward Wright Apartments Project)/(GNMA COL), 12/20/2018 | NR | 1,666,401 | |||
350,000 | Louisiana HFA, Multifamily Housing Revenue Refunding Bonds, 5.85% (Woodward Wright Apartments Project)/(GNMA COL), 12/20/2008 | NR | 356,153 | |||
Principal | Credit | Value | ||||
$1,000,000 | Louisiana HFA, Multifamily Housing Revenue Refunding Bonds, 6.20% (Woodward Wright Apartments Project)/(GNMA COL), 6/20/2028 | NR | $ 1,010,140 | |||
1,000,000 | Louisiana HFA, Revenue Bond, 7.10% (Villa Maria Retirement Center)/(GNMA COL), 1/20/2035 | AAA | 1,060,650 | |||
105,000 | Louisiana HFA, SFM Revenue Bonds | NR | 107,044 | |||
1,000,000 | Louisiana Local Government Environmental Facilities Community Development Authority, (Series A) Revenue Bonds, 5.20% (Original Issue Yield: 5.30%), 6/1/2031 | Aaa | 1,008,570 | |||
750,000 | Louisiana Local Government Environmental Facilities Community Development Authority, Refunding Revenue Bonds, | AAA | 707,707 | |||
1,500,000 | Louisiana Local Government Environmental Facilities Community Development Authority, Refunding Revenue Bonds, 5.00% (MBIA INS), 12/1/2032 | AAA | 1,469,610 | |||
Principal | Credit | Value | ||||
| (2) LONG-TERM MUNICIPALS--continued |
|
| |||
| Louisiana--continued |
|
| |||
$1,500,000 | Louisiana Local Government Environmental Facilities Community Development Authority, Revenue Bonds, 5.25% (AMBAC INS), 12/1/2018 | AAA | $ 1,593,225 | |||
1,000,000 | Louisiana PFA Hospital Revenue, Revenue Bond, 5.00% (Franciscan Missionaries of Our Lady Health System)/(MBIA INS)/(Original Issue Yield: 5.24%), 7/1/2019 | AAA | 996,680 | |||
215,000 | Louisiana PFA Hospital Revenue, Refunding Revenue Bonds, 5.00% (Louisiana Health System Corporate Project)/(FSA INS)/(Original Issue Yield: 5.10%), 10/1/2013 | AAA | 222,643 | |||
2,045,000 | Louisiana PFA, Multifamily Housing Revenue Bonds (Series A), 7.50% (FHLMC COL), 6/1/2021 | AAA | 2,142,649 | |||
1,045,000 | Louisiana PFA, (Series A) Revenue Refunding Bonds, 5.125% (Tulane University, LA)/(Original Issue Yield: 5.25%), 7/1/2027 | AAA | 1,050,538 | |||
1,000,000 | Louisiana PFA, (Series A-2), 5.125% (Original Issue Yield: 5.24%), 11/15/2017 | AAA | 1,043,660 | |||
1,500,000 | Louisiana PFA, 4.50%, 10/15/2010 | AAA | 1,583,475 | |||
Principal | Credit | Value | ||||
$1,000,000 | Louisiana PFA, Revenue Bond, 5.00% (FSA INS)/(Original Issue Yield: 5.38%), 8/1/2017 | AAA | $ 1,031,220 | |||
500,000 | Louisiana PFA, Revenue Bonds, 5.10% (Tulane University, LA)/(MBIA INS)/(Original Issue Yield: 5.27%), 11/15/2021 | AAA | 506,865 | |||
1,500,000 | Louisiana PFA, Revenue Bond, 5.25% (Xavier University of LA Project)/(MBIA INS), 9/1/2027 | AAA | 1,515,840 | |||
750,000 | Louisiana PFA, Revenue Bond, 6.00% (General Health, Inc.)/(MBIA INS)/(Original Issue Yield: 6.15%), 11/1/2012 | AAA | 767,528 | |||
1,000,000 | Louisiana PFA, Revenue Refunding Bonds, 5.45% (AMBAC INS)/(Original Issue Yield: 5.45%), 2/1/2013 | NR | 1,016,750 | |||
1,890,000 | Louisiana PFA, Revenue Refunding Bonds (Series A), 6.75% (Bethany Home Project)/(FHA INS), 8/1/2025 | AAA | 1,929,293 | |||
20,000 | Louisiana PFA, Student Opportunity Loans Revenue Bonds (Series A), 6.80% (FSA INS), 1/1/2006 | AAA | 20,251 | |||
20,000 | Louisiana PFA, Student Opportunity Loans Revenue Bonds (Series A), 6.85% (FSA INS), 1/1/2009 | AAA | 20,174 | |||
2,445,000 | Louisiana Stadium and Expo District, (Series B), 4.75% (FGIC INS)/(Original Issue Yield: 5.03%), 7/1/2021 | AAA | 2,428,863 | |||
Principal | Credit | Value | ||||
| (2) LONG-TERM MUNICIPALS--continued |
|
| |||
| Louisiana--continued |
|
| |||
$ 500,000 | Louisiana Stadium and Expo District, Hotel Occupancy Tax and Stadium Revenue Refunding Bonds (Series A), 6.00% (FGIC INS), 7/1/2016 | AAA | $ 530,850 | |||
1,500,000 | Louisiana Stadium and Expo District, Revenue Bonds, 5.75% (FGIC INS)/(Original Issue Yield: 5.85%), 7/1/2026 | AAA | 1,691,055 | |||
1,500,000 | Louisiana State, (Series A), 5.00% (FGIC INS)/(Original Issue Yield: 5.23%), 11/15/2015 | AAA | 1,570,575 | |||
1,000,000 | Louisiana State, (Series A), 5.00% (FGIC INS)/(Original Issue Yield: 5.42%), 11/15/2019 | AAA | 1,022,090 | |||
1,000,000 | Louisiana State, GO UT Bonds (Series B), 5.00% (FSA INS)/(Original Issue Yield: 5.17%), 4/15/2018 | AAA | 1,024,300 | |||
900,000 | Louisiana State, GO UT, 5.125% (FGIC INS)/(Original Issue Yield: 5.30%), 4/15/2009 | AAA | 981,990 | |||
500,000 | Louisiana State Office Facilities, Revenue Bonds, 5.375% (MBIA INS)/(Original Issue Yield: 5.43%), 3/1/2019 | AAA | 525,615 | |||
Principal | Credit | Value | ||||
$1,250,000 | Louisiana State University and Agricultural and Mechanical College, University & College Improvement Revenue Refunding Bonds, 5.00% (University of New Orleans Project)/(AMBAC INS), 10/1/2030 | AAA | $ 1,236,225 | |||
1,370,000 | Monroe, LA, Sales & Use Tax, Revenue Bond, (Series A), 4.70% (FGIC INS), 7/1/2021 | AAA | 1,344,121 | |||
2,000,000 | New Orleans, LA, Audubon Park, GO LT Bonds, 6.00% (FGIC INS)/(Original Issue Yield: 6.25%), 10/1/2013 | AAA | 2,048,100 | |||
250,000 | New Orleans, LA, Aviation Board, Refunding Revenue Bonds, 6.00% (FSA INS)/(Original Issue Yield: 6.16%), 9/1/2019 | AAA | 262,100 | |||
2,000,000 | New Orleans, LA, GO UT, 5.125% (MBIA INS)/(Original Issue Yield: 5.29%), 9/1/2012 (@100) | AAA | 2,045,160 | |||
1,900,000 | New Orleans, LA, GO Refunding Bond, 6.20% (AMBAC INS)/(Original Issue Yield: 6.30%), 10/1/2021 | AAA | 2,077,764 | |||
4,750,000 | New Orleans, LA, GO UT Capital Appreciation Bonds, (AMBAC INS)/(Original Issue Yield: 7.10%), 9/1/2013 | AAA | 3,040,143 | |||
Principal | Credit | Value | ||||
| (2) LONG-TERM MUNICIPALS--continued |
|
| |||
| Louisiana--continued |
|
| |||
$ 980,000 | New Orleans, LA, GO UT Refunding Bonds, 5.875% (AMBAC INS)/(Original Issue Yield: 6.00%), 10/1/2011 | AAA | $ 1,070,297 | |||
1,000,000 | New Orleans, LA, Home Mortgage Authority, Special Obligation Revenue Bonds, 6.25% (United States Treasury COL)/(Original Issue Yield: 6.518%), 1/15/2011 | NR | 1,153,030 | |||
65,000 | New Orleans, LA, Housing Development Corp., Multifamily Housing Refunding Revenue Bonds, 7.375% (FNMA COL)/(Original Issue Yield: 7.499%), 8/1/2005 | AAA | 65,772 | |||
205,000 | New Orleans, LA, Housing Development Corp., Multifamily Housing Revenue Bonds, 7.375% (Southwood Patio)/(FNMA COL)/(Original Issue Yield: 7.50%), 8/1/2005 | AAA | 205,791 | |||
1,145,000 | Orleans, LA, Levee District, Refunding Revenue Bonds (Series A), 5.95% (FSA INS)/(Original Issue Yield: 6.039%), 11/1/2014 | AAA | 1,277,877 | |||
Principal | Credit | Value | ||||
$ 790,000 | Ouachita Parish, LA, East Ouachita Parish School District, (GO UT), 5.75% (FGIC INS)/(Original Issue Yield: 5.78%), 3/1/2020 | AAA | $ 861,843 | |||
780,000 | Ouachita Parish, LA, East Ouachita Parish School District, (GO UT), 5.75% (FGIC INS)/(Original Issue Yield: 5.81%), 3/1/2021 | AAA | 845,801 | |||
1,020,000 | Ouachita Parish, LA, East Ouachita Parish School District, (GO UT), 5.75% (FGIC INS)/(Original Issue Yield: 5.85%), 3/1/2024 | AAA | 1,096,806 | |||
1,000,000 | Rapides Parish, LA, Consolidated School District No. 62, GO UT (Series A), 5.00% (Original Issue Yield: 5.00%), 3/1/2018 | AAA | 1,020,720 | |||
2,500,000 | Rapides Parish, LA, Industrial Development, Refunding Revenue Bonds, 5.875% (AMBAC INS)/(Original Issue Yield: 5.95%), 9/1/2029 | AAA | 2,708,050 | |||
1,000,000 | Shreveport, LA, GO UT Public Improvement Bonds, 5.00%, 3/1/2017 | AAA | 1,029,690 | |||
870,000 | Shreveport, LA, GO UT (Series A), 4.00% (Original Issue Yield: 4.03%), 11/1/2012 | AAA | 874,707 | |||
750,000 | Shreveport, LA, Revenue Bonds (Series A), 5.375% (FSA INS), 1/1/2028 | AAA | 751,335 | |||
500,000 | Shreveport, LA, Revenue Bonds (Series B), 5.375% (FSA INS), 1/1/2024 | AAA | 501,690 | |||
Principal | Credit | Value | ||||
| (2) LONG-TERM MUNICIPALS--continued |
|
| |||
| Louisiana--continued |
|
| |||
$ 500,000 | St. Charles Parish, LA, Environmental Improvement Revenue Bonds, 5.95% (LA Power & Light Co.)/ (FSA INS)/(Original Issue Yield: 5.986%), 12/1/2023 | AAA | $ 514,670 | |||
1,000,000 | St. Charles Parish, LA, Solid Waste Disposal Revenue Bonds, 7.00% (LA Power & Light Co.)/(AMBAC INS)/ (Original Issue Yield: 7.04%), 12/1/2022 | AAA | 1,022,920 | |||
1,000,000 | St. James Parish, LA, GO UT, 5.50% (AMBAC INS), 3/1/2012 | AAA | 1,022,830 | |||
400,000 | St. Tammany Parish, LA, Hospital Service District No. 2, Hospital Revenue Refunding Bonds, 6.125% (Connie Lee LOC)/(Original Issue Yield: 6.315%), 10/1/2011 | AAA | 425,324 | |||
1,000,000 | St. Tammany Parish, LA, Hospital Service District No. 2, Revenue Bonds, 6.25% (Connie Lee LOC)/(Original Issue Yield: 6.40%), 10/1/2014 | AAA | 1,065,780 | |||
500,000 | St. Tammany Parish, LA, Wide School District No. 12, GO UT Bonds, 5.375% (FSA INS), 3/1/2013 | AAA | 537,820 | |||
Principal | Credit | Value | ||||
$ 625,000 | State Colleges & Universities, LA, Recreational Facility Improvements, 5.50% (University of Southwestern, LA Cajundome)/(MBIA INS)/(Original Issue Yield: 5.499%), 9/1/2017 | AAA | $ 675,713 | |||
500,000 | State Colleges & Universities, LA, Revenue Bonds, 5.65% (University of Southwestern, LA Cajundome)/(MBIA INS), 9/1/2026 | AAA | 528,415 | |||
| TOTAL LONG-TERM MUNICIPALS (identified cost $78,838,134) |
| 83,216,222 | |||
| MUTUAL FUND--1.5% |
| ||||
1,304,910 | (4)Tax-Free Obligations Fund, Class IS |
| 1,304,910 | |||
| TOTAL INVESTMENTS-- 98.7% (identified cost $80,143,044) |
| 84,521,132 | |||
| OTHER ASSETS |
| 1,074,112 | |||
| TOTAL NET |
| $ 85,595,244 | |||
MID CAP EQUITY FUND
Shares |
|
|
| Value | |
---|---|---|---|---|---|
|
| COMMON STOCKS--97.5% |
|
|
|
|
| Commercial Services--1.8% |
|
|
|
12,600 |
| (1) Dun & Bradstreet Corp. |
| $ 530,460 | |
1,300 |
| McGraw-Hill Cos., Inc. |
|
| 79,300 |
8,550 |
| SEI Investments, Co. |
|
| 298,395 |
8,400 |
| Viad Corp. |
|
| 200,592 |
|
| Total |
|
| 1,108,747 |
|
| Communications--0.8% |
|
|
|
5,600 |
| CenturyTel, Inc. |
|
| 194,656 |
16,500 |
| (1) NEXTEL Communications, Inc., Class A |
|
| 318,120 |
|
| Total |
|
| 512,776 |
|
| Consumer Durables--4.0% |
|
|
|
5,200 |
| Centex Corp. |
|
| 392,184 |
9,650 |
| D. R. Horton, Inc. |
|
| 300,308 |
6,600 |
| (1) Electronic Arts, Inc. |
|
| 592,350 |
11,800 |
| Harley Davidson, Inc. |
|
| 587,876 |
5,400 |
| Lennar Corp., Class A |
|
| 363,150 |
4,100 |
| (1) Mohawk Industries, Inc. |
|
| 299,136 |
|
| Total |
|
| 2,535,004 |
|
| Consumer Non-Durables--4.2% |
|
|
|
20,800 |
| Blyth Industries, Inc. |
|
| 584,064 |
10,200 |
| (1) Coach, Inc. |
|
| 592,008 |
4,800 |
| (1) Constellation Brands, Inc., Class A |
|
| 138,000 |
9,900 |
| (1) Dean Foods Co. |
|
| 287,595 |
14,280 |
| Hormel Foods Corp. |
|
| 308,448 |
20,800 |
| McCormick & Co., Inc. |
|
| 555,360 |
18,000 |
| Tyson Foods, Inc., Class A |
|
| 201,600 |
|
| Total |
|
| 2,667,075 |
|
| Consumer Services--8.4% |
|
|
|
17,600 |
| (1) Apollo Group, Inc., Class A |
|
| 1,127,632 |
8,569 |
| (1) Cendant Corp. |
|
| 154,071 |
4,500 |
| (1) DeVRY, Inc. |
|
| 116,775 |
3,150 |
| Dow Jones & Co. |
|
| 133,781 |
3,600 |
| (1) Education Management Corp. |
|
| 220,176 |
4,400 |
| (1) Entercom Communication Corp. |
|
| 221,452 |
17,300 |
| Gtech Holdings Corp. |
|
| 733,174 |
Shares |
|
|
| Value | |
4,500 |
| Media General, Inc., Class A |
|
| $ 272,745 |
3,700 |
| (1) Papa Johns International, Inc. |
|
| 93,240 |
10,000 |
| (1) Pixar, Inc. |
|
| 728,300 |
5,000 |
| Readers Digest Association, Inc., Class A |
|
| 60,850 |
29,360 |
| Ruby Tuesday, Inc. |
|
| 668,527 |
800 |
| Washington Post Co., Class B |
|
| 556,824 |
6,900 |
| (1) Westwood One, Inc. |
|
| 221,490 |
|
| Total |
|
| 5,309,037 |
|
| Distribution Services--2.1% |
|
|
|
15,600 |
| (1) Avnet, Inc. |
|
| 281,580 |
5,600 |
| CDW Corp. |
|
| 289,016 |
4,900 |
| (1) Henry Schein, Inc. |
|
| 283,318 |
9,300 |
| (1) Patterson Dental Co. |
|
| 505,827 |
|
| Total |
|
| 1,359,741 |
|
| Electronic Technology--8.9% |
|
|
|
14,700 |
| (1) Altera Corp. |
|
| 329,868 |
8,200 |
| (1) Cypress Semiconductor Corp. |
|
| 152,274 |
11,700 |
| Harris Corp. |
|
| 388,440 |
10,300 |
| Imation Corp. |
|
| 370,285 |
3,000 |
| (1) International Rectifier Corp. |
|
| 124,770 |
15,600 |
| (1) Jabil Circuit, Inc. |
|
| 439,140 |
10,100 |
| (1) L-3 Communications Holdings, Inc. |
|
| 516,009 |
9,400 |
| Linear Technology Corp. |
|
| 387,468 |
16,500 |
| (1) MKS Instruments, Inc. |
|
| 454,080 |
17,600 |
| Microchip Technology, Inc. |
|
| 492,976 |
1,100 |
| Northrop Grumman Corp. |
|
| 105,028 |
19,800 |
| (1) Plantronics, Inc. |
|
| 500,346 |
30,700 |
| (1) Rambus, Inc. |
|
| 511,462 |
24,800 |
| (1) Storage Technology Corp. |
|
| 635,128 |
15,750 |
| (1) Vishay Intertechnology, Inc. |
|
| 259,403 |
|
| Total |
|
| 5,666,677 |
|
| Energy Minerals--2.9% |
|
|
|
11,300 |
| Apache Corp. |
|
| 779,474 |
3,200 |
| Ashland, Inc. |
|
| 105,792 |
5,095 |
| (1) Cimarex Energy Co. |
|
| 110,816 |
7,000 |
| Noble Energy, Inc. |
|
| 277,130 |
13,550 |
| Valero Energy Corp. |
|
| 533,870 |
|
| Total |
|
| 1,807,082 |
Shares |
|
|
| Value | |
|
| COMMON STOCKS--continued |
|
|
|
|
| Finance--18.9% |
|
|
|
15,663 |
| Amsouth Bancorporation |
| $ 337,381 | |
8,800 |
| Astoria Financial Corp. |
|
| 282,832 |
5,337 |
| Bear Stearns Cos., Inc. |
|
| 373,483 |
13,500 |
| Capital One Financial Corp. |
|
| 720,900 |
7,900 |
| City National Corp. |
|
| 408,430 |
9,000 |
| Countrywide Financial Corp. |
|
| 610,650 |
8,500 |
| Everest Re Group Ltd. |
|
| 623,050 |
22,737 |
| Fidelity National Financial, Inc. |
|
| 657,099 |
8,009 |
| Fifth Third Bancorp |
|
| 469,327 |
23,700 |
| First American Financial Corp. |
|
| 573,066 |
11,200 |
| First Tennessee National Corp. |
|
| 463,120 |
30,700 |
| Greenpoint Financial Corp. |
|
| 1,040,116 |
16,500 |
| HRPT Properties Trust |
|
| 149,655 |
16,900 |
| Hospitality Properties Trust |
|
| 526,266 |
4,750 |
| (1) Investment Technology Group, Inc. |
|
| 86,640 |
8,300 |
| M & T Bank Corp. |
|
| 699,192 |
13,400 |
| Marshall & Ilsley Corp. |
|
| 415,400 |
8,000 |
| Mercantile Bankshares Corp. |
|
| 326,800 |
9,300 |
| (1) NCO Group, Inc. |
|
| 197,253 |
22,100 |
| North Fork Bancorp, Inc. |
|
| 746,317 |
8,300 |
| Old Republic International Corp. |
|
| 278,797 |
20,300 |
| PMI Group, Inc. |
|
| 718,214 |
16,400 |
| Radian Group, Inc. |
|
| 780,476 |
5,500 |
| Ryder Systems, Inc. |
|
| 165,165 |
8,400 |
| TCF Financial Corp. |
|
| 386,316 |
|
| Total |
| 12,035,945 | |
|
| Health Services--3.8% |
|
|
|
7,537 |
| (1) Anthem, Inc. |
|
| 551,708 |
10,900 |
| (1) Express Scripts, Inc., Class A |
|
| 706,429 |
2,500 |
| (1) PacifiCare Health Systems, Inc. |
|
| 124,500 |
10,100 |
| (1) Quest Diagnostic, Inc. |
|
| 606,000 |
8,800 |
| (1) Universal Health Services, Inc., Class B |
|
| 438,064 |
|
| Total |
|
| 2,426,701 |
|
| Health Technology--8.0% |
|
|
|
9,670 |
| Allergan, Inc. |
|
| 768,378 |
3,100 |
| (1) Barr Laboratories, Inc. |
|
| 209,777 |
17,600 |
| (1) Gilead Sciences, Inc. |
|
| 1,173,920 |
8,600 |
| Hillenbrand Industries, Inc. |
|
| 465,690 |
7,800 |
| (1) IDEC Pharmaceuticals Corp. |
|
| 271,050 |
11,300 |
| (1) Invitrogen Corp. |
|
| 651,671 |
Shares |
|
|
| Value | |
11,900 |
| Mylan Laboratories, Inc. |
| $ 433,160 | |
25,300 |
| (1) VISX, Inc. |
|
| 506,506 |
11,000 |
| (1) Varian Medical Systems, Inc. |
|
| 614,350 |
|
| Total |
|
| 5,094,502 |
|
| Industrial Services--3.8% |
|
|
|
15,600 |
| (1) BJ Services Co. |
|
| 582,972 |
16,300 |
| ENSCO International, Inc. |
|
| 455,585 |
5,600 |
| (1) FMC Technologies, Inc. |
|
| 132,552 |
9,400 |
| Granite Construction, Inc. |
|
| 182,924 |
16,200 |
| Helmerich & Payne, Inc. |
|
| 473,850 |
6,000 |
| (1) Nabors Industries Ltd. |
|
| 240,900 |
6,800 |
| Overseas Shipholding Group, Inc. |
|
| 176,188 |
5,100 |
| (1) Weatherford International Ltd. |
|
| 191,658 |
|
| Total |
|
| 2,436,629 |
|
| Miscellaneous--0.8% |
|
|
|
5,200 |
| S&P Depositary Receipts Trust, ADR |
|
| 493,480 |
|
| Non-Energy Minerals--1.5% |
|
|
|
5,074 |
| Georgia-Pacific Corp. |
|
| 117,565 |
3,000 |
| Martin Marietta Materials |
|
| 114,690 |
13,500 |
| Rayonier, Inc. |
|
| 535,005 |
4,280 |
| Vulcan Materials Co. |
|
| 177,235 |
|
| Total |
|
| 944,495 |
|
| Process Industries--3.0% |
|
|
|
4,500 |
| Air Products & Chemicals, Inc. |
|
| 212,940 |
17,200 |
| Albemarle Corp. |
|
| 480,740 |
9,295 |
| Cabot Corp. |
|
| 252,731 |
1,900 |
| (1) Cabot Microelectronics Corp. |
|
| 123,861 |
18,700 |
| (1) Cytec Industries, Inc. |
|
| 701,063 |
9,000 |
| Glatfelter (P.H.) Co. |
|
| 116,370 |
|
| Total |
|
| 1,887,705 |
|
| Producer Manufacturing--5.4% |
|
|
|
13,900 |
| AMETEK, Inc. |
|
| 583,244 |
5,400 |
| (1) American Standard Cos. |
|
| 433,026 |
4,650 |
| Cummins Engine Co., Inc. |
|
| 231,756 |
8,100 |
| (1) Energizer Holdings, Inc. |
|
| 297,918 |
2,900 |
| Harsco Corp. |
|
| 113,071 |
2,900 |
| Ingersoll-Rand Co., Class A |
|
| 172,608 |
4,300 |
| Johnson Controls, Inc. |
|
| 425,700 |
8,200 |
| (1) Lear Corp. |
|
| 455,510 |
8,800 |
| (1) SPX Corp. |
|
| 434,280 |
Shares |
|
|
| Value | |
|
| COMMON STOCKS--continued |
|
|
|
|
| Producer Manufacturing--continued |
|
|
|
3,700 |
| Teleflex, Inc. |
|
| $ 175,491 |
4,560 |
| Trinity Industries, Inc. |
|
| 120,019 |
|
| Total |
|
| 3,442,623 |
|
| Retail Trade--6.4% |
|
|
|
12,100 |
| (1) Abercrombie & Fitch Co., Class A |
|
| 368,324 |
9,860 |
| (1) Bed Bath & Beyond, Inc. |
|
| 424,276 |
20,300 |
| Claire's Stores, Inc. |
|
| 701,365 |
3,100 |
| Michaels Stores, Inc. |
|
| 140,895 |
7,700 |
| Pier 1 Imports, Inc. |
|
| 158,389 |
5,600 |
| (1) Rent-A-Center, Inc. |
|
| 449,064 |
18,400 |
| Ross Stores, Inc. |
|
| 926,992 |
15,300 |
| Ruddick Corp. |
|
| 253,827 |
16,020 |
| Tiffany & Co. |
|
| 623,498 |
|
| Total |
|
| 4,046,630 |
|
| Technology Services--4.8% |
|
|
|
8,800 |
| (1) Affiliated Computer Services, Inc., Class A |
|
| 436,568 |
9,100 |
| (1) DST Systems, Inc. |
|
| 360,360 |
6,700 |
| First Data Corp. |
|
| 257,280 |
15,700 |
| (1) Intuit, Inc. |
|
| 711,524 |
23,700 |
| (1) Sunguard Data Systems, Inc. |
|
| 668,340 |
11,000 |
| (1) Symantec Corp. |
|
| 631,730 |
|
| Total |
|
| 3,065,802 |
|
| Transportation--1.3% |
|
|
|
6,900 |
| C.H. Robinson Worldwide, Inc. |
|
| 261,993 |
7,900 |
| CNF Transportation, Inc. |
|
| 234,630 |
8,000 |
| Expeditors International Washington, Inc. |
|
| 301,680 |
|
| Total |
|
| 798,303 |
|
| Utilities--6.7% |
|
|
|
11,300 |
| Black Hills Corp. |
|
| 366,233 |
19,400 |
| Energy East Corp. |
|
| 418,846 |
18,700 |
| MDU Resources Group, Inc. |
|
| 634,865 |
10,354 |
| NSTAR |
|
| 461,788 |
14,700 |
| National Fuel Gas Co. |
|
| 340,305 |
23,100 |
| NiSource, Inc. |
|
| 446,754 |
11,300 |
| PNM Resources, Inc. |
|
| 309,620 |
Shares or | Value | ||||
21,670 |
| Questar Corp. |
| $ | 695,174 |
8,200 |
| SCANA Corp. |
|
| 278,800 |
11,300 |
| Wisconsin Energy Corp. |
|
| 329,282 |
|
| Total |
|
| 4,281,667 |
|
| TOTAL COMMON STOCKS (identified cost $54,386,596) |
|
| 61,920,621 |
|
| MUTUAL FUND--0.1% |
|
|
|
100,000 |
| Fidelity Institutional Cash Treasury Money Market Fund (at net asset value) |
|
| 100,000 |
|
| REPURCHASE AGREEMENT--2.3% |
|
|
|
$1,451,000 |
| Repurchase agreement with State Street Corp., dated 8/29/2003 due 9/2/2003 at 0.93%, collateralized by a U.S. Treasury Obligation with maturity of 1/31/2005 (repurchase proceeds $1,451,150) (cost of $1,451,000) |
|
| 1,451,000 |
|
| TOTAL INVESTMENTS--99.9% |
|
| 63,471,621 |
|
| OTHER ASSETS AND LIABILITIES--NET--0.1% |
| 57,593 | |
|
| TOTAL NET ASSETS--100% |
| $ | 63,529,214 |
TOTAL RETURN BOND FUND
Principal |
| Value | |||
---|---|---|---|---|---|
|
| CORPORATE BONDS--37.3% |
| ||
|
| Consumer Durables--5.3% |
| ||
$ | 1,500,000 | Ford Motor Co., Note, 7.25%, 10/1/2008 | $ 1,522,830 | ||
| 1,000,000 | General Motors Corp., Bond, 6.25%, 5/1/2005 | 1,033,940 | ||
|
| Total | 2,556,770 | ||
|
| Consumer Non-Durables--3.2% |
| ||
| 1,500,000 | Nabisco, Inc., Note, 6.375%, 2/1/2035 | 1,572,690 | ||
|
| Finance--16.7% |
| ||
| 1,000,000 | Aflac, Inc., 6.50%, 4/15/2009 | 1,100,910 | ||
| 1,250,000 | American Express Co., Sr. Unsub., 6.75%, 6/23/2004 | 1,304,175 | ||
| 500,000 | Boeing Capital Corp., Sr. Note, Series MTN, 5.40%, 11/30/2009 | 505,680 | ||
| 750,000 | CIT Group, Inc., Deb., 5.875%, 10/15/2008 | 785,910 | ||
| 1,000,000 | Lehman Brothers, Inc., Bond, 6.50%, 4/15/2008 | 1,097,760 | ||
| 1,500,000 | Old Republic International Corp., Deb., 7.00%, 6/15/2007 | 1,626,210 | ||
| 1,500,000 | Swiss Bank Corp. New York, Sub. Note, 7.25%, 9/1/2006 | 1,682,970 | ||
|
| Total | 8,103,615 | ||
|
| Process Industries--2.2% |
| ||
| 1,000,000 | Lubrizol Corp., 5.875%, 12/1/2008 | 1,070,870 | ||
|
| Retail Trade--6.6% |
| ||
| 1,000,000 | Dayton-Hudson Corp., Note, 7.50%, 7/15/2006 | 1,120,760 | ||
| 500,000 | Target Corp., Note, 5.375%, 6/15/2009 | 527,280 | ||
| 1,500,000 | Wal-Mart Stores, Inc., Unsecd. Note, 6.55%, 8/10/2004 | 1,572,150 | ||
|
| Total | 3,220,190 | ||
Principal | Value | ||||
|
| Technology Services--3.3% |
| ||
$ | 1,000,000 | First Data Corp., Note, 5.80%, 12/15/2008 | $ 1,084,490 | ||
| 500,000 | International Business Machines Corp., Sr. Note, 5.25%, 12/1/2003 | 505,090 | ||
|
| Total | 1,589,580 | ||
|
| TOTAL CORPORATE BONDS (identified cost $17,046,507) | 18,113,715 | ||
|
| GOVERNMENT AGENCIES--28.4% |
| ||
|
| Federal Home Loan Bank--1.3% |
| ||
| 550,000 | 7.01%, 6/14/2006 | 613,360 | ||
|
| Federal Home Loan Mortgage Corporation--4.6% |
| ||
| 2,000,000 | Unsecd. Note, 6.75%, 9/15/2029 | 2,229,700 | ||
|
| (5) Federal Home Loan Mortgage Corporation--2.1% |
| ||
| 1,000,000 | Federal Home Loan Mortgage Corp., Pool E98632, 5.00%, 8/1/2018 | 1,003,440 | ||
|
| Federal National Mortgage Association--12.5% |
| ||
| 1,500,000 | Note, 6.00%, 12/15/2005 | 1,620,540 | ||
| 1,000,000 | Unsecd. Note, 6.50%, 8/15/2004 | 1,048,020 | ||
| 2,000,000 | Unsecd. Note, 7.125%, 3/15/2007 | 2,276,340 | ||
| 1,000,000 | Unsecd. Note, 7.125%, 6/15/2010 | 1,154,340 | ||
|
| Total | 6,099,240 | ||
|
| (5) Federal National Mortgage Association--0.0% |
| ||
| 3,031 | Pool 76204, 11.00%, 6/1/2019 | 3,332 | ||
| 3,456 | Pool 85131, 11.00%, 5/1/2017 | 3,893 | ||
|
| Total | 7,225 | ||
|
| (5) Government National Mortgage Association 15-Year--0.7% |
| ||
| 318,191 | Pool 420153, 7.00%, 9/15/2010 | 341,858 | ||
Principal | Value | ||||
|
| GOVERNMENT AGENCIES--continued |
| ||
|
| (5) Government National Mortgage Association 30-Year--7.2% |
| ||
$ | 18,695 | Pool 147875, 10.00%, 3/15/2016 | $ 20,933 | ||
| 54,875 | Pool 168511, 8.00%, 7/15/2016 | 60,105 | ||
| 16,310 | Pool 174673, 8.00%, 8/15/2016 | 17,814 | ||
| 12,477 | Pool 177145, 8.00%, 1/15/2017 | 13,666 | ||
| 1,298 | Pool 188080, 8.00%, 9/15/2018 | 1,421 | ||
| 7,908 | Pool 212047, 8.00%, 5/15/2017 | 8,674 | ||
| 9,277 | Pool 212660, 8.00%, 4/15/2017 | 10,161 | ||
| 31,843 | Pool 216950, 8.00%, 6/15/2017 | 34,928 | ||
| 10,568 | Pool 217533, 8.00%, 5/15/2017 | 11,542 | ||
| 6,216 | Pool 225725, 10.00%, 9/15/2020 | 6,985 | ||
| 11,357 | Pool 227430, 9.00%, 8/15/2019 | 12,657 | ||
| 4,690 | Pool 253449, 10.00%, 10/15/2018 | 5,271 | ||
| 17,131 | Pool 279619, 10.00%, 9/15/2019 | 19,246 | ||
| 2,394 | Pool 283261, 9.00%, 11/15/2019 | 2,673 | ||
| 6,315 | Pool 287853, 9.00%, 4/15/2020 | 7,037 | ||
| 3,835 | Pool 288967, 9.00%, 4/15/2020 | 4,262 | ||
| 19,332 | Pool 288994, 9.00%, 5/15/2020 | 21,483 | ||
| 6,720 | Pool 289082, 9.00%, 4/15/2020 | 7,488 | ||
| 10,221 | Pool 291100, 9.00%, 5/15/2020 | 11,431 | ||
| 75,558 | Pool 302101, 7.00%, 6/15/2024 | 80,611 | ||
| 86,714 | Pool 345031, 7.00%, 10/15/2023 | 92,594 | ||
| 100,936 | Pool 345090, 7.00%, 11/15/2023 | 107,686 | ||
| 51,127 | Pool 360772, 7.00%, 2/15/2024 | 54,674 | ||
| 17,316 | Pool 382074, 7.00%, 9/15/2025 | 18,517 | ||
| 57,473 | Pool 404653, 7.00%, 9/15/2025 | 61,226 | ||
| 85,973 | Pool 408884, 7.00%, 9/15/2025 | 91,588 | ||
| 72,883 | Pool 410108, 7.00%, 9/15/2025 | 77,644 | ||
| 106,399 | Pool 410786, 7.00%, 9/15/2025 | 113,414 | ||
| 237,861 | Pool 415427, 7.50%, 8/15/2025 | 254,735 | ||
| 80,793 | Pool 415865, 7.00%, 9/15/2025 | 86,070 | ||
Principal | Value | ||||
$ | 271,578 | Pool 418781, 7.00%, 9/15/2025 | $ 289,486 | ||
| 210,488 | Pool 420157, 7.00%, 10/15/2025 | 224,367 | ||
| 659,927 | Pool 532641, 7.00%, 12/15/2030 | 698,493 | ||
| 921,854 | Pool 780717, 7.00%, 2/15/2028 | 980,337 | ||
|
| Total | 3,509,219 | ||
|
| TOTAL GOVERNMENT AGENCIES | 13,804,042 | ||
|
| LONG-TERM MUNICIPALS--8.6% |
| ||
| 1,175,000 | Liberal, KS, GO UT (Series 2), 6.50% Bonds (FSA INS), 12/1/2010 | 1,280,468 | ||
| 2,000,000 | New Orleans, LA Aviation Board, Revenue Bonds, 7.10% (AMBAC INS), 10/1/2027 | 2,096,160 | ||
| 360,000 | Vail, CO Sales Tax Revenue, Refunding Revenue Bonds, 6.00% (MBIA INS), 12/1/2006 | 392,540 | ||
| 350,000 | Vail, CO Sales Tax Revenue, Refunding Revenue Bonds, 6.05% (MBIA INS), 12/1/2007 | 383,562 | ||
|
| TOTAL LONG-TERM MUNICIPALS | 4 ,152,730 | ||
|
| TREASURY SECURITIES--18.6% |
| ||
|
| U.S. Treasury Bond--8.9% |
| ||
| 1,250,000 | 6.125%, 11/15/2027 | 1,377,350 | ||
| 1,000,000 | 11.875%, 11/15/2003 | 1,021,600 | ||
| 1,300,000 | 12.50%, 8/15/2014 | 1,907,139 | ||
|
| Total | 4,306,089 | ||
|
| U.S. Treasury Note--9.7% |
| ||
| 4,500,000 | 5.875%, 11/15/2004 | 4,736,250 | ||
|
| TOTAL TREASURY SECURITIES (identified cost $9,236,430) | 9,042,339 | ||
|
| MUTUAL FUND--0.2% |
| ||
| 97,000 | Fidelity Institutional Cash Treasury Money Market Fund | 97,000 | ||
Principal | Value | ||||
|
| REPURCHASE AGREEMENT--5.5% |
| ||
$ | 2,688,000 | Repurchase agreement with State Street Corp., dated 8/29/2003 due 9/2/2003 at 0.93%, collateralized by a U.S. Treasury Obligation with maturity of 1/31/2005 (repurchase proceeds $2,688,278) (cost of $2,688,000) | $ 2,688,000 | ||
|
| TOTAL INVESTMENTS--98.6% | 47,897,826 | ||
|
| OTHER ASSETS AND LIABILITIES--NET--1.4% | 665,254 | ||
|
| TOTAL NET ASSETS--100% | $48,563,080 | ||
U.S. GOVERNMENT INCOME FUND
Principal | Value | |||
LONG-TERM | ||||
| Corporate Bonds--17.9% |
| ||
$1,200,000 | Bear Stearns Cos., Inc., 6.150%, 3/2/2004 | $ 1,229,268 | ||
2,000,000 | Boeing Capital Corp., 6.350%, 11/15/2007 | 2,154,320 | ||
1,500,000 | CIT Group, Inc., 5.570%, 12/8/2003 | 1,515,540 | ||
2,000,000 | Computer Sciences Corp., 7.375%, 6/15/2011 | 2,312,380 | ||
1,000,000 | Ford Motor Credit Co., 6.125%, 3/20/2004 | 1,020,630 | ||
875,000 | Ford Motor Credit Co., 7.530%, 7/16/2004 | 910,481 | ||
1,500,000 | GE Global Insurance, 7.500%, 6/15/2010 | 1,674,135 | ||
2,500,000 | General Electric Capital Corp., 2.850%, 1/30/2006 | 2,520,200 | ||
1,000,000 | Ingersoll-Rand Co., 6.250%, 5/15/2006 | 1,087,710 | ||
1,000,000 | J.P. Morgan & Co., Inc., 6.000%, 1/15/2009 | 1,076,920 | ||
500,000 | Wal-Mart Stores, Inc., 4.150%, 6/15/2005 | 517,370 | ||
| Total | 16,018,954 | ||
| Federal Farm Credit System--2.2% |
| ||
2,000,000 | 4.450%, 8/27/2010 | 1,993,860 | ||
| Federal Home Loan Bank--5.8% | |||
2,000,000 | 2.250%, 8/13/2004 | 2,015,800 | ||
2,000,000 | 5.980%, 6/18/2008 | 2,194,360 | ||
850,000 | 7.010%, 6/14/2006 | 947,920 | ||
Total | 5,158,080 | |||
Federal Home Loan Mortgage Corporation--8.1% | ||||
3,000,000 | 2.500%, 12/4/2006 | 2,938,350 | ||
1,700,000 | 3.375%, 3/17/2006 | 1,701,802 | ||
1,000,000 | 5.750%, 4/29/2009 | 1,024,930 | ||
1,500,000 | 5.825%, 2/9/2006 | 1,616,865 | ||
Total | 7,281,947 | |||
(5) Federal Home Loan Mortgage Corporation REMIC--0.0% |
| |||
1,311 | 9.500%, 1/15/2005 | 1,312 | ||
Principal | Value | |||
| (5) Federal Home Loan Mortgage Corporation 15-Year--0.0% |
| ||
$ 2,537 | 9.500%, 10/1/2004 | $ 2,578 | ||
| (5) Federal Home Loan Mortgage Corporation 30-Year--0.8% | |||
466,731 | 6.000%, 11/1/2006 | 481,900 | ||
105,458 | 8.750%, 2/1/2017 | 116,136 | ||
8,347 | 9.000%, 6/1/2016 | 9,221 | ||
268 | 9.000%, 9/1/2016 | 296 | ||
1,252 | 9.000%, 10/1/2016 | 1,383 | ||
12,737 | 9.000%, 1/1/2017 | 14,070 | ||
12,049 | 9.500%, 10/1/2019 | 13,363 | ||
36,297 | 10.000%, 5/1/2014 | 40,040 | ||
27,813 | 10.000%, 6/1/2018 | 31,011 | ||
7,363 | 10.000%, 6/1/2020 | 8,194 | ||
Total | 715,614 | |||
| Federal National Mortgage Association--15.1% |
| ||
2,500,000 | 1.000%, 5/19/2008 | 2,426,225 | ||
2,100,000 | 2.000%, 6/4/2008 | 2,028,222 | ||
2,000,000 | 4.150%, 9/12/2007 | 2,002,000 | ||
4,375,000 | 4.625%, 12/30/2009 | 4,337,769 | ||
1,000,000 | 5.750%, 6/15/2005 | 1,065,760 | ||
1,000,000 | 6.000%, 5/15/2008 | 1,096,330 | ||
465,000 | 6.460%, 6/29/2012 | 518,773 | ||
Total | 13,475,079 | |||
(5) Federal National Mortgage Association 15-Year--0.2% |
| |||
120,706 | 7.000%, 8/1/2012 | 128,891 | ||
| (5) Federal National Mortgage Association 30-Year--2.4% |
| ||
470,987 | 5.000%, 4/1/2009 | 479,229 | ||
144,813 | 6.500%, 1/1/2007 | 149,294 | ||
324,792 | 6.500%, 1/1/2008 | 334,636 | ||
492,573 | 7.000%, 12/1/2031 | 519,049 | ||
618,280 | 7.500%, 7/1/2031 | 651,704 | ||
1,886 | 8.500%, 2/1/2011 | 1,913 | ||
17,386 | 9.500%, 8/1/2020 | 19,336 | ||
| Total | 2,155,161 | ||
Principal | Value | |||
| LONG-TERM |
| ||
(5) Government National Mortgage Association |
| |||
$ 1,060,478 | 6.000%, 3/20/2017 | $ 1,104,552 | ||
299,970 | 6.500%, 2/15/2017 | 317,686 | ||
1,776,131 | 7.000%, 12/15/2008 | 1,892,964 | ||
21,979 | 7.000%, 11/15/2009 | 23,552 | ||
85,928 | 7.000%, 9/15/2010 | 92,320 | ||
Total | 3,431,074 | |||
Government National Mortgage Association 30-Year--7.2% |
| |||
408,919 | 6.500%, 4/15/2029 | 427,447 | ||
659,840 | 7.000%, 9/15/2023 | 704,583 | ||
853,170 | 7.000%, 6/20/2030 | 900,359 | ||
405,053 | 7.000%, 2/15/2032 | 428,092 | ||
743,246 | 7.000%, 3/15/2032 | 785,522 | ||
128,064 | 7.500%, 10/15/2022 | 137,548 | ||
226,104 | 7.500%, 3/15/2026 | 242,144 | ||
343,639 | 7.500%, 9/15/2026 | 368,017 | ||
192,202 | 7.500%, 11/20/2029 | 203,975 | ||
261,227 | 7.500%, 12/20/2029 | 277,228 | ||
199,495 | 7.500%, 12/20/2030 | 211,653 | ||
317,285 | 8.000%, 1/15/2022 | 346,535 | ||
215,779 | 8.000%, 4/15/2022 | 235,671 | ||
197,247 | 8.000%, 8/15/2022 | 214,877 | ||
34,031 | 8.000%, 11/15/2022 | 37,168 | ||
239,942 | 8.000%, 10/15/2029 | 258,312 | ||
148,255 | 8.000%, 1/20/2030 | 159,050 | ||
150,977 | 8.000%, 2/20/2030 | 161,969 | ||
215,539 | 8.000%, 3/20/2030 | 231,233 | ||
34,042 | 8.500%, 2/20/2025 | 36,978 | ||
50,593 | 9.000%, 2/15/2020 | 56,380 | ||
20,512 | 9.500%, 6/15/2020 | 22,890 | ||
32,539 | 9.500%, 7/15/2020 | 36,416 | ||
Total | 6,484,047 | |||
| U.S. Treasury Bonds--14.3% | |||
4,469,280 | 3.875%, 4/15/2029 | 5,379,181 | ||
1,500,000 | 6.000%, 2/15/2026 | 1,624,455 | ||
1,500,000 | 7.250%, 5/15/2016 | 1,832,820 | ||
1,000,000 | 7.250%, 8/15/2022 | 1,233,120 | ||
500,000 | 7.875%, 2/15/2021 | 651,330 | ||
300,000 | 8.500%, 2/15/2020 | 411,048 | ||
Principal | Value | |||
$ 500,000 | 8.750%, 5/15/2020 | $ 699,845 | ||
900,000 | 10.375%, 11/15/2009 | 993,942 | ||
| Total | 12,825,741 | ||
| U.S. Treasury Notes--21.5% | |||
4,547,840 | 3.625%, 1/15/2008 | 5,009,036 | ||
4,500,000 | 5.625%, 2/15/2006 | 4,869,855 | ||
1,000,000 | 6.125%, 8/15/2007 | 1,115,780 | ||
1,500,000 | 6.250%, 2/15/2007 | 1,673,205 | ||
2,000,000 | 6.500%, 5/15/2005 | 2,159,680 | ||
1,000,000 | 6.500%, 2/15/2010 | 1,149,220 | ||
1,000,000 | 7.000%, 7/15/2006 | 1,125,940 | ||
2,000,000 | 7.500%, 2/15/2005 | 2,170,000 | ||
| Total | 19,272,716 | ||
TOTAL LONG-TERM OBLIGATIONS | 88,945,054 | |||
MUTUAL FUND--0.2% | ||||
143,000 | Fidelity Institutional Cash Treasury Money Market Fund | 143,000 | ||
TOTAL INVESTMENTS--99.5% | 89,088,054 | |||
OTHER ASSETS AND LIABILITIES--NET--0.5% | 485,196 | |||
TOTAL NET ASSETS--100% | $89,573,250 | |||
CASH RESERVE FUND
Principal | Value | |||
(6) COMMERCIAL | ||||
Agricultural Operations--4.3% | ||||
$ 8,000,000 | Cargill, Inc., 0.990%, 9/22/2003 | $ 7,995,380 | ||
Communications--4.4% | ||||
8,000,000 | (6)(7) BellSouth Corp., 1.000% - 1.010%, 9/2/2003 - 9/3/2003 | 7,999,636 | ||
Consumer Durables--4.4% | ||||
8,000,000 | Toyota Motor Credit Corp., 1.010%, 9/8/2003 | 7,998,429 | ||
Consumer Non-Durables--4.3% | ||||
8,000,000 | Coca-Cola Co., 1.010%, 9/24/2003 | 7,994,838 | ||
Consumer Services--4.4% | ||||
8,000,000 | Knight-Ridder, Inc., 1.000%, 9/9/2003 | 7,998,222 | ||
Energy Minerals--4.4% | ||||
8,000,000 | ChevronTexaco Corp., 1.020%, 9/12/2003 | 7,997,507 | ||
Finance--41.4% | ||||
8,000,000 | American Express Co., 1.010%, 9/2/2003 | 7,999,776 | ||
8,000,000 | American General Finance Corp., 1.030%, 9/16/2003 | 7,996,567 | ||
8,000,000 | Beta Finance, Inc., 0.920%, 9/22/2003 | 7,995,707 | ||
7,977,000 | CIT Group, Inc., 1.070%, 9/9/2003 - 9/10/2003 | 7,974,976 | ||
8,000,000 | Citicorp, 1.070%, 10/3/2003 | 7,992,391 | ||
8,000,000 | GOVCO, Inc., 1.060%, 11/21/2003 | 7,980,920 | ||
8,000,000 | General Electric Capital Corp., 1.070%, 10/9/2003 | 7,990,964 | ||
8,000,000 | Household Finance Corp., 1.020%, 9/3/2003 | 7,999,547 | ||
4,000,000 | Paccar Financial Corp., 1.040%, 11/20/2003 | 3,990,755 | ||
8,000,000 | Prudential Funding Corp., 1.040%, 9/23/2003 | 7,994,915 | ||
Total | 75,916,518 | |||
Process Industries--4.4% | ||||
8,000,000 | Du Pont (E.I.) de Nemours & Co., 1.000%, 9/9/2003 | 7,998,222 | ||
Principal | Value | |||
Producer Manufacturing--2.2% | ||||
$ 4,100,000 | Paccar Financial Corp., (PACCAR, Inc. Support Agreement), 1.010%, 9/29/2003 | $ 4,096,779 | ||
Retail Trade--8.7% | ||||
7,975,000 | Seven Eleven, Inc., 1.030% - 1.040%, 9/10/2003 - 9/23/2003 | 7,971,055 | ||
8,000,000 | Wal--Mart Stores, Inc., 1.000%, 9/2/2003 | 7,999,778 | ||
Total | 15,970,833 | |||
TOTAL COMMERCIAL PAPER | 151,966,364 | |||
(8) GOVERNMENT AGENCIES--10.4% | ||||
Finance--10.4% | ||||
5,000,000 | Federal Home Loan Bank System, 1.010%, 9/5/2003 | 4,999,439 | ||
2,500,000 | Federal Home Loan Bank System, 1.360%, 9/10/2004 | 2,500,000 | ||
2,500,000 | Federal Home Loan Bank System, 1.410%, 9/21/2004 | 2,500,000 | ||
1,500,000 | Federal National Mortgage Association, 1.070%, 11/26/2003 | 1,496,166 | ||
Principal | Value | |||
(8) GOVERNMENT | ||||
Finance--continued | ||||
$ 2,522,000 | Federal National Mortgage Association, 1.250%, 9/19/2003 | $ 2,520,424 | ||
5,000,000 | Federal National Mortgage Association, 1.180%, 7/27/2004 | 5,000,000 | ||
Total | 19,016,029 | |||
REPURCHASE | ||||
16,158,000 | Joint repurchase agreement with State Street Corp., dated 8/29/2003, due 9/2/2003 at 0.93% collateralized by U.S. Treasury Obligations with various maturities to 11/15/2010. (repurchase proceeds $16,159,670) | 16,158,000 | ||
TOTAL INVESTMENTS --102.1% | 187,140,393 | |||
OTHER ASSETS AND LIABILITIES--NET--(2.1)% | (3,888,114) | |||
TOTAL NET ASSETS--100% | $ 183,252,279 | |||
U.S. TREASURY MONEY MARKET FUND
Principal | Value | |||
(8) U.S. TREASURY--59.6% | ||||
U.S. Treasury Bills--57.3% | ||||
$ 10,000,000 | 0.805% - 0.870%, 9/18/2003 | $ 9,996,045 | ||
15,000,000 | 0.805% - 0.975%, 9/25/2003 | 14,991,383 | ||
10,000,000 | 0.870%, 10/2/2003 | 9,992,508 | ||
7,000,000 | 0.870% - 0.880%, 10/16/2003 | 6,992,325 | ||
15,000,000 | 0.880%, 10/9/2003 | 14,986,067 | ||
10,000,000 | 0.880%, 10/23/2003 | 9,987,289 | ||
15,000,000 | 0.920% - 0.940%, 10/30/2003 | 14,977,056 | ||
10,000,000 | 0.970%, 11/28/2003 | 9,976,289 | ||
10,000,000 | 0.945%, 11/6/2003 | 9,982,675 | ||
5,015,000 | 0.920% - 0.945%, 11/20/2003 | 5,004,470 | ||
10,000,000 | 0.970%, 1/2/2004 | 9,966,858 | ||
5,000,000 | 1.030%, 2/19/2004 | 4,975,538 | ||
5,000,000 | 1.100%, 11/13/2003 | 4,988,847 | ||
TOTAL | 126,817,350 | |||
U.S. Treasury Note--2.3% | ||||
5,000,000 | 3.000%, 1/31/2004 | 5,035,462 | ||
TOTAL U.S. TREASURY | 131,852,812 | |||
MUTUAL FUND--1.7% | ||||
3,885,100 | Fidelity Institutional Cash Treasury Money Market Fund (at net asset value) | 3,885,100 | ||
Principal | Value | |||
REPURCHASE | ||||
$ 50,000,000 | Repurchase agreement with Morgan Stanley & Co., Inc., dated 8/29/2003 due 9/2/2003 at 0.95%, collateralized by a U.S. Treasury Obligation with maturity of 11/15/2004 (repurchase proceeds $50,005,278) | $ 50,000,000 | ||
35,624,000 | Repurchase agreement with State Street Corp., dated 8/29/2003 due 9/2/2003 at 0.93%, collateralized by a U.S. Treasury Obligation with maturity of 1/31/2005 (repurchase proceeds $35,627,681) | 35,624,000 | ||
TOTAL REPURCHASE AGREEMENTS | 85,624,000 | |||
TOTAL INVESTMENTS--100.0% (at amortized cost) | 221,361,912 | |||
OTHER ASSETS AND LIABILITIES--NET--0.0% | (27,475) | |||
TOTAL NET ASSETS--100% | $ 221,334,437 | |||
Notes to Portfolios of Investments
Hibernia Funds
August 31, 2003
(1) | Non-income producing. | |
(2) | At August 31, 2003, 6.5% of the total investments at market value were subject to alternative minimum tax for Hibernia Louisiana Municipal Income Fund (unaudited). | |
(3) | Please refer to the Appendix of the Statement of Additional Information for an explanation of the credit ratings. Current credit ratings are unaudited. | |
(4) | Affiliated company. | |
(5) | Because of monthly principal payments, the average lives of certain government securities are less than the indicated periods. | |
(6) | Rate shown represents yield to maturity. | |
(7) | Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based upon criteria approved by the Funds' Board of Trustees. At August 31, 2003 these securities amounted to $7,999,636 which represents 4.4% of total net assets for the Cash Reserve Fund. | |
(8) | These issues show the rate of discount at time of purchase. |
The following abbreviations are used in these portfolios:
ADR | --American Depository Receipt |
AMBAC | --American Municipal Bond Assurance Corporation |
COL | --Collateralized |
Connie Lee | --College Construction Loan Association |
FGIC | --Financial Guaranty Insurance Corporation |
FHA | --Federal Housing Administration |
FHLMC | --Federal Home Loan Mortgage Corporation |
FNMA | --Federal National Mortgage Association |
FSA | --Financial Security Assurance |
GNMA | --Government National Mortgage Association |
GO | --General Obligation |
HFA | --Housing Finance Authority |
IDB | --Industrial Development Bond |
INS | --Insured |
LOC | --Letter of Credit |
LT | --Limited Tax |
MBIA | --Municipal Bond Insurance Association |
MTN | --Medium Term Note |
PFA | --Public Facility Authority |
REMIC | --Real Estate Mortgage Investment Conduit |
SFM | --Single Family Mortgage |
UT | --Unlimited Tax |
Percentages listed on Hibernia Capital Appreciation Fund and Hibernia Mid Cap Equity Fund's Portfolio of Investments beneath the heading "Common Stocks", represent the percentage of the respective portfolio invested in the identified economic sectors.
For Federal Tax Purposes | ||||
Hibernia Funds | Cost of Investments | Total Net Assets* | ||
Capital Appreciation Fund | $ 185,594,108 | $ 246,770,563 | ||
Louisiana Municipal Income Fund | 80,066,723 | 85,595,244 | ||
Mid Cap Equity Fund | 55,938,265 | 63,529,214 | ||
Total Return Bond Fund | 45,568,842 | 48,563,080 | ||
U.S. Government Income Fund | 86,253,508 | 89,573,250 | ||
Cash Reserve Fund | 187,140,393 | 183,252,279 | ||
U.S. Treasury Money Market Fund | 221,361,912 | 221,334,437 |
* The categories of investments are shown as a percentage of total net assets at August 31, 2003.
Statements of Assets and Liabilities
Hibernia Funds
August 31, 2003
Capital | Louisiana Municipal | Mid Cap | |||||||||||
Assets: |
|
|
|
|
|
|
|
|
| ||||
Investments in repurchase agreements | $ | 3,378,000 |
| $ | -- |
| $ | 1,451,000 |
| ||||
Investments in securities | 242,219,723 |
| 84,521,132 | (1) | 62,020,621 |
| |||||||
Total investments in securities, at value |
| 245,597,723 |
|
| 84,521,132 |
|
| 63,471,621 |
| ||||
Cash |
| 445 |
|
| 153 |
|
| 608 |
| ||||
Income receivable |
| 349,497 |
|
| 1,231,140 |
|
| 36,485 |
| ||||
Receivable for investments sold |
| 11,160,862 |
|
| 60,000 |
|
| -- |
| ||||
Receivable for shares sold |
| 6,472 |
|
| 150 |
|
| 41,724 |
| ||||
Prepaid expenses | 7,921 |
| 4,189 |
| 976 |
| |||||||
Total assets | 257,122,920 |
| 85,816,764 |
| 63,551,414 |
| |||||||
Liabilities: |
|
|
|
|
|
|
|
|
| ||||
Payable for investments purchased |
| 10,211,859 |
|
| -- |
|
| -- |
| ||||
Payable for shares redeemed |
| 66,888 |
|
| 1,500 |
|
| 612 |
| ||||
Payable to bank |
| -- |
|
| -- |
|
| -- |
| ||||
Income distribution payable |
| -- |
|
| 193,600 |
|
| -- |
| ||||
Payable for custodian fees (Note 5) |
| 53 |
|
| -- |
|
| -- |
| ||||
Payable for transfer and dividend disbursing agent fees (Note 5) |
| 12,498 |
|
| 5,826 |
|
| 8,653 |
| ||||
Payable for Directors'/Trustees' fees |
| 907 |
|
| -- |
|
| 154 |
| ||||
Payable for portfolio accounting fees (Note 5) |
| 7,402 |
|
| 6,692 |
|
| 5,818 |
| ||||
Payable for distribution services fee (Note 5) |
| 51,724 |
|
| 12,762 |
|
| -- |
| ||||
Payable for shareholder services fee (Note 5) | 1,026 |
| 1,140 |
| 6,963 |
| |||||||
Total liabilities | 10,352,357 |
| 221,520 |
| 22,200 |
| |||||||
Net Assets Consist of: |
|
|
|
|
|
|
|
|
| ||||
Paid-in capital |
| 171,865,691 |
|
| 81,021,189 |
|
| 56,475,695 |
| ||||
Net unrealized appreciation of investments |
| 60,003,615 |
|
| 4,378,088 |
|
| 7,534,025 |
| ||||
Accumulated net realized gain (loss) on investments |
| 14,536,600 |
|
| 227,332 |
|
| (480,506) |
| ||||
Undistributed (distributions in excess of) net investment income | 364,657 |
| (31,365) |
| -- |
| |||||||
Total Net Assets | $246,770,563 |
| $ | 85,595,244 |
| $ | 63,529,214 |
| |||||
Net Assets: | $234,905,106 | (2) | $ | 81,468,497 | (4) | $ | 59,734,541 | (6) | |||||
| $ 11,865,457 | (3) | $ | 4,126,747 | (5) | $ | 3,794,673 | (7) | |||||
Shares Outstanding: | 13,182,312 | (2) | 7,268,854 | (4) | 4,624,160 | (6) | |||||||
| 695,386 | (3) | 368,216 | (5) | 305,012 | (7) | |||||||
Total Shares Outstanding | 13,877,698 |
| 7,637,070 |
| 4,929,172 |
| |||||||
Net Asset Value Per Share | $ 17.82 | (2) | $ | 11.21 | (4) | $ | 12.92 | (6) | |||||
| $ 17.06 | (3) | $ | 11.21 | (5) | $ | 12.44 | (7) | |||||
Offering Price Per Share* | $ 18.66 | (2)*** | $ | 11.56 | (4)**** | $ | 13.53 | (6)*** | |||||
| $ 17.06 | (3) | $ | 11.21 | (5) | $ | 12.44 | (7) | |||||
Redemption Proceeds Per Share** | $ 17.82 | (2) | $ | 11.21 | (4) | $ | 12.92 | (6) | |||||
| $ 16.12 | (3)***** | $ 10.59 | (5)***** | $ 11.76 | (7)***** | |||||||
Investments, at identified cost | $185,594,108 |
| $ | 80,143,044 |
| $ | 55,937,596 |
| |||||
(1) Including $1,304,910 of investments in affiliated issuer.
(2) Represents Class A Shares.
(3) Represents Class B Shares.
Total Return | U.S. Government | Cash | U.S. Treasury | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||
$ | 2,688,000 |
| $ | -- |
| $ | 16,158,000 |
| $ | 85,624,000 |
| |||
45,209,826 |
| 89,088,054 |
| 170,982,393 |
| 135,737,912 |
| |||||||
| 47,897,826 |
|
| 89,088,054 |
|
| 187,140,393 |
|
| 221,361,912 |
| |||
| 616 |
|
| 940 |
|
| -- |
|
| 970 |
| |||
| 722,116 |
|
| 781,910 |
|
| 14,662 |
|
| 23,028 |
| |||
| -- |
|
| -- |
|
| -- |
|
| -- |
| |||
| 1,208 |
|
| 2,575 |
|
| 45,827 |
|
| -- |
| |||
3,449 |
| 1,745 |
| 10,490 |
| 4,469 |
| |||||||
48,625,215 |
| 89,875,224 |
| 187,211,372 |
| 221,390,379 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||
| -- |
|
| -- |
|
| 2,500,000 |
|
| -- |
| |||
| 4,606 |
|
| 68,886 |
|
| 27,785 |
|
| 501 |
| |||
| -- |
|
| -- |
|
| 1,345,515 |
|
| -- |
| |||
| 26,608 |
|
| 216,032 |
|
| 50,335 |
|
| 42,770 |
| |||
| -- |
|
| -- |
|
| -- |
|
| -- |
| |||
| 2,327 |
|
| 3,774 |
|
| 9,649 |
|
| 7,341 |
| |||
| 21 |
|
| -- |
|
| -- |
|
| -- |
| |||
| 195 |
|
| 1,773 |
|
| 5,403 |
|
| 5,330 |
| |||
| 28,378 |
|
| 11,509 |
|
| 20,406 |
|
| -- |
| |||
-- |
| -- |
| -- |
| -- |
| |||||||
62,135 |
| 301,974 |
| 3,959,093 |
| 55,942 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
| |||
| 48,474,347 |
|
| 89,517,954 |
|
| 183,300,997 |
|
| 221,335,032 |
| |||
| 2,728,742 |
|
| 3,308,087 |
|
| -- |
|
| -- |
| |||
| (2,656,352 | ) |
| (3,289,237 | ) |
| (48,817 | ) |
| -- |
| |||
16,343 |
| 36,446 |
| 99 |
| (595 | ) | |||||||
$ 48,563,080 |
| $ 89,573,250 |
| $ 183,252,279 |
| $ 221,334,437 |
| |||||||
$ 48,563,080 |
| $ 89,573,250 |
| $ 182,575,323 | (8) | $ 221,334,437 |
| |||||||
-- |
| -- |
| $ 676,956 | (9) | -- |
| |||||||
4,866,680 |
| 8,697,052 |
| 182,622,871 | (8) | 221,335,041 |
| |||||||
-- |
| -- |
| 678,126 | (9) | -- |
| |||||||
4,866,680 |
| 8,697,052 |
| 183,300,997 |
| 221,335,041 |
| |||||||
$ | 9.98 |
| $ 10.30 |
| $ 1.00 | (8) | $ 1.00 |
| ||||||
-- |
| -- |
| $ 1.00 | (9) | -- |
| |||||||
$ | 10.29 | **** | $ 10.62 | **** | $ 1.00 | (8) | $ 1.00 |
| ||||||
-- |
| -- |
| $ 1.00 | (9) | -- |
| |||||||
$ | 9.98 |
| $ 10.30 |
| $ 1.00 | (8) | $ 1.00 |
| ||||||
-- |
| -- |
| $ 0.95 | (9)***** | -- |
| |||||||
$ 45,169,084 |
| $ 85,779,967 |
| $ 187,140,393 |
| $ 221,361,912 |
| |||||||
(4) Represents Class A Shares. * See "What Do Shares Cost" in the Prospectus.
(5) Represents Class B Shares. ** See "How to Redeem and Exchange Shares" in the Prospectus.
(6) Represents Class A Shares. *** Computation of Offering Price: 100/95.50 of net asset value.
(7) Represents Class B Shares. **** Computation of Offering Price: 100/97 of net asset value
(8) Represents Class A Shares. ***** Computation of Redemption Proceeds: 94.50/100 of net asset value.
(9) Represents Class B Shares.
Statements of Operations
Hibernia Funds
August 31, 2003
| Capital | Louisiana | Mid Cap | ||||||
---|---|---|---|---|---|---|---|---|---|
Investment Income: |
|
|
|
|
|
|
|
| |
Dividends |
| $ 3,772,149 | (1) |
| $ 19,234 | (2) |
| $ 492,127 |
|
Interest |
| 154,807 |
|
| 4,514,020 |
|
| 50,711 |
|
Total income |
| 3,926,956 |
|
| 4,533,254 |
|
| 542,838 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
Investment adviser fee (Note 5) |
| 1,686,771 |
|
| 399,991 |
|
| 382,539 |
|
Administrative personnel and services fee (Note 5) |
| 262,364 |
|
| 103,760 |
|
| 59,692 |
|
Custodian fees (Note 5) |
| 49,981 |
|
| 22,222 |
|
| 15,000 |
|
Transfer and dividend disbursing agent fees and expenses (Note 5) |
| 94,773 |
|
| 57,403 |
|
| 74,189 |
|
Directors'/Trustees' fees |
| 24,869 |
|
| 9,227 |
|
| 5,912 |
|
Auditing fees |
| 22,850 |
|
| 15,444 |
|
| 13,940 |
|
Legal fees |
| 11,377 |
|
| 8,742 |
|
| 10,349 |
|
Portfolio accounting fees (Note 5) |
| 78,979 |
|
| 62,647 |
|
| 60,751 |
|
Distribution services fee (Note 5) |
| 618,543 | (3) |
| 240,968 | (4) |
| 144,261 | (5) |
Shareholder services fee (Note 5) |
| 28,143 | (7) |
| 9,376 | (7) |
| 8,374 | (7) |
Share registration costs |
| 26,624 |
|
| 33,071 |
|
| 21,039 |
|
Printing and postage |
| 16,163 |
|
| 10,126 |
|
| 9,322 |
|
Insurance premiums |
| 7,588 |
|
| 4,829 |
|
| 4,284 |
|
Miscellaneous |
| 7,082 |
|
| 5,707 |
|
| 4,574 |
|
Total expenses |
| 2,936,107 |
|
| 983,513 |
|
| 814,226 |
|
Waivers (Note 5): |
|
|
|
|
|
|
|
|
|
Waiver of investment adviser fee |
| -- |
|
| (204,440 | ) |
| -- |
|
Waiver of distribution services fee |
| -- |
|
| (85,136 | )(8) |
| -- |
|
Total waivers |
| -- |
|
| (289,576 | ) |
| -- |
|
Net expenses |
| 2,936,107 |
|
| 693,937 |
|
| 814,226 |
|
Net investment income (net operating loss) |
| 990,849 |
|
| 3,839,317 |
|
| (271,388 | ) |
Realized and Unrealized Gain (Loss) on Investments: |
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on investments |
| 15,490,759 |
|
| 174,785 |
|
| 528,822 |
|
Net change in unrealized appreciation/depreciation of investments |
| 2,302,262 |
|
| (1,210,531 | ) |
| 7,078,054 |
|
Net realized and unrealized gain (loss) on investments |
| 17,793,021 |
|
| (1,035,746 | ) |
| 7,606,876 |
|
Change in net assets resulting from operations |
| $18,783,870 |
|
| $ 2,803,571 |
|
| $ 7,335,488 | |
(1) Net of foreign taxes withheld of $22,859.
(2) Received from affiliated issuer.
(3) Represents distribution services fee of $534,114 and $84,429, for Class A Shares and Class B Shares, respectively.
(4) Represents distribution services fee of $212,841 and $28,127, for Class A Shares and Class B Shares, respectively.
(5) Represents distribution services fee of $119,139 and $25,122, for Class A Shares and Class B Shares, respectively.
(6) Represents distribution services fee of $509,260 and $5,378 for Class A Shares and Class B Shares, respectively.
(7) Represents shareholder services fee for Class B Shares.
(8) Represents distribution services fee waiver for Class A Shares.
(9) Represents distribution services fee waiver of $305,556 and $3,892 for Class A Shares and Class B Shares, respectively.
Total Return | U.S. Government | Cash | U.S. Treasury | |||||||
---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
|
|
|
|
| $ -- |
|
| $ -- |
|
| $ -- |
|
| $ -- |
| 2,589,607 |
|
| 4,180,470 |
|
| 2,736,429 |
|
| 2,440,822 |
| 2,589,607 |
|
| 4,180,470 |
|
| 2,736,429 |
|
| 2,440,822 |
|
|
|
|
|
|
|
|
|
|
|
| 336,438 |
|
| 399,199 |
|
| 817,684 |
|
| 775,768 |
| 56,102 |
|
| 103,541 |
|
| 238,542 |
|
| 226,150 |
| 14,910 |
|
| 22,178 |
|
| 45,884 |
|
| 43,788 |
| 42,356 |
|
| 36,269 |
|
| 120,001 |
|
| 78,667 |
| 6,448 |
|
| 9,455 |
|
| 18,512 |
|
| 19,479 |
| 13,216 |
|
| 15,490 |
|
| 20,536 |
|
| 21,040 |
| 9,460 |
|
| 9,823 |
|
| 8,424 |
|
| 7,235 |
| 46,629 |
|
| 44,519 |
|
| 65,818 |
|
| 50,872 |
| 120,157 |
|
| 221,777 |
|
| 514,638 | (6) |
| -- |
| -- |
|
| -- |
|
| 1,793 | (7) |
| -- |
| 16,867 |
|
| 18,164 |
|
| 28,500 |
|
| 14,968 |
| 6,834 |
|
| 8,823 |
|
| 8,297 |
|
| 17,952 |
| 4,202 |
|
| 4,827 |
|
| 6,688 |
|
| 6,390 |
| 3,308 |
|
| 3,344 |
|
| 3,769 |
|
| 4,985 |
| 676,927 |
|
| 897,409 |
|
| 1,899,086 |
|
| 1,267,294 |
|
|
|
|
|
|
|
|
|
|
|
| (192,251 | ) |
| (186,293 | ) |
| (511,052 | ) |
| -- |
| -- |
|
| (88,711 | ) |
| (309,448 | )(9) |
| -- |
| (192,251 | ) |
| (275,004 | ) |
| (820,500 | ) |
| -- |
| 484,676 |
|
| 622,405 |
|
| 1,078,586 |
|
| 1,267,294 |
| 2,104,931 |
|
| 3,558,065 |
|
| 1,657,843 |
|
| 1,173,528 |
|
|
|
|
|
|
|
|
|
|
|
| 91,618 |
|
| 264,479 |
|
| (3,311 | ) |
| -- |
| (614,776 | ) |
| (1,282,435 | ) |
| -- |
|
| -- |
| (523,158 | ) |
| (1,017,956 | ) |
| (3,311 | ) |
| -- |
| $ 1,581,773 |
|
| $ 2,540,109 |
|
| $ 1,654,532 |
|
| $ 1,173,528 |
Statements of Changes in Net Assets
Hibernia Funds
August 31, 2003
Capital | Louisiana Municipal | |||||||
---|---|---|---|---|---|---|---|---|
Year Ended | Year Ended | Year Ended | Year Ended | |||||
Increase (Decrease) in Net Assets: | ||||||||
Operations: | ||||||||
Net investment income (net operating loss) | $ 990,849 | $ 384,057 | $ 3,839,317 | $ 4,149,073 | ||||
Net realized gain (loss) on investments | 15,490,759 | (950,715) | 174,785 | 619,601 | ||||
Net change in unrealized appreciation/depreciation on investments | 2,302,262 | (45,807,932) | (1,210,531) | (354,577) | ||||
Change in net assets resulting from operations | 18,783,870 | (46,374,590) | 2,803,571 | 4,414,097 | ||||
Distributions to Shareholders: |
| |||||||
Distributions from net investment income | (881,464)(1) | (244,475)(1) | (3,827,363)(3) | (4,086,979)(5) | ||||
Distributions from net realized gain on investments | -- | (12,476,358)(2) | (540,234)(4) | (24,766)(6) | ||||
Change in net assets from distributions to shareholders | (881,464) | (12,720,833) | (4,367,597) | (4,111,745) | ||||
Share Transactions: | ||||||||
Proceeds from sale of shares | 35,894,157 | 37,851,749 | 13,888,866 | 10,116,758 | ||||
Net asset value of shares issued to shareholders in payment of distributions declared | 326,238 | 10,175,033 | 1,793,212 | 1,593,985 | ||||
Cost of shares redeemed | (36,945,664) | (40,400,507) | (15,708,137) | (23,650,039) | ||||
Change in net assets from share transactions | (725,269) | 7,626,275 | (26,059) | (11,939,296) | ||||
Change in net assets | 17,177,137 | (51,469,148) | (1,590,085) | (11,636,944) | ||||
Net Assets: | ||||||||
Beginning of period | 229,593,426 | 281,062,574 | 87,185,329 | 98,822,273 | ||||
End of period | $ 246,770,563 | $ 229,593,426 | $ 85,595,244 | $ 87,185,329 | ||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ 364,657 | $ 255,272 | $ (31,365) | $ 8,445 | ||||
(1) Represents income distributions for Class A Shares.
(2) Represents gain distributions of $11,807,028 and $669,330 for Class A Shares and Class B Shares, respectively.
(3) Represents income distributions of $3,696,273 and $131,090 for Class A Shares and Class B Shares, respectively.
(4) Represents gain distributions of $520,530 and $19,704 for Class A Shares and Class B Shares, respectively.
(5) Represents income distributions of $4,048,547 and $38,432 for Class A Shares and Class B Shares, respectively.
(6) Represents gain distributions of $24,745 and $21 for Class A Shares and Class B Shares, respectively.
(7) Represents gain distributions of $229,776 and $21,377 for Class A Shares and Class B Shares, respectively.
Mid Cap | Total Return | U.S. Government | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||
|
|
|
|
|
| |||||
|
|
|
|
|
| |||||
$ (271,388) | $ (249,315) | �� | $ 2,104,931 | $ 3,094,712 | $ 3,558,065 | $ 4,104,366 | ||||
528,822 | (1,008,434) | 91,618 | (1,717,852) | 264,479 | 160,393 | |||||
7,078,054 | (2,784,892) | (614,776) | 1,129,204 | (1,282,435) | 1,791,775 | |||||
7,335,488 | (4,042,641) | 1,581,773 | 2,506,064 | 2,540,109 | 6,056,534 | |||||
|
|
|
|
|
| |||||
-- | -- | (2,404,027) | (3,153,612) | (4,153,568) | (4,561,490) | |||||
-- | (251,153)(7) | -- | -- | -- | -- | |||||
-- | (251,153) | (2,404,027) | (3,153,612) | (4,153,568) | (4,561,490) | |||||
|
|
|
|
|
| |||||
16,958,084 | 18,766,526 | 7,285,506 | 10,292,621 | 16,253,444 | 14,079,069 | |||||
|
|
|
|
|
| |||||
-- | 244,573 | 2,089,993 | 2,265,653 | 1,324,332 | 1,517,394 | |||||
(6,759,403) | (9,255,060) | (7,417,882) | (35,542,648) | (11,484,124) | (17,015,882) | |||||
10,198,681 | 9,756,039 | 1,957,617 | (22,984,374) | 6,093,652 | (1,419,419) | |||||
17,534,169 | 5,462,245 | 1,135,363 | (23,631,922) | 4,480,193 | 75,625 | |||||
|
|
|
|
|
| |||||
45,995,045 | 40,532,800 | 47,427,717 | 71,059,639 | 85,093,057 | 85,017,432 | |||||
$ 63,529,214 | $45,995,045 | $ 48,563,080 | $ 47,427,717 | $ 89,573,250 | $ 85,093,057 | |||||
$ -- | $ -- | $ 16,343 | $ 8,208 | $ 36,446 | $ 10,927 | |||||
Statements of Changes in Net Assets (continued)
Hibernia Funds
August 31, 2003
Cash Reserve | U.S. Treasury | |||||||
---|---|---|---|---|---|---|---|---|
| Year Ended | Year Ended | Year Ended | Year Ended | ||||
Increase (Decrease) in Net Assets |
|
|
|
| ||||
Operations: |
|
|
|
| ||||
Net investment income | $ 1,657,843 | $ 2,966,940 | $ 1,173,528 | $ 3,240,530 | ||||
Net realized loss on investments | (3,311) | (39,616) | -- | -- | ||||
Change in net assets resulting from operations | 1,654,532 | 2,927,324 | 1,173,528 | 3,240,530 | ||||
Distributions to Shareholders: |
|
|
|
| ||||
Distributions from net investment income | (1,663,528)(1) | (2,967,046)(2) | (1,173,759) | (3,240,894) | ||||
Share Transactions: |
|
|
|
| ||||
Proceeds from sale of shares | 327,590,041 | 409,027,049 | 720,769,448 | 937,319,419 | ||||
Net asset value of shares issued to shareholders in payment of distributions declared | 599,918 | 871,010 | 306,250 | 781,316 | ||||
Cost of shares redeemed | (357,943,914) | (441,606,020) | (693,275,644) | (954,667,403) | ||||
Change in net assets from share transactions | (29,753,955) | (31,707,961) | 27,800,054 | (16,566,668) | ||||
Change in net assets | (29,762,951) | (31,747,683) | 27,799,823 | (16,567,032) | ||||
Net Assets: |
|
|
|
| ||||
Beginning of period | 213,015,230 | 244,762,913 | 193,534,614 | 210,101,646 | ||||
End of period | $ 183,252,279 | $ 213,015,230 | $ 221,334,437 | $ 193,534,614 | ||||
Undistributed (distributions in excess of) net investment income included in net assets at end of period | $ 99 | $ 5,784 | $ (595) | $ (364) | ||||
(1) Represents income distributions of $1,659,423 and $4,105 for Class A Shares and Class B Shares, respectively.
(2) Represents income distributions of $2,961,560 and $5,486 for Class A Shares and Class B Shares, respectively.
Combined Notes to Financial Statements
Hibernia Funds
August 31, 2003
(1) ORGANIZATION
Hibernia Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of seven portfolios (individually referred to as the "Fund", or collectively as the "Funds") which are presented herein:
Portfolio Name | Diversification | Investment Objective | ||
Hibernia Capital Appreciation Fund ("Capital Appreciation Fund") | diversified | provide growth of capital and income. | ||
Hibernia Louisiana Municipal Income Fund | non-diversified | provide current income which is generally exempt from federal income tax and personal income taxes imposed by the state of Louisiana. | ||
Hibernia Mid Cap Equity Fund | diversified | total return. | ||
Hibernia Total Return Bond Fund | diversified | maximize total return. | ||
Hibernia U.S. Government Income Fund | diversified | provide current income. | ||
Hibernia Cash Reserve Fund | diversified | provide current income consistent with stability of principal. | ||
Hibernia U.S. Treasury Money Market Fund | diversified | provide current income consistent with stability of principal and liquidity. | ||
The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held.
(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--Municipal bonds are valued by an independent pricing service, taking into consideration yield, liquidity, risk, credit quality, coupon, maturity, type of issue and any other factors or market data the pricing service deems relevant. U.S. government securities, listed corporate bonds, and other fixed income and asset-backed 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 sale price reported on a national securities exchange. Cash Reserve Fund and U.S. Treasury Money Market Fund use the amortized cost method to value portfolio securities in accordance with Rule 2a-7 under the Act. For Capital Appreciation Fund, Louisiana Municipal Income Fund, Mid Cap Equity Fund, Total Return Bond Fund and U.S. Government Income Fund, short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities purchased with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair market value. Securities for which no quotations are readily available are valued at fair value as determined in good faith under procedures adopted by the Board of Trustees of the Funds (the "Trustees"). Investments in other open-end regulated investment companies are valued at net asset value.
Repurchase Agreements--It is the policy of the Funds to require the custodian bank to take possession, 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.
The Funds will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Funds' adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. The Funds, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.
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. Some of the Funds offer two classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Funds based on average daily net assets of each class, without distinction between share classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.
Premium and Discount Amortization/Paydown Gains and Losses--All premiums and discounts are amortized/accreted for financial statement purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income.
Federal Taxes--It is the Funds' policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to distribute to shareholders each year substantially all of their income. Accordingly, no provision for federal tax is 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 at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in good faith using methods approved by the Trustees.
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, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.
Other--Investment transactions are accounted for on a trade date basis.
(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
(without par value). Transactions in shares were as follows:
EQUITY AND INCOME FUNDS
| Capital Appreciation Fund | |||||||
---|---|---|---|---|---|---|---|---|
| Year Ended | Year Ended | ||||||
Class A Shares | Shares | Dollars | Shares | Dollars | ||||
Shares sold | 2,107,437 | $ 34,764,538 | 1,914,291 | $ 35,469,182 | ||||
Shares issued to shareholders in payment of distributions declared | 20,213 | 326,238 | 466,797 | 9,512,547 | ||||
Shares redeemed | (2,139,768) | ( 35,022,703) | (1,939,804) | (37,362,872) | ||||
Net change resulting from Class A Share transactions | (12,118) | $ 68,073 | 441,284 | $ 7,618,857 | ||||
| Capital Appreciation Fund | |||||||
---|---|---|---|---|---|---|---|---|
Year Ended | Year Ended | |||||||
Class B Shares | Shares | Dollars | Shares | Dollars | ||||
Shares sold | 71,932 | $ 1,129,619 | 127,411 | $ 2,382,567 | ||||
Shares issued to shareholders in payment of distributions declared | -- | -- | 33,663 | 662,486 | ||||
Shares redeemed | (123,930) | (1,922,961) | (168,766) | (3,037,635) | ||||
Net change resulting from Class B Share transactions | (51,998) | $ (793,342) | (7,692) | $ 7,418 | ||||
Net change resulting from Fund Share transactions | (64,116) | $ (725,269) | 433,592 | $ 7,626,275 | ||||
| Louisiana Municipal Income Fund | |||||||
---|---|---|---|---|---|---|---|---|
Year Ended | Year Ended | |||||||
Class A Shares | Shares | Dollars | Shares | Dollars | ||||
Shares sold | 1,030,960 | $ 11,871,838 | 654,106 | $ 7,355,483 | ||||
Shares issued to shareholders in payment of distributions declared | 148,357 | 1,689,721 | 140,232 | 1,569,686 | ||||
Shares redeemed | (1,309,069) | (14,962,703) | (2,117,870) | (23,645,878) | ||||
Net change resulting from Class A Share transactions | (129,752) | $ (1,401,144) | (1,323,532) | $ (14,720,709) | ||||
| Louisiana Municipal Income Fund | |||||||
---|---|---|---|---|---|---|---|---|
Year Ended | Year Ended | |||||||
Class B Shares | Shares | Dollars | Shares | Dollars | ||||
Shares sold | 176,584 | $ 2,017,028 | 245,995 | $ 2,761,275 | ||||
Shares issued to shareholders in payment of distributions declared | 9,079 | 103,491 | 2,162 | 24,299 | ||||
Shares redeemed | (65,233) | (745,434) | (371) | (4,161) | ||||
Net change resulting from Class B Share transactions | 120,430 | $ 1,375,085 | 247,786 | $ 2,781,413 | ||||
Net change resulting from Fund Share transactions | (9,322) | $ (26,059) | (1,075,746) | $ (11,939,296) | ||||
1. Class B Shares of Louisiana Municipal Income Fund were first offered on November 15, 2001.
| Mid Cap Equity Fund | |||||||
---|---|---|---|---|---|---|---|---|
Year Ended | Year Ended | |||||||
Class A Shares | Shares | Dollars | Shares | Dollars | ||||
Shares sold | 1,438,616 | $ 16,335,457 | 1,447,038 | $ 17,825,039 | ||||
Shares issued to shareholders in payment of distributions declared | -- | -- | 18,240 | 223,260 | ||||
Shares redeemed | (528,498) | (6,090,301) | (694,509) | (8,570,003) | ||||
Net change resulting from Class A Share transactions | 910,118 | $ 10,245,156 | 770,769 | $ 9,478,296 | ||||
| Mid Cap Equity Fund | |||||||
---|---|---|---|---|---|---|---|---|
Year Ended | Year Ended | |||||||
Class B Shares | Shares | Dollars | Shares | Dollars | ||||
Shares sold | 56,823 | $ 622,627 | 78,130 | $ 941,487 | ||||
Shares issued to shareholders in payment of distributions declared | -- | -- | 1,787 | 21,313 | ||||
Shares redeemed | (62,151) | (669,102) | (58,571) | (685,057) | ||||
Net change resulting from Class B Share transactions | (5,328) | $ (46,475) | 21,346 | $ 277,743 | ||||
Net change resulting from Fund Share transactions | 904,790 | $ 10,198,681 | 792,115 | $ 9,756,039 | ||||
| Total Return Bond Fund | |||||||
---|---|---|---|---|---|---|---|---|
Year Ended | Year Ended | |||||||
| Shares | Dollars | Shares | Dollars | ||||
Shares sold | 716,373 | $ 7,285,506 | 1,038,211 | $ 10,292,621 | ||||
Shares issued to shareholders in payment of distributions declared | 205,542 | 2,089,993 | 228,762 | 2,265,653 | ||||
Shares redeemed | (727,008) | (7,417,882) | (3,592,202) | (35,542,648) | ||||
Net change resulting from Fund Share transactions | 194,907 | $ 1,957,617 | (2,325,229) | $ (22,984,374) | ||||
| U.S. Government Income Fund | |||||||
---|---|---|---|---|---|---|---|---|
Year Ended | Year Ended | |||||||
| Shares | Dollars | Shares | Dollars | ||||
Shares sold | 1,544,848 | $ 16,253,444 | 1,363,191 | $ 14,079,069 | ||||
Shares issued to shareholders in payment of distributions declared | 126,328 | 1,324,332 | 147,591 | 1,517,394 | ||||
Shares redeemed | (1,092,294) | (11,484,124) | (1,643,576) | (17,015,882) | ||||
Net change resulting from Fund Share transactions | 578,882 | $ 6,093,652 | (132,794) | $ (1,419,419) | ||||
MONEY MARKET FUNDS
| Cash Reserve Fund | |||||||
---|---|---|---|---|---|---|---|---|
Year Ended | Year Ended | |||||||
Class A Shares | Shares | Dollars | Shares | Dollars | ||||
Shares sold | 327,318,475 | $ 327,318,475 | 408,331,342 | $ 408,331,342 | ||||
Shares issued to shareholders in payment of distributions declared | 595,940 | 595,940 | 865,712 | 865,712 | ||||
Shares redeemed | (357,650,686) | (357,650,686) | (441,092,181) | (441,092,181) | ||||
Net change resulting from Class A Share transactions | (29,736,271) | $ (29,736,271) | (31,895,127) | $ (31,895,127) | ||||
| Cash Reserve Fund | |||||||
---|---|---|---|---|---|---|---|---|
Year Ended | Year Ended | |||||||
Class B Shares | Shares | Dollars | Shares | Dollars | ||||
Shares sold | 271,566 | $ 271,566 | 695,707 | $ 695,707 | ||||
Shares issued to shareholders in payment of distributions declared | 3,978 | 3,978 | 5,298 | 5,298 | ||||
Shares redeemed | (293,228) | (293,228) | (513,839) | (513,839) | ||||
Net change resulting from Class B Share transactions | (17,684) | $ (17,684) | 187,166 | $ 187,166 | ||||
Net change resulting from Fund Share transactions | (29,753,955) | $ (29,753,955) | (31,707,961) | $ (31,707,961) | ||||
| U.S. Treasury Money Market Fund | |||||||
---|---|---|---|---|---|---|---|---|
Year Ended | Year Ended | |||||||
| Shares | Dollars | Shares | Dollars | ||||
Shares sold | 720,769,448 | $ 720,769,448 | 937,319,419 | $ 937,319,419 | ||||
Shares issued to shareholders in payment of distributions declared | 306,250 | 306,250 | 781,316 | 781,316 | ||||
Shares redeemed | (693,275,644) | (693,275,644) | (954,667,403) | (954,667,403) | ||||
Net change resulting from Fund Share transactions | 27,800,054 | $ 27,800,054 | (16,566,668) | $ (16,566,668) | ||||
(4) FEDERAL TAX INFORMATION
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to differing treatments for net operating losses, expiration of capital loss carryforwards and discount accretion/premium amortization of debt securities.
For the year ended August 31, 2003, permanent differences identified and reclassified among the components of net assets were as follows:
Fund | Paid-In | Undistributed | Accumulated | |||
---|---|---|---|---|---|---|
Louisiana Municipal Income Fund | $ -- | $ (51,764) | $ 51,764 | |||
Mid Cap Equity Fund | (271,384) | 271,388 | (4) | |||
Total Return Bond Fund | -- | 307,231 | (307,231) | |||
U.S. Government Income Fund | (1,349,514) | 621,022 | 728,492 |
Net investment income, net realized gains (losses), and net assets were not affected by this reclassification.
The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended August 31, 2003 and 2002 was as follows:
| 2003 | 2002 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Fund | Tax-Exempt | Ordinary | Long-Term | Tax-Exempt | Ordinary | Long-Term | ||||||
Capital Appreciation Fund | $ -- | $ 881,464 | $ -- | $ -- | $ 244,475 | $ 12,476,358 | ||||||
Louisiana Municipal Income Fund | 3,827,233 | 265 | 540,099 | 4,086,979 | 784 | 23,982 | ||||||
Mid Cap Equity Fund | -- | -- | -- | -- | -- | 251,153 | ||||||
Total Return Bond Fund | -- | 2,404,027 | -- | -- | 3,153,612 | -- | ||||||
U.S. Government Income Fund | -- | 4,153,568 | -- | -- | 4,561,490 | -- | ||||||
Cash Reserve Fund | -- | 1,663,528 | -- | -- | 2,967,046 | -- | ||||||
U.S. Treasury Money Market Fund | -- | 1,173,759 | -- | -- | 3,240,894 | -- |
* For tax purposes short-term capital gain distributions are considered ordinary income.
As of August 31, 2003, the components of distributable earnings on a tax basis were as follows:
Fund | Undistributed | Undistributed | Undistributed | Net | Capital Loss | |||||
---|---|---|---|---|---|---|---|---|---|---|
Capital Appreciation Fund | $ -- | $ 710,058 | $ 14,191,200 | $ 60,003,615 | $ -- | |||||
Louisiana Municipal Income Fund | 161,819 | 417 | 151,011 | 4,454,409 | -- | |||||
Mid Cap Equity Fund | -- | -- | -- | 7,533,356 | 479,837 | |||||
Total Return Bond Fund | -- | 42,951 | -- | 2,328,984 | 2,241,177 | |||||
U.S. Government Income Fund | -- | 252,478 | -- | 2,834,546 | 2,553,914 | |||||
Cash Reserve Fund | -- | 50,434 | -- | -- | 45,594 | |||||
U.S. Treasury Money Market Fund | -- | 42,176 | -- | -- | -- |
For federal income tax purposes, the following amounts apply as of August 31, 2003:
Fund | Cost of | Unrealized | Unrealized | Net Unrealized | ||||
---|---|---|---|---|---|---|---|---|
Capital Appreciation Fund | $ 185,594,108 | $ 68,216,720 | $ (8,213,105 ) | $ 60,003,615 | ||||
Louisiana Municipal Income Fund | 80,066,723 | 4,582,413 | (128,004 ) | 4,454,409 | ||||
Mid Cap Equity Fund | 55,938,265 | 9,759,927 | (2,226,571 ) | 7,533,356 | ||||
Total Return Bond Fund | 45,568,842 | 2,575,743 | (246,759 ) | 2,328,984 | ||||
U.S. Government Income Fund | 86,253,508 | 3,985,179 | (1,150,633 ) | 2,834,546 | ||||
Cash Reserve Fund | 187,140,393 * | -- | -- | -- | ||||
U.S. Treasury Money Market Fund | 221,361,912 * | -- | -- | -- |
* At amortized cost.
The difference between book-basis and tax-basis unrealized appreciation/depreciation is attributable in part to differing treatments for the tax deferral of losses on wash sales and discount accretion/premium amortization of debt securities.
At August 31, 2003, Mid Cap Equity Fund, Total Return Bond Fund, U.S. Government Income Fund and Cash Reserve Fund had capital loss carryforwards, as noted below, which will reduce the Fund's taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:
| Expiration Year |
| ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fund | 2004 | 2005 | 2008 | 2009 | 2010 | 2011 | Total | |||||||
Mid Cap Equity Fund | $ -- | $ -- | $ -- | $ -- | $ 4 | $ 479,833 | $ 479,837 | |||||||
Total Return Bond Fund | -- | -- | 2,538 | 159,669 | 152,412 | 1,926,558 | 2,241,177 | |||||||
U.S. Government Income Fund | 1,298,006 | 553,828 | 77,409 | 402,687 | 99,291 | 122,693 | 2,553,914 | |||||||
Cash Reserve Fund | -- | -- | -- | -- | 931 | 44,663 | 45,594 |
Under current tax regulations, capital losses realized after October 31 may be deferred and treated as occurring on the first day of the following fiscal year. As of August 31, 2003, for federal income tax purposes, the following Funds had post October losses as shown below which were deferred to September 1, 2003.
Fund Name | Post | |
---|---|---|
Total Return Bond Fund | $ 15,417 | |
U.S. Government Income Fund | 261,783 | |
Cash Reserve Fund | 3,223 |
(5) Investment Adviser Fee AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Adviser Fee--Hibernia National Bank, the Funds' investment adviser (the "Adviser") receives for its services an annual investment adviser fee based on a percentage of each Fund's average daily net assets as follows:
Fund | Annual | |
---|---|---|
Capital Appreciation Fund | 0.75% | |
Louisiana Municipal Income Fund | 0.45% | |
Mid Cap Equity Fund | 0.75% | |
Total Return Bond Fund | 0.70% | |
U.S. Government Income Fund | 0.45% | |
Cash Reserve Fund | 0.40% | |
U.S. Treasury Money Market Fund | 0.40% |
The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.
Administrative Fee--Federated Administrative Services ("FAS") provides the Funds with certain administrative personnel and services. The fee paid to FAS is based on the level of average aggregate net assets of the Trust for the reporting period. FAS may voluntarily choose to waive any portion of its fee. FAS can modify or terminate this voluntary waiver at any time at its sole discretion.
Maximum | Average Aggregate Daily Net Assets of | |
0.150% | on the first $250 million | |
0.125% | on the next $250 million | |
0.100% | on the next $250 million | |
0.075% | on assets in excess of $750 million |
Distribution Services Fee--The Funds have adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Funds will reimburse Edgewood Services, Inc, ("Edgewood"), the distributor, from the net assets of the Funds to finance activities intended to result in the sale of each Fund's shares. The Plan provides that the Funds, except for Class B Shares of the Capital Appreciation Fund, Louisiana Municipal Income Fund, Mid Cap Equity Fund and Cash Reserve Fund, may incur distribution expenses up to 0.25% of the average daily net assets of the Funds, annually, to reimburse Edgewood. Class B Shares of the Capital Appreciation Fund, Louisiana Municipal Income Fund, Mid Cap Equity Fund and Cash Reserve Fund may incur distribution expenses up to 0.75% of the average daily net assets of the Class B Shares, annually, to reimburse Edgewood. Edgewood may voluntarily choose to waive any portion of its fee. Edgewood can modify or terminate this voluntary waiver at any time at its sole discretion. For the year ended August 31, 2003, the U.S. Treasury Money Market Fund did not incur distribution services fees.
Shareholder Services Fee--Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), Class B Shares of Capital Appreciation Fund, Louisiana Municipal Income Fund, Mid Cap Equity Fund and Cash Reserve Fund will pay FSSC up to 0.25% of their average daily net assets for the reporting period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. 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--Federated Services Company ("FServ"), through its subsidiary, FSSC serves as transfer and dividend disbursing agent for the Funds. The fee paid to FSSC is based on the size, type and number of accounts and transactions made by shareholders. 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.
Portfolio Accounting Fees--FServ maintains the Funds' accounting records for which it receives a fee. The fee is based on the level of each Fund's average daily net assets for the reporting period, plus out-of-pocket expenses. 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.
Custodian Fees--Hibernia National Bank is the Funds' custodian for which it receives a fee. The fee is based on the level of each Fund's average daily net assets for the reporting period, plus out-of-pocket expenses.
Other Affiliated Parties and Transactions--Pursuant to an exemptive order issued by the Securities and Exchange Commission, the Funds may invest in certain affiliated money market funds which are distributed by an affiliate of the Funds' distributor. Income distributions earned by the Fund are recorded as income in the accompanying financial statements as follows:
Fund | Affiliated | Income from | ||
Louisiana Municipal Income Fund | Tax-Free Obligations Fund | $19,234 |
General--Certain of the Officers and Trustees of the Trust are Officers and Directors or Trustees of the above companies.
(6) INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations (and in-kind contributions), for the year ended August 31, 2003, were as follows:
Fund | Purchases | Sales | ||||
Capital Appreciation Fund |
| $68,335,364 |
|
| $61,174,214 |
|
Louisiana Municipal Income Fund |
| 7,423,644 |
|
| 8,252,551 |
|
Mid Cap Equity Fund |
| 23,113,195 |
|
| 11,741,117 |
|
Total Return Bond Fund |
| 2,868,183 |
|
| 2,000,000 |
|
U.S. Government Income Fund |
| 4,948,070 |
|
| 2,245,000 |
|
(7) CONCENTRATION OF CREDIT RISK
Since Louisiana Municipal Income Fund invests a substantial portion of its assets in issuers located in one state, it will be more susceptible to factors adversely affecting issuers of that state than would be a comparable general tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at August 31, 2003, 75.5% of the securities in the portfolio of investments were backed by letters of credit or bond insurance of various financial institutions and financial guaranty assurance agencies. The value of investments insured by or supported (backed) by a letter of credit from any one institution or agency did not exceed 25.8% of total investments.
(8) FEDERAL TAX INFORMATION (UNAUDITED)
For the year ended August 31, 2003, the amount of long-term capital gain designated by the Louisiana Municipal Income Fund was $540,099.
Of the ordinary income (including short-term capital gain) distributions made by the Capital Appreciation Fund during the year ended August 31, 2003, 89.04% qualify for the dividend received deduction available to corporate shareholders.
At August 31, 2003, 100% of the distributions from net investment income for the Louisiana Municipal Income Fund is exempt from federal income tax, other than alternative minimum tax.
Report of Ernst & Young LLP, Independent Auditors
To the Shareholders and Board of Trustees of
Hibernia Funds
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Hibernia Capital Appreciation Fund, Hibernia Louisiana Municipal Income Fund, Hibernia Mid Cap Equity Fund, Hibernia Total Return Bond Fund, Hibernia U.S. Government Income Fund, Hibernia Cash Reserve Fund and Hibernia U.S. Treasury Money Market Fund (the seven portfolios constituting the Hibernia Funds) (the "Trust") as of August 31, 2003, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2003, by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective portfolios constituting the Hibernia Funds at August 31, 2003, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States.
/s/ Ernst & Young LLP
Boston, Massachusetts
October 8, 2003
Board of Trustees and Trust Officers
The following tables give information about each Board member and the senior officers of the Funds. The tables separately list Board members who are "interested persons" of the Funds (i.e., "Interested" Board members) and those who are not (i.e., "Independent" Board members). The Hibernia Fund Complex consists of seven investment company portfolios. Unless otherwise noted, each Officer is elected annually and each Board member oversees all portfolios in the Hibernia Fund Complex and serves for an indefinite term. The Funds' Statement of Additional Information includes additional information about the Funds' Trustees and is available, without charge and upon request, by calling 1-800-999-0426.
INTERESTED TRUSTEES BACKGROUND
Name | Principal Occupation(s), Other Directorships Held and Previous Position(s) | |
---|---|---|
Edward C. Gonzales* | Principal Occupation: President, Executive Vice President and Treasurer of some of the Funds in the Federated Investors Fund Complex; Vice Chairman, Federated Investors, Inc.; Trustee, Federated Administrative Services. Previous Positions: Trustee or Director of some of the Funds in the Federated Investors, Fund Complex; CEO and Chairman, Federated Administrative Services. |
* Mr. Gonzales is deemed an interested Trustee due to the positions that he holds with Federated Investors, Inc., the parent company of the Funds' distributor.
INDEPENDENT TRUSTEES BACKGROUND
Name | Principal Occupation(s), Previous Position(s) and Other Directorships Held | |
---|---|---|
Arthur Rhew Dooley, Jr. | Principal Occupation: Chairman, Dooley Tackaberry, Inc. (distributors and fabricators of fire protection and safety equipment), 1967 to Present; Registered Other Directorships Held: Director, Loop Cold Storage Company; UTM.D. Anderson Cancer Center Board of Visitors. | |
Teri G. Fontenot | Principal Occupation: President and Chief Executive Officer of Woman's Other Directorships Held: Immediate Past Chair of Louisiana Hospital Association; Federal Reserve Bank of Atlanta-New Orleans Branch Board; Alliance Bank Board; Committee of 100; Chair of Hospital Billing and Collection Services Board; Louisiana Commission on Perinatal Care and Infant Mortality; National Institutes of Health Advisory Committee on Research on Women's Health. |
Board of Trustees and Trust Officers
INDEPENDENT TRUSTEES BACKGROUND (CONT.)
Name | Principal Occupation(s), Other Directorships Held and Previous Position(s) | |
---|---|---|
Joe N. Averett, Jr. | Principal Occupation: President of Crystal Gas Storage, Inc., a wholly owned subsidiary of El Paso Corporation (NYSE:EP). Other Directorships Held: Chairman of Sci-Port Discovery Center (Science Museum and IMAX Theater): Louisiana State University in Shreveport Foundation, Past President; Committee of 100; Red River Radio Network (affiliate of National Public Radio). | |
Ernest E. Howard III | Principal Occupation: Retired President and Chief Executive Officer of FM Properties, predecessor to Stratus Properties, Inc. (NASDAQ: STRS) and Retired Senior Vice President of Freeport-McMoRan Inc. and Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX). |
OFFICERS
Name | Principal Occupation(s) and Previous Position(s) | |
---|---|---|
Peter J. Germain | Principal Occupation: Senior Vice President of Federated Services Company. Previous Position: Senior Corporate Counsel, Federated Investors, Inc. | |
Richard J. Thomas | Principal Occupations: Treasurer of the Federated Investors Fund Complex; Senior Vice President, Federated Administrative Services. Previous Positions: Vice President, Federated Administrative Services; held various management positions within Funds Financial Services Division of Federated Investors, Inc. | |
Timothy S. Johnson | Principal Occupation: Counsel, Reed Smith LLP. Previous Positions: Vice President and Corporate Counsel, Federated Services Company; Secretary, Edgewood Services, Inc.; Secretary or Assistant Secretary of various funds distributed by Edgewood Services, Inc. and Federated Securities Corp., Assistant Secretary of the Funds December 1998 - September 2001. |
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. An investment in Hibernia Cash Reserve Fund and Hibernia U.S. Treasury Money Market Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these Funds.
Edgewood Services, Inc., Distributor of the Funds
G01262-01 (10/03)
Item 2. Code of Ethics As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer and Principal Financial Officer; the registrant's Principal Financial Officer also serves as the Principal Accounting Officer. The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 1-800-999-0426, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers. Item 3. Audit Committee Financial Expert The registrant's Board has determined that each member of the Board's Audit Committee is an "audit committee financial expert," and that each such member is "independent," for purposes of this Item. The Audit Committee consists of the following Board members: Joe N. Averett, Jr., Arthur Rhew Dooley, Jr., Teri G. Fontenot and Ernest E. Howard, III. 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. [Reserved] Item 9. 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 10. 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 Hibernia Funds By /S/ Richard J. Thomas, Principal Financial Officer Date October 23, 2003 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/ Peter J. Germain, Principal Executive Officer Date October 23, 2003 By /S/Richard J. Thomas, Principal Financial Officer Date October 23, 2003