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MANAGEMENT INVESTMENT COMPANIES
BISYS Fund Services, 3435 Stelzer Road Columbus, Ohio | 43219 | |
(Address of principal executive offices) | (Zip code) |
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Letter to Shareholders | 1 | |||
Management Discussion of Fund Performance | ||||
Classic Institutional Cash Management Money Market Fund | 3 | |||
Classic Institutional Municipal Cash Reserve Money Market Fund | 4 | |||
Classic Institutional U.S. Government Securities Money Market Fund | 5 | |||
Classic Institutional U.S. Treasury Securities Money Market Fund | 6 | |||
Schedules of Portfolio Investments | 8 | |||
Statements of Assets and Liabilities | 19 | |||
Statements of Operations | 20 | |||
Statements of Changes in Net Assets | 21 | |||
Financial Highlights | 22 | |||
Notes to Financial Statements | 24 | |||
Report of Independent Registered Public Accounting Firm | 31 | |||
Trustees and Officers of the STI Classic Funds | 32 | |||
Additional Information | 34 |
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![-s- David H. Eidson](https://capedge.com/proxy/N-CSR/0000950152-07-005043/l25757al2575701.gif)
President and CEO
Trusco Capital Management, Inc.
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Institutional | ||||
Yields (as of March 31, 2007) | Shares | |||
7 Day Average Yield | 5.24 | |||
7 Day Effective Yield | 5.38 | |||
30 Day Average Yield | 5.21 |
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Institutional | ||||
Yields (as of March 31, 2007) | Shares | |||
7 Day Average Yield | 3.46 | |||
7 Day Effective Yield | 3.52 | |||
30 Day Average Yield | 3.40 |
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Institutional | ||||
Yields (as of March 31, 2007) | Shares | |||
7 Day Average Yield | 5.12 | |||
7 Day Effective Yield | 5.25 | |||
30 Day Average Yield | 5.10 |
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• Kimberly C. Maichle, CFA
• Greg Hallman
Institutional | Corporate | |||||||
Yields (as of March 31, 2007) | Shares | Trust Shares | ||||||
7 Day Average Yield | 5.08 | 4.83 | ||||||
7 Day Effective Yield | 5.21 | 4.94 | ||||||
30 Day Average Yield | 5.08 | 4.83 |
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Classic Institutional Cash Management Money Market Fund
Principal | |||||||||
Amount($) | Value($) | ||||||||
Certificates of Deposit (5.5%) | |||||||||
Banks (5.5%) | |||||||||
Barclays Bank PLC NY, 5.320%, 06/04/07 (b) | 35,000 | 35,000 | |||||||
Canadian Imperial Bank NY, 5.375%, 02/27/08 (b) | 50,000 | 50,000 | |||||||
HBOS Treasury Services PLC, 5.400%, 08/27/07 (c) (d) | 50,000 | 50,000 | |||||||
Nordea Bank Finland NY, 5.300%, 06/15/07 (b) | 75,000 | 75,000 | |||||||
Total Certificates of Deposit (Cost $210,000) | 210,000 | ||||||||
Commercial Paper (40.4%) | |||||||||
Banks (8.1%) | |||||||||
Allied Irish Banks N.A., Inc., 5.340%, 11/08/07 (c) | 25,000 | 24,233 | |||||||
Australia & New Zealand National Ltd., 5.395%, 05/15/07 (c) (d) | 50,000 | 49,691 | |||||||
Australia & New Zealand National Ltd., 5.541%, 07/11/07 (c) (d) | 12,000 | 11,825 | |||||||
Australia & New Zealand National Ltd., 5.272%, 09/27/07 (c) (d) | 35,000 | 34,140 | |||||||
DEPFA Bank PLC, 5.423%, 09/18/07 (c) (d) | 50,000 | 48,802 | |||||||
DEPFA Bank PLC, 5.321%, 12/17/07 (c) (d) | 35,000 | 33,736 | |||||||
Skandinaviska Enskilda Bank AB, 5.385%, 11/06/07 (c) (d) | 25,000 | 24,234 | |||||||
Societe Generale, 5.508%, 05/01/07 (c) | 50,000 | 49,783 | |||||||
Societe Generale, 5.374%, 06/21/07 (c) | 35,000 | 34,595 | |||||||
311,039 | |||||||||
Diversified Financial Services (32.3%) | |||||||||
Anglesea Funding LLC, 5.416%, 04/17/07 (c) (d) | 35,000 | 34,919 | |||||||
Anglesea Funding LLC, 5.339%, 08/15/07 (c) (d) | 50,000 | 49,018 | |||||||
Bear Stearns Cos., Inc., 5.518%, 04/05/07 (b) | 35,000 | 35,000 | |||||||
Bear Stearns Cos., Inc., 5.508%, 06/12/07 (b) | 50,000 | 50,000 | |||||||
Catapult-PmX Funding LLC, 5.320%, 11/30/07 (b) (d) | 50,000 | 49,990 | |||||||
Chesham Finance LLC, 5.431%, 04/12/07 (c) (d) | 65,000 | 64,900 | |||||||
Chesham Finance LLC, 5.430%, 07/09/07 (c) (d) | 35,000 | 34,498 | |||||||
Chesham Finance LLC, 5.310%, 08/02/07 (b) (d) | 35,000 | 34,997 | |||||||
Credit Suisse First Boston USA, Inc., 5.688%, 04/13/07 (c) (d) | 25,000 | 24,955 | |||||||
Danske Corp., 5.242%, 12/03/07 (c) | 40,000 | 38,658 | |||||||
Davis Square III Funding Corp., 5.409%, 04/03/07 (c) (d) | 14,810 | 14,806 | |||||||
Davis Square III Funding Corp., 5.414%, 04/11/07 (c) (d) | 50,000 | 49,927 | |||||||
East-Fleet Finance LLC, 5.442%, 04/02/07 (c) (d) | 100,000 | 99,984 | |||||||
Ebury Finance LLC, 5.430%, 04/17/07 (c) (d) | 35,000 | 34,919 | |||||||
Ebury Finance LLC, 5.300%, 10/19/07 (b) (d) | 50,000 | 49,993 | |||||||
Grampian Funding LLC, 5.395%, 05/22/07, LOC: HBOS Treasury Services PLC (c) (d) | 50,000 | 49,631 | |||||||
ING (US) Funding LLC, 5.680%, 04/05/07 (c) | 35,000 | 34,979 | |||||||
Ixis Commercial Paper Corp., 5.301%, 05/16/07 (c) (d) | 40,000 | 39,738 | |||||||
Ixis Commercial Paper Corp., 5.363%, 06/14/07 (c) (d) | 35,000 | 34,629 | |||||||
Merrill Lynch & Co., Inc., 5.449%, 05/15/07 (c) | 35,000 | 34,778 | |||||||
Mica Funding LLC, 5.334%, 04/16/07 (c) (d) | 50,000 | 49,889 | |||||||
Morgan Stanley Dean Witter, 5.403%, 07/09/07 (c) | 35,000 | 34,501 | |||||||
Nelnet Student Asset Funding LLC, 5.297%, 08/30/07 (c) (d) | 30,000 | 29,367 | |||||||
Nestle Capital Corp., 5.548%, 08/01/07 (c) (d) | 55,000 | 54,030 | |||||||
New Center Asset Trust, 5.310%, 06/28/07 (c) | 40,000 | 39,489 | |||||||
New Center Asset Trust, 5.416%, 07/11/07 (c) | 35,000 | 34,488 |
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Classic Institutional Cash Management Money Market Fund — continued
Principal | |||||||||
Amount($) | Value($) | ||||||||
Diversified Financial Services—continued | |||||||||
New Center Asset Trust, 5.420%, 08/02/07 (c) | 40,000 | 39,288 | |||||||
Sigma Finance, Inc., 5.263%, 10/03/07 (c) (d) | 25,000 | 24,342 | |||||||
Tierra Alta Funding Ltd., 5.399%, 04/18/07 (c) (d) | 35,860 | 35,771 | |||||||
Westpac Securities NZ Ltd., 5.329%, 10/26/07 (c) | 35,000 | 33,960 | |||||||
1,235,444 | |||||||||
Total Commercial Paper (Cost $1,546,483) | 1,546,483 | ||||||||
Corporate Bonds (40.8%) | |||||||||
Banks (1.3%) | |||||||||
National City Bank Cleveland, 5.315%, 09/18/07 (b) | 25,000 | 24,999 | |||||||
Wells Fargo Bank N.A., 5.300%, 06/11/07 (b) | 25,000 | 25,000 | |||||||
49,999 | |||||||||
Diversified Financial Services (39.5%) | |||||||||
Atlas Capital Funding Corp., 5.350%, 07/16/07 (b) (d) | 75,000 | 74,999 | |||||||
Atlas Capital Funding Corp., 5.340%, 09/10/07 (b) (d) | 30,000 | 30,000 | |||||||
Bear Stearns Cos., Inc., 5.330%, 01/09/08 (b) | 35,000 | 35,000 | |||||||
Beta Finance, Inc., 5.315%, 07/25/07 (b) (d) | 35,000 | 34,999 | |||||||
Beta Finance, Inc., 5.305%, 09/28/07 (b) (d) | 30,000 | 29,999 | |||||||
Beta Finance, Inc., 5.300%, 10/23/07 (d) | 30,000 | 30,000 | |||||||
Beta Finance, Inc., 5.410%, 02/11/08 (b) (d) | 25,000 | 25,000 | |||||||
CC USA, Inc., 5.330%, 05/30/07 (d) | 50,000 | 50,000 | |||||||
CC USA, Inc., 5.310%, 10/23/07 (b) (d) | 30,000 | 29,998 | |||||||
Cheyne Finance LLC, 5.323%, 05/15/07 (b) (d) | 50,000 | 49,999 | |||||||
Cheyne Finance LLC, 5.315%, 11/26/07 (b) (d) | 35,000 | 34,995 | |||||||
Cheyne Finance LLC, 5.308%, 03/26/08 (b) (d) | 50,000 | 49,994 | |||||||
Cullinan Finance Corp., 5.320%, 10/25/07 (b) (d) | 50,000 | 49,997 | |||||||
Cullinan Finance Corp., 5.315%, 01/23/08 (b) (d) | 35,000 | 34,999 | |||||||
Cullinan Finance Corp., 5.315%, 03/12/08 (b) (d) | 50,000 | 49,995 | |||||||
Dorada Finance, Inc., 5.315%, 07/25/07 (b) (d) | 30,000 | 29,999 | |||||||
Dorada Finance, Inc., 5.305%, 09/18/07 (b) (d) | 35,000 | 34,998 | |||||||
Dorada Finance, Inc., 5.430%, 01/30/08 (b) (d) | 40,000 | 40,000 | |||||||
Five Finance, Inc., 5.310%, 05/25/07 (b) (d) | 35,000 | 34,999 | |||||||
Five Finance, Inc., 5.315%, 05/31/07 (b) (d) | 21,000 | 21,000 | |||||||
Five Finance, Inc., 5.310%, 08/15/07 (b) (d) | 35,000 | 34,999 | |||||||
Five Finance, Inc., 5.310%, 10/30/07 (b) (d) | 25,000 | 24,997 | |||||||
K2 (USA) LLC, 5.325%, 08/07/07 (b) (d) | 30,000 | 30,000 | |||||||
K2 (USA) LLC, 5.320%, 11/21/07 (b) (d) | 50,000 | 49,997 | |||||||
K2 (USA) LLC, 5.435%, 01/30/08 (b) (d) | 40,000 | 40,000 | |||||||
Liberty Light US Capital, 5.320%, 05/11/07 (b) (d) | 40,000 | 40,000 | |||||||
Liberty Light US Capital, 5.320%, 06/29/07 (b) (d) | 15,000 | 15,000 | |||||||
Liberty Light US Capital, 5.320%, 02/04/08 (b) (d) | 75,000 | 74,994 | |||||||
Merrill Lynch & Co., Inc., Ser C, 5.285%, 05/14/07 (b) | 50,000 | 50,000 | |||||||
Morgan Stanley, 5.400%, 03/04/08 (b) | 25,000 | 25,000 | |||||||
Sigma Finance, Inc., 5.320%, 08/06/07 (b) (d) | 25,000 | 25,000 | |||||||
Sigma Finance, Inc., 5.315%, 01/15/08 (b) (d) | 35,000 | 34,999 | |||||||
Sigma Finance, Inc., 5.315%, 01/15/08 (b) (d) | 50,000 | 49,998 | |||||||
Stanfield Victoria LLC, 5.300%, 04/16/07 (b) (d) | 30,000 | 30,000 | |||||||
Stanfield Victoria LLC, 5.325%, 08/20/07 (b) (d) | 50,000 | 50,000 | |||||||
Stanfield Victoria LLC, 5.320%, 01/25/08 (b) (d) | 35,000 | 35,000 | |||||||
Toyota Motor Credit Corp., 5.375%, 02/27/08 (b) | 50,000 | 50,000 |
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Classic Institutional Cash Management Money Market Fund — concluded
Principal | |||||||||
Amount($) | Value($) | ||||||||
Diversified Financial Services—continued | |||||||||
Toyota Motor Credit Corp., Ser B, 5.340%, 07/16/07 (b) | 50,000 | 50,004 | |||||||
Whistlejacket Capital Ltd., 5.280%, 05/15/07 (b) (d) | 30,000 | 30,000 | |||||||
1,510,958 | |||||||||
Total Corporate Bonds (Cost $1,560,957) | 1,560,957 | ||||||||
Master Notes (2.8%) | |||||||||
Bank of America Corp., 5.014% (b) (e) | 108,000 | 108,000 | |||||||
Total Master Notes (Cost $108,000) | 108,000 | ||||||||
Municipal Bonds (1.1%) | |||||||||
Colorado (0.1%) | |||||||||
Colorado Housing & Finance Authority, RB, 5.350%, 11/01/35, LOC: Lloyds TSB Bank PLC (b) | 5,080 | 5,080 | |||||||
Illinois (0.3%) | |||||||||
Wheaton College, University Improvements, Ser A, RB, 5.350%, 10/01/35, LOC: JP Morgan Chase Bank (b) | 10,000 | 10,000 | |||||||
Mississippi (0.1%) | |||||||||
Mississippi Development Bank, Special Obligation, MCEDA Board Project, RB, 5.390%, 12/01/23, AMBAC, LOC: Wachovia Bank N.A. (b) | 3,630 | 3,630 | |||||||
Virginia (0.6%) | |||||||||
Newport News Economic Development Authority, Ship Building Project, Ser A, RB, 5.390%, 07/01/31, LOC: Wachovia Bank N.A. (b) | 4,120 | 4,120 | |||||||
Newport News Economic Development Authority, Ship Building Project, Ser A, RB, 5.440%, 07/01/31, LOC: Wachovia Bank N.A. (b) | 20,405 | 20,405 | |||||||
24,525 | |||||||||
Total Municipal Bonds (Cost $43,235) | 43,235 | ||||||||
Short-Term Investment (0.0%) | |||||||||
Brown Brothers Cayman Cash Sweep, 4.630% | 171 | 171 | |||||||
Total Short-Term Investment (Cost $171) | 171 | ||||||||
Time Deposits (10.1%) | |||||||||
Barclays Bank, 5.350% (b) | 68,796 | 68,796 | |||||||
BNP Paribas, 5.410% (b) | 167,390 | 167,390 | |||||||
Deutsche Bank AG, 5.350% (b) | 151,138 | 151,138 | |||||||
Total Time Deposits (Cost $387,324) | 387,324 | ||||||||
Total Investments (Cost $3,856,170) (a) — 100.7% | 3,856,170 | ||||||||
Liabilities in excess of other assets — (0.7)% | (27,110 | ) | |||||||
Net Assets — 100.0% | $ | 3,829,060 | |||||||
(a) | Aggregate cost for federal income tax and financial reporting purposes is the same. |
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. |
(c) | Rate represents the effective yield at purchase. |
(d) | Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 63.0% of net assets as of March 31, 2007. |
(e) | Perpetual maturity. |
AMBAC | — | Security insured by American Municipal Bond Assurance Corporation | ||
LLC | — | Limited Liability Corporation | ||
LOC | — | Letter of Credit | ||
PLC | — | Public Limited Company | ||
RB | — | Revenue Bond | ||
Ser | — | Series |
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Classic Institutional Municipal Cash Reserve Money Market Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Commercial Paper (1.7%) | |||||||||
Florida (1.7%) | |||||||||
Miami Dade County, 3.560%, 06/01/07, LOC: BNP Paribas and Dexia Credit | 2,000 | 2,000 | |||||||
Total Commercial Paper (Cost $2,000) | 2,000 | ||||||||
Municipal Bonds (95.3%) | |||||||||
Alabama (0.5%) | |||||||||
Alabama Special Care Facilities, Financing Authority Hospital, Depreciable Assets, RB, 3.610%, 04/01/15, FGIC (b) | 600 | 600 | |||||||
Arkansas (1.8%) | |||||||||
Pulaski County Public Facilities Board, Multifamily Housing, Ser PT-3772, RB, AMT, 3.780%, 02/01/43, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 2,040 | 2,040 | |||||||
California (3.9%) | |||||||||
California Housing Finance Agency, Home Mortgage, Ser U, RB, AMT, 3.810%, 02/01/31, FSA (b) | 100 | 100 | |||||||
Los Angeles Regional Airports Improvement Corp., Sublease, Los Angeles International Airport, RB, 3.800%, 12/01/25, LOC: Societe Generale (b) | 4,500 | 4,500 | |||||||
4,600 | |||||||||
Colorado (7.3%) | |||||||||
Arkansas River Power Authority, Ser PT-3550, RB, 3.710%, 10/01/26, XLCA (b) (c) | 3,500 | 3,500 | |||||||
Denver City & County Airport, Ser E, AMT, 5.000%, 11/15/07, XLCA | 1,000 | 1,009 | |||||||
Westminster, Ser PT-2784, COP, 3.720%, 12/01/25, Callable 12/01/15 @ 100, MBIA (b) (c) | 4,000 | 4,000 | |||||||
8,509 | |||||||||
Connecticut (2.5%) | |||||||||
Connecticut Housing Finance Authority, Mortgage Finance Program, SubSer B-2, RB, AMT, 3.690%, 11/15/38, AMBAC (b) | 2,900 | 2,900 | |||||||
Florida (11.9%) | |||||||||
Collier County Housing Finance Authority, Brittany Apartments Project, Ser A, RB, AMT, 3.700%, 07/15/34, FNMA (b) | 2,050 | 2,050 | |||||||
Florida Gulf Coast University Financing Corp., Capital Improvements, RB, 3.650%, 12/01/33, LOC: Wachovia Bank N.A. (b) | 2,960 | 2,960 | |||||||
Florida Housing Finance Corp., Multifamily Housing, Stone Harbor Apartments, Ser K, RB, AMT, 3.700%, 07/15/36, LOC: Amsouth Bank (b) | 5,000 | 5,000 | |||||||
Marion County Hospital District, Health Systems Improvement, Munroe Regional Health, RB, 3.680%, 10/01/30, LOC: Amsouth Bank (b) | 960 | 960 | |||||||
Orange County Housing Finance Authority, Multifamily Housing, Northbridge Phase II, Ser A, RB, AMT, 3.700%, 09/15/36, LOC: Southtrust Bank N.A. (b) | 900 | 900 | |||||||
Tampa-Hillsborough County Expressway Authority, Trust Receipts K13, Ser D, RB, 3.700%, 07/01/23, AMBAC (b) (c) | 2,000 | 2,000 | |||||||
13,870 | |||||||||
Georgia (2.6%) | |||||||||
Fulton County Development Authority, King’s Ridge Christian School, RB, 3.680%, 05/01/26, LOC: Branch Banking & Trust (b) | 3,000 | 3,000 | |||||||
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Classic Institutional Municipal Cash Reserve Money Market Fund — continued
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Idaho (1.7%) | |||||||||
Idaho Health Facilities Authority, St. Luke’s Regional Medical Center Project, RB, 3.800%, 07/01/35, FSA (b) | 2,000 | 2,000 | |||||||
Illinois (7.6%) | |||||||||
Chicago Sales Tax, Ser PT-2866, RB, 3.720%, 01/01/26, Callable 07/01/15 @ 100, FSA (b) (c) | 2,800 | 2,800 | |||||||
Illinois Development Finance Authority, Lyric Opera Chicago Project, RB, 3.700%, 12/01/28 (b) | 1,000 | 1,000 | |||||||
Illinois Housing Development Authority, Multifamily Housing, Ser PT-3806, RB, 3.740%, 07/01/48, Callable 07/01/16 @ 100, AMBAC (b) (c) | 5,000 | 5,000 | |||||||
8,800 | |||||||||
Indiana (7.0%) | |||||||||
Baugo School Building Corp., Ser PT-3109, RB, 3.720%, 07/15/24, Callable 07/15/15 @ 100, FSA (b) (c) | 2,000 | 2,000 | |||||||
Indiana Bond Bank, Ser PT-2259, RB, 3.720%, 02/01/12, AMBAC (b) (c) | 2,000 | 2,000 | |||||||
Wayne Township — Marion County School Building Corp., Ser PT-2896, RB, 3.720%, 07/15/26, Callable 07/15/15 @ 100, FGIC (b) (c) | 4,190 | 4,190 | |||||||
8,190 | |||||||||
Maryland (6.0%) | |||||||||
Montgomery County Housing Opportunities Commission, Wisconsin Park Association LP, Issue I, RB, AMT, 3.690%, 06/01/30, FNMA (b) | 5,000 | 5,000 | |||||||
Montgomery County Housing Opportunities Commission, Oakfield Apartments, Issue I, RB, AMT, 3.700%, 10/15/39, FNMA (b) | 2,000 | 2,000 | |||||||
7,000 | |||||||||
Massachusetts (3.0%) | |||||||||
Massachusetts Development Finance Agency, Boston University, Ser R-2, RB, 3.810%, 10/01/42 (b) | 3,500 | 3,500 | |||||||
Michigan (6.4%) | |||||||||
Michigan Housing Development Authority, Rental Housing, Ser A, RB, AMT, 3.690%, 10/01/39, FGIC (b) | 2,500 | 2,500 | |||||||
Michigan Housing Development Authority, Ser C, RB, AMT, 3.690%, 06/01/30, FSA (b) | 5,000 | 5,000 | |||||||
7,500 | |||||||||
Nevada (5.2%) | |||||||||
Las Vegas, Ser C, GO, 3.800%, 06/01/36, LOC: Lloyds TSB Bank PLC (b) | 4,000 | 4,000 | |||||||
Washoe County, Ser PT-3452, RB, 3.710%, 12/01/35, LOC: Dexia Credit Local (b) (c) | 2,000 | 2,000 | |||||||
6,000 | |||||||||
New Jersey (1.9%) | |||||||||
Essex County Improvement Authority, Ser PA-648, RB, 3.680%, 10/01/20, FGIC (b) (c) | 2,250 | 2,250 | |||||||
New York (2.6%) | |||||||||
New York City Capital Resources Corp., Enhanced Assistance Program, RB, 3.620%, 01/01/26, LOC: Bank of America N.A. (b) | 2,900 | 2,899 |
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Classic Institutional Municipal Cash Reserve Money Market Fund — continued
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
New York—continued | |||||||||
New York City Housing Development Corp., Multifamily, Manhattan Court Development, Ser A, RB, AMT, 3.690%, 06/01/36, LOC: Citibank N.A. (b) | 100 | 100 | |||||||
2,999 | |||||||||
North Carolina (0.9%) | |||||||||
Raleigh, Downtown Improvement Projects, Ser B, COP, 3.650%, 02/01/34, LOC: Depfa Bank PLC (b) | 1,000 | 1,000 | |||||||
Pennsylvania (5.2%) | |||||||||
Allegheny County, Pittsburgh International Airport, Ser A-1, RB, AMT, 5.750%, 01/01/08, MBIA | 1,000 | 1,015 | |||||||
Delaware County Industrial Development Authority, Airport Facilities, United Parcel Service Project, RB, 3.810%, 12/01/15 (b) | 3,000 | 3,000 | |||||||
Philadelphia Redevelopment Authority, Residential Mortgage Loan, Ser PA-1444, RB, AMT, 3.720%, 12/01/28, Callable 06/01/16 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 2,000 | 2,000 | |||||||
6,015 | |||||||||
Texas (5.4%) | |||||||||
Gulf Coast Waste Disposal Authority, Pollution Control, Exxon Mobil Corp. Project, RB, 3.760%, 10/01/24 (b) | 1,500 | 1,500 | |||||||
Mesquite Industrial Development Corp., Championship Rodeo, RB, 3.950%, 12/01/10, LOC: JP Morgan Chase & Co. Texas N.A. (b) | 760 | 760 | |||||||
Texas Municipal Gas Acquisition & Supply Corp. I, Gas Supply, Ser PA-1453-R, RB, 3.730%, 12/15/17, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 4,000 | 4,000 | |||||||
6,260 | |||||||||
Virginia (1.8%) | |||||||||
Farmville Industrial Development Authority, Educational Facilities, Longwood Student Housing, Ser A, RB, 3.640%, 09/01/36, LOC: Bank of America (b) | 2,080 | 2,080 | |||||||
Wisconsin (1.8%) | |||||||||
Wisconsin Health & Educational Facilities Authority, Gundersen Lutheran, Ser B, RB, 3.850%, 05/01/33, FGIC (b) | 2,150 | 2,150 | |||||||
Wyoming (4.3%) | |||||||||
Lincoln County Pollution Control, Exxon Mobil Corp. Project, Ser D, RB, 3.760%, 11/01/14 (b) | 5,000 | 5,000 | |||||||
Other (4.0%) | |||||||||
Putable Floating Rate Option, Tax-Exempt Receipts, Sunamerica Trust 2001-2, Cl A, RB, AMT, 3.740%, 12/01/31, FHLMC (b) (c) | 4,710 | 4,710 | |||||||
Total Municipal Bonds (Cost $110,973) | 110,973 | ||||||||
Money Market Fund (2.6%) | |||||||||
Fidelity Tax Free Fund, 3.280% | 3,079,624 | 3,080 | |||||||
Total Money Market Fund (Cost $3,080) | 3,080 | ||||||||
Total Investments (Cost $116,053) (a) — 99.6% | 116,053 | ||||||||
Other assets in excess of liabilities — 0.4% | 429 | ||||||||
Net Assets — 100.0% | $ | 116,482 | |||||||
13
Table of Contents
Classic Institutional Municipal Cash Reserve Money Market Fund — concluded
(a) | Aggregate cost for federal income tax and financial reporting purposes is the same. |
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. |
(c) | Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 36.5% of net assets as of March 31, 2007. |
AMBAC | — | Security insured by American Municipal Bond Assurance Corporation | ||
AMT | — | Alternative Minimum Tax Paper | ||
COP | — | Certificates of Participation | ||
FGIC | — | Security insured by Financial Guaranty Insurance Company | ||
FHLMC | — | Security insured by Freddie Mac | ||
FNMA | — | Security insured by Fannie Mae | ||
FSA | — | Security insured by Financial Security Assurance, Inc. | ||
GO | — | General Obligation | ||
LOC | — | Letter of Credit | ||
MBIA | — | Security insured by Municipal Bond Insurance Association | ||
PLC | — | Public Limited Company | ||
RB | — | Revenue Bond | ||
Ser | — | Series | ||
XLCA | — | Security insured by XL Capital Assurance, Inc. |
14
Table of Contents
Classic Institutional U.S. Government Securities Money Market Fund
Principal | |||||||||
Amount($) | Value($) | ||||||||
U.S. Government Agencies (43.2%) | |||||||||
Fannie Mae (14.9%) | |||||||||
5.304%, 04/27/07 (b) | 10,000 | 9,964 | |||||||
5.475%, 04/30/07 (b) | 10,000 | 9,958 | |||||||
5.295%, 05/01/07 (b) | 77,012 | 76,690 | |||||||
5.587%, 06/01/07 (b) | 10,000 | 9,911 | |||||||
4.375%, 09/07/07 | 2,575 | 2,565 | |||||||
5.274%, 09/28/07 (b) | 9,200 | 8,972 | |||||||
5.300%, 01/08/08, Callable 06/17/07 @ 100 | 14,500 | 14,501 | |||||||
132,561 | |||||||||
Federal Farm Credit Bank (3.4%) | |||||||||
5.250%, 06/06/07 (c) | 30,000 | 30,001 | |||||||
Federal Home Loan Bank (12.0%) | |||||||||
5.240%, 04/23/07 (c) | 10,000 | 10,000 | |||||||
5.240%, 04/25/07 (c) | 10,000 | 10,000 | |||||||
5.240%, 06/27/07 (c) | 13,700 | 13,700 | |||||||
5.200%, 10/17/07, Callable 04/17/07 @ 100 | 9,900 | 9,896 | |||||||
5.400%, 10/26/07, Callable 06/29/07 @ 100 | 12,400 | 12,400 | |||||||
5.280%, 02/07/08 (c) | 37,500 | 37,499 | |||||||
5.280%, 02/07/08 (c) | 5,000 | 5,000 | |||||||
5.375%, 02/28/08, Callable 05/02/07 @ 100 | 8,200 | 8,200 | |||||||
106,695 | |||||||||
Freddie Mac (12.9%) | |||||||||
5.319%, 04/17/07 (b) | 10,000 | 9,978 | |||||||
5.293%, 05/01/07 (b) | 10,000 | 9,959 | |||||||
2.875%, 05/15/07 | 13,892 | 13,851 | |||||||
5.521%, 07/11/07 (b) | 15,000 | 14,782 | |||||||
4.000%, 08/17/07 | 2,755 | 2,742 | |||||||
4.050%, 09/24/07 | 3,100 | 3,083 | |||||||
5.173%, 09/27/07 (c) | 39,000 | 38,992 | |||||||
4.625%, 10/05/07 | 9,300 | 9,273 | |||||||
5.350%, 12/19/07, Callable 06/19/07 @ 100 | 10,000 | 10,000 | |||||||
5.375%, 03/14/08, Callable 05/15/07 @ 100 | 2,000 | 2,000 | |||||||
114,660 | |||||||||
Total U.S. Government Agencies (Cost $383,917) | 383,917 | ||||||||
Repurchase Agreements (65.5%) | |||||||||
ABN AMRO Bank N.V., 5.305%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $69,903 (collateralized by U.S. Government Agencies; 5.000%, due 04/01/34; total market value $71,270) | 69,872 | 69,872 | |||||||
BNP Paribas, 5.265%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $88,203 (collateralized by U.S. Government Agencies; 4.700% - 6.375%, due 06/15/09 - 07/28/10; total market value $89,929) | 88,165 | 88,165 | |||||||
HSBC Securities, Inc., 5.295%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $163,065 (collateralized by U.S. Government Agencies; 5.000% - 7.500%, due 05/15/13 - 03/20/37; total market value $166,256) | 162,993 | 162,993 | |||||||
Lehman Brothers, Inc., 5.255%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $29,748 (collateralized by U.S. Government Agencies; 5.500%, due 11/01/34; total market value $30,329) | 29,735 | 29,735 | |||||||
Merrill Lynch & Co., Inc., 5.255%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $15,729 (collateralized by U.S. Government Agencies; 4.000% - 6.500%, due 09/15/18 - 02/15/32; total market value $16,040) | 15,722 | 15,722 |
15
Table of Contents
Classic Institutional U.S. Government Securities Money Market Fund — concluded
Principal | |||||||||
Amount($) | Value($) | ||||||||
Repurchase Agreements—continued | |||||||||
Morgan Stanley, 5.265%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $62,851 (collateralized by U.S. Government Agencies; 4.013% - 6.553%, due 04/01/33 - 11/01/42; total market value $64,089) | 62,824 | 62,824 | |||||||
UBS Warburg LLC, 5.335%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $153,298 (collateralized by U.S. Government Agencies; DN - 6.500%, due 05/15/18 - 06/25/43; total market value $156,297) | 153,229 | 153,229 | |||||||
Total Repurchase Agreements (Cost $582,540) | 582,540 | ||||||||
Total Investments (Cost $966,457) (a) — 108.7% | 966,457 | ||||||||
Liabilities in excess of other assets — (8.7)% | (77,244 | ) | |||||||
Net Assets — 100.0% | $ | 889,213 | |||||||
(a) | Aggregate cost for federal income tax and financial reporting purposes is the same. |
(b) | Rate represents the effective yield at purchase. |
(c) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. |
DN | — | Discount Note | ||
LLC | — | Limited Liability Corporation |
16
Table of Contents
Classic Institutional U.S. Treasury Securities Money Market Fund
Principal | |||||||||
Amount($) | Value($) | ||||||||
U.S. Treasury Obligations (6.1%) | |||||||||
U.S. Treasury Bills (6.1%) | |||||||||
5.129%, 04/12/07 (b) | 43,000 | 42,935 | |||||||
5.169%, 07/26/07 (b) | 80,000 | 78,719 | |||||||
Total U.S. Treasury Obligations (Cost $121,654) | 121,654 | ||||||||
Repurchase Agreements (94.3%) | |||||||||
ABN AMRO Bank N.V., 5.015%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $231,279 (collateralized by U.S. Treasury Obligations; DN, due 11/15/27; total market value $235,806) | 231,182 | 231,182 | |||||||
Bear Stearns Cos., Inc., 4.915%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $24,743 (collateralized by U.S. Treasury Obligations; 1.875%-12.000%, due 11/15/09-01/15/25; total market value $28,752) | 24,733 | 24,733 | |||||||
BNP Paribas, 4.965%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $281,493 (collateralized by U.S. Treasury Obligations; 1.625%-10.625%, due 03/31/07- 08/15/29; total market value $287,004) | 281,377 | 281,377 | |||||||
Deutsche Bank AG, 5.015%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $88,170 (collateralized by U.S. Treasury Obligations; DN-9.125%, due 08/30/07-05/15/18; total market value $89,896) | 88,133 | 88,133 | |||||||
Dresdner Bank AG, 5.065%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $138,050 (collateralized by U.S. Treasury Obligations; DN-8.750%, due 04/05/07-02/15/37; total market value $140,754) | 137,992 | 137,992 | |||||||
Greenwich Capital Markets, Inc., 5.085%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $256,848 (collateralized by U.S. Treasury Obligations; 4.000%-4.875%, due 04/15/10-08/31/11; total market value $261,876) | 256,740 | 256,740 | |||||||
HSBC Securities, Inc., 5.015%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $340,238 (collateralized by U.S. Treasury Obligations; DN-9.125%, due 08/15/17-02/15/21; total market value $346,898) | 340,095 | 340,095 | |||||||
JP Morgan Chase & Co., 5.035%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $44,990 (collateralized by U.S. Treasury Obligations; 8.125%, due 05/15/21; total market value $45,874) | 44,971 | 44,971 | |||||||
Lehman Brothers, Inc., 4.665%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $26,858 (collateralized by U.S. Treasury Obligations; 8.500%, due 02/15/20; total market value $27,385) | 26,847 | 26,847 |
17
Table of Contents
Classic Institutional U.S. Treasury Securities Money Market Fund — concluded
Principal | |||||||||
Amount($) | Value($) | ||||||||
Repurchase Agreements—continued | |||||||||
Merrill Lynch & Co., Inc., 5.065%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $52,160 (collateralized by U.S. Treasury Obligations; 4.750%, due 12/31/08; total market value $53,183) | 52,138 | 52,138 | |||||||
Morgan Stanley, 5.065%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $53,362 (collateralized by U.S. Treasury Obligations; DN, due 11/15/10-02/15/12; total market value $54,407) | 53,340 | 53,340 | |||||||
UBS Warburg LLC, 5.085%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $330,233 (collateralized by U.S. Treasury Obligations; DN, due 02/15/26-02/15/36; total market value $336,696) | 330,093 | 330,093 | |||||||
Total Repurchase Agreements (Cost $1,867,641) | 1,867,641 | ||||||||
Total Investments (Cost $1,989,295) (a) — 100.4% | 1,989,295 | ||||||||
Liabilities in excess of other assets — (0.4)% | (7,111 | ) | |||||||
Net Assets — 100.0% | $ | 1,982,184 | |||||||
(a) | Aggregate cost for federal income tax and financial reporting purposes is the same. |
(b) | Rate represents the effective yield at purchase. |
DN | — | Discount Note | ||
LLC | — | Limited Liability Corporation |
18
Table of Contents
Classic | |||||||||||||||||
Institutional | Classic | Classic | Classic | ||||||||||||||
Cash | Institutional | Institutional | Institutional | ||||||||||||||
Management | Municipal Cash | U.S. Government | U.S. Treasury | ||||||||||||||
Money Market | Reserve Money | Securities Money | Securities Money | ||||||||||||||
Fund | Market Fund | Market Fund | Market Fund | ||||||||||||||
Assets: | |||||||||||||||||
Total Investments, at Cost | $ | 3,856,170 | $ | 116,053 | $ | 966,457 | $ | 1,989,295 | |||||||||
Total Investments, at Value | $ | 3,856,170 | $ | 116,053 | $ | 383,917 | $ | 121,654 | |||||||||
Repurchase Agreements, at Cost | — | — | 582,540 | 1,867,641 | |||||||||||||
Total Investments | 3,856,170 | 116,053 | 966,457 | 1,989,295 | |||||||||||||
Interest and Dividends Receivable | 17,710 | 753 | 2,272 | 522 | |||||||||||||
Receivable for Capital Shares Issued | 7,200 | — | 1,199 | 1,276 | |||||||||||||
Receivable from Investment Adviser | — | 2 | — | — | |||||||||||||
Prepaid Expenses | 5 | 1 | 4 | 5 | |||||||||||||
Total Assets | 3,881,085 | 116,809 | 969,932 | 1,991,098 | |||||||||||||
Liabilities: | |||||||||||||||||
Income Distributions Payable | 16,408 | 321 | 3,859 | 8,264 | |||||||||||||
Payable for Investment Securities Purchased | 34,948 | — | 76,689 | — | |||||||||||||
Investment Advisory Fees Payable | 388 | — | 113 | �� | 246 | ||||||||||||
Administration and Fund Accounting Fees Payable | 75 | — | 15 | 41 | |||||||||||||
Compliance Services Fees Payable | 13 | — | 4 | 12 | |||||||||||||
Shareholder Service Fees Payable | — | — | — | 268 | |||||||||||||
Custodian Fees Payable | 10 | 1 | 4 | 11 | |||||||||||||
Accrued Expenses | 183 | 5 | 35 | 72 | |||||||||||||
Total Liabilities | 52,025 | 327 | 80,719 | 8,914 | |||||||||||||
Total Net Assets | $ | 3,829,060 | $ | 116,482 | $ | 889,213 | $ | 1,982,184 | |||||||||
Net Assets Consist of: | |||||||||||||||||
Capital | $ | 3,829,209 | $ | 116,484 | $ | 889,201 | $ | 1,982,336 | |||||||||
Undistributed Net Investment Income | 57 | 1 | 15 | 126 | |||||||||||||
Accumulated Net Realized Losses on Investment Transactions | (206 | ) | (3 | ) | (3 | ) | (278 | ) | |||||||||
Total Net Assets | $ | 3,829,060 | $ | 116,482 | $ | 889,213 | $ | 1,982,184 | |||||||||
Net Assets: | |||||||||||||||||
Institutional Shares | $ | 3,829,060 | $ | 116,482 | $ | 889,213 | $ | 715,831 | |||||||||
Corporate Trust Shares | N/A | N/A | N/A | $ | 1,266,353 | ||||||||||||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||||||||||||
Institutional Shares | 3,829,209 | 116,484 | 889,201 | 715,839 | |||||||||||||
Corporate Trust Shares | N/A | N/A | N/A | 1,266,497 | |||||||||||||
Net Asset Value, Offering and Redemption Price Per Share: | |||||||||||||||||
Institutional Shares | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | |||||||||
Corporate Trust Shares | N/A | N/A | N/A | $ | 1.00 |
Amounts designated as “—” are $0 or have been rounded to $0.
19
Table of Contents
Classic | ||||||||||||||||||
Institutional | Classic | Classic | Classic | |||||||||||||||
Cash | Institutional | Institutional | Institutional | |||||||||||||||
Management | Municipal Cash | U.S. Government | U.S. Treasury | |||||||||||||||
Money Market | Reserve Money | Securities Money | Securities Money | |||||||||||||||
Fund | Market Fund | Market Fund | Market Fund | |||||||||||||||
Investment Income: | ||||||||||||||||||
Interest Income | $ | 176,873 | $ | 3,103 | $ | 46,786 | $ | 146,394 | ||||||||||
Dividend Income | — | 61 | — | 15 | ||||||||||||||
Total Investment Income | 176,873 | 3,164 | 46,786 | 146,409 | ||||||||||||||
Expenses: | ||||||||||||||||||
Investment Advisory Fees | 4,190 | 134 | 1,372 | 4,129 | ||||||||||||||
Administration and Fund Accounting Fees | 855 | 22 | 231 | 724 | ||||||||||||||
Shareholder Service Fees — Corporate Trust Shares | — | — | — | 5,159 | ||||||||||||||
Compliance Services Fees | 61 | 1 | 17 | 55 | ||||||||||||||
Custodian Fees | 33 | 8 | 12 | 38 | ||||||||||||||
Professional Fees | 161 | 4 | 35 | 107 | ||||||||||||||
Insurance Fees | 71 | 1 | 22 | 67 | ||||||||||||||
Registration Fees | (33 | ) | 10 | (2 | ) | (19 | ) | |||||||||||
Transfer Agent Fees | (8 | ) | — | (4 | ) | (11 | ) | |||||||||||
Printing Fees | 42 | (1 | ) | 8 | 24 | |||||||||||||
Trustees’ Fees | 76 | 2 | 21 | 66 | ||||||||||||||
Other Fees | (5 | ) | 21 | (11 | ) | 22 | ||||||||||||
Total Expenses | 5,443 | 202 | 1,701 | 10,361 | ||||||||||||||
Less: Investment Advisory Fees Waived | — | (18 | ) | — | — | |||||||||||||
Less: Administration Fees Waived | (32 | ) | (8 | ) | (9 | ) | (16 | ) | ||||||||||
Net Expenses | 5,411 | 176 | 1,692 | 10,345 | ||||||||||||||
Net Investment Income | 171,462 | 2,988 | 45,094 | 136,064 | ||||||||||||||
Net Realized Gain (Loss) on Investments: | ||||||||||||||||||
Net Realized Gain (Loss) on Investments Sold | (17 | ) | (2 | ) | (3 | ) | — | |||||||||||
Change in Net Assets from Operations | $ | 171,445 | $ | 2,986 | $ | 45,091 | $ | 136,064 | ||||||||||
Amounts designated as “—” are $0 or have been rounded to $0.
20
Table of Contents
Classic Institutional | Classic Institutional | Classic Institutional | |||||||||||||||||||||||||
Cash Management | Municipal Cash Reserve | U.S. Government Securities | |||||||||||||||||||||||||
Money Market Fund | Money Market Fund | Money Market Fund | |||||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 08/02/05*- | 04/01/06- | 04/01/05- | ||||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | ||||||||||||||||||||||
Operations: | |||||||||||||||||||||||||||
Net Investment Income | $ | 171,462 | $ | 107,489 | $ | 2,988 | $ | 1,515 | $ | 45,094 | $ | 31,805 | |||||||||||||||
Net Realized Gain (Loss) on Investments Sold | (17 | ) | (163 | ) | (2 | ) | — | (3 | ) | — | |||||||||||||||||
Change in Net Assets from Operations | 171,445 | 107,326 | 2,986 | 1,515 | 45,091 | 31,805 | |||||||||||||||||||||
Dividends and Distributions to Shareholders: | |||||||||||||||||||||||||||
Net Investment Income: | |||||||||||||||||||||||||||
Institutional Shares | (171,406 | ) | (107,488 | ) | (2,987 | ) | (1,515 | ) | (45,079 | ) | (31,805 | ) | |||||||||||||||
Corporate Trust Shares | |||||||||||||||||||||||||||
Net Realized Gains: | |||||||||||||||||||||||||||
Institutional Shares | — | — | (1 | ) | — | — | — | ||||||||||||||||||||
Total Dividends and Distributions | (171,406 | ) | (107,488 | ) | (2,988 | ) | (1,515 | ) | (45,079 | ) | (31,805 | ) | |||||||||||||||
Capital Transactions: | |||||||||||||||||||||||||||
Institutional Shares: | |||||||||||||||||||||||||||
Proceeds from Shares Issued | 12,236,686 | 10,474,192 | 790,559 | 449,804 | 3,537,661 | 3,737,790 | |||||||||||||||||||||
Reinvestment of Cash Distributions | 80,231 | 57,184 | 7 | — | 15,256 | 12,924 | |||||||||||||||||||||
Cost of Shares Redeemed | (11,463,417 | ) | (10,147,220 | ) | (800,064 | ) | (323,822 | ) | (3,615,491 | ) | (3,693,592 | ) | |||||||||||||||
Change in Net Assets from Institutional Shares | 853,500 | 384,156 | (9,498 | ) | 125,982 | (62,574 | ) | 57,122 | |||||||||||||||||||
Corporate Trust Shares: | |||||||||||||||||||||||||||
Proceeds from Shares Issued | |||||||||||||||||||||||||||
Cost of Shares Redeemed | |||||||||||||||||||||||||||
Change in Net Assets from Corporate Trust Shares | |||||||||||||||||||||||||||
Change in Net Assets from Capital Transactions | 853,500 | 384,156 | (9,498 | ) | 125,982 | (62,574 | ) | 57,122 | |||||||||||||||||||
Change in Net Assets | 853,539 | 383,994 | (9,500 | ) | 125,982 | (62,562 | ) | 57,122 | |||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||
Beginning of Period | 2,975,521 | 2,591,527 | 125,982 | — | 951,775 | 894,653 | |||||||||||||||||||||
End of Period | $ | 3,829,060 | $ | 2,975,521 | $ | 116,482 | $ | 125,982 | $ | 889,213 | $ | 951,775 | |||||||||||||||
Undistributed Net Investment Income, End of Period | $ | 57 | $ | 1 | $ | 1 | $ | — | $ | 15 | $ | — | |||||||||||||||
Share Transactions: | |||||||||||||||||||||||||||
Institutional Shares: | |||||||||||||||||||||||||||
Issued | 12,236,686 | 10,474,192 | 790,559 | 449,804 | 3,537,661 | 3,737,790 | |||||||||||||||||||||
Reinvested | 80,231 | 57,184 | 7 | — | 15,256 | 12,924 | |||||||||||||||||||||
Redeemed | (11,463,417 | ) | (10,147,220 | ) | (800,064 | ) | (323,822 | ) | (3,615,491 | ) | (3,693,592 | ) | |||||||||||||||
Change in Institutional Shares | 853,500 | 384,156 | (9,498 | ) | 125,982 | (62,574 | ) | 57,122 | |||||||||||||||||||
Corporate Trust Shares: | |||||||||||||||||||||||||||
Issued | |||||||||||||||||||||||||||
Redeemed | |||||||||||||||||||||||||||
Change in Corporate Trust Shares | |||||||||||||||||||||||||||
Change in Shares | 853,500 | 384,156 | (9,498 | ) | 125,982 | (62,574 | ) | 57,122 | |||||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Classic Institutional | |||||||||||
U.S. Treasury Securities | |||||||||||
Money Market Fund | |||||||||||
04/01/06- | 04/01/05- | ||||||||||
03/31/07 | 03/31/06 | ||||||||||
Operations: | |||||||||||
Net Investment Income | $ | 136,064 | $ | 88,517 | |||||||
Net Realized Gain (Loss) on Investments Sold | — | (37 | ) | ||||||||
Change in Net Assets from Operations | 136,064 | 88,480 | |||||||||
Dividends and Distributions to Shareholders: | |||||||||||
Net Investment Income: | |||||||||||
Institutional Shares | (39,647 | ) | (26,758 | ) | |||||||
Corporate Trust Shares | (96,366 | ) | (61,759 | ) | |||||||
Net Realized Gains: | |||||||||||
Institutional Shares | — | — | |||||||||
Total Dividends and Distributions | (136,013 | ) | (88,517 | ) | |||||||
Capital Transactions: | |||||||||||
Institutional Shares: | |||||||||||
Proceeds from Shares Issued | 4,075,327 | 5,829,775 | |||||||||
Reinvestment of Cash Distributions | 15,441 | 10,384 | |||||||||
Cost of Shares Redeemed | (4,276,728 | ) | (5,635,467 | ) | |||||||
Change in Net Assets from Institutional Shares | (185,960 | ) | 204,692 | ||||||||
Corporate Trust Shares: | |||||||||||
Proceeds from Shares Issued | 3,259,455 | 4,198,189 | |||||||||
Cost of Shares Redeemed | (4,061,601 | ) | (3,955,073 | ) | |||||||
Change in Net Assets from Corporate Trust Shares | (802,146 | ) | 243,116 | ||||||||
Change in Net Assets from Capital Transactions | (988,106 | ) | 447,808 | ||||||||
Change in Net Assets | (988,055 | ) | 447,771 | ||||||||
Net Assets: | |||||||||||
Beginning of Period | 2,970,239 | 2,522,468 | |||||||||
End of Period | $ | 1,982,184 | $ | 2,970,239 | |||||||
Undistributed Net Investment Income, End of Period | $ | 126 | $ | 75 | |||||||
Share Transactions: | |||||||||||
Institutional Shares: | |||||||||||
Issued | 4,075,327 | 5,829,775 | |||||||||
Reinvested | 15,441 | 10,384 | |||||||||
Redeemed | (4,276,728 | ) | (5,635,467 | ) | |||||||
Change in Institutional Shares | (185,960 | ) | 204,692 | ||||||||
Corporate Trust Shares: | |||||||||||
Issued | 3,259,455 | 4,198,189 | |||||||||
Redeemed | (4,061,601 | ) | (3,955,073 | ) | |||||||
Change in Corporate Trust Shares | (802,146 | ) | 243,116 | ||||||||
Change in Shares | (988,106 | ) | 447,808 | ||||||||
* | Commencement of operations. |
Amounts designated as “—” are either $0 or have been rounded to $0.
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Net | |||||||||||||||||||||||||||||||||
Realized | Distributions | Net | |||||||||||||||||||||||||||||||
Net Asset | and | Dividends | from | Total | Asset | ||||||||||||||||||||||||||||
Value, | Net | Unrealized | from Net | Realized | Dividends | Value, | |||||||||||||||||||||||||||
Beginning | Investment | Gains on | Total From | Investment | Capital | and | End of | ||||||||||||||||||||||||||
of Period | Income | Investments | Operations | Income | Gains | Distributions | Period | ||||||||||||||||||||||||||
Classic Institutional Cash Management Money Market Fund | |||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 1.00 | $ | 0.05 | $ | — | $ | 0.05 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | 1.00 | |||||||||||||||
Year Ended March 31, 2006 | 1.00 | 0.04 | — | 0.04 | (0.04 | ) | — | (0.04 | ) | 1.00 | |||||||||||||||||||||||
Period Ended March 31, 2005* | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | |||||||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (a) | (0.01 | ) | 1.00 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | |||||||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | (0.03 | ) | 1.00 | |||||||||||||||||||||||
Classic Institutional Municipal Cash Reserve Money Market Fund | |||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | (a) | (0.03 | ) | 1.00 | ||||||||||||||||||||||
Period Ended March 31, 2006 (b) | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | (0.02 | ) | 1.00 | |||||||||||||||||||||||
Classic Institutional U.S. Government Securities Money Market Fund | |||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 0.05 | — | 0.05 | (0.05 | ) | — | (0.05 | ) | 1.00 | |||||||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | (0.03 | ) | 1.00 | |||||||||||||||||||||||
Period Ended March 31, 2005* | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | |||||||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | |||||||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | |||||||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | (0.03 | ) | 1.00 | |||||||||||||||||||||||
Classic Institutional U.S. Treasury Securities Money Market Fund | |||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 0.05 | — | 0.05 | (0.05 | ) | — | (0.05 | ) | 1.00 | |||||||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | (0.03 | ) | 1.00 | |||||||||||||||||||||||
Period Ended March 31, 2005* | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | |||||||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (a) | (0.01 | ) | 1.00 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (a) | (0.01 | ) | 1.00 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | (0.02 | ) | 1.00 | |||||||||||||||||||||||
Corporate Trust Shares | |||||||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 0.05 | — | 0.05 | (0.05 | ) | — | (0.05 | ) | 1.00 | |||||||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | (0.03 | ) | 1.00 | |||||||||||||||||||||||
Period Ended March 31, 2005* | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | 1.00 | |||||||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (a) | (0.01 | ) | 1.00 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (a) | (0.01 | ) | 1.00 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | (0.02 | ) | 1.00 |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio | |||||||||||||||||||||
of Net | Ratio of | Ratio of Expenses | |||||||||||||||||||
Expenses | Net | to Average Net | |||||||||||||||||||
to | Investment | Assets (Excluding | |||||||||||||||||||
Net Assets, | Average | Income to | Waivers, | ||||||||||||||||||
Total | End of | Net | Average | Reimbursements | |||||||||||||||||
Return† | Period (000) | Assets†† | Net Assets†† | and Expense Offset)†† | |||||||||||||||||
Classic Institutional Cash Management Money Market Fund | |||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||
Year Ended March 31, 2007 | 5.17 | % | $ | 3,829,060 | 0.16 | % | 5.06 | % | 0.16 | % | |||||||||||
Year Ended March 31, 2006 | 3.62 | 2,975,521 | 0.17 | 3.60 | 0.19 | ||||||||||||||||
Period Ended March 31, 2005* | 1.43 | 2,591,527 | 0.19 | 1.71 | 0.26 | ||||||||||||||||
Year Ended May 31, 2004 | 0.86 | 2,368,849 | 0.25 | 0.86 | 0.29 | ||||||||||||||||
Year Ended May 31, 2003 | 1.46 | 2,985,750 | 0.25 | 1.45 | 0.29 | ||||||||||||||||
Year Ended May 31, 2002 | 2.68 | 3,409,606 | 0.25 | 2.61 | 0.29 | ||||||||||||||||
Classic Institutional Municipal Cash Reserve Money Market Fund | |||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||
Year Ended March 31, 2007 | 3.42 | 116,482 | 0.20 | 3.35 | 0.23 | ||||||||||||||||
Period Ended March 31, 2006 (b) | 1.79 | 125,982 | 0.19 | 2.78 | 0.23 | ||||||||||||||||
Classic Institutional U.S. Government Securities Money Market Fund | |||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||
Year Ended March 31, 2007 | 5.04 | 889,213 | 0.19 | 4.93 | 0.19 | ||||||||||||||||
Year Ended March 31, 2006 | 3.51 | 951,775 | 0.21 | 3.48 | 0.21 | ||||||||||||||||
Period Ended March 31, 2005* | 1.36 | 894,653 | 0.25 | 1.63 | 0.26 | ||||||||||||||||
Year Ended May 31, 2004 | 0.82 | 858,260 | 0.27 | 0.82 | 0.29 | ||||||||||||||||
Year Ended May 31, 2003 | 1.40 | 1,040,066 | 0.26 | 1.39 | 0.29 | ||||||||||||||||
Year Ended May 31, 2002 | 2.61 | 1,025,714 | 0.27 | 2.49 | 0.30 | ||||||||||||||||
Classic Institutional U.S. Treasury Securities Money Market Fund | |||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||
Year Ended March 31, 2007 | 5.03 | 715,831 | 0.18 | 4.93 | 0.18 | ||||||||||||||||
Year Ended March 31, 2006 | 3.41 | 901,777 | 0.20 | 3.45 | 0.20 | ||||||||||||||||
Period Ended March 31, 2005* | 1.31 | 697,095 | 0.25 | 1.62 | 0.26 | ||||||||||||||||
Year Ended May 31, 2004 | 0.77 | 420,948 | 0.26 | 0.71 | 0.29 | ||||||||||||||||
Year Ended May 31, 2003 | 1.30 | 653,340 | 0.26 | 1.23 | 0.29 | ||||||||||||||||
Year Ended May 31, 2002 | 2.28 | 551,599 | 0.26 | 2.25 | 0.30 | ||||||||||||||||
Corporate Trust Shares | |||||||||||||||||||||
Year Ended March 31, 2007 | 4.77 | 1,266,353 | 0.43 | 4.67 | 0.43 | ||||||||||||||||
Year Ended March 31, 2006 | 3.17 | 2,068,462 | 0.44 | 3.14 | 0.44 | ||||||||||||||||
Period Ended March 31, 2005* | 1.14 | 1,825,373 | 0.44 | 1.38 | 0.45 | ||||||||||||||||
Year Ended May 31, 2004 | 0.57 | 1,378,551 | 0.46 | 0.51 | 0.49 | ||||||||||||||||
Year Ended May 31, 2003 | 1.10 | 1,298,910 | 0.46 | 1.05 | 0.49 | ||||||||||||||||
Year Ended May 31, 2002 | 2.08 | 1,805,066 | 0.46 | 2.11 | 0.50 |
See Notes to Financial Highlights and Notes to Financial Statements.
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* | Effective June 1, 2004, these Funds adopted a change in the amortization and accretion methodology on fixed income securities. The cumulative effect of this change in methodology was immaterial to all Funds. | |
† | Not annualized for periods less than one year. | |
†† | Annualized for periods less than one year. | |
(a) | Amount less than $0.005. | |
(b) | Commenced operations on August 2, 2005. |
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1. | Organization |
The STI Classic Funds (the “Trust”) was organized as a Massachusetts business trust under a Declaration of Trust dated January 15, 1992. The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open-end management investment company offering 50 funds as of March 31, 2007. The Trust is authorized to issue an unlimited number of shares without par value. The financial statements presented herein are those of the Classic Institutional Cash Management Money Market Fund, the Classic Institutional Municipal Cash Reserve Money Market Fund, the Classic Institutional U.S. Government Securities Money Market Fund and the Classic Institutional U.S. Treasury Securities Money Market Fund (each a “Fund” and collectively the “Funds”). The financial statements of the remaining funds are presented separately. The Classic Institutional Cash Management Money Market Fund, Classic Institutional Municipal Cash Reserve Money Market Fund and Classic Institutional U.S. Government Securities Money Market Fund may offer Institutional Shares only. The Classic Institutional U.S. Treasury Securities Money Market Fund may offer Institutional Shares and Corporate Trust Shares. The Funds’ prospectuses provide a description of each Fund’s investment objectives, policies and strategies.
The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Each class of shares has identical rights and privileges except with respect to the fees paid under the Shareholder Service Plan and voting rights on matters affecting a single class of shares.
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.
2. | Significant Accounting Policies |
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. The actual results could differ from these estimates.
Security Valuation — Investment securities are stated at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant basis to the maturity of the security. Investments in other investment companies are valued at their respective daily net asset values. | |
Security Transactions and Investment Income — During the period, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, however, securities transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes amortization or accretion of premium or discount. Costs used in determining net realized gains and losses on the sales of investment securities are those of the specific securities sold, adjusted for the accretion or amortization of purchase discounts or premiums during the respective holding period. | |
Repurchase Agreements — The Funds may purchase instruments from financial institutions, such as banks and broker-dealers, subject to the seller’s agreement to repurchase them at an agreed upon time and price (“repurchase agreement”). A third party custodian bank takes possession of the underlying securities (“collateral”) of a repurchase agreement, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. In the event of default on the obligation to repurchase, |
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each Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the repurchase agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. | |
Securities Purchased on a When-Issued Basis — Delivery and payment for securities that have been purchased by a Fund on a forward commitment or when-issued basis can take place up to a month or more after the transaction date. During this period, such securities are subject to market fluctuations. The purchase of securities on a when-issued basis may increase the volatility of a Fund’s net asset value if the Fund makes such investments while remaining substantially fully invested. A Fund records when-issued securities on trade date and will segregate or earmark liquid assets in an amount at least equal in value to its commitments to purchase when-issued and forward commitment securities. | |
Compensating Balances — If a Fund has a cash overdraft in excess of $100,000 it is required to deposit an amount equal to 110% of the overdraft in a compensating balance account with its custodian, SunTrust Bank, a wholly-owned subsidiary of SunTrust Banks, Inc., on the following business day. If a Fund has a positive cash balance in excess of $100,000 it is allowed to overdraw an amount equal to 90% of the balance from SunTrust Bank on the following business day. All such deposits to, and overdrafts from, the compensating balance account are non-interest bearing and are for a duration of one business day. The Classic Institutional Cash Management Money Market Fund does not have any compensating balance arrangements with its custodian, Brown Brothers Harriman & Co. | |
Expenses — Expenses that are directly related to a specific Fund are charged to that Fund. Class specific expenses, such as distribution fees, if any, are borne by that class. Other operating expenses of the Trust are pro-rated to the Funds on the basis of relative net assets or another appropriate basis. Expenses attributable to the Trust and the STI Classic Variable Trust (collectively, the “STI Complex”) are allocated across the STI Complex based upon relative net assets or another appropriate basis. | |
Classes — Income, non-class specific expenses and realized/unrealized gains and losses are allocated to the respective classes within a Fund on the basis of the relative daily net assets. | |
Dividends and Distributions to Shareholders — Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income of each of the Funds are declared daily and paid monthly. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. However, to the extent that net realized capital gains can be offset by capital loss carryovers, such gains will not be distributed. | |
New Accounting Pronouncements — In July 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by the applicable tax authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required no later than the last business day of the first financial reporting date which occurs during the fiscal year beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Funds are required to implement FIN 48 in their net asset value per share calculations on September 28, 2007. Management has not completed their analysis on whether the adoption of FIN 48 will have an impact to the financial statements once adopted. | |
In September 2006, the FASB issued Statement on Financial Accounting Standards (SFAS) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, |
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2007 and interim periods within those fiscal years. The changes to current GAAP from the application of this Statement relate to the definition of fair value, the methods used to measure fair value and expanded disclosures about fair value measurements. As of March 31, 2007, the Funds do not believe the adoption of SFAS No. 157 will impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain measurements on changes in net assets for the period. |
3. | Agreements and Other Transactions with Affiliates |
Investment Advisory Agreement — The Trust and Trusco Capital Management, Inc. (the “Investment Adviser”), a wholly-owned subsidiary of SunTrust Banks, Inc., have entered into an advisory agreement. | |
Under the terms of the agreement, the Funds are charged the following annual advisory fees, which are computed daily and paid monthly based upon average daily net assets. Breakpoints are used in computing the overall annual advisory fee. The full fee is charged on average daily net assets of each Fund up to $1 billion, a discount of 5% applies on the next $1.5 billion, a discount of 10% applies on the next $2.5 billion and a discount of 20% applies on amounts over $5 billion. Fee rates for the year ended March 31, 2007 were as follows: |
Maximum | Overall | Net | ||||||||||||||
Annual | Annual | Advisory Fees | Annual | |||||||||||||
Advisory | Advisory | Waived or | Fees Paid | |||||||||||||
Fee (%) | Fee (%) | Reimbursed (%) | (%) | |||||||||||||
Classic Institutional Cash Management Money Market Fund | 0.13 | 0.12 | — | 0.12 | ||||||||||||
Classic Institutional Municipal Cash Reserve Money Market Fund | 0.15 | 0.15 | (0.02 | ) | 0.13 | |||||||||||
Classic Institutional U.S. Government Securities Money Market Fund | 0.15 | 0.15 | — | 0.15 | ||||||||||||
Classic Institutional U.S. Treasury Securities Money Market Fund | 0.15 | 0.14 | — | 0.14 |
The Investment Adviser has contractually agreed, until at least August 1, 2007, to waive fees and/or reimburse each Fund to the extent necessary to maintain each Fund’s Total Operating Expense, expressed as a percentage of average daily net assets, as noted below: |
Total Operating | ||||
Expense (%) | ||||
Classic Institutional Cash Management Money Market Fund | 0.17 | |||
Classic Institutional Municipal Cash Reserve Money Market Fund | 0.20 | |||
Classic Institutional U.S. Government Securities Money Market Fund | 0.20 | |||
Classic Institutional U.S. Treasury Securities Money Market Fund, Institutional Shares | 0.20 | |||
Classic Institutional U.S. Treasury Securities Money Market Fund, Corporate Trust Shares | 0.45 |
Under the Expense Limitation Agreements, the Investment Adviser may retain the difference between the Total Operating Expense identified above and the actual total expense to recapture any of its prior contractual waivers or reimbursements at a date not to exceed three years from the date of the corresponding Expense Limitation Agreement. Such repayments shall be made monthly, but only to the extent that such repayments would not cause the annualized total expense ratio to exceed the Total Operating Expense in place at that time. During the year ended March 31, 2007, the Investment Adviser did not recapture any of its prior contractual waivers or reimbursements. The Investment Adviser does not intend to recapture such amounts. As of March 31, 2007, the cumulative potential reimbursements based on reimbursements within three years from the date of the corresponding Expense Limitation Agreement (until August 1, 2009) are as follows (in thousands): |
Amount($) | ||||
Classic Institutional Municipal Cash Reserve Money Market Fund | 26 |
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Administration, Fund Accounting and Transfer Agency Agreement — The Trust has entered into a Master Services Agreement with BISYS Fund Services Ohio, Inc. (the “Administrator”), under which the Administrator provides administrative, fund accounting, transfer agent and shareholder services for an annual fee, calculated and paid monthly, (expressed as a percentage of the combined average daily net assets of the STI Complex) of: 0.0275% up to $25 billion, 0.0225% on the next $5 billion and 0.0175% for over $30 billion plus an additional class fee of $2,714 per class annually, applicable to each additional class of shares over 145 classes of shares. | |
The Master Services Agreement provides for the Administrator to pay certain insurance premiums for the STI Complex, including $300,000 towards the premium for Directors and Officers Liability/ Errors and Omissions insurance coverage, and $25,000 towards the premium for Fidelity Bond coverage. The Administrator has agreed, under the terms of the Master Services Agreement, to pay certain legal expenses for the benefit of the STI Complex relating to administrative service matters. The Master Services Agreement further provides for the Administrator to waive a portion of its fees for the benefit of shareholders. Such payments and fee waivers are expected to total approximately $400,000 to $650,000 annually, and will not be recouped by the Administrator in subsequent years. | |
Distribution Agreement — The Trust and BISYS Fund Services Limited Partnership (the “Distributor”) are parties to a Distribution Services Agreement. The Distributor receives no fees for its distribution services under this agreement. | |
Shareholder Servicing Agreement — The Classic Institutional U.S. Treasury Securities Money Market Fund has adopted a Shareholder Service Plan for the Corporate Trust Shares. The Fund pays SunTrust Bank a monthly shareholder services fee at an annual rate of up to 0.25% of the average daily net assets of the Fund’s Corporate Trust Shares, computed daily and paid monthly, which may be used by SunTrust Bank to provide compensation to service providers that have agreed to provide shareholder support services for their customers who own Corporate Trust Shares of the Fund. | |
Custodian Agreement — SunTrust Bank acts as custodian for the Funds, except for the Classic Institutional Cash Management Money Market Fund, which appointed Brown Brothers Harriman & Co. as custodian effective January 29, 2007. Prior to this date, SunTrust Bank acted as custodian. The Funds pay custody fees on the basis of their respective net assets and transaction costs. | |
Other — Certain officers of the STI Complex are also officers of the Investment Adviser, the Administrator and/ or the Distributor. Such officers receive no fees from the Trust for serving as officers of the Trust. Each of the trustees receives an annual retainer fee and an additional fee for each meeting attended plus reimbursement for certain expenses incurred. Trustees receive an additional fee for attendance at committee meetings. The current meeting and retainer fees are as follows: |
Chairman($) | Trustee($) | |||||||
Annual Retainer | 55,000 | 44,000 | ||||||
Regular Meeting | 10,000 | 8,000 | ||||||
Special Meeting Fee | 5,000 | 4,000 | ||||||
Committee Meeting Fee | 4,500 | 3,000 |
The Trust approved a deferred compensation plan for its trustees, effective January 1, 2007. Under that plan, a trustee may elect to defer all or a portion of his or her compensation. Amounts deferred are retained by the Trust, and the value of such deferred amounts is determined by reference to the change in value of Class I Shares of one or more series of the STI Classic Funds as specified by the trustee. Benefits under the deferred compensation plan are payable upon retirement. As of March 31, 2007, under the deferred compensation plan, the Trust had a deferred liability of approximately $68,635. | |
The Investment Adviser provides services to the STI Complex to ensure compliance with applicable laws and regulations. The Investment Adviser has designated a dedicated compliance staff and an employee to serve as Chief Compliance Officer. The Investment Adviser receives an annual fee totaling $475,000 for |
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these services. In addition, the Administrator provides an employee and staff to assist the Chief Compliance Officer for the STI Complex, including providing certain related services, and receives an annual fee of $156,750 for providing these services. The fees above are allocated across the assets of the STI Complex. For the year ended March 31, 2007, the total amount paid by the Trust for compliance services was $546,818. | |
The Trust has entered into an agreement with SunTrust Robinson Humphrey, a division of SunTrust Capital Markets, Inc., which is a registered broker-dealer and a direct non-bank subsidiary of SunTrust Banks, Inc., to act as an agent in placing repurchase agreements for the Trust. For the year ended March 31, 2007, the following Funds paid SunTrust Robinson Humphrey, through a reduction in the yield earned by the Funds on those repurchase agreements, the following amounts (in thousands): |
Fees($) | ||||
Classic Institutional Cash Management Money Market Fund | 70 | |||
Classic Institutional U.S. Government Securities Money Market Fund | 177 | |||
Classic Institutional U.S. Treasury Securities Money Market Fund | 1,085 |
4. | Federal Tax Policies and Information |
It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in applicable sections of the Internal Revenue Code, and to make distributions from net investment income and from net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Withholding taxes on foreign dividends have been paid or provided for in accordance with each applicable country’s tax rules and rates.
The amounts of dividends from net investment income and of distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.
At March 31, 2007, the total cost of securities and the net realized gains or losses on securities sold for federal income tax purposes were the same as amounts reported for financial reporting purposes.
The tax character of distributions paid to shareholders during the year ended March 31, 2007 was as follows (in thousands):
Distributions paid from | ||||||||||||
Net Investment | Tax-Exempt | Total Distributions | ||||||||||
Fund | Income($) | Income($) | Paid($)* | |||||||||
Classic Institutional Cash Management Money Market Fund | 166,575 | — | 166,575 | |||||||||
Classic Institutional Municipal Cash Reserve Money Market Fund | 1 | 3,032 | 3,033 | |||||||||
Classic Institutional U.S. Government Securities Money Market Fund | 44,386 | — | 44,386 | |||||||||
Classic Institutional U.S. Treasury Securities Money Market Fund | 137,947 | — | 137,947 |
* | Total distributions paid differ from the Statement of Changes in Net Assets because for tax purposes dividends are recognized when actually paid. |
Amounts designated as “—” are either $0 or have been rounded to $0.
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The tax character of distributions paid to shareholders during the period ended March 31, 2006 was as follows (in thousands):
Distributions paid from | ||||||||||||
Net Investment | Tax-Exempt | Total Distributions | ||||||||||
Fund | Income($) | Income($) | Paid($)* | |||||||||
Classic Institutional Cash Management Money Market Fund | 101,462 | — | 101,462 | |||||||||
Classic Institutional Municipal Cash Reserve Money Market Fund | 18 | 1,131 | 1,149 | |||||||||
Classic Institutional U.S. Government Securities Money Market Fund | 30,411 | — | 30,411 | |||||||||
Classic Institutional U.S. Treasury Securities Money Market Fund | 82,740 | — | 82,740 |
* | Total distributions paid differ from the Statement of Changes in Net Assets because for tax purposes dividends are recognized when actually paid. |
Amounts designated as “—” are either $0 or have been rounded to $0.
As of March 31, 2007 the components of accumulated earnings (deficit) on a tax basis were as follows (in thousands):
Total | ||||||||||||||||||||||||
Undistributed | Undistributed | Accumulated | Accumulated | |||||||||||||||||||||
Ordinary | Tax-Exempt | Accumulated | Distributions | Capital and Other | Earnings | |||||||||||||||||||
Income($) | Income($) | Earnings($) | Payable($) | Losses($)** | (Deficit)($) | |||||||||||||||||||
Classic Institutional Cash Management Money Market Fund | 16,472 | — | 16,472 | (16,408 | ) | (207 | ) | (143 | ) | |||||||||||||||
Classic Institutional Municipal Cash Reserve Money Market Fund | — | 321 | 321 | (321 | ) | (2 | ) | (2 | ) | |||||||||||||||
Classic Institutional U.S. Government Securities Money Market Fund | 3,876 | — | 3,876 | (3,859 | ) | (3 | ) | 14 | ||||||||||||||||
Classic Institutional U.S. Treasury Securities Money Market Fund | 8,396 | — | 8,396 | (8,264 | ) | (278 | ) | (146 | ) |
** | As of the latest tax year end of March 31, 2007, the following Funds had net capital loss carryovers to offset future net capital gains, if any, to the extent provided by the Treasury regulations. To the extent that these carryovers are used to offset future gains, it is probable that the gains so offset will not be distributed to shareholders: |
Expires | ||||||||||||
2013($) | 2014($) | 2015($) | ||||||||||
Classic Institutional Cash Management Money Market Fund | — | 26 | 181 | |||||||||
Classic Institutional Municipal Cash Reserve Money Market Fund | — | — | 2 | |||||||||
Classic Institutional U.S. Treasury Securities Money Market Fund | 156 | 110 | 12 |
Net Capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. The Classic Institutional U.S. Government Securities Money Market Fund has incurred and will elect to defer $3, in thousands, in capital losses. |
Amounts designated as “—” are $0.
5. | Risks |
The Funds invest primarily in money market instruments maturing in 397 days or less whose ratings are within one of the two highest ratings categories assigned by a nationally recognized statistical rating organization, or, if not rated, are believed to be of comparable quality. The ability of the issuers of the securities held by the Fund to meet their obligations may be affected by economic developments in a specific industry, state or region.
Certain securities are backed by letters of credit from various financial institutions and financial guaranty assurance agencies. These letters of credit enhance the credit quality of the individual securities; however, if any of the financial institutions or financial guaranty assurance agencies’ credit quality should deteriorate, it could cause the individual security’s credit quality to change. Additionally, if any of the Funds concentrate their letters of credit in any one financial institution, the risk of credit quality deterioration increases.
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The Funds hold certain securities the issuer of which operates under a congressional charter. These securities (Federal Home Loan Mortgage Corporation, Federal Home Loan Bank and Federal National Mortgage Association) are neither issued nor guaranteed by the U.S. Government. If needed, access to additional funding from the U.S. Treasury (beyond the issuer’s line of credit), would require congressional action.
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To the Board of Trustees and Shareholders of
STI Classic Funds:
In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Classic Institutional Cash Management Money Market Fund, Classic Institutional Municipal Cash Reserve Money Market Fund, Classic Institutional U.S. Government Securities Money Market Fund, and Classic Institutional U.S. Treasury Securities Money Market Fund (four of the fifty funds constituting STI Classic Funds, hereafter referred to as the “Funds”) at March 31, 2007, and the results of each of their operations, changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2007 by correspondence with the custodians and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Columbus, Ohio
May 30, 2007
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Information pertaining to the trustees of the Trust is set forth below. Trustees who are not deemed to be “interested persons” of the Trust as defined in the 1940 Act are referred to as “Independent Trustees.” Trustees who are deemed to be “interested persons” of the Trust are referred to as “Interested Trustees.” Mr. Ridley is a trustee who may be deemed to be an “interested person” of the Trust.
Number of | ||||||||||||||||
Term of | Portfolios | |||||||||||||||
Name, Business Address, | Position | Office and | Principal | in Fund | Other | |||||||||||
State of Residence and | Held With | Length of | Occupation(s) | Complex | Directorships | |||||||||||
Date of Birth | Trust | Time Served | During the Past 5 Years | Overseen | Held | |||||||||||
INTERESTED TRUSTEE* | ||||||||||||||||
Clarence H. Ridley 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 06/42 | Trustee | Indefinite; since November 2001 | Chairman, Haverty Furniture Companies | 57 | Crawford & Co.; Haverty Furniture Companies | |||||||||||
INDEPENDENT TRUSTEES | ||||||||||||||||
Jeffrey M. Biggar 3435 Stelzer Road Columbus, OH 43219 (Ohio) DOB 02/50 | Trustee | Indefinite; since January 2007 | Retired. Chief Executive Officer and Senior Managing Director, Sterling (National City Corp.) (2002-2006) | 57 | None | |||||||||||
F. Wendell Gooch 3435 Stelzer Road Columbus, OH 43219 (Indiana) DOB 12/32 | Trustee | Indefinite; since May 1992 | Retired | 57 | SEI Family of Funds | |||||||||||
Sidney E. Harris 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 07/49 | Trustee | Indefinite; since November 2004 | Professor (since 1997), Dean (1997-2004), J. Mack Robinson College of Business, Georgia State University | 57 | ServiceMaster Company; Total System Services, Inc. | |||||||||||
Warren Y. Jobe 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 11/40 | Trustee | Indefinite; since November 2004 | Retired. Executive Vice President, Georgia Power Company and Senior Vice President, Southern Company (1998-2001) | 57 | WellPoint, Inc; UniSource Energy Corp.; HomeBanc Corp. | |||||||||||
Connie D. McDaniel 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 04/58 | Trustee | Indefinite; since May 2005 | Vice President Global Finance Transformation (since 2007), Vice President and Controller (1999-2007), The Coca- Cola Company | 57 | None | |||||||||||
James O. Robbins 3435 Stelzer Road Columbus, OH 43219 (Florida) DOB 07/42 | Trustee | Indefinite; since May 2000 | Retired. President and Chief Executive Officer, Cox Communications, Inc. (1985-2005) | 57 | Bessemer Securities, Inc.; Humana, Inc. | |||||||||||
Charles D. Winslow 3435 Stelzer Road Columbus, OH 43219 (Florida) DOB 07/35 | Trustee | Indefinite; since November 2004 | Retired. Formerly Partner, Accenture (consulting) | 57 | None | |||||||||||
* | Mr. Ridley may be deemed an Interested Trustee because of a material business relationship with the parent of the Investment Adviser. |
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Term of | ||||||
Position(s) | Office and | |||||
Name, Address and | Held With | Length of | Principal Occupation(s) | |||
Date of Birth | Trust | Time Served | During the Past 5 Years | |||
OFFICERS | ||||||
R. Jeffrey Young 3435 Stelzer Road Columbus, OH 43219 DOB 08/64 | President and Chief Executive Officer | One year; since July 2004 | Senior Vice President, Relationship Management, BISYS Fund Services (since 2002); Vice President, Client Services, BISYS Fund Services (1997-2002) | |||
Deborah A. Lamb 50 Hurt Plaza Suite 1400 Atlanta, GA 30303 DOB 10/52 | Executive Vice President; Assistant Secretary; Chief Compliance Officer | One year; since September 2004; since November 2003; since August 2004 (respectively) | Chief Compliance Officer, Managing Director, Trusco Capital Management, Inc. (since 2003); President, Investment Industry Consultants, LLC (2000-2003) | |||
Martin R. Dean 3435 Stelzer Road Columbus, OH 43219 DOB 11/63 | Treasurer, Chief Financial Officer and Chief Accounting Officer | One year; since March 2007 | Vice President, Fund Administration, BISYS Fund Services | |||
Cynthia J. Surprise 3435 Stelzer Road Columbus, OH 43219 DOB 07/46 | Secretary and Chief Legal Officer | One year; since February 2005 | Senior Counsel, Legal Services, BISYS Fund Services (since 2004); Director and Counsel, Investors Bank & Trust Company (1999-2004) | |||
Jennifer A. English 3435 Stelzer Road Columbus, OH 43219 DOB 03/72 | Assistant Secretary | One year; since November 2005 | Assistant Counsel, Legal Services, BISYS Fund Services (since 2005); Assistant Counsel, PFPC Inc. (2002-2005); Associate Legal Product Manager, Fidelity Investments (2001) | |||
The Trust’s Statement of Additional Information includes additional information about the Trust’s trustees and officers. To request your free copy of the Statement of Additional Information, call toll free 1-888-STI-FUND.
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Annual Approval of Investment Advisory Agreement
The continuance of the Trust’s investment advisory agreements with Trusco Capital Management, Inc. (the “Adviser”) must be specifically approved at least annually by (i) the vote of the Trustees or a vote of the shareholders of the Funds and (ii) the vote of a majority of the Trustees who are not parties to the agreements or “interested persons” of any party thereto (the “Independent Trustees”), as defined in the Investment Company Act of 1940, cast in person at a meeting called for the purpose of voting on such approval. Each year, the Board of Trustees calls and holds a meeting to decide whether to renew the Trust’s agreements for the upcoming year. In preparation for the meeting, the Board requests and reviews a wide variety of information from the Adviser. The Trustees use this information, as well as other information that the Adviser and other service providers may submit to the Board, to help them decide whether to renew the agreements for another year.
In considering the renewal of the agreements this year, the Board requested and received material from the Adviser in preparation for a special meeting of the Board held on October 24, 2006, and requested and reviewed additional material from the Adviser in preparation for its quarterly meeting held on November 14, 2006, at which it specifically considered the renewal of the agreements. Such material included, among other things, information about: (a) the quality of the Adviser’s investment management and other services; (b) the Adviser’s investment management personnel; (c) the Adviser’s operations and financial condition; (d) the Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the advisory fees that the Adviser charges the Funds compared with the fees it charges to comparable mutual funds or accounts; (f) the Funds’ overall fees and operating expenses compared with similar mutual funds; (g) the level of the Adviser’s profitability from its Fund-related operations; (h) the Adviser’s compliance systems; (i) the Adviser’s policies and procedures for personal securities transactions; (j) the Adviser’s reputation, expertise and resources in domestic financial markets; and (k) the Funds’ performance compared with similar mutual funds. The Board also received a memorandum from Fund counsel regarding the responsibilities of the Trustees in connection with their consideration of the agreements.
At both meetings, representatives from the Adviser presented additional oral and written information to the Board to help the Board evaluate the Adviser’s fees and other aspects of the agreements. The Board also considered information presented by the Adviser and other service providers at meetings held throughout the year. The Trustees discussed the written materials, oral presentations, and any other information that the Board received, and considered the approval of the agreements in light of this information. As part of its consideration, the Board also reviewed a single consolidated form of advisory agreement representing the substance of both of the Trust’s existing agreements with the Adviser and considered whether to adopt the consolidated form of agreement going forward.
Based on the Board’s deliberations and evaluation of the information it received, the Board, including the Independent Trustees, approved the consolidated form of agreement and the selection of the Adviser and determined that the compensation under the agreement is fair and reasonable in light of the services to be performed. The Board considered the following specific factors, none of which was controlling, and made the following conclusions:
Nature, Extent, and Quality of Services
The Board received and considered information regarding the nature, extent, and quality of services to be provided to the Funds by the Adviser. In this regard, the Trustees evaluated, among other things, the Adviser’s personnel, experience, track record, and compliance program. The Board considered the background and experience of the Adviser’s senior management and the expertise of, and amount of attention expected to be given to the Funds by, its portfolio management teams. The Board reviewed the qualifications, backgrounds, and responsibilities of the portfolio managers responsible for the day-to-day management of the Funds. The Board also reviewed information pertaining to the Adviser’s organizational structure, senior management, investment operations, and other relevant information. The Board concluded that, within the
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context of its full deliberations, the nature, extent, and quality of the services to be provided to the Funds by the Adviser supported the approval of the agreement.
Performance
The Board considered the investment performance of each Fund, including any periods of outperformance and underperformance, both on an absolute basis and a comparative basis to indices and other funds within the same investment categories. Specifically, the Board considered each Fund’s performance relative to its peer group and appropriate benchmarks in light of total return, yield, and market trends. As part of this review, the Board considered the composition of the peer group and selection criteria, as well as market risk and shareholder risk expectations. The Board considered the Adviser’s explanations regarding specific performance issues. The Board concluded that, within the context of its full deliberations, the performance of the Funds and the Adviser supported the approval of the agreement.
Fund Expenses
With respect to advisory fees, the Board considered the rate of compensation under the agreement and each Fund’s net operating expense ratio in comparison to those of comparable mutual funds. The Trustees also considered information about average expense ratios of comparable mutual funds in each Fund’s peer group. Finally, the Trustees considered the effect of the Adviser’s waiver and reimbursement of fees and expenses, where applicable, to prevent total expenses from exceeding a specified amount and that, due to these waivers and reimbursements, net operating expenses have been maintained at competitive levels. The Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported the approval of the agreement.
Profitability
The Board reviewed information about the profitability of the Funds to the Adviser and considered whether the level of profitability was reasonable and justified in light of the quality of the services rendered to the Funds and in comparison to other advisory firms. The Board concluded that, within the context of its full deliberations, the profitability of the Adviser is within the range the Board considered reasonable.
Economies of Scale
The Board considered the existence of economies of scale and whether they were passed along to Fund shareholders through a graduated advisory fee schedule or other means, including any fee and expense waivers and reimbursements by the Adviser. The Board concluded that, within the context of its full deliberations, the Funds obtain reasonable benefit from economies of scale.
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Expense Examples
As a shareholder of the STI Classic Funds, you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the STI Classic Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2006 through March 31, 2007.
Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Beginning | Ending | Expense Paid | Expense Ratio | |||||||||||||||||
Account Value | Account Value | During Period* | During Period** | |||||||||||||||||
10/01/06 | 03/31/07 | 10/1/06-03/31/07 | 10/1/06-03/31/07 | |||||||||||||||||
Classic Institutional Cash Management Money Market Fund | Institutional Shares | $ | 1,000.00 | $ | 1,026.10 | $ | 0.81 | 0.16 | % | |||||||||||
Classic Institutional Municipal Cash Reserve Money Market Fund | Institutional Shares | 1,000.00 | 1,017.10 | 1.01 | 0.20 | |||||||||||||||
Classic Institutional U.S. Government Securities Money Market Fund | Institutional Shares | 1,000.00 | 1,025.50 | 0.96 | 0.19 | |||||||||||||||
Classic Institutional U.S. Treasury Securities Money Market Fund | Institutional Shares | 1,000.00 | 1,025.50 | 0.91 | 0.18 | |||||||||||||||
Corporate Trust Shares | 1,000.00 | 1,024.20 | 2.17 | 0.43 |
* | Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. |
** | Annualized. |
Hypothetical Example
The table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not
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help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Expense Paid | Expense Ratio | |||||||||||||||||
Beginning | Ending | During Period* | During Period** | |||||||||||||||
Account Value | Account Value | 10/01/06 - | 10/01/06 - | |||||||||||||||
10/01/06 | 03/31/07 | 03/31/07 | 03/31/07 | |||||||||||||||
Classic Institutional Cash Management Money Market Fund | Institutional Shares | $ | 1,000.00 | $ | 1,024.13 | $ | 0.81 | 0.16% | ||||||||||
Classic Institutional Municipal Cash Reserve Money Market Fund | Institutional Shares | 1,000.00 | 1,023.93 | 1.01 | 0.20 | |||||||||||||
Classic Institutional U.S. Government Securities Money Market Fund | Institutional Shares | 1,000.00 | 1,023.98 | 0.96 | 0.19 | |||||||||||||
Classic Institutional U.S. Treasury Securities Money Market Fund | Institutional Shares | 1,000.00 | 1,024.03 | 0.91 | 0.18 | |||||||||||||
Corporate Trust Shares | 1,000.00 | 1,022.79 | 2.17 | 0.43 |
* | Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. |
** | Annualized. |
Proxy Voting
Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-888-STI-FUND. The information also is included in the Funds’ Statement of Additional Information, which is available on the Funds’ website at www.sticlassicfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.
Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available on the Funds’ website at www.sticlassicfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.
Portfolio Holdings Information
The Funds file a complete list of their portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available free of charge on the Securities and Exchange Commission’s website at www.sec.gov. You may also review or, for a fee, copy those documents by visiting the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the Securities and Exchange Commission at 1-202-551-8090.
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Schedules of Portfolio Investments | 45 | |||||||
Statements of Assets and Liabilities | 98 | |||||||
Statements of Operations | 102 | |||||||
Statements of Changes in Net Assets | 106 | |||||||
Financial Highlights | 118 | |||||||
Notes to Financial Statements | 129 | |||||||
Report of Independent Registered Public Accounting Firm | 144 | |||||||
Other Federal Tax Information | 145 | |||||||
Trustees and Officers of the STI Classic Funds | 146 | |||||||
Additional Information | 148 | |||||||
EX-99.CODE ETH | ||||||||
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![-s- David H. Eidson](https://capedge.com/proxy/N-CSR/0000950152-07-005043/l25757al2575801.gif)
President and CEO
Trusco Capital Management, Inc.
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• | Nancy Zevenbergen, CFA | |
• | Brooke de Boutray, CFA | |
• | Leslie Tubbs, CFA |
1 | Portfolio composition subject to change. |
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![(LINE GRAPH)](https://capedge.com/proxy/N-CSR/0000950152-07-005043/l25757al2575802.gif)
Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||
Aggressive Growth Stock Fund | Inception Date | 1 Year | 3 Year | Since Inception | ||||||||||||||||
A Shares | without sales charge | 2/23/04 | 3.04 | 8.28 | 7.54 | |||||||||||||||
with sales charge* | -2.87 | 6.17 | 5.51 | |||||||||||||||||
C Shares | without CDSC | 2/23/04 | 2.25 | 7.52 | 6.82 | |||||||||||||||
with CDSC* | 1.25 | 7.52 | 6.82 | |||||||||||||||||
I Shares | 2/23/04 | 3.27 | 8.56 | 7.85 | ||||||||||||||||
Russell 3000® Growth Index | 6.53 | 7.22 | — | |||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. |
![(PIE CHART)](https://capedge.com/proxy/N-CSR/0000950152-07-005043/l25757al2575803.gif)
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• | Robert J. Rhodes, CFA | |
• | Elizabeth G. Pola, CFA | |
• | Christoper Guinther | |
• | Michael A. Sansoterra |
1 | Portfolio composition subject to change. | |
2 | Russell 1000® Index measures the performance of the 1,000 largest companies found in the Russell universe, which represents approximately 92% of the total market capitalization of the Russell 3000 Index. | |
3 | Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. | |
4 | Alpha measures a fund’s risk-adjusted performance and represents the difference between a fund’s actual performance and its expected performance, given its level of risk as measured by beta. |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||||
Capital Appreciation Fund | Inception Date | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||||||
A Shares | without sales charge | 06/09/92 | 4.69 | 3.61 | 0.88 | 5.56 | ||||||||||||||||||
with sales charge* | -1.30 | 1.57 | -0.30 | 4.93 | ||||||||||||||||||||
C Shares | without CDSC | 06/01/95 | 3.96 | 3.04 | 0.36 | 5.04 | ||||||||||||||||||
with CDSC* | 2.97 | 3.04 | 0.36 | 5.04 | ||||||||||||||||||||
I Shares | without load | 07/01/92 | 5.08 | 4.10 | 1.45 | 6.19 | ||||||||||||||||||
S&P500 Index | 11.82 | 10.05 | 6.26 | 8.20 | ||||||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. |
![(PIE CHART)](https://capedge.com/proxy/N-CSR/0000950152-07-005043/l25757al2575804.gif)
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• | Nancy Zevenbergen, CFA | |
• | Brooke de Boutray, CFA | |
• | Leslie Tubbs, CFA |
1 | Portfolio composition subject to change. |
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![(LINE GRAPH)](https://capedge.com/proxy/N-CSR/0000950152-07-005043/l25757al2575806.gif)
Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||
Since | ||||||||||||||||||||
Emerging Growth Stock Fund | Inception Date | 1 Year | 3 Year | Inception | ||||||||||||||||
A Shares1 | without sales charge | 02/23/04 | 0.79 | 9.25 | 8.37 | |||||||||||||||
with sales charge* | -5.03 | 7.11 | 6.32 | |||||||||||||||||
C Shares | without CDSC | 02/27/04 | 0.00 | 8.56 | 7.25 | |||||||||||||||
with CDSC* | -1.00 | 8.56 | 7.25 | |||||||||||||||||
I Shares | 02/23/04 | 1.09 | 9.61 | 8.75 | ||||||||||||||||
Russell Midcap® Growth Index | 6.90 | 12.41 | — | |||||||||||||||||
1 | The total return is calculated in accordance with SEC guidelines. Total returns for financial reporting purposes are based on GAAP. | |
* | Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. |
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• | Chad Deakins, CFA |
1 | The Price-to-Earnings Ratio (“P/E”) is a valuation ratio of a company’s current share price to its per-share earnings. The higher the P/E ratio, the more the market is willing to pay for each dollar of annual earnings. The Price-to-Book Ratio is used to compare a stock’s market value to its book value. The higher the ratio, the higher the premium the market is willing to pay for a company above its hard assets. The Return on Equity is a measure of a corporation’s profitability that reveals how much profit a company generates with the money shareholders have invested. | |
2 | Portfolio composition subject to change. |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||||
International Equity Fund | Inception Date† | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||||||
A Shares | without sales charge | 01/02/96 | 18.00 | 18.35 | 13.92 | 7.21 | ||||||||||||||||||
with sales charge* | 11.24 | 16.04 | 12.59 | 6.58 | ||||||||||||||||||||
C Shares | without CDSC | 01/02/96 | 16.97 | 17.47 | 13.12 | 6.46 | ||||||||||||||||||
with CDSC* | 15.97 | 17.47 | 13.12 | 6.46 | ||||||||||||||||||||
I Shares | 01/31/95 | 18.21 | 18.64 | 14.30 | 7.59 | |||||||||||||||||||
MSCI EAFE Index | 20.20 | 19.83 | 15.68 | 8.31 | ||||||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. |
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• | Chad Deakins, CFA | |
• | Andrew Atkins |
1 | The Price-to-Earnings Ratio (“P/E”) is a valuation ratio of a company’s current share price to its per-share earnings. The higher the P/E ratio, the more the market is willing to pay for each dollar of annual earnings. Beta is a means of measuring the volatility of a security or portfolio of securities in comparison with the market as a whole. A beta of 1 indicates that the security will move with the market; greater than 1 indicates that it’s more volatile than the market, and less than 1 indicates that it’s less volatile than the market. The R-squared measures the percentage of a fund’s movement that is explained by movements in the market index, and helps indicated the accuracy of a fund’s alpha and beta. | |
2 | The S&P 500 Index is a market value-weighted index of 500 stocks designed to mimic the overall U.S. equity market’s industry weightings. The FTSE Eurotop 100 is a tradeable index, designed to represent the performance of the 100 most highly capitalised blue chip companies basedin European countries, which form part of the European Monetary Union (EMU). | |
3 | Portfolio composition subject to change. |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||||
International Equity Index Fund | Inception Date | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||||||
A Shares | without sales charge | 06/06/94 | 20.03 | 19.47 | 15.50 | 9.03 | ||||||||||||||||||
with sales charge* | 13.10 | 17.12 | 14.13 | 8.38 | ||||||||||||||||||||
C Shares | without CDSC | 06/08/95 | 19.13 | 18.64 | 14.76 | 8.32 | ||||||||||||||||||
with CDSC* | 18.13 | 18.64 | 14.76 | 8.32 | ||||||||||||||||||||
I Shares | 06/06/94 | 20.27 | 19.83 | 15.96 | 9.48 | |||||||||||||||||||
MSCI EAFE Index (GDP Weighted) | 17.99 | 18.15 | 14.66 | 8.02 | ||||||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. |
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• | Edward E. Best, CFA |
1 | Portfolio composition subject to change. |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||
Since | ||||||||||||||||||
Large Cap Quantitative Equity Fund | Inception Date | 1 Year | 3 Year | Inception | ||||||||||||||
A Shares | without sales charge | 10/08/03 | 5.38 | 9.96 | 11.88 | |||||||||||||
with sales charge* | -0.66 | 7.82 | 10.00 | |||||||||||||||
C Shares | without CDSC | 10/13/03 | 4.60 | 9.14 | 10.31 | |||||||||||||
with CDSC* | 3.60 | 9.14 | 10.31 | |||||||||||||||
I Shares | 08/07/03 | 5.63 | 10.23 | 15.54 | ||||||||||||||
S&P500 Index | 11.82 | 10.05 | — | |||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. |
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1 | Portfolio composition subject to change. |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||
Large Cap Relative Value Fund | Inception Date | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||||
A Shares | without sales charge | 05/07/93 | 12.25 | 12.41 | 8.04 | 9.32 | ||||||||||||||||
with sales charge* | 5.79 | 10.21 | 6.77 | 8.67 | ||||||||||||||||||
C Shares | without CDSC | 04/05/95 | 11.40 | 11.55 | 7.24 | 8.51 | ||||||||||||||||
with CDSC* | 10.40 | 11.55 | 7.24 | 8.51 | ||||||||||||||||||
I Shares | 09/26/92 | 12.51 | 12.65 | 8.28 | 9.49 | |||||||||||||||||
Russell 1000® Value Index | 16.83 | 14.42 | 10.25 | 10.85 | ||||||||||||||||||
S&P500 Index | 11.82 | 10.05 | 6.26 | 8.20 | ||||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. |
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1 | Portfolio composition subject to change. |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||
Large Cap Value Equity Fund | Inception Date | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||||
A Shares | without sales charge | 02/17/93 | 14.81 | 12.55 | 7.93 | 8.10 | ||||||||||||||||
with sales charge* | 8.23 | 10.34 | 6.67 | 7.46 | ||||||||||||||||||
C Shares | without CDSC | 06/01/95 | 14.04 | 11.78 | 7.17 | 7.32 | ||||||||||||||||
with CDSC* | 13.04 | 11.78 | 7.17 | 7.32 | ||||||||||||||||||
I Shares | 10/31/89 | 15.26 | 12.92 | 8.33 | 8.49 | |||||||||||||||||
Russell 1000® Value Index | 16.83 | 14.42 | 10.25 | 10.85 | ||||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. |
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1 | Portfolio composition subject to change. |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||
Mid-Cap Equity Fund | Inception Date | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||||
A Shares | without sales charge | 01/31/94 | 9.28 | 14.03 | 8.38 | 7.69 | ||||||||||||||||
with sales charge* | 3.00 | 11.80 | 7.10 | 7.05 | ||||||||||||||||||
C Shares | without CDSC | 06/05/95 | 8.51 | 13.27 | 7.69 | 7.02 | ||||||||||||||||
with CDSC* | 7.51 | 13.27 | 7.69 | 7.02 | ||||||||||||||||||
I Shares | 02/02/94 | 9.59 | 14.41 | 8.80 | 8.13 | |||||||||||||||||
Russell Midcap®Index | 11.79 | 15.72 | 12.91 | 12.71 | ||||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. |
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1 | The Lipper Mid Cap Value Funds Index is comprised of mutual funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Mid-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P MidCap 400 Index. | |
2 | Portfolio composition subject to change. |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||
Since | ||||||||||||||||||
Mid-Cap Value Equity Fund | Inception Date | 1 Year | 3 Year | Inception | ||||||||||||||
A Shares | without sales charge | 10/27/03 | 17.11 | 16.21 | 19.38 | |||||||||||||
with sales charge* | 10.37 | 13.93 | 17.35 | |||||||||||||||
C Shares | without CDSC | 11/30/01 | 16.27 | 15.64 | 10.82 | |||||||||||||
with CDSC* | 15.28 | 15.64 | 10.82 | |||||||||||||||
I Shares | 11/30/01 | 17.47 | 16.63 | 11.67 | ||||||||||||||
Russell Midcap® Value Index | 17.13 | 18.58 | — | |||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. |
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1) | The holdings in the Consumer sectors accounted for almost one quarter of the relative under-performance. We were market weighted but stock selection lagged the benchmark by 2% of relative performance.1 | ||
2) | We were underweight Energy, a sector with above average performance. Although our stocks were up 8% for the year, stocks in the sector gained 16%.1 | ||
3) | We were overweight in Technology, an S&P sector that gained 3% and trailed the benchmark. While our selections outperformed, the overweight was a detractor from performance.1 | ||
4) | One of the smallest weighted sectors, Utilities, was the absolute best performing, up 34%. We had a very modest exposure to the sector and our selection lagged the group’s performance. The relative shortfall here represents 10% of the underperformance.1 |
1 | Portfolio composition subject to change. | |
2 | The S&P 100 Index is composed of 100 widely held common stocks listed on the New York Stock Exchange, American Stock Exchange and Over-The-Counter markets. The S&P MidCap 400 Index is comprised of 400 domestic stocks chosen for market size (median market capitalization of $676 million), liquidity and industry group representation. The S&P SmallCap 600 Index is comprised of 600 domestic small capitalization stocks chosen for market size, liquidity and industry group representation. The S&P 500/Citigroup Growth Index is an unmanaged capitalization-weighted index of stocks in the Standard & Poor’s 500 index having the highest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis. The S&P 500/Citigroup Value Index is a market capitalization-weighted index of the stocks in the Standard & Poor’s 500 Index having the lowest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis. |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||
Select Large Cap Growth Stock Fund | Inception Date† | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||||
A Shares | without sales charge | 10/14/03 | 4.13 | 4.59 | 1.60 | 4.89 | ||||||||||||||||
with sales charge* | -1.87 | 2.55 | 0.41 | 4.27 | ||||||||||||||||||
C Shares | without CDSC | 12/15/98 | 3.40 | 3.88 | 0.79 | 4.12 | ||||||||||||||||
with CDSC* | 2.40 | 3.88 | 0.79 | 4.12 | ||||||||||||||||||
I Shares | 12/31/95 | 4.42 | 4.94 | 1.83 | 5.00 | |||||||||||||||||
S&P 500 Index | 11.82 | 10.05 | 6.26 | 8.20 | ||||||||||||||||||
Russell 1000® Growth Index | 7.06 | 7.01 | 3.48 | 5.51 | ||||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. | |
† | The performance quoted represents past performance of SunTrust Bank’s internally managed common trust fund, adjusted for fees and expenses for periods prior to December 12, 1998 and inception of the A and C Shares on October 14, 2003 and December 15, 1998, respectively. The common trust fund was not registered under the 1940 Act and therefore was not subject to certain investment restrictions which may have adversely affected performance. |
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1 | Portfolio composition subject to change. | |
2 | Alpha measures a fund’s risk-adjusted performance and represents the difference between a fund’s actual performance and its expected performance, given its level of risk as measured by beta. |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||
Since | ||||||||||||||||||||
Small Cap Growth Stock Fund | Inception Date† | 1 Year | 3 Year | 5 Year | Inception | |||||||||||||||
A Shares | without sales charge | 12/10/99 | -8.06 | 6.99 | 7.92 | 13.24 | ||||||||||||||
with sales charge* | -13.34 | 4.90 | 6.65 | 12.45 | ||||||||||||||||
C Shares | without CDSC | 10/08/98 | -8.68 | 6.29 | 7.21 | 12.43 | ||||||||||||||
with CDSC* | -9.54 | 6.29 | 7.21 | 12.43 | ||||||||||||||||
I Shares | 10/08/98 | -7.80 | 7.37 | 8.30 | 13.58 | |||||||||||||||
Russell 2000® Growth Index | 1.56 | 9.41 | 7.88 | — | ||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. | |
† | The A Shares were offered beginning on December 10, 1999. The performance shown for the A Shares prior to such date is based on the performance of the I Shares of the Fund, and has not been adjusted to reflect A Share expenses. If it had been, performance would have been lower. |
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1 | Portfolio composition subject to change. |
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Aggregate Total Returns as of 3/31/07 (%) | ||||||||||
Since | ||||||||||
Small Cap Quantitative Equity Fund | Inception Date | Inception | ||||||||
A Shares | without sales charge | 04/03/06 | -2.10 | |||||||
with sales charge* | -7.73 | |||||||||
C Shares1 | without CDSC | 04/03/06 | -2.70 | |||||||
with CDSC* | -3.67 | |||||||||
I Shares | 04/03/06 | -1.81 | ||||||||
Russell 2000® Index | 5.91 | ** | ||||||||
1 | The total return is calculated in accordance with SEC guidelines. Total returns for financial reporting purposes are based on GAAP. | |
* | Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. | |
** | The Since Inception Return for the Russell 2000® Index was calculated from 3/31/06. |
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1 | Portfolio composition subject to change. |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||
Small Cap Value Equity Fund | Inception Date† | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||
A Shares | without sales charge | 10/09/03 | 7.17 | 17.52 | 15.96 | 13.36 | ||||||||||||||
with sales charge* | 1.00 | 15.23 | 14.61 | 12.70 | ||||||||||||||||
C Shares | without CDSC | 06/06/97 | 7.10 | 17.46 | 15.54 | 12.59 | ||||||||||||||
with CDSC* | 6.28 | 17.46 | 15.54 | 12.59 | ||||||||||||||||
I Shares | 08/31/94 | 7.41 | 17.81 | 16.23 | 13.49 | |||||||||||||||
Russell 2000® Value Index | 10.38 | 14.47 | 13.61 | 13.46 | ||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 5.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. | |
† | The performance quoted represents past performance of the SunTrust Bank’s internally managed common trust fund, adjusted for fees and expenses for periods prior to January 31, 1997, and past performance of the I Shares for the periods between January 31, 1997 and inception of the C Shares on June 6, 1997 and the A Shares on October 9, 2003. The common trust fund was not registered under the 1940 Act and therefore was not subject to certain investment restrictions which may have adversely affected performance. |
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Life Vision | Average Annual Total Returns as of 3/31/07 (%) | |||||||||||||||||||
Aggressive Growth Fund | Inception Date† | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||
A Shares | without sales charge | 10/16/03 | 9.31 | 10.12 | 7.07 | 8.21 | ||||||||||||||
with sales charge* | 3.03 | 7.97 | 5.82 | 7.58 | ||||||||||||||||
B Shares | without CDSC | 03/11/03 | 8.71 | 9.60 | 6.63 | 7.99 | ||||||||||||||
with CDSC* | 3.71 | 8.48 | 6.32 | 7.99 | ||||||||||||||||
C Shares | without CDSC | 04/04/05 | 8.54 | 9.72 | 6.88 | 8.12 | ||||||||||||||
with CDSC* | 7.54 | 9.72 | 6.88 | 8.12 | ||||||||||||||||
I Shares | 12/31/92 | 9.60 | 10.43 | 7.30 | 8.33 | |||||||||||||||
S&P 500 Index | 11.82 | 10.05 | 6.26 | 8.20 | ||||||||||||||||
Citigroup 3 Month Treasury Bill Index | 4.98 | 3.33 | 2.51 | 3.67 | ||||||||||||||||
Hybrid Index (90% of the S&P 500 Index and 10% of the Citigroup 3 Month Treasury Bill Index) | 12.25 | 9.75 | 6.17 | 7.97 | ||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 5.75%, Class B Shares reflect the maximum CDSC (contingent deferred sales charge) of 5.00% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. | |
† | The quoted performance of the Life Vision Aggressive Growth Fund includes performance of certain accounts advised by Crestar Bank, for periods dating back to December 31, 1992 and prior to the Fund’s commencement of operations on June 30, 1997, as adjusted to reflect the expenses associated with the Fund. The accounts were not registered with the Securities and Exchange Commission and, therefore, were not subject to the investment restrictions imposed by law on registered mutual funds. If the accounts had been registered, the accounts’ performance may have been adversely affected. For the period prior to October 16, 2003 (Class A Shares), March 11, 2003 (Class B Shares) and April 4, 2005 (Class C Shares), the quoted performance reflects the performance of the Class I Shares. |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||
Life Vision | Since | |||||||||||||||
Conservative Fund | Inception Date† | 1 Year | 3 Year | Inception | ||||||||||||
A Shares | without sales charge | 11/11/03 | 6.64 | 4.61 | 6.47 | |||||||||||
with sales charge* | 1.57 | 2.94 | 5.20 | |||||||||||||
B Shares | without CDSC | 03/11/03 | 6.12 | 4.18 | 6.08 | |||||||||||
with CDSC* | 1.12 | 2.94 | 5.66 | |||||||||||||
C Shares | without CDSC | 04/04/05 | 5.91 | 4.34 | 6.27 | |||||||||||
with CDSC* | 4.91 | 4.34 | 6.27 | |||||||||||||
I Shares | 11/06/03 | 6.91 | 4.94 | 6.73 | ||||||||||||
Lehman Brothers U.S. Aggregate Bond Index | 6.59 | 3.31 | — | |||||||||||||
S&P 500 Index | 11.82 | 10.05 | — | |||||||||||||
Citigroup 3 Month U.S. Treasury Bill Index | 4.98 | 3.33 | — | |||||||||||||
Hybrid Index (70% of the Lehman Brothers U.S. Aggregate Bond Index, 20% of the S&P 500 Index and 10% of the Citigroup 3 Month Treasury Bill Index) | 7.49 | 4.68 | — | |||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 4.75%, Class B Shares reflect the maximum CDSC (contingent deferred sales charge) of 5.00% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. | |
† | For the period prior to November 11, 2003 (Class A Shares) and April 4, 2005 (Class C Shares), the quoted performance reflects the performance of the Class I Shares and Class B Shares prior to November 6, 2003. The I Shares opened on November 6, 2003. The performance shown prior to that date is based on the performance of the B Shares. |
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Life Vision | Average Annual Total Returns as of 3/31/07 (%) | |||||||||||||||||||||
Growth and Income Fund | Inception Date† | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||||
A Shares | without sales charge | 11/05/03 | 8.44 | 8.24 | 7.05 | 7.93 | ||||||||||||||||
with sales charge* | 2.18 | 6.11 | 5.79 | 7.30 | ||||||||||||||||||
B Shares | without CDSC | 03/11/03 | 7.95 | 7.75 | 6.65 | 7.73 | ||||||||||||||||
with CDSC* | 2.95 | 6.59 | 6.33 | 7.73 | ||||||||||||||||||
C Shares | without CDSC | 04/06/05 | 7.62 | 7.72 | 6.76 | 7.79 | ||||||||||||||||
with CDSC* | 6.62 | 7.72 | 6.76 | 7.79 | ||||||||||||||||||
I Shares | 12/31/92 | 8.73 | 8.61 | 7.29 | 8.05 | |||||||||||||||||
S&P 500 Index | 11.82 | 10.05 | 6.26 | 8.20 | ||||||||||||||||||
Lehman Brothers U.S. Aggregate Bond Index | 6.59 | 3.31 | 5.35 | 6.46 | ||||||||||||||||||
Citigroup 3 Month U.S. Treasury Bill Index | 4.98 | 3.33 | 2.51 | 3.67 | ||||||||||||||||||
Hybrid Index (65% of the S&P 500 Index, 25% of the Lehman Brothers U.S. Aggregate Bond Index and 10% of the Citigroup 3 Month Treasury Bill Index) | 9.85 | 7.72 | 5.87 | 7.62 | ||||||||||||||||||
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Investment Concerns
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Life Vision | Average Annual Total Returns as of 3/31/07 (%) | |||||||||||||||||||||
Moderate Growth Fund | Inception Date† | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||||
A Shares | without sales charge | 10/10/03 | 7.77 | 6.78 | 6.47 | 7.23 | ||||||||||||||||
with sales charge* | 1.58 | 4.68 | 5.21 | 6.60 | ||||||||||||||||||
B Shares | without CDSC | 03/11/03 | 7.36 | 6.31 | 6.03 | 7.01 | ||||||||||||||||
with CDSC* | 2.36 | 5.11 | 5.72 | 7.01 | ||||||||||||||||||
C Shares | without CDSC | 04/06/05 | 7.01 | 6.26 | 6.19 | 7.09 | ||||||||||||||||
with CDSC* | 6.01 | 6.26 | 6.19 | 7.09 | ||||||||||||||||||
I Shares | 12/31/92 | 8.02 | 7.05 | 6.67 | 7.33 | |||||||||||||||||
S&P 500 Index | 11.82 | 10.05 | 6.26 | 8.20 | ||||||||||||||||||
Lehman Brothers U.S. Aggregate Bond Index | 6.59 | 3.31 | 5.35 | 6.46 | ||||||||||||||||||
Citigroup 3 Month U.S. Treasury Bill Index | 4.98 | 3.33 | 2.51 | 3.67 | ||||||||||||||||||
Hybrid Index (50% of the S&P 500 Index, 40% of the Lehman Brothers U.S. Aggregate Bond Index and 10% of the Citigroup 3 Month Treasury Bill Index) | 9.07 | 6.71 | 5.76 | 7.39 | ||||||||||||||||||
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• Alan Gayle
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Life Vision | Average Annual Total Returns as of 3/31/07 (%) | |||||||||||||
Target Date 2015 Fund | Inception Date | 1 Year | Since Inception | |||||||||||
A Shares | without sales charge | 01/05/071 | 9.13 | 13.23 | ||||||||||
with sales charge* | 2.88 | 8.74 | ||||||||||||
I Shares | 10/12/052 | 9.18 | 13.26 | |||||||||||
S&P 500 Index | 11.82 | — | ||||||||||||
Lehman Brothers U.S. Aggregate Bond Index | 6.59 | — | ||||||||||||
Hybrid Index (60% of the S&P 500 Index and 40% of the Lehman Brothers U.S. Aggregate Bond Index) | 9.75 | — | ||||||||||||
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• Alan Gayle
Investment Concerns
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Life Vision | Average Annual Total Returns as of 3/31/07 (%) | |||||||||||
Target Date 2015 Fund | Inception Date | 1 Year | Since Inception | |||||||||
A Shares | without sales charge with sales charge* | 07/12/061 | 9.32 3.02 | 15.32 10.67 | ||||||||
I Shares | 10/21/052 | 9.64 | 15.55 | |||||||||
S&P 500 Index | 11.82 | — | ||||||||||
Lehman Brothers U.S. Aggregate Bond Index | 6.59 | — | ||||||||||
Hybrid Index (60% of the S&P 500 Index and 40% of the Lehman Brothers U.S. Aggregate Bond Index) | 9.75 | — | ||||||||||
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• Alan Gayle
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Life Vision | Average Annual Total Returns as of 3/31/07 (%) | |||||||||||
Target Date 2015 Fund | Inception Date | 1 Year | Since Inception | |||||||||
A Shares | without sales charge | 05/04/061 | 9.17 | 13.98 | ||||||||
with sales charge* | 2.93 | 9.29 | ||||||||||
I Shares | 11/02/052 | 9.41 | 14.16 | |||||||||
S&P 500 Index | 11.82 | — | ||||||||||
Lehman Brothers U.S. Aggregate Bond Index | 6.59 | — | ||||||||||
Hybrid Index (60% of the S&P 500 Index and 40% of the Lehman Brothers U.S. Aggregate Bond Index) | 9.75 | — | ||||||||||
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Aggressive Growth Stock Fund
Shares | Value($) | ||||||||
Common Stocks (99.2%) | |||||||||
Consumer Discretionary (22.3%) | |||||||||
Best Buy Co., Inc. | 124,200 | 6,051 | |||||||
Blue Nile, Inc. * | 147,400 | 5,993 | |||||||
Coach, Inc. * | 165,300 | 8,273 | |||||||
eBay, Inc. * | 365,100 | 12,102 | |||||||
Life Time Fitness, Inc. * | 86,900 | 4,468 | |||||||
Monster Worldwide, Inc. * | 128,300 | 6,078 | |||||||
Nordstrom, Inc. | 15,500 | 821 | |||||||
Nutri/ System, Inc. * | 110,900 | 5,812 | |||||||
Starbucks Corp. * | 357,700 | 11,217 | |||||||
Urban Outfitters, Inc. * | 163,900 | 4,345 | |||||||
Walt Disney Co. (The) | 224,300 | 7,723 | |||||||
72,883 | |||||||||
Consumer Staples (2.9%) | |||||||||
Archer-Daniels-Midland Co. | 151,400 | 5,556 | |||||||
Whole Foods Market, Inc. | 89,700 | 4,023 | |||||||
9,579 | |||||||||
Financials (10.2%) | |||||||||
BlackRock, Inc., Cl A | 65,300 | 10,208 | |||||||
CB Richard Ellis Group, Inc., Cl A * | 124,500 | 4,255 | |||||||
Euronet Worldwide, Inc. * | 223,800 | 6,011 | |||||||
Huron Consulting Group, Inc. * | 53,000 | 3,225 | |||||||
Legg Mason, Inc. | 46,800 | 4,409 | |||||||
Portfolio Recovery Associates, Inc. * | 115,800 | 5,170 | |||||||
33,278 | |||||||||
Health Care (18.5%) | |||||||||
Alcon, Inc. | 37,000 | 4,877 | |||||||
Celgene Corp. * | 62,900 | 3,300 | |||||||
Covance, Inc. * | 59,600 | 3,537 | |||||||
Edwards Lifesciences Corp. * | 37,500 | 1,901 | |||||||
Gen-Probe, Inc. * | 25,100 | 1,182 | |||||||
Genentech, Inc. * | 123,600 | 10,150 | |||||||
Gilead Sciences, Inc. * | 202,150 | 15,465 | |||||||
IDEXX Laboratories, Inc. * | 40,500 | 3,549 | |||||||
Kyphon, Inc. * | 77,000 | 3,476 | |||||||
Psychiatric Solutions, Inc. * | 230,500 | 9,291 | |||||||
Varian Medical Systems, Inc. * | 79,600 | 3,796 | |||||||
60,524 | |||||||||
Industrials (2.2%) | |||||||||
First Solar, Inc. * | 63,300 | 3,292 | |||||||
US Airways Group, Inc. * | 84,800 | 3,857 | |||||||
7,149 | |||||||||
Information Technology (34.7%) | |||||||||
Akamai Technologies, Inc. * | 115,700 | 5,776 | |||||||
Alliance Data Systems Corp. * | 91,300 | 5,626 | |||||||
Apple, Inc. * | 176,400 | 16,388 | |||||||
aQuantive, Inc. * | 311,100 | 8,683 | |||||||
Broadcom Corp., Cl A * | 195,600 | 6,273 | |||||||
Cognizant Technology Solutions Corp., Cl A * | 205,300 | 18,121 | |||||||
F5 Networks, Inc. * | 79,800 | 5,321 | |||||||
Google, Inc., Cl A * | 28,400 | 13,012 | |||||||
Paychex, Inc. | 155,000 | 5,870 | |||||||
QUALCOMM, Inc. | 269,600 | 11,501 | |||||||
Riverbed Technology, Inc. * | 59,100 | 1,634 | |||||||
SiRF Technology Holdings, Inc. * | 85,200 | 2,365 | |||||||
SunPower Corp., Cl A * | 77,600 | 3,531 | |||||||
Yahoo!, Inc. * | 312,300 | 9,772 | |||||||
113,873 | |||||||||
Software (0.7%) | |||||||||
Adobe Systems, Inc. * | 58,100 | 2,423 | |||||||
Telecommunication Services (7.7%) | |||||||||
American Tower Corp., Cl A * | 90,400 | 3,521 | |||||||
NII Holdings, Inc. * | 223,500 | 16,580 | |||||||
Time Warner Telecom, Inc., Cl A * | 238,100 | 4,945 | |||||||
25,046 | |||||||||
Total Common Stocks (Cost $264,876) | 324,755 | ||||||||
Money Market Fund (1.4%) | |||||||||
STI Classic Institutional Cash Management Money Market Fund, 5.230% (b) | 4,651,595 | 4,652 | |||||||
Total Money Market Fund (Cost $4,652) | 4,652 | ||||||||
Total Investments (Cost $269,528) (a) — 100.6% | 329,407 | ||||||||
Liabilities in excess of other assets — (0.6)% | (2,015 | ) | |||||||
Net Assets — 100.0% | $ | 327,392 | |||||||
* | Non-income producing security. |
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(a) | Cost for federal income tax purposes is $271,359 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 63,720 | ||
Unrealized Depreciation | (5,672 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 58,048 | ||
(b) | Affiliate investment. | |
Cl | — Class |
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Capital Appreciation Fund
Shares | Value($) | ||||||||
Common Stocks (99.9%) | |||||||||
Consumer Discretionary (13.3%) | |||||||||
Best Buy Co., Inc. | 403,400 | 19,654 | |||||||
Carnival Corp. | 270,300 | 12,666 | |||||||
Coach, Inc. * | 417,500 | 20,896 | |||||||
E.W. Scripps Co. (The), Cl A (b) | 337,500 | 15,080 | |||||||
Garmin Ltd. (b) | 299,400 | 16,213 | |||||||
Lowe’s Cos., Inc. (b) | 696,900 | 21,945 | |||||||
Newell Rubbermaid, Inc. | 351,800 | 10,937 | |||||||
Target Corp. (b) | 309,800 | 18,359 | |||||||
Walt Disney Co. (The) | 773,700 | 26,638 | |||||||
162,388 | |||||||||
Consumer Staples (5.8%) | |||||||||
Anheuser-Busch Cos., Inc. | 321,000 | 16,198 | |||||||
Colgate-Palmolive Co. | 184,700 | 12,336 | |||||||
PepsiCo, Inc. | 249,800 | 15,877 | |||||||
Procter & Gamble Co. (The) | 412,200 | 26,035 | |||||||
70,446 | |||||||||
Energy (7.4%) | |||||||||
Chevron Corp. | 251,000 | 18,564 | |||||||
Exxon Mobil Corp. | 391,517 | 29,540 | |||||||
Halliburton Co. (b) | 486,500 | 15,442 | |||||||
Nabors Industries Ltd. * (b) | 256,300 | 7,604 | |||||||
Schlumberger Ltd. | 285,500 | 19,728 | |||||||
90,878 | |||||||||
Financials (15.9%) | |||||||||
Ambac Financial Group, Inc. (b) | 222,900 | 19,256 | |||||||
American Express Co. | 329,900 | 18,606 | |||||||
American International Group, Inc. | 453,800 | 30,505 | |||||||
Bank of America Corp. | 443,900 | 22,648 | |||||||
Genworth Financial, Inc., Cl A | 561,800 | 19,629 | |||||||
Goldman Sachs Group, Inc. | 116,700 | 24,114 | |||||||
JPMorgan Chase & Co. | 543,400 | 26,290 | |||||||
Morgan Stanley | 303,800 | 23,927 | |||||||
Wells Fargo & Co. | 261,900 | 9,017 | |||||||
193,992 | |||||||||
Health Care (22.1%) | |||||||||
AmerisourceBergen Corp. (b) | 437,200 | 23,062 | |||||||
Barr Pharmaceuticals, Inc. * | 295,400 | 13,692 | |||||||
Baxter International, Inc. | 584,500 | 30,786 | |||||||
Johnson & Johnson | 456,700 | 27,521 | |||||||
Lincare Holdings, Inc. * (b) | 442,400 | 16,214 | |||||||
Medtronic, Inc. | 334,700 | 16,420 | |||||||
Mylan Laboratories, Inc. | 778,000 | 16,447 | |||||||
Omnicare, Inc. (b) | 278,000 | 11,056 | |||||||
Patterson Cos., Inc. * (b) | 273,500 | 9,707 | |||||||
Pfizer, Inc. | 726,700 | 18,356 | |||||||
Quest Diagnostics, Inc. (b) | 408,400 | 20,367 | |||||||
Sanofi-Aventis ADR (b) | 407,900 | 17,748 | |||||||
Schering-Plough Corp. | 957,200 | 24,418 | |||||||
Universal Health Services, Inc., Cl B | 277,300 | 15,878 | |||||||
Vertex Pharmaceuticals, Inc. * (b) | 292,100 | 8,190 | |||||||
269,862 | |||||||||
Industrials (9.2%) | |||||||||
Danaher Corp. (b) | 234,400 | 16,748 | |||||||
Emerson Electric Co. | 350,400 | 15,099 | |||||||
General Electric Co. | 796,800 | 28,175 | |||||||
Honeywell International, Inc. | 393,800 | 18,138 | |||||||
Illinois Tool Works, Inc. | 208,100 | 10,738 | |||||||
Raytheon Co. | 296,600 | 15,560 | |||||||
United Parcel Service, Inc., Cl B | 122,900 | 8,615 | |||||||
113,073 | |||||||||
Information Technology (22.7%) | |||||||||
Alcatel — Lucent ADR (b) | 1,001,000 | 11,832 | |||||||
ASML Holding NV * (b) | 711,100 | 17,600 | |||||||
Cisco Systems, Inc. * | 1,133,300 | 28,933 | |||||||
Citrix Systems, Inc. * | 330,300 | 10,580 | |||||||
Comverse Technology, Inc. * | 417,300 | 8,909 | |||||||
Corning, Inc. * (b) | 1,223,300 | 27,818 | |||||||
EMC Corp. * | 1,324,700 | 18,347 | |||||||
Global Payments, Inc. | 262,100 | 8,927 | |||||||
Google, Inc., Cl A * | 24,100 | 11,042 | |||||||
Harris Corp. | 299,500 | 15,260 | |||||||
Intel Corp. | 747,000 | 14,290 | |||||||
International Business Machines Corp. | 123,800 | 11,669 | |||||||
Intersil Corp., Cl A | 368,600 | 9,764 | |||||||
Microsoft Corp. (b) | 1,153,900 | 32,158 | |||||||
Oracle Corp. * | 830,800 | 15,062 |
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Table of Contents
Shares | Value($) | ||||||||
Information Technology—continued | |||||||||
QUALCOMM, Inc. | 367,500 | 15,678 | |||||||
STMicroelectronics NV (b) | 654,900 | 12,574 | |||||||
Symantec Corp. * (b) | 460,600 | 7,968 | |||||||
278,411 | |||||||||
Materials (1.6%) | |||||||||
Praxair, Inc. | 319,600 | 20,122 | |||||||
Telecommunication Services (1.9%) | |||||||||
AT&T, Inc. | 574,300 | 22,645 | |||||||
Total Common Stocks (Cost $1,059,513) | 1,221,817 | ||||||||
Short-Term Investment (15.8%) | |||||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (c) | 193,416,660 | 193,417 | |||||||
Total Short-Term Investment (Cost $193,417) | 193,417 | ||||||||
Total Investments (Cost $1,252,930) (a) — 115.7% | 1,415,234 | ||||||||
Liabilities in excess of other assets — (15.7)% | (191,526 | ) | |||||||
Net Assets — 100.0% | $ | 1,223,708 | |||||||
* | Non-income producing security. | |
(a) | Cost for federal income tax purposes is $1,254,146 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 188,866 | ||
Unrealized Depreciation | (27,778 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 161,088 | ||
(b) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $187,298. | |
(c) | This security was purchased with cash collateral held from securities lending. |
ADR | — American Depositary Receipt | |
Cl | — Class |
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Emerging Growth Stock Fund
Shares | Value($) | ||||||||
Common Stocks (98.7%) | |||||||||
Consumer Discretionary (17.5%) | |||||||||
Blue Nile, Inc. * | 29,800 | 1,212 | |||||||
Life Time Fitness, Inc. * | 53,400 | 2,745 | |||||||
Monster Worldwide, Inc. * | 53,200 | 2,520 | |||||||
Morton’s Restaurant Group, Inc. * | 62,900 | 1,119 | |||||||
Nordstrom, Inc. | 65,200 | 3,451 | |||||||
Nutri/ System, Inc. * | 62,300 | 3,265 | |||||||
Polo Ralph Lauren Corp. | 35,900 | 3,165 | |||||||
Steiner Leisure Ltd. * | 13,200 | 594 | |||||||
VistaPrint Ltd. * | 37,800 | 1,448 | |||||||
19,519 | |||||||||
Consumer Staples (2.5%) | |||||||||
Bare Escentuals, Inc. * | 78,800 | 2,827 | |||||||
Financials (19.0%) | |||||||||
BlackRock, Inc., Cl A | 25,800 | 4,033 | |||||||
CB Richard Ellis Group, Inc., Cl A * | 91,300 | 3,121 | |||||||
eHealth, Inc. * | 71,400 | 1,681 | |||||||
Euronet Worldwide, Inc. * | 115,400 | 3,100 | |||||||
Greenhill & Co., Inc. | 22,300 | 1,369 | |||||||
Huron Consulting Group, Inc. * | 67,100 | 4,082 | |||||||
Portfolio Recovery Associates, Inc. * | 70,600 | 3,152 | |||||||
Stifel Financial Corp. * | 16,100 | 713 | |||||||
21,251 | |||||||||
Health Care (16.6%) | |||||||||
Amylin Pharmaceuticals, Inc. * | 37,700 | 1,408 | |||||||
HMS Holdings Corp. * | 113,800 | 2,492 | |||||||
Hologic, Inc. * | 41,200 | 2,375 | |||||||
IDEXX Laboratories, Inc. * | 12,000 | 1,052 | |||||||
Kyphon, Inc. * | 48,200 | 2,176 | |||||||
Medivation, Inc. * | 30,300 | 571 | |||||||
Myriad Genetics, Inc. * | 25,000 | 862 | |||||||
Psychiatric Solutions, Inc. * | 99,600 | 4,014 | |||||||
Theravance, Inc. * | 18,800 | 555 | |||||||
Varian Medical Systems, Inc. * | 51,000 | 2,432 | |||||||
Vertex Pharmaceuticals, Inc. * | 23,200 | 651 | |||||||
18,588 | |||||||||
Industrials (7.3%) | |||||||||
Alaska Air Group, Inc. * | 63,400 | 2,416 | |||||||
First Solar, Inc. * | 81,700 | 4,249 | |||||||
Fuel Tech, Inc. * | 62,800 | 1,548 | |||||||
8,213 | |||||||||
Information Technology (25.2%) | |||||||||
aQuantive, Inc. * | 115,400 | 3,221 | |||||||
Atheros Communications, Inc. * | 46,300 | 1,108 | |||||||
Baidu.com, Inc. ADR * | 22,400 | 2,163 | |||||||
Cognizant Technology Solutions Corp., Cl A * | 38,000 | 3,354 | |||||||
Equinix, Inc. * | 14,500 | 1,242 | |||||||
Exlservice Holdings, Inc. * | 39,300 | 812 | |||||||
F5 Networks, Inc. * | 57,800 | 3,853 | |||||||
Optium Corp. * | 79,600 | 1,545 | |||||||
Riverbed Technology, Inc. * | 112,700 | 3,115 | |||||||
SunPower Corp., Cl A * | 78,700 | 3,580 | |||||||
ViaSat, Inc. * | 91,800 | 3,027 | |||||||
WebSideStory, Inc. * | 79,400 | 1,028 | |||||||
28,048 | |||||||||
Telecommunication Services (10.6%) | |||||||||
Cbeyond, Inc. * | 19,000 | 557 | |||||||
Crown Castle International Corp. * | 70,000 | 2,249 | |||||||
NII Holdings, Inc. * | 69,900 | 5,185 | |||||||
SBA Communications Corp., Cl A * | 38,300 | 1,132 | |||||||
Time Warner Telecom, Inc., Cl A * | 133,200 | 2,767 | |||||||
11,890 | |||||||||
Total Common Stocks (Cost $93,039) | 110,336 | ||||||||
Money Market Fund (1.3%) | |||||||||
STI Classic Institutional Cash Management Money Market Fund, 5.230% (b) | �� | 1,488,152 | 1,488 | ||||||
Total Money Market Fund (Cost $1,488) | 1,488 | ||||||||
Total Investments (Cost $94,527) (a) — 100.0% | 111,824 | ||||||||
Liabilities in excess of other assets — 0.0% | (32 | ) | |||||||
Net Assets — 100.0% | $ | 111,792 | |||||||
* | Non-income producing security. |
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Table of Contents
(a) | Cost for federal income tax purposes is $94,815 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 19,028 | ||
Unrealized Depreciation | (2,019 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 17,009 | ||
(b) | Affiliate investment. |
ADR | — American Depositary Receipt | |
Cl | — Class |
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Table of Contents
International Equity Fund
Shares or | ||||||||||
Principal | ||||||||||
Amount($) | Value($) | |||||||||
Foreign Common Stocks (96.3%) | ||||||||||
Australia (5.1%) | ||||||||||
Australia & New Zealand Banking | 367,540 | 8,831 | ||||||||
Group Ltd. | ||||||||||
Babcock & Brown Ltd. (b) | 353,898 | 7,864 | ||||||||
BlueScope Steel Ltd. (b) | 267,637 | 2,273 | ||||||||
Challenger Financial Services Group Ltd. | 880,474 | 3,397 | ||||||||
David Jones Ltd. (b) | 507,088 | 1,866 | ||||||||
Insurance Australia Group Ltd. | 390,501 | 1,851 | ||||||||
Leighton Holdings Ltd. (b) | 209,138 | 5,671 | ||||||||
Macquarie Bank Ltd. | 28,003 | 1,874 | ||||||||
Qantas Airways Ltd. (b) | 672,036 | 2,854 | ||||||||
QBE Insurance Group Ltd. (b) | 232,184 | 5,924 | ||||||||
Rio Tinto Group Ltd. (b) | 63,583 | 4,053 | ||||||||
Smorgon Steel Group Ltd. | 1,210,295 | 1,997 | ||||||||
St. George Bank Ltd. (b) | 100,119 | 2,837 | ||||||||
Suncorp-Metway Ltd. | 407,495 | 6,856 | ||||||||
Zinifex Ltd. | 193,920 | 2,475 | ||||||||
60,623 | ||||||||||
Belgium (1.2%) | ||||||||||
Delhaize Group (b) | 82,936 | 7,623 | ||||||||
Fortis | 146,430 | 6,687 | ||||||||
14,310 | ||||||||||
Denmark (0.5%) | ||||||||||
Danske Bank A/ S (b) | 125,086 | 5,820 | ||||||||
Finland (1.1%) | ||||||||||
Fortum Corp. (b) | 72,574 | 2,116 | ||||||||
Nokia Corp., Cl A | 500,749 | 11,524 | ||||||||
13,640 | ||||||||||
France (10.4%) | ||||||||||
Air France-KLM | 143,584 | 6,549 | ||||||||
BNP Paribas | 132,124 | 13,799 | ||||||||
Bouygues SA | 62,425 | 4,824 | ||||||||
Capgemini SA | 96,391 | 7,337 | ||||||||
Compagnie de Saint-Gobain | 64,480 | 6,302 | ||||||||
Compagnie Generale de Geophysique SA * | 28,065 | 5,885 | ||||||||
Credit Agricole SA | 189,529 | 7,390 | ||||||||
France Telecom SA (b) | 263,240 | 6,951 | ||||||||
Lafarge SA | 62,337 | 9,799 | ||||||||
Societe Generale | 65,433 | 11,307 | ||||||||
SUEZ SA (b) | 122,667 | 6,469 | ||||||||
Total SA | 226,285 | 15,854 | ||||||||
VINCI SA | 73,482 | 11,387 | ||||||||
Vivendi Universal SA | 228,447 | 9,282 | ||||||||
123,135 | ||||||||||
Germany (8.6%) | ||||||||||
Allianz AG (b) | 57,906 | 11,912 | ||||||||
BASF AG | 100,476 | 11,287 | ||||||||
Continental AG (b) | 61,972 | 8,008 | ||||||||
Deutsche Bank AG | 72,692 | 9,783 | ||||||||
Deutsche Lufthansa AG | 217,748 | 5,916 | ||||||||
Deutsche Telekom AG (b) | 215,490 | 3,560 | ||||||||
E.ON AG (b) | 87,301 | 11,803 | ||||||||
Henkel KGaA | 45,182 | 6,683 | ||||||||
MAN AG | 96,889 | 11,259 | ||||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 49,095 | 8,279 | ||||||||
Stada Arzneimittel AG | 83,586 | 5,066 | ||||||||
ThyssenKrupp AG | 177,814 | 8,797 | ||||||||
102,353 | ||||||||||
Hong Kong (2.0%) | ||||||||||
China Coal Energy Co. * | 1,227,257 | 1,312 | ||||||||
China Mobile Ltd. | 492,983 | 4,483 | ||||||||
CLP Holdings Ltd. | 356,569 | 2,604 | ||||||||
Guangshen Railway Co. Ltd. (b) | 1,758,234 | 1,116 | ||||||||
Guoco Group Ltd. | 354,610 | 4,989 | ||||||||
Huaneng Power International, Inc. | 1,356,293 | 1,180 | ||||||||
Huadian Power International Corp. Ltd. | 3,080,229 | 1,104 | ||||||||
Orient Overseas International Ltd. | 240,027 | 2,230 | ||||||||
Wharf Holdings Ltd. (The) | 1,202,736 | 4,464 | ||||||||
23,482 | ||||||||||
Ireland (2.5%) | ||||||||||
Allied Irish Banks PLC | 282,472 | 8,377 | ||||||||
Anglo Irish Bank Corp. PLC | 273,047 | 5,835 | ||||||||
Bank of Ireland | 360,065 | 7,767 | ||||||||
CRH PLC | 191,550 | 8,187 | ||||||||
30,166 | ||||||||||
51
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Italy (3.2%) | |||||||||
Enel SpA | 930,245 | 9,953 | |||||||
Eni SpA (b) | 327,047 | 10,641 | |||||||
Mediaset SpA (b) | 715,431 | 7,783 | |||||||
UniCredito Italiano SpA | 951,108 | 9,052 | |||||||
37,429 | |||||||||
Japan (21.0%) | |||||||||
Astellas Pharma, Inc. (b) | 52,516 | 2,264 | |||||||
Canon, Inc. | 144,866 | 7,783 | |||||||
Daicel Chemical Industries Ltd. | 860,288 | 5,878 | |||||||
Daiichi Sankyo Co. Ltd. (b) | 197,700 | 6,058 | |||||||
East Japan Railway Co. | 1,253 | 9,763 | |||||||
Honda Motor Co. Ltd. | 463,051 | 16,152 | |||||||
ITOCHU Corp. | 934,880 | 9,268 | |||||||
KDDI Corp. | 844 | 6,741 | |||||||
Komatsu Ltd. | 268,939 | 5,661 | |||||||
Makino Milling Machine Co. Ltd. | 308,773 | 3,952 | |||||||
Mitsubishi Estate Co. Ltd. | 117,000 | 3,843 | |||||||
Mitsubishi UFJ Financial Group, Inc. | 293 | 3,308 | |||||||
Mitsui & Co. Ltd. | 455,772 | 8,510 | |||||||
Mitsui Fudosan Co. Ltd. | 84,000 | 2,467 | |||||||
Mitsui O.S.K. Lines Ltd. | 238,800 | 2,651 | |||||||
Mizuho Financial Group, Inc. | 1,269 | 8,175 | |||||||
Nippon Telegraph & Telephone Corp. | 1,525 | 8,064 | |||||||
Nippon Yusen Kabushiki Kaisha (b) | 892,662 | 7,160 | |||||||
Nomura Holdings, Inc. | 251,900 | 5,249 | |||||||
NSK Ltd. | 720,799 | 6,876 | |||||||
Okinawa Electric Power Co., Inc. (The) | 87,536 | 5,468 | |||||||
ORIX Corp. | 53,991 | 14,067 | |||||||
Ricoh Co. Ltd. | 269,000 | 6,062 | |||||||
SAN-A Co. Ltd. | 35,800 | 1,228 | |||||||
Sekisui Chemical Co. Ltd. (b) | 813,299 | 6,482 | |||||||
Sumitomo Corp. | 760,743 | 13,687 | |||||||
Sumitomo Metal Industries Ltd. | 2,188,791 | 11,314 | |||||||
Sumitomo Mitsui Financial Group, Inc. | 926 | 8,410 | |||||||
Taiheiyo Cement Corp. | 1,087,180 | 4,808 | |||||||
Takeda Pharmaceutical Co. Ltd. | 120,679 | 7,918 | |||||||
Toyota Motor Corp. | 395,794 | 25,362 | |||||||
Urban Corp. | 168,000 | 2,447 | |||||||
Yamaha Motor Co. Ltd. | 277,256 | 7,766 | |||||||
Yamatake Corp. | 219,709 | 5,091 | |||||||
249,933 | |||||||||
Netherlands (3.0%) | |||||||||
Akzo Nobel NV (b) | 68,602 | 5,209 | |||||||
ASML Holding NV * | 86,892 | 2,146 | |||||||
Heineken NV | 90,539 | 4,736 | |||||||
ING Groep NV (b) | 279,552 | 11,818 | |||||||
Koninklijke DSM NV (b) | 66,546 | 2,981 | |||||||
Koninklijke KPN NV (b) | 571,513 | 8,901 | |||||||
35,791 | |||||||||
New Zealand (0.7%) | |||||||||
Fletcher Building Ltd. (b) | 1,001,582 | 7,868 | |||||||
Norway (1.9%) | |||||||||
DNB NOR ASA | 347,916 | 4,913 | |||||||
Orkla ASA (b) | 155,495 | 10,967 | |||||||
Telenor ASA | 354,990 | 6,310 | |||||||
22,190 | |||||||||
Portugal (0.3%) | |||||||||
Energias de Portugal SA | 622,356 | 3,342 | |||||||
Singapore (1.4%) | |||||||||
DBS Group Holdings Ltd. | 233,963 | 3,302 | |||||||
Oversea-Chinese Banking Corp. Ltd. | 461,672 | 2,740 | |||||||
United Overseas Bank Ltd. | 422,806 | 5,854 | |||||||
Wing Tai Holdings Ltd. | 2,203,744 | 4,621 | |||||||
16,517 | |||||||||
Spain (3.0%) | |||||||||
Banco Bilbao Vizcaya Argentaria SA | 486,251 | 11,938 | |||||||
Banco Santander Central Hispano SA | 859,950 | 15,346 | |||||||
Endesa SA (b) | 73,410 | 3,969 | |||||||
Telefonica SA | 201,425 | 4,439 | |||||||
35,692 | |||||||||
Sweden (2.8%) | |||||||||
Alfa Laval AB | 107,352 | 5,567 | |||||||
Autoliv, Inc. | 39,275 | 2,245 |
52
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Sweden—continued | |||||||||
Sandvik AB (b) | 382,569 | 6,796 | |||||||
Swedbank AB, A shares | 92,515 | 3,240 | |||||||
Swedish Match AB | 405,663 | 7,250 | |||||||
Telefonaktiebolaget LM Ericsson | 2,359,213 | 8,686 | |||||||
33,784 | |||||||||
Switzerland (6.7%) | |||||||||
Credit Suisse Group | 209,794 | 15,059 | |||||||
Nestle SA (b) | 42,488 | 16,552 | |||||||
Novartis AG (b) | 288,861 | 16,574 | |||||||
Roche Holding Ltd. (b) | 76,109 | 13,470 | |||||||
Swiss Re | 84,999 | 7,767 | |||||||
Zurich Financial Services | 36,356 | 10,497 | |||||||
79,919 | |||||||||
United Kingdom (20.9%) | |||||||||
Allied Irish Banks PLC | 8,296 | 245 | |||||||
Anglo American PLC | 75,213 | 3,962 | |||||||
Anglo Irish Bank Corp. PLC | 8,134 | 174 | |||||||
AstraZeneca PLC | 261,470 | 14,066 | |||||||
Aviva PLC | 663,583 | 9,773 | |||||||
Barclays PLC | 1,175,474 | 16,676 | |||||||
BHP Billiton PLC | 472,854 | 10,541 | |||||||
Bodycote International PLC | 1,073,881 | 6,566 | |||||||
BP PLC | 1,206,455 | 13,104 | |||||||
British Airways PLC * | 404,443 | 3,868 | |||||||
BT Group PLC | 1,852,077 | 11,069 | |||||||
Centrica PLC | 1,323,657 | 10,066 | |||||||
CRH PLC | 5,626 | 240 | |||||||
De La Rue PLC | 431,102 | 6,065 | |||||||
GlaxoSmithKline PLC | 636,371 | 17,492 | |||||||
HBOS PLC | 607,138 | 12,508 | |||||||
International Power PLC | 516,414 | 4,029 | |||||||
National Express Group PLC | 294,728 | 7,318 | |||||||
Next PLC | 145,674 | 6,446 | |||||||
Royal & Sun Alliance Insurance Group PLC | 2,349,152 | 7,488 | |||||||
Royal Bank of Scotland Group PLC (The) | 487,301 | 19,025 | |||||||
Royal Dutch Shell PLC, Cl A | 551,652 | 18,355 | |||||||
Royal Dutch Shell PLC, Cl B | 300,908 | 10,012 | |||||||
Scottish & Newcastle PLC | 224,463 | 2,657 | |||||||
Tate & Lyle PLC | 188,199 | 2,129 | |||||||
Tesco PLC | 560,821 | 4,902 | |||||||
Unilever PLC | 123,694 | 3,726 | |||||||
Vodafone Group PLC | 5,245,633 | 13,985 | |||||||
William Morrison Supermarkets PLC | 1,144,421 | 6,952 | |||||||
WPP Group PLC | 358,169 | 5,426 | |||||||
248,865 | |||||||||
Total Foreign Common Stocks (Cost $876,257) | 1,144,859 | ||||||||
Foreign Preferred Stocks (1.2%) | |||||||||
Germany (1.2%) | |||||||||
Fresenius AG, 1.510% | 93,192 | 7,407 | |||||||
ProSiebenSat.1 Media AG, 0.840% | 190,544 | 6,752 | |||||||
Total Foreign Preferred Stocks (Cost $10,666) | 14,159 | ||||||||
Short-Term Investments (15.6%) | |||||||||
Brown Brothers Harriman & Co., Cayman Islands Cash Sweep, 4.630% | 5,802 | 5,802 | |||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (c) | 179,638,443 | 179,638 | |||||||
Total Short-Term Investments (Cost $185,440) | 185,440 | ||||||||
Total Investments (Cost $1,072,363) (a) — 113.1% | 1,344,458 | ||||||||
Liabilities in excess of other assets — (13.1)% | (156,242 | ) | |||||||
Net Assets — 100.0% | $ | 1,188,216 | |||||||
* | Non-income producing security. | |
(a) | Cost for federal income tax purposes is $1,077,694 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 273,178 | ||
Unrealized Depreciation | (6,414 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 266,764 | ||
53
Table of Contents
(b) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $171,348. | |
(c) | This security was purchased with cash collateral held from securities lending. |
Cl | — Class | |
PLC | — Public Limited Company |
The investment concentrations for the International Equity Fund as a percentage of net assets, by industry, as of March 31, 2007, were as follows (unaudited):
Consumer Discretionary | 8.8 | % | ||
Consumer Staples | 6.2 | |||
Energy | 5.8 | |||
Financials | 30.8 | |||
Health Care | 7.6 | |||
Industrials | 13.0 | |||
Information Technology | 3.7 | |||
Materials | 8.6 | |||
Short-Term Investments | 15.6 | |||
Telecommunication Services | 6.7 | |||
Transportation & Services | 1.1 | |||
Utilities | 5.2 |
54
Table of Contents
International Equity Index Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Common Stock (0.0%) | |||||||||
United States (0.0%) | |||||||||
Ship Finance International Ltd. (b) | 4,300 | 118 | |||||||
Total Common Stock (Cost $73) | 118 | ||||||||
Foreign Common Stocks (93.9%) | |||||||||
Australia (3.9%) | |||||||||
AGL Energy Ltd. (b) | 33,400 | 436 | |||||||
Alinta Ltd. | 19,288 | 227 | |||||||
Alumina Ltd. | 78,578 | 465 | |||||||
Amcor Ltd. | 48,118 | 294 | |||||||
AMP Ltd. | 99,498 | 836 | |||||||
Aristocrat Leisure Ltd. (b) | 22,596 | 300 | |||||||
Australia & New Zealand Banking Group Ltd. | 90,307 | 2,169 | |||||||
AXA Asia Pacific Holdings Ltd. | 55,893 | 326 | |||||||
BHP Billiton Ltd. | 180,391 | 4,360 | |||||||
BlueScope Steel Ltd. (b) | 45,870 | 390 | |||||||
Boral Ltd. | 40,875 | 272 | |||||||
Brambles Ltd. * (b) | 58,632 | 645 | |||||||
Brambles Ltd. * | 33,000 | 360 | |||||||
Centro Properties Group | 54,208 | 382 | |||||||
Coca-Cola Amatil Ltd. | 52,906 | 377 | |||||||
Coles Myer Ltd. | 67,703 | 890 | |||||||
Commonwealth Bank of Australia | 64,652 | 2,627 | |||||||
Computershare Ltd. | 33,134 | 291 | |||||||
CSL Ltd. | 10,412 | 694 | |||||||
CSR Ltd. | 88,300 | 244 | |||||||
Fairfax MediaLtd. (b) | 83,941 | 338 | |||||||
Foster’s Group Ltd. | 114,547 | 635 | |||||||
GPT Group | 133,553 | 534 | |||||||
Insurance Australia Group Ltd. | 101,898 | 483 | |||||||
Lend Lease Corp. Ltd. | 27,713 | 448 | |||||||
Lion Nathan Ltd. | 39,384 | 282 | |||||||
Macquarie Bank Ltd. | 14,332 | 959 | |||||||
Macquarie Goodman Group | 93,485 | 529 | |||||||
Macquarie Infrastructure Group | 157,769 | 490 | |||||||
Mirvac Group Ltd. | 90,741 | 385 | |||||||
National Australia Bank Ltd. | 80,471 | 2,629 | |||||||
Newcrest Mining Ltd. | 18,422 | 355 | |||||||
Orica Ltd. | 18,249 | 374 | |||||||
Origin Energy Ltd. | 63,473 | 463 | |||||||
Perpetual Ltd. | 5,205 | 327 | |||||||
QBE Insurance Group Ltd. (b) | 43,159 | 1,101 | |||||||
Rinker Group Ltd. | 48,267 | 705 | |||||||
Rio Tinto Group Ltd. (b) | 14,150 | 902 | |||||||
Santos Ltd. | 47,132 | 387 | |||||||
Sonic Healthcare Ltd. (b) | 23,530 | 281 | |||||||
Stockland Trust Group | 99,741 | 658 | |||||||
Suncorp-Metway Ltd. | 39,016 | 656 | |||||||
Sydney Roads Group (b) | 52,589 | 57 | |||||||
TABCORP Holdings Ltd. | 30,565 | 408 | |||||||
Telstra Corp. Ltd. (b) | 113,153 | 427 | |||||||
Toll Holdings Ltd. | 38,546 | 639 | |||||||
Transurban Group (b) | 61,523 | 386 | |||||||
Wesfarmers Ltd. | 24,821 | 758 | |||||||
Westfield Group (b) | 71,524 | 1,190 | |||||||
Westpac Banking Corp. | 91,775 | 1,956 | |||||||
Woodside Petroleum Ltd. | 30,018 | 959 | |||||||
Woolworths Ltd. | 61,612 | 1,355 | |||||||
WorleyParsons Ltd. (b) | 15,824 | 356 | |||||||
Zinifex Ltd. | 33,046 | 422 | |||||||
39,419 | |||||||||
Austria (1.6%) | |||||||||
BETandWIN.com Interactive Entertainment AG * (b) | 4,357 | 205 | |||||||
BOHLER-UDDEHOLM AG (b) | 13,240 | 1,273 | |||||||
Erste Bank der oesterreichischen Sparkassen AG (b) | 39,245 | 3,056 | |||||||
Flughafen Wien AG (b) | 3,519 | 345 | |||||||
Immofinanz Immobilien Anlagen AG * | 74,312 | 1,191 | |||||||
Meinl European Land Ltd. * | 41,086 | 1,143 | |||||||
Oesterreichische Elektrizitaeswirtschafts AG (b) | 18,065 | 810 | |||||||
OMV AG | 36,036 | 2,269 | |||||||
Raiffeisen International Bank-Holding AG (b) | 7,383 | 1,039 | |||||||
RHI AG * (b) | 6,822 | 337 | |||||||
Telekom Austria AG | 78,670 | 1,966 |
55
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Austria—continued | |||||||||
Voest-Alpine AG | 20,624 | 1,496 | |||||||
Wiener Staedtische Allgemeine Versicherung AG (b) | 6,465 | 459 | |||||||
Wienerberger AG (b) | 14,658 | 915 | |||||||
16,504 | |||||||||
Belgium (1.9%) | |||||||||
Agfa-Gevaert NV (b) | 14,463 | 326 | |||||||
Barco NV | 2,315 | 214 | |||||||
Belgacom SA (b) | 19,620 | 871 | |||||||
Delhaize Group (b) | 9,428 | 867 | |||||||
Dexia Group | 66,511 | 1,985 | |||||||
Fortis | 134,462 | 6,140 | |||||||
Groep Colruyt | 2,158 | 494 | |||||||
Groupe Bruxelles Lambert SA | 8,875 | 1,038 | |||||||
InBev | 21,597 | 1,559 | |||||||
KBC Bank & Insurance Holding Co. NV | 21,449 | 2,668 | |||||||
Mobistar SA | 4,281 | 362 | |||||||
NV Bekaert SA | 1,916 | 260 | |||||||
NV Umicore SA | 3,567 | 634 | |||||||
Omega Pharma NV | 3,029 | 233 | |||||||
Solvay SA (b) | 7,286 | 1,120 | |||||||
UCB SA (b) | 10,877 | 633 | |||||||
19,404 | |||||||||
Denmark (1.4%) | |||||||||
A.P. Moller-Maersk A/ S | 150 | 1,565 | |||||||
Bang & Olufsen A/ S, Cl B (b) | 1,910 | 237 | |||||||
Carlsberg A/ S, Cl B (b) | 4,500 | 490 | |||||||
Coloplast A/ S, Cl B (b) | 4,394 | 373 | |||||||
Danisco A/ S (b) | 6,809 | 537 | |||||||
Danske Bank A/ S (b) | 49,268 | 2,293 | |||||||
DSV A/ S (b) | 3,150 | 552 | |||||||
FLS Industries A/ S | 6,450 | 437 | |||||||
GN Store Nord A/ S * (b) | 30,900 | 438 | |||||||
H. Lundbeck A/ S | 9,200 | 215 | |||||||
Jyske Bank A/ S * | 9,275 | 747 | |||||||
Novo Nordisk A/ S, Cl B (b) | 31,737 | 2,896 | |||||||
Novozymes A/ S, Cl B (b) | 6,870 | 615 | |||||||
Sydbank A/ S (b) | 10,950 | 589 | |||||||
Topdanmark A/ S * | 2,500 | 484 | |||||||
Trygvesta A/ S (b) | 3,700 | 306 | |||||||
Vestas Wind Systems A/S * | 25,038 | 1,403 | |||||||
William Demant Holding * | 4,307 | 382 | |||||||
14,559 | |||||||||
Finland (0.9%) | |||||||||
Cargotec Corp., Cl B | 5,572 | 336 | |||||||
Fortum Corp. (b) | 22,749 | 663 | |||||||
Kone Oyj, Cl B | 6,824 | 390 | |||||||
Metso Corp. | 8,000 | 423 | |||||||
Neste Oil Oyj (b) | 11,003 | 379 | |||||||
Nokia Corp., Cl A (b) | 192,181 | 4,423 | |||||||
Sampo PLC, Cl A | 25,675 | 779 | |||||||
Stora Enso Oyj (b) | 33,496 | 582 | |||||||
Tietoenator Oyj (b) | 5,289 | 154 | |||||||
UPM-Kymmene Corp. (b) | 29,132 | 742 | |||||||
8,871 | |||||||||
France (10.3%) | |||||||||
Accor | 17,025 | 1,627 | |||||||
Air France-KLM | 9,858 | 450 | |||||||
Alcatel | 111,303 | 1,310 | |||||||
Alstom * | 8,791 | 1,141 | |||||||
Atos Origin SA * | 6,051 | 405 | |||||||
AXA | 131,360 | 5,568 | |||||||
BNP Paribas | 65,479 | 6,838 | |||||||
Bouygues SA (b) | 17,023 | 1,315 | |||||||
Business Objects SA * (b) | 9,093 | 331 | |||||||
Capgemini SA | 10,296 | 784 | |||||||
Carrefour SA | 47,702 | 3,488 | |||||||
Casino Guichard-Perrachon SA (b) | 4,093 | 413 | |||||||
CNP Assurances SA | 2,791 | 325 | |||||||
Compagnie de Saint-Gobain | 25,040 | 2,447 | |||||||
Compagnie Generale des Etablissements Michelin, Cl B | 12,716 | 1,404 | |||||||
Credit Agricole SA (b) | 46,945 | 1,830 | |||||||
Dassault Systemes SA (b) | 4,961 | 267 | |||||||
Essilor International SA | 8,425 | 968 | |||||||
Euronext Paris SA | 8,836 | 1,056 | |||||||
European Aeronautic Defence & Space Co. Eads NV (b) | 27,977 | 868 | |||||||
France Telecom SA (b) | 135,709 | 3,584 | |||||||
Gaz de France (b) | 15,234 | 707 | |||||||
Gecina SA (b) | 2,273 | 423 |
56
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
France—continued | |||||||||
Groupe Danone | 18,918 | 3,090 | |||||||
Hermes International | 6,030 | 834 | |||||||
Imerys | 3,354 | 311 | |||||||
Klepierre (b) | 2,987 | 578 | |||||||
L’Air Liquide Prime Fidelite | 1,069 | 261 | |||||||
L’Air Liquide SA | 8,130 | 1,982 | |||||||
L’Oreal SA | 22,653 | 2,473 | |||||||
Lafarge SA | 12,042 | 1,893 | |||||||
Lagardere SCA | 10,353 | 797 | |||||||
LVMH Moet Hennessy Louis Vuitton SA | 19,301 | 2,141 | |||||||
M6 Metropole Television (b) | 6,690 | 245 | |||||||
Neopost SA | 3,160 | 452 | |||||||
PagesJaunes SA | 12,867 | 281 | |||||||
Pernod Ricard | 7,416 | 1,504 | |||||||
Pinault-Printemps-Redoute SA | 4,848 | 775 | |||||||
PSA Peugeot Citroen SA | 13,658 | 963 | |||||||
Publicis Groupe SA | 11,170 | 540 | |||||||
Renault SA | 15,192 | 1,777 | |||||||
Safran SA (b) | 14,584 | 356 | |||||||
Sanofi-Aventis | 79,722 | 6,931 | |||||||
Schneider Electric SA | 18,566 | 2,357 | |||||||
Societe BIC | 4,498 | 315 | |||||||
Societe Generale | 27,339 | 4,723 | |||||||
Societe Television Francaise 1 (b) | 10,468 | 350 | |||||||
Sodexho Alliance SA (b) | 8,825 | 646 | |||||||
SUEZ SA (b) | 81,943 | 4,321 | |||||||
Technip SA (b) | 10,636 | 780 | |||||||
Thales (b) | 9,004 | 523 | |||||||
Thomson | 26,244 | 505 | |||||||
Total SA | 174,779 | 12,244 | |||||||
Unibail Holding (b) | 4,427 | 1,342 | |||||||
Valeo SA | 6,474 | 380 | |||||||
Vallourec SA | 2,995 | 766 | |||||||
Veolia Environnement SA | 24,290 | 1,806 | |||||||
VINCI SA | 17,466 | 2,707 | |||||||
Vivendi Universal SA | 92,698 | 3,767 | |||||||
Zodiac SA (b) | 3,745 | 270 | |||||||
103,535 | |||||||||
Germany (14.2%) | |||||||||
Adidas-Salomon AG | 30,783 | 1,680 | |||||||
Allianz AG | 61,614 | 12,673 | |||||||
ALTANA AG (b) | 11,268 | 732 | |||||||
BASF AG | 72,575 | 8,153 | |||||||
Bayer AG | 105,797 | 6,753 | |||||||
Beiersdorf AG | 8,698 | 594 | |||||||
Bilfinger Berger AG | 6,958 | 635 | |||||||
Celesio AG | 13,686 | 859 | |||||||
Commerzbank AG | 91,897 | 4,069 | |||||||
Continental AG | 19,423 | 2,510 | |||||||
DaimlerChrysler AG (b) | 132,844 | 10,953 | |||||||
Deutsche Bank AG | 75,490 | 10,160 | |||||||
Deutsche Boerse AG | 15,491 | 3,558 | |||||||
Deutsche Lufthansa AG | 33,938 | 922 | |||||||
Deutsche Post AG | 113,083 | 3,420 | |||||||
Deutsche Post AG * | 3,502 | 106 | |||||||
Deutsche Postbank AG | 8,404 | 730 | |||||||
Deutsche Telekom AG (b) | 414,543 | 6,849 | |||||||
Douglas Holding AG | 6,789 | 398 | |||||||
E.ON AG | 90,074 | 12,178 | |||||||
Heidelberger Druckmaschinen AG | 10,661 | 488 | |||||||
Henkel KGaA | 8,837 | 1,307 | |||||||
Hochtief AG | 7,238 | 735 | |||||||
Hypo Real Estate Holding AG | 20,765 | 1,325 | |||||||
Infineon Technologies AG * | 114,529 | 1,784 | |||||||
IVG Immobilien AG (b) | 15,998 | 764 | |||||||
Karstadt Quelle AG * (b) | 12,195 | 449 | |||||||
Linde AG (b) | 15,924 | 1,715 | |||||||
MAN AG | 18,906 | 2,197 | |||||||
Merck KGaA | 8,130 | 1,048 | |||||||
METRO AG | 20,673 | 1,465 | |||||||
MLP AG (b) | 10,855 | 272 | |||||||
Muenchener Rueckversicherungs-Gesellschaft AG (b) | 28,554 | 4,815 | |||||||
PUMA Rudolf Dassler Sport AG (b) | 1,959 | 716 | |||||||
Rheinmetall AG | 6,832 | 631 | |||||||
RWE AG (b) | 64,901 | 6,866 | |||||||
Salzgitter AG | 6,955 | 1,014 | |||||||
SAP AG | 129,756 | 5,790 | |||||||
Siemens AG | 123,527 | 13,200 | |||||||
Solarworld AG (b) | 6,661 | 516 | |||||||
Suedzucker AG | 10,745 | 206 | |||||||
ThyssenKrupp AG | 54,650 | 2,704 | |||||||
TUI AG (b) | 32,991 | 815 |
57
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Germany—continued | |||||||||
Volkswagen AG (b) | 25,280 | 3,802 | |||||||
Wincor Nixdorf AG (b) | 6,068 | 566 | |||||||
143,122 | |||||||||
Greece (1.2%) | |||||||||
Alpha Bank SA | 51,306 | 1,624 | |||||||
Coca-Cola HBC | 13,800 | 581 | |||||||
Cosmote Mobile Telecommunications SA | 15,790 | 473 | |||||||
EFG Eurobank Ergasias SA | 29,756 | 1,216 | |||||||
Hellenic Petroleum SA | 19,180 | 274 | |||||||
Hellenic Technodomiki Tev SA | 26,180 | 385 | |||||||
Hellenic Telecommunications Organization SA * | 43,670 | 1,195 | |||||||
National Bank of Greece SA | 48,619 | 2,578 | |||||||
OPAP SA | 30,980 | 1,188 | |||||||
Piraeus Bank SA | 30,000 | 1,042 | |||||||
Public Power Corp. SA | 15,540 | 380 | |||||||
Titan Cement Co. SA | 7,840 | 423 | |||||||
Viohalco SA | 18,180 | 280 | |||||||
11,639 | |||||||||
Hong Kong (0.9%) | |||||||||
Bank of East Asia Ltd. | 111,585 | 649 | |||||||
BOC Hong Kong Holdings Ltd. | 194,000 | 470 | |||||||
Cheung Kong Holdings Ltd. | 68,000 | 861 | |||||||
CLP Holdings Ltd. | 40,100 | 293 | |||||||
Esprit Holdings Ltd. | 44,500 | 522 | |||||||
Foxconn International Holdings Ltd. * (b) | 97,000 | 296 | |||||||
Hang Seng Bank Ltd. | 16,100 | 229 | |||||||
Henderson Land Development Co. Ltd. | 54,000 | 316 | |||||||
Hong Kong & China Gas Co. Ltd. (The) | 157,237 | 351 | |||||||
Hong Kong Exchanges & Clearing Ltd. | 58,000 | 565 | |||||||
Hongkong Electric Holdings Ltd. | 46,000 | 236 | |||||||
Hutchison Whampoa Ltd. | 95,080 | 916 | |||||||
Li & Fung Ltd. | 147,400 | 463 | |||||||
Link REIT (The) | 104,000 | 250 | |||||||
New World Development Co. Ltd. | 169,000 | 383 | |||||||
PCCW Ltd. | 215,326 | 129 | |||||||
Sun Hung Kai Properties Ltd. | 65,600 | 759 | |||||||
Sunlight Real Estate Investment Trust * | 4,153 | 1 | |||||||
Swire Pacific Ltd. | 51,500 | 578 | |||||||
Wharf Holdings Ltd. (The) | 84,000 | 312 | |||||||
8,579 | |||||||||
Ireland (1.2%) | |||||||||
Allied Irish Banks PLC | 73,962 | 2,192 | |||||||
Bank of Ireland | 42,663 | 1,353 | |||||||
Bank of Ireland | 77,895 | 1,680 | |||||||
C&C Group PLC | 30,100 | 457 | |||||||
C&C Group PLC | 4,500 | 69 | |||||||
CRH PLC | 46,895 | 2,003 | |||||||
DCC PLC | 11,376 | 401 | |||||||
DEPFA Bank PLC | 55,676 | 997 | |||||||
Elan Corp. PLC * | 17,605 | 226 | |||||||
Grafton Group PLC * | 28,278 | 425 | |||||||
Independent News & Media PLC | 156 | 1 | |||||||
Independent News & Media PLC | 82,827 | 376 | |||||||
Irish Life & Permanent PLC | 26,986 | 741 | |||||||
Kerry Group PLC | 3,912 | 109 | |||||||
Kerry Group PLC, Cl A | 16,342 | 672 | |||||||
Kingspan Group PLC | 14,621 | 388 | |||||||
Ryanair Holdings PLC * | 52,102 | 406 | |||||||
12,496 | |||||||||
Italy (8.4%) | |||||||||
Alleanza Assicurazioni SpA (b) | 55,830 | 713 | |||||||
Arnoldo Mondadori Editore SpA (b) | 27,901 | 291 | |||||||
Assicurazioni Generali SpA | 155,937 | 6,632 | |||||||
Autogrill SpA (b) | 20,663 | 396 | |||||||
Autostrade SpA | 51,616 | 1,655 | |||||||
Banca Intesa SpA | 1,238,743 | 9,406 | |||||||
Banca Intesa SpA | 157,025 | 1,175 | |||||||
Banca Monte dei Paschi di Siena SpA (b) | 190,669 | 1,194 |
58
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Italy—continued | |||||||||
Banca Popolare di Milano Scarl SpA | 80,260 | 1,242 | |||||||
Banche Popolari Unite SpA | 63,831 | 1,888 | |||||||
Banco Popolare di Verona e Novara Scrl SpA (b) | 67,992 | 2,111 | |||||||
Benetton Group SpA | 14,363 | 233 | |||||||
Bulgari SpA | 29,964 | 433 | |||||||
Capitalia SpA | 294,467 | 2,661 | |||||||
Enel SpA (b) | 707,412 | 7,569 | |||||||
Eni SpA (b) | 438,287 | 14,261 | |||||||
Fiat SpA * (b) | 97,577 | 2,459 | |||||||
Finmeccanica SpA (b) | 48,561 | 1,460 | |||||||
Fondiaria-Sai SpA (b) | 13,510 | 620 | |||||||
Gruppo Editoriale L’Espresso SpA (b) | 44,146 | 235 | |||||||
Italcementi SpA (b) | 12,881 | 386 | |||||||
Lottomatica SpA | 12,963 | 516 | |||||||
Luxottica Group SpA | 24,211 | 772 | |||||||
Mediaset SpA (b) | 130,920 | 1,424 | |||||||
MEDIOBANCA-Banca di Credito Finanziario SpA | 81,708 | 1,819 | |||||||
Mediolanum SpA (b) | 53,219 | 431 | |||||||
Pirelli & C. SpA (b) | 567,648 | 627 | |||||||
Seat Pagine Gialle SpA (b) | 851,278 | 525 | |||||||
Snam Rete Gas SpA (b) | 165,838 | 1,053 | |||||||
Telecom Italia RNC SpA (b) | 966,503 | 2,390 | |||||||
Telecom Italia SpA (b) | 1,764,293 | 5,031 | |||||||
Terna SpA | 205,105 | 762 | |||||||
Tiscali SpA * (b) | 63,228 | 239 | |||||||
UniCredito Italiano SpA | 1,312,167 | 12,488 | |||||||
85,097 | |||||||||
Japan (20.4%) | |||||||||
77 Bank Ltd. | 33,000 | 215 | |||||||
Acom Co. Ltd. | 5,950 | 253 | |||||||
Advantest Corp. | 12,600 | 559 | |||||||
AEON Co. Ltd. | 42,300 | 844 | |||||||
AEON Credit Service Co. Ltd. | 9,000 | 152 | |||||||
Aiful Corp. | 5,800 | 180 | |||||||
Aisin Seiki Co. Ltd. | 15,700 | 550 | |||||||
Ajinomoto Co., Inc. | 47,000 | 541 | |||||||
All Nippon Airways Co. Ltd. | 55,000 | 216 | |||||||
Alps Electric Co. Ltd. | 17,800 | 208 | |||||||
Amada Co. Ltd. | 31,000 | 354 | |||||||
Ariake Japan Co. Ltd. | 40 | 1 | |||||||
Asahi Breweries Ltd. | 30,400 | 488 | |||||||
Asahi Glass Co. Ltd. | 67,000 | 943 | |||||||
Asahi Kasei Corp. | 95,000 | 692 | |||||||
Astellas Pharma, Inc. (b) | 37,361 | 1,611 | |||||||
Bank of Fukuoka Ltd. (The) (d) | 49,000 | 396 | |||||||
Bank of Yokohama Ltd. (The) | 90,000 | 671 | |||||||
Benesse Corp. (b) | 6,100 | 227 | |||||||
Bridgestone Corp. | 44,500 | 889 | |||||||
Canon, Inc. | 73,000 | 3,922 | |||||||
Casio Computer Co. Ltd. | 20,300 | 445 | |||||||
Central Japan Railway Co. | 111 | 1,262 | |||||||
Chiba Bank Ltd. (The) | 61,000 | 538 | |||||||
Chubu Electric Power Co., Inc. | 44,200 | 1,519 | |||||||
Chugai Pharmaceutical Co. Ltd. | 21,200 | 536 | |||||||
Citizen Watch Co. Ltd. (b) | 36,100 | 339 | |||||||
Credit Saison Co. Ltd. | 14,200 | 468 | |||||||
CSK Corp. | 5,900 | 247 | |||||||
Dai Nippon Printing Co. Ltd. (b) | 45,000 | 708 | |||||||
Daiichi Sankyo Co. Ltd. (b) | 52,325 | 1,603 | |||||||
Daikin Industries Ltd. | 17,900 | 623 | |||||||
Daimaru, Inc. (The) (b) | 20,000 | 259 | |||||||
Dainippon Ink & Chemicals, Inc. | 67,000 | 266 | |||||||
Daito Trust Construction Co. Ltd. | 6,900 | 325 | |||||||
Daiwa House Industry Co. Ltd. | 42,000 | 689 | |||||||
Daiwa Securities Group, Inc. | 95,000 | 1,147 | |||||||
Denki Kagaku Kogyo KK | 49,000 | 230 | |||||||
DENSO Corp. | 35,900 | 1,335 | |||||||
Dentsu, Inc. | 146 | 409 | |||||||
DOWA Mining Co. Ltd. (b) | 25,000 | 254 | |||||||
East Japan Railway Co. | 237 | 1,847 | |||||||
Eisai Co. Ltd. (b) | 17,600 | 844 | |||||||
Electric Power Development Co. Ltd. (b) | 11,320 | 570 |
59
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Japan—continued | |||||||||
FANUC Ltd. | 13,200 | 1,229 | |||||||
Fast Retailing Co. Ltd. | 4,000 | 311 | |||||||
Fuji Electric Co. Ltd. | 49,000 | 227 | |||||||
Fuji Photo Film Co. Ltd. | 34,100 | 1,395 | |||||||
Fujikura Ltd. | 30,000 | 212 | |||||||
Fujitsu Ltd. | 135,000 | 899 | |||||||
Furukawa Electric Co. Ltd. (The) | 52,000 | 318 | |||||||
Gunma Bank Ltd. (The) | 42,000 | 298 | |||||||
Hirose Electric Co. Ltd. (b) | 2,700 | 325 | |||||||
Hitachi Chemical Co. Ltd. | 9,500 | 223 | |||||||
Hitachi Ltd. (b) | 235,000 | 1,823 | |||||||
Hokkaido Electric Power Co., Inc. | 11,600 | 308 | |||||||
Hokuhoku Financial Group, Inc. | 96,000 | 331 | |||||||
Honda Motor Co. Ltd. | 106,400 | 3,712 | |||||||
Hoya Corp. (b) | 30,000 | 996 | |||||||
Ibiden Co. Ltd. | 10,200 | 529 | |||||||
INPEX Holdings, Inc. | 69 | 597 | |||||||
Isetan Co. Ltd. | 16,200 | 283 | |||||||
Ishikawajima-Harima Heavy Industries Co. Ltd. (b) | 94,000 | 391 | |||||||
ITOCHU Corp. | 120,000 | 1,190 | |||||||
Japan Real Estate Investment Corp. | 35 | 463 | |||||||
Japan Retail Fund Investment Corp. | 36 | 354 | |||||||
Japan Tobacco, Inc. | 315 | 1,548 | |||||||
JFE Holdings, Inc. | 40,975 | 2,424 | |||||||
JGC Corp. | 18,000 | 295 | |||||||
Joyo Bank Ltd. (The) | 60,300 | 377 | |||||||
JS Group Corp. (b) | 21,312 | 462 | |||||||
JSR Corp. | 13,900 | 321 | |||||||
Kajima Corp. | 76,000 | 388 | |||||||
Kamigumi Co. Ltd. | 28,000 | 241 | |||||||
Kaneka Corp. (b) | 25,000 | 238 | |||||||
Kansai Electric Power Co., Inc. (The) (b) | 44,300 | 1,275 | |||||||
Kansai Paint Co. Ltd. | 24,000 | 205 | |||||||
Kao Corp. (b) | 34,000 | 996 | |||||||
Kawasaki Heavy Industries Ltd. (b) | 102,000 | 432 | |||||||
Kawasaki Kisen Kaisha Ltd. (b) | 48,000 | 455 | |||||||
KDDI Corp. | 176 | 1,406 | |||||||
Keihin Electric Express Railway Co. Ltd. (b) | 42,000 | 322 | |||||||
Keio Electric Railway Co. Ltd. | 52,000 | 361 | |||||||
Keyence Corp. | 2,860 | 645 | |||||||
Kintetsu Corp. (b) | 132,250 | 416 | |||||||
Kirin Brewery Co. Ltd. | 55,000 | 795 | |||||||
Kobe Steel Ltd. | 229,000 | 923 | |||||||
Kokuyo Co. Ltd. (b) | 13,700 | 181 | |||||||
Komatsu Ltd. | 66,800 | 1,406 | |||||||
Konami Corp. | 8,900 | 238 | |||||||
Konica Minolta Holdings, Inc. | 39,000 | 512 | |||||||
Kubota Corp. | 87,000 | 763 | |||||||
Kuraray Co. Ltd. | 29,000 | 313 | |||||||
Kurita Water Industries Ltd. (b) | 12,400 | 300 | |||||||
Kyocera Corp. | 11,800 | 1,113 | |||||||
Kyowa Hakko Kogyo Co. Ltd. | 29,000 | 268 | |||||||
Kyushu Electric Power Co., Inc. (b) | 23,200 | 660 | |||||||
Lawson, Inc. | 5,500 | 211 | |||||||
Leopalace21 Corp. | 10,000 | 331 | |||||||
Mabuchi Motor Co. Ltd. (b) | 3,500 | 217 | |||||||
Makita Corp. | 9,900 | 367 | |||||||
Marubeni Corp. | 127,000 | 772 | |||||||
Marui Co. Ltd. | 25,300 | 310 | |||||||
Matsushita Electric Industrial Co. Ltd. | 133,880 | 2,699 | |||||||
Matsushita Electric Works Ltd. | 31,000 | 355 | |||||||
Millea Holdings, Inc. | 50,400 | 1,865 | |||||||
Minebea Co. Ltd. | 39,000 | 242 | |||||||
Mitsubishi Chemical Holdings Corp. | 86,000 | 732 | |||||||
Mitsubishi Corp. | 97,400 | 2,261 | |||||||
Mitsubishi Electric Corp. | 140,000 | 1,443 | |||||||
Mitsubishi Estate Co. Ltd. | 84,000 | 2,759 | |||||||
Mitsubishi Gas Chemical Co., Inc. | 30,000 | 288 | |||||||
Mitsubishi Heavy Industries Ltd. | 240,000 | 1,552 | |||||||
Mitsubishi Logistics Corp. | 14,000 | 238 | |||||||
Mitsubishi Materials Corp. | 75,000 | 356 | |||||||
Mitsubishi Rayon Co. Ltd. | 42,000 | 280 |
60
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Japan—continued | |||||||||
Mitsubishi UFJ Financial Group, Inc. | 592 | 6,685 | |||||||
Mitsui & Co. Ltd. (b) | 115,000 | 2,147 | |||||||
Mitsui Chemicals, Inc. | 53,000 | 463 | |||||||
Mitsui Engineering & Shipbuilding Co. Ltd. (b) | 73,000 | 309 | |||||||
Mitsui Fudosan Co. Ltd. | 62,000 | 1,821 | |||||||
Mitsui Mining & Smelting Co. Ltd. | 49,000 | 269 | |||||||
Mitsui O.S.K. Lines Ltd. | 85,000 | 944 | |||||||
Mitsui Sumitomo Insurance Co. Ltd. | 85,340 | 1,071 | |||||||
Mitsui Trust Holdings, Inc. | 48,000 | 473 | |||||||
Mitsukoshi Ltd. (b) | 39,000 | 179 | |||||||
Mizuho Financial Group, Inc. | 668 | 4,303 | |||||||
Murata Manufacturing Co. Ltd. | 15,000 | 1,095 | |||||||
Namco Bandai Holdings, Inc. (b) | 20,050 | 313 | |||||||
NEC Corp. | 154,000 | 826 | |||||||
NGK Insulators Ltd. | 25,000 | 516 | |||||||
NGK Spark Plug Co. Ltd. (b) | 15,000 | 281 | |||||||
Nidec Corp. | 8,600 | 555 | |||||||
Nikko Cordial Corp. (b) | 64,000 | 914 | |||||||
Nikon Corp. | 25,000 | 527 | |||||||
Nintendo Co. Ltd. (b) | 7,100 | 2,064 | |||||||
Nippon Building Fund, Inc. (b) | 37 | 612 | |||||||
Nippon Electric Glass Co. Ltd. | 28,500 | 500 | |||||||
Nippon Express Co. Ltd. | 70,000 | 439 | |||||||
Nippon Meat Packers, Inc. | 16,000 | 196 | |||||||
Nippon Mining Holdings, Inc. (b) | 71,000 | 613 | |||||||
Nippon Oil Corp. | 99,000 | 803 | |||||||
Nippon Sheet Glass Co. Ltd. | 38,000 | 199 | |||||||
Nippon Steel Corp. | 447,000 | 3,141 | |||||||
Nippon Telegraph & Telephone Corp. | 356 | 1,882 | |||||||
Nippon Unipac Holding | 75 | 267 | |||||||
Nippon Yusen Kabushiki Kaisha (b) | 94,000 | 754 | |||||||
Nissan Chemical Industries Ltd. | 16,000 | 207 | |||||||
Nissan Motor Co. Ltd. (b) | 155,800 | 1,670 | |||||||
Nisshin Seifun Group, Inc. (b) | 18,300 | 186 | |||||||
Nisshin Steel Co. Ltd. | 82,000 | 354 | |||||||
Nissin Food Products Co. Ltd. | 7,300 | 268 | |||||||
Nitto Denko Corp. | 12,500 | 587 | |||||||
NOK Corp. | 9,200 | 157 | |||||||
Nomura Holdings, Inc. | 121,500 | 2,532 | |||||||
Nomura Research Institute Ltd. | 11,000 | 324 | |||||||
NSK Ltd. | 37,000 | 353 | |||||||
NTN Corp. | 37,000 | 320 | |||||||
NTT DATA Corp. | 97 | 493 | |||||||
NTT DoCoMo, Inc. (b) | 1,277 | 2,363 | |||||||
Obayashi Corp. | 52,000 | 335 | |||||||
Odakyu Electric Railway Co. Ltd. (b) | 61,000 | 446 | |||||||
Oji Paper Co. Ltd. (b) | 59,000 | 313 | |||||||
Olympus Corp. | 18,000 | 616 | |||||||
OMRON Corp. | 18,600 | 500 | |||||||
Onward Kashiyama Co. Ltd. | 14,000 | 195 | |||||||
Oriental Land Co. Ltd. | 4,800 | 286 | |||||||
ORIX Corp. | 6,530 | 1,702 | |||||||
Osaka Gas Co. Ltd. (b) | 144,000 | 559 | |||||||
Pioneer Corp. (b) | 16,300 | 213 | |||||||
Promise Co. Ltd. | 6,950 | 262 | |||||||
Rakuten, Inc. | 553 | 263 | |||||||
Resona Holdings, Inc. (b) | 332 | 893 | |||||||
Ricoh Co. Ltd. | 49,000 | 1,104 | |||||||
ROHM Co. Ltd. | 8,200 | 744 | |||||||
Sankyo Co. Ltd. | 4,600 | 202 | |||||||
SANYO Electric Co. Ltd. * (b) | 132,000 | 225 | |||||||
SBI Holdings, Inc. | 821 | 311 | |||||||
Secom Co. Ltd. | 15,800 | 734 | |||||||
Sega Sammy Holdings, Inc. (b) | 15,104 | 353 | |||||||
Seiko Epson Corp. (b) | 12,500 | 368 | |||||||
Sekisui Chemical Co. Ltd. | 38,000 | 303 | |||||||
Sekisui House Ltd. | 40,000 | 623 | |||||||
Seven & I Holdings Co. Ltd. | 56,440 | 1,720 | |||||||
Sharp Corp. | 72,000 | 1,387 |
61
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Japan—continued | |||||||||
Shimamura Co. Ltd. | 2,000 | 220 | |||||||
Shimano, Inc. | 8,300 | 256 | |||||||
Shimizu Corp. | 51,000 | 313 | |||||||
Shin-Etsu Chemical Co. Ltd. | 27,200 | 1,660 | |||||||
Shinsei Bank Ltd. | 111,000 | 532 | |||||||
Shionogi & Co. Ltd. | 24,000 | 432 | |||||||
Shiseido Co. Ltd. | 27,000 | 549 | |||||||
Shizuoka Bank Ltd. (The) | 48,000 | 511 | |||||||
Showa Denko KK | 85,000 | 320 | |||||||
Showa Shell Sekiyu KK | 19,100 | 234 | |||||||
SMC Corp. | 4,400 | 590 | |||||||
Softbank Corp. (b) | 53,100 | 1,366 | |||||||
Sompo Japan Insurance, Inc. | 62,000 | 773 | |||||||
Sony Corp. | 70,000 | 3,559 | |||||||
Stanley Electric Co. Ltd. | 14,400 | 293 | |||||||
Sumitomo Chemical Co. Ltd. | 110,000 | 831 | |||||||
Sumitomo Corp. | 82,600 | 1,486 | |||||||
Sumitomo Electric Industries Ltd. (b) | 56,300 | 856 | |||||||
Sumitomo Heavy Industries Ltd. | 44,000 | 438 | |||||||
Sumitomo Metal Industries Ltd. | 308,000 | 1,592 | |||||||
Sumitomo Metal Mining Co. Ltd. (b) | 39,000 | 753 | |||||||
Sumitomo Mitsui Financial Group, Inc. | 428 | 3,887 | |||||||
Sumitomo Realty & Development Co. Ltd. | 29,000 | 1,100 | |||||||
Sumitomo Trust & Banking Co. Ltd. (The) | 94,000 | 981 | |||||||
Suruga Bank Ltd. | 21,000 | 274 | |||||||
Suzuken Co. Ltd. | 6,400 | 227 | |||||||
T&D Holdings, Inc. | 16,900 | 1,166 | |||||||
Taiheiyo Cement Corp. | 70,000 | 310 | |||||||
Taisei Corp. | 78,000 | 289 | |||||||
Taisho Pharmaceutical Co. Ltd. | 12,000 | 220 | |||||||
Taiyo Yuden Co. Ltd. | 16,000 | 333 | |||||||
Takashimaya Co. Ltd. | 23,000 | 283 | |||||||
Takeda Pharmaceutical Co. Ltd. | 59,300 | 3,891 | |||||||
Takefuji Corp. (b) | 9,410 | 378 | |||||||
TDK Corp. | 9,700 | 841 | |||||||
Teijin Ltd. (b) | 65,000 | 367 | |||||||
Terumo Corp. | 13,100 | 510 | |||||||
THK Co. Ltd. (b) | 9,700 | 228 | |||||||
Tobu Railway Co. Ltd. (b) | 78,000 | 375 | |||||||
Toho Co. Ltd. (b) | 14,400 | 281 | |||||||
Tohoku Electric Power Co., Inc. | 28,300 | 718 | |||||||
Tokyo Electric Power Co., Inc. (The) (b) | 78,500 | 2,685 | |||||||
Tokyo Electron Ltd. | 12,200 | 853 | |||||||
Tokyo Gas Co. Ltd. | 149,000 | 831 | |||||||
Tokyu Corp. | 91,000 | 709 | |||||||
TonenGeneral Sekiyu KK | 29,000 | 324 | |||||||
Toppan Printing Co. Ltd. | 44,000 | 459 | |||||||
Toray Industries, Inc. | 103,000 | 745 | |||||||
Toshiba Corp. (b) | 210,000 | 1,403 | |||||||
Tosoh Corp. | 46,000 | 237 | |||||||
TOTO Ltd. (b) | 23,700 | 238 | |||||||
Toyo Seikan Kaisha Ltd. | 13,600 | 274 | |||||||
Toyobo Co. Ltd. | 74,000 | 220 | |||||||
Toyota Industries Corp. | 14,000 | 663 | |||||||
Toyota Motor Corp. | 195,300 | 12,516 | |||||||
Trend Micro, Inc. | 7,500 | 205 | |||||||
Ube Industries Ltd. | 88,000 | 279 | |||||||
Uni-Charm Corp. | 4,200 | 266 | |||||||
UNY Co. Ltd. | 16,000 | 220 | |||||||
Ushio, Inc. | 12,600 | 243 | |||||||
USS Co. Ltd. | 2,960 | 193 | |||||||
Wacoal Corp. | 16,000 | 203 | |||||||
West Japan Railway Co. (b) | 144 | 665 | |||||||
Yahoo Japan Corp. (b) | 1,079 | 372 | |||||||
Yakult Honsha Co. Ltd. | 10,700 | 273 | |||||||
Yamada Denki Co. Ltd. | 6,660 | 621 | |||||||
Yamaha Corp. | 15,300 | 342 | |||||||
Yamaha Motor Co. Ltd. | 14,300 | 401 | |||||||
Yamato Transport Co. Ltd. | 32,000 | 516 | |||||||
Yokogawa Electric Corp. | 20,400 | 313 | |||||||
205,470 | |||||||||
Netherlands (3.6%) | |||||||||
ABN AMRO Holding NV | 125,022 | 5,379 | |||||||
AEGON NV | 98,557 | 1,964 | |||||||
Akzo Nobel NV | 19,001 | 1,443 | |||||||
ASML Holding NV * | 34,793 | 859 | |||||||
Fugro NV | 6,000 | 305 | |||||||
Hagemeyer NV * (b) | 43,224 | 206 |
62
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Netherlands—continued | |||||||||
Heineken NV | 16,555 | 866 | |||||||
ING Groep NV | 129,168 | 5,460 | |||||||
Koninklijke DSM NV (b) | 11,152 | 500 | |||||||
Koninklijke KPN NV (b) | 137,913 | 2,148 | |||||||
Mittal Steel Co. NV | 21,100 | 1,121 | |||||||
Mittal Steel Co. NV | 37,386 | 1,985 | |||||||
QIAGEN NV * (b) | 22,416 | 381 | |||||||
Randstad Holding NV | 3,853 | 299 | |||||||
Reed Elsevier NV | 47,767 | 845 | |||||||
Rodamco Europe NV | 4,646 | 646 | |||||||
Royal Ahold NV * | 111,518 | 1,303 | |||||||
Royal Numico NV (b) | 12,293 | 634 | |||||||
Royal Philips Electronics NV (b) | 86,058 | 3,286 | |||||||
SBM Offshore NV | 12,700 | 458 | |||||||
TPG NV | 30,641 | 1,405 | |||||||
Unilever NV | 114,282 | 3,327 | |||||||
Vedior NV | 13,551 | 301 | |||||||
Wolters Kluwer NV | 22,491 | 675 | |||||||
35,796 | |||||||||
New Zealand (0.5%) | |||||||||
Auckland International Airport Ltd. (b) | 334,300 | 575 | |||||||
Contact Energy Ltd. | 77,603 | 510 | |||||||
Fisher & Paykel Appliances Holdings Ltd. | 95,674 | 251 | |||||||
Fisher & Paykel Healthcare Corp. Ltd. | 162,014 | 420 | |||||||
Fletcher Building Ltd. (b) | 122,611 | 963 | |||||||
Kiwi Income Property Trust (b) | 331,361 | 390 | |||||||
Sky City Entertainment Group Ltd. | 143,943 | 480 | |||||||
Telecom Corp. of New Zealand Ltd. (b) | 453,977 | 1,534 | |||||||
5,123 | |||||||||
Norway (1.5%) | |||||||||
Acergy SA * | 25,100 | 536 | |||||||
Det Norske Oljeselskap ASA * (b) | 95,200 | 171 | |||||||
DNB NOR ASA (b) | 91,040 | 1,286 | |||||||
Frontline Ltd. (b) | 8,400 | 299 | |||||||
Norsk Hydro ASA | 95,600 | 3,171 | |||||||
Norske Skogindustrier ASA | 24,150 | 413 | |||||||
Orkla ASA | 26,600 | 1,876 | |||||||
Petroleum Geo-Services ASA * | 21,402 | 559 | |||||||
Schibsted ASA (b) | 10,600 | 468 | |||||||
SeaDrill Ltd. * | 34,600 | 569 | |||||||
Ship Finance International Ltd. | 900 | 25 | |||||||
Statoil ASA (b) | 82,500 | 2,247 | |||||||
Storebrand ASA | 36,600 | 587 | |||||||
Tandberg ASA (b) | 20,694 | 433 | |||||||
Telenor ASA | 98,600 | 1,753 | |||||||
Tomra Systems ASA (b) | 27,950 | 201 | |||||||
Yara International ASA | 30,840 | 851 | |||||||
15,445 | |||||||||
Portugal (1.1%) | |||||||||
Banco BPI SA | 93,608 | 813 | |||||||
Banco Comercial Portugues SA | 467,648 | 1,693 | |||||||
Banco Espirito Santo SA | 48,555 | 927 | |||||||
Brisa-Auto-estradas de Portugal SA | 76,323 | 1,001 | |||||||
CIMPOR-Cimentos de Portugal, SGPS, SA | 42,280 | 355 | |||||||
Energias de Portugal SA | 383,064 | 2,057 | |||||||
Jeronimo Martins, SGPS, SA | 13,411 | 349 | |||||||
Keppel Corp. Ltd. | 39,000 | 489 | |||||||
Portugal Telecom, SGPS, SA | 163,066 | 2,184 | |||||||
PT Multimedia-Servicos de Telecomunicacoes e Multimedia, SGPS, SA | 22,010 | 326 | |||||||
Sonae, SGPS, SA | 255,182 | 576 | |||||||
10,770 | |||||||||
Singapore (0.6%) | |||||||||
Capitaland Ltd. | 89,000 | 470 | |||||||
City Developments Ltd. | 41,000 | 395 | |||||||
DBS Group Holdings Ltd. | 61,467 | 867 | |||||||
Oversea-Chinese Banking Corp. Ltd. | 154,700 | 918 | |||||||
Singapore Airlines Ltd. | 39,000 | 427 | |||||||
Singapore Press Holdings Ltd. | 120,750 | 350 | |||||||
Singapore Telecommunications Ltd. | 283,660 | 614 |
63
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Singapore—continued | |||||||||
United Overseas Bank Ltd. | 70,000 | 969 | |||||||
UOL Group Ltd. | 125,300 | 421 | |||||||
Venture Corp. Ltd. | 30,000 | 289 | |||||||
5,720 | |||||||||
Spain (6.2%) | |||||||||
Abertis Infraestructuras SA (b) | 30,976 | 995 | |||||||
Acciona SA | 4,008 | 868 | |||||||
Acerinox SA (b) | 25,226 | 642 | |||||||
Actividades de Construccion y Servicios SA (ACS) (b) | 29,880 | 1,814 | |||||||
Altadis SA (b) | 32,006 | 2,055 | |||||||
Antena 3 de Television SA (b) | 12,549 | 281 | |||||||
Banco Bilbao Vizcaya Argentaria SA (b) | 358,159 | 8,793 | |||||||
Banco Popular Espanol SA (b) | 101,754 | 2,098 | |||||||
Banco Santander Central Hispano SA | 630,734 | 11,254 | |||||||
Cintra Concesiones de Infraestructuras de Transporte SA (b) | 27,641 | 518 | |||||||
Corporacion Mapfre | 76,065 | 390 | |||||||
Ebro Puleva SA | 16,201 | 382 | |||||||
Endesa SA (b) | 102,438 | 5,539 | |||||||
Fomento de Construcciones y Contratas SA | 6,418 | 660 | |||||||
Gamesa Corporacion Tecnologica SA (b) | 22,098 | 800 | |||||||
Gas Natural SDG SA (b) | 21,823 | 1,025 | |||||||
Grupo Ferrovial SA (b) | 8,393 | 849 | |||||||
Iberdrola SA (b) | 91,849 | 4,342 | |||||||
Iberia Lineas Aereas de Espana SA | 94,195 | 502 | |||||||
Indra Sistemas SA | 19,673 | 496 | |||||||
Industria de Diseno Textil SA | 25,038 | 1,556 | |||||||
Promotora de Informaciones SA | 14,588 | 325 | |||||||
Repsol YPF SA (b) | 104,150 | 3,511 | |||||||
Sacyr Vallehermoso Group SA (b) | 13,501 | 756 | |||||||
Sociedad General de Aguas de Barcelona SA, Cl A | 10,872 | 387 | |||||||
Telefonica SA | 481,131 | 10,604 | |||||||
Union Fenosa SA | 17,780 | 959 | |||||||
Zeltia SA * (b) | 34,645 | 315 | |||||||
62,716 | |||||||||
Sweden (1.9%) | |||||||||
ASSA ABLOY AB | 22,600 | 520 | |||||||
Atlas Copco AB, Cl A (b) | 21,700 | 721 | |||||||
Atlas Copco AB, Cl B (b) | 15,541 | 495 | |||||||
Boliden AB | 18,400 | 406 | |||||||
Electrolux AB, Ser B * (b) | 17,900 | 454 | |||||||
Getinge AB, Cl B | 14,200 | 323 | |||||||
H&M Hennes & Mauritz AB | 25,500 | 1,469 | |||||||
Husqvarna AB, Cl B * | 17,900 | 296 | |||||||
Nordea Bank AB (b) | 121,200 | 1,936 | |||||||
Sandvik AB | 61,900 | 1,100 | |||||||
Scania AB, Cl B (b) | 7,527 | 591 | |||||||
Securitas AB, Cl B | 21,000 | 320 | |||||||
Securitas Direct AB, Cl B * (b) | 21,000 | 58 | |||||||
Securitas Systems AB, Cl B * | 21,000 | 73 | |||||||
Skandinaviska Enskilda Banken AB (b) | 29,200 | 935 | |||||||
Skanska AB, Cl B (b) | 25,100 | 559 | |||||||
SKF AB, Cl B (b) | 27,400 | 570 | |||||||
SSAB Svenskt Stal AB, Ser A (b) | 11,400 | 352 | |||||||
Svenska Cellulosa AB ACA (b) | 8,500 | 455 | |||||||
Svenska Handelsbanken AB, Cl A | 30,200 | 898 | |||||||
Swedish Match AB | 18,600 | 332 | |||||||
Tele2 AB, Cl B (b) | 24,500 | 402 | |||||||
Telefonaktiebolaget LM Ericsson | 856,800 | 3,154 | |||||||
TeliaSonera AB | 113,000 | 975 | |||||||
Volvo AB, Cl A | 6,557 | 565 | |||||||
Volvo AB, Cl B (b) | 13,650 | 1,150 | |||||||
19,109 | |||||||||
Switzerland (1.9%) | |||||||||
ABB Ltd. | 42,045 | 720 | |||||||
Adecco SA | 3,943 | 250 |
64
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Switzerland—continued | |||||||||
Compagnie Financiere Richemont SA | 12,783 | 715 | |||||||
Credit Suisse Group | 24,733 | 1,775 | |||||||
Holcim Ltd. | 4,662 | 467 | |||||||
Nestle SA (b) | 7,579 | 2,954 | |||||||
Nobel Biocare Holding AG | 865 | 315 | |||||||
Novartis AG | 43,390 | 2,490 | |||||||
Roche Holding Ltd. (b) | 13,781 | 2,439 | |||||||
STMicroelectronics NV | 58,342 | 1,123 | |||||||
Swiss Re | 7,298 | 667 | |||||||
Swisscom AG | 681 | 246 | |||||||
Syngenta AG | 2,815 | 539 | |||||||
UBS AG * | 41,264 | 2,452 | |||||||
Xstrata PLC | 16,344 | 840 | |||||||
Zurich Financial Services | 3,083 | 890 | |||||||
18,882 | |||||||||
United Kingdom (10.3%) | |||||||||
3I Group PLC | 21,131 | 472 | |||||||
AMVESCAP PLC | 34,094 | 376 | |||||||
Anglo American PLC | 47,216 | 2,487 | |||||||
AstraZeneca PLC | 53,095 | 2,856 | |||||||
Aviva PLC | 88,686 | 1,306 | |||||||
BAE Systems PLC | 118,408 | 1,072 | |||||||
Barclays PLC | 220,082 | 3,122 | |||||||
Barratt Developments PLC | 11,879 | 258 | |||||||
BG Group PLC | 129,040 | 1,861 | |||||||
BHP Billiton PLC | 84,866 | 1,892 | |||||||
Biffa PLC | 13,447 | 91 | |||||||
Boots Group PLC | 33,699 | 681 | |||||||
BP PLC | 671,851 | 7,296 | |||||||
British American Tobacco PLC | 52,340 | 1,636 | |||||||
British Land Co. PLC (The) | 21,472 | 646 | |||||||
British Sky Broadcasting Group PLC | 45,640 | 506 | |||||||
BT Group PLC | 294,201 | 1,758 | |||||||
Bunzl PLC | 30,585 | 433 | |||||||
Burberry Group PLC | 26,473 | 340 | |||||||
Cadbury Schweppes PLC | 72,947 | 936 | |||||||
Capita Group PLC (The) | 33,514 | 450 | |||||||
Carnival PLC | 7,052 | 340 | |||||||
Centrica PLC | 134,608 | 1,024 | |||||||
Compass Group PLC | 85,307 | 571 | |||||||
Corus Group PLC | 35,478 | 424 | |||||||
Daily Mail & General Trust PLC | 19,072 | 305 | |||||||
Diageo PLC | 91,360 | 1,851 | |||||||
DSG International PLC | 84,617 | 283 | |||||||
Elan Corp. PLC * | 39,596 | 519 | |||||||
EMAP PLC | 11,989 | 178 | |||||||
Enterprise Inns PLC | 32,254 | 424 | |||||||
Experian Group Ltd. | 31,602 | 364 | |||||||
Friends Provident PLC | 76,822 | 291 | |||||||
Gallaher Group PLC | 25,629 | 571 | |||||||
GKN PLC | 36,074 | 271 | |||||||
GlaxoSmithKline PLC | 194,371 | 5,343 | |||||||
Hammerson PLC | 16,989 | 579 | |||||||
Hanson PLC | 29,848 | 480 | |||||||
Hays PLC | 72,491 | 224 | |||||||
HBOS PLC | 129,901 | 2,676 | |||||||
Home Retail Group | 31,602 | 276 | |||||||
HSBC Holdings PLC | 369,195 | 6,462 | |||||||
ICAP PLC | 25,085 | 262 | |||||||
Imperial Chemical Industries PLC | 48,410 | 476 | |||||||
Imperial Tobacco Group PLC | 24,474 | 1,096 | |||||||
InterContinental Hotels Group PLC | 16,574 | 410 | |||||||
International Power PLC | 62,672 | 489 | |||||||
ITV PLC | 174,542 | 374 | |||||||
J Sainsbury PLC | 58,013 | 627 | |||||||
Johnson Matthey PLC | 10,122 | 314 | |||||||
Kelda Group PLC | 22,689 | 419 | |||||||
Kingfisher PLC | 97,600 | 534 | |||||||
Land Securities Group PLC | 18,026 | 759 | |||||||
Legal & General Group PLC | 231,506 | 724 | |||||||
Liberty International PLC | 16,465 | 404 | |||||||
Lloyds TSB Group PLC | 191,836 | 2,114 | |||||||
Man Group PLC | 69,240 | 756 | |||||||
Marks & Spencer Group PLC | 59,702 | 795 | |||||||
Mitchells & Butlers PLC | 31,040 | 481 | |||||||
National Grid PLC | 94,611 | 1,485 | |||||||
Next PLC | 9,555 | 423 | |||||||
Old Mutual PLC | 195,420 | 631 | |||||||
Pearson PLC | 32,051 | 550 | |||||||
Persimmon PLC | 11,625 | 322 | |||||||
Provident Financial PLC | 20,451 | 324 |
65
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
United Kingdom—continued | |||||||||
Prudential PLC | 85,536 | 1,208 | |||||||
Punch Taverns PLC | 12,598 | 309 | |||||||
Reckitt Benckiser PLC | 20,066 | 1,045 | |||||||
Reed Elsevier PLC | 47,223 | 564 | |||||||
Rentokil Initial PLC | 96,633 | 310 | |||||||
Reuters Group PLC | 52,315 | 480 | |||||||
Rio Tinto PLC | 36,076 | 2,060 | |||||||
Rolls-Royce PLC | 66,989 | 651 | |||||||
Royal & Sun Alliance Insurance Group PLC | 124,634 | 397 | |||||||
Royal Bank of Scotland Group PLC (The) | 106,323 | 4,151 | |||||||
Royal Dutch Shell PLC, Cl A (b) | 132,454 | 4,405 | |||||||
Royal Dutch Shell PLC, Cl B | 92,559 | 3,080 | |||||||
SABMiller PLC | 30,620 | 672 | |||||||
Sage Group PLC (The) | 65,479 | 333 | |||||||
Scottish & Newcastle PLC | 33,658 | 398 | |||||||
Scottish & Southern Energy PLC | 31,572 | 957 | |||||||
Scottish Power PLC | 56,783 | 894 | |||||||
Scottish Power PLC, B Shares | 21,721 | — | |||||||
Severn Trent PLC | 10,716 | 302 | |||||||
Slough Estates PLC | 26,485 | 409 | |||||||
Smith & Nephew PLC | 40,066 | 509 | |||||||
Smiths Group PLC | 22,415 | 453 | |||||||
Tate & Lyle PLC | 23,905 | 270 | |||||||
Tesco PLC | 265,616 | 2,322 | |||||||
Tomkins PLC | 39,274 | 206 | |||||||
Unilever PLC | 42,934 | 1,293 | |||||||
United Business Media PLC | 14,929 | 233 | |||||||
United Utilities PLC | 33,365 | 496 | |||||||
Vodafone Group PLC | 1,796,469 | 4,790 | |||||||
Whitbread PLC | 10,325 | 383 | |||||||
Whitbread PLC * (d) | 13,595 | 41 | |||||||
William Hill Organization Ltd. | 20,531 | 257 | |||||||
Wolseley PLC | 24,242 | 568 | |||||||
WPP Group PLC | 45,503 | 689 | |||||||
Yell Group PLC | 32,812 | 386 | |||||||
104,221 | |||||||||
Total Foreign Common Stocks (Cost $569,301) | 946,477 | ||||||||
Foreign Preferred Stocks (0.6%) | |||||||||
Germany (0.5%) | |||||||||
Fresenius Medical Care AG, 1.230% | 9,344 | 1,357 | |||||||
Porsche AG, 5.000% | 1,191 | 1,817 | |||||||
ProSiebenSat.1 Media AG, 0.840% | 12,482 | 442 | |||||||
RWE AG, 1.750% | 5,293 | 524 | |||||||
Volkswagen AG, 1.210% | 15,594 | 1,600 | |||||||
5,740 | |||||||||
Italy (0.1%) | |||||||||
Compagnia Assicuratrice Unipol SpA, 0.125% * | 185,420 | 677 | |||||||
Total Foreign Preferred Stocks (Cost $2,859) | 6,417 | ||||||||
Exchange Traded Funds (2.5%) | |||||||||
iShares MSCI EAFE Index Fund (b) | 264,000 | 20,157 | |||||||
iShares MSCI Germany Index Fund (b) | 82,000 | 2,362 | |||||||
iShares MSCI Italy Index Fund | 44,000 | 1,488 | |||||||
iShares MSCI Japan Index Fund | 62,000 | 906 | |||||||
Total Exchange Traded Funds (Cost $25,032) | 24,913 | ||||||||
Rights (0.0%) | |||||||||
Japan (0.0%) | |||||||||
DOWA Mining (b) (c) | 25,000 | — | |||||||
Total Rights (Cost $—) | — | ||||||||
Short-Term Investments (24.5%) | |||||||||
Brown Brothers Harriman & Co., Cayman Islands Cash Sweep, 4.630% | 16,148 | 16,148 | |||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (e) | 231,051,453 | 231,051 | |||||||
Total Short-Term Investments (Cost $247,199) | 247,199 | ||||||||
Total Investments (Cost $844,464) (a) — 121.5% | 1,225,124 | ||||||||
Liabilities in excess of other assets — (21.5)% | (217,176 | ) | |||||||
Net Assets — 100.0% | $ | 1,007,948 | |||||||
66
Table of Contents
* | Non-income producing security. | |
(a) | Cost for federal income tax purposes is $866,736 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 368,115 | ||
Unrealized Depreciation | (9,727 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 358,388 | ||
(b) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $220,589. | |
(c) | Market value is zero. | |
(d) | Valued at fair value using methods determined by the Board and represents 0.043% of net assets as of March 31, 2007. | |
(e) | This security was purchased with cash collateral held from securities lending. |
Cl | — Class | |
PLC | — Public Limited Company | |
REIT | — Real Estate Investment Trust | |
Ser | — Series |
The investment concentrations for the International Equity Index Fund as a percentage of net assets, by industry, as of March 31, 2007, were as follows (unaudited):
Consumer Discretionary | 11.8 | % | ||
Consumer Staples | 5.8 | |||
Energy | 6.0 | |||
Financials | 28.7 | |||
Health Care | 4.5 | |||
Industrials | 11.4 | |||
Information Technology | 5.1 | |||
Materials | 8.3 | |||
Metals | 0.2 | |||
Short-Term Investments | 27.0 | |||
Telecommunication Services | 5.7 | |||
Transportation & Services | 0.1 | |||
Utilities | 6.9 |
67
Table of Contents
Large Cap Quantitative Equity Fund
Shares | Value($) | ||||||||
Common Stocks (99.2%) | |||||||||
Consumer Discretionary (10.5%) | |||||||||
Best Buy Co., Inc. | 38,815 | 1,891 | |||||||
Carnival Corp. | 38,849 | 1,820 | |||||||
Coach, Inc. * | 38,232 | 1,914 | |||||||
Hasbro, Inc. | 63,818 | 1,826 | |||||||
J.C. Penney Co., Inc. | 22,271 | 1,830 | |||||||
Kohl’s Corp. * | 26,146 | 2,003 | |||||||
Limited Brands, Inc. | 65,227 | 1,700 | |||||||
Lowe’s Cos., Inc. | 54,965 | 1,731 | |||||||
Mattel, Inc. | 69,365 | 1,912 | |||||||
McDonald’s Corp. | 41,295 | 1,860 | |||||||
McGraw-Hill Cos., Inc. (The) | 27,946 | 1,757 | |||||||
NIKE, Inc., Cl B | 17,269 | 1,835 | |||||||
Nordstrom, Inc. | 34,054 | 1,803 | |||||||
Omnicom Group, Inc. | 17,411 | 1,783 | |||||||
Sherwin-Williams Co. (The) | 27,109 | 1,790 | |||||||
TJX Cos., Inc. (The) | 65,606 | 1,769 | |||||||
Walt Disney Co. (The) | 52,676 | 1,814 | |||||||
YUM! Brands, Inc. | 31,139 | 1,799 | |||||||
32,837 | |||||||||
Consumer Staples (9.3%) | |||||||||
Altria Group, Inc. | 41,992 | 3,687 | |||||||
ConAgra Foods, Inc. | 140,383 | 3,497 | |||||||
Costco Wholesale Corp. | 63,322 | 3,409 | |||||||
General Mills, Inc. | 62,838 | 3,658 | |||||||
H.J. Heinz Co. | 77,221 | 3,639 | |||||||
Pepsi Bottling Group, Inc. (The) | 114,162 | 3,641 | |||||||
Sara Lee Corp. | 215,010 | 3,638 | |||||||
SUPERVALU, Inc. | 95,753 | 3,741 | |||||||
28,910 | |||||||||
Energy (10.0%) | |||||||||
Anadarko Petroleum Corp. | 104,109 | 4,475 | |||||||
Apache Corp. | 61,270 | 4,332 | |||||||
Chevron Corp. | 61,217 | 4,528 | |||||||
Exxon Mobil Corp. | 58,518 | 4,415 | |||||||
Marathon Oil Corp. | 46,236 | 4,570 | |||||||
Nabors Industries Ltd. * | 139,678 | 4,144 | |||||||
Valero Energy Corp. | 72,898 | 4,700 | |||||||
31,164 | |||||||||
Financials (20.2%) | |||||||||
ACE Ltd. | 65,521 | 3,739 | |||||||
Allstate Corp. (The) | 61,195 | 3,675 | |||||||
Bank of America Corp. | 72,186 | 3,683 | |||||||
Bear Stearns Cos., Inc. (The) | 24,162 | 3,633 | |||||||
Chubb Corp. (The) | 72,026 | 3,722 | |||||||
Citigroup, Inc. | 72,846 | 3,740 | |||||||
Genworth Financial, Inc., Cl A | 104,115 | 3,638 | |||||||
Goldman Sachs Group, Inc. (The) | 18,187 | 3,758 | |||||||
Lehman Brothers Holdings, Inc. | 50,051 | 3,507 | |||||||
Loews Corp. | 84,755 | 3,850 | |||||||
Merrill Lynch & Co., Inc. | 43,848 | 3,581 | |||||||
MGIC Investment Corp. | 60,950 | 3,591 | |||||||
Morgan Stanley | 49,097 | 3,867 | |||||||
Progressive Corp. (The) | 160,348 | 3,499 | |||||||
SAFECO Corp. | 54,994 | 3,653 | |||||||
Torchmark Corp. | 57,547 | 3,775 | |||||||
Wachovia Corp. | 66,434 | 3,657 | |||||||
62,568 | |||||||||
Health Care (11.1%) | |||||||||
AmerisourceBergen Corp. | 58,716 | 3,097 | |||||||
Applera Corp. — Applied Biosystems Group | 100,261 | 2,965 | |||||||
Forest Laboratories, Inc. * | 59,669 | 3,069 | |||||||
Humana, Inc. * | 51,552 | 2,991 | |||||||
McKesson Corp. | 55,428 | 3,245 | |||||||
Merck & Co., Inc. | 69,955 | 3,090 | |||||||
Pfizer, Inc. | 123,738 | 3,126 | |||||||
Schering-Plough Corp. | 131,648 | 3,358 | |||||||
Thermo Fisher Scientific, Inc. * | 68,238 | 3,190 | |||||||
Waters Corp. * | 56,941 | 3,303 | |||||||
WellPoint, Inc. * | 38,903 | 3,155 | |||||||
34,589 | |||||||||
Industrials (10.4%) | |||||||||
Cummins, Inc. | 19,780 | 2,862 | |||||||
Danaher Corp. | 37,140 | 2,654 | |||||||
Dover Corp. | 55,711 | 2,719 | |||||||
Eaton Corp. | 32,871 | 2,747 | |||||||
Emerson Electric Co. | 61,845 | 2,665 | |||||||
Illinois Tool Works, Inc. | 51,558 | 2,660 | |||||||
ITT Corp. | 44,959 | 2,712 | |||||||
Parker Hannifin Corp. | 32,322 | 2,789 | |||||||
Rockwell Collins, Inc. | 40,755 | 2,728 | |||||||
Ryder System, Inc. | 51,708 | 2,551 | |||||||
United Technologies Corp. | 40,562 | 2,637 | |||||||
Waste Management, Inc. | 78,192 | 2,691 | |||||||
32,415 | |||||||||
68
Table of Contents
Shares | Value($) | ||||||||
Information Technology (14.7%) | |||||||||
Applied Materials, Inc. | 162,501 | 2,977 | |||||||
BMC Software, Inc. * | 97,784 | 3,011 | |||||||
Cisco Systems, Inc. * | 116,332 | 2,970 | |||||||
Compuware Corp. * | 329,796 | 3,130 | |||||||
Convergys Corp. * | 117,236 | 2,979 | |||||||
Fiserv, Inc. * | 56,980 | 3,023 | |||||||
Hewlett-Packard Co. | 76,687 | 3,078 | |||||||
International Business Machines Corp. | 32,469 | 3,061 | |||||||
KLA-Tencor Corp. | 58,322 | 3,110 | |||||||
LSI Logic Corp. * | 297,012 | 3,101 | |||||||
Molex, Inc. | 102,885 | 2,901 | |||||||
NCR Corp. * | 65,289 | 3,119 | |||||||
Novellus Systems, Inc. * | 93,715 | 3,001 | |||||||
Oracle Corp. * | 183,667 | 3,329 | |||||||
Sun Microsystems, Inc. * | 492,274 | 2,959 | |||||||
45,749 | |||||||||
Insurance (2.2%) | |||||||||
CIGNA Corp. | 21,674 | 3,092 | |||||||
Travelers Cos., Inc. (The) | 72,480 | 3,752 | |||||||
6,844 | |||||||||
Materials (3.5%) | |||||||||
Ashland, Inc. | 40,648 | 2,667 | |||||||
Bemis Co., Inc. | 80,364 | 2,683 | |||||||
MeadWestvaco Corp. | 87,438 | 2,697 | |||||||
Nucor Corp. | 43,740 | 2,848 | |||||||
10,895 | |||||||||
Telecommunication Services (3.6%) | |||||||||
AT&T, Inc. | 99,707 | 3,931 | |||||||
Sprint Nextel Corp. | 189,882 | 3,600 | |||||||
Verizon Communications, Inc. | 97,987 | 3,716 | |||||||
11,247 | |||||||||
Utilities (3.7%) | |||||||||
American Electric Power Co., Inc. | 34,877 | 1,700 | |||||||
Edison International | 33,318 | 1,637 | |||||||
FirstEnergy Corp. | 25,027 | 1,658 | |||||||
Progress Energy, Inc. | 32,049 | 1,617 | |||||||
Public Service Enterprise Group, Inc. | 20,907 | 1,736 | |||||||
Sempra Energy | 26,078 | 1,591 | |||||||
TXU Corp. | 23,658 | 1,516 | |||||||
11,455 | |||||||||
Total Common Stocks (Cost $300,922) | 308,673 | ||||||||
Money Market Fund (5.4%) | |||||||||
STI Classic Institutional Cash Management Money Market Fund, 5.230% (b) | 16,852,134 | 16,852 | |||||||
Total Money Market Fund (Cost $16,852) | 16,852 | ||||||||
Total Investments (Cost $317,774) (a) — 104.6% | 325,525 | ||||||||
Liabilities in excess of other assets — (4.6)% | (14,200 | ) | |||||||
Net Assets — 100.0% | $ | 311,325 | |||||||
* | Non-income producing security. | |
(a) | Cost for federal income tax purposes is $318,842 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 11,554 | ||
Unrealized Depreciation | (4,871 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 6,683 | ||
(b) | Affiliate investment. | |
Cl | — Class |
69
Table of Contents
Large Cap Relative Value Fund
Shares | Value($) | ||||||||
Common Stocks (99.9%) | |||||||||
Consumer Discretionary (8.0%) | |||||||||
Abercrombie & Fitch Co., Cl A | 200,000 | 15,136 | |||||||
CBS Corp., Cl B (b) | 700,000 | 21,413 | |||||||
Darden Restaurants, Inc. | 400,000 | 16,476 | |||||||
Lennar Corp., Cl A | 278,911 | 11,773 | |||||||
NIKE, Inc., Cl B (b) | 150,000 | 15,939 | |||||||
Target Corp. (b) | 150,000 | 8,889 | |||||||
Time Warner, Inc. (b) | 1,400,000 | 27,608 | |||||||
Walt Disney Co. (The) | 500,000 | 17,215 | |||||||
134,449 | |||||||||
Consumer Staples (12.2%) | |||||||||
Anheuser-Busch Cos., Inc. | 300,000 | 15,138 | |||||||
Archer-Daniels-Midland Co. | 750,000 | 27,524 | |||||||
Cadbury Schweppes PLC ADR (b) | 400,000 | 20,548 | |||||||
ConAgra Foods, Inc. | 900,000 | 22,419 | |||||||
CVS/ Caremark Corp. | 650,000 | 22,191 | |||||||
Diageo PLC ADR | 125,000 | 10,119 | |||||||
General Mills, Inc. | 400,000 | 23,288 | |||||||
PepsiCo, Inc. | 225,000 | 14,301 | |||||||
Procter & Gamble Co. (The) | 275,000 | 17,369 | |||||||
Wal-Mart Stores, Inc. | 400,000 | 18,780 | |||||||
Wm. Wrigley Jr. Co. (b) | 250,000 | 12,733 | |||||||
204,410 | |||||||||
Energy (10.4%) | |||||||||
Baker Hughes, Inc. | 275,000 | 18,186 | |||||||
Chevron Corp. | 600,000 | 44,375 | |||||||
ConocoPhillips | 550,000 | 37,593 | |||||||
CONSOL Energy, Inc. | 600,000 | 23,478 | |||||||
Exxon Mobil Corp. | 400,000 | 30,180 | |||||||
Spectra Energy Corp. | 750,000 | 19,703 | |||||||
173,515 | |||||||||
Financials (21.7%) | |||||||||
American International Group, Inc. | 400,000 | 26,888 | |||||||
Ameriprise Financial, Inc. | 325,000 | 18,571 | |||||||
Bank of America Corp. | 750,000 | 38,264 | |||||||
Berkshire Hathaway, Inc., Cl B * (b) | 5,500 | 20,020 | |||||||
Capital One Financial Corp. | 300,000 | 22,638 | |||||||
Cincinnati Financial Corp. | 300,000 | 12,720 | |||||||
CIT Group, Inc. | 350,000 | 18,522 | |||||||
Citigroup, Inc. | 1,000,000 | 51,339 | |||||||
Genworth Financial, Inc., Cl A | 690,000 | 24,109 | |||||||
Morgan Stanley | 175,000 | 13,783 | |||||||
Principal Financial Group, Inc. | 285,000 | 17,063 | |||||||
SLM Corp. | 400,000 | 16,360 | |||||||
State Street Corp. | 200,000 | 12,950 | |||||||
UBS AG ADR | 375,000 | 22,286 | |||||||
Wachovia Corp. | 450,000 | 24,773 | |||||||
Wells Fargo & Co. | 600,000 | 20,658 | |||||||
360,944 | |||||||||
Health Care (10.3%) | |||||||||
Abbott Laboratories | 350,000 | 19,530 | |||||||
Amgen, Inc. * (b) | 250,000 | 13,970 | |||||||
Boston Scientific Corp. * | 1,000,000 | 14,540 | |||||||
Bristol-Myers Squibb Co. | 700,000 | 19,432 | |||||||
Eli Lilly & Co. | 500,000 | 26,855 | |||||||
Johnson & Johnson | 325,000 | 19,585 | |||||||
Medtronic, Inc. | 350,000 | 17,171 | |||||||
Pfizer, Inc. | 1,600,000 | 40,416 | |||||||
171,499 | |||||||||
Industrials (11.6%) | |||||||||
3M Co. | 250,000 | 19,108 | |||||||
Burlington Northern Santa Fe Corp. | 110,000 | 8,847 | |||||||
Dover Corp. | 400,000 | 19,524 | |||||||
Emerson Electric Co. | 350,000 | 15,082 | |||||||
Equifax, Inc. | 450,000 | 16,403 | |||||||
General Electric Co. | 1,000,000 | 35,359 | |||||||
Goodrich Corp. | 375,000 | 19,305 | |||||||
Ingersoll-Rand Co. Ltd., Cl A | 400,000 | 17,348 | |||||||
R.R. Donnelley & Sons Co. | 300,000 | 10,977 | |||||||
Tyco International Ltd. | 1,000,000 | 31,550 | |||||||
193,503 | |||||||||
Information Technology (16.5%) | |||||||||
Accenture Ltd., Cl A | 500,000 | 19,270 | |||||||
Applied Materials, Inc. (b) | 1,000,000 | 18,320 | |||||||
Cadence Design Systems, Inc. * (b) | 800,000 | 16,848 | |||||||
Cisco Systems, Inc. * | 700,000 | 17,871 | |||||||
Dell, Inc. * | 850,000 | 19,729 | |||||||
First Data Corp. | 700,000 | 18,830 | |||||||
Fiserv, Inc. * | 335,000 | 17,775 |
70
Table of Contents
Shares | Value($) | ||||||||
Information Technology—continued | |||||||||
Hewlett-Packard Co. | 400,000 | 16,056 | |||||||
Intel Corp. | 1,200,000 | 22,955 | |||||||
Jabil Circuit, Inc. (b) | 650,000 | 13,917 | |||||||
Microsoft Corp. (b) | 850,000 | 23,689 | |||||||
Nokia Corp. ADR (b) | 900,000 | 20,628 | |||||||
Texas Instruments, Inc. | 400,000 | 12,040 | |||||||
VeriSign, Inc. * (b) | 800,000 | 20,096 | |||||||
Western Union Co. | 800,000 | 17,560 | |||||||
275,584 | |||||||||
Materials (4.1%) | |||||||||
E.I. du Pont de Nemours & Co. (b) | 400,000 | 19,772 | |||||||
Huntsman Corp. | 1,200,000 | 22,908 | |||||||
Praxair, Inc. | 150,000 | 9,444 | |||||||
Sonoco Products Co. | 450,000 | 16,911 | |||||||
69,035 | |||||||||
Telecommunication Services (2.8%) | |||||||||
ALLTEL Corp. | 400,000 | 24,800 | |||||||
AT&T, Inc. | 550,000 | 21,687 | |||||||
46,487 | |||||||||
Utilities (2.3%) | |||||||||
Duke Energy Corp. (b) | 800,000 | 16,232 | |||||||
Edison International | 450,000 | 22,109 | |||||||
38,341 | |||||||||
Total Common Stocks (Cost $1,350,903) | 1,667,767 | ||||||||
Short-Term Investment (7.4%) | |||||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (c) | 123,651,075 | 123,651 | |||||||
Total Short-Term Investment (Cost $123,651) | 123,651 | ||||||||
Money Market Fund (0.5%) | |||||||||
STI Classic Institutional Cash Management Money Market Fund, 5.230% (d) | 8,615,954 | 8,616 | |||||||
Total Money Market Fund (Cost $8,616) | 8,616 | ||||||||
Total Investments (Cost $1,483,170) (a) — 107.8% | 1,800,034 | ||||||||
Liabilities in excess of other assets — (7.8)% | (129,749 | ) | |||||||
Net Assets — 100.0% | $ | 1,670,285 | |||||||
* | Non-income producing security. | |
(a) | Cost for federal income tax purposes is $1,486,105 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 330,789 | ||
Unrealized Depreciation | (16,860 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 313,929 | ||
(b) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $120,012. | |
(c) | This security was purchased with cash collateral held from securities lending. | |
(d) | Affiliate investment. |
ADR | — American Depositary Receipt | |
Cl | — Class | |
PLC | — Public Limited Company |
71
Table of Contents
Large Cap Value Equity Fund
Shares | Value($) | ||||||||
Common Stocks (97.0%) | |||||||||
Consumer Discretionary (6.1%) | |||||||||
Advance Auto Parts, Inc. | 222,683 | 8,584 | |||||||
Borders Group, Inc. (b) | 332,790 | 6,796 | |||||||
Circuit City Stores, Inc. | 534,250 | 9,900 | |||||||
Dow Jones & Co., Inc. (b) | 228,537 | 7,878 | |||||||
Leggett & Platt, Inc. | 335,650 | 7,609 | |||||||
Target Corp. (b) | 133,500 | 7,911 | |||||||
Thor Industries, Inc. | 126,636 | 4,988 | |||||||
Time Warner, Inc. | 345,600 | 6,815 | |||||||
60,481 | |||||||||
Consumer Staples (7.5%) | |||||||||
Brown-Forman Corp., Cl B | 78,910 | 5,173 | |||||||
Colgate-Palmolive Co. | 216,850 | 14,483 | |||||||
Hershey Co. (The) (b) | 272,600 | 14,900 | |||||||
PepsiCo, Inc. | 336,300 | 21,376 | |||||||
Procter & Gamble Co. (The) | 303,200 | 19,150 | |||||||
75,082 | |||||||||
Energy (12.8%) | |||||||||
Apache Corp. | 150,050 | 10,609 | |||||||
BJ Services Co. (b) | 185,000 | 5,162 | |||||||
Chevron Corp. | 299,150 | 22,125 | |||||||
ConocoPhillips | 316,400 | 21,626 | |||||||
Diamond Offshore Drilling, Inc. (b) | 65,150 | 5,274 | |||||||
Exxon Mobil Corp. | 392,900 | 29,644 | |||||||
Marathon Oil Corp. | 167,600 | 16,564 | |||||||
Rowan Cos., Inc. | 257,100 | 8,348 | |||||||
Spectra Energy Corp. (b) | 308,841 | 8,113 | |||||||
127,465 | |||||||||
Financials (24.7%) | |||||||||
American International Group, Inc. | 244,150 | 16,412 | |||||||
Aon Corp. (b) | 138,350 | 5,252 | |||||||
Astoria Financial Corp. | 166,225 | 4,420 | |||||||
Bank of America Corp. | 448,650 | 22,890 | |||||||
Bank of New York Co., Inc. (The) | 125,608 | 5,093 | |||||||
BB&T Corp. | 114,850 | 4,711 | |||||||
Bear Stearns Cos., Inc. (The) | 33,750 | 5,074 | |||||||
Citigroup, Inc. | 543,279 | 27,891 | |||||||
Colonial BancGroup, Inc. (The) (b) | 199,550 | 4,939 | |||||||
Genworth Financial, Inc., Cl A | 439,600 | 15,360 | |||||||
Hartford Financial Services Group, Inc. (The) | 53,250 | 5,090 | |||||||
HCC Insurance Holdings, Inc. (b) | 163,100 | 5,023 | |||||||
Huntington Bancshares, Inc. | 216,400 | 4,728 | |||||||
JPMorgan Chase & Co. | 413,616 | 20,011 | |||||||
Lincoln National Corp. | 76,750 | 5,203 | |||||||
Mercury General Corp. | 96,790 | 5,134 | |||||||
Merrill Lynch & Co., Inc. | 106,750 | 8,718 | |||||||
Morgan Stanley | 115,158 | 9,070 | |||||||
Northern Trust Corp. | 136,500 | 8,209 | |||||||
Protective Life Corp. | 114,850 | 5,058 | |||||||
State Street Corp. | 122,100 | 7,906 | |||||||
U.S. Bancorp (b) | 138,950 | 4,859 | |||||||
Wachovia Corp. | 367,650 | 20,239 | |||||||
Washington Mutual, Inc. (b) | 460,100 | 18,579 | |||||||
XL Capital Ltd., Cl A (b) | 70,750 | 4,950 | |||||||
244,819 | |||||||||
Health Care (7.6%) | |||||||||
Cooper Cos., Inc. (The) (b) | 110,900 | 5,392 | |||||||
Eli Lilly & Co. | 149,350 | 8,022 | |||||||
Johnson & Johnson | 328,750 | 19,810 | |||||||
Omnicare, Inc. (b) | 200,450 | 7,972 | |||||||
Pfizer, Inc. | 691,500 | 17,467 | |||||||
Wyeth | 340,950 | 17,058 | |||||||
75,721 | |||||||||
Industrials (15.6%) | |||||||||
3M Co. | 128,650 | 9,833 | |||||||
Con-way, Inc. | 127,050 | 6,332 | |||||||
Emerson Electric Co. | 227,754 | 9,814 | |||||||
General Electric Co. | 757,150 | 26,773 | |||||||
Harsco Corp. | 141,892 | 6,365 | |||||||
Hubbell, Inc., Cl B (b) | 110,600 | 5,335 | |||||||
Illinois Tool Works, Inc. | 319,550 | 16,489 | |||||||
Oshkosh Truck Corp. | 100,000 | 5,300 | |||||||
Pentair, Inc. (b) | 193,300 | 6,023 | |||||||
R.R. Donnelley & Sons Co. | 239,400 | 8,760 | |||||||
Rockwell Automation, Inc. | 159,550 | 9,552 | |||||||
Southwest Airlines Co. (b) | 519,500 | 7,637 | |||||||
Timken Co. (The) | 176,029 | 5,335 | |||||||
United Parcel Service, Inc., Cl B (b) | 111,300 | 7,802 |
72
Table of Contents
Shares | Value($) | ||||||||
Industrials—continued | |||||||||
Wabtec Corp. (b) | 194,900 | 6,722 | |||||||
Waste Management, Inc. | 506,600 | 17,432 | |||||||
155,504 | |||||||||
Information Technology (4.2%) | |||||||||
First Data Corp. | 320,400 | 8,619 | |||||||
Harris Corp. | 96,275 | 4,905 | |||||||
Jack Henry & Associates, Inc. | 214,265 | 5,153 | |||||||
Maxim Integrated Products, Inc. | 293,700 | 8,635 | |||||||
Motorola, Inc. | 515,350 | 9,106 | |||||||
Tektronix, Inc. | 184,950 | 5,208 | |||||||
41,626 | |||||||||
Materials (3.9%) | |||||||||
Alcoa, Inc. | 139,500 | 4,729 | |||||||
Dow Chemical Co. (The) | 185,200 | 8,493 | |||||||
E.I. du Pont de Nemours & Co. | 158,500 | 7,835 | |||||||
Louisiana-Pacific Corp. (b) | 150,522 | 3,019 | |||||||
Peabody Energy Corp. (b) | 174,750 | 7,032 | |||||||
Praxair, Inc. | 126,650 | 7,974 | |||||||
39,082 | |||||||||
Telecommunication Services (6.3%) | |||||||||
ALLTEL Corp. | 162,086 | 10,049 | |||||||
AT&T, Inc. | 544,100 | 21,454 | |||||||
Sprint Nextel Corp. (b) | 845,450 | 16,030 | |||||||
Verizon Communications, Inc. | 408,060 | 15,474 | |||||||
63,007 | |||||||||
Utilities (8.3%) | |||||||||
Aqua America, Inc. (b) | 359,261 | 8,065 | |||||||
Dominion Resources, Inc. (b) | 124,168 | 11,022 | |||||||
Duke Energy Corp. (b) | 493,406 | 10,011 | |||||||
Entergy Corp. | 102,150 | 10,718 | |||||||
PPL Corp. | 275,844 | 11,282 | |||||||
Public Service Enterprise Group, Inc. | 136,100 | 11,302 | |||||||
Questar Corp. (b) | 116,700 | 10,411 | |||||||
TECO Energy, Inc. | 300,853 | 5,178 | |||||||
Vectren Corp. | 179,550 | 5,135 | |||||||
83,124 | |||||||||
Total Common Stocks (Cost $836,943) | 965,911 | ||||||||
Short-Term Investment (14.3%) | |||||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (c) | 142,277,541 | 142,278 | |||||||
Total Short-Term Investment (Cost $142,278) | 142,278 | ||||||||
Money Market Fund (5.1%) | |||||||||
STI Classic Institutional Cash Management Money Market Fund, 5.230% (d) | 50,836,698 | 50,837 | |||||||
Total Money Market Fund (Cost $50,837) | 50,837 | ||||||||
Total Investments (Cost $1,030,058) (a) — 116.4% | 1,159,026 | ||||||||
Liabilities in excess of other assets — (16.4)% | (162,922 | ) | |||||||
Net Assets — 100.0% | $ | 996,104 | |||||||
(a) | Cost for federal income tax purposes is $1,030,775 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 135,589 | ||
Unrealized Depreciation | (7,338 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 128,251 | ||
(b) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $138,335. | |
(c) | This security was purchased with cash collateral held from securities lending. | |
(d) | Affiliate investment. | |
Cl | — Class |
73
Table of Contents
Mid-Cap Equity Fund
Shares | Value($) | ||||||||
Common Stocks (97.7%) | |||||||||
Consumer Discretionary (16.9%) | |||||||||
Abercrombie & Fitch Co., Cl A | 47,461 | 3,592 | |||||||
American Eagle Outfitters, Inc. (b) | 111,016 | 3,329 | |||||||
CBS Corp., Cl B | 98,836 | 3,023 | |||||||
DIRECTV Group, Inc. (The) * (b) | 120,998 | 2,791 | |||||||
Hilton Hotels Corp. | 112,817 | 4,057 | |||||||
International Game Technology | 77,131 | 3,115 | |||||||
J.C. Penney Co., Inc. | 47,115 | 3,871 | |||||||
KB HOME (b) | 54,016 | 2,305 | |||||||
Limited Brands, Inc. (b) | 124,967 | 3,257 | |||||||
Liz Claiborne, Inc. | 77,012 | 3,300 | |||||||
Mattel, Inc. | 154,152 | 4,250 | |||||||
Men’s Wearhouse, Inc. (The) | 65,485 | 3,081 | |||||||
Mohawk Industries, Inc. * (b) | 37,093 | 3,043 | |||||||
Newell Rubbermaid, Inc. | 120,589 | 3,749 | |||||||
Nordstrom, Inc. | 63,993 | 3,388 | |||||||
Omnicom Group, Inc. | 33,177 | 3,397 | |||||||
Sotheby’s (b) | 89,365 | 3,974 | |||||||
Whirlpool Corp. (b) | 31,384 | 2,665 | |||||||
60,187 | |||||||||
Consumer Staples (6.4%) | |||||||||
Church & Dwight Co., Inc. (b) | 50,359 | 2,536 | |||||||
Del Monte Foods Co. | 252,730 | 2,901 | |||||||
General Mills, Inc. | 57,758 | 3,363 | |||||||
J. M. Smucker Co. (The) | 74,741 | 3,985 | |||||||
Kroger Co. (The) | 134,119 | 3,789 | |||||||
Pepsi Bottling Group, Inc. (The) | 108,498 | 3,460 | |||||||
Reynolds American, Inc. (b) | 42,219 | 2,635 | |||||||
22,669 | |||||||||
Energy (6.6%) | |||||||||
Cameron International Corp. * (b) | 70,746 | 4,442 | |||||||
Chesapeake Energy Corp. (b) | 83,716 | 2,585 | |||||||
Diamond Offshore Drilling, Inc. | 33,875 | 2,742 | |||||||
Noble Energy, Inc. | 81,866 | 4,884 | |||||||
Pogo Producing Co. (b) | 54,846 | 2,638 | |||||||
Spectra Energy Corp. | 72,000 | 1,891 | |||||||
Tesoro Corp. | 43,349 | 4,354 | |||||||
23,536 | |||||||||
Financials (17.6%) | |||||||||
AMB Property Corp. (b) | 49,488 | 2,909 | |||||||
Ambac Financial Group, Inc. | 36,409 | 3,145 | |||||||
American Financial Group, Inc. | 88,064 | 2,998 | |||||||
Ameriprise Financial, Inc. | 63,224 | 3,613 | |||||||
Apartment Investment & Management Co., Cl A | 53,676 | 3,097 | |||||||
Arch Capital Group Ltd. * | 30,174 | 2,058 | |||||||
Archstone-Smith Trust (b) | 40,990 | 2,225 | |||||||
Assurant, Inc. | 53,225 | 2,854 | |||||||
BankUnited Financial Corp., Cl A (b) | 84,477 | 1,792 | |||||||
Bear Stearns Cos., Inc. (The) (b) | 13,617 | 2,047 | |||||||
CB Richard Ellis Group, Inc., Cl A * | 78,965 | 2,699 | |||||||
CIT Group, Inc. | 70,750 | 3,743 | |||||||
Entertainment Properties Trust (b) | 40,433 | 2,436 | |||||||
HCC Insurance Holdings, Inc. | 97,977 | 3,018 | |||||||
Jones Lang LaSalle, Inc. | 32,686 | 3,408 | |||||||
Marshall & Ilsley Corp. | 72,666 | 3,365 | |||||||
MGIC Investment Corp. (b) | 57,208 | 3,371 | |||||||
PMI Group, Inc. (The) | 89,409 | 4,044 | |||||||
ProLogis | 50,745 | 3,295 | |||||||
Raymond James Financial, Inc. | 53,003 | 1,577 | |||||||
Security Capital Assurance Ltd. (b) | 70,623 | 1,994 | |||||||
SL Green Realty Corp. (b) | 23,340 | 3,202 | |||||||
62,890 | |||||||||
Health Care (9.2%) | |||||||||
Applera Corp.- Applied Biosystems Group | 93,315 | 2,759 | |||||||
Becton, Dickinson & Co. | 43,804 | 3,368 | |||||||
Celgene Corp. * (b) | 46,271 | 2,427 | |||||||
Dade Behring Holdings, Inc. | 62,699 | 2,749 | |||||||
Henry Schein, Inc. * | 52,584 | 2,902 | |||||||
Laboratory Corp. of America Holdings * | 46,569 | 3,382 | |||||||
Millipore Corp. * (b) | 45,504 | 3,298 | |||||||
Thermo Fisher Scientific, Inc. * (b) | 88,988 | 4,160 |
74
Table of Contents
Shares | Value($) | ||||||||
Health Care—continued | |||||||||
Universal Health Services, Inc., Cl B | 51,660 | 2,958 | |||||||
WellCare Health Plans, Inc. * | 57,259 | 4,882 | |||||||
32,885 | |||||||||
Industrials (11.1%) | |||||||||
Alaska Air Group, Inc. * | 65,259 | 2,486 | |||||||
Copart, Inc. * | 114,187 | 3,198 | |||||||
Covanta Holding Corp. * | 158,976 | 3,526 | |||||||
CSX Corp. | 94,399 | 3,781 | |||||||
Curtiss-Wright Corp. | 78,121 | 3,011 | |||||||
Dover Corp. | 35,500 | 1,733 | |||||||
Eaton Corp. | 38,678 | 3,232 | |||||||
Goodrich Corp. | 53,713 | 2,765 | |||||||
Ingersoll-Rand Co. Ltd., Cl A | 90,444 | 3,923 | |||||||
L-3 Communications Holdings, Inc. | 24,973 | 2,184 | |||||||
Lennox International, Inc. | 108,195 | 3,863 | |||||||
PACCAR, Inc. (b) | 38,511 | 2,827 | |||||||
Toro Co. (The) | 58,843 | 3,015 | |||||||
39,544 | |||||||||
Information Technology (13.7%) | |||||||||
BMC Software, Inc. * (b) | 102,129 | 3,145 | |||||||
Cadence Design Systems, Inc. * (b) | 200,089 | 4,214 | |||||||
Electronic Data Systems Corp. | 116,379 | 3,221 | |||||||
Fiserv, Inc. * | 56,158 | 2,980 | |||||||
Juniper Networks, Inc. * (b) | 149,935 | 2,951 | |||||||
Lexmark International, Inc., Cl A * (b) | 45,301 | 2,648 | |||||||
LSI Logic Corp. * (b) | 390,455 | 4,076 | |||||||
MEMC Electronic Materials, Inc. * | 22,935 | 1,389 | |||||||
NCR Corp. * | 60,346 | 2,883 | |||||||
Novellus Systems, Inc. * (b) | 79,716 | 2,553 | |||||||
Sybase, Inc. * (b) | 160,022 | 4,045 | |||||||
Teradyne, Inc. * (b) | 179,608 | 2,971 | |||||||
Total System Services, Inc. (b) | 97,604 | 3,109 | |||||||
VeriSign, Inc. * (b) | 112,075 | 2,815 | |||||||
Vishay Intertechnology, Inc. * (b) | 194,412 | 2,718 | |||||||
Xerox Corp. * | 194,093 | 3,278 | |||||||
48,996 | |||||||||
Materials (6.5%) | |||||||||
Albemarle Corp. | 64,714 | 2,675 | |||||||
FMC Corp. | 37,634 | 2,839 | |||||||
Freeport-McMoRan Copper & Gold, Inc., Cl B | 41,955 | 2,777 | |||||||
Huntsman Corp. | 152,219 | 2,906 | |||||||
Lyondell Chemical Co. (b) | 99,444 | 2,980 | |||||||
Sonoco Products Co. | 90,516 | 3,401 | |||||||
Steel Dynamics, Inc. | 57,702 | 2,493 | |||||||
United States Steel Corp. | 31,620 | 3,136 | |||||||
23,207 | |||||||||
Telecommunication Services (1.9%) | |||||||||
Qwest Communications International, Inc. * (b) | 393,369 | 3,536 | |||||||
Telephone & Data Systems, Inc. | 55,870 | 3,331 | |||||||
6,867 | |||||||||
Utilities (7.8%) | |||||||||
Alliant Energy Corp. | 92,897 | 4,164 | |||||||
American Electric Power Co., Inc. | 97,283 | 4,742 | |||||||
Edison International | 87,710 | 4,309 | |||||||
MDU Resources Group, Inc. (b) | 122,121 | 3,510 | |||||||
OGE Energy Corp. | 95,326 | 3,699 | |||||||
PG&E Corp. | 94,996 | 4,585 | |||||||
Xcel Energy, Inc. | 109,272 | 2,698 | |||||||
27,707 | |||||||||
Total Common Stocks (Cost $286,918) | 348,488 | ||||||||
Short-Term Investment (25.5%) | |||||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (c) | 90,822,627 | 90,823 | |||||||
Total Short-Term Investment (Cost $90,823) | 90,823 | ||||||||
Money Market (2.0%) | |||||||||
STI Classic Institutional Cash Management Money Market Fund, 5.230% (d) | 7,257,261 | 7,257 | |||||||
Total Money Market (Cost $7,257) | 7,257 | ||||||||
Total Investments (Cost $384,998) (a) — 125.2% | 446,568 | ||||||||
Liabilities in excess of other assets — (25.2)% | (89,965 | ) | |||||||
Net Assets — 100.0% | $ | 356,603 | |||||||
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Table of Contents
* | Non-income producing security. | |
(a) | Cost for federal income tax purposes is $387,350 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 61,477 | ||
Unrealized Depreciation | (2,259 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 59,218 | ||
(b) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $88,196. | |
(c) | This security was purchased with cash collateral held from securities lending. | |
(d) | Affiliate investment. |
Cl | — Class |
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Table of Contents
Mid-Cap Value Equity Fund
Shares | Value($) | ||||||||
Common Stocks (96.8%) | |||||||||
Consumer Discretionary (9.8%) | |||||||||
American Greetings Corp., Cl A (b) | 115,860 | 2,689 | |||||||
Borders Group, Inc. | 118,300 | 2,416 | |||||||
Brunswick Corp. | 107,400 | 3,421 | |||||||
Circuit City Stores, Inc. | 384,200 | 7,119 | |||||||
Dow Jones & Co., Inc. (b) | 89,300 | 3,078 | |||||||
H&R Block, Inc. (b) | 84,100 | 1,769 | |||||||
Leggett & Platt, Inc. | 170,900 | 3,874 | |||||||
Standard Pacific Corp. (b) | 182,400 | 3,807 | |||||||
28,173 | |||||||||
Consumer Staples (6.2%) | |||||||||
Brown-Forman Corp., Cl B | 28,100 | 1,842 | |||||||
Clorox Co. (The) | 28,800 | 1,834 | |||||||
Hershey Co. (The) (b) | 96,200 | 5,258 | |||||||
Longs Drug Stores Corp. | 51,000 | 2,634 | |||||||
Pepsi Bottling Group, Inc. (The) | 135,200 | 4,312 | |||||||
Sara Lee Corp. | 119,700 | 2,025 | |||||||
17,905 | |||||||||
Energy (15.5%) | |||||||||
Anadarko Petroleum Corp. (b) | 131,700 | 5,660 | |||||||
BJ Services Co. | 123,900 | 3,457 | |||||||
Cameco Corp. | 18,000 | 737 | |||||||
CHC Helicopter Corp., Cl A | 103,089 | 2,101 | |||||||
Chesapeake Energy Corp. (b) | 142,400 | 4,397 | |||||||
Diamond Offshore Drilling, Inc. (b) | 35,400 | 2,866 | |||||||
Foundation Coal Holdings, Inc. (b) | 93,626 | 3,215 | |||||||
Hess Corp. | 33,700 | 1,869 | |||||||
Overseas Shipholding Group, Inc. | 24,600 | 1,540 | |||||||
Rowan Cos., Inc. (b) | 108,900 | 3,536 | |||||||
Ship Finance International, Ltd. (b) | 51,800 | 1,421 | |||||||
Spectra Energy Corp. | 80,600 | 2,117 | |||||||
Sunoco, Inc. | 99,500 | 7,010 | |||||||
TransCanada Corp. | 49,500 | 1,647 | |||||||
Valero GP Holdings LLC | 24,500 | 680 | |||||||
Williams Cos., Inc. (The) | 86,765 | 2,469 | |||||||
44,722 | |||||||||
Financials (17.9%) | |||||||||
Annaly Capital Management, Inc. | 109,047 | 1,688 | |||||||
Aon Corp. | 68,500 | 2,600 | |||||||
Astoria Financial Corp. (b) | 90,700 | 2,412 | |||||||
BankUnited Financial Corp., Cl A (b) | 93,240 | 1,978 | |||||||
Bear Stearns Cos., Inc. (The) | 9,500 | 1,428 | |||||||
Brookfield Properties Corp. | 35,800 | 1,443 | |||||||
Colonial BancGroup, Inc. (The) | 228,500 | 5,655 | |||||||
Colonial Properties Trust (b) | 97,200 | 4,439 | |||||||
Comerica, Inc. (b) | 36,300 | 2,146 | |||||||
Fidelity National Financial, Inc., Cl A | 111,600 | 2,680 | |||||||
Genesis Lease Ltd. ADR * | 52,644 | 1,377 | |||||||
Genworth Financial, Inc., Cl A | 133,700 | 4,671 | |||||||
Huntington Bancshares, Inc. | 130,000 | 2,841 | |||||||
Lazard Ltd., Cl A (b) | 49,826 | 2,500 | |||||||
Protective Life Corp. | 95,900 | 4,223 | |||||||
Security Capital Assurance Ltd. | 175,626 | 4,958 | |||||||
XL Capital Ltd., Cl A (b) | 35,600 | 2,491 | |||||||
Zions Bancorp | 25,800 | 2,181 | |||||||
51,711 | |||||||||
Health Care (4.8%) | |||||||||
Brookdale Senior Living, Inc. | 47,700 | 2,130 | |||||||
Cooper Cos., Inc. (The) (b) | 129,600 | 6,301 | |||||||
Omnicare, Inc. (b) | 135,700 | 5,397 | |||||||
13,828 | |||||||||
Industrials (17.4%) | |||||||||
Aircastle Ltd. | 141,458 | 5,005 | |||||||
Chicago Bridge & Iron Co. NV | 84,600 | 2,601 | |||||||
Con-way, Inc. (b) | 50,900 | 2,537 | |||||||
Cooper Industries Ltd., Cl A | 45,200 | 2,034 | |||||||
Franklin Electric Co., Inc. (b) | 45,900 | 2,134 | |||||||
Hubbell, Inc., Cl B (b) | 89,500 | 4,317 | |||||||
Mueller Water Products, Inc., Cl B | 127,300 | 1,705 | |||||||
Oshkosh Truck Corp. | 102,300 | 5,422 | |||||||
Pentair, Inc. | 65,500 | 2,041 | |||||||
R.R. Donnelley & Sons Co. | 165,252 | 6,046 | |||||||
Rockwell Automation, Inc. | 88,173 | 5,279 | |||||||
Southwest Airlines Co. (b) | 357,600 | 5,257 | |||||||
UTI Worldwide, Inc. | 70,400 | 1,730 | |||||||
Waste Management, Inc. | 121,000 | 4,164 | |||||||
50,272 | |||||||||
77
Table of Contents
Shares | Value($) | ||||||||
Information Technology (8.9%) | |||||||||
Alcatel — Lucent ADR (b) | 445,200 | 5,261 | |||||||
First Data Corp. | 145,000 | 3,901 | |||||||
Harris Corp. | 25,400 | 1,294 | |||||||
Intersil Corp., Cl A | 115,200 | 3,052 | |||||||
Jabil Circuit, Inc. | 198,300 | 4,245 | |||||||
Maxim Integrated Products, Inc. | 98,900 | 2,908 | |||||||
Molex, Inc. | 99,000 | 2,792 | |||||||
Nam Tai Electronics, Inc. | 166,000 | 2,150 | |||||||
25,603 | |||||||||
Materials (6.1%) | |||||||||
Air Products & Chemicals, Inc. | 27,800 | 2,054 | |||||||
Ball Corp. (b) | 33,200 | 1,522 | |||||||
Cytec Industries, Inc. | 50,200 | 2,823 | |||||||
FMC Corp. | 20,300 | 1,531 | |||||||
Freeport-McMoRan Copper & Gold, Inc., Cl B | 47,400 | 3,137 | |||||||
Louisiana-Pacific Corp. | 49,500 | 993 | |||||||
Quanex Corp. (b) | 75,724 | 3,208 | |||||||
Worthington Industries, Inc. (b) | 109,800 | 2,260 | |||||||
17,528 | |||||||||
Telecommunication Services (1.3%) | |||||||||
Embarq Corp. | 68,700 | 3,871 | |||||||
Utilities (8.9%) | |||||||||
Aqua America, Inc. (b) | 98,600 | 2,214 | |||||||
CMS Energy Corp. | 95,700 | 1,703 | |||||||
Constellation Energy Group, Inc. | 19,400 | 1,687 | |||||||
Edison International | 41,000 | 2,014 | |||||||
Integrys Energy Group, Inc. | 50,100 | 2,781 | |||||||
ITC Holdings Corp. | 16,200 | 701 | |||||||
PG&E Corp. | 34,700 | 1,675 | |||||||
PNM Resources, Inc. | 44,700 | 1,444 | |||||||
Public Service Enterprise Group, Inc. | 32,200 | 2,674 | |||||||
Questar Corp. | 31,600 | 2,819 | |||||||
TECO Energy, Inc. | 122,600 | 2,110 | |||||||
TransAlta Corp. | 85,100 | 1,836 | |||||||
Vectren Corp. | 71,500 | 2,045 | |||||||
25,703 | |||||||||
Total Common Stocks (Cost $267,094) | 279,316 | ||||||||
Short-Term Investment (25.5%) | |||||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (c) | 73,638,951 | 73,639 | |||||||
Total Short-Term Investment (Cost $73,639) | 73,639 | ||||||||
Money Market Fund (2.9%) | |||||||||
STI Classic Institutional Cash Management Money Market Fund, 5.230% (d) | 8,290,131 | 8,290 | |||||||
Total Money Market Fund (Cost $8,290) | 8,290 | ||||||||
Total Investments (Cost $349,023) (a) — 125.2% | 361,245 | ||||||||
Liabilities in excess of other assets — (25.2)% | (72,665 | ) | |||||||
Net Assets — 100.0% | $ | 288,580 | |||||||
(a) | Cost for federal income tax purposes is $349,550 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 17,071 | ||
Unrealized Depreciation | (5,376 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 11,695 | ||
(b) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $71,326. | |
(c) | This security was purchased with cash collateral held from securities lending. | |
(d) | Affiliate investment. |
ADR | — American Depositary Receipt | |
Cl | — Class |
78
Table of Contents
Select Large Cap Growth Stock Fund
Shares | Value($) | ||||||||
Common Stocks (96.7%) | |||||||||
Consumer Discretionary (14.0%) | |||||||||
Best Buy Co., Inc. | 66,310 | 3,231 | |||||||
Coach, Inc. * | 52,600 | 2,633 | |||||||
Omnicom Group, Inc. | 29,300 | 3,000 | |||||||
Staples, Inc. | 128,980 | 3,333 | |||||||
Target Corp. (b) | 59,270 | 3,511 | |||||||
TJX Cos., Inc. (The) | 97,040 | 2,616 | |||||||
18,324 | |||||||||
Consumer Staples (9.1%) | |||||||||
Costco Wholesale Corp. (b) | 59,620 | 3,210 | |||||||
PepsiCo, Inc. | 72,170 | 4,587 | |||||||
Procter & Gamble Co. (The) | 66,280 | 4,186 | |||||||
11,983 | |||||||||
Energy (2.9%) | |||||||||
Baker Hughes, Inc. | 28,600 | 1,892 | |||||||
Schlumberger Ltd. | 27,300 | 1,886 | |||||||
3,778 | |||||||||
Financials (12.5%) | |||||||||
AFLAC, Inc. | 70,100 | 3,299 | |||||||
American Express Co. | 72,350 | 4,080 | |||||||
Merrill Lynch & Co., Inc. | 30,160 | 2,463 | |||||||
State Street Corp. | 39,700 | 2,571 | |||||||
T. Rowe Price Group, Inc. | 84,100 | 3,969 | |||||||
16,382 | |||||||||
Health Care (15.5%) | |||||||||
Amgen, Inc. * | 29,090 | 1,626 | |||||||
Baxter International, Inc. | 94,900 | 4,998 | |||||||
Gilead Sciences, Inc. * | 39,290 | 3,006 | |||||||
Stryker Corp. (b) | 67,850 | 4,500 | |||||||
Thermo Fisher Scientific, Inc. * (b) | 63,300 | 2,959 | |||||||
WellPoint, Inc. * | 39,990 | 3,243 | |||||||
20,332 | |||||||||
Industrials (13.1%) | |||||||||
Boeing Co. (The) | 34,000 | 3,023 | |||||||
Danaher Corp. (b) | 36,640 | 2,618 | |||||||
General Electric Co. | 98,794 | 3,492 | |||||||
Precision Castparts Corp. | 18,200 | 1,894 | |||||||
Raytheon Co. | 59,200 | 3,106 | |||||||
United Technologies Corp. | 46,900 | 3,049 | |||||||
17,182 | |||||||||
Information Technology (23.9%) | |||||||||
Apple, Inc. * | 36,800 | 3,419 | |||||||
Automatic Data Processing, Inc. | 67,800 | 3,282 | |||||||
Cisco Systems, Inc. * | 144,250 | 3,683 | |||||||
Google, Inc., Cl A * | 7,620 | 3,491 | |||||||
Hewlett-Packard Co. | 95,750 | 3,843 | |||||||
Intel Corp. | 122,376 | 2,341 | |||||||
Microsoft Corp. | 181,446 | 5,058 | |||||||
Oracle Corp. * (b) | 161,038 | 2,920 | |||||||
QUALCOMM, Inc. | 81,610 | 3,481 | |||||||
31,518 | |||||||||
Materials (3.6%) | |||||||||
Praxair, Inc. | 74,440 | 4,687 | |||||||
Software (2.1%) | |||||||||
Adobe Systems, Inc. * | 67,300 | 2,806 | |||||||
Total Common Stocks (Cost $115,692) | 126,992 | ||||||||
Warrants (0.0%) | |||||||||
Information Technology (0.0%) | |||||||||
Lucent Technologies, Inc. * | 22,693 | 2 | |||||||
Total Warrants (Cost $—) | 2 | ||||||||
Short-Term Investment (6.9%) | |||||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (c) | 9,089,100 | 9,089 | |||||||
Total Short-Term Investment (Cost $9,089) | 9,089 | ||||||||
Money Market Fund (9.5%) | |||||||||
STI Classic Institutional Cash Management Money Market Fund, 5.230% (d) | 12,459,919 | 12,460 | |||||||
Total Money Market Fund (Cost $12,460) | 12,460 | ||||||||
Total Investments (Cost $137,241) (a) — 113.1% | 148,543 | ||||||||
Liabilities in excess of other assets — (13.1)% | (17,250 | ) | |||||||
Net Assets — 100.0% | $ | 131,293 | |||||||
* | Non-income producing security. |
79
Table of Contents
(a) | Cost for federal income tax purposes is $137,451 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 12,746 | ||
Unrealized Depreciation | (1,654 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 11,092 | ||
(b) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at in March 31, 2007 thousands was $8,874. | |
(c) | This security was purchased with cash collateral held from securities lending. | |
(d) | Affiliate investment. | |
Cl | — Class |
Amounts designated as “—” are $0 or have been rounded to $0.
80
Table of Contents
Small Cap Growth Stock Fund
Shares | Value($) | ||||||||
Common Stocks (98.2%) | |||||||||
Consumer Discretionary (18.3%) | |||||||||
Aeropostale, Inc. * (b) | 177,290 | 7,132 | |||||||
Applebee’s International, Inc. | 144,386 | 3,578 | |||||||
Blue Nile, Inc. * (b) | 73,016 | 2,969 | |||||||
Casual Male Retail Group, Inc. * (b) | 286,538 | 3,390 | |||||||
Charlotte Russe Holding, Inc. * | 207,397 | 5,988 | |||||||
Chipotle Mexican Grill, Inc., Cl A * (b) | 104,941 | 6,517 | |||||||
CKE Restaurants, Inc. (b) | 252,306 | 4,758 | |||||||
Columbia Sportswear Co. | 92,242 | 5,748 | |||||||
Crocs, Inc. * (b) | 136,326 | 6,441 | |||||||
Dick’s Sporting Goods, Inc. * (b) | 133,312 | 7,766 | |||||||
Guess?, Inc. (b) | 151,723 | 6,143 | |||||||
Heelys, Inc. * (b) | 95,863 | 2,813 | |||||||
INVESTools, Inc. * | 286,732 | 3,986 | |||||||
J. Crew Group, Inc. * (b) | 124,603 | 5,005 | |||||||
Jarden Corp. * (b) | 75,460 | 2,890 | |||||||
Laureate Education, Inc. * (b) | 67,691 | 3,992 | |||||||
Life Time Fitness, Inc. * (b) | 140,107 | 7,203 | |||||||
National CineMedia, Inc. * | 19,929 | 532 | |||||||
New York & Co., Inc. * (b) | 260,481 | 4,113 | |||||||
Oakley, Inc. (b) | 197,301 | 3,974 | |||||||
Pacific Sunwear of California, Inc. * (b) | 252,171 | 5,253 | |||||||
Pantry, Inc., (The) * (b) | 49,313 | 2,230 | |||||||
Phillips-Van Heusen Corp. (b) | 131,234 | 7,717 | |||||||
Priceline.com, Inc. * (b) | 145,027 | 7,723 | |||||||
Skechers U.S.A., Inc., Cl A * | 161,994 | 5,438 | |||||||
Smith & Wesson Holding Corp. * (b) | 452,328 | 5,921 | |||||||
Sotheby’s (b) | 166,962 | 7,426 | |||||||
Steiner Leisure Ltd. * (b) | 59,167 | 2,661 | |||||||
Tractor Supply Co. * (b) | 124,655 | 6,420 | |||||||
Tween Brands, Inc. * (b) | 159,969 | 5,714 | |||||||
VistaPrint Ltd. * (b) | 153,730 | 5,888 | |||||||
WMS Industries, Inc. * (b) | 156,804 | 6,153 | |||||||
163,482 | |||||||||
Consumer Staples (2.8%) | |||||||||
Corn Products International, Inc. | 130,504 | 4,645 | |||||||
Hain Celestial Group, Inc., (The) * | 185,534 | 5,579 | |||||||
NBTY, Inc. * (b) | 49,021 | 2,600 | |||||||
Nu Skin Enterprises, Inc., Cl A (b) | 329,649 | 5,446 | |||||||
Wild Oats Markets, Inc. * | 358,628 | 6,527 | |||||||
24,797 | |||||||||
Energy (5.6%) | |||||||||
Allis-Chalmers Energy, Inc. * (b) | 146,184 | 2,302 | |||||||
Cal Dive International, Inc. * | 313,536 | 3,828 | |||||||
Core Laboratories NV * | 83,209 | 6,976 | |||||||
Drill-Quip, Inc. * (b) | 65,550 | 2,837 | |||||||
Goodrich Petroleum Corp. * (b) | 114,744 | 3,859 | |||||||
GulfMark Offshore, Inc. * (b) | 158,855 | 6,935 | |||||||
Hanover Compressor Co. * (b) | 94,702 | 2,107 | |||||||
Matrix Service Co. * (b) | 294,893 | 5,966 | |||||||
Oceaneering International, Inc. * (b) | 93,649 | 3,944 | |||||||
RPC, Inc. (b) | 188,445 | 3,139 | |||||||
Sunoco Logistics Partners LP (b) | 72,827 | 4,314 | |||||||
Superior Energy Services, Inc. * | 100,798 | 3,475 | |||||||
49,682 | |||||||||
Financials (7.0%) | |||||||||
Advanta Corp., Cl B (b) | 133,460 | 5,852 | |||||||
BankUnited Financial Corp., Cl A (b) | 99,072 | 2,101 | |||||||
Cash America International, Inc. | 59,040 | 2,421 | |||||||
Corporate Office Properties Trust | 91,772 | 4,192 | |||||||
Digital Reality Trust, Inc. (b) | 122,615 | 4,892 | |||||||
FCStone Group, Inc. * | 8,740 | 326 | |||||||
FelCor Lodging Trust, Inc. | 130,762 | 3,396 | |||||||
Hanover Insurance Group, Inc., (The) | 53,847 | 2,483 | |||||||
International Securities Exchange Holdings, Inc., Cl A (b) | 99,145 | 4,838 |
81
Table of Contents
Shares | Value($) | ||||||||
Financials—continued | |||||||||
optionsXpress Holdings, Inc. | 195,613 | 4,605 | |||||||
PrivateBancorp, Inc. (b) | 119,915 | 4,384 | |||||||
Smithtown Bancorp, Inc. | 2,157 | 56 | |||||||
SVB Financial Group * (b) | 75,937 | 3,690 | |||||||
Tanger Factory Outlet Centers, Inc. (b) | 73,058 | 2,951 | |||||||
Thomas Weisel Partners Group, Inc. * (b) | 111,795 | 2,126 | |||||||
Triad Guaranty, Inc. * (b) | 51,934 | 2,151 | |||||||
United Community Banks, Inc. (b) | 147,115 | 4,824 | |||||||
Waddell & Reed Financial, Inc., Cl A | 138,432 | 3,228 | |||||||
World Acceptance Corp. * (b) | 107,719 | 4,303 | |||||||
62,819 | |||||||||
Health Care (19.7%) | |||||||||
Alexion Pharmaceuticals, Inc. * (b) | 104,309 | 4,510 | |||||||
Alkermes, Inc. * (b) | 285,237 | 4,404 | |||||||
Allscripts Healthcare Solutions, Inc. * (b) | 255,682 | 6,855 | |||||||
BioMarin Pharmaceutical, Inc. * (b) | 386,516 | 6,671 | |||||||
Cholestech Corp. * | 197,968 | 3,413 | |||||||
Conceptus, Inc. * (b) | 236,798 | 4,736 | |||||||
Digene Corp. * (b) | 148,939 | 6,317 | |||||||
ev3, Inc. * (b) | 211,215 | 4,161 | |||||||
Gen-Probe, Inc. * | 128,602 | 6,055 | |||||||
Genomic Health, Inc. * (b) | 219,691 | 3,809 | |||||||
GTx, Inc. * (b) | 200,729 | 4,095 | |||||||
HealthExtras, Inc. * (b) | 164,409 | 4,732 | |||||||
Hologic, Inc. * (b) | 155,161 | 8,943 | |||||||
Human Genome Sciences, Inc. * (b) | 449,871 | 4,778 | |||||||
Illumina, Inc. * (b) | 138,017 | 4,044 | |||||||
Immucor, Inc. * (b) | 153,846 | 4,528 | |||||||
LHC Group, Inc. * (b) | 182,192 | 5,908 | |||||||
LifeCell Corp. * (b) | 213,122 | 5,322 | |||||||
Medarex, Inc. * (b) | 275,444 | 3,564 | |||||||
Meridian Bioscience, Inc. | 223,406 | 6,202 | |||||||
New River Pharmaceuticals, Inc. * | 129,654 | 8,250 | |||||||
NuVasive, Inc. * (b) | 242,125 | 5,750 | |||||||
Omicell, Inc. * | 356,941 | 7,467 | |||||||
OSI Pharmaceuticals, Inc. * (b) | 159,499 | 5,263 | |||||||
Palomar Medical Technologies, Inc. * (b) | 141,158 | 5,639 | |||||||
PDL BioPharma, Inc. * (b) | 173,174 | 3,758 | |||||||
Phase Forward, Inc. * | 383,197 | 5,031 | |||||||
Psychiatric Solutions, Inc. * (b) | 260,952 | 10,519 | |||||||
Sirona Dental Systems, Inc. (b) | 134,781 | 4,645 | |||||||
Stereotaxis, Inc. * (b) | 298,720 | 3,555 | |||||||
Ventana Medical Systems, Inc. * (b) | 169,393 | 7,098 | |||||||
West Pharmaceutical Services, Inc. (b) | 128,202 | 5,952 | |||||||
175,974 | |||||||||
Industrials (15.2%) | |||||||||
Acuity Brands, Inc. (b) | 112,650 | 6,133 | |||||||
Alaska Air Group, Inc. * | 108,452 | 4,132 | |||||||
Ameron International Corp. (b) | 28,604 | 1,884 | |||||||
COMSYS IT Partners, Inc. * (b) | 192,937 | 3,839 | |||||||
Consolidated Graphics, Inc. * | 61,878 | 4,582 | |||||||
Copart, Inc. * | 78,066 | 2,187 | |||||||
EMCOR Group, Inc. * (b) | 74,144 | 4,373 | |||||||
Flow International Corp. * (f) | 784,746 | 8,429 | |||||||
FormFactor, Inc. * (b) | 156,501 | 7,003 | |||||||
Gardner Denver, Inc. * | 156,539 | 5,455 | |||||||
General Cable Corp. * (b) | 167,238 | 8,937 | |||||||
Genesee & Wyoming, Inc., Cl A * (b) | 99,704 | 2,653 | |||||||
Genlyte Group, Inc., (The) * (b) | 85,356 | 6,022 | |||||||
Heidrick & Struggles International, Inc. * | 114,179 | 5,532 | |||||||
Hub Group, Inc., Cl A * | 218,887 | 6,346 | |||||||
II-VI, Inc. * (b) | 161,478 | 5,466 | |||||||
Insituform Technologies, Inc., Cl A * (b) | 153,307 | 3,187 | |||||||
Kansas City Southern, Inc. * (b) | 196,859 | 7,004 | |||||||
Korn/ Ferry International * | 198,406 | 4,551 | |||||||
Orbital Sciences Corp. * (b) | 296,846 | 5,563 | |||||||
Toro Co., (The) | 118,739 | 6,084 |
82
Table of Contents
Shares | Value($) | ||||||||
Industrials—continued | |||||||||
TurboChef Technologies, Inc. * (b) | 163,015 | 2,481 | |||||||
URS Corp. * | 127,774 | 5,442 | |||||||
Wabtec Corp. | 182,675 | 6,300 | |||||||
Woodward Governor Co. | 143,095 | 5,891 | |||||||
Zoltek Cos., Inc. * (b) | 179,820 | 6,281 | |||||||
135,757 | |||||||||
Information Technology (23.2%) | |||||||||
Aeroflex, Inc. * (b) | 372,978 | 4,905 | |||||||
ANADIGICS, Inc. * (b) | 523,213 | 6,184 | |||||||
ANSYS, Inc. * (b) | 94,382 | 4,792 | |||||||
aQuantive, Inc. * (b) | 273,816 | 7,642 | |||||||
Arris Group, Inc. * (b) | 460,902 | 6,490 | |||||||
Atheros Communications, Inc. * | 342,774 | 8,204 | |||||||
Bankrate, Inc. * (b) | 95,377 | 3,361 | |||||||
Benchmark Electronics, Inc. * | 172,955 | 3,573 | |||||||
Blackboard, Inc. * (b) | 116,783 | 3,927 | |||||||
Brocade Communications Systems, Inc. * (b) | 747,739 | 7,118 | |||||||
Color Kinetics, Inc. * (b) | 150,201 | 2,918 | |||||||
CommScope, Inc. * (b) | 185,765 | 7,969 | |||||||
Comtech Group, Inc. * (b) | 280,102 | 4,896 | |||||||
Cymer, Inc. * (b) | 109,251 | 4,539 | |||||||
Cypress Semiconductor Corp. * (b) | 307,503 | 5,704 | |||||||
Digital River, Inc. * | 152,283 | 8,415 | |||||||
Dionex Corp. * | 86,189 | 5,870 | |||||||
Double-Take Software, Inc. * | 167,777 | 2,267 | |||||||
eFunds Corp. * | 176,949 | 4,717 | |||||||
Electro Scientific Industries, Inc. * | 141,426 | 2,721 | |||||||
FEI Co. * (b) | 137,008 | 4,941 | |||||||
Harmonic, Inc. * (b) | 437,876 | 4,300 | |||||||
IHS, Inc., Cl A * | 122,205 | 5,024 | |||||||
InfoCrossing, Inc. * | 253,784 | 3,774 | |||||||
Lightbridge, Inc. * | 216,549 | 3,805 | |||||||
Netlogic Microsystems, Inc. * (b) | 74,629 | 1,987 | |||||||
NICE Systems Ltd. * | 105,214 | 3,579 | |||||||
Nuance Communications, Inc. * (b) | 495,375 | 7,584 | |||||||
Paxar Corp. * | 155,275 | 4,456 | |||||||
Perficient, Inc. * (b) | 266,215 | 5,266 | |||||||
Quest Software, Inc. * (b) | 200,944 | 3,269 | |||||||
Radiant Systems, Inc. * (b) | 253,981 | 3,309 | |||||||
Radvision Ltd. * | 165,609 | 3,908 | |||||||
SonicWALL, Inc. * | 408,379 | 3,414 | |||||||
Tessera Technologies, Inc. * (b) | 90,776 | 3,607 | |||||||
THQ, Inc. * | 240,840 | 8,235 | |||||||
Trident Microsystems, Inc. * (b) | 256,481 | 5,145 | |||||||
Trimble Navigation Ltd. * | 211,400 | 5,674 | |||||||
ValueClick, Inc. * (b) | 198,296 | 5,181 | |||||||
Varian Semiconductor Equipment Associates, Inc. * (b) | 148,150 | 7,908 | |||||||
VASCO Data Security International, Inc. * (b) | 263,754 | 4,713 | |||||||
205,291 | |||||||||
Materials (4.6%) | |||||||||
Albemarle Corp. | 148,471 | 6,138 | |||||||
AMCOL International Corp. | 117,887 | 3,495 | |||||||
Carpenter Technology Corp. | 46,965 | 5,671 | |||||||
Claymont Steel Holdings, Inc. * (b) | 149,751 | 2,985 | |||||||
Glatfelter Co. | 158,320 | 2,361 | |||||||
Hecla Mining Co. * (b) | 510,241 | 4,623 | |||||||
Hercules, Inc. * | 356,852 | 6,973 | |||||||
Myers Industries, Inc. | 152,469 | 2,848 | |||||||
Terra Industries, Inc. * (b) | 336,069 | 5,881 | |||||||
40,975 | |||||||||
Telecommunication Services (1.8%) | |||||||||
Cbeyond, Inc. * (b) | 188,479 | 5,528 | |||||||
Sunair Services Corp. * (f) | 1,000,000 | 3,430 | |||||||
Time Warner Telecom, Inc., Cl A * (b) | 356,092 | 7,396 | |||||||
16,354 | |||||||||
Total Common Stocks (Cost $713,009) | 875,131 | ||||||||
Warrants (0.1%) | |||||||||
Health Care (0.0%) | |||||||||
Drugmax, Inc. * (d) (g) | 1,301,500 | — | |||||||
Information Technology (0.1%) | |||||||||
InfoCrossing, Inc. * (g) | 139,109 | 975 | |||||||
83
Table of Contents
Shares | Value($) | ||||||||
Telecommunication Services (0.0%) | |||||||||
Sunair Services Corp. (d) (f) (g) | 350,000 | — | |||||||
Total Warrants (Cost $169) | 975 | ||||||||
Short-Term Investment (43.7%) | |||||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (c) | 389,519,958 | 389,520 | |||||||
Total Short-Term Investment (Cost $389,520) | 389,520 | ||||||||
Money Market Fund (2.2%) | |||||||||
STI Classic Institutional Cash Management Money Market Fund, 5.230% (e) | 19,545,233 | 19,545 | |||||||
Total Money Market Fund (Cost $19,545) | 19,545 | ||||||||
Total Investments (Cost $1,122,243) (a) — 144.2% | 1,285,171 | ||||||||
Liabilities in excess of other assets — (44.2)% | (393,736 | ) | |||||||
Net Assets — 100.0% | $ | 891,435 | |||||||
* | Non-income producing security. | |
(a) | Cost for federal income tax purposes is $1,125,515 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 179,203 | ||
Unrealized Depreciation | (19,547 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 159,656 | ||
(b) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $379,335. | |
(c) | This security was purchased with cash collateral held from securities lending. | |
(d) | Value rounds to less than $1,000. | |
(e) | Affiliate investment. | |
(f) | The Fund’s adviser has deemed this security to be illiquid based upon procedures approved by the Board. The illiquid securities held by the Fund as of March 31, 2007 are identified below (in thousands): |
Acquisition | Percent of | |||||||||||||||||||
Security Description | Date | Cost($) | Shares | Value($) | Net Assets(%) | |||||||||||||||
Flow International Corp. | * | 2,919 | 785 | 8,429 | 0.95 | |||||||||||||||
Sunair Services Corp. | 12/15/05 | 5,250 | 1,000 | 3,430 | 0.38 | |||||||||||||||
Sunair Services Corp. Warrants | 12/15/05 | — | 350 | — | — |
* | Purchased on various dates beginning 03/18/05. |
(g) | Valued at fair value using methods determined by the Board. Fair valued securities held by the Fund represent 0.10% of net assets as of March 31, 2007. |
Cl | — Class | |
LP | — Limited Partnership |
Amounts listed as “—” are $0 or have been rounded to $0.
84
Table of Contents
Small Cap Quantitative Equity Fund
Shares | Value($) | ||||||||
Common Stocks (98.4%) | |||||||||
Consumer Discretionary (16.4%) | |||||||||
Aeropostale, Inc. * | 2,036 | 82 | |||||||
American Greetings Corp., Cl A | 3,187 | 74 | |||||||
Asbury Automotive Group, Inc. | 2,789 | 79 | |||||||
Avatar Holdings, Inc. * | 1,034 | 74 | |||||||
Big Lots, Inc. * | 2,979 | 93 | |||||||
Bob Evans Farms, Inc. | 2,060 | 76 | |||||||
Brown Shoe Co., Inc. | 1,452 | 61 | |||||||
Buckle, Inc., (The) | 2,159 | 77 | |||||||
Charlotte Russe Holding, Inc. * | 2,552 | 74 | |||||||
Columbia Sportswear Co. | 1,172 | 73 | |||||||
Crocs, Inc. * | 1,529 | 72 | |||||||
CSS Industries, Inc. | 2,173 | 81 | |||||||
Gymboree Corp., (The) * | 1,977 | 79 | |||||||
Hartmarx Corp. * | 11,289 | 84 | |||||||
Insight Enterprises, Inc. * | 3,819 | 69 | |||||||
Kellwood Co. | 2,363 | 69 | |||||||
Kimball International, Inc., Cl B | 3,543 | 68 | |||||||
Maidenform Brands, Inc. * | 4,073 | 95 | |||||||
Modine Manufacturing Co. | 3,020 | 69 | |||||||
Movado Group, Inc. | 2,526 | 74 | |||||||
Payless ShoeSource, Inc. * | 2,406 | 80 | |||||||
Perry Ellis International, Inc. * | 2,439 | 78 | |||||||
Phillips-Van Heusen Corp. | 1,359 | 80 | |||||||
Pinnacle Entertainment, Inc. * | 2,307 | 67 | |||||||
Regis Corp. | 1,771 | 71 | |||||||
Scholastic Corp. * | 2,142 | 67 | |||||||
Shoe Carnival, Inc. * | 2,468 | 82 | |||||||
Tempur-Pedic International, Inc. | 2,998 | 78 | |||||||
Triarc Cos., Inc., Cl B | 4,137 | 71 | |||||||
UniFirst Corp. | 1,793 | 69 | |||||||
Warnaco Group, Inc., (The) * | 2,852 | 81 | |||||||
Wolverine World Wide, Inc. | 2,685 | 77 | |||||||
2,424 | |||||||||
Consumer Staples (3.4%) | |||||||||
Chattem, Inc. * | 1,229 | 73 | |||||||
Imperial Sugar Co. | 2,131 | 71 | |||||||
Inter Parfums, Inc. | 3,396 | 71 | |||||||
J & J Snack Foods Corp. | 1,652 | 65 | |||||||
NBTY, Inc. * | 1,347 | 72 | |||||||
TreeHouse Foods, Inc. * | 2,273 | 69 | |||||||
Village Super Market, Inc., Cl A | 842 | 81 | |||||||
502 | |||||||||
Energy (5.0%) | |||||||||
Basic Energy Services, Inc. * | 2,793 | 65 | |||||||
Exploration Co. of Delaware, (The) * | 5,545 | 60 | |||||||
Gulf Island Fabrication, Inc. | 1,845 | 49 | |||||||
GulfMark Offshore, Inc. * | 1,598 | 70 | |||||||
Lufkin Industries, Inc. | 1,174 | 66 | |||||||
Matrix Service Co. * | 3,526 | 71 | |||||||
Parker Drilling Co. * | 7,376 | 69 | |||||||
Pioneer Drilling Co. * | 5,250 | 67 | |||||||
RPC, Inc. | 4,228 | 70 | |||||||
Union Drilling, Inc. * | 5,203 | 74 | |||||||
W-H Energy Services, Inc. * | 1,509 | 71 | |||||||
732 | |||||||||
Financials (21.3%) | |||||||||
Advanta Corp., Cl B | 1,742 | 76 | |||||||
Agree Realty Corp. | 2,150 | 73 | |||||||
American Home Mortgage Investment Corp. | 2,670 | 72 | |||||||
American Physicians Capital, Inc. * | 1,962 | 79 | |||||||
Arbor Realty Trust, Inc. | 2,363 | 72 | |||||||
BankUnited Financial Corp., Cl A | 2,979 | 63 | |||||||
CBRE Realty Finance, Inc. | 5,592 | 74 | |||||||
CNA Surety Corp. * | 3,686 | 78 | |||||||
Cohen & Steers, Inc. | 1,743 | 75 | |||||||
Commerce Group Corp., (The) | 2,539 | 76 | |||||||
Crystal River Capital, Inc. | 2,854 | 77 | |||||||
Deerfield Triarc Capital Corp. | 4,724 | 71 | |||||||
Delphi Financial Group, Inc., Cl A | 1,852 | 75 | |||||||
DiamondRock Hospitality Co. | 4,022 | 76 | |||||||
Donegal Group, Inc., Cl A | 4,240 | 72 | |||||||
Downey Financial Corp. | 1,112 | 72 | |||||||
EMC Insurance Group, Inc. | 2,669 | 69 | |||||||
FirstFed Financial Corp. * | 1,273 | 72 | |||||||
Gramercy Capital Corp. | 2,263 | 69 | |||||||
Greene County Bancshares, Inc. | 2,136 | 72 | |||||||
Harleysville Group, Inc. | 2,238 | 73 | |||||||
Horizon Financial Corp. | 3,318 | 73 | |||||||
ITLA Capital Corp. | 1,413 | 74 | |||||||
James River Group, Inc. | 2,575 | 82 | |||||||
Jer Investors Trust, Inc. | 3,825 | 73 | |||||||
KKR Financial Corp. | 2,643 | 72 | |||||||
Knight Capital Group, Inc., Cl A * | 4,614 | 73 | |||||||
MCG Capital Corp. | 3,839 | 72 | |||||||
Midland Co., (The) | 1,705 | 72 | |||||||
Newcastle Investment Corp. | 2,468 | 68 | |||||||
NorthStar Realty Finance Corp. | 4,796 | 73 | |||||||
NYMAGIC, Inc. | 1,848 | 75 |
85
Table of Contents
Shares | Value($) | ||||||||
Financials—continued | |||||||||
Odyssey Re Holdings Corp. | 1,866 | 73 | |||||||
QC Holdings, Inc. | 5,487 | 73 | |||||||
RAIT Financial Trust | 2,175 | 61 | |||||||
Realty Income Corp. | 2,645 | 75 | |||||||
Redwood Trust, Inc. | 1,347 | 70 | |||||||
Resource Capital Corp. | 4,380 | 71 | |||||||
Safety Insurance Group, Inc. | 1,713 | 69 | |||||||
Senior Housing Properties Trust | 3,039 | 73 | |||||||
TierOne Corp. | 2,618 | 71 | |||||||
Triad Guaranty, Inc. * | 1,600 | 66 | |||||||
West Coast Bancorp | 2,397 | 77 | |||||||
3,122 | |||||||||
Health Care (10.7%) | |||||||||
Albany Molecular Research, Inc. * | 6,867 | 68 | |||||||
Amedisys, Inc. * | 2,031 | 66 | |||||||
AMERIGROUP Corp. * | 1,968 | 60 | |||||||
Applera Corp. — Celera Group * | 4,684 | 67 | |||||||
Bio-Rad Laboratories, Inc., Cl A * | 916 | 64 | |||||||
Bradley Pharmaceuticals, Inc. * | 3,352 | 64 | |||||||
Centene Corp. * | 2,697 | 57 | |||||||
CorVel Corp. * | 2,157 | 65 | |||||||
Cross Country Healthcare, Inc. * | 3,410 | 62 | |||||||
Digene Corp. * | 1,374 | 58 | |||||||
Greatbatch, Inc. * | 2,505 | 64 | |||||||
Mentor Corp. | 1,355 | 62 | |||||||
National Healthcare Corp. | 1,186 | 60 | |||||||
Noven Pharmaceuticals, Inc. * | 2,639 | 61 | |||||||
Omnicell, Inc. * | 3,347 | 70 | |||||||
Pain Therapeutics, Inc. * | 8,234 | 65 | |||||||
Pharmanet Development Group, Inc. * | 3,197 | 83 | |||||||
Pozen, Inc. * | 4,130 | 61 | |||||||
Progenics Pharmaceuticals, Inc. * | 2,341 | 55 | |||||||
Savient Pharmaceuticals, Inc. * | 4,798 | 58 | |||||||
Sciele Pharma, Inc. * | 2,824 | 67 | |||||||
SuperGen, Inc. * | 13,591 | 80 | |||||||
Trimeris, Inc. * | 5,684 | 39 | |||||||
West Pharmaceutical Services, Inc. | 1,422 | 66 | |||||||
Zoll Medical Corp. * | 2,336 | 62 | |||||||
1,584 | |||||||||
Industrials (10.6%) | |||||||||
Acuity Brands, Inc. | 1,465 | 80 | |||||||
Ceradyne, Inc. * | 1,572 | 86 | |||||||
CLARCOR, Inc. | 2,619 | 83 | |||||||
COMSYS IT Partners, Inc. * | 4,076 | 81 | |||||||
CRA International, Inc. * | 1,574 | 82 | |||||||
Deluxe Corp. | 2,627 | 88 | |||||||
Genlyte Group, Inc., (The) * | 1,169 | 82 | |||||||
JetBlue Airways Corp. * | 6,589 | 76 | |||||||
Kforce, Inc. * | 5,964 | 82 | |||||||
L.B. Foster Co., Cl A * | 4,360 | 90 | |||||||
Layne Christensen Co. * | 2,532 | 93 | |||||||
Nordson Corp. | 1,663 | 77 | |||||||
Pacer International, Inc. | 3,001 | 81 | |||||||
Regal-Beloit Corp. | 1,798 | 83 | |||||||
Robbins & Myers, Inc. | 2,071 | 77 | |||||||
Standard Parking Corp. * | 2,386 | 84 | |||||||
TransDigm Group, Inc. * | 2,543 | 94 | |||||||
Volt Information Sciences, Inc. * | 2,385 | 62 | |||||||
Waste Industries USA, Inc. | 3,197 | 88 | |||||||
1,569 | |||||||||
Information Technology (17.9%) | |||||||||
Actel Corp. * | 4,407 | 73 | |||||||
Actuate Corp. * | 13,920 | 73 | |||||||
Aeroflex, Inc. * | 6,454 | 85 | |||||||
Agilysys, Inc. | 3,513 | 79 | |||||||
Arris Group, Inc. * | 5,614 | 79 | |||||||
Avanex Corp. * | 39,451 | 71 | |||||||
CTS Corp. | 5,510 | 76 | |||||||
Diodes, Inc. * | 1,965 | 68 | |||||||
Excel Technology, Inc. * | 2,762 | 75 | |||||||
Harmonic, Inc. * | 8,374 | 82 | |||||||
Hyperion Solutions Corp. * | 1,722 | 89 | |||||||
iGATE Corp. * | 10,749 | 89 | |||||||
Imation Corp. | 1,773 | 72 | |||||||
infoUSA, Inc. | 7,183 | 69 | |||||||
JDA Software Group, Inc. * | 4,965 | 75 | |||||||
ManTech International Corp., Cl A * | 2,141 | 72 | |||||||
Merge Technologies, Inc. * | 12,890 | 63 | |||||||
Methode Electronics, Inc. | 6,825 | 101 | |||||||
MPS Group, Inc. * | 5,152 | 73 | |||||||
MTS Systems Corp. | 1,953 | 76 | |||||||
Ness Technologies, Inc. * | 5,311 | 68 | |||||||
Newport Corp. * | 4,131 | 68 | |||||||
Pegasystems, Inc. | 8,345 | 77 | |||||||
Pericom Semiconductor Corp. * | 7,290 | 71 | |||||||
Perot Systems Corp., Cl A * | 4,386 | 78 | |||||||
Polycom, Inc. * | 2,313 | 77 |
86
Table of Contents
Shares | Value($) | ||||||||
Information Technology—continued | |||||||||
QAD, Inc. | 8,814 | 80 | |||||||
Quantum Corp. * | 29,868 | 81 | |||||||
Skyworks Solutions, Inc. * | 11,178 | 64 | |||||||
Sybase, Inc. * | 2,954 | 75 | |||||||
Sykes Enterprises, Inc. * | 4,599 | 84 | |||||||
TIBCO Software, Inc. * | 8,152 | 69 | |||||||
TNS, Inc. * | 4,433 | 71 | |||||||
ViaSat, Inc. * | 2,160 | 71 | |||||||
Zygo Corp. * | 4,614 | 74 | |||||||
2,648 | |||||||||
Materials (8.4%) | |||||||||
AEP Industries, Inc. * | 1,790 | 77 | |||||||
Buckeye Technologies, Inc. * | 6,382 | 83 | |||||||
Chaparral Steel Co. | 1,628 | 94 | |||||||
Georgia Gulf Corp. | 4,229 | 69 | |||||||
Greif, Inc., Cl A | 693 | 77 | |||||||
H.B. Fuller Co. | 3,265 | 89 | |||||||
Headwaters, Inc. * | 3,431 | 75 | |||||||
Koppers Holdings, Inc. | 3,307 | 85 | |||||||
Mercer International, Inc. * | 6,502 | 78 | |||||||
Myers Industries, Inc. | 4,771 | 89 | |||||||
NN, Inc. | 6,856 | 86 | |||||||
Rock-Tenn Co., Cl A | 2,498 | 83 | |||||||
Schweitzer-Mauduit International, Inc. | 3,399 | 84 | |||||||
Sensient Technologies Corp. | 3,312 | 85 | |||||||
Spartech Corp. | 3,068 | 90 | |||||||
1,244 | |||||||||
Telecommunication Services (1.6%) | |||||||||
Atlantic Tele-Network, Inc. | 3,084 | 81 | |||||||
CT Communications, Inc. | 3,690 | 88 | |||||||
EMS Technologies, Inc. * | 3,683 | 71 | |||||||
240 | |||||||||
Utilities (3.1%) | |||||||||
Aquila, Inc. * | 21,110 | 88 | |||||||
El Paso Electric Co. * | 3,698 | 98 | |||||||
ITC Holdings Corp. | 1,983 | 86 | |||||||
Southwest Gas Corp. | 2,343 | 91 | |||||||
Westar Energy, Inc. | 3,237 | 89 | |||||||
452 | |||||||||
Total Common Stocks (Cost $14,529) | 14,516 | ||||||||
Money Market Fund (2.8%) | |||||||||
STI Classic Institutional Cash Management Money Market Fund, 5.230% (b) | 410,692 | 411 | |||||||
Total Money Market Fund (Cost $411) | 411 | ||||||||
Total Investments (Cost $14,940) (a) — 101.2% | 14,927 | ||||||||
Liabilities in excess of other assets — (1.2)% | (177 | ) | |||||||
Net Assets — 100.0% | $ | 14,750 | |||||||
* | Non-income producing security. | |
(a) | Cost for federal income tax purposes is $14,972 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 541 | ||
Unrealized Depreciation | (586 | ) | ||
Unrealized Appreciation (Depreciation) | $ | (45 | ) | |
(b) | Affiliate investment. |
Cl | — Class |
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Small Cap Value Equity Fund
Shares | Value($) | ||||||||
Common Stocks (98.8%) | |||||||||
Consumer Discretionary (12.0%) | |||||||||
Bassett Furniture Industries, Inc. | 204,700 | 3,013 | |||||||
bebe stores, Inc. (b) | 305,400 | 5,308 | |||||||
Borders Group, Inc. (b) | 197,200 | 4,027 | |||||||
Christopher & Banks Corp. | 302,000 | 5,880 | |||||||
Cobra Electronics Corp. | 309,800 | 3,210 | |||||||
Cooper Tire & Rubber Co. (b) | 297,700 | 5,445 | |||||||
Courier Corp. | 106,400 | 4,157 | |||||||
Dow Jones & Co., Inc. (b) | 210,500 | 7,256 | |||||||
Group 1 Automotive, Inc. (b) | 138,300 | 5,500 | |||||||
K-Swiss, Inc., Cl A (b) | 221,200 | 5,977 | |||||||
Libbey, Inc. | 64,747 | 908 | |||||||
Makita Corp. ADR | 112,654 | 4,202 | |||||||
Movado Group, Inc. (b) | 266,800 | 7,856 | |||||||
Stage Stores, Inc. | 230,700 | 5,378 | |||||||
Stanley Furniture Co., Inc. (b) | 58,600 | 1,219 | |||||||
Thor Industries, Inc. | 132,500 | 5,219 | |||||||
Tuesday Morning Corp. (b) | 365,218 | 5,420 | |||||||
World Wrestling Entertainment, Inc. | 360,200 | 5,871 | |||||||
85,846 | |||||||||
Consumer Staples (5.0%) | |||||||||
Church & Dwight Co., Inc. (b) | 182,250 | 9,176 | |||||||
Flowers Foods, Inc. | 288,100 | 8,692 | |||||||
Gruma SA ADR | 107,357 | 1,361 | |||||||
Inter Parfums, Inc. | 177,000 | 3,717 | |||||||
Longs Drug Stores Corp. | 253,900 | 13,112 | |||||||
36,058 | |||||||||
Energy (5.9%) | |||||||||
CARBO Ceramics, Inc. (b) | 183,400 | 8,537 | |||||||
CHC Helicopter Corp., Cl A | 676,700 | 13,791 | |||||||
Foundation Coal Holdings, Inc. (b) | 273,400 | 9,389 | |||||||
Tidewater, Inc. (b) | 104,200 | 6,104 | |||||||
Ultrapar Participacoes SA ADR | 151,900 | 4,466 | |||||||
42,287 | |||||||||
Financials (14.8%) | |||||||||
Bank of Hawaii Corp. (b) | 134,100 | 7,111 | |||||||
Banner Corp. | 89,000 | 3,698 | |||||||
Capital Corp. of the West | 53,400 | 1,418 | |||||||
Cash America International, Inc. (b) | 359,300 | 14,732 | |||||||
Cathay General Bancorp (b) | 53,500 | 1,818 | |||||||
City National Corp. (b) | 72,300 | 5,321 | |||||||
Desert Community Bank | 82,000 | 1,558 | |||||||
East West Bancorp, Inc. (b) | 55,513 | 2,041 | |||||||
Federal Agricultural Mortgage Corp., Cl A (b) | 76,189 | 2,072 | |||||||
Glacier Bancorp, Inc. | 296,098 | 7,118 | |||||||
HCC Insurance Holdings, Inc. | 225,850 | 6,956 | |||||||
Horizon Financial Corp. | 255,032 | 5,631 | |||||||
International Bancshares Corp. (b) | 111,100 | 3,296 | |||||||
Jones Lang LaSalle, Inc. | 104,500 | 10,898 | |||||||
OneBeacon Insurance Group Ltd. | 283,400 | 7,085 | |||||||
StanCorp Financial Group, Inc. | 186,200 | 9,155 | |||||||
UCBH Holdings, Inc. (b) | 350,300 | 6,523 | |||||||
Washington Federal, Inc. | 184,804 | 4,336 | |||||||
West Coast Bancorp | 170,853 | 5,462 | |||||||
106,229 | |||||||||
Health Care (10.8%) | |||||||||
Cooper Cos., Inc. (The) (b) | 597,300 | 29,042 | |||||||
PerkinElmer, Inc. | 316,500 | 7,666 | |||||||
Perrigo Co. (b) | 429,000 | 7,576 | |||||||
PolyMedica, Corp. | 85,600 | 3,623 | |||||||
STERIS Corp. | 949,000 | 25,205 | |||||||
Vital Signs, Inc. | 80,094 | 4,163 | |||||||
77,275 | |||||||||
Industrials (34.9%) | |||||||||
A.O. Smith Corp. | 142,000 | 5,427 | |||||||
AAON, Inc. | 17,398 | 455 | |||||||
American Ecology Corp. (b) | 214,300 | 4,117 | |||||||
Baldor Electric Co. | 210,400 | 7,940 | |||||||
BlueLinx Holdings, Inc. | 223,400 | 2,346 | |||||||
Brady Corp., Cl A (b) | 166,000 | 5,179 | |||||||
Donaldson Co., Inc. (b) | 229,400 | 8,281 | |||||||
Dynamic Materials, Corp. * (b) | 232,900 | 7,620 | |||||||
Forward Air Corp. (b) | 298,111 | 9,802 | |||||||
Franklin Electric Co., Inc. (b) | 115,400 | 5,366 | |||||||
GATX Corp. (b) | 702,600 | 33,584 |
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Shares | Value($) | ||||||||
Industrials—continued | |||||||||
Gol Linhas Aereas Inteligentes SA ADR (b) | 231,392 | 7,041 | |||||||
Graco, Inc. | 442,100 | 17,313 | |||||||
Greenbrier Cos., Inc. (The) (b) | 198,500 | 5,300 | |||||||
Grupo Aeroportuario del Pacifico SA de CV ADR (b) | 574,900 | 24,721 | |||||||
Guangshen Railway Co., Ltd ADR | 55,911 | 1,765 | |||||||
Heartland Express, Inc. | 376,200 | 5,974 | |||||||
Herman Miller, Inc. (b) | 287,800 | 9,638 | |||||||
IDEX Corp. (b) | 120,600 | 6,136 | |||||||
Lennox International, Inc. | 127,044 | 4,535 | |||||||
LSI Industries, Inc. | 207,787 | 3,478 | |||||||
McGrath Rentcorp | 237,100 | 7,509 | |||||||
Mueller Water Products, Inc., Cl B (b) | 303,680 | 4,066 | |||||||
Multi-Color Corp. | 156,800 | 5,499 | |||||||
Oshkosh Truck Corp. | 91,600 | 4,855 | |||||||
Portec Rail Products, Inc. | 145,427 | 1,478 | |||||||
Quixote Corp. | 245,334 | 4,907 | |||||||
Seaspan Corp. (b) | 287,067 | 7,691 | |||||||
Supreme Industries, Inc., Cl A | 77,705 | 455 | |||||||
Titan International, Inc. (b) | 206,600 | 5,233 | |||||||
UAP Holding Corp. | 75,400 | 1,949 | |||||||
United Industrial Corp. (b) | 111,000 | 6,127 | |||||||
UTI Worldwide, Inc. (b) | 179,000 | 4,400 | |||||||
Wabtec Corp. | 478,700 | 16,510 | |||||||
Walter Industries, Inc. | 183,700 | 4,547 | |||||||
251,244 | |||||||||
Information Technology (4.2%) | |||||||||
Black Box Corp. | 147,900 | 5,404 | |||||||
Cohu, Inc. (b) | 334,300 | 6,285 | |||||||
Keithley Instruments, Inc. | 246,700 | 3,772 | |||||||
Nam Tai Electronics, Inc. | 337,200 | 4,367 | |||||||
Tektronix, Inc. | 371,400 | 10,459 | |||||||
30,287 | |||||||||
Materials (7.7%) | |||||||||
Aber Diamond Corp. (b) | 127,300 | 4,743 | |||||||
Agnico-Eagle Mines Ltd. | 140,800 | 4,987 | |||||||
AMCOL International Corp. | 179,600 | 5,325 | |||||||
Cytec Industries, Inc. | 122,300 | 6,878 | |||||||
Gerdau Ameristeel Corp. | 329,500 | 3,872 | |||||||
Louisiana-Pacific Corp. | 260,700 | 5,230 | |||||||
Myers Industries, Inc. | 113,396 | 2,118 | |||||||
RPM International, Inc. | 394,400 | 9,110 | |||||||
Scotts Miracle-Gro Co. (The), Cl A (b) | 165,400 | 7,283 | |||||||
Valspar Corp. (The) | 210,100 | 5,847 | |||||||
55,393 | |||||||||
Telecommunication Services (0.5%) | |||||||||
Alaska Communications Systems, Group, Inc. | 237,100 | 3,497 | |||||||
Utilities (3.0%) | |||||||||
Companhia de Saneamento Basico do Estado de Sao Paulo ADR | 296,400 | 10,015 | |||||||
PNM Resources, Inc. (b) | 228,800 | 7,390 | |||||||
Portland General Electric Co. | 137,700 | 4,021 | |||||||
21,426 | |||||||||
Total Common Stocks (Cost $592,041) | 709,542 | ||||||||
Short-Term Investment (20.8%) | |||||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (c) | 148,921,729 | 148,922 | |||||||
Total Short-Term Investment (Cost $148,922) | 148,922 | ||||||||
Money Market Fund (1.5%) | |||||||||
STI Classic Institutional Cash Management Money Market Fund, 5.230% (d) | 10,575,778 | 10,576 | |||||||
Total Money Market Fund (Cost $10,576) | 10,576 | ||||||||
Total Investments (Cost $751,539) (a) — 121.1% | 869,040 | ||||||||
Liabilities in excess of other assets — (21.1)% | (151,503 | ) | |||||||
Net Assets — 100.0% | $ | 717,537 | |||||||
* | Non-income producing security. |
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(a) | Cost for federal income tax purposes is $752,080 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 138,562 | ||
Unrealized Depreciation | (21,602 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 116,960 | ||
(b) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $144,716. | |
(c) | This security was purchased with cash collateral held from securities lending. | |
(d) | Affiliate investment. |
ADR | — American Depositary Receipt | |
Cl | — Class |
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Table of Contents
Life Vision Aggressive Growth Fund
Shares | Value($) | ||||||||
Equity Funds (97.2%) | |||||||||
STI Classic Aggressive Growth Stock Fund, I Shares * (b) | 399,544 | 5,050 | |||||||
STI Classic Capital Appreciation Fund, I Shares (b) | 443,188 | 5,699 | |||||||
STI Classic Emerging Growth Stock Fund, I Shares * (b) | 97,122 | 1,260 | |||||||
STI Classic International Equity Index Fund, I Shares (b) | 684,510 | 12,760 | |||||||
STI Classic Large Cap Quantitative Equity Fund, I Shares (b) | 449,669 | 6,331 | |||||||
STI Classic Large Cap Relative Value Fund, I Shares (b) | 658,860 | 11,721 | |||||||
STI Classic Large Cap Value Equity Fund, I Shares (b) | 418,128 | 6,326 | |||||||
STI Classic Mid-Cap Equity Fund, I Shares (b) | 182,863 | 2,540 | |||||||
STI Classic Mid-Cap Value Equity Fund, I Shares (b) | 121,498 | 1,582 | |||||||
STI Classic Select Large Cap Growth Stock Fund, I Shares (b) | 211,535 | 5,695 | |||||||
STI Classic Small Cap Growth Stock Fund, I Shares * (b) | 30,669 | 632 | |||||||
STI Classic Small Cap Value Equity Fund, I Shares (b) | 109,558 | 1,901 | |||||||
Total Equity Funds (Cost $48,962) | 61,497 | ||||||||
Money Market Fund (3.0%) | |||||||||
STI Classic Prime Quality Money Market Fund, I Shares, 4.899% (b) | 1,884,913 | 1,885 | |||||||
Total Money Market Fund (Cost $1,885) | 1,885 | ||||||||
Total Investments (Cost $50,847) (a) — 100.2% | 63,382 | ||||||||
Liabilities in excess of other assets — (0.2)% | (96 | ) | |||||||
Net Assets — 100.0% | $ | 63,286 | |||||||
* | Non-income producing security. | |
(a) | Cost for federal income tax purposes is $51,869 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 11,599 | ||
Unrealized Depreciation | (86 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 11,513 | ||
(b) | Affiliate Investment. |
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Life Vision Conservative Fund
Shares | Value($) | ||||||||
Equity Funds (26.9%) | |||||||||
STI Classic Aggressive Growth Stock Fund, I Shares * (b) | 15,113 | 191 | |||||||
STI Classic Capital Appreciation Fund, I Shares (b) | 29,801 | 383 | |||||||
STI Classic Emerging Growth Stock Fund, I Shares * (b) | 7,347 | 95 | |||||||
STI Classic International Equity Index Fund, I Shares (b) | 28,510 | 531 | |||||||
STI Classic Large Cap Quantitative Equity Fund, I Shares (b) | 10,205 | 144 | |||||||
STI Classic Large Cap Relative Value Fund, I Shares (b) | 32,329 | 576 | |||||||
STI Classic Large Cap Value Equity Fund, I Shares (b) | 12,652 | 191 | |||||||
STI Classic Mid-Cap Equity Fund, I Shares (b) | 6,916 | 96 | |||||||
STI Classic Mid-Cap Value Equity Fund, I Shares (b) | 7,353 | 96 | |||||||
STI Classic Select Large Cap Growth Stock Fund, I Shares (b) | 7,112 | 191 | |||||||
STI Classic Small Cap Value Equity Fund, I Shares (b) | 5,525 | 96 | |||||||
Total Equity Funds (Cost $2,121) | 2,590 | ||||||||
Fixed Income Funds (69.9%) | |||||||||
STI Classic Seix Floating Rate High Income Fund, I Shares (b) | 33,743 | 337 | |||||||
STI Classic Seix High Yield Fund, I Shares (b) | 17,721 | 192 | |||||||
STI Classic Total Return Bond Fund, I Shares (b) | 602,572 | 6,001 | |||||||
STI Classic U.S. Government Securities Ultra-Short Bond Fund, I Shares (b) | 19,359 | 193 | |||||||
Total Fixed Income Funds (Cost $6,796) | 6,723 | ||||||||
Money Market Fund (3.0%) | |||||||||
STI Classic Prime Quality Money Market Fund, I Shares, 4.899% (b) | 289,735 | 290 | |||||||
Total Money Market Fund (Cost $290) | 290 | ||||||||
Total Investments (Cost $9,207) (a) — 99.8% | 9,603 | ||||||||
Other assets in excess of liabilities — 0.2% | 15 | ||||||||
Net Assets — 100.0% | $ | 9,618 | |||||||
* | Non-income producing security. | |
(a) | Cost for federal income tax purposes is $9,251 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 449 | ||
Unrealized Depreciation | (97 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 352 | ||
(b) | Affiliate investment. |
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Life Vision Growth and Income Fund
Shares | Value($) | ||||||||
Equity Funds (74.9%) | |||||||||
STI Classic Aggressive Growth Stock Fund, I Shares * (b) | 688,264 | 8,700 | |||||||
STI Classic Capital Appreciation Fund, I Shares (b) | 766,170 | 9,853 | |||||||
STI Classic Emerging Growth Stock Fund, I Shares * (b) | 161,908 | 2,100 | |||||||
STI Classic International Equity Index Fund, I Shares (b) | 1,171,562 | 21,838 | |||||||
STI Classic Large Cap Quantitative Equity Fund, I Shares (b) | 769,617 | 10,836 | |||||||
STI Classic Large Cap Relative Value Fund, I Shares (b) | 1,124,074 | 19,997 | |||||||
STI Classic Large Cap Value Equity Fund, I Shares (b) | 715,635 | 10,828 | |||||||
STI Classic Mid-Cap Equity Fund, I Shares (b) | 304,842 | 4,234 | |||||||
STI Classic Mid-Cap Value Equity Fund, I Shares (b) | 216,047 | 2,813 | |||||||
STI Classic Select Large Cap Growth Stock Fund, I Shares (b) | 365,699 | 9,845 | |||||||
STI Classic Small Cap Growth Stock Fund, I Shares * (b) | 68,168 | 1,405 | |||||||
STI Classic Small Cap Value Equity Fund, I Shares (b) | 186,698 | 3,239 | |||||||
Total Equity Funds (Cost $84,487) | 105,688 | ||||||||
Fixed Income Funds (20.9%) | |||||||||
STI Classic Seix Floating Rate High Income Fund, I Shares (b) | 140,569 | 1,403 | |||||||
STI Classic Seix High Yield Fund, I Shares (b) | 129,548 | 1,404 | |||||||
STI Classic Total Return Bond Fund, I Shares (b) | 2,532,734 | 25,226 | |||||||
STI Classic U.S. Government Securities Ultra-Short Bond Fund, I Shares (b) | 141,134 | 1,404 | |||||||
Total Fixed Income Funds (Cost $29,653) | 29,437 | ||||||||
Money Market Fund (4.1%) | |||||||||
STI Classic Prime Quality Money Market Fund, I Shares, 4.899% (b) | 5,795,186 | 5,795 | |||||||
Total Money Market Fund (Cost $5,795) | 5,795 | ||||||||
Total Investments (Cost $119,935) (a) — 99.9% | 140,920 | ||||||||
Other assets in excess of liabilities — 0.1% | 207 | ||||||||
Net Assets — 100.0% | $ | 141,127 | |||||||
* | Non-income producing security. | |
(a) | Cost for federal income tax purposes is $121,320 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 20,088 | ||
Unrealized Depreciation | (488 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 19,600 | ||
(b) | Affiliate investment. |
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Life Vision Moderate Growth Fund
Shares | Value($) | ||||||||
Equity Funds (55.1%) | |||||||||
STI Classic Aggressive Growth Stock Fund, I Shares * (b) | 857,231 | 10,835 | |||||||
STI Classic Capital Appreciation Fund, I Shares (b) | 935,783 | 12,034 | |||||||
STI Classic Emerging Growth Stock Fund, I Shares * (b) | 185,001 | 2,399 | |||||||
STI Classic International Equity Index Fund, I Shares (b) | 1,463,027 | 27,272 | |||||||
STI Classic Large Cap Quantitative Equity Fund, I Shares (b) | 978,249 | 13,774 | |||||||
STI Classic Large Cap Relative Value Fund, I Shares (b) | 1,426,544 | 25,378 | |||||||
STI Classic Large Cap Value Equity Fund, I Shares (b) | 909,631 | 13,763 | |||||||
STI Classic Mid-Cap Equity Fund, I Shares (b) | 401,302 | 5,574 | |||||||
STI Classic Mid-Cap Value Equity Fund, I Shares (b) | 259,679 | 3,381 | |||||||
STI Classic Select Large Cap Growth Stock Fund, I Shares (b) | 447,056 | 12,035 | |||||||
STI Classic Small Cap Growth Stock Fund, I Shares * (b) | 117,052 | 2,412 | |||||||
STI Classic Small Cap Value Equity Fund, I Shares (b) | 236,948 | 4,111 | |||||||
Total Equity Funds (Cost $110,387) | 132,968 | ||||||||
Fixed Income Funds (40.9%) | |||||||||
STI Classic Seix Floating Rate High Income Fund, I Shares (b) | 482,739 | 4,818 | |||||||
STI Classic Seix High Yield Fund, I Shares (b) | 222,445 | 2,411 | |||||||
STI Classic Total Return Bond Fund, I Shares (b) | 8,939,511 | 89,038 | |||||||
STI Classic U.S. Government Securities Ultra-Short Bond Fund, I Shares (b) | 242,340 | 2,411 | |||||||
Total Fixed Income Funds (Cost $99,498) | 98,678 | ||||||||
Money Market Fund (4.0%) | |||||||||
STI Classic Prime Quality Money Market Fund, I Shares, 4.899% (b) | 9,722,189 | 9,722 | |||||||
Total Money Market Fund (Cost $9,722) | 9,722 | ||||||||
Total Investments (Cost $219,607) (a) — 100.0% | 241,368 | ||||||||
Liabilities in excess of other assets — 0.0% | (45 | ) | |||||||
Net Assets — 100.0% | $ | 241,323 | |||||||
* | Non-income producing security. | |
(a) | Cost for federal income tax purposes is $222,494 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 20,062 | ||
Unrealized Depreciation | (1,188 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 18,874 | ||
(b) | Affiliate investment. |
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Life Vision Target Date 2015 Fund
Shares | Value($) | ||||||||
Equity Funds (82.4%) | |||||||||
STI Classic Aggressive Growth Stock Fund, I Shares * (b) | 11,388 | 144 | |||||||
STI Classic Capital Appreciation Fund, I Shares (b) | 12,834 | 165 | |||||||
STI Classic Emerging Growth Stock Fund, I Shares * (b) | 2,373 | 31 | |||||||
STI Classic International Equity Index Fund, I Shares (b) | 19,513 | 364 | |||||||
STI Classic Large Cap Quantitative Equity Fund, I Shares (b) | 13,184 | 186 | |||||||
STI Classic Large Cap Relative Value Fund, I Shares (b) | 18,564 | 330 | |||||||
STI Classic Large Cap Value Equity Fund, I Shares (b) | 12,259 | 185 | |||||||
STI Classic Mid-Cap Equity Fund, I Shares (b) | 5,213 | 72 | |||||||
STI Classic Mid-Cap Value Equity Fund, I Shares (b) | 3,166 | 41 | |||||||
STI Classic Select Large Cap Growth Stock Fund, I Shares (b) | 6,126 | 165 | |||||||
STI Classic Small Cap Growth Stock Fund, I Shares * (b) | 999 | 21 | |||||||
Total Equity Funds (Cost $1,639) | 1,704 | ||||||||
Fixed Income Funds (12.9%) | |||||||||
STI Classic Seix Floating Rate High Income Fund, I Shares (b) | 2,060 | 21 | |||||||
STI Classic Seix High Yield Fund, I Shares (b) | 3,798 | 41 | |||||||
STI Classic Total Return Bond Fund, I Shares (b) | 18,560 | 184 | |||||||
STI Classic U.S. Government Securities Ultra-Short Bond Fund, I Shares (b) | 2,068 | 21 | |||||||
Total Fixed Income Funds (Cost $265) | 267 | ||||||||
Exchange Traded Fund (2.5%) | |||||||||
iShares Russell 2000 Value Index Fund | 642 | 52 | |||||||
Total Exchange Traded Fund (Cost $50) | 52 | ||||||||
Money Market Fund (2.2%) | |||||||||
STI Classic Prime Quality Money Market Fund, I Shares, 4.899% (b) | 45,196 | 45 | |||||||
Total Money Market Fund (Cost $45) | 45 | ||||||||
Total Investments (Cost $1,999) (a) — 100.0% | 2,068 | ||||||||
Other assets in excess of liabilities — 0.0% | 1 | ||||||||
Net Assets — 100.0% | $ | 2,069 | |||||||
* | Non-income producing security. | |
(a) | Cost for federal income tax purposes is $2,000 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 74 | ||
Unrealized Depreciation | (6 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 68 | ||
(b) | Affiliate investment. |
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Life Vision Target Date 2025 Fund
Shares | Value($) | ||||||||
Equity Funds (92.0%) | |||||||||
STI Classic Aggressive Growth Stock Fund, I Shares * (b) | 29,972 | 379 | |||||||
STI Classic Capital Appreciation Fund, I Shares (b) | 33,199 | 427 | |||||||
STI Classic Emerging Growth Stock Fund, I Shares * (b) | 5,465 | 71 | |||||||
STI Classic International Equity Index Fund, I Shares (b) | 49,938 | 931 | |||||||
STI Classic Large Cap Quantitative Equity Fund, I Shares (b) | 33,706 | 475 | |||||||
STI Classic Large Cap Relative Value Fund, I Shares (b) | 48,021 | 854 | |||||||
STI Classic Large Cap Value Equity Fund, I Shares (b) | 31,329 | 474 | |||||||
STI Classic Mid-Cap Equity Fund, I Shares (b) | 13,700 | 190 | |||||||
STI Classic Mid-Cap Value Equity Fund, I Shares (b) | 7,286 | 95 | |||||||
STI Classic Select Large Cap Growth Stock Fund, I Shares (b) | 15,858 | 427 | |||||||
STI Classic Small Cap Growth Stock Fund, I Shares * (b) | 2,301 | 47 | |||||||
Total Equity Funds (Cost $4,241) | 4,370 | ||||||||
Fixed Income Fund (3.0%) | |||||||||
STI Classic Total Return Bond Fund, I Shares (b) | 14,252 | 142 | |||||||
Total Fixed Income Fund (Cost $142) | 142 | ||||||||
Exchange Traded Fund (3.0%) | |||||||||
iShares Russell 2000 Value Index Fund | 1,767 | 143 | |||||||
Total Exchange Traded Fund (Cost $139) | 143 | ||||||||
Money Market Fund (2.2%) | |||||||||
STI Classic Prime Quality Money Market Fund, I Shares, 4.899% (b) | 105,317 | 105 | |||||||
Total Money Market Fund (Cost $105) | 105 | ||||||||
Total Investments (Cost $4,627) (a) — 100.2% | 4,760 | ||||||||
Liabilities in excess of other assets — (0.2)% | (11 | ) | |||||||
Net Assets — 100.0% | $ | 4,749 | |||||||
* | Non-income producing security. | |
(a) | Cost for federal income tax purposes is $4,630 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 137 | ||
Unrealized Depreciation | (7 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 130 | ||
(b) | Affiliate investment. |
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Life Vision Target Date 2035 Fund
Shares | Value($) | ||||||||
Equity Funds (93.1%) | |||||||||
STI Classic Aggressive Growth Stock Fund, I Shares * (b) | 8,285 | 105 | |||||||
STI Classic Capital Appreciation Fund, I Shares (b) | 9,154 | 118 | |||||||
STI Classic Emerging Growth Stock Fund, I Shares * (b) | 2,014 | 26 | |||||||
STI Classic International Equity Index Fund, I Shares (b) | 14,093 | 263 | |||||||
STI Classic Large Cap Quantitative Equity Fund, I Shares (b) | 9,305 | 131 | |||||||
STI Classic Large Cap Relative Value Fund, I Shares (b) | 13,609 | 242 | |||||||
STI Classic Large Cap Value Equity Fund, I Shares (b) | 8,642 | 131 | |||||||
STI Classic Mid-Cap Equity Fund, I Shares (b) | 3,778 | 52 | |||||||
STI Classic Mid-Cap Value Equity Fund, I Shares (b) | 2,514 | 33 | |||||||
STI Classic Select Large Cap Growth Stock Fund, I Shares (b) | 4,378 | 118 | |||||||
STI Classic Small Cap Growth Stock Fund, I Shares * (b) | 637 | 13 | |||||||
Total Equity Funds (Cost $1,166) | 1,232 | ||||||||
Fixed Income Fund (1.0%) | |||||||||
STI Classic Total Return Bond Fund, I Shares (b) | 1,314 | 13 | |||||||
Total Fixed Income Fund (Cost $13) | 13 | ||||||||
Exchange Traded Fund (3.0%) | |||||||||
iShares Russell 2000 Value Index Fund | 487 | 39 | |||||||
Total Exchange Traded Fund (Cost $37) | 39 | ||||||||
Money Market Fund (4.0%) | |||||||||
STI Classic Prime Quality Money Market Fund, I Shares, 4.899% (b) | 52,975 | 53 | |||||||
Total Money Market Fund (Cost $53) | 53 | ||||||||
Total Investments (Cost $1,269) (a) — 101.1% | 1,337 | ||||||||
Liabilities in excess of other assets — (1.1)% | (15 | ) | |||||||
Net Assets — 100.0% | $ | 1,322 | |||||||
* | Non-income producing security. | |
(a) | Cost for federal income tax purposes is $1,267 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 72 | ||
Unrealized Depreciation | (2 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 70 | ||
(b) | Affiliate investment. |
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Aggressive | Capital | Emerging | International | Large Cap | ||||||||||||||||||||||
Growth Stock | Appreciation | Growth Stock | International | Equity | Quantitative | |||||||||||||||||||||
Fund | Fund | Fund | Equity Fund | Index Fund | Equity Fund | |||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Total Investments, at Cost | $ | 269,528 | $ | 1,252,930 | $ | 94,527 | $ | 1,072,363 | $ | 844,464 | $ | 317,774 | ||||||||||||||
Investments, at Value* | $ | 324,755 | $ | 1,415,234 | $ | 110,336 | $ | 1,344,458 | $ | 1,225,124 | $ | 308,673 | ||||||||||||||
Investment in Affiliates, at Value (Cost $4,652, $—, $1,488, $—, $— and $16,852, respectively) | 4,652 | — | 1,488 | — | — | 16,852 | ||||||||||||||||||||
Total Investments | 329,407 | 1,415,234 | 111,824 | 1,344,458 | 1,225,124 | 325,525 | ||||||||||||||||||||
Cash | — | 88 | 314 | — | — | — | ||||||||||||||||||||
Foreign Currency, at Value (Cost $—, $—, $—, $14,410, $12,020 and $—, respectively) | — | — | — | 14,514 | 12,614 | — | ||||||||||||||||||||
Interest and Dividends Receivable | 23 | 666 | 9 | 4,791 | 2,813 | 265 | ||||||||||||||||||||
Receivable for Investment Securities Sold | 370 | 4,982 | 202 | 38,995 | — | — | ||||||||||||||||||||
Receivable for Capital Shares Sold | 410 | 985 | 146 | 649 | 1,348 | 363 | ||||||||||||||||||||
Reclaims Receivable | — | — | — | 93 | 93 | — | ||||||||||||||||||||
Prepaid Expenses | 9 | 10 | 5 | 12 | 3 | 6 | ||||||||||||||||||||
Total Assets | 330,219 | 1,421,965 | 112,500 | 1,403,512 | 1,241,995 | 326,159 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Payable for Investment Securities Purchased | 1,290 | — | 543 | 32,070 | — | 14,095 | ||||||||||||||||||||
Payable for Capital Shares Redeemed | 1,198 | 3,660 | 49 | 2,053 | 2,203 | 478 | ||||||||||||||||||||
Payable upon Return of Securities Loaned | — | 193,417 | — | 179,638 | 231,051 | — | ||||||||||||||||||||
Investment Advisory Fees Payable | 302 | 996 | 103 | 1,099 | 405 | 214 | ||||||||||||||||||||
Administration and Fund Accounting Fees Payable | 6 | 26 | 1 | 24 | 9 | 6 | ||||||||||||||||||||
Compliance Services Fees Payable | 1 | 5 | — | 4 | 3 | 2 | ||||||||||||||||||||
Distribution and Service Fees Payable | 3 | 52 | — | 11 | 8 | 1 | ||||||||||||||||||||
Custodian Fees Payable | 3 | 10 | 2 | 316 | 293 | 7 | ||||||||||||||||||||
Accrued Expenses | 24 | 91 | 10 | 81 | 75 | 31 | ||||||||||||||||||||
Total Liabilities | 2,827 | 198,257 | 708 | 215,296 | 234,047 | 14,834 | ||||||||||||||||||||
Total Net Assets | $ | 327,392 | $ | 1,223,708 | $ | 111,792 | $ | 1,188,216 | $ | 1,007,948 | $ | 311,325 | ||||||||||||||
Net Assets Consist of: | ||||||||||||||||||||||||||
Capital | $ | 288,179 | $ | 1,001,050 | $ | 93,760 | $ | 849,353 | $ | 689,716 | $ | 282,053 | ||||||||||||||
Accumulated Net Investment Income (Loss) | (8 | ) | (3 | ) | (11 | ) | 499 | (2,516 | ) | 30 | ||||||||||||||||
Accumulated Net Realized Gains (Losses) on Investment Transactions and Foreign Currency Transactions | (20,658 | ) | 60,357 | 746 | 66,111 | (60,532 | ) | 21,491 | ||||||||||||||||||
Net Unrealized Appreciation on Investments and Foreign Currency Transactions | 59,879 | 162,304 | 17,297 | 272,253 | 381,280 | 7,751 | ||||||||||||||||||||
Total Net Assets | $ | 327,392 | $ | 1,223,708 | $ | 111,792 | $ | 1,188,216 | $ | 1,007,948 | $ | 311,325 | ||||||||||||||
Net Assets: | ||||||||||||||||||||||||||
I Shares | $ | 323,303 | $ | 1,105,504 | $ | 111,078 | $ | 1,165,510 | $ | 994,685 | $ | 309,126 | ||||||||||||||
A Shares | $ | 553 | $ | 80,848 | $ | 615 | $ | 14,277 | $ | 5,921 | $ | 944 | ||||||||||||||
C Shares | $ | 3,536 | $ | 37,356 | $ | 99 | $ | 8,429 | $ | 7,342 | $ | 1,255 | ||||||||||||||
Shares Outstanding (unlimited number of shares authorized, no par value): | ||||||||||||||||||||||||||
I Shares | 25,575 | 85,970 | 8,567 | 69,272 | 53,356 | 21,948 | ||||||||||||||||||||
A Shares | 44 | 6,630 | 48 | 857 | 320 | 68 | ||||||||||||||||||||
C Shares | 288 | 3,287 | 8 | 535 | 408 | 92 | ||||||||||||||||||||
Net Asset Value and Redemption Price Per Share: † | ||||||||||||||||||||||||||
I Shares | $ | 12.64 | $ | 12.86 | $ | 12.97 | $ | 16.83 | $ | 18.64 | $ | 14.08 | ||||||||||||||
A Shares | $ | 12.53 | $ | 12.19 | $ | 12.83 | $ | 16.67 | $ | 18.49 | $ | 13.97 | ||||||||||||||
C Shares** | $ | 12.27 | $ | 11.36 | $ | 12.59 | $ | 15.76 | $ | 17.99 | $ | 13.61 | ||||||||||||||
Offering Price Per Share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent): | ||||||||||||||||||||||||||
I Shares | $ | 12.64 | $ | 12.86 | $ | 12.97 | $ | 16.83 | $ | 18.64 | $ | 14.08 | ||||||||||||||
A Shares | $ | 13.29 | $ | 12.93 | $ | 13.61 | $ | 17.69 | $ | 19.62 | $ | 14.82 | ||||||||||||||
C Shares | $ | 12.27 | $ | 11.36 | $ | 12.59 | $ | 15.76 | $ | 17.99 | $ | 13.61 | ||||||||||||||
Maximum Sales Charge — A Shares | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % |
* | The Capital Appreciation Fund, International Equity Fund and International Equity Index Fund include securities on loan of $187,298, $171,348 and $220,589, respectively. | |
** | Redemption price per share varies by length of time shares are held. | |
† | Per Share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
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Large Cap | Large Cap | Mid-Cap | Mid-Cap | Select Large | Small Cap | |||||||||||||||||||||
Relative Value | Value Equity | Equity | Value Equity | Cap Growth | Growth Stock | |||||||||||||||||||||
Fund | Fund | Fund | Fund | Stock Fund | Fund | |||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Total Investments, at Cost | $ | 1,483,170 | $ | 1,030,058 | $ | 384,998 | $ | 349,023 | $ | 137,241 | $ | 1,122,243 | ||||||||||||||
Investments, at Value* | $ | 1,791,418 | $ | 1,108,189 | $ | 439,311 | $ | 352,955 | $ | 136,083 | $ | 1,265,626 | ||||||||||||||
Investment in Affiliates, at Value (Cost $8,616, $50,837, $7,257, $8,290, $12,460 and $19,545, respectively) | 8,616 | 50,837 | 7,257 | 8,290 | 12,460 | 19,545 | ||||||||||||||||||||
Total Investments | 1,800,034 | 1,159,026 | 446,568 | 361,245 | 148,543 | 1,285,171 | ||||||||||||||||||||
Cash | — | — | 1,329 | — | — | — | ||||||||||||||||||||
Interest and Dividends Receivable | 1,419 | 1,060 | 348 | 492 | 203 | 428 | ||||||||||||||||||||
Receivable for Investment Securities Sold | 15,061 | 5,730 | 1,384 | 2,959 | — | 6,281 | ||||||||||||||||||||
Receivable for Capital Shares Sold | 1,934 | 2,938 | 579 | 4,996 | 16 | 1,197 | ||||||||||||||||||||
Prepaid Expenses | 5 | 8 | 7 | 9 | 9 | 8 | ||||||||||||||||||||
Total Assets | 1,818,453 | 1,168,762 | 450,215 | 369,701 | 148,771 | 1,293,085 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Payable for Fund Overdraft | — | — | — | — | — | 4,547 | ||||||||||||||||||||
Payable for Investment Securities Purchased | 17,879 | 28,902 | 1,329 | 6,411 | 7,819 | 2,098 | ||||||||||||||||||||
Payable for Capital Shares Redeemed | 5,264 | 684 | 1,105 | 802 | 421 | 4,458 | ||||||||||||||||||||
Payable upon Return of Securities Loaned | 123,651 | 142,278 | 90,823 | 73,639 | 9,089 | 389,520 | ||||||||||||||||||||
Investment Advisory Fees Payable | 1,138 | 638 | 300 | 232 | 99 | 877 | ||||||||||||||||||||
Administration and Fund Accounting Fees Payable | 33 | 20 | 7 | 6 | 1 | 15 | ||||||||||||||||||||
Compliance Services Fees Payable | 6 | 3 | 1 | 1 | — | 4 | ||||||||||||||||||||
Distribution and Service Fees Payable | 68 | 50 | 12 | 6 | 28 | 25 | ||||||||||||||||||||
Custodian Fees Payable | 12 | 8 | 8 | 4 | 2 | 18 | ||||||||||||||||||||
Accrued Expenses | 117 | 75 | 27 | 20 | 19 | 88 | ||||||||||||||||||||
Total Liabilities | 148,168 | 172,658 | 93,612 | 81,121 | 17,478 | 401,650 | ||||||||||||||||||||
Total Net Assets | $ | 1,670,285 | $ | 996,104 | $ | 356,603 | $ | 288,580 | $ | 131,293 | $ | 891,435 | ||||||||||||||
Net Assets Consist of: | ||||||||||||||||||||||||||
Capital | $ | 1,277,158 | $ | 831,574 | $ | 287,923 | $ | 252,570 | $ | 297,039 | $ | 678,225 | ||||||||||||||
Accumulated Net Investment Income (Loss) | (2 | ) | 68 | 13 | 173 | 43 | 147 | |||||||||||||||||||
Accumulated Net Realized Gains (Losses) on Investment Transactions | 76,265 | 35,494 | 7,097 | 23,615 | (177,091 | ) | 50,135 | |||||||||||||||||||
Net Unrealized Appreciation on Investments | 316,864 | 128,968 | 61,570 | 12,222 | 11,302 | 162,928 | ||||||||||||||||||||
Total Net Assets | $ | 1,670,285 | $ | 996,104 | $ | 356,603 | $ | 288,580 | $ | 131,293 | $ | 891,435 | ||||||||||||||
Net Assets: | ||||||||||||||||||||||||||
I Shares | $ | 1,554,971 | $ | 893,491 | $ | 333,976 | $ | 278,949 | $ | 98,027 | $ | 845,570 | ||||||||||||||
A Shares | $ | 46,878 | $ | 62,390 | $ | 11,773 | $ | 3,362 | $ | 371 | $ | 24,320 | ||||||||||||||
C Shares | $ | 68,436 | $ | 40,223 | $ | 10,854 | $ | 6,269 | $ | 32,895 | $ | 21,545 | ||||||||||||||
Shares Outstanding (unlimited number of shares authorized, no par value): | ||||||||||||||||||||||||||
I Shares | 87,389 | 59,066 | 24,041 | 21,432 | 3,641 | 41,033 | ||||||||||||||||||||
A Shares | 2,609 | 4,137 | 887 | 259 | 14 | 1,219 | ||||||||||||||||||||
C Shares | 3,898 | 2,695 | 892 | 486 | 1,320 | 1,167 | ||||||||||||||||||||
Net Asset Value and Redemption Price Per Share: † | ||||||||||||||||||||||||||
I Shares | $ | 17.79 | $ | 15.13 | $ | 13.89 | $ | 13.02 | $ | 26.92 | $ | 20.61 | ||||||||||||||
A Shares | $ | 17.97 | $ | 15.08 | $ | 13.28 | $ | 12.97 | $ | 26.73 | $ | 19.96 | ||||||||||||||
C Shares** | $ | 17.56 | $ | 14.92 | $ | 12.16 | $ | 12.91 | $ | 24.93 | $ | 18.46 | ||||||||||||||
Offering Price Per Share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent): | ||||||||||||||||||||||||||
I Shares | $ | 17.79 | $ | 15.13 | $ | 13.89 | $ | 13.02 | $ | 26.92 | $ | 20.61 | ||||||||||||||
A Shares | $ | 19.07 | $ | 16.00 | $ | 14.09 | $ | 13.76 | $ | 28.36 | $ | 21.18 | ||||||||||||||
C Shares | $ | 17.56 | $ | 14.92 | $ | 12.16 | $ | 12.91 | $ | 24.93 | $ | 18.46 | ||||||||||||||
Maximum Sales Charge — A Shares | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % | 5.75 | % |
* | The Large Cap Relative Value Fund, Large Cap Value Equity Fund, Mid-Cap Equity Fund, Mid-Cap Value Equity Fund, Select Large Cap Growth Stock Fund and Small Cap Growth Stock Fund include securities on loan of $120,012, $138,335, $88,196, $71,326, $8,874 and $379,335, respectively. | |
** | Redemption price per share varies by length of time shares are held. | |
† | Per Share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
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Small Cap | Small Cap | Life Vision | Life Vision | Life Vision | Life Vision | |||||||||||||||||||||
Quantitative | Value Equity | Aggressive | Conservative | Growth and | Moderate | |||||||||||||||||||||
Equity Fund | Fund | Growth Fund | Fund | Income Fund | Growth Fund | |||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Total Investments, at Cost | $ | 14,940 | $ | 751,539 | $ | 50,847 | $ | 9,207 | $ | 119,935 | $ | 219,607 | ||||||||||||||
Investments, at Value* | $ | 14,516 | $ | 858,464 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Investment in Affiliates, at Value (Cost $411, $10,576, $50,847, $9,207, $119,935 and $219,607, respectively) | 411 | 10,576 | 63,382 | 9,603 | 140,920 | 241,368 | ||||||||||||||||||||
Total Investments | 14,927 | 869,040 | 63,382 | 9,603 | 140,920 | 241,368 | ||||||||||||||||||||
Interest and Dividends Receivable | 26 | 1,102 | 7 | 33 | 178 | 504 | ||||||||||||||||||||
Receivable for Investment Securities Sold | — | 3,076 | — | — | — | — | ||||||||||||||||||||
Receivable for Capital Shares Sold | — | 483 | 59 | 1 | 148 | 197 | ||||||||||||||||||||
Prepaid Expenses | — | 10 | 1 | 1 | 2 | 3 | ||||||||||||||||||||
Total Assets | 14,953 | 873,711 | 63,449 | 9,638 | 141,248 | 242,072 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Payable for Investment Securities Purchased | — | 3,975 | — | — | — | — | ||||||||||||||||||||
Payable for Capital Shares Redeemed | 157 | 2,507 | 144 | 12 | 78 | 674 | ||||||||||||||||||||
Payable upon Return of Securities Loaned | — | 148,922 | — | — | — | — | ||||||||||||||||||||
Investment Advisory Fees Payable | 13 | 683 | 6 | — | 12 | 21 | ||||||||||||||||||||
Administration and Fund Accounting Fees Payable | — | 14 | 1 | — | 3 | 5 | ||||||||||||||||||||
Compliance Services Fees Payable | — | 3 | — | — | 1 | 1 | ||||||||||||||||||||
Distribution and Service Fees Payable | — | 9 | 6 | 4 | 17 | 32 | ||||||||||||||||||||
Custodian Fees Payable | 18 | 9 | 1 | 1 | 1 | 2 | ||||||||||||||||||||
Accrued Expenses | 15 | 52 | 5 | 3 | 9 | 14 | ||||||||||||||||||||
Total Liabilities | 203 | 156,174 | 163 | 20 | 121 | 749 | ||||||||||||||||||||
Total Net Assets | $ | 14,750 | $ | 717,537 | $ | 63,286 | $ | 9,618 | $ | 141,127 | $ | 241,323 | ||||||||||||||
Net Assets Consist of: | ||||||||||||||||||||||||||
Capital | $ | 14,861 | $ | 518,554 | $ | 48,516 | $ | 9,163 | $ | 116,210 | $ | 221,546 | ||||||||||||||
Accumulated Net Investment Income (Loss) | 1 | 100 | 1 | 11 | 51 | 162 | ||||||||||||||||||||
Accumulated Net Realized Gains (Losses) on Investment Transactions | (99 | ) | 81,382 | 2,234 | 48 | 3,881 | (2,146 | ) | ||||||||||||||||||
Net Unrealized Appreciation (Depreciation) on Investments | (13 | ) | 117,501 | 12,535 | 396 | 20,985 | 21,761 | |||||||||||||||||||
Total Net Assets | $ | 14,750 | $ | 717,537 | $ | 63,286 | $ | 9,618 | $ | 141,127 | $ | 241,323 | ||||||||||||||
Net Assets: | ||||||||||||||||||||||||||
I Shares | $ | 14,690 | $ | 674,619 | $ | 53,098 | $ | 3,362 | $ | 111,848 | $ | 193,107 | ||||||||||||||
A Shares | $ | 49 | $ | 7,629 | $ | 3,040 | $ | 811 | $ | 6,778 | $ | 11,069 | ||||||||||||||
C Shares | $ | 11 | $ | 35,289 | $ | 1,573 | $ | 792 | $ | 5,535 | $ | 24,424 | ||||||||||||||
B Shares | N/A | N/A | $ | 5,575 | $ | 4,653 | $ | 16,966 | $ | 12,723 | ||||||||||||||||
Shares Outstanding (unlimited number of shares authorized, no par value): | ||||||||||||||||||||||||||
I Shares | 1,498 | 38,886 | 4,084 | 296 | 8,679 | 17,746 | ||||||||||||||||||||
A Shares | 5 | 444 | 234 | 71 | 527 | 1,017 | ||||||||||||||||||||
C Shares | 1 | 2,105 | 121 | 70 | 432 | 2,248 | ||||||||||||||||||||
B Shares | N/A | N/A | 434 | 409 | 1,318 | 1,172 | ||||||||||||||||||||
Net Asset Value and Redemption Price Per Share: † | ||||||||||||||||||||||||||
I Shares | $ | 9.81 | $ | 17.35 | $ | 13.00 | $ | 11.37 | $ | 12.89 | $ | 10.88 | ||||||||||||||
A Shares | $ | 9.79 | $ | 17.20 | $ | 12.97 | $ | 11.38 | $ | 12.87 | $ | 10.88 | ||||||||||||||
C Shares** | $ | 9.72 | $ | 16.76 | $ | 12.98 | $ | 11.37 | $ | 12.83 | $ | 10.86 | ||||||||||||||
B Shares** | N/A | N/A | $ | 12.84 | $ | 11.38 | $ | 12.87 | $ | 10.86 | ||||||||||||||||
Offering Price Per Share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent): | ||||||||||||||||||||||||||
I Shares | $ | 9.81 | $ | 17.35 | $ | 13.00 | $ | 11.37 | $ | 12.89 | $ | 10.88 | ||||||||||||||
A Shares | $ | 10.39 | $ | 18.25 | $ | 13.76 | $ | 11.95 | $ | 13.66 | $ | 11.54 | ||||||||||||||
C Shares | $ | 9.72 | $ | 16.76 | $ | 12.98 | $ | 11.37 | $ | 12.83 | $ | 10.86 | ||||||||||||||
B Shares | N/A | N/A | $ | 12.84 | $ | 11.38 | $ | 12.87 | $ | 10.86 | ||||||||||||||||
Maximum Sales Charge — A Shares | 5.75 | % | 5.75 | % | 5.75 | % | 4.75 | % | 5.75 | % | 5.75 | % |
* | The Small Cap Value Equity Fund includes securities on loan of $144,716. | |
** | Redemption price per share varies by length of time shares are held. | |
† | Per Share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
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Life Vision | Life Vision | Life Vision | ||||||||||||
Target Date | Target Date | Target Date | ||||||||||||
2015 Fund | 2025 Fund | 2035 Fund | ||||||||||||
Assets: | ||||||||||||||
Total Investments, at Cost | $ | 1,999 | $ | 4,627 | $ | 1,269 | ||||||||
Investments, at Value | $ | 52 | $ | 143 | $ | 39 | ||||||||
Investment in Affiliates, at Value (Cost $1,949, $4,488 and $1,232, respectively) | 2,016 | 4,617 | 1,298 | |||||||||||
Total Investments | 2,068 | 4,760 | 1,337 | |||||||||||
Interest and Dividends Receivable | 1 | 1 | — | |||||||||||
Receivable for Capital Shares Sold | 2 | 2 | 15 | |||||||||||
Prepaid Expenses | 1 | 1 | 1 | |||||||||||
Total Assets | 2,072 | 4,764 | 1,353 | |||||||||||
Liabilities: | ||||||||||||||
Payable for Investment Securities Purchased | — | — | 27 | |||||||||||
Payable for Capital Shares Redeemed | — | 11 | — | |||||||||||
Investment Advisory Fees Payable | 2 | 1 | 1 | |||||||||||
Custodian Fees Payable | 1 | 2 | 1 | |||||||||||
Accrued Expenses | — | 1 | 2 | |||||||||||
Total Liabilities | 3 | 15 | 31 | |||||||||||
Total Net Assets | $ | 2,069 | $ | 4,749 | $ | 1,322 | ||||||||
Net Assets Consist of: | ||||||||||||||
Capital | $ | 1,978 | $ | 4,551 | $ | 1,225 | ||||||||
Accumulated Net Investment Income | 1 | 1 | — | |||||||||||
Accumulated Net Realized Gains on Investment Transactions | 21 | 64 | 29 | |||||||||||
Net Unrealized Appreciation on Investments | 69 | 133 | 68 | |||||||||||
Total Net Assets | $ | 2,069 | $ | 4,749 | $ | 1,322 | ||||||||
Net Assets: | ||||||||||||||
I Shares | $ | 2,067 | $ | 4,704 | $ | 1,318 | ||||||||
A Shares | $ | 2 | $ | 45 | $ | 4 | ||||||||
Shares Outstanding (unlimited number of shares authorized, no par value): | ||||||||||||||
I Shares | 179 | 394 | 113 | |||||||||||
A Shares | — | 4 | — | |||||||||||
Net Asset Value and Redemption Price Per Share: † | ||||||||||||||
I Shares | $ | 11.56 | $ | 11.93 | $ | 11.64 | ||||||||
A Shares | $ | 11.56 | $ | 11.93 | $ | 11.64 | ||||||||
Offering Price Per Share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent): | ||||||||||||||
I Shares | $ | 11.56 | $ | 11.93 | $ | 11.64 | ||||||||
A Shares | $ | 12.27 | $ | 12.66 | $ | 12.35 | ||||||||
Maximum Sales Charge — A Shares | 5.75 | % | 5.75 | % | 5.75 | % |
† | Per Share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
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Aggressive | Capital | Emerging | International | Large Cap | ||||||||||||||||||||||
Growth Stock | Appreciation | Growth | International | Equity | Quantitative | |||||||||||||||||||||
Fund | Fund | Stock Fund | Equity Fund | Index Fund | Equity Fund | |||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||||
Dividend Income | $ | 983 | $ | 17,912 | $ | 146 | $ | 27,465 | $ | 23,098 | $ | 4,435 | ||||||||||||||
Dividend Income from Affiliated Investment Companies | 116 | 370 | 112 | — | — | 76 | ||||||||||||||||||||
Interest Income | 84 | 376 | 10 | 596 | 749 | 35 | ||||||||||||||||||||
Income from Securities Lending | — | 748 | — | 1,270 | 1,482 | — | ||||||||||||||||||||
Less: Foreign Taxes Withheld | — | — | — | (2,352 | ) | (2,413 | ) | — | ||||||||||||||||||
Total Investment Income | 1,183 | 19,406 | 268 | 26,979 | 22,916 | 4,546 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Investment Advisory Fees | 3,425 | 12,363 | 905 | 11,905 | 4,313 | 2,761 | ||||||||||||||||||||
Administration and Fund Accounting Fees | 79 | 337 | 21 | 270 | 223 | 82 | ||||||||||||||||||||
Compliance Services Fees | 6 | 24 | 2 | 19 | 16 | 12 | ||||||||||||||||||||
Distribution Fees — A Shares | 2 | 265 | 1 | 41 | 17 | 3 | ||||||||||||||||||||
Distribution and Service Fees — C Shares | 41 | 429 | 1 | 84 | 60 | 14 | ||||||||||||||||||||
Custodian Fees | 16 | 17 | 9 | 590 | 633 | 23 | ||||||||||||||||||||
Professional Fees | 15 | 59 | 4 | 50 | 42 | 19 | ||||||||||||||||||||
Insurance Fees | 2 | 18 | — | 10 | 17 | 5 | ||||||||||||||||||||
Registration Fees | 30 | (6 | ) | 23 | 34 | 16 | 28 | |||||||||||||||||||
Transfer Agent Fees | 17 | 112 | 1 | 19 | 6 | 1 | ||||||||||||||||||||
Printing Fees | 14 | 53 | 5 | 37 | 26 | 28 | ||||||||||||||||||||
Trustees’ Fees | 7 | 30 | 2 | 24 | 20 | 7 | ||||||||||||||||||||
Other Fees | 15 | (1 | ) | 1 | 55 | 100 | 14 | |||||||||||||||||||
Total Expenses | 3,669 | 13,700 | 975 | 13,138 | 5,489 | 2,997 | ||||||||||||||||||||
Less: Administration Fees Waived | (2 | ) | (7 | ) | (9 | ) | (7 | ) | (17 | ) | (2 | ) | ||||||||||||||
Net Expenses | 3,667 | 13,693 | 966 | 13,131 | 5,472 | 2,995 | ||||||||||||||||||||
Net Investment Income (Loss) | (2,484 | ) | 5,713 | (698 | ) | 13,848 | 17,444 | 1,551 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | ||||||||||||||||||||||||||
Net Realized Gain (Loss) on Investments Sold and Foreign Currency Transactions | (11,788 | ) | 60,872 | 1,704 | 96,943 | 7,770 | 24,394 | |||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions | 29,196 | (3,769 | ) | 6,460 | 70,475 | 143,488 | (6,151 | ) | ||||||||||||||||||
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions | 17,408 | 57,103 | 8,164 | 167,418 | 151,258 | 18,243 | ||||||||||||||||||||
Change in Net Assets from Operations | $ | 14,924 | $ | 62,816 | $ | 7,466 | $ | 181,266 | $ | 168,702 | $ | 19,794 | ||||||||||||||
Amounts designated as “— ” are $0 or have been rounded to $0.
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Large Cap | Large Cap | Mid-Cap | Select Large | Small Cap | ||||||||||||||||||||||
Relative | Value | Mid-Cap | Value | Cap Growth | Growth | |||||||||||||||||||||
Value Fund | Equity Fund | Equity Fund | Equity Fund | Stock Fund | Stock Fund | |||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||||
Dividend Income | $ | 35,615 | $ | 20,528 | $ | 5,229 | $ | 5,143 | $ | 1,462 | $ | 4,207 | ||||||||||||||
Dividend Income from Affiliated Investment Companies | 513 | 1,501 | 167 | 380 | 120 | 709 | ||||||||||||||||||||
Interest Income | — | 171 | 455 | — | 17 | 960 | ||||||||||||||||||||
Income from Securities Lending | 513 | 310 | 228 | 180 | 21 | 3,021 | ||||||||||||||||||||
Total Investment Income | 36,641 | 22,510 | 6,079 | 5,703 | 1,620 | 8,897 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Investment Advisory Fees | 13,020 | 7,163 | 4,050 | 2,667 | 885 | 14,936 | ||||||||||||||||||||
Administration and Fund Accounting Fees | 409 | 232 | 102 | 67 | 26 | 344 | ||||||||||||||||||||
Compliance Services Fees | 23 | 17 | 7 | 5 | 2 | 24 | ||||||||||||||||||||
Distribution Fees — A Shares | 119 | 188 | 37 | 9 | 1 | 140 | ||||||||||||||||||||
Distribution and Service Fees — C Shares | 730 | 420 | 116 | 63 | 392 | 273 | ||||||||||||||||||||
Custodian Fees | 32 | 16 | 27 | 11 | 2 | 66 | ||||||||||||||||||||
Professional Fees | 65 | 43 | 17 | 12 | 5 | 55 | ||||||||||||||||||||
Insurance Fees | 33 | 21 | 8 | 6 | 3 | 29 | ||||||||||||||||||||
Registration Fees | 4 | 20 | 32 | 30 | 26 | 30 | ||||||||||||||||||||
Transfer Agent Fees | 109 | 72 | 50 | 10 | 56 | 241 | ||||||||||||||||||||
Printing Fees | 40 | 36 | 16 | 11 | 10 | 57 | ||||||||||||||||||||
Trustees’ Fees | 36 | 21 | 9 | 6 | 2 | 31 | ||||||||||||||||||||
Other Fees | 4 | 1 | 11 | 3 | 5 | 19 | ||||||||||||||||||||
Total Expenses | 14,624 | 8,250 | 4,482 | 2,900 | 1,415 | 16,245 | ||||||||||||||||||||
Less: Administration Fees Waived | (9 | ) | (6 | ) | (2 | ) | (2 | ) | (6 | ) | (45 | ) | ||||||||||||||
Net Expenses | 14,615 | 8,244 | 4,480 | 2,898 | 1,409 | 16,200 | ||||||||||||||||||||
Net Investment Income (Loss) | 22,026 | 14,266 | 1,599 | 2,805 | 211 | (7,303 | ) | |||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||||||||||||||||
Net Realized Gain on Investments Sold | 121,792 | 102,395 | 29,613 | 49,345 | 17,498 | 54,274 | ||||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | 47,465 | 13,084 | 945 | (9,247 | ) | (16,393 | ) | (211,108 | ) | |||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 169,257 | 115,479 | 30,558 | 40,098 | 1,105 | (156,834 | ) | |||||||||||||||||||
Change in Net Assets from Operations | $ | 191,283 | $ | 129,745 | $ | 32,157 | $ | 42,903 | $ | 1,316 | $ | (164,137 | ) | |||||||||||||
Amounts designated as “— ” are $0 or have been rounded to $0.
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Small Cap | Small Cap | Life Vision | Life Vision | Life Vision | Life Vision | |||||||||||||||||||||
Quantitative | Value | Aggressive | Conservative | Growth and | Moderate | |||||||||||||||||||||
Equity Fund(a) | Equity Fund | Growth Fund | Fund | Income Fund | Growth Fund | |||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||||
Dividend Income | $ | 216 | $ | 11,881 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Dividend Income from Affiliated Investment Companies | 7 | 584 | 720 | 398 | 2,945 | 5,622 | ||||||||||||||||||||
Interest Income | 5 | 77 | — | — | — | — | ||||||||||||||||||||
Income from Securities Lending | — | 427 | — | — | — | — | ||||||||||||||||||||
Total Investment Income | 228 | 12,969 | 720 | 398 | 2,945 | 5,622 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Investment Advisory Fees | 197 | 8,476 | 64 | 10 | 135 | 189 | ||||||||||||||||||||
Administration and Fund Accounting Fees | 5 | 189 | 16 | 2 | 34 | 48 | ||||||||||||||||||||
Compliance Services Fees | — | 13 | 1 | — | 2 | 3 | ||||||||||||||||||||
Distribution Fees — A Shares | — | 17 | 8 | 3 | 19 | 19 | ||||||||||||||||||||
Distribution and Service Fees — C Shares | — | 98 | 13 | 7 | 42 | 39 | ||||||||||||||||||||
Distribution Fees — B Shares | — | — | 41 | 36 | 128 | 98 | ||||||||||||||||||||
Custodian Fees | 71 | 24 | 7 | 6 | 6 | 6 | ||||||||||||||||||||
Professional Fees | 9 | 33 | 3 | — | 7 | 11 | ||||||||||||||||||||
Insurance Fees | — | 17 | 1 | — | 3 | 4 | ||||||||||||||||||||
Registration Fees | 17 | 17 | 7 | 4 | 9 | 3 | ||||||||||||||||||||
Transfer Agent Fees | — | 42 | 6 | 3 | 18 | 12 | ||||||||||||||||||||
Printing Fees | 8 | 33 | 8 | 2 | 16 | 21 | ||||||||||||||||||||
Trustees’ Fees | — | 17 | 1 | — | 3 | 4 | ||||||||||||||||||||
Other Fees | 9 | 5 | 3 | 4 | 3 | 4 | ||||||||||||||||||||
Total Expenses | 316 | 8,981 | 179 | 77 | 425 | 461 | ||||||||||||||||||||
Less: Investment Advisory Fees Waived | (5 | ) | — | — | (10 | ) | — | — | ||||||||||||||||||
Less: Administration Fees Waived or Fees Reimbursed | (103 | ) | (4 | ) | — | (1 | ) | (1 | ) | (1 | ) | |||||||||||||||
Net Expenses | 208 | 8,977 | 179 | 66 | 424 | 460 | ||||||||||||||||||||
Net Investment Income (Loss) | 20 | 3,992 | 541 | 332 | 2,521 | 5,162 | ||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||||||||||||||||
Capital Gain Received from Investments in Affiliated Investment Companies | — | — | 2,525 | 84 | 4,138 | 4,083 | ||||||||||||||||||||
Net Realized Gain (Loss) on Investments Sold * | (99 | ) | 162,868 | 1,588 | (5 | ) | 2,187 | 2,093 | ||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments * | (13 | ) | (117,368 | ) | 1,277 | 170 | 2,685 | 3,313 | ||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | (112 | ) | 45,500 | 5,390 | 249 | 9,010 | 9,489 | |||||||||||||||||||
Change in Net Assets from Operations | $ | (92 | ) | $ | 49,492 | $ | 5,931 | $ | 581 | $ | 11,531 | $ | 14,651 | |||||||||||||
* | Net realized gain on securities sold and net change in unrealized appreciation on investments for the Life Vision Funds are attributable to the underlying investments in affiliated investment companies. |
(a) | From commencement of operations on April 3, 2006. |
Amounts designated as “—” are $0 or have been rounded to $0.
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Life Vision | Life Vision | Life Vision | ||||||||||||
Target Date | Target Date | Target Date | ||||||||||||
2015 Fund | 2025 Fund | 2035 Fund | ||||||||||||
Investment Income: | ||||||||||||||
Dividend Income | $ | — | $ | 1 | $ | — | ||||||||
Dividend Income from Affiliated Investment Companies | 21 | 29 | 11 | |||||||||||
Total Investment Income | 21 | 30 | 11 | |||||||||||
Expenses: | ||||||||||||||
Investment Advisory Fees | 1 | 2 | 1 | |||||||||||
Administration and Fund Accounting Fees | — | 1 | — | |||||||||||
Custodian Fees | 5 | 7 | 6 | |||||||||||
Registration Fees | 13 | 13 | 13 | |||||||||||
Other Fees | 3 | 2 | 2 | |||||||||||
Total Expenses | 22 | 25 | 22 | |||||||||||
Less: Investment Advisory Fees Waived and Fees Reimbursed | (20 | ) | (21 | ) | (21 | ) | ||||||||
Net Expenses | 2 | 4 | 1 | |||||||||||
Net Investment Income | 19 | 26 | 10 | |||||||||||
Net Realized and Unrealized Gain on Investments: | ||||||||||||||
Capital Gain Received from Investments in Affiliated Investment Companies | 37 | 91 | 43 | |||||||||||
Net Realized (Loss) on Investments Sold * | (6 | ) | (4 | ) | (3 | ) | ||||||||
Net Change in Unrealized Appreciation on Investments * | 58 | 115 | 51 | |||||||||||
Net Realized and Unrealized Gain on Investments | 89 | 202 | 91 | |||||||||||
Change in Net Assets from Operations | $ | 108 | $ | 228 | $ | 101 | ||||||||
* | Net realized gain on securities sold and net change in unrealized appreciation on investments for the Life Vision Funds are primarily attributable to the underlying investments in affiliated investment companies. |
Amounts designated as “—” are $0 or have been rounded to $0.
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Table of Contents
Aggressive Growth | Capital Appreciation | Emerging Growth | ||||||||||||||||||||||||
Stock Fund | Fund | Stock Fund | ||||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | |||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | |||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||
Net Investment Income (Loss) | $ | (2,484 | ) | $ | (722 | ) | $ | 5,713 | $ | 2,425 | $ | (698 | ) | $ | (255 | ) | ||||||||||
Net Realized Gain (Loss) on Investments Sold, Forward Foreign Currencies and Foreign Currency Transactions | (11,788 | ) | (3,816 | ) | 60,872 | 55,310 | 1,704 | 1,325 | ||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions | 29,196 | 27,629 | (3,769 | ) | 51,746 | 6,460 | 9,111 | |||||||||||||||||||
Net Increase from Payments by Affiliates | — | — | — | — | — | — | ||||||||||||||||||||
Change in Net Assets from Operations | 14,924 | 23,091 | 62,816 | 109,481 | 7,466 | 10,181 | ||||||||||||||||||||
�� | ||||||||||||||||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||||
I Shares | — | (5 | ) | (5,740 | ) | (2,305 | ) | — | — | |||||||||||||||||
A Shares | — | — | (242 | ) | — | — | — | |||||||||||||||||||
C Shares | — | — | (30 | ) | — | — | — | |||||||||||||||||||
Net Realized Gains: | ||||||||||||||||||||||||||
I Shares | — | — | (48,970 | ) | (29,860 | ) | — | — | ||||||||||||||||||
A Shares | — | — | (3,726 | ) | (2,465 | ) | — | — | ||||||||||||||||||
C Shares | — | — | (1,896 | ) | (1,308 | ) | — | — | ||||||||||||||||||
Total Dividends and Distributions | — | (5 | ) | (60,604 | ) | (35,938 | ) | — | — | |||||||||||||||||
Change in Net Assets from Capital Transactions | 52,502 | 171,957 | (231,356 | ) | (316,585 | ) | 55,623 | 17,908 | ||||||||||||||||||
Change in Net Assets | 67,426 | 195,043 | (229,144 | ) | (243,042 | ) | 63,089 | 28,089 | ||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||
Beginning of Period | 259,966 | 64,923 | 1,452,852 | 1,695,894 | 48,703 | 20,614 | ||||||||||||||||||||
End of Period | $ | 327,392 | $ | 259,966 | $ | 1,223,708 | $ | 1,452,852 | $ | 111,792 | $ | 48,703 | ||||||||||||||
Accumulated Net Investment Income (Loss), End of Period | $ | (8 | ) | $ | (11 | ) | $ | (3 | ) | $ | 120 | $ | (11 | ) | $ | (15 | ) | |||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
International | ||||||||||
Equity Fund | ||||||||||
04/01/06- | 04/01/05- | |||||||||
03/31/07 | 03/31/06 | |||||||||
Operations: | ||||||||||
Net Investment Income (Loss) | $ | 13,848 | $ | 9,597 | ||||||
Net Realized Gain (Loss) on Investments Sold, Forward Foreign Currencies and Foreign Currency Transactions | 96,943 | 46,895 | ||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions | 70,475 | 110,353 | ||||||||
Net Increase from Payments by Affiliates | — | 2 | ||||||||
Change in Net Assets from Operations | 181,266 | 166,847 | ||||||||
Dividends and Distributions to Shareholders: | ||||||||||
Net Investment Income: | ||||||||||
I Shares | (18,408 | ) | (8,756 | ) | ||||||
A Shares | (203 | ) | (88 | ) | ||||||
C Shares | (67 | ) | — | |||||||
Net Realized Gains: | ||||||||||
I Shares | (150 | ) | — | |||||||
A Shares | (2 | ) | — | |||||||
C Shares | (1 | ) | — | |||||||
Total Dividends and Distributions | (18,831 | ) | (8,844 | ) | ||||||
Change in Net Assets from Capital Transactions | 78,547 | 291,758 | ||||||||
Change in Net Assets | 240,982 | 449,761 | ||||||||
Net Assets: | ||||||||||
Beginning of Period | 947,234 | 497,473 | ||||||||
End of Period | $ | 1,188,216 | $ | 947,234 | ||||||
Accumulated Net Investment Income (Loss), End of Period | $ | 499 | $ | 1,088 | ||||||
Amounts designated as “—” are either $0 or have been rounded to $0.
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Aggressive Growth | Capital Appreciation | Emerging Growth | |||||||||||||||||||||||
Stock Fund | Fund | Stock Fund | |||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | ||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | ||||||||||||||||||||
Capital Transactions: | |||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 194,041 | $ | 193,192 | $ | 302,082 | $ | 390,413 | $ | 106,285 | $ | 25,991 | |||||||||||||
Dividends Reinvested | — | 2 | 36,401 | 22,561 | — | — | |||||||||||||||||||
Cost of Shares Redeemed | (139,963 | ) | (19,718 | ) | (532,077 | ) | (676,657 | ) | (51,032 | ) | (8,236 | ) | |||||||||||||
Change in Net Assets from I Shares | $ | 54,078 | $ | 173,476 | $ | (193,594 | ) | $ | (263,683 | ) | $ | 55,253 | $ | 17,755 | |||||||||||
A Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 2,944 | $ | 190 | $ | 6,028 | $ | 8,707 | $ | 516 | $ | 116 | |||||||||||||
Dividends Reinvested | — | — | 3,828 | 2,391 | — | — | |||||||||||||||||||
Cost of Shares Redeemed | (2,815 | ) | (43 | ) | (33,556 | ) | (38,114 | ) | (142 | ) | (18 | ) | |||||||||||||
Change in Net Assets from A Shares | $ | 129 | $ | 147 | $ | (23,700 | ) | $ | (27,016 | ) | $ | 374 | $ | 98 | |||||||||||
C Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 104 | $ | 218 | $ | 418 | $ | 1,332 | $ | 68 | $ | 55 | |||||||||||||
Dividends Reinvested | — | — | 1,866 | 1,268 | — | — | |||||||||||||||||||
Cost of Shares Redeemed | (1,809 | ) | (1,884 | ) | (16,346 | ) | (28,486 | ) | (72 | ) | — | ||||||||||||||
Change in Net Assets from C Shares | $ | (1,705 | ) | $ | (1,666 | ) | $ | (14,062 | ) | $ | (25,886 | ) | $ | (4 | ) | $ | 55 | ||||||||
Change in Net Assets from Capital Transactions | $ | 52,502 | $ | 171,957 | $ | (231,356 | ) | $ | (316,585 | ) | $ | 55,623 | $ | 17,908 | |||||||||||
Share Transactions: | |||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||
Issued | 16,703 | 16,618 | 23,675 | 31,807 | 8,835 | 2,376 | |||||||||||||||||||
Reinvested | — | — | 2,827 | 1,810 | — | — | |||||||||||||||||||
Redeemed | (11,908 | ) | (1,805 | ) | (41,606 | ) | (54,757 | ) | (4,037 | ) | (791 | ) | |||||||||||||
Change in I Shares | 4,795 | 14,813 | (15,104 | ) | (21,140 | ) | 4,798 | 1,585 | |||||||||||||||||
A Shares: | |||||||||||||||||||||||||
Issued | 276 | 17 | 498 | 745 | 42 | 10 | |||||||||||||||||||
Reinvested | — | — | 313 | 202 | — | — | |||||||||||||||||||
Redeemed | (259 | ) | (4 | ) | (2,765 | ) | (3,241 | ) | (11 | ) | (2 | ) | |||||||||||||
Change in A Shares | 17 | 13 | (1,954 | ) | (2,294 | ) | 31 | 8 | |||||||||||||||||
C Shares: | |||||||||||||||||||||||||
Issued | 9 | 21 | 37 | 121 | 5 | 5 | |||||||||||||||||||
Reinvested | — | — | 163 | 114 | — | — | |||||||||||||||||||
Redeemed | (156 | ) | (178 | ) | (1,440 | ) | (2,575 | ) | (6 | ) | — | ||||||||||||||
Change in C Shares | (147 | ) | (157 | ) | (1,240 | ) | (2,340 | ) | (1 | ) | 5 | ||||||||||||||
Change in Shares | 4,665 | 14,669 | (18,298 | ) | (25,774 | ) | 4,828 | 1,598 | |||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
International | |||||||||
Equity Fund | |||||||||
04/01/06- | 04/01/05- | ||||||||
03/31/07 | 03/31/06 | ||||||||
Capital Transactions: | |||||||||
I Shares: | |||||||||
Proceeds from Shares Issued | $ | 371,965 | $ | 411,692 | |||||
Dividends Reinvested | 4,867 | 2,197 | |||||||
Cost of Shares Redeemed | (296,951 | ) | (121,946 | ) | |||||
Change in Net Assets from I Shares | $ | 79,881 | $ | 291,943 | |||||
A Shares: | |||||||||
Proceeds from Shares Issued | $ | 14,548 | $ | 4,921 | |||||
Dividends Reinvested | 181 | 77 | |||||||
Cost of Shares Redeemed | (14,676 | ) | (3,828 | ) | |||||
Change in Net Assets from A Shares | $ | 53 | $ | 1,170 | |||||
C Shares: | |||||||||
Proceeds from Shares Issued | $ | 414 | $ | 1,175 | |||||
Dividends Reinvested | 67 | — | |||||||
Cost of Shares Redeemed | (1,868 | ) | (2,530 | ) | |||||
Change in Net Assets from C Shares | $ | (1,387 | ) | $ | (1,355 | ) | |||
Change in Net Assets from Capital Transactions | $ | 78,547 | $ | 291,758 | |||||
Share Transactions: | |||||||||
I Shares: | |||||||||
Issued | 24,381 | 32,572 | |||||||
Reinvested | 302 | 166 | |||||||
Redeemed | (19,398 | ) | (9,601 | ) | |||||
Change in I Shares | 5,285 | 23,137 | |||||||
A Shares: | |||||||||
Issued | 1,003 | 391 | |||||||
Reinvested | 11 | 6 | |||||||
Redeemed | (981 | ) | (302 | ) | |||||
Change in A Shares | 33 | 95 | |||||||
C Shares: | |||||||||
Issued | 29 | 100 | |||||||
Reinvested | 4 | — | |||||||
Redeemed | (130 | ) | (217 | ) | |||||
Change in C Shares | (97 | ) | (117 | ) | |||||
Change in Shares | 5,221 | 23,115 | |||||||
Amounts designated as “—” are either $0 or have been rounded to $0.
107
Table of Contents
International | Large Cap Quantitative | Large Cap Relative | ||||||||||||||||||||||||
Equity Index Fund | Equity Fund | Value Fund | ||||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | |||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | |||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||
Net Investment Income | $ | 17,444 | $ | 11,433 | $ | 1,551 | $ | 93 | $ | 22,026 | $ | 14,557 | ||||||||||||||
Net Realized Gain on Investments Sold, Forward Foreign Currencies and Foreign Currency Transactions | 7,770 | 5,290 | 24,394 | 10,158 | 121,792 | 110,126 | ||||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions | 143,488 | 132,522 | (6,151 | ) | 9,471 | 47,465 | 39,541 | |||||||||||||||||||
Net Increase from Payments by Affiliates | — | 7 | — | — | — | — | ||||||||||||||||||||
Change in Net Assets from Operations | 168,702 | 149,252 | 19,794 | 19,722 | 191,283 | 164,224 | ||||||||||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||||
I Shares | (18,118 | ) | (9,595 | ) | (1,533 | ) | (60 | ) | (21,852 | ) | (13,698 | ) | ||||||||||||||
A Shares | (90 | ) | (84 | ) | (2 | ) | — | (571 | ) | (388 | ) | |||||||||||||||
C Shares | (85 | ) | (8 | ) | — | — | (357 | ) | (93 | ) | ||||||||||||||||
Net Realized Gains: | ||||||||||||||||||||||||||
I Shares | — | — | (9,255 | ) | (12,525 | ) | (105,997 | ) | (52,561 | ) | ||||||||||||||||
A Shares | — | — | (36 | ) | (77 | ) | (3,279 | ) | (1,849 | ) | ||||||||||||||||
C Shares | — | — | (35 | ) | (118 | ) | (4,984 | ) | (3,290 | ) | ||||||||||||||||
Total Dividends and Distributions | (18,293 | ) | (9,687 | ) | (10,861 | ) | (12,780 | ) | (137,040 | ) | (71,879 | ) | ||||||||||||||
Change in Net Assets from Capital Transactions | 68,874 | 117,744 | 14,966 | 185,415 | 95,481 | 284,015 | ||||||||||||||||||||
Change in Net Assets | 219,283 | 257,309 | 23,899 | 192,357 | 149,724 | 376,360 | ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||
Beginning of Period | 788,665 | 531,356 | 287,426 | 95,069 | 1,520,561 | 1,144,201 | ||||||||||||||||||||
End of Period | $ | 1,007,948 | $ | 788,665 | $ | 311,325 | $ | 287,426 | $ | 1,670,285 | $ | 1,520,561 | ||||||||||||||
Accumulated Net Investment Income (Loss), End of Period | $ | (2,516 | ) | $ | (1,892 | ) | $ | 30 | $ | 14 | $ | (2 | ) | $ | 858 | |||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Large Cap Value | ||||||||||
Equity Fund | ||||||||||
04/01/06- | 04/01/05- | |||||||||
03/31/07 | 03/31/06 | |||||||||
Operations: | ||||||||||
Net Investment Income | $ | 14,266 | $ | 14,917 | ||||||
Net Realized Gain on Investments Sold, Forward Foreign Currencies and Foreign Currency Transactions | 102,395 | 55,766 | ||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transactions | 13,084 | 28,775 | ||||||||
Net Increase from Payments by Affiliates | — | — | ||||||||
Change in Net Assets from Operations | 129,745 | 99,458 | ||||||||
Dividends and Distributions to Shareholders: | ||||||||||
Net Investment Income: | ||||||||||
I Shares | (13,131 | ) | (13,581 | ) | ||||||
A Shares | (812 | ) | (989 | ) | ||||||
C Shares | (264 | ) | (340 | ) | ||||||
Net Realized Gains: | ||||||||||
I Shares | (31,908 | ) | — | |||||||
A Shares | (2,337 | ) | — | |||||||
C Shares | (1,568 | ) | — | |||||||
Total Dividends and Distributions | (50,020 | ) | (14,910 | ) | ||||||
Change in Net Assets from Capital Transactions | 37,730 | (127,185 | ) | |||||||
Change in Net Assets | 117,455 | (42,637 | ) | |||||||
Net Assets: | ||||||||||
Beginning of Period | 878,649 | 921,286 | ||||||||
End of Period | $ | 996,104 | $ | 878,649 | ||||||
Accumulated Net Investment Income (Loss), End of Period | $ | 68 | $ | 9 | ||||||
Amounts designated as “—” are either $0 or have been rounded to $0.
108
Table of Contents
International | Large Cap Quantitative | Large Cap Relative | |||||||||||||||||||||||
Equity Index Fund | Equity Fund | Value Fund | |||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | ||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | ||||||||||||||||||||
Capital Transactions: | |||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 308,565 | $ | 258,434 | $ | 144,181 | $ | 220,812 | $ | 442,012 | $ | 552,868 | |||||||||||||
Dividends Reinvested | 10,069 | 5,754 | 4,354 | 4,633 | 61,144 | 35,791 | |||||||||||||||||||
Cost of Shares Redeemed | (246,266 | ) | (144,948 | ) | (133,003 | ) | (40,814 | ) | (394,496 | ) | (286,603 | ) | |||||||||||||
Change in Net Assets from I Shares | $ | 72,368 | $ | 119,240 | $ | 15,532 | $ | 184,631 | $ | 108,660 | $ | 302,056 | |||||||||||||
A Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 5,082 | $ | 1,666 | $ | 1,708 | $ | 904 | $ | 13,376 | $ | 9,149 | |||||||||||||
Dividends Reinvested | 79 | 81 | 35 | 68 | 3,442 | 2,010 | |||||||||||||||||||
Cost of Shares Redeemed | (9,029 | ) | (2,293 | ) | (2,028 | ) | (212 | ) | (17,648 | ) | (13,233 | ) | |||||||||||||
Change in Net Assets from A Shares | $ | (3,868 | ) | $ | (546 | ) | $ | (285 | ) | $ | 760 | $ | (830 | ) | $ | (2,074 | ) | ||||||||
C Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 2,610 | $ | 351 | $ | 97 | $ | 467 | $ | 2,091 | $ | 4,631 | |||||||||||||
Dividends Reinvested | 81 | 7 | 33 | 111 | 5,087 | 3,215 | |||||||||||||||||||
Cost of Shares Redeemed | (2,317 | ) | (1,308 | ) | (411 | ) | (554 | ) | (19,527 | ) | (23,813 | ) | |||||||||||||
Change in Net Assets from C Shares | $ | 374 | $ | (950 | ) | $ | (281 | ) | $ | 24 | $ | (12,349 | ) | $ | (15,967 | ) | |||||||||
Change in Net Assets from Capital Transactions | $ | 68,874 | $ | 117,744 | $ | 14,966 | $ | 185,415 | $ | 95,481 | $ | 284,015 | |||||||||||||
Share Transactions: | |||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||
Issued | 18,312 | 18,710 | 10,535 | 16,302 | 25,101 | 33,293 | |||||||||||||||||||
Reinvested | 569 | 402 | 316 | 353 | 3,464 | 2,139 | |||||||||||||||||||
Redeemed | (14,496 | ) | (10,515 | ) | (9,605 | ) | (2,988 | ) | (22,343 | ) | (17,149 | ) | |||||||||||||
Change in I Shares | 4,385 | 8,597 | 1,246 | 13,667 | 6,222 | 18,283 | |||||||||||||||||||
A Shares: | |||||||||||||||||||||||||
Issued | 317 | 115 | 129 | 67 | 766 | 549 | |||||||||||||||||||
Reinvested | 4 | 6 | 3 | 5 | 193 | 119 | |||||||||||||||||||
Redeemed | (554 | ) | (167 | ) | (151 | ) | (16 | ) | (992 | ) | (786 | ) | |||||||||||||
Change in A Shares | (233 | ) | (46 | ) | (19 | ) | 56 | (33 | ) | (118 | ) | ||||||||||||||
C Shares: | |||||||||||||||||||||||||
Issued | 155 | 26 | 7 | 35 | 120 | 284 | |||||||||||||||||||
Reinvested | 5 | 1 | 2 | 9 | 293 | 195 | |||||||||||||||||||
Redeemed | (144 | ) | (101 | ) | (31 | ) | (42 | ) | (1,124 | ) | (1,453 | ) | |||||||||||||
Change in C Shares | 16 | (74 | ) | (22 | ) | 2 | (711 | ) | (974 | ) | |||||||||||||||
Change in Shares | 4,168 | 8,477 | 1,205 | 13,725 | 5,478 | 17,191 | |||||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Large Cap Value | |||||||||
Equity Fund | |||||||||
04/01/06- | 04/01/05- | ||||||||
03/31/07 | 03/31/06 | ||||||||
Capital Transactions: | |||||||||
I Shares: | |||||||||
Proceeds from Shares Issued | $ | 188,156 | $ | 135,139 | |||||
Dividends Reinvested | 34,278 | 9,868 | |||||||
Cost of Shares Redeemed | (166,014 | ) | (244,925 | ) | |||||
Change in Net Assets from I Shares | $ | 56,420 | $ | (99,918 | ) | ||||
A Shares: | |||||||||
Proceeds from Shares Issued | $ | 5,244 | $ | 3,961 | |||||
Dividends Reinvested | 3,039 | 947 | |||||||
Cost of Shares Redeemed | (19,277 | ) | (19,040 | ) | |||||
Change in Net Assets from A Shares | $ | (10,994 | ) | $ | (14,132 | ) | |||
C Shares: | |||||||||
Proceeds from Shares Issued | $ | 991 | $ | 1,086 | |||||
Dividends Reinvested | 1,777 | 327 | |||||||
Cost of Shares Redeemed | (10,464 | ) | (14,548 | ) | |||||
Change in Net Assets from C Shares | $ | (7,696 | ) | $ | (13,135 | ) | |||
Change in Net Assets from Capital Transactions | $ | 37,730 | $ | (127,185 | ) | ||||
Share Transactions: | |||||||||
I Shares: | |||||||||
Issued | 12,782 | 10,604 | |||||||
Reinvested | 2,324 | 757 | |||||||
Redeemed | (11,371 | ) | (18,995 | ) | |||||
Change in I Shares | 3,735 | (7,634 | ) | ||||||
A Shares: | |||||||||
Issued | 370 | 311 | |||||||
Reinvested | 207 | 73 | |||||||
Redeemed | (1,351 | ) | (1,484 | ) | |||||
Change in A Shares | (774 | ) | (1,100 | ) | |||||
C Shares: | |||||||||
Issued | 69 | 87 | |||||||
Reinvested | 122 | 25 | |||||||
Redeemed | (731 | ) | (1,152 | ) | |||||
Change in C Shares | (540 | ) | (1,040 | ) | |||||
Change in Shares | 2,421 | (9,774 | ) | ||||||
Amounts designated as “—” are either $0 or have been rounded to $0.
109
Table of Contents
Mid-Cap | Mid-Cap Value | Select Large Cap | ||||||||||||||||||||||||
Equity Fund | Equity Fund | Growth Stock Fund | ||||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | |||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | |||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||
Net Investment Income (Loss) | $ | 1,599 | $ | 1,762 | $ | 2,805 | $ | 2,168 | $ | 211 | $ | (276 | ) | |||||||||||||
Net Realized Gain on Investments Sold | 29,613 | 31,428 | 49,345 | 26,814 | 17,498 | 17,605 | ||||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | 945 | 22,166 | (9,247 | ) | 9,917 | (16,393 | ) | (7,295 | ) | |||||||||||||||||
Change in Net Assets from Operations | 32,157 | 55,356 | 42,903 | 38,899 | 1,316 | 10,034 | ||||||||||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||||
I Shares | (1,688 | ) | (1,634 | ) | (2,658 | ) | (2,100 | ) | (168 | ) | (463 | ) | ||||||||||||||
A Shares | (26 | ) | (36 | ) | (22 | ) | (15 | ) | — | (2 | ) | |||||||||||||||
C Shares | — | — | (6 | ) | (11 | ) | — | (64 | ) | |||||||||||||||||
Net Realized Gains: | ||||||||||||||||||||||||||
I Shares | (24,539 | ) | (14,705 | ) | (40,247 | ) | (20,403 | ) | — | — | ||||||||||||||||
A Shares | (881 | ) | (730 | ) | (492 | ) | (208 | ) | — | — | ||||||||||||||||
C Shares | (879 | ) | (694 | ) | (949 | ) | (598 | ) | — | — | ||||||||||||||||
Total Dividends and Distributions | (28,013 | ) | (17,799 | ) | (44,374 | ) | (23,335 | ) | (168 | ) | (529 | ) | ||||||||||||||
Change in Net Assets from Capital Transactions | (87,508 | ) | 158,637 | 37,716 | 19,071 | 6,784 | (53,743 | ) | ||||||||||||||||||
Change in Net Assets | (83,364 | ) | 196,194 | 36,245 | 34,635 | 7,932 | (44,238 | ) | ||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||
Beginning of Period | 439,967 | 243,773 | 252,335 | 217,700 | 123,361 | 167,599 | ||||||||||||||||||||
End of Period | $ | 356,603 | $ | 439,967 | $ | 288,580 | $ | 252,335 | $ | 131,293 | $ | 123,361 | ||||||||||||||
Accumulated Net Investment Income (Loss), End of Period | $ | 13 | $ | 144 | $ | 173 | $ | 54 | $ | 43 | $ | — | ||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Small Cap | ||||||||||
Growth Stock Fund | ||||||||||
04/01/06- | 04/01/05- | |||||||||
03/31/07 | 03/31/06 | |||||||||
Operations: | ||||||||||
Net Investment Income (Loss) | $ | (7,303 | ) | $ | (9,311 | ) | ||||
Net Realized Gain on Investments Sold | 54,274 | 129,014 | ||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (211,108 | ) | 224,874 | |||||||
Change in Net Assets from Operations | (164,137 | ) | 344,577 | |||||||
Dividends and Distributions to Shareholders: | ||||||||||
Net Investment Income: | ||||||||||
I Shares | — | — | ||||||||
A Shares | — | — | ||||||||
C Shares | — | — | ||||||||
Net Realized Gains: | ||||||||||
I Shares | (64,037 | ) | (105,684 | ) | ||||||
A Shares | (1,912 | ) | (3,574 | ) | ||||||
C Shares | (1,522 | ) | (2,682 | ) | ||||||
Total Dividends and Distributions | (67,471 | ) | (111,940 | ) | ||||||
Change in Net Assets from Capital Transactions | (614,776 | ) | 490,131 | |||||||
Change in Net Assets | (846,384 | ) | 722,768 | |||||||
Net Assets: | ||||||||||
Beginning of Period | 1,737,819 | 1,015,051 | ||||||||
End of Period | $ | 891,435 | $ | 1,737,819 | ||||||
Accumulated Net Investment Income (Loss), End of Period | $ | 147 | $ | — | ||||||
Amounts designated as “—” are either $0 or have been rounded to $0.
110
Table of Contents
Mid-Cap | Mid-Cap Value | Select Large Cap | |||||||||||||||||||||||
Equity Fund | Equity Fund | Growth Stock Fund | |||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | ||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | ||||||||||||||||||||
Capital Transactions: | |||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 121,973 | $ | 250,612 | $ | 141,296 | $ | 82,778 | $ | 66,219 | $ | 7,349 | |||||||||||||
Dividends Reinvested | 14,317 | 8,646 | 20,051 | 10,665 | 67 | 68 | |||||||||||||||||||
Cost of Shares Redeemed | (216,799 | ) | (97,492 | ) | (124,533 | ) | (73,941 | ) | (42,803 | ) | (37,892 | ) | |||||||||||||
Change in Net Assets from I Shares | $ | (80,509 | ) | $ | 161,766 | $ | 36,814 | $ | 19,502 | $ | 23,483 | $ | (30,475 | ) | |||||||||||
A Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 2,572 | $ | 3,061 | $ | 1,703 | $ | 1,345 | $ | 259 | $ | 582 | |||||||||||||
Dividends Reinvested | 856 | 727 | 457 | 187 | — | 1 | |||||||||||||||||||
Cost of Shares Redeemed | (7,841 | ) | (4,203 | ) | (1,198 | ) | (970 | ) | (376 | ) | (825 | ) | |||||||||||||
Change in Net Assets from A Shares | $ | (4,413 | ) | $ | (415 | ) | $ | 962 | $ | 562 | $ | (117 | ) | $ | (242 | ) | |||||||||
C Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 303 | $ | 1,009 | $ | 616 | $ | 344 | $ | 280 | $ | 550 | |||||||||||||
Dividends Reinvested | 838 | 665 | 919 | 576 | — | 59 | |||||||||||||||||||
Cost of Shares Redeemed | (3,727 | ) | (4,388 | ) | (1,595 | ) | (1,913 | ) | (16,862 | ) | (23,635 | ) | |||||||||||||
Change in Net Assets from C Shares | $ | (2,586 | ) | $ | (2,714 | ) | $ | (60 | ) | $ | (993 | ) | $ | (16,582 | ) | $ | (23,026 | ) | |||||||
Change in Net Assets from Capital Transactions | $ | (87,508 | ) | $ | 158,637 | $ | 37,716 | $ | 19,071 | $ | 6,784 | $ | (53,743 | ) | |||||||||||
Share Transactions: | |||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||
Issued | 9,065 | 19,102 | 10,806 | 6,541 | 2,435 | 290 | |||||||||||||||||||
Reinvested | 1,072 | 667 | 1,596 | 871 | 3 | 3 | |||||||||||||||||||
Redeemed | (16,117 | ) | (7,583 | ) | (9,501 | ) | (5,921 | ) | (1,681 | ) | (1,509 | ) | |||||||||||||
Change in I Shares | (5,980 | ) | 12,186 | 2,901 | 1,491 | 757 | (1,216 | ) | |||||||||||||||||
A Shares: | |||||||||||||||||||||||||
Issued | 204 | 246 | 127 | 107 | 10 | 23 | |||||||||||||||||||
Reinvested | 67 | 58 | 37 | 15 | — | — | |||||||||||||||||||
Redeemed | (604 | ) | (341 | ) | (91 | ) | (77 | ) | (14 | ) | (33 | ) | |||||||||||||
Change in A Shares | (333 | ) | (37 | ) | 73 | 45 | (4 | ) | (10 | ) | |||||||||||||||
C Shares: | |||||||||||||||||||||||||
Issued | 25 | 87 | 47 | 27 | 12 | 24 | |||||||||||||||||||
Reinvested | 71 | 58 | 74 | 48 | — | 3 | |||||||||||||||||||
Redeemed | (315 | ) | (380 | ) | (122 | ) | (152 | ) | (700 | ) | (1,016 | ) | |||||||||||||
Change in C Shares | (219 | ) | (235 | ) | (1 | ) | (77 | ) | (688 | ) | (989 | ) | |||||||||||||
Change in Shares | (6,532 | ) | 11,914 | 2,973 | 1,459 | 65 | (2,215 | ) | |||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Small Cap Growth | |||||||||
Stock Fund | |||||||||
04/01/06- | 04/01/05- | ||||||||
03/31/07 | 03/31/06 | ||||||||
Capital Transactions: | |||||||||
I Shares: | |||||||||
Proceeds from Shares Issued | $ | 432,211 | $ | 836,404 | |||||
Dividends Reinvested | 53,211 | 86,652 | |||||||
Cost of Shares Redeemed | (1,062,116 | ) | (441,501 | ) | |||||
Change in Net Assets from I Shares | $ | (576,694 | ) | $ | 481,555 | ||||
A Shares: | |||||||||
Proceeds from Shares Issued | $ | 21,465 | $ | 19,918 | |||||
Dividends Reinvested | 1,738 | 3,405 | |||||||
Cost of Shares Redeemed | (51,551 | ) | (10,408 | ) | |||||
Change in Net Assets from A Shares | $ | (28,348 | ) | $ | 12,915 | ||||
C Shares: | |||||||||
Proceeds from Shares Issued | $ | 855 | $ | 2,166 | |||||
Dividends Reinvested | 1,445 | 2,539 | |||||||
Cost of Shares Redeemed | (12,034 | ) | (9,044 | ) | |||||
Change in Net Assets from C Shares | $ | (9,734 | ) | $ | (4,339 | ) | |||
Change in Net Assets from Capital Transactions | $ | (614,776 | ) | $ | 490,131 | ||||
Share Transactions: | |||||||||
I Shares: | |||||||||
Issued | 20,133 | 38,694 | |||||||
Reinvested | 2,589 | 4,066 | |||||||
Redeemed | (51,099 | ) | (20,410 | ) | |||||
Change in I Shares | (28,377 | ) | 22,350 | ||||||
A Shares: | |||||||||
Issued | 1,023 | 944 | |||||||
Reinvested | 87 | 164 | |||||||
Redeemed | (2,493 | ) | (498 | ) | |||||
Change in A Shares | (1,383 | ) | 610 | ||||||
C Shares: | |||||||||
Issued | 42 | 110 | |||||||
Reinvested | 78 | 131 | |||||||
Redeemed | (637 | ) | (466 | ) | |||||
Change in C Shares | (517 | ) | (225 | ) | |||||
Change in Shares | (30,277 | ) | 22,735 | ||||||
Amounts designated as “—” are either $0 or have been rounded to $0.
111
Table of Contents
Small Cap | ||||||||||||||||||||||
Quantitative | Small Cap Value | Life Vision | ||||||||||||||||||||
Equity Fund | Equity Fund | Aggressive Growth Fund | ||||||||||||||||||||
04/03/06-* | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | ||||||||||||||||||
03/31/07 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | ||||||||||||||||||
Operations: | ||||||||||||||||||||||
Net Investment Income | $ | 20 | $ | 3,992 | $ | 3,550 | $ | 541 | $ | 650 | ||||||||||||
Capital Gain Received from Investments in Affiliated Investment Companies | — | — | — | 2,525 | 1,091 | |||||||||||||||||
Net Realized Gain (Loss) on Investments Sold | (99 | ) | 162,868 | 190,190 | 1,588 | 959 | ||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | (13 | ) | (117,368 | ) | 10,943 | 1,277 | 4,463 | |||||||||||||||
Change in Net Assets from Operations | (92 | ) | 49,492 | 204,683 | 5,931 | 7,163 | ||||||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||
I Shares | (19 | ) | (4,008 | ) | (3,434 | ) | (1,056 | ) | (583 | ) | ||||||||||||
A Shares | — | (23 | ) | (13 | ) | (48 | ) | (22 | ) | |||||||||||||
C Shares | — | (134 | ) | (118 | ) | (16 | ) | (5 | ) | |||||||||||||
B Shares | (70 | ) | (42 | ) | ||||||||||||||||||
Net Realized Gains: | ||||||||||||||||||||||
I Shares | — | (161,578 | ) | (142,285 | ) | (1,015 | ) | (519 | ) | |||||||||||||
A Shares | — | (1,777 | ) | (974 | ) | (55 | ) | (26 | ) | |||||||||||||
C Shares | — | (9,018 | ) | (8,202 | ) | (26 | ) | (8 | ) | |||||||||||||
B Shares | (104 | ) | (64 | ) | ||||||||||||||||||
Total Dividends and Distributions | (19 | ) | (176,538 | ) | (155,026 | ) | (2,390 | ) | (1,269 | ) | ||||||||||||
Change in Net Assets from Capital Transactions | 14,861 | 31,169 | (11,427 | ) | (2,541 | ) | 5,577 | |||||||||||||||
Change in Net Assets | 14,750 | (95,877 | ) | 38,230 | 1,000 | 11,471 | ||||||||||||||||
Net Assets: | ||||||||||||||||||||||
Beginning of Period | — | 813,414 | 775,184 | 62,286 | 50,815 | |||||||||||||||||
End of Period | $ | 14,750 | $ | 717,537 | $ | 813,414 | $ | 63,286 | $ | 62,286 | ||||||||||||
Accumulated Net Investment Income (Loss), End of Period | $ | 1 | $ | 100 | $ | 273 | $ | 1 | $ | 1 | ||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Life Vision | ||||||||||
Conservative Fund | ||||||||||
04/01/06- | 04/01/05- | |||||||||
03/31/07 | 03/31/06 | |||||||||
Operations: | ||||||||||
Net Investment Income | $ | 332 | $ | 262 | ||||||
Capital Gain Received from Investments in Affiliated Investment Companies | 84 | 67 | ||||||||
Net Realized Gain (Loss) on Investments Sold | (5 | ) | 28 | |||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments | 170 | 20 | ||||||||
Change in Net Assets from Operations | 581 | 377 | ||||||||
Dividends and Distributions to Shareholders: | ||||||||||
Net Investment Income: | ||||||||||
I Shares | (130 | ) | (74 | ) | ||||||
A Shares | (35 | ) | (36 | ) | ||||||
C Shares | (23 | ) | (17 | ) | ||||||
B Shares | (168 | ) | (128 | ) | ||||||
Net Realized Gains: | ||||||||||
I Shares | (29 | ) | (14 | ) | ||||||
A Shares | (8 | ) | (7 | ) | ||||||
C Shares | (7 | ) | (4 | ) | ||||||
B Shares | (46 | ) | (29 | ) | ||||||
Total Dividends and Distributions | (446 | ) | (309 | ) | ||||||
Change in Net Assets from Capital Transactions | (931 | ) | 3,691 | |||||||
Change in Net Assets | (796 | ) | 3,759 | |||||||
Net Assets: | ||||||||||
Beginning of Period | 10,414 | 6,655 | ||||||||
End of Period | $ | 9,618 | $ | 10,414 | ||||||
Accumulated Net Investment Income (Loss), End of Period | $ | 11 | $ | 11 | ||||||
* | Commencement of operations. |
Amounts designated as “—” are either $0 or have been rounded to $0.
112
Table of Contents
Small Cap | |||||||||||||||||||||
Quantitative | Small Cap Value | Life Vision | |||||||||||||||||||
Equity Fund | Equity Fund | Aggressive Growth Fund | |||||||||||||||||||
04/03/06-* | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | |||||||||||||||||
03/31/07 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | |||||||||||||||||
Capital Transactions: | |||||||||||||||||||||
I Shares: | |||||||||||||||||||||
Proceeds from Shares Issued | $ | 26,808 | $ | 142,003 | $ | 173,077 | $ | 18,522 | $ | 15,960 | |||||||||||
Dividends Reinvested | 7 | 135,202 | 106,300 | 2,024 | 1,089 | ||||||||||||||||
Cost of Shares Redeemed | (12,013 | ) | (246,253 | ) | (290,041 | ) | (23,246 | ) | (12,553 | ) | |||||||||||
Change in Net Assets from I Shares | $ | 14,802 | $ | 30,952 | $ | (10,664 | ) | $ | (2,700 | ) | $ | 4,496 | |||||||||
A Shares: | |||||||||||||||||||||
Proceeds from Shares Issued | $ | 48 | $ | 3,313 | $ | 1,825 | $ | 426 | $ | 957 | |||||||||||
Dividends Reinvested | — | 1,441 | 644 | 102 | 46 | ||||||||||||||||
Cost of Shares Redeemed | — | (1,322 | ) | (2,054 | ) | (264 | ) | (711 | ) | ||||||||||||
Change in Net Assets from A Shares | $ | 48 | $ | 3,432 | $ | 415 | $ | 264 | $ | 292 | |||||||||||
C Shares: | |||||||||||||||||||||
Proceeds from Shares Issued | $ | 11 | $ | 374 | $ | 696 | $ | 541 | $ | 1,184 | |||||||||||
Dividends Reinvested | — | 8,830 | 7,953 | 42 | 13 | ||||||||||||||||
Cost of Shares Redeemed | — | (12,419 | ) | (9,827 | ) | (228 | ) | (120 | ) | ||||||||||||
Change in Net Assets from C Shares | $ | 11 | $ | (3,215 | ) | $ | (1,178 | ) | $ | 355 | $ | 1,077 | |||||||||
B Shares: | |||||||||||||||||||||
Proceeds from Shares Issued | $ | 133 | $ | 401 | |||||||||||||||||
Dividends Reinvested | 173 | 104 | |||||||||||||||||||
Cost of Shares Redeemed | (766 | ) | (793 | ) | |||||||||||||||||
Change in Net Assets from B Shares | $ | (460 | ) | $ | (288 | ) | |||||||||||||||
Change in Net Assets from Capital Transactions | $ | 14,861 | $ | 31,169 | $ | (11,427 | ) | $ | (2,541 | ) | $ | 5,577 | |||||||||
Share Transactions: | |||||||||||||||||||||
I Shares: | |||||||||||||||||||||
Issued | 2,728 | 7,539 | 8,501 | 1,482 | 1,378 | ||||||||||||||||
Reinvested | 1 | 8,068 | 5,755 | 158 | 92 | ||||||||||||||||
Redeemed | (1,231 | ) | (13,164 | ) | (14,423 | ) | (1,837 | ) | (1,098 | ) | |||||||||||
Change in I Shares | 1,498 | 2,443 | (167 | ) | (197 | ) | 372 | ||||||||||||||
A Shares: | |||||||||||||||||||||
Issued | 5 | 172 | 89 | 34 | 84 | ||||||||||||||||
Reinvested | — | 87 | 35 | 8 | 4 | ||||||||||||||||
Redeemed | — | (71 | ) | (102 | ) | (21 | ) | (63 | ) | ||||||||||||
Change in A Shares | 5 | 188 | 22 | 21 | 25 | ||||||||||||||||
C Shares: | |||||||||||||||||||||
Issued | 1 | 19 | 35 | 43 | 102 | ||||||||||||||||
Reinvested | — | 546 | 442 | 3 | 1 | ||||||||||||||||
Redeemed | — | (686 | ) | (496 | ) | (18 | ) | (10 | ) | ||||||||||||
Change in C Shares | 1 | (121 | ) | (19 | ) | 28 | 93 | ||||||||||||||
B Shares: | |||||||||||||||||||||
Issued | 11 | 36 | |||||||||||||||||||
Reinvested | 14 | 9 | |||||||||||||||||||
Redeemed | (63 | ) | (69 | ) | |||||||||||||||||
Change in B Shares | (38 | ) | (24 | ) | |||||||||||||||||
Change in Shares | 1,504 | 2,510 | (164 | ) | (186 | ) | 466 | ||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Life Vision | |||||||||
Conservative Fund | |||||||||
04/01/06- | 04/01/05- | ||||||||
03/31/07 | 03/31/06 | ||||||||
Capital Transactions: | |||||||||
I Shares: | |||||||||
Proceeds from Shares Issued | $ | 1,752 | $ | 3,189 | |||||
Dividends Reinvested | 153 | 84 | |||||||
Cost of Shares Redeemed | (1,650 | ) | (613 | ) | |||||
Change in Net Assets from I Shares | $ | 255 | $ | 2,660 | |||||
A Shares: | |||||||||
Proceeds from Shares Issued | $ | 108 | $ | 717 | |||||
Dividends Reinvested | 34 | 34 | |||||||
Cost of Shares Redeemed | (666 | ) | (42 | ) | |||||
Change in Net Assets from A Shares | $ | (524 | ) | $ | 709 | ||||
C Shares: | |||||||||
Proceeds from Shares Issued | $ | 366 | $ | 930 | |||||
Dividends Reinvested | 26 | 18 | |||||||
Cost of Shares Redeemed | (445 | ) | (115 | ) | |||||
Change in Net Assets from C Shares | $ | (53 | ) | $ | 833 | ||||
B Shares: | |||||||||
Proceeds from Shares Issued | $ | 6 | $ | 120 | |||||
Dividends Reinvested | 182 | 133 | |||||||
Cost of Shares Redeemed | (797 | ) | (764 | ) | |||||
Change in Net Assets from B Shares | $ | (609 | ) | $ | (511 | ) | |||
Change in Net Assets from Capital Transactions | $ | (931 | ) | $ | 3,691 | ||||
Share Transactions: | |||||||||
I Shares: | |||||||||
Issued | 157 | 284 | |||||||
Reinvested | 14 | 8 | |||||||
Redeemed | (149 | ) | (55 | ) | |||||
Change in I Shares | 22 | 237 | |||||||
A Shares: | |||||||||
Issued | 9 | 64 | |||||||
Reinvested | 3 | 3 | |||||||
Redeemed | (59 | ) | (4 | ) | |||||
Change in A Shares | (47 | ) | 63 | ||||||
C Shares: | |||||||||
Issued | 33 | 83 | |||||||
Reinvested | 2 | 2 | |||||||
Redeemed | (40 | ) | (10 | ) | |||||
Change in C Shares | (5 | ) | 75 | ||||||
B Shares: | |||||||||
Issued | 1 | 11 | |||||||
Reinvested | 16 | 12 | |||||||
Redeemed | (71 | ) | (68 | ) | |||||
Change in B Shares | (54 | ) | (45 | ) | |||||
Change in Shares | (84 | ) | 330 | ||||||
* | Commencement of operations. |
113
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Life Vision | Life Vision | Life Vision | ||||||||||||||||||||||||
Growth and Income Fund | Moderate Growth Fund | Target Date 2015 Fund | ||||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 10/12/05-* | |||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | |||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||
Net Investment Income | $ | 2,521 | $ | 2,089 | $ | 5,162 | $ | 4,178 | $ | 19 | $ | 3 | ||||||||||||||
Capital Gain Received from Investments in Affiliated Investment Companies | 4,138 | 1,834 | 4,083 | 1,945 | 37 | 3 | ||||||||||||||||||||
Net Realized Gain (Loss) on Investments Sold | 2,187 | 1,961 | 2,093 | 3,257 | (6 | ) | — | |||||||||||||||||||
Net Change in Unrealized Appreciation on Investments | 2,685 | 6,195 | 3,313 | 3,923 | 58 | 11 | ||||||||||||||||||||
Change in Net Assets from Operations | 11,531 | 12,079 | 14,651 | 13,303 | 108 | 17 | ||||||||||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||||
I Shares | (2,977 | ) | (1,750 | ) | (5,550 | ) | (3,669 | ) | (29 | ) | (2 | ) | ||||||||||||||
A Shares | (163 | ) | (83 | ) | (191 | ) | (157 | ) | — | — | ||||||||||||||||
C Shares | (86 | ) | (21 | ) | (85 | ) | (20 | ) | ||||||||||||||||||
B Shares | (343 | ) | (204 | ) | (328 | ) | (266 | ) | ||||||||||||||||||
Net Realized Gains: | ||||||||||||||||||||||||||
I Shares | (2,198 | ) | — | (6,776 | ) | (3,087 | ) | (3 | ) | — | ||||||||||||||||
A Shares | (135 | ) | — | (243 | ) | (163 | ) | — | — | |||||||||||||||||
C Shares | (96 | ) | — | (84 | ) | (26 | ) | |||||||||||||||||||
B Shares | (342 | ) | — | (528 | ) | (315 | ) | |||||||||||||||||||
Total Dividends and Distributions | (6,340 | ) | (2,058 | ) | (13,785 | ) | (7,703 | ) | (32 | ) | (2 | ) | ||||||||||||||
Change in Net Assets from Capital Transactions | 11,586 | 6,593 | 60,588 | 18,789 | 1,723 | 255 | ||||||||||||||||||||
Change in Net Assets | 16,777 | 16,614 | 61,454 | 24,389 | 1,799 | 270 | ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||
Beginning of Period | 124,350 | 107,736 | 179,869 | 155,480 | 270 | — | ||||||||||||||||||||
End of Period | $ | 141,127 | $ | 124,350 | $ | 241,323 | $ | 179,869 | $ | 2,069 | $ | 270 | ||||||||||||||
Accumulated Net Investment Income (Loss), End of Period | $ | 51 | $ | 40 | $ | 162 | $ | 116 | $ | 1 | $ | 1 | ||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Life Vision | ||||||||||
Target Date 2025 Fund | ||||||||||
04/01/06- | 10/21/05-* | |||||||||
03/31/07 | 03/31/06 | |||||||||
Operations: | ||||||||||
Net Investment Income | $ | 26 | $ | 3 | ||||||
Capital Gain Received from Investments in Affiliated Investment Companies | 91 | 2 | ||||||||
Net Realized Gain (Loss) on Investments Sold | (4 | ) | — | |||||||
Net Change in Unrealized Appreciation on Investments | 115 | 18 | ||||||||
Change in Net Assets from Operations | 228 | 23 | ||||||||
Dividends and Distributions to Shareholders: | ||||||||||
Net Investment Income: | ||||||||||
I Shares | (49 | ) | (2 | ) | ||||||
A Shares | — | — | ||||||||
C Shares | ||||||||||
B Shares | ||||||||||
Net Realized Gains: | ||||||||||
I Shares | (2 | ) | — | |||||||
A Shares | — | — | ||||||||
C Shares | ||||||||||
B Shares | ||||||||||
Total Dividends and Distributions | (51 | ) | (2 | ) | ||||||
Change in Net Assets from Capital Transactions | 3,462 | 1,089 | ||||||||
Change in Net Assets | 3,639 | 1,110 | ||||||||
Net Assets: | ||||||||||
Beginning of Period | 1,110 | — | ||||||||
End of Period | $ | 4,749 | $ | 1,110 | ||||||
Accumulated Net Investment Income (Loss), End of Period | $ | 1 | $ | 1 | ||||||
* | Commencement of operations. |
Amounts designated as “—” are either $0 or have been rounded to $0.
114
Table of Contents
Life Vision | Life Vision | Life Vision | |||||||||||||||||||||||
Growth and Income Fund | Moderate Growth Fund | Target Date 2015 Fund | |||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 10/12/05*- | ||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | ||||||||||||||||||||
Capital Transactions: | |||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 41,607 | $ | 28,839 | $ | 48,287 | $ | 52,916 | $ | 1,890 | $ | 255 | |||||||||||||
Proceeds from Shares Issued in Acquisition | — | — | 32,309 | — | — | — | |||||||||||||||||||
Dividends Reinvested | 5,153 | 1,747 | 12,207 | 6,685 | 31 | 2 | |||||||||||||||||||
Cost of Shares Redeemed | (37,048 | ) | (28,075 | ) | (58,615 | ) | (38,674 | ) | (200 | ) | (2 | ) | |||||||||||||
Change in Net Assets from I Shares | $ | 9,712 | $ | 2,511 | $ | 34,188 | $ | 20,927 | $ | 1,721 | $ | 255 | |||||||||||||
A Shares:(1) | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 1,435 | $ | 2,726 | $ | 1,015 | $ | 2,619 | $ | 2 | $ | — | |||||||||||||
Proceeds from Shares Issued in Acquisition | — | — | 5,098 | — | — | — | |||||||||||||||||||
Dividends Reinvested | 297 | 82 | 414 | 311 | — | — | |||||||||||||||||||
Cost of Shares Redeemed | (946 | ) | (1,078 | ) | (1,346 | ) | (5,501 | ) | — | — | |||||||||||||||
Change in Net Assets from A Shares | $ | 786 | $ | 1,730 | $ | 5,181 | $ | (2,571 | ) | $ | 2 | $ | — | ||||||||||||
C Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 3,325 | $ | 3,013 | $ | 875 | $ | 1,691 | |||||||||||||||||
Proceeds from Shares Issued in Acquisition | — | — | 22,680 | — | |||||||||||||||||||||
Dividends Reinvested | 171 | 20 | 159 | 43 | |||||||||||||||||||||
Cost of Shares Redeemed | (947 | ) | (342 | ) | (1,106 | ) | (92 | ) | |||||||||||||||||
Change in Net Assets from C Shares | $ | 2,549 | $ | 2,691 | $ | 22,608 | $ | 1,642 | |||||||||||||||||
B Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 213 | $ | 1,586 | $ | 25 | $ | 620 | |||||||||||||||||
Dividends Reinvested | 644 | 193 | 829 | 561 | |||||||||||||||||||||
Cost of Shares Redeemed | (2,318 | ) | (2,118 | ) | (2,243 | ) | (2,390 | ) | |||||||||||||||||
Change in Net Assets from B Shares | $ | (1,461 | ) | $ | (339 | ) | $ | (1,389 | ) | $ | (1,209 | ) | |||||||||||||
Change in Net Assets from Capital Transactions | $ | 11,586 | $ | 6,593 | $ | 60,588 | $ | 18,789 | $ | 1,723 | $ | 255 | |||||||||||||
Share Transactions: | |||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||
Issued | 3,306 | 2,447 | 4,424 | 4,953 | 169 | 25 | |||||||||||||||||||
Issued in Acquisition | — | — | 2,988 | — | — | — | |||||||||||||||||||
Reinvested | 405 | 146 | 1,111 | 625 | 3 | — | |||||||||||||||||||
Redeemed | (2,916 | ) | (2,382 | ) | (5,371 | ) | (3,619 | ) | (18 | ) | — | ||||||||||||||
Change in I Shares | 795 | 211 | 3,152 | 1,959 | 154 | 25 | |||||||||||||||||||
A Shares:(1) | |||||||||||||||||||||||||
Issued | 117 | 232 | 94 | 246 | — | — | |||||||||||||||||||
Issued in Acquisition | — | — | 471 | — | — | — | |||||||||||||||||||
Reinvested | 23 | 7 | 38 | 29 | — | — | |||||||||||||||||||
Redeemed | (75 | ) | (91 | ) | (123 | ) | (517 | ) | — | — | |||||||||||||||
Change in A Shares | 65 | 148 | 480 | (242 | ) | — | — | ||||||||||||||||||
C Shares: | |||||||||||||||||||||||||
Issued | 268 | 254 | 79 | 160 | |||||||||||||||||||||
Issued in Acquisition | — | — | 2,101 | — | |||||||||||||||||||||
Reinvested | 13 | 2 | 15 | 4 | |||||||||||||||||||||
Redeemed | (77 | ) | (28 | ) | (102 | ) | (9 | ) | |||||||||||||||||
Change in C Shares | 204 | 228 | 2,093 | 155 | |||||||||||||||||||||
B Shares: | |||||||||||||||||||||||||
Issued | 17 | 138 | 2 | 59 | |||||||||||||||||||||
Reinvested | 51 | 16 | 76 | 53 | |||||||||||||||||||||
Redeemed | (186 | ) | (179 | ) | (207 | ) | (226 | ) | |||||||||||||||||
Change in B Shares | (118 | ) | (25 | ) | (129 | ) | (114 | ) | |||||||||||||||||
Change in Shares | 946 | 562 | 5,596 | 1,758 | 154 | 25 | |||||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Life Vision | |||||||||
Target Date 2025 Fund | |||||||||
04/01/06- | 10/21/05*- | ||||||||
03/31/07 | 03/31/06 | ||||||||
Capital Transactions: | |||||||||
I Shares: | |||||||||
Proceeds from Shares Issued | $ | 3,629 | $ | 1,096 | |||||
Proceeds from Shares Issued in Acquisition | — | — | |||||||
Dividends Reinvested | 50 | 2 | |||||||
Cost of Shares Redeemed | (259 | ) | (9 | ) | |||||
Change in Net Assets from I Shares | $ | 3,420 | $ | 1,089 | |||||
A Shares:(1) | |||||||||
Proceeds from Shares Issued | $ | 42 | $ | — | |||||
Proceeds from Shares Issued in Acquisition | — | — | |||||||
Dividends Reinvested | — | — | |||||||
Cost of Shares Redeemed | — | — | |||||||
Change in Net Assets from A Shares | $ | 42 | $ | — | |||||
C Shares: | |||||||||
Proceeds from Shares Issued | |||||||||
Proceeds from Shares Issued in Acquisition | |||||||||
Dividends Reinvested | |||||||||
Cost of Shares Redeemed | |||||||||
Change in Net Assets from C Shares | |||||||||
B Shares: | |||||||||
Proceeds from Shares Issued | |||||||||
Dividends Reinvested | |||||||||
Cost of Shares Redeemed | |||||||||
Change in Net Assets from B Shares | |||||||||
Change in Net Assets from Capital Transactions | $ | 3,462 | $ | 1,089 | |||||
Share Transactions: | |||||||||
I Shares: | |||||||||
Issued | 313 | 101 | |||||||
Issued in Acquisition | — | — | |||||||
Reinvested | 4 | — | |||||||
Redeemed | (23 | ) | (1 | ) | |||||
Change in I Shares | 294 | 100 | |||||||
A Shares:(1) | |||||||||
Issued | 4 | — | |||||||
Issued in Acquisition | — | — | |||||||
Reinvested | — | — | |||||||
Redeemed | — | — | |||||||
Change in A Shares | 4 | — | |||||||
C Shares: | |||||||||
Issued | |||||||||
Issued in Acquisition | |||||||||
Reinvested | |||||||||
Redeemed | |||||||||
Change in C Shares | |||||||||
B Shares: | |||||||||
Issued | |||||||||
Reinvested | |||||||||
Redeemed | |||||||||
Change in B Shares | |||||||||
Change in Shares | 298 | 100 | |||||||
* | Commencement of operations. |
(1) | A shares commenced operations beginning on January 5, 2007 for the Life Vision Target Date 2015 Fund and July 12, 2006 for the Life Vision Target Date 2025 Fund. |
Amounts designated as “—” are either $0 or have been rounded to $0.
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Table of Contents
Life Vision | ||||||||||
Target Date 2035 Fund | ||||||||||
04/01/06- | 11/02/05-* | |||||||||
03/31/07 | 03/31/06 | |||||||||
Operations: | ||||||||||
Net Investment Income | $ | 10 | $ | 3 | ||||||
Capital Gain Received from Investments in Affiliated Investment Companies | 43 | 4 | ||||||||
Net Realized Gain (Loss) on Investments Sold | (3 | ) | 1 | |||||||
Net Change in Unrealized Appreciation on Investments | 51 | 17 | ||||||||
Change in Net Assets from Operations | 101 | 25 | ||||||||
Dividends and Distributions to Shareholders: | ||||||||||
Net Investment Income: | ||||||||||
I Shares | (21 | ) | (3 | ) | ||||||
Net Realized Gains: | ||||||||||
I Shares | (5 | ) | — | |||||||
Total Dividends and Distributions | (26 | ) | (3 | ) | ||||||
Change in Net Assets from Capital Transactions | 657 | 568 | ||||||||
Change in Net Assets | 732 | 590 | ||||||||
Net Assets: | ||||||||||
Beginning of Period | 590 | — | ||||||||
End of Period | $ | 1,322 | $ | 590 | ||||||
Accumulated Net Investment Income (Loss), End of Period | $ | — | $ | — | ||||||
* | Commencement of operations. |
Amounts designated as “—” are either $0 or have been rounded to $0.
116
Table of Contents
Life Vision | |||||||||
Target Date 2035 Fund | |||||||||
04/01/06- | 11/02/05*- | ||||||||
03/31/07 | 03/31/06 | ||||||||
Capital Transactions: | |||||||||
I Shares: | |||||||||
Proceeds from Shares Issued | $ | 747 | $ | 634 | |||||
Dividends Reinvested | 26 | 3 | |||||||
Cost of Shares Redeemed | (120 | ) | (69 | ) | |||||
Change in Net Assets from I Shares | $ | 653 | $ | 568 | |||||
A Shares:(1) | |||||||||
Proceeds from Shares Issued | $ | 4 | $ | — | |||||
Change in Net Assets from A Shares | $ | 4 | $ | — | |||||
Change in Net Assets from Capital Transactions | $ | 657 | $ | 568 | |||||
Share Transactions: | |||||||||
I Shares: | |||||||||
Issued | 67 | 61 | |||||||
Reinvested | 2 | — | |||||||
Redeemed | (10 | ) | (7 | ) | |||||
Change in I Shares | 59 | 54 | |||||||
A Shares:(1) | |||||||||
Issued | — | — | |||||||
Change in A Shares | — | — | |||||||
Change in Shares | 59 | 54 | |||||||
* | Commencement of operations. |
(1) | A shares commenced operations beginning on May 4, 2006. |
Amounts designated as “—” are either $0 or have been rounded to $0.
117
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
Aggressive Growth Stock Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 12.24 | $ | (0.09 | )(a) | $ | 0.49 | $ | 0.40 | $ | — | $ | — | $ | — | ||||||||||||||
Year Ended March 31, 2006 | 9.89 | (0.07 | )(a) | 2.42 | 2.35 | — | * | — | — | * | |||||||||||||||||||
Period Ended March 31, 2005 | 10.00 | (0.06 | )(a) | (0.05 | ) | (0.11 | ) | — | — | — | |||||||||||||||||||
Period Ended May 31, 2004(b) | 10.00 | (0.02 | )(a) | 0.02 | — | — | — | — | |||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.16 | (0.12 | )(a) | 0.49 | 0.37 | — | — | — | |||||||||||||||||||||
Year Ended March 31, 2006 | 9.84 | (0.10 | )(a) | 2.42 | 2.32 | — | — | — | |||||||||||||||||||||
Period Ended March 31, 2005 | 9.99 | (0.09 | )(a) | (0.06 | ) | (0.15 | ) | — | — | — | |||||||||||||||||||
Period Ended May 31, 2004(b) | 10.00 | (0.03 | )(a) | 0.02 | (0.01 | ) | — | — | — | ||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.00 | (0.20 | )(a) | 0.47 | 0.27 | — | — | — | |||||||||||||||||||||
Year Ended March 31, 2006 | 9.78 | (0.17 | )(a) | 2.39 | 2.22 | — | — | — | |||||||||||||||||||||
Period Ended March 31, 2005 | 9.97 | (0.15 | )(a) | (0.04 | ) | (0.19 | ) | — | — | — | |||||||||||||||||||
Period Ended May 31, 2004(b) | 10.00 | (0.04 | )(a) | 0.01 | (0.03 | ) | — | — | — | ||||||||||||||||||||
Capital Appreciation Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.83 | 0.06 | (a) | 0.58 | 0.64 | (0.06 | ) | (0.55 | ) | (0.61 | ) | ||||||||||||||||||
Year Ended March 31, 2006 | 12.22 | 0.03 | (a) | 0.86 | 0.89 | (0.02 | ) | (0.26 | ) | (0.28 | ) | ||||||||||||||||||
Period Ended March 31, 2005 | 12.33 | 0.03 | (a) | 0.07 | 0.10 | (0.03 | ) | (0.18 | ) | (0.21 | ) | ||||||||||||||||||
Year Ended May 31, 2004 | 11.02 | (0.03 | )(a) | 1.34 | 1.31 | — | — | — | |||||||||||||||||||||
Year Ended May 31, 2003 | 12.24 | (0.03 | )(a) | (1.19 | ) | (1.22 | ) | — | — | — | |||||||||||||||||||
Year Ended May 31, 2002 | 13.89 | — | (1.53 | ) | (1.53 | ) | — | (0.12 | ) | (0.12 | ) | ||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.20 | 0.02 | (a) | 0.56 | 0.58 | (0.04 | ) | (0.55 | ) | (0.59 | ) | ||||||||||||||||||
Year Ended March 31, 2006 | 11.66 | (0.03 | )(a) | 0.83 | 0.80 | — | (0.26 | ) | (0.26 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 11.82 | (0.04 | )(a) | 0.06 | 0.02 | — | (0.18 | ) | (0.18 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 10.63 | (0.10 | )(a) | 1.29 | 1.19 | — | — | — | |||||||||||||||||||||
Year Ended May 31, 2003 | 11.89 | (0.10 | )(a) | (1.16 | ) | (1.26 | ) | — | — | — | |||||||||||||||||||
Year Ended May 31, 2002 | 13.59 | (0.10 | ) | (1.48 | ) | (1.58 | ) | — | (0.12 | ) | (0.12 | ) | |||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 11.46 | (0.06 | )(a) | 0.52 | 0.46 | (0.01 | ) | (0.55 | ) | (0.56 | ) | ||||||||||||||||||
Year Ended March 31, 2006 | 11.04 | (0.09 | )(a) | 0.77 | 0.68 | — | (0.26 | ) | (0.26 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 11.22 | (0.07 | )(a) | 0.07 | — | — | (0.18 | ) | (0.18 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 10.15 | (0.15 | )(a) | 1.22 | 1.07 | — | — | — | |||||||||||||||||||||
Year Ended May 31, 2003 | 11.40 | (0.14 | )(a) | (1.11 | ) | (1.25 | ) | — | — | — | |||||||||||||||||||
Year Ended May 31, 2002 | 13.09 | (0.06 | ) | (1.51 | ) | (1.57 | ) | — | (0.12 | ) | (0.12 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Ratio of | Expenses to | ||||||||||||||||||||||||||||
Ratio | Net | Average Net | |||||||||||||||||||||||||||
of Net | Investment | Assets | |||||||||||||||||||||||||||
Net | Expenses | Income | (Excluding | ||||||||||||||||||||||||||
Asset | to | (Loss) to | Waivers, | ||||||||||||||||||||||||||
Value, | Net Assets, | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | End of | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | Period (000) | Assets(2) | Assets(2) | Offset)(2) | Rate(3) | |||||||||||||||||||||||
Aggressive Growth Stock Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 12.64 | 3.27 | % | $ | 323,303 | 1.17 | % | (0.79 | )% | 1.17 | % | 49 | % | |||||||||||||||
Year Ended March 31, 2006 | 12.24 | 23.77 | 254,412 | 1.19 | (0.61 | ) | 1.23 | 30 | |||||||||||||||||||||
Period Ended March 31, 2005 | 9.89 | (1.10 | ) | 58,988 | 1.22 | (0.79 | ) | 1.45 | 42 | ||||||||||||||||||||
Period Ended May 31, 2004(b) | 10.00 | 0.00 | 20,501 | 1.22 | (0.74 | ) | 1.61 | 2 | |||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.53 | 3.04 | 553 | 1.47 | (1.10 | ) | 1.47 | 49 | |||||||||||||||||||||
Year Ended March 31, 2006 | 12.16 | 23.58 | 331 | 1.50 | (0.94 | ) | 1.55 | 30 | |||||||||||||||||||||
Period Ended March 31, 2005 | 9.84 | (1.50 | ) | 140 | 1.58 | (1.14 | ) | 5.56 | 42 | ||||||||||||||||||||
Period Ended May 31, 2004(b) | 9.99 | (0.10 | ) | 49 | 1.65 | (1.25 | ) | 11.29 | (c) | 2 | |||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.27 | 2.25 | 3,536 | 2.16 | (1.78 | ) | 2.16 | 49 | |||||||||||||||||||||
Year Ended March 31, 2006 | 12.00 | 22.70 | 5,223 | 2.17 | (1.63 | ) | 2.27 | 30 | |||||||||||||||||||||
Period Ended March 31, 2005 | 9.78 | (1.91 | ) | 5,795 | 2.19 | (1.75 | ) | 2.56 | 42 | ||||||||||||||||||||
Period Ended May 31, 2004(b) | 9.97 | (0.30 | ) | 65 | 2.10 | (1.69 | ) | 8.78 | (c) | 2 | |||||||||||||||||||
Capital Appreciation Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.86 | 5.08 | 1,105,504 | 0.98 | 0.48 | 0.98 | 79 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 12.83 | 7.33 | 1,296,236 | 1.06 | 0.22 | 1.07 | 74 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 12.22 | 0.76 | 1,493,213 | 1.19 | 0.31 | 1.21 | 72 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 12.33 | 11.89 | 1,248,636 | 1.23 | (0.25 | ) | 1.24 | 106 | |||||||||||||||||||||
Year Ended May 31, 2003 | 11.02 | (9.97 | ) | 1,090,549 | 1.22 | (0.32 | ) | 1.24 | 69 | ||||||||||||||||||||
Year Ended May 31, 2002 | 12.24 | (11.06 | ) | 1,204,445 | 1.22 | (0.54 | ) | 1.24 | 75 | ||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.19 | 4.69 | 80,848 | 1.28 | 0.18 | 1.28 | 79 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 12.20 | 6.97 | 104,733 | 1.50 | (0.22 | ) | 1.50 | 74 | |||||||||||||||||||||
Period Ended March 31, 2005 | 11.66 | 0.15 | 126,895 | 1.86 | (0.38 | ) | 1.90 | 72 | |||||||||||||||||||||
Year Ended May 31, 2004 | 11.82 | 11.19 | 145,883 | 1.88 | (0.91 | ) | 2.00 | 106 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.63 | (10.60 | ) | 141,488 | 1.88 | (0.98 | ) | 2.00 | 69 | ||||||||||||||||||||
Year Ended May 31, 2002 | 11.89 | (11.68 | ) | 163,155 | 1.88 | (1.20 | ) | 1.99 | 75 | ||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 11.36 | 3.96 | 37,356 | 1.98 | (0.52 | ) | 1.98 | 79 | |||||||||||||||||||||
Year Ended March 31, 2006 | 11.46 | 6.27 | 51,883 | 2.07 | (0.79 | ) | 2.08 | 74 | |||||||||||||||||||||
Period Ended March 31, 2005 | 11.04 | (0.02 | ) | 75,786 | 2.21 | (0.74 | ) | 2.24 | 72 | ||||||||||||||||||||
Year Ended May 31, 2004 | 11.22 | 10.54 | 100,472 | 2.35 | (1.38 | ) | 2.43 | 106 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.15 | (10.96 | ) | 94,505 | 2.35 | (1.45 | ) | 2.45 | 69 | ||||||||||||||||||||
Year Ended May 31, 2002 | 11.40 | (12.05 | ) | 110,923 | 2.35 | (1.67 | ) | 2.39 | 75 |
118
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
Emerging Growth Stock Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 12.83 | $ | (0.10 | )(a) | $ | 0.24 | $ | 0.14 | $ | — | $ | — | $ | — | ||||||||||||||
Year Ended March 31, 2006 | 9.38 | (0.09 | )(a) | 3.54 | 3.45 | — | — | — | |||||||||||||||||||||
Period Ended March 31, 2005 | 9.60 | (0.08 | )(a) | (0.14 | ) | (0.22 | ) | — | — | — | |||||||||||||||||||
Period Ended May 31, 2004(b) | 10.00 | (0.03 | )(a) | (0.37 | ) | (0.40 | ) | — | — | — | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.74 | (0.14 | )(a) | 0.23 | 0.09 | — | — | — | |||||||||||||||||||||
Year Ended March 31, 2006 | 9.34 | (0.13 | )(a) | 3.53 | 3.40 | — | — | — | |||||||||||||||||||||
Period Ended March 31, 2005 | 9.59 | (0.11 | )(a) | (0.14 | ) | (0.25 | ) | — | — | — | |||||||||||||||||||
Period Ended May 31, 2004(b) | 10.00 | (0.04 | )(a) | (0.37 | ) | (0.41 | ) | — | — | — | |||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.59 | (0.22 | )(a) | 0.22 | — | — | — | — | |||||||||||||||||||||
Year Ended March 31, 2006 | 9.29 | (0.20 | )(a) | 3.50 | 3.30 | — | — | — | |||||||||||||||||||||
Period Ended March 31, 2005 | 9.58 | (0.15 | )(a) | (0.14 | ) | (0.29 | ) | — | — | — | |||||||||||||||||||
Period Ended May 31, 2004(d) | 10.14 | (0.05 | )(a) | (0.51 | ) | (0.56 | ) | — | — | — | |||||||||||||||||||
International Equity Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 14.49 | 0.20 | 2.41 | 2.61 | (0.27 | ) | — | * | (0.27 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 11.77 | 0.16 | 2.72 | 2.88 | (0.16 | ) | — | (0.16 | ) | ||||||||||||||||||||
Period Ended March 31, 2005 | 10.15 | 0.06 | 1.67 | 1.73 | (0.11 | ) | — | (0.11 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 8.00 | 0.10 | (a) | 2.19 | 2.29 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 9.31 | 0.07 | (1.32 | ) | (1.25 | ) | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||||
Year Ended May 31, 2002 | 10.19 | 0.19 | (1.07 | ) | (0.88 | ) | — | — | — | ||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 14.34 | 0.16 | 2.40 | 2.56 | (0.23 | ) | — | * | (0.23 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 11.64 | 0.11 | 2.70 | 2.81 | (0.11 | ) | — | (0.11 | ) | ||||||||||||||||||||
Period Ended March 31, 2005 | 10.03 | 0.01 | 1.67 | 1.68 | (0.07 | ) | — | (0.07 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 7.92 | 0.04 | (a) | 2.17 | 2.21 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 9.21 | 0.04 | (1.30 | ) | (1.26 | ) | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||
Year Ended May 31, 2002 | 10.11 | 0.14 | (1.04 | ) | (0.90 | ) | — | — | — | ||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 13.58 | 0.05 | 2.25 | 2.30 | (0.12 | ) | — | * | (0.12 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 11.01 | — | 2.57 | 2.57 | — | — | — | ||||||||||||||||||||||
Period Ended March 31, 2005 | 9.49 | (0.02 | )(a) | 1.54 | 1.52 | — | * | — | — | * | |||||||||||||||||||
Year Ended May 31, 2004 | 7.50 | (0.01 | )(a) | 2.06 | 2.05 | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 8.75 | (0.01 | ) | (1.24 | ) | (1.25 | ) | — | — | — | |||||||||||||||||||
Year Ended May 31, 2002 | 9.68 | 0.04 | (0.97 | ) | (0.93 | ) | — | — | — |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Ratio of | Expenses to | ||||||||||||||||||||||||||||
Ratio | Net | Average Net | |||||||||||||||||||||||||||
of Net | Investment | Assets | |||||||||||||||||||||||||||
Net | Expenses | Income | (Excluding | ||||||||||||||||||||||||||
Asset | to | (Loss) to | Waivers, | ||||||||||||||||||||||||||
Value, | Net Assets, | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | End of | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | Period (000) | Assets(2) | Assets(2) | Offset)(2) | Rate(3) | |||||||||||||||||||||||
Emerging Growth Stock Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 12.97 | 1.09 | % | $ | 111,078 | 1.17 | % | (0.85 | )% | 1.18 | % | 103 | % | |||||||||||||||
Year Ended March 31, 2006 | 12.83 | 36.78 | 48,369 | 1.20 | (0.84 | ) | 1.24 | 107 | |||||||||||||||||||||
Period Ended March 31, 2005 | 9.38 | (2.29 | ) | 20,494 | 1.23 | (1.03 | ) | 1.51 | 64 | ||||||||||||||||||||
Period Ended May 31, 2004(b) | 9.60 | (4.00 | ) | 12,891 | 1.22 | (1.04 | ) | 1.69 | 11 | ||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.83 | 0.71 | 615 | 1.48 | (1.16 | ) | 1.49 | 103 | |||||||||||||||||||||
Year Ended March 31, 2006 | 12.74 | 36.30 | 227 | 1.51 | (1.16 | ) | 1.55 | 107 | |||||||||||||||||||||
Period Ended March 31, 2005 | 9.34 | (2.61 | ) | 86 | 1.59 | (1.40 | ) | 6.91 | 64 | ||||||||||||||||||||
Period Ended May 31, 2004(b) | 9.59 | (4.10 | ) | 39 | 1.65 | (1.46 | ) | 13.36 | (c) | 11 | |||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.59 | 0.00 | 99 | 2.17 | (1.84 | ) | 2.18 | 103 | |||||||||||||||||||||
Year Ended March 31, 2006 | 12.59 | 35.52 | 107 | 2.17 | (1.82 | ) | 2.21 | 107 | |||||||||||||||||||||
Period Ended March 31, 2005 | 9.29 | (3.03 | ) | 34 | 2.11 | (1.92 | ) | 13.65 | 64 | ||||||||||||||||||||
Period Ended May 31, 2004(d) | 9.58 | (5.52 | ) | 34 | 2.11 | (1.95 | ) | 18.36 | (c) | 11 | |||||||||||||||||||
International Equity Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 16.83 | 18.21 | 1,165,510 | 1.22 | 1.31 | 1.22 | 81 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 14.49 | 24.47 | # | 926,845 | 1.31 | 1.40 | 1.32 | 59 | |||||||||||||||||||||
Period Ended March 31, 2005 | 11.77 | 17.09 | 480,731 | 1.38 | 0.85 | 1.38 | 39 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.15 | 28.64 | 332,180 | 1.41 | 1.08 | 1.41 | 58 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 8.00 | (13.40 | ) | 191,041 | 1.46 | 0.83 | 1.46 | 89 | |||||||||||||||||||||
Year Ended May 31, 2002 | 9.31 | (8.64 | ) | 252,991 | 1.48 | 0.48 | 1.48 | 102 | |||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 16.67 | 18.00 | 14,277 | 1.52 | 1.05 | 1.52 | 81 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 14.34 | 24.15 | # | 11,805 | 1.62 | 1.14 | 1.63 | 59 | |||||||||||||||||||||
Period Ended March 31, 2005 | 11.64 | 16.78 | 8,480 | 1.72 | 0.47 | 1.75 | 39 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.03 | 29.97 | 7,056 | 1.83 | 0.46 | 2.06 | 58 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 7.92 | (13.70 | ) | 6,408 | 1.83 | 0.59 | 2.22 | 89 | |||||||||||||||||||||
Year Ended May 31, 2002 | 9.21 | (8.90 | ) | 5,272 | 1.83 | (0.21 | ) | 2.08 | 102 | ||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 15.76 | 16.97 | 8,429 | 2.22 | 0.35 | 2.22 | 81 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 13.58 | 23.34 | # | 8,584 | 2.31 | 0.51 | 2.32 | 59 | |||||||||||||||||||||
Period Ended March 31, 2005 | 11.01 | 16.03 | 8,248 | 2.40 | (0.21 | ) | 2.45 | 39 | |||||||||||||||||||||
Year Ended May 31, 2004 | 9.49 | 27.32 | 7,606 | 2.53 | (0.15 | ) | 2.86 | 58 | |||||||||||||||||||||
Year Ended May 31, 2003 | 7.50 | (14.29 | ) | 5,678 | 2.53 | (0.17 | ) | 3.03 | 89 | ||||||||||||||||||||
Year Ended May 31, 2002 | 8.75 | (9.61 | ) | 6,567 | 2.53 | (0.73 | ) | 2.93 | 102 |
119
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
International Equity Index Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 15.81 | $ | 0.35 | $ | 2.84 | $ | 3.19 | $ | (0.36 | ) | $ | — | $ | (0.36 | ) | |||||||||||||
Year Ended March 31, 2006 | 12.83 | 0.25 | 2.94 | 3.19 | (0.21 | ) | — | (0.21 | ) | ||||||||||||||||||||
Period Ended March 31, 2005 | 11.11 | 0.08 | (a) | 1.88 | 1.96 | (0.24 | ) | — | (0.24 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 8.39 | 0.14 | (a) | 2.71 | 2.85 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 9.76 | 0.10 | (a) | (1.43 | ) | (1.33 | ) | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||
Year Ended May 31, 2002 | 11.18 | 0.04 | (1.43 | ) | (1.39 | ) | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 15.66 | 0.28 | 2.84 | 3.12 | (0.29 | ) | — | (0.29 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 12.69 | 0.25 | 2.87 | 3.12 | (0.15 | ) | — | (0.15 | ) | ||||||||||||||||||||
Period Ended March 31, 2005 | 10.93 | 0.04 | (a) | 1.84 | 1.88 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 8.28 | 0.07 | (a) | 2.68 | 2.75 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 9.64 | 0.10 | (a) | (1.45 | ) | (1.35 | ) | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||
Year Ended May 31, 2002 | 11.05 | (0.02 | ) | (1.38 | ) | (1.40 | ) | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 15.29 | 0.21 | 2.71 | 2.92 | (0.22 | ) | — | (0.22 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 12.37 | 0.07 | 2.87 | 2.94 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||||
Period Ended March 31, 2005 | 10.69 | (0.02 | )(a) | 1.80 | 1.78 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 8.10 | 0.02 | (a) | 2.62 | 2.64 | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 9.48 | 0.01 | (a) | (1.39 | ) | (1.38 | ) | — | — | — | |||||||||||||||||||
Year Ended May 31, 2002 | 10.93 | (0.12 | ) | (1.33 | ) | (1.45 | ) | — | — | — | |||||||||||||||||||
Large Cap Quantitative Equity Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 13.75 | 0.07 | (a) | 0.69 | 0.76 | (0.06 | ) | (0.37 | ) | (0.43 | ) | ||||||||||||||||||
Year Ended March 31, 2006 | 13.25 | 0.01 | (a) | 1.55 | 1.56 | — | * | (1.06 | ) | (1.06 | ) | ||||||||||||||||||
Period Ended March 31, 2005 | 12.08 | (0.02 | )(a) | 1.91 | 1.89 | — | (0.72 | ) | (0.72 | ) | |||||||||||||||||||
Period Ended May 31, 2004(e) | 10.00 | (0.02 | )(a) | 2.35 | 2.33 | — | (0.25 | ) | (0.25 | ) | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 13.65 | 0.03 | (a) | 0.69 | 0.72 | (0.03 | ) | (0.37 | ) | (0.40 | ) | ||||||||||||||||||
Year Ended March 31, 2006 | 13.18 | (0.02 | )(a) | 1.55 | 1.53 | — | (1.06 | ) | (1.06 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 12.05 | (0.05 | )(a) | 1.90 | 1.85 | — | (0.72 | ) | (0.72 | ) | |||||||||||||||||||
Period Ended May 31, 2004(f) | 11.35 | (0.05 | )(a) | 1.00 | 0.95 | — | (0.25 | ) | (0.25 | ) | |||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 13.37 | (0.07 | )(a) | 0.68 | 0.61 | — | (0.37 | ) | (0.37 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 13.03 | (0.13 | )(a) | 1.53 | 1.40 | — | (1.06 | ) | (1.06 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 12.00 | (0.13 | )(a) | 1.88 | 1.75 | — | (0.72 | ) | (0.72 | ) | |||||||||||||||||||
Period Ended May 31, 2004(g) | 11.64 | (0.11 | )(a) | 0.72 | 0.61 | — | (0.25 | ) | (0.25 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Ratio of | Expenses to | ||||||||||||||||||||||||||||
Ratio | Net | Average Net | |||||||||||||||||||||||||||
of Net | Investment | Assets | |||||||||||||||||||||||||||
Net | Expenses | Income | (Excluding | ||||||||||||||||||||||||||
Asset | to | (Loss) to | Waivers, | ||||||||||||||||||||||||||
Value, | Net Assets, | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | End of | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | Period (000) | Assets(2) | Assets(2) | Offset)(2) | Rate(3) | |||||||||||||||||||||||
International Equity Index Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 18.64 | 20.27 | % | $ | 994,685 | 0.61 | % | 1.99 | % | 0.61 | % | 8 | % | |||||||||||||||
Year Ended March 31, 2006 | 15.81 | 25.06 | # | 774,008 | 0.76 | 1.84 | 0.78 | 7 | |||||||||||||||||||||
Period Ended March 31, 2005 | 12.83 | 17.68 | 517,993 | 0.97 | 0.81 | 1.06 | 21 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 11.11 | 34.07 | 351,163 | 0.98 | 1.38 | 1.07 | 10 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 8.39 | (13.63 | ) | 248,770 | 1.03 | 1.26 | 1.12 | 25 | |||||||||||||||||||||
Year Ended May 31, 2002 | 9.76 | (12.43 | ) | 287,944 | 1.04 | 0.63 | 1.12 | 35 | |||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 18.49 | 20.03 | 5,921 | 0.91 | 1.69 | 0.91 | 8 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 15.66 | 24.74 | # | 8,666 | 1.09 | 1.58 | 1.12 | 7 | |||||||||||||||||||||
Period Ended March 31, 2005 | 12.69 | 17.22 | 7,600 | 1.36 | 0.38 | 1.45 | 21 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.93 | 33.26 | 15,037 | 1.49 | 0.73 | 1.61 | 10 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 8.28 | (14.03 | ) | 9,877 | 1.49 | 1.33 | 1.87 | 25 | |||||||||||||||||||||
Year Ended May 31, 2002 | 9.64 | (12.65 | ) | 3,222 | 1.49 | (0.12 | ) | 1.90 | 35 | ||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 17.99 | 19.13 | 7,342 | 1.61 | 0.99 | 1.61 | 8 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 15.29 | 23.79 | # | 5,991 | 1.77 | 0.94 | 1.80 | 7 | |||||||||||||||||||||
Period Ended March 31, 2005 | 12.37 | 16.62 | 5,763 | 1.99 | (0.24 | ) | 2.12 | 21 | |||||||||||||||||||||
Year Ended May 31, 2004 | 10.69 | 32.60 | 5,208 | 2.14 | 0.25 | 2.54 | 10 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 8.10 | (14.56 | ) | 3,093 | 2.14 | 0.18 | 2.82 | 25 | |||||||||||||||||||||
Year Ended May 31, 2002 | 9.48 | (13.27 | ) | 3,505 | 2.14 | (0.68 | ) | 2.26 | 35 | ||||||||||||||||||||
Large Cap Quantitative Equity Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 14.08 | 5.63 | 309,126 | 0.92 | 0.48 | 0.92 | 450 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 13.75 | 12.17 | 284,727 | 0.99 | 0.07 | 1.02 | 432 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 13.25 | 15.84 | 93,204 | 1.11 | (0.19 | ) | 1.26 | 346 | |||||||||||||||||||||
Period Ended May 31, 2004(e) | 12.08 | 23.43 | 66,812 | 1.13 | (0.22 | ) | 1.33 | 344 | |||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 13.97 | 5.38 | 944 | 1.17 | 0.24 | 1.17 | 450 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 13.65 | 11.90 | 1,181 | 1.23 | (0.17 | ) | 1.27 | 432 | |||||||||||||||||||||
Period Ended March 31, 2005 | 13.18 | 15.54 | 407 | 1.39 | (0.47 | ) | 2.37 | 346 | |||||||||||||||||||||
Period Ended May 31, 2004(f) | 12.05 | 8.48 | 155 | 1.55 | (0.67 | ) | 10.70 | (c) | 344 | ||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 13.61 | 4.60 | 1,255 | 1.92 | (0.54 | ) | 1.92 | 450 | |||||||||||||||||||||
Year Ended March 31, 2006 | 13.37 | 11.11 | 1,518 | 2.00 | (0.97 | ) | 2.05 | 432 | |||||||||||||||||||||
Period Ended March 31, 2005 | 13.03 | 14.76 | 1,458 | 2.13 | (1.22 | ) | 2.39 | 346 | |||||||||||||||||||||
Period Ended May 31, 2004(g) | 12.00 | 5.34 | 1,573 | 2.30 | (1.42 | ) | 3.09 | 344 |
120
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
Large Cap Relative Value Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 17.20 | $ | 0.25 | $ | 1.87 | $ | 2.12 | $ | (0.26 | ) | $ | (1.27 | ) | $ | (1.53 | ) | ||||||||||||
Year Ended March 31, 2006 | 16.07 | 0.18 | 1.83 | 2.01 | (0.18 | ) | (0.70 | ) | (0.88 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 14.72 | 0.17 | 1.74 | 1.91 | (0.18 | ) | (0.38 | ) | (0.56 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 12.21 | 0.14 | (a) | 2.50 | 2.64 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 13.80 | 0.13 | (1.60 | ) | (1.47 | ) | (0.12 | ) | — | (0.12 | ) | ||||||||||||||||||
Year Ended May 31, 2002 | 15.05 | 0.09 | (1.26 | ) | (1.17 | ) | (0.08 | ) | — | (0.08 | ) | ||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 17.36 | 0.20 | 1.89 | 2.09 | (0.21 | ) | (1.27 | ) | (1.48 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 16.21 | 0.14 | 1.85 | 1.99 | (0.14 | ) | (0.70 | ) | (0.84 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 14.83 | 0.14 | 1.77 | 1.91 | (0.15 | ) | (0.38 | ) | (0.53 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 12.31 | 0.12 | (a) | 2.51 | 2.63 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 13.91 | 0.11 | (1.61 | ) | (1.50 | ) | (0.10 | ) | — | (0.10 | ) | ||||||||||||||||||
Year Ended May 31, 2002 | 15.17 | 0.06 | (1.27 | ) | (1.21 | ) | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 17.00 | 0.08 | 1.84 | 1.92 | (0.09 | ) | (1.27 | ) | (1.36 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 15.89 | 0.02 | 1.81 | 1.83 | (0.02 | ) | (0.70 | ) | (0.72 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 14.54 | 0.03 | 1.74 | 1.77 | (0.04 | ) | (0.38 | ) | (0.42 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 12.08 | 0.01 | (a) | 2.47 | 2.48 | (0.02 | ) | — | (0.02 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 13.66 | — | (1.56 | ) | (1.56 | ) | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended May 31, 2002 | 14.96 | (0.02 | ) | (1.28 | ) | (1.30 | ) | — | — | — | |||||||||||||||||||
Large Cap Value Equity Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 13.85 | 0.23 | 1.85 | 2.08 | (0.23 | ) | (0.57 | ) | (0.80 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 12.59 | 0.23 | 1.26 | 1.49 | (0.23 | ) | — | (0.23 | ) | ||||||||||||||||||||
Period Ended March 31, 2005 | 11.47 | 0.15 | 1.15 | 1.30 | (0.18 | ) | — | (0.18 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 9.73 | 0.15 | (a) | 1.74 | 1.89 | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 11.05 | 0.15 | (1.33 | ) | (1.18 | ) | (0.14 | ) | — | (0.14 | ) | ||||||||||||||||||
Year Ended May 31, 2002 | 11.61 | 0.12 | (0.56 | ) | (0.44 | ) | (0.12 | ) | — | (0.12 | ) | ||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 13.82 | 0.19 | 1.83 | 2.02 | (0.19 | ) | (0.57 | ) | (0.76 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 12.56 | 0.19 | 1.26 | 1.45 | (0.19 | ) | — | (0.19 | ) | ||||||||||||||||||||
Period Ended March 31, 2005 | 11.43 | 0.11 | 1.16 | 1.27 | (0.14 | ) | — | (0.14 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 9.70 | 0.11 | (a) | 1.73 | 1.84 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 11.01 | 0.12 | (1.32 | ) | (1.20 | ) | (0.11 | ) | — | (0.11 | ) | ||||||||||||||||||
Year Ended May 31, 2002 | 11.58 | 0.08 | (0.56 | ) | (0.48 | ) | (0.09 | ) | — | (0.09 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Ratio of | Expenses to | ||||||||||||||||||||||||||||
Ratio | Net | Average Net | |||||||||||||||||||||||||||
of Net | Investment | Assets | |||||||||||||||||||||||||||
Net | Expenses | Income | (Excluding | ||||||||||||||||||||||||||
Asset | to | (Loss) to | Waivers, | ||||||||||||||||||||||||||
Value, | Net Assets, | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | End of | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | Period (000) | Assets(2) | Assets(2) | Offset)(2) | Rate(3) | |||||||||||||||||||||||
Large Cap Relative Value Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 17.79 | 12.51 | % | $ | 1,554,971 | 0.85 | % | 1.41 | % | 0.85 | % | 58 | % | |||||||||||||||
Year Ended March 31, 2006 | 17.20 | 12.76 | 1,396,362 | 0.90 | 1.15 | 0.90 | 55 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 16.07 | 12.98 | 1,010,717 | 0.96 | 1.23 | 0.96 | 44 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 14.72 | 21.76 | 782,665 | 1.00 | 1.03 | 1.00 | 51 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 12.21 | (10.58 | ) | 598,862 | 0.99 | 1.05 | 0.99 | 52 | |||||||||||||||||||||
Year Ended May 31, 2002 | 13.80 | (7.80 | ) | 792,557 | 0.99 | 0.63 | 0.99 | 68 | |||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 17.97 | 12.25 | 46,878 | 1.10 | 1.19 | 1.10 | 58 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 17.36 | 12.50 | 45,851 | 1.15 | 0.90 | 1.15 | 55 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 16.21 | 12.86 | 44,743 | 1.18 | 0.97 | 1.23 | 44 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 14.83 | 21.45 | 45,808 | 1.18 | 0.84 | 1.36 | 51 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 12.31 | (10.74 | ) | 36,305 | 1.18 | 0.88 | 1.38 | 52 | |||||||||||||||||||||
Year Ended May 31, 2002 | 13.91 | (7.97 | ) | 36,789 | 1.18 | 0.44 | 1.36 | 68 | |||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 17.56 | 11.40 | 68,436 | 1.85 | 0.42 | 1.85 | 58 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 17.00 | 11.69 | 78,348 | 1.90 | 0.15 | 1.90 | 55 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 15.89 | 12.12 | 88,741 | 1.93 | 0.23 | 1.99 | 44 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 14.54 | 20.58 | 97,899 | 1.93 | 0.09 | 2.17 | 51 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 12.08 | (11.41 | ) | 74,261 | 1.93 | 0.11 | 2.20 | 52 | |||||||||||||||||||||
Year Ended May 31, 2002 | 13.66 | (8.69 | ) | 94,671 | 1.93 | (0.29 | ) | 2.16 | 68 | ||||||||||||||||||||
Large Cap Value Equity Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 15.13 | 15.26 | 893,491 | 0.83 | 1.62 | 0.83 | 95 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 13.85 | 11.93 | 766,547 | 0.85 | 1.74 | 0.86 | 104 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 12.59 | 11.42 | 792,677 | 0.86 | 1.52 | 0.86 | 87 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 11.47 | 19.58 | 715,928 | 0.90 | 1.40 | 0.90 | 67 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 9.73 | (10.54 | ) | 681,899 | 0.89 | 1.68 | 0.89 | 46 | |||||||||||||||||||||
Year Ended May 31, 2002 | 11.05 | (3.68 | ) | 686,014 | 0.90 | 1.13 | 0.90 | 60 | |||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 15.08 | 14.81 | 62,390 | 1.13 | 1.32 | 1.13 | 95 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 13.82 | 11.61 | 67,845 | 1.16 | 1.43 | 1.17 | 104 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 12.56 | 11.18 | 75,462 | 1.20 | 1.18 | 1.20 | 87 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 11.43 | 19.10 | 73,257 | 1.28 | 1.01 | 1.31 | 67 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 9.70 | (10.85 | ) | 65,294 | 1.28 | 1.29 | 1.32 | 46 | |||||||||||||||||||||
Year Ended May 31, 2002 | 11.01 | (4.14 | ) | 75,697 | 1.28 | 0.74 | 1.31 | 60 |
121
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
Large Cap Value Equity Fund | |||||||||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 13.68 | $ | 0.09 | $ | 1.81 | $ | 1.90 | $ | (0.09 | ) | $ | (0.57 | ) | $ | (0.66 | ) | ||||||||||||
Year Ended March 31, 2006 | 12.43 | 0.09 | 1.25 | 1.34 | (0.09 | ) | — | (0.09 | ) | ||||||||||||||||||||
Period Ended March 31, 2005 | 11.31 | 0.03 | 1.15 | 1.18 | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 9.60 | 0.03 | (a) | 1.72 | 1.75 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 10.90 | 0.05 | (1.31 | ) | (1.26 | ) | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||
Year Ended May 31, 2002 | 11.46 | — | (0.55 | ) | (0.55 | ) | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
Mid-Cap Equity Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 13.67 | 0.06 | 1.21 | 1.27 | (0.06 | ) | (0.99 | ) | (1.05 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 12.03 | 0.07 | 2.26 | 2.33 | (0.07 | ) | (0.62 | ) | (0.69 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 10.32 | 0.07 | 1.70 | 1.77 | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 8.74 | 0.06 | (a) | 1.57 | 1.63 | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 9.79 | (0.03 | )(a) | (1.02 | )** | (1.05 | )** | — | — | — | |||||||||||||||||||
Year Ended May 31, 2002 | 10.95 | 0.01 | (1.17 | ) | (1.16 | ) | — | — | — | ||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 13.12 | 0.02 | 1.16 | 1.18 | (0.03 | ) | (0.99 | ) | (1.02 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 11.57 | 0.03 | 2.17 | 2.20 | (0.03 | ) | (0.62 | ) | (0.65 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 9.92 | 0.02 | 1.64 | 1.66 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 8.42 | 0.02 | (a) | 1.51 | 1.53 | (0.03 | ) | — | (0.03 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 9.47 | (0.05 | )(a) | (1.00 | ) | (1.05 | ) | — | — | — | |||||||||||||||||||
Year Ended May 31, 2002 | 10.64 | (0.03 | ) | (1.14 | ) | (1.17 | ) | — | — | — | |||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.15 | (0.01 | ) | 1.01 | 1.00 | — | (0.99 | ) | (0.99 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 10.81 | — | 1.96 | 1.96 | — | (0.62 | ) | (0.62 | ) | ||||||||||||||||||||
Period Ended March 31, 2005 | 9.30 | 0.01 | 1.50 | 1.51 | — | — | — | ||||||||||||||||||||||
Year Ended May 31, 2004 | 7.92 | (0.04 | )(a) | 1.43 | 1.39 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 8.97 | (0.10 | )(a) | (0.95 | ) | (1.05 | ) | — | — | — | |||||||||||||||||||
Year Ended May 31, 2002 | 10.14 | 0.02 | (1.19 | ) | (1.17 | ) | — | — | — | ||||||||||||||||||||
Mid-Cap Value Equity Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 13.14 | 0.14 | 2.04 | 2.18 | (0.13 | ) | (2.17 | ) | (2.30 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 12.27 | 0.13 | 2.15 | 2.28 | (0.13 | ) | (1.28 | ) | (1.41 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 10.95 | 0.11 | 1.33 | 1.44 | (0.12 | ) | — | (0.12 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 8.62 | 0.05 | (a) | 2.33 | 2.38 | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 10.95 | 0.05 | (2.16 | ) | (2.11 | ) | (0.04 | ) | (0.18 | ) | (0.22 | ) | |||||||||||||||||
Period Ended May 31, 2002 (h) | 10.00 | 0.02 | 0.94 | 0.96 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 13.10 | 0.11 | 2.03 | 2.14 | (0.10 | ) | (2.17 | ) | (2.27 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 12.24 | 0.09 | 2.14 | 2.23 | (0.09 | ) | (1.28 | ) | (1.37 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 10.94 | 0.08 | 1.31 | 1.39 | (0.09 | ) | — | (0.09 | ) | ||||||||||||||||||||
Period Ended May 31, 2004(i) | 9.39 | 0.02 | (a) | 1.55 | 1.57 | (0.02 | ) | — | (0.02 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Ratio of | Expenses to | ||||||||||||||||||||||||||||
Ratio | Net | Average Net | |||||||||||||||||||||||||||
of Net | Investment | Assets | |||||||||||||||||||||||||||
Net | Expenses | Income | (Excluding | ||||||||||||||||||||||||||
Asset | to | (Loss) to | Waivers, | ||||||||||||||||||||||||||
Value, | Net Assets, | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | End of | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | Period (000) | Assets(2) | Assets(2) | Offset)(2) | Rate(3) | |||||||||||||||||||||||
Large Cap Value Equity Fund | |||||||||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 14.92 | 14.04 | % | $ | 40,223 | 1.83 | % | 0.62 | % | 1.83 | % | 95 | % | |||||||||||||||
Year Ended March 31, 2006 | 13.68 | 10.86 | 44,257 | 1.85 | 0.74 | 1.86 | 104 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 12.43 | 10.46 | 53,147 | 1.88 | 0.49 | 1.89 | 87 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 11.31 | 18.27 | 57,403 | 2.02 | 0.27 | 2.07 | 67 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 9.60 | (11.56 | ) | 49,007 | 2.02 | 0.55 | 2.10 | 46 | |||||||||||||||||||||
Year Ended May 31, 2002 | 10.90 | (4.82 | ) | 59,392 | 2.02 | — | 2.05 | 60 | |||||||||||||||||||||
Mid-Cap Equity Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 13.89 | 9.59 | 333,976 | 1.07 | 0.43 | 1.07 | 189 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 13.67 | 19.68 | 410,459 | 1.12 | 0.63 | 1.13 | 138 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 12.03 | 17.17 | 214,660 | 1.20 | 0.64 | 1.22 | 68 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.32 | 18.70 | 177,128 | 1.23 | 0.64 | 1.26 | 126 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 8.74 | (10.73 | ) | 118,092 | 1.22 | (0.31 | ) | 1.25 | 144 | ||||||||||||||||||||
Year Ended May 31, 2002 | 9.79 | (10.59 | ) | 171,813 | 1.22 | (0.18 | ) | 1.24 | 87 | ||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 13.28 | 9.28 | 11,773 | 1.37 | 0.12 | 1.37 | 189 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 13.12 | 19.32 | 16,009 | 1.47 | 0.25 | 1.48 | 138 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 11.57 | 16.79 | 14,556 | 1.63 | 0.21 | 1.68 | 68 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 9.92 | 18.16 | 17,125 | 1.68 | 0.20 | 1.87 | 126 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 8.42 | (11.09 | ) | 12,137 | 1.68 | (0.68 | ) | 1.92 | 144 | ||||||||||||||||||||
Year Ended May 31, 2002 | 9.47 | (11.00 | ) | 10,766 | 1.68 | (0.63 | ) | 1.89 | 87 | ||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.16 | 8.51 | 10,854 | 2.07 | (0.58 | ) | 2.07 | 189 | |||||||||||||||||||||
Year Ended March 31, 2006 | 12.15 | 18.44 | 13,499 | 2.13 | (0.42 | ) | 2.14 | 138 | |||||||||||||||||||||
Period Ended March 31, 2005 | 10.81 | 16.24 | 14,557 | 2.21 | (0.37 | ) | 2.28 | 68 | |||||||||||||||||||||
Year Ended May 31, 2004 | 9.30 | 17.51 | 15,998 | 2.28 | (0.41 | ) | 2.54 | 126 | |||||||||||||||||||||
Year Ended May 31, 2003 | 7.92 | (11.71 | ) | 12,013 | 2.28 | (1.33 | ) | 2.60 | 144 | ||||||||||||||||||||
Year Ended May 31, 2002 | 8.97 | (11.54 | ) | 13,937 | 2.28 | (1.23 | ) | 2.50 | 87 | ||||||||||||||||||||
Mid-Cap Value Equity Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 13.02 | 17.47 | 278,949 | 1.06 | 1.08 | 1.06 | 196 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 13.14 | 19.49 | 243,534 | 1.13 | 1.03 | 1.16 | 169 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 12.27 | 13.25 | 209,088 | 1.22 | 1.19 | 1.32 | 117 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.95 | 27.71 | 147,185 | 1.26 | 0.53 | 1.36 | 95 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 8.62 | (19.05 | ) | 99,854 | 1.25 | 0.63 | 1.35 | 71 | |||||||||||||||||||||
Period Ended May 31, 2002 (h) | 10.95 | 9.65 | 174,859 | 1.27 | 0.29 | 1.37 | 30 | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.97 | 17.11 | 3,362 | 1.36 | 0.78 | 1.36 | 196 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 13.10 | 19.09 | 2,435 | 1.46 | 0.72 | 1.49 | 169 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 12.24 | 12.73 | 1,724 | 1.62 | 0.74 | 1.93 | 117 | ||||||||||||||||||||||
Period Ended May 31, 2004(i) | 10.94 | 16.73 | 610 | 1.60 | 0.24 | 4.23 | 95 |
122
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
Mid-Cap Value Equity Fund | |||||||||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 13.06 | $ | 0.02 | $ | 2.01 | $ | 2.03 | $ | (0.01 | ) | $ | (2.17 | ) | $ | (2.18 | ) | ||||||||||||
Year Ended March 31, 2006 | 12.21 | 0.02 | 2.13 | 2.15 | (0.02 | ) | (1.28 | ) | (1.30 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 10.90 | 0.04 | 1.32 | 1.36 | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 8.58 | (0.01 | )(a) | 2.33 | 2.32 | — | * | — | — | * | |||||||||||||||||||
Year Ended May 31, 2003 | 10.92 | 0.01 | (2.16 | ) | (2.15 | ) | (0.01 | ) | (0.18 | ) | (0.19 | ) | |||||||||||||||||
Period Ended May 31, 2002(h) | 10.00 | (0.01 | ) | 0.93 | 0.92 | — | — | — | |||||||||||||||||||||
Select Large Cap Growth Stock Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 25.83 | 0.15 | (a) | 0.99 | 1.14 | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 24.14 | — | 1.82 | 1.82 | (0.13 | ) | — | (0.13 | ) | ||||||||||||||||||||
Period Ended March 31, 2005 | 23.31 | 0.10 | (a) | 0.77 | 0.87 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 20.78 | (0.06 | )(a) | 2.59 | 2.53 | — | — | — | |||||||||||||||||||||
Year Ended May 31, 2003 | 23.25 | — | (a) | (2.47 | ) | (2.47 | ) | — | — | — | |||||||||||||||||||
Year Ended May 31, 2002 | 26.74 | (0.02 | ) | (3.47 | ) | (3.49 | ) | — | — | — | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 25.67 | 0.07 | (a) | 0.99 | 1.06 | — | — | — | |||||||||||||||||||||
Year Ended March 31, 2006 | 24.02 | (0.05 | ) | 1.78 | 1.73 | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 23.26 | 0.03 | (a) | 0.77 | 0.80 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||
Period Ended May 31, 2004(j) | 22.32 | (0.10 | )(a) | 1.04 | 0.94 | — | — | — | |||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 24.11 | (0.11 | )(a) | 0.93 | 0.82 | — | — | — | |||||||||||||||||||||
Year Ended March 31, 2006 | 22.67 | (0.11 | ) | 1.57 | 1.46 | (0.02 | ) | — | (0.02 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 22.04 | (0.09 | )(a) | 0.72 | 0.63 | — | — | — | |||||||||||||||||||||
Year Ended May 31, 2004 | 19.85 | (0.29 | )(a) | 2.48 | 2.19 | — | — | — | |||||||||||||||||||||
Year Ended May 31, 2003 | 22.45 | (0.20 | )(a) | (2.40 | ) | (2.60 | ) | — | — | — | |||||||||||||||||||
Year Ended May 31, 2002 | 26.10 | (0.41 | ) | (3.24 | ) | (3.65 | ) | — | — | — | |||||||||||||||||||
Small Cap Growth Stock Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 23.65 | (0.11 | )(a) | (1.74 | ) | (1.85 | ) | — | (1.19 | ) | (1.19 | ) | |||||||||||||||||
Year Ended March 31, 2006 | 19.99 | (0.14 | )(a) | 5.46 | 5.32 | — | (1.66 | ) | (1.66 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 20.25 | (0.08 | )(a) | 2.27 | 2.19 | — | (2.45 | ) | (2.45 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 15.19 | (0.16 | )(a) | 5.22 | 5.06 | — | — | — | |||||||||||||||||||||
Year Ended May 31, 2003 | 17.28 | (0.12 | )(a) | (1.72 | ) | (1.84 | ) | — | (0.25 | ) | (0.25 | ) | |||||||||||||||||
Year Ended May 31, 2002 | 18.37 | — | (1.02 | ) | (1.02 | ) | — | (0.07 | ) | (0.07 | ) | ||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 23.02 | (0.17 | )(a) | (1.70 | ) | (1.87 | ) | — | (1.19 | ) | (1.19 | ) | |||||||||||||||||
Year Ended March 31, 2006 | 19.56 | (0.21 | )(a) | 5.33 | 5.12 | — | (1.66 | ) | (1.66 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 19.92 | (0.14 | )(a) | 2.23 | 2.09 | — | (2.45 | ) | (2.45 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 15.00 | (0.22 | )(a) | 5.14 | 4.92 | — | — | — | |||||||||||||||||||||
Year Ended May 31, 2003 | 17.12 | (0.17 | )(a) | (1.70 | ) | (1.87 | ) | — | (0.25 | ) | (0.25 | ) | |||||||||||||||||
Year Ended May 31, 2002 | 18.26 | (0.17 | ) | (0.90 | ) | (1.07 | ) | — | (0.07 | ) | (0.07 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Ratio of | Expenses to | ||||||||||||||||||||||||||||
Ratio | Net | Average Net | |||||||||||||||||||||||||||
of Net | Investment | Assets | |||||||||||||||||||||||||||
Net | Expenses | Income | (Excluding | ||||||||||||||||||||||||||
Asset | to | (Loss) to | Waivers, | ||||||||||||||||||||||||||
Value, | Net Assets, | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | End of | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | Period (000) | Assets(2) | Assets(2) | Offset)(2) | Rate(3) | |||||||||||||||||||||||
Mid-Cap Value Equity Fund | |||||||||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 12.91 | 16.27 | % | $ | 6,269 | 2.06 | % | 0.07 | % | 2.06 | % | 196 | % | |||||||||||||||
Year Ended March 31, 2006 | 13.06 | 18.47 | 6,366 | 2.03 | 0.13 | 2.17 | 169 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 12.21 | 12.47 | 6,888 | 1.91 | 0.54 | 2.39 | 117 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.90 | 27.06 | 7,880 | 1.90 | (0.11 | ) | 2.74 | 95 | |||||||||||||||||||||
Year Ended May 31, 2003 | 8.58 | (19.58 | ) | 5,744 | 1.90 | 0.03 | 2.85 | 71 | |||||||||||||||||||||
Period Ended May 31, 2002(h) | 10.92 | 9.24 | 5,465 | 1.89 | (0.31 | ) | 2.72 | 30 | |||||||||||||||||||||
Select Large Cap Growth Stock Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 26.92 | 4.42 | 98,027 | 0.97 | 0.59 | 0.98 | 160 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 25.83 | 7.54 | 74,481 | 1.07 | 0.21 | 1.08 | 82 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 24.14 | 3.74 | 98,982 | 1.22 | 0.52 | 1.25 | 51 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 23.31 | 12.18 | 144,732 | 1.25 | (0.28 | ) | 1.25 | 49 | |||||||||||||||||||||
Year Ended May 31, 2003 | 20.78 | (10.62 | ) | 198,429 | 1.24 | (0.01 | ) | 1.24 | 58 | ||||||||||||||||||||
Year Ended May 31, 2002 | 23.25 | (13.05 | ) | 244,707 | 1.24 | (0.10 | ) | 1.24 | 69 | ||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 26.73 | 4.13 | 371 | 1.28 | 0.26 | 1.29 | 160 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 25.67 | 7.21 | 468 | 1.39 | (0.11 | ) | 1.41 | 82 | |||||||||||||||||||||
Period Ended March 31, 2005 | 24.02 | 3.42 | 667 | 1.62 | 0.13 | 2.00 | 51 | ||||||||||||||||||||||
Period Ended May 31, 2004(j) | 23.26 | 4.21 | 365 | 1.65 | (0.71 | ) | 4.48 | (c) | 49 | ||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 24.93 | 3.40 | 32,895 | 1.98 | (0.44 | ) | 1.99 | 160 | |||||||||||||||||||||
Year Ended March 31, 2006 | 24.11 | 6.46 | 48,412 | 2.07 | (0.80 | ) | 2.08 | 82 | |||||||||||||||||||||
Period Ended March 31, 2005 | 22.67 | 2.86 | 67,950 | 2.23 | (0.47 | ) | 2.28 | 51 | |||||||||||||||||||||
Year Ended May 31, 2004 | 22.04 | 11.03 | 92,966 | 2.31 | (1.34 | ) | 2.41 | 49 | |||||||||||||||||||||
Year Ended May 31, 2003 | 19.85 | (11.58 | ) | 110,085 | 2.31 | (1.07 | ) | 2.40 | 58 | ||||||||||||||||||||
Year Ended May 31, 2002 | 22.45 | (13.98 | ) | 167,973 | 2.31 | (1.16 | ) | 2.36 | 69 | ||||||||||||||||||||
Small Cap Growth Stock Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 20.61 | (7.80 | ) | 845,570 | 1.16 | (0.51 | ) | 1.16 | 139 | ||||||||||||||||||||
Year Ended March 31, 2006 | 23.65 | 27.55 | 1,641,681 | 1.17 | (0.66 | ) | 1.18 | 98 | |||||||||||||||||||||
Period Ended March 31, 2005 | 19.99 | 10.60 | 940,775 | 1.22 | (0.46 | ) | 1.22 | 70 | |||||||||||||||||||||
Year Ended May 31, 2004 | 20.25 | 33.31 | 789,650 | 1.25 | (0.83 | ) | 1.25 | 107 | |||||||||||||||||||||
Year Ended May 31, 2003 | 15.19 | (10.50 | ) | 567,714 | 1.24 | (0.87 | ) | 1.24 | 96 | ||||||||||||||||||||
Year Ended May 31, 2002 | 17.28 | (5.55 | ) | 593,211 | 1.25 | (1.01 | ) | 1.25 | 100 | ||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 19.96 | (8.06 | ) | 24,320 | 1.46 | (0.81 | ) | 1.46 | 139 | ||||||||||||||||||||
Year Ended March 31, 2006 | 23.02 | 27.13 | ## | 59,896 | 1.51 | (1.00 | ) | 1.54 | 98 | ||||||||||||||||||||
Period Ended March 31, 2005 | 19.56 | 10.26 | 38,954 | 1.61 | (0.84 | ) | 1.73 | 70 | |||||||||||||||||||||
Year Ended May 31, 2004 | 19.92 | 32.80 | 40,590 | 1.61 | (1.20 | ) | 1.88 | 107 | |||||||||||||||||||||
Year Ended May 31, 2003 | 15.00 | (10.77 | ) | 21,887 | 1.61 | (1.23 | ) | 1.93 | 96 | ||||||||||||||||||||
Year Ended May 31, 2002 | 17.12 | (5.86 | ) | 24,978 | 1.61 | (1.37 | ) | 1.88 | 100 |
123
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
Small Cap Growth Stock Fund | |||||||||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 21.53 | $ | (0.29 | )(a) | $ | (1.59 | ) | $ | (1.88 | ) | $ | — | $ | (1.19 | ) | $ | (1.19 | ) | ||||||||||
Year Ended March 31, 2006 | 18.51 | (0.33 | )(a) | 5.01 | 4.68 | — | (1.66 | ) | (1.66 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 19.06 | (0.23 | )(a) | 2.13 | 1.90 | — | (2.45 | ) | (2.45 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 14.45 | (0.34 | )(a) | 4.95 | 4.61 | — | — | — | |||||||||||||||||||||
Year Ended May 31, 2003 | 16.62 | (0.26 | )(a) | (1.66 | ) | (1.92 | ) | — | (0.25 | ) | (0.25 | ) | |||||||||||||||||
Year Ended May 31, 2002 | 17.85 | (0.02 | ) | (1.14 | ) | (1.16 | ) | — | (0.07 | ) | (0.07 | ) | |||||||||||||||||
Small Cap Quantitative Equity Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Period Ended March 31, 2007(k) | 10.00 | 0.01 | (a) | (0.19 | ) | (0.18 | ) | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Period Ended March 31, 2007(k) | 10.00 | (0.02 | )(a) | (0.19 | ) | (0.21 | ) | — | — | — | |||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Period Ended March 31, 2007(k) | 10.00 | (0.09 | )(a) | (0.19 | ) | (0.28 | ) | — | — | — | |||||||||||||||||||
Small Cap Value Equity Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 20.93 | 0.10 | 1.25 | 1.35 | (0.11 | ) | (4.82 | ) | (4.93 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 19.86 | 0.10 | 5.39 | 5.49 | (0.10 | ) | (4.32 | ) | (4.42 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 18.26 | 0.04 | (a) | 3.15 | 3.19 | (0.06 | ) | (1.53 | ) | (1.59 | ) | ||||||||||||||||||
Year Ended May 31, 2004 | 13.73 | 0.06 | (a) | 4.53 | 4.59 | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 14.54 | 0.08 | (0.82 | ) | (0.74 | ) | (0.07 | ) | — | (0.07 | ) | ||||||||||||||||||
Year Ended May 31, 2002 | 12.21 | 0.08 | 2.35 | 2.43 | (0.10 | ) | — | (0.10 | ) | ||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 20.79 | 0.05 | 1.24 | 1.29 | (0.06 | ) | (4.82 | ) | (4.88 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 19.75 | 0.06 | 5.36 | 5.42 | (0.06 | ) | (4.32 | ) | (4.38 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 18.18 | (0.01 | )(a) | 3.13 | 3.12 | (0.02 | ) | (1.53 | ) | (1.55 | ) | ||||||||||||||||||
Period Ended May 31, 2004(l) | 15.75 | 0.03 | (a) | 2.41 | 2.44 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 20.39 | 0.05 | 1.20 | 1.25 | (0.06 | ) | (4.82 | ) | (4.88 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 19.45 | 0.06 | 5.26 | 5.32 | (0.06 | ) | (4.32 | ) | (4.38 | ) | |||||||||||||||||||
Period Ended March 31, 2005 | 17.91 | (0.01 | )(a) | 3.09 | 3.08 | (0.01 | ) | (1.53 | ) | (1.54 | ) | ||||||||||||||||||
Year Ended May 31, 2004 | 13.55 | (0.10 | )(a) | 4.46 | 4.36 | — | * | — | — | * | |||||||||||||||||||
Year Ended May 31, 2003 | 14.43 | (0.04 | ) | (0.84 | ) | (0.88 | ) | — | — | — | |||||||||||||||||||
Year Ended May 31, 2002 | 12.15 | — | 2.29 | 2.29 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||
Life Vision Aggressive Growth Fund(4) | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.32 | 0.12 | (a) | 1.05 | 1.17 | (0.25 | ) | (0.24 | ) | (0.49 | ) | ||||||||||||||||||
Year Ended March 31, 2006† | 11.07 | 0.07 | (a) | 1.45 | 1.52 | (0.14 | ) | (0.13 | ) | (0.27 | ) | ||||||||||||||||||
Period Ended March 31, 2005† | 10.25 | 0.09 | 0.85 | 0.94 | (0.12 | ) | — | (0.12 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 8.55 | 0.04 | (a) | 1.70 | 1.74 | (0.04 | )*** | — | (0.04 | )*** | |||||||||||||||||||
Year Ended May 31, 2003 | 9.57 | 0.03 | (1.02 | ) | (0.99 | ) | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||
Year Ended May 31, 2002 | 10.31 | 0.02 | (0.74 | ) | (0.72 | ) | (0.02 | ) | — | (0.02 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Ratio of | Expenses to | ||||||||||||||||||||||||||||
Ratio | Net | Average Net | |||||||||||||||||||||||||||
of Net | Investment | Assets | |||||||||||||||||||||||||||
Net | Expenses | Income | (Excluding | ||||||||||||||||||||||||||
Asset | to | (Loss) to | Waivers, | ||||||||||||||||||||||||||
Value, | Net Assets, | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | End of | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | Period (000) | Assets(2) | Assets(2) | Offset)(2) | Rate(3) | |||||||||||||||||||||||
Small Cap Growth Stock Fund | |||||||||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 18.46 | (8.68 | )% | $ | 21,545 | 2.16 | % | (1.51 | )% | 2.16 | % | 139 | % | |||||||||||||||
Year Ended March 31, 2006 | 21.53 | 26.27 | ## | 36,242 | 2.18 | (1.67 | ) | 2.18 | 98 | ||||||||||||||||||||
Period Ended March 31, 2005 | 18.51 | 9.71 | 35,322 | 2.22 | (1.46 | ) | 2.24 | 70 | |||||||||||||||||||||
Year Ended May 31, 2004 | 19.06 | 31.90 | 40,354 | 2.31 | (1.90 | ) | 2.40 | 107 | |||||||||||||||||||||
Year Ended May 31, 2003 | 14.45 | (11.40 | ) | 25,601 | 2.31 | (1.93 | ) | 2.46 | 96 | ||||||||||||||||||||
Year Ended May 31, 2002 | 16.62 | (6.50 | ) | 29,457 | 2.31 | (2.07 | ) | 2.41 | 100 | ||||||||||||||||||||
Small Cap Quantitative Equity Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Period Ended March 31, 2007(k) | 9.81 | (1.81 | ) | 14,690 | 1.11 | 0.11 | 1.68 | 565 | |||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Period Ended March 31, 2007(k) | 9.79 | (2.10 | ) | 49 | 1.41 | (0.25 | ) | 2.40 | (c) | 565 | |||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Period Ended March 31, 2007(k) | 9.72 | (2.80 | ) | 11 | 2.11 | (0.93 | ) | 3.01 | (c) | 565 | |||||||||||||||||||
Small Cap Value Equity Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 17.35 | 7.41 | 674,619 | 1.18 | 0.55 | 1.18 | 62 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 20.93 | 30.70 | 762,709 | 1.20 | 0.48 | 1.20 | 58 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 19.86 | 17.57 | 726,904 | 1.21 | 0.22 | 1.21 | 17 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 18.26 | 33.56 | 682,567 | 1.25 | 0.38 | 1.25 | 44 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 13.73 | (5.09 | ) | 518,468 | 1.24 | 0.64 | 1.24 | 29 | |||||||||||||||||||||
Year Ended May 31, 2002 | 14.54 | 20.06 | 614,199 | 1.25 | 0.67 | 1.25 | 29 | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 17.20 | 7.17 | 7,629 | 1.44 | 0.28 | 1.44 | 62 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 20.79 | 30.44 | 5,317 | 1.45 | 0.22 | 1.48 | 58 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 19.75 | 17.26 | 4,616 | 1.47 | (0.05 | ) | 1.61 | 17 | |||||||||||||||||||||
Period Ended May 31, 2004(l) | 18.18 | 15.51 | 4,088 | 1.55 | 0.30 | 2.15 | 44 | ||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 16.76 | 7.10 | 35,289 | 1.43 | 0.30 | 1.43 | 62 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 20.39 | 30.41 | 45,388 | 1.45 | 0.23 | 1.70 | 58 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 19.45 | 17.27 | 43,664 | 1.50 | (0.07 | ) | 2.25 | 17 | |||||||||||||||||||||
Year Ended May 31, 2004 | 17.91 | 32.20 | 46,192 | 2.26 | (0.64 | ) | 2.45 | 44 | |||||||||||||||||||||
Year Ended May 31, 2003 | 13.55 | (6.10 | ) | 34,064 | 2.31 | (0.40 | ) | 2.50 | 29 | ||||||||||||||||||||
Year Ended May 31, 2002 | 14.43 | 18.92 | 32,708 | 2.31 | (0.38 | ) | 2.52 | 29 | |||||||||||||||||||||
Life Vision Aggressive Growth Fund(4) | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 13.00 | 9.60 | 53,098 | 0.18 | 0.94 | 0.18 | 52 | ||||||||||||||||||||||
Year Ended March 31, 2006† | 12.32 | 13.90 | 52,765 | 0.21 | 0.66 | 0.26 | 31 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 11.07 | 9.15 | 43,283 | 0.21 | 0.98 | 0.34 | 29 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.25 | 20.34 | 38,468 | 0.25 | 0.39 | 0.39 | 44 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 8.55 | (10.36 | ) | 28,681 | 0.25 | 0.33 | 0.40 | 50 | |||||||||||||||||||||
Year Ended May 31, 2002 | 9.57 | (6.96 | ) | 34,398 | 0.25 | 0.17 | 0.41 | 101 |
124
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
Life Vision Aggressive Growth Fund(4) | |||||||||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 12.29 | $ | 0.08 | (a) | $ | 1.05 | $ | 1.13 | $ | (0.21 | ) | $ | (0.24 | ) | $ | (0.45 | ) | |||||||||||
Year Ended March 31, 2006† | 11.05 | 0.04 | (a) | 1.44 | 1.48 | (0.11 | ) | (0.13 | ) | (0.24 | ) | ||||||||||||||||||
Period Ended March 31, 2005† | 10.23 | 0.06 | 0.85 | 0.91 | (0.09 | ) | — | (0.09 | ) | ||||||||||||||||||||
Period Ended May 31, 2004(m) | 9.46 | (0.01 | )(a) | 0.81 | 0.80 | (0.03 | ) | — | (0.03 | ) | |||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.33 | — | (a) | 1.04 | 1.04 | (0.15 | ) | (0.24 | ) | (0.39 | ) | ||||||||||||||||||
Period Ended March 31, 2006(n)† | 11.07 | 0.01 | (a) | 1.46 | 1.47 | (0.08 | ) | (0.13 | ) | (0.21 | ) | ||||||||||||||||||
B Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.19 | 0.03 | (a) | 1.02 | 1.05 | (0.16 | ) | (0.24 | ) | (0.40 | ) | ||||||||||||||||||
Year Ended March 31, 2006† | 10.98 | (0.02 | )(a) | 1.45 | 1.43 | (0.09 | ) | (0.13 | ) | (0.22 | ) | ||||||||||||||||||
Period Ended March 31, 2005† | 10.18 | 0.03 | 0.83 | 0.86 | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 8.53 | (0.04 | )(a) | 1.70 | 1.66 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||
Period Ended May 31, 2003(o) | 7.23 | (0.01 | ) | 1.31 | 1.30 | — | — | — | |||||||||||||||||||||
Life Vision Conservative Fund(4) | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 11.21 | 0.45 | (a) | 0.30 | 0.75 | (0.48 | ) | (0.11 | ) | (0.59 | ) | ||||||||||||||||||
Year Ended March 31, 2006† | 11.09 | 0.34 | 0.20 | 0.54 | (0.36 | ) | (0.06 | ) | (0.42 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 10.87 | 0.27 | 0.29 | 0.56 | (0.30 | ) | (0.04 | ) | (0.34 | ) | |||||||||||||||||||
Period Ended May 31, 2004(p) | 10.71 | 0.15 | (a) | 0.14 | 0.29 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 11.21 | 0.41 | (a) | 0.32 | 0.73 | (0.45 | ) | (0.11 | ) | (0.56 | ) | ||||||||||||||||||
Year Ended March 31, 2006† | 11.09 | 0.30 | 0.20 | 0.50 | (0.32 | ) | (0.06 | ) | (0.38 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 10.86 | 0.23 | 0.30 | 0.53 | (0.26 | ) | (0.04 | ) | (0.30 | ) | |||||||||||||||||||
Period Ended May 31, 2004(q) | 10.68 | 0.12 | (a) | 0.18 | 0.30 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 11.20 | 0.34 | (a) | 0.31 | 0.65 | (0.37 | ) | (0.11 | ) | (0.48 | ) | ||||||||||||||||||
Period Ended March 31, 2006(n)† | 11.08 | 0.26 | 0.20 | 0.46 | (0.28 | ) | (0.06 | ) | (0.34 | ) | |||||||||||||||||||
B Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 11.22 | 0.36 | (a) | 0.31 | 0.67 | (0.40 | ) | (0.11 | ) | (0.51 | ) | ||||||||||||||||||
Year Ended March 31, 2006† | 11.09 | 0.25 | 0.21 | 0.46 | (0.27 | ) | (0.06 | ) | (0.33 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 10.86 | 0.19 | 0.30 | 0.49 | (0.22 | ) | (0.04 | ) | (0.26 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 10.43 | 0.17 | (a) | 0.39 | 0.56 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||
Period Ended May 31, 2003(o) | 10.00 | 0.01 | 0.42 | 0.43 | — | — | — | ||||||||||||||||||||||
Life Vision Growth and Income Fund(4) | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.43 | 0.25 | (a) | 0.82 | 1.07 | (0.35 | ) | (0.26 | ) | (0.61 | ) | ||||||||||||||||||
Year Ended March 31, 2006† | 11.41 | 0.17 | (a) | 1.08 | 1.25 | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 10.76 | 0.14 | 0.69 | 0.83 | (0.18 | ) | — | (0.18 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 9.33 | 0.14 | (a) | 1.43 | 1.57 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 9.98 | 0.13 | (0.65 | ) | (0.52 | ) | (0.13 | ) | — | (0.13 | ) | ||||||||||||||||||
Year Ended May 31, 2002 | 10.42 | 0.12 | (0.43 | ) | (0.31 | ) | (0.13 | ) | — | (0.13 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Ratio of | Expenses to | ||||||||||||||||||||||||||||
Ratio | Net | Average Net | |||||||||||||||||||||||||||
of Net | Investment | Assets | |||||||||||||||||||||||||||
Net | Expenses | Income | (Excluding | ||||||||||||||||||||||||||
Asset | to | (Loss) to | Waivers, | ||||||||||||||||||||||||||
Value, | Net Assets, | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | End of | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | Period (000) | Assets(2) | Assets(2) | Offset)(2) | Rate(3) | |||||||||||||||||||||||
Life Vision Aggressive Growth Fund(4) | |||||||||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 12.97 | 9.31 | % | $ | 3,040 | 0.48 | % | 0.63 | % | 0.48 | % | 52 | % | |||||||||||||||
Year Ended March 31, 2006† | 12.29 | 13.50 | 2,619 | 0.52 | 0.42 | 0.62 | 31 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 11.05 | 8.90 | 2,080 | 0.55 | 0.86 | 1.01 | 29 | ||||||||||||||||||||||
Period Ended May 31, 2004(m) | 10.23 | 8.43 | 867 | 0.51 | (0.24 | ) | 5.15 | 44 | |||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.98 | 8.54 | 1,573 | 1.18 | (0.03 | ) | 1.18 | 52 | |||||||||||||||||||||
Period Ended March 31, 2006(n)† | 12.33 | 13.40 | 1,146 | 1.17 | 0.03 | 1.22 | 31 | ||||||||||||||||||||||
B Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.84 | 8.71 | 5,575 | 0.93 | 0.18 | 0.93 | 52 | ||||||||||||||||||||||
Year Ended March 31, 2006† | 12.19 | 13.10 | 5,756 | 0.99 | (0.14 | ) | 1.10 | 31 | |||||||||||||||||||||
Period Ended March 31, 2005† | 10.98 | 8.44 | 5,452 | 1.03 | 0.19 | 1.40 | 29 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.18 | 19.49 | 4,367 | 1.00 | (0.36 | ) | 1.95 | 44 | |||||||||||||||||||||
Period Ended May 31, 2003(o) | 8.53 | 18.03 | 1,052 | 0.89 | (0.86 | ) | 1.36 | 50 | |||||||||||||||||||||
Life Vision Conservative Fund(4) | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 11.37 | 6.91 | 3,362 | 0.20 | 4.00 | 0.32 | 43 | ||||||||||||||||||||||
Year Ended March 31, 2006† | 11.21 | 4.96 | 3,066 | 0.20 | 3.33 | 0.56 | 29 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 11.09 | 5.18 | 414 | 0.17 | 3.18 | 1.52 | 121 | ||||||||||||||||||||||
Period Ended May 31, 2004(p) | 10.87 | 2.68 | 30 | 0.25 | 2.41 | 85.33 | (c) | 138 | |||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 11.38 | 6.64 | 811 | 0.50 | 3.61 | 0.62 | 43 | ||||||||||||||||||||||
Year Ended March 31, 2006† | 11.21 | 4.63 | 1,324 | 0.53 | 2.85 | 0.83 | 29 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 11.09 | 4.88 | 606 | 0.56 | 2.50 | 1.51 | 121 | ||||||||||||||||||||||
Period Ended May 31, 2004(q) | 10.86 | 2.82 | 474 | 0.57 | 2.06 | 4.00 | 138 | ||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 11.37 | 5.91 | 792 | 1.20 | 2.99 | 1.32 | 43 | ||||||||||||||||||||||
Period Ended March 31, 2006(n)† | 11.20 | 4.22 | 835 | 1.03 | 2.39 | 1.59 | 29 | ||||||||||||||||||||||
B Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 11.38 | 6.12 | 4,653 | 0.95 | 3.23 | 1.07 | 43 | ||||||||||||||||||||||
Year Ended March 31, 2006† | 11.22 | 4.23 | 5,189 | 0.97 | 2.34 | 1.19 | 29 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 11.09 | 4.50 | 5,635 | 0.96 | 2.11 | 1.67 | 121 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.86 | 5.38 | 5,012 | 0.95 | 1.54 | 1.81 | 138 | ||||||||||||||||||||||
Period Ended May 31, 2003(o) | 10.43 | 4.30 | 800 | 0.92 | 0.85 | 1.39 | 160 | ||||||||||||||||||||||
Life Vision Growth and Income Fund(4) | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.89 | 8.73 | 111,848 | 0.17 | 2.00 | 0.17 | 45 | ||||||||||||||||||||||
Year Ended March 31, 2006† | 12.43 | 11.05 | 97,964 | 0.19 | 1.46 | 0.24 | 34 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 11.41 | 7.77 | 87,520 | 0.22 | 1.60 | 0.33 | 59 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.76 | 16.92 | 75,083 | 0.25 | 1.38 | 0.36 | 97 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 9.33 | (5.16 | ) | 59,449 | 0.25 | 1.46 | 0.37 | 139 | |||||||||||||||||||||
Year Ended May 31, 2002 | 9.98 | (2.97 | ) | 77,395 | 0.25 | 1.25 | 0.39 | 166 |
125
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
Life Vision Growth and Income Fund(4) | |||||||||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 12.41 | $ | 0.21 | (a) | $ | 0.82 | $ | 1.03 | $ | (0.31 | ) | $ | (0.26 | ) | $ | (0.57 | ) | |||||||||||
Year Ended March 31, 2006† | 11.39 | 0.15 | (a) | 1.06 | 1.21 | (0.19 | ) | — | (0.19 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 10.75 | 0.11 | 0.68 | 0.79 | (0.15 | ) | — | (0.15 | ) | ||||||||||||||||||||
Period Ended May 31, 2004(r) | 10.18 | 0.06 | (a) | 0.58 | 0.64 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.39 | 0.13 | (a) | 0.80 | 0.93 | (0.23 | ) | (0.26 | ) | (0.49 | ) | ||||||||||||||||||
Period Ended March 31, 2006(s)† | 11.41 | 0.11 | (a) | 1.02 | 1.13 | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||
B Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.41 | 0.16 | (a) | 0.82 | 0.98 | (0.26 | ) | (0.26 | ) | (0.52 | ) | ||||||||||||||||||
Year Ended March 31, 2006† | 11.39 | 0.08 | (a) | 1.08 | 1.16 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 10.74 | 0.06 | 0.69 | 0.75 | (0.10 | ) | — | (0.10 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 9.34 | 0.07 | (a) | 1.42 | 1.49 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||
Period Ended May 31, 2003(o) | 8.10 | 0.02 | 1.24 | 1.26 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||||
Life Vision Moderate Growth Fund(4) | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.85 | 0.31 | (a) | 0.55 | 0.86 | (0.37 | ) | (0.46 | ) | (0.83 | ) | ||||||||||||||||||
Year Ended March 31, 2006† | 10.49 | 0.24 | (a) | 0.64 | 0.88 | (0.28 | ) | (0.24 | ) | (0.52 | ) | ||||||||||||||||||
Period Ended March 31, 2005† | 10.06 | 0.18 | 0.52 | 0.70 | (0.22 | ) | (0.05 | ) | (0.27 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 9.02 | 0.16 | (a) | 1.04 | 1.20 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 9.40 | 0.16 | (0.38 | ) | (0.22 | ) | (0.16 | ) | — | (0.16 | ) | ||||||||||||||||||
Year Ended May 31, 2002 | 9.73 | 0.17 | (0.32 | ) | (0.15 | ) | (0.18 | ) | — | (0.18 | ) | ||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.84 | 0.28 | (a) | 0.55 | 0.83 | (0.33 | ) | (0.46 | ) | (0.79 | ) | ||||||||||||||||||
Year Ended March 31, 2006† | 10.48 | 0.20 | (a) | 0.64 | 0.84 | (0.24 | ) | (0.24 | ) | (0.48 | ) | ||||||||||||||||||
Period Ended March 31, 2005† | 10.05 | 0.15 | 0.52 | 0.67 | (0.19 | ) | (0.05 | ) | (0.24 | ) | |||||||||||||||||||
Period Ended May 31, 2004(t) | 9.58 | 0.10 | (a) | 0.45 | 0.55 | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.82 | 0.23 | (a) | 0.52 | 0.75 | (0.25 | ) | (0.46 | ) | (0.71 | ) | ||||||||||||||||||
Period Ended March 31, 2006(s)† | 10.49 | 0.15 | (a) | 0.62 | 0.77 | (0.20 | ) | (0.24 | ) | (0.44 | ) | ||||||||||||||||||
B Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.82 | 0.22 | (a) | 0.56 | 0.78 | (0.28 | ) | (0.46 | ) | (0.74 | ) | ||||||||||||||||||
Year Ended March 31, 2006† | 10.46 | 0.16 | (a) | 0.64 | 0.80 | (0.20 | ) | (0.24 | ) | (0.44 | ) | ||||||||||||||||||
Period Ended March 31, 2005† | 10.03 | 0.11 | 0.52 | 0.63 | (0.15 | ) | (0.05 | ) | (0.20 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 9.00 | 0.09 | (a) | 1.04 | 1.13 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||
Period Ended May 31, 2003(o) | 8.05 | 0.03 | 0.95 | 0.98 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||
Life Vision Target Date 2015 Fund(4) | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.86 | 0.21 | (a) | 0.77 | 0.98 | (0.26 | ) | (0.02 | ) | (0.28 | ) | ||||||||||||||||||
Period Ended March 31, 2006(u)† | 10.00 | 0.09 | (a) | 0.90 | 0.99 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Period Ended March 31, 2007(v) | 11.42 | 0.05 | (a) | 0.11 | 0.16 | (0.02 | ) | — | (0.02 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Ratio of | Expenses to | ||||||||||||||||||||||||||||
Ratio | Net | Average Net | |||||||||||||||||||||||||||
of Net | Investment | Assets | |||||||||||||||||||||||||||
Net | Expenses | Income | (Excluding | ||||||||||||||||||||||||||
Asset | to | (Loss) to | Waivers, | ||||||||||||||||||||||||||
Value, | Net Assets, | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | End of | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | Period (000) | Assets(2) | Assets(2) | Offset)(2) | Rate(3) | |||||||||||||||||||||||
Life Vision Growth and Income Fund(4) | |||||||||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 12.87 | 8.44 | % | $ | 6,778 | 0.47 | % | 1.71 | % | 0.47 | % | 45 | % | |||||||||||||||
Year Ended March 31, 2006† | 12.41 | 10.73 | 5,737 | 0.51 | 1.24 | 0.58 | 34 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 11.39 | 7.37 | 3,575 | 0.57 | 1.33 | 0.91 | 59 | ||||||||||||||||||||||
Period Ended May 31, 2004(r) | 10.75 | 6.32 | 1,426 | 0.56 | 1.04 | 1.95 | 97 | ||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.83 | 7.62 | 5,535 | 1.17 | 1.05 | 1.17 | 45 | ||||||||||||||||||||||
Period Ended March 31, 2006(s)† | 12.39 | 9.94 | 2,820 | 1.15 | 0.89 | 1.20 | 34 | ||||||||||||||||||||||
B Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 12.87 | 7.95 | 16,966 | 0.92 | 1.24 | 0.92 | 45 | ||||||||||||||||||||||
Year Ended March 31, 2006† | 12.41 | 10.21 | 17,829 | 0.96 | 0.71 | 1.07 | 34 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 11.39 | 7.00 | 16,641 | 1.01 | 0.83 | 1.34 | 59 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.74 | 15.99 | 13,060 | 1.00 | 0.63 | 1.61 | 97 | ||||||||||||||||||||||
Period Ended May 31, 2003(o) | 9.34 | 15.57 | 2,017 | 0.90 | 0.39 | 1.34 | 139 | ||||||||||||||||||||||
Life Vision Moderate Growth Fund(4) | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.88 | 8.02 | 193,107 | 0.16 | 2.80 | 0.16 | 49 | ||||||||||||||||||||||
Year Ended March 31, 2006† | 10.85 | 8.48 | 158,301 | 0.18 | 2.17 | 0.22 | 34 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.49 | 6.98 | 132,522 | 0.21 | 2.10 | 0.32 | 83 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.06 | 13.35 | 121,659 | 0.25 | 1.65 | 0.36 | 109 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 9.02 | (2.21 | ) | 93,722 | 0.25 | 1.87 | 0.36 | 101 | |||||||||||||||||||||
Year Ended May 31, 2002 | 9.40 | (1.52 | ) | 88,592 | 0.25 | 1.81 | 0.36 | 202 | |||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.88 | 7.77 | 11,069 | 0.46 | 2.53 | 0.46 | 49 | ||||||||||||||||||||||
Year Ended March 31, 2006† | 10.84 | 8.16 | 5,821 | 0.47 | 1.92 | 0.59 | 34 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.48 | 6.74 | 8,161 | 0.47 | 1.91 | 0.87 | 83 | ||||||||||||||||||||||
Period Ended May 31, 2004(t) | 10.05 | 5.79 | 3,541 | 0.55 | 1.49 | 1.27 | 109 | ||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.86 | 7.01 | 24,424 | 1.19 | 2.12 | 1.19 | 49 | ||||||||||||||||||||||
Period Ended March 31, 2006(s)† | 10.82 | 7.40 | 1,674 | 1.13 | 1.43 | 1.19 | 34 | ||||||||||||||||||||||
B Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.86 | 7.36 | 12,723 | 0.91 | 2.03 | 0.91 | 49 | ||||||||||||||||||||||
Year Ended March 31, 2006† | 10.82 | 7.60 | 14,073 | 0.92 | 1.41 | 1.06 | 34 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.46 | 6.28 | 14,797 | 0.92 | 1.37 | 1.35 | 83 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.03 | 12.66 | 13,236 | 1.00 | 0.91 | 1.56 | 109 | ||||||||||||||||||||||
Period Ended May 31, 2003(o) | 9.00 | 12.22 | 2,691 | 0.91 | 0.93 | 1.34 | 101 | ||||||||||||||||||||||
Life Vision Target Date 2015 Fund(4) | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 11.56 | 9.18 | 2,067 | 0.20 | 1.87 | 2.20 | 67 | ||||||||||||||||||||||
Period Ended March 31, 2006(u)† | 10.86 | 9.94 | 270 | 0.20 | 1.80 | 13.92 | (c) | 25 | |||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Period Ended March 31, 2007(v) | 11.56 | 1.43 | 2 | 0.50 | 1.64 | 2.36 | (c) | 67 |
126
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
Life Vision Target Date 2025 Fund(4) | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 11.11 | $ | 0.15 | (a) | $ | 0.91 | $ | 1.06 | $ | (0.23 | ) | $ | (0.01 | ) | $ | (0.24 | ) | |||||||||||
Period Ended March 31, 2006(w)† | 10.00 | 0.09 | (a) | 1.14 | 1.23 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Period Ended March 31, 2007(x) | 10.82 | 0.07 | (a) | 1.23 | 1.30 | (0.18 | ) | (0.01 | ) | (0.19 | ) | ||||||||||||||||||
Life Vision Target Date 2035 Fund(4) | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.89 | 0.12 | (a) | 0.90 | 1.02 | (0.22 | ) | (0.05 | ) | (0.27 | ) | ||||||||||||||||||
Period Ended March 31, 2006(y)† | 10.00 | 0.07 | (a) | 0.94 | 1.01 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Period Ended March 31, 2007(z) | 11.07 | 0.08 | (a) | 0.73 | 0.81 | (0.19 | ) | (0.05 | ) | (0.24 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Ratio of | Expenses to | ||||||||||||||||||||||||||||
Ratio | Net | Average Net | |||||||||||||||||||||||||||
of Net | Investment | Assets | |||||||||||||||||||||||||||
Net | Expenses | Income | (Excluding | ||||||||||||||||||||||||||
Asset | to | (Loss) to | Waivers, | ||||||||||||||||||||||||||
Value, | Net Assets, | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | End of | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | Period (000) | Assets(2) | Assets(2) | Offset)(2) | Rate(3) | |||||||||||||||||||||||
Life Vision Target Date 2025 Fund(4) | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 11.93 | 9.64 | % | $ | 4,704 | 0.20 | % | 1.28 | % | 1.28 | % | 48 | % | |||||||||||||||
Period Ended March 31, 2006(w)† | 11.11 | 12.33 | 1,110 | 0.20 | 1.86 | 11.64 | (c) | 17 | |||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Period Ended March 31, 2007(x) | 11.93 | 12.01 | 45 | 0.50 | 0.86 | 2.00 | 48 | ||||||||||||||||||||||
Life Vision Target Date 2035 Fund(4) | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 11.64 | 9.41 | 1,318 | 0.20 | 1.05 | 2.45 | 50 | ||||||||||||||||||||||
Period Ended March 31, 2006(y)† | 10.89 | 10.14 | 590 | 0.20 | 1.41 | 10.98 | (c) | 40 | |||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Period Ended March 31, 2007(z) | 11.64 | 7.39 | 4 | 0.50 | 0.77 | 4.75 | 50 |
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* | Amount represents less than $0.005. | |
** | Includes redemption fees of $0.001. | |
*** | Includes return of capital of $0.03. | |
(1) | Total return excludes sales charge. Not annualized for periods less than one year. | |
(2) | Annualized for periods less than one year. | |
(3) | Not annualized for periods less than a year. | |
(4) | The Life Vision Funds and its shareholders indirectly bear a pro rata share of the expenses of the underlying funds. The expense ratios do not include such expenses. | |
# | The Fund had a voluntary reimbursement by the Investment Adviser and affiliates that had no effect on total returns for the period. | |
## | The Fund’s total return includes the effect of an asset valuation adjustment as of March 31, 2006. Excluding this effect, total return would have been 27.08% and 26.21% for the A Shares and C Shares respectively. There was no effect to the total return in I Shares. | |
(a) | Per share data calculated using average shares outstanding method. | |
(b) | Commenced operations on February 23, 2004. | |
(c) | Ratio reflects the impact of the initial low level of average net assets associated with commencement of operations. | |
(d) | Commenced operations on February 27, 2004. | |
(e) | Commenced operations on August 7, 2003. | |
(f) | Commenced operations on October 8, 2003. | |
(g) | Commenced operations on October 13, 2003. | |
(h) | Commenced operations on November 30, 2001. | |
(i) | Commenced operations on October 27, 2003. | |
(j) | Commenced operations on October 14, 2003. | |
(k) | Commended operations on April 3, 2006. | |
(l) | Commenced operations on October 9, 2003. | |
(m) | Commenced operations on October 16, 2003. | |
(n) | Commenced operations on April 4, 2005. | |
(o) | Commenced operations on March 11, 2003. | |
(p) | Commenced operations on November 6, 2003. | |
(q) | Commenced operations on November 11, 2003. | |
(r) | Commenced operations on November 5, 2003. | |
(s) | Commenced operations on April 6, 2005. | |
(t) | Commenced operations on October 10, 2003. | |
(u) | Commenced operations on October 12, 2005. | |
(v) | Commenced operations on January 5, 2007. | |
(w) | Commenced operations on October 21, 2005. | |
(x) | Commenced operations on July 12, 2006. | |
(y) | Commenced operations on November 2, 2005. | |
(z) | Commenced operations on May 4, 2006. | |
† | Net Investment Income (Loss), Net Realized and Unrealized Gains (Losses) on Investments and the Ratio of Net Investment Income (Loss) to Average Net Assets have been adjusted due to the reclassification of short-term gains from Net Investment Income to Net Realized and Unrealized Gains (Losses) on Investments. |
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STI CLASSIC FUNDS March 31, 2007 |
1. Organization
The STI Classic Funds (the “Trust”) was organized as a Massachusetts business trust under a Declaration of Trust dated January 15, 1992. The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open-end management investment company offering 50 funds as of March 31, 2007. The Trust is authorized to issue an unlimited number of shares without par value. The financial statements presented herein are those of the Aggressive Growth Stock Fund, the Capital Appreciation Fund, the Emerging Growth Stock Fund, the International Equity Fund, the International Equity Index Fund, the Large Cap Quantitative Equity Fund (formerly Strategic Quantitative Equity Fund), the Large Cap Relative Value Fund, the Large Cap Value Equity Fund, the Mid-Cap Equity Fund, the Mid-Cap Value Equity Fund, the Select Large Cap Growth Stock Fund (formerly the Quality Growth Stock Fund), the Small Cap Growth Stock Fund, the Small Cap Quantitative Equity Fund, the Small Cap Value Equity Fund, the Life Vision Aggressive Growth Fund, the Life Vision Conservative Fund, the Life Vision Growth and Income Fund, the Life Vision Moderate Growth Fund, the Life Vision Target Date 2015 Fund, the Life Vision Target Date 2025 Fund and the Life Vision Target Date 2035 Fund (each a “Fund” and collectively the “Funds”). The financial statements of the remaining funds are presented separately. The Funds may offer the following share classes: I Shares, A Shares and C Shares. In addition, the Life Vision Aggressive Growth Fund, the Life Vision Conservative Fund, the Life Vision Growth and Income Fund and the Life Vision Moderate Growth Fund may offer B Shares. The Funds’ prospectuses provide a description of each Fund’s investment objectives, policies and strategies.
The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Each class of shares has identical rights and privileges except with respect to the fees paid under the Distribution Plan and the Distribution and Services Plan, voting rights on matters affecting a single class of shares and sales charges. The A Shares of the Funds (except Life Vision Conservative Fund) have a maximum sales charge on purchases of 5.75% as a percentage of original purchase price. Life Vision Conservative Fund A Shares have a maximum sales charge on purchases of 4.75% as a percentage of original purchase price. Certain purchases of A Shares will not be subject to a front-end sales charge but will be subject to a contingent deferred sales charge (CDSC) of 1.00% if redeemed within one year of purchase. The C Shares have a maximum CDSC of 1.00% as a percentage of either the original purchase price or the next calculated price after the Funds receive the redemption request, whichever is less, if redeemed within one year of purchase. The B Shares will not be subject to a sales charge but will be subject to a maximum CDSC of 5.00% as a percentage of original purchase price if redeemed within five years of purchase.
Effective August 1, 2005, investors are not permitted to make new purchases of Class B Shares, except through dividend or distribution reinvestments in Class B Shares and exchanges of Class B Shares of a Fund for Class B Shares of another Fund.
Effective April 30, 2004, the Small Cap Value Equity Fund was closed to new investors.
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.
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2. Reorganization
Life Vision Moderate Growth Fund — The Trust entered into a plan of reorganization on the behalf of the Balanced Fund and the Life Vision Moderate Growth Fund that provides for (i) the acquisition by the Life Vision Moderate Growth Fund of all of the net assets of the Balanced Fund in exchange for I Shares, A Shares, and C Shares of the Life Vision Moderate Growth Fund, (ii) the distribution of such shares to the shareholders of the Balanced Fund and (iii) the dissolution of the Balanced Fund. The reorganization was approved by the Board of Trustees (the “Board”) on November 14, 2006 and completed on February 28, 2007. The following is a summary of shares outstanding, net assets and net asset value per share issued immediately before and after the reorganization:
Before Reorganization | After Reorganization | ||||||||||||
Life Vision Moderate | Life Vision Moderate | ||||||||||||
Balanced Fund | Growth Fund | Growth Fund | |||||||||||
Shares | 6,599,362 | 16,050,580 | 21,610,264 | ||||||||||
Net Assets | $ | 60,087,436 | $ | 173,582,176 | $ | 233,669,612 | |||||||
Net Asset Value: | |||||||||||||
I Shares | $ | 9.14 | $ | 10.81 | $ | 10.81 | |||||||
A Shares | $ | 9.20 | $ | 10.81 | $ | 10.81 | |||||||
C Shares | $ | 9.04 | $ | 10.80 | $ | 10.80 |
3. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. The actual results could differ from these estimates.
Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 p.m. Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars at the exchange rate of such currencies against the U.S. dollar, as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time), as provided by an independent pricing service approved by the Board. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds’ accounting agent shall seek to obtain a bid price from at least one independent broker. Investments in other investment companies are valued at their respective daily net asset values. | |
Securities for which market prices are not “readily available” are valued in accordance with Pricing and Valuation Procedures established by the Board. The Funds’ Pricing and Valuation Procedures will be performed and monitored by a Valuation Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate a security be valued using Pricing and Valuation Procedures include, but are not limited to: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Pricing and |
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Valuation Procedures, the Committee determines the value after taking into consideration relevant information reasonably available to the Committee. | |
For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the adviser or sub-adviser of a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it shall immediately notify the Funds’ accounting agent and may preauthorize the Funds’ accounting agent to utilize a pricing service authorized by the Board (a “Fair Value Pricing Service”) that has been designed to determine a fair value. On a day when a Fair Value Pricing Service is so utilized pursuant to a preauthorization, the Committee need not meet. If the adviser or sub-adviser does not pre-authorize the Fund’s accounting agent to utilize a Fair Value Pricing Service, the adviser or sub-adviser will request that a Committee Meeting be called. In addition, the Funds’ accounting agent monitors price movements among certain selected indices, securities and/or groups of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the Funds (“Trigger Points”), the Funds may use a systematic valuation model provided by a Fair Value Pricing Service to fair value their international equity securities. | |
The assets of the Life Vision Aggressive Growth Fund, the Life Vision Conservative Fund, the Life Vision Growth and Income Fund, the Life Vision Moderate Growth Fund, the Life Vision Target Date 2015 Fund, the Life Vision Target Date 2025 Fund and the Life Vision Target Date 2035 Fund (the “Life Vision Funds”) consist of investments in underlying investment companies (some of which are affiliated), which are valued at their respective daily net asset values. Recognition of net investment income by the Life Vision Funds is affected by the timing of the declaration of dividends by the underlying securities in which the Life Vision Funds invest. Also, in addition to the Life Vision Funds’ direct expenses, shareholders bear a proportionate share of the underlying funds’ expenses. | |
Security Transactions and Investment Income — During the period, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, however, securities transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes amortization or accretion of a premium or discount. Costs used in determining net realized gains and losses on the sales of investment securities are those of the specific securities sold, adjusted for the accretion or amortization of purchase discounts or premiums during the respective holding period. Dividend income is recorded on the ex-dividend date. | |
Repurchase Agreements — The Funds may purchase instruments from financial institutions, such as banks and broker-dealers, subject to the seller’s agreement to repurchase them at an agreed upon time and price (“repurchase agreement”). A third party custodian bank takes possession of the underlying securities (“collateral”) of a repurchase agreement, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. In the event of default on the obligation to repurchase, each Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the repurchase agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. | |
Securities Purchased on a When-Issued Basis — Delivery and payment for securities that have been purchased by a Fund on a forward commitment or when-issued basis can take place up to a month or more after the transaction date. During this period, such securities are subject to market fluctuations. The |
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purchase of securities on a when-issued or forward commitment basis may increase the volatility of a Fund’s net asset value if the Fund makes such investments while remaining substantially fully invested. The Fund will segregate or earmark liquid assets in an amount at least equal in value to its commitments to purchase when-issued and forward commitment securities. | |
Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis: (i) market value of investment securities, other assets and liabilities at the current rate of exchange; and (ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies. | |
Forward Foreign Currency Contracts — The International Equity and the International Equity Index Funds may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions or anticipated fund positions. All commitments are “marked-to-market” daily at the applicable foreign exchange rate and any resulting unrealized gains or losses are recorded currently. The Funds realize gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the fiscal year are recognized as ordinary income or loss for Federal income tax purposes. The Funds could be exposed to risk if a counterparty is unable to meet the terms of a forward foreign currency contract or if the value of the foreign currency changes unfavorably. As of March 31, 2007, there were no open forward foreign currency contracts. | |
Securities Lending — Each Fund (except the Small Cap Quantitative Equity Fund and the Life Vision Funds) may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust’s Board. These loans may not exceed either (i) 50% of the sum of the market value of all securities of the Fund and the market value of securities purchased with cash collateral or (ii) 33.33% of the total market value of all securities of the Fund. No Fund will lend portfolio securities to its investment adviser, sub-adviser, or its affiliates unless it has applied for and received specific authority to do so from the Securities and Exchange Commission. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. government securities. The initial value of the collateral must be at least 102% of the market value of the securities loaned if the securities loaned are U.S. securities (105% for non-U.S. securities); and maintained in an amount equal to at least 102% (103% for non-U.S. securities) thereafter. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that the Fund may be delayed or prevented from recovering the collateral if the borrower fails to return the securities. | |
A fee will be obtained from the borrower if letters of credit or U.S. government securities are used as collateral. Cash collateral received in connection with securities lending is invested in the CSFB Enhanced Liquidity Portfolio (the “Portfolio”). This investment may consist of money market mutual funds registered under the 1940 Act and money market instruments including commercial paper, repurchase agreements, U.S. Treasury Bills and U.S. Agency Obligations. At March 31, 2007, the Portfolio was invested in repurchase agreements, asset backed securities and corporate bonds (with interest rates ranging from 5.390% to 5.648% and maturity dates ranging from 04/02/07 to 02/25/21). |
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The Funds paid securities lending fees during the year ended March 31, 2007, which have been netted against Income from Securities Lending on the Statements of Operations. These fees are presented below (in thousands): |
Fees($) | ||||
Capital Appreciation Fund | 131 | |||
International Equity Fund | 224 | |||
International Equity Index Fund | 263 | |||
Large Cap Relative Value Fund | 88 | |||
Large Cap Value Equity Fund | 54 | |||
Mid-Cap Equity Fund | 39 | |||
Mid-Cap Value Equity Fund | 31 | |||
Select Large Cap Growth Stock Fund | 4 | |||
Small Cap Growth Stock Fund | 530 | |||
Small Cap Value Equity Fund | 75 |
Compensating Balances — If a Fund has a cash overdraft in excess of $100,000 it is required to deposit an amount equal to 110% of the overdraft in a compensating balance account with its custodian, SunTrust Bank, a wholly-owned subsidiary of SunTrust Banks, Inc., on the following business day. If a Fund has a positive cash balance in excess of $100,000 it is allowed to overdraw an amount equal to 90% of the balance from SunTrust Bank on the following business day. All such deposits to, and overdrafts from, the compensating balance account are non-interest bearing and are for a duration of one business day. The International Equity Fund and the International Equity Index Fund do not have any compensating balance arrangements with their custodian, Brown Brothers Harriman & Co. | |
Expenses — Expenses that are directly related to a specific Fund are charged to that Fund. Class specific expenses, such as distribution fees, if any, are borne by that class. Other operating expenses of the Trust are pro-rated to the Funds on the basis of relative net assets or another appropriate basis. Expenses attributable to the Trust and the STI Classic Variable Trust (collectively, the “STI Complex”) are allocated across the STI Complex based upon relative net assets or another appropriate basis. | |
Classes — Income, non-class specific expenses and realized/unrealized gains and losses are allocated to the respective classes within a Fund on the basis of the relative daily net assets. | |
Dividends and Distributions to Shareholders — Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income, if any, are declared and paid each calendar quarter by the Funds, except for the International Equity and International Equity Index Funds, which distribute income annually. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. However, to the extent that net realized capital gains can be offset by capital loss carryovers, such gains will not be distributed. | |
Redemption Fees — Prior to November 20, 2006, a redemption fee of 2% of the value of the shares sold was imposed on shares redeemed within seven days of purchase (60 days or less for the International Equity and International Equity Index Funds) unless the redemption was excluded under the Funds’ Redemption Fee Policy. On November 20, 2006, the Redemption Fee Policy was removed from all Funds except for the International Equity and International Equity Index Funds. For financial statement purposes, these amounts are recorded as an addition to paid-in capital and are included in the Statements |
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of Changes in Net Assets within “Change in Net Assets from Capital Transactions”. Fees for the Funds during the years ended March 31, 2007 and March 31, 2006 were as follows: |
Year Ended | Year Ended | |||||||
03/31/07($) | 03/31/06($) | |||||||
Aggressive Growth Stock Fund | 266 | 4 | ||||||
Capital Appreciation Fund | 953 | 1,291 | ||||||
Emerging Growth Stock Fund | 1 | — | ||||||
International Equity Fund | 26,327 | 21,374 | ||||||
International Equity Index Fund | 50,088 | 5,066 | ||||||
Large Cap Quantitative Equity Fund | 105 | — | ||||||
Large Cap Relative Value Fund | 3,599 | 1,604 | ||||||
Large Cap Value Equity Fund | 6 | 204 | ||||||
Mid-Cap Equity Fund | 2,007 | 165 | ||||||
Mid-Cap Value Equity Fund | 1,118 | 134 | ||||||
Select Large Cap Growth Stock Fund | 6 | 336 | ||||||
Small Cap Growth Stock Fund | 23,750 | 3,989 | ||||||
Small Cap Value Equity Fund | 462 | 182 | ||||||
Life Vision Conservative Fund | 55 | — | ||||||
Life Vision Growth and Income Fund | 276 | 5 | ||||||
Life Vision Moderate Growth Fund | — | 4 |
Amounts designated as “—” are $0.
New Accounting Pronouncements — In July 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by the applicable tax authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required no later than the last business day of the first financial reporting date which occurs during the fiscal year beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Funds are required to implement FIN 48 in their net asset value per share calculations on September 28, 2007. Management has not completed their analysis on whether the adoption of FIN 48 will have an impact to the financial statements once adopted. | |
In September 2006, the FASB issued Statement on Financial Accounting Standards (SFAS) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to GAAP from the application of this Statement relate to the definition of fair value, the methods used to measure fair value and expanded disclosures about fair value measurements. As of March 31, 2007, the Funds do not believe the adoption of SFAS No. 157 will impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain measurements on changes in net assets for the period. |
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4. Agreements and Other Transactions with Affiliates
Investment Advisory Agreement — The Trust and Trusco Capital Management, Inc. (the “Investment Adviser”), a wholly-owned subsidiary of SunTrust Banks, Inc., have entered into an advisory agreement. Zevenbergen Capital Investments LLC serves as the Sub-Adviser for the Aggressive Growth Stock Fund and Emerging Growth Stock Fund. | |
Under the terms of the agreements, the Funds are charged annual advisory fees, which are computed daily and paid monthly based upon average daily net assets. Breakpoints are used in computing the overall annual advisory fee. The maximum annual advisory fee is charged on average daily net assets of each Fund up to $500 million. A discount of 5% applies on the next $500 million, and a discount of 10% applies on amounts over $1 billion. Fee rates for the year ended March 31, 2007 were as follows: |
Maximum | Overall | Net | ||||||||||||||
Annual | Annual | Advisory Fees | Annual | |||||||||||||
Advisory | Advisory | Waived or | Fees | |||||||||||||
Fee(%) | Fee(%) | Reimbursed(%) | Paid(%) | |||||||||||||
Aggressive Growth Stock Fund* | 1.10 | 1.10 | — | 1.10 | ||||||||||||
Capital Appreciation Fund | 0.97 | 0.93 | — | 0.93 | ||||||||||||
Emerging Growth Stock Fund* | 1.10 | 1.10 | — | 1.10 | ||||||||||||
International Equity Fund | 1.15 | 1.12 | — | 1.12 | ||||||||||||
International Equity Index Fund | 0.50 | 0.49 | — | 0.49 | ||||||||||||
Large Cap Quantitative Equity Fund | 0.85 | 0.85 | — | 0.85 | ||||||||||||
Large Cap Relative Value Fund | 0.85 | 0.80 | — | 0.80 | ||||||||||||
Large Cap Value Equity Fund | 0.80 | 0.78 | — | 0.78 | ||||||||||||
Mid-Cap Equity Fund | 1.00 | 1.00 | — | 1.00 | ||||||||||||
Mid-Cap Value Equity Fund | 1.00 | 1.00 | — | 1.00 | ||||||||||||
Select Large Cap Growth Stock Fund | 0.85 | 0.85 | — | 0.85 | ||||||||||||
Small Cap Growth Stock Fund | 1.15 | 1.10 | — | 1.10 | ||||||||||||
Small Cap Quantitative Equity Fund | 1.05 | 1.05 | (0.02 | ) | 1.03 | |||||||||||
Small Cap Value Equity Fund | 1.15 | 1.13 | — | 1.13 | ||||||||||||
Life Vision Aggressive Growth Fund | 0.10 | 0.10 | — | 0.10 | ||||||||||||
Life Vision Conservative Fund | 0.10 | 0.10 | (0.10 | ) | — | |||||||||||
Life Vision Growth and Income Fund | 0.10 | 0.10 | — | 0.10 | ||||||||||||
Life Vision Moderate Growth Fund | 0.10 | 0.10 | — | 0.10 | ||||||||||||
Life Vision Target Date 2015 Fund | 0.10 | 0.10 | (1.98 | ) | — | |||||||||||
Life Vision Target Date 2025 Fund | 0.10 | 0.10 | (1.07 | ) | — | |||||||||||
Life Vision Target Date 2035 Fund | 0.10 | 0.10 | (2.26 | ) | — |
* | Aggregate annual fees paid to the Investment Adviser, who pays Zevenbergen Capital Investments LLC a portion of the fees to serve as the Fund’s Sub-Adviser. |
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The Investment Adviser has contractually agreed, until at least August 1, 2007 (until August 1, 2008 for the Select Large Cap Growth Stock Fund) to waive fees and/or reimburse each Fund to the extent necessary to maintain each Fund’s Total Operating Expense, expressed as a percentage of average daily net assets, as noted below: |
Total Operating | ||||||||
Expense(%) | ||||||||
Select Large Cap Growth Stock Fund | I Shares | 0.95 | ||||||
Select Large Cap Growth Stock Fund | A Shares | 1.25 | ||||||
Select Large Cap Growth Stock Fund | C Shares | 1.95 | ||||||
Life Vision Aggressive Growth Fund | I Shares | 0.20 | ||||||
Life Vision Aggressive Growth Fund | A Shares | 0.50 | ||||||
Life Vision Aggressive Growth Fund | C Shares | 1.20 | ||||||
Life Vision Aggressive Growth Fund | B Shares | 0.95 | ||||||
Life Vision Conservative Fund | I Shares | 0.20 | ||||||
Life Vision Conservative Fund | A Shares | 0.50 | ||||||
Life Vision Conservative Fund | C Shares | 1.20 | ||||||
Life Vision Conservative Fund | B Shares | 0.95 | ||||||
Life Vision Growth and Income Fund | I Shares | 0.20 | ||||||
Life Vision Growth and Income Fund | A Shares | 0.50 | ||||||
Life Vision Growth and Income Fund | C Shares | 1.20 | ||||||
Life Vision Growth and Income Fund | B Shares | 0.95 | ||||||
Life Vision Moderate Growth Fund | I Shares | 0.20 | ||||||
Life Vision Moderate Growth Fund | A Shares | 0.50 | ||||||
Life Vision Moderate Growth Fund | C Shares | 1.20 | ||||||
Life Vision Moderate Growth Fund | B Shares | 0.95 | ||||||
Life Vision Target Date 2015 Fund | I Shares | 0.20 | ||||||
Life Vision Target Date 2015 Fund | A Shares | 0.50 | ||||||
Life Vision Target Date 2025 Fund | I Shares | 0.20 | ||||||
Life Vision Target Date 2025 Fund | A Shares | 0.50 | ||||||
Life Vision Target Date 2035 Fund | I Shares | 0.20 | ||||||
Life Vision Target Date 2035 Fund | A Shares | 0.50 |
Under the Expense Limitation Agreements, the Investment Adviser may retain the difference between the Total Operating Expense identified above and the actual total expense to recapture any of its prior contractual waivers or reimbursements at a date not to exceed three years from the date of the corresponding Expense Limitation Agreement. Such repayments shall be made monthly, but only to the extent that such repayments would not cause the annualized total expense ratio to exceed the Total Operating Expense in place at that time. During the year ended March 31, 2007, the Investment Adviser did not recapture any of its prior contractual waivers or reimbursements. The Investment Adviser does not intend to recapture such amounts. As of March 31, 2007, the cumulative potential reimbursement based on reimbursements within three years from the date of the corresponding Expense Limitation |
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Agreement (until August 1, 2009 (until August 1, 2010 for the Select Large Cap Growth Stock Fund) ), as reduced by amounts forfeited during the fiscal year, are as follows (in thousands): |
Amount($) | ||||
Life Vision Conservative Fund | 32 | |||
Life Vision Target Date 2015 Fund | 33 | |||
Life Vision Target Date 2025 Fund | 34 | |||
Life Vision Target Date 2035 Fund | 34 |
During the year ended March 31, 2007, the Investment Adviser also voluntarily waived fees in certain Funds in order to maintain a more competitive expense ratio for shareholders. These voluntary waivers will not be recouped by the Investment Adviser in subsequent years. | |
Administration, Fund Accounting and Transfer Agency Agreement — The Trust has entered into a Master Services Agreement with BISYS Fund Services Ohio, Inc. (the “Administrator”), under which the Administrator provides administrative, fund accounting, transfer agent and shareholder services for an annual fee, calculated and paid monthly, (expressed as a percentage of the combined average daily net assets of the STI Complex) of: 0.0275% up to $25 billion, 0.0225% on the next $5 billion and 0.0175% for over $30 billion plus an additional class fee of $2,714 per class annually, applicable to each additional class of shares over 145 classes of shares. | |
The Master Services Agreement provides for the Administrator to pay certain insurance premiums for the STI Complex, including $300,000 towards the premium for Directors and Officers Liability/ Errors and Omissions insurance coverage, and $25,000 towards the premium for Fidelity Bond coverage. The Administrator has agreed, under the terms of the Master Services Agreement, to pay certain legal expenses for the benefit of the STI Complex relating to administrative service matters. The Master Services Agreement further provides for the Administrator to waive a portion of its fees for the benefit of shareholders. Such payments and fee waivers are expected to total approximately $400,000 to $650,000 annually, and will not be recouped by the Administrator in subsequent years. | |
Distribution Agreement — The Trust and BISYS Fund Services Limited Partnership (the “Distributor”) are parties to a Distribution Services Agreement. The Distributor receives no fees for its distribution services under the agreement for the I Shares of any Fund. With respect to the A Shares, C Shares and B Shares, the Distributor receives amounts, pursuant to a Distribution Plan and (in the case of C Shares and B Shares) a Distribution and Service Plan, based upon average daily net assets of each respective class, which are computed daily and paid monthly. These fees, expressed as a percentage of average daily net assets, for the year ended March 31, 2007 were as follows: |
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Board Approved | Board Approved | Board Approved | ||||||||||
and Charged | and Charged | and Charged | ||||||||||
A Share | C Share | B Share | ||||||||||
Distribution | Distribution and | Distribution and | ||||||||||
Fee(%) | Service Fee(%) | Service Fee(%) | ||||||||||
Aggressive Growth Stock Fund | 0.30 | 1.00 | N/A | |||||||||
Capital Appreciation Fund | 0.30 | 1.00 | N/A | |||||||||
Emerging Growth Stock Fund | 0.30 | 1.00 | N/A | |||||||||
International Equity Fund | 0.30 | 1.00 | N/A | |||||||||
International Equity Index Fund | 0.30 | 1.00 | N/A | |||||||||
Large Cap Quantitative Equity Fund | 0.25 | 1.00 | N/A | |||||||||
Large Cap Relative Value Fund | 0.25 | 1.00 | N/A | |||||||||
Large Cap Value Equity Fund | 0.30 | 1.00 | N/A | |||||||||
Mid-Cap Equity Fund | 0.30 | 1.00 | N/A | |||||||||
Mid-Cap Value Equity Fund | 0.30 | 1.00 | N/A | |||||||||
Select Large Cap Growth Stock Fund | 0.30 | 1.00 | N/A | |||||||||
Small Cap Growth Stock Fund | 0.30 | 1.00 | N/A | |||||||||
Small Cap Quantitative Equity Fund | 0.30 | 1.00 | N/A | |||||||||
Small Cap Value Equity Fund | 0.25 | 0.25 | N/A | |||||||||
Life Vision Aggressive Growth Fund | 0.30 | 1.00 | 0.75 | |||||||||
Life Vision Conservative Fund | 0.30 | 1.00 | 0.75 | |||||||||
Life Vision Growth and Income Fund | 0.30 | 1.00 | 0.75 | |||||||||
Life Vision Moderate Growth Fund | 0.30 | 1.00 | 0.75 | |||||||||
Life Vision Target Date 2015 Fund | 0.30 | N/A | N/A | |||||||||
Life Vision Target Date 2025 Fund | 0.30 | N/A | N/A | |||||||||
Life Vision Target Date 2035 Fund | 0.30 | N/A | N/A |
Custodian Agreements — SunTrust Bank acts as custodian for the Funds, except for the International Equity Fund and the International Equity Index Fund, which have appointed Brown Brothers Harriman & Co. as custodian. The Funds pay custody fees on the basis of their respective net assets and transaction costs. | |
Other — Certain officers of the STI Complex are also officers of the Investment Adviser, the Administrator and/or the Distributor. Such officers receive no fees from the Trust for serving as officers of the Trust. Each of the trustees receives an annual retainer fee and an additional fee for each meeting attended plus reimbursement for certain expenses incurred. Trustees receive an additional fee for attendance at committee meetings. The current retainer and meeting fees are as follows: |
Chairman($) | Trustee($) | |||||||
Annual Retainer | 55,000 | 44,000 | ||||||
Regular Meeting Fee | 10,000 | 8,000 | ||||||
Special Meeting Fee | 5,000 | 4,000 | ||||||
Committee Meeting Fee | 4,500 | 3,000 |
The Trust approved a deferred compensation plan for its trustees, effective January 1, 2007. Under that plan, a trustee may elect to defer all or a portion of his or her compensation. Amounts deferred are retained by the Trust, and the value of such deferred amounts is determined by reference to the change in value of Class I Shares of one or more series of the STI Classic Funds as specified by the trustee. Benefits under the deferred compensation plan are payable upon retirement. As of March 31, 2007, under the deferred compensation plan, the Trust had a deferred liability of approximately $68,635. |
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The Investment Adviser provides services to the STI Complex to ensure compliance with applicable laws and regulations. The Investment Adviser has designated a dedicated compliance staff and an employee to serve as Chief Compliance Officer. The Investment Adviser receives an annual fee totaling $475,000 for these services. In addition, the Administrator provides an employee and staff to assist the Chief Compliance Officer for the STI Complex, including providing certain related services, and receives an annual fee of $156,750 for providing these services. The fees above are allocated across the assets of the STI Complex. For the year ended March 31, 2007, the total amount paid by the Trust for compliance services was $546,818. | |
The Trust has entered into an agreement with SunTrust Robinson Humphrey, a division of SunTrust Capital Markets, Inc., which is a registered broker-dealer and a direct non-bank subsidiary of SunTrust Banks, Inc., to act as an agent in placing repurchase agreements for the Trust. For the year ended March 31, 2007, the following Funds paid SunTrust Robinson Humphrey, through a reduction in the yield earned by the Funds on those repurchase agreements, the following amounts (in thousands): |
Fees($) | ||||
Aggressive Growth Stock Fund | 1 | |||
Capital Appreciation Fund | 3 | |||
Emerging Growth Stock Fund | — | |||
Large Cap Quantitative Equity Fund | — | |||
Large Cap Value Equity Fund | 1 | |||
Mid-Cap Equity Fund | 4 | |||
Select Large Cap Growth Stock Fund | — | |||
Small Cap Growth Stock Fund | 9 | |||
Small Cap Value Equity Fund | 1 | |||
Amounts designated as “—” round to less than $1,000. |
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5. Investment Transactions
The cost of security purchases and the proceeds from sales and maturities of securities, excluding securities maturing less than one year from acquisition and U.S. government securities, for the year ended March 31, 2007 were as follows (in thousands):
Sales and | ||||||||
Purchases($) | Maturities($) | |||||||
Aggressive Growth Stock Fund | 202,240 | 150,725 | ||||||
Capital Appreciation Fund | 1,034,996 | 1,285,551 | ||||||
Emerging Growth Stock Fund | 136,956 | 83,457 | ||||||
International Equity Fund | 918,298 | 840,629 | ||||||
International Equity Index Fund | 124,213 | 70,774 | ||||||
Large Cap Quantitative Equity Fund | 1,451,826 | 1,446,099 | ||||||
Large Cap Relative Value Equity Fund | 929,934 | 929,805 | ||||||
Large Cap Value Equity Fund | 835,590 | 850,466 | ||||||
Mid-Cap Equity Fund | 740,779 | 849,461 | ||||||
Mid-Cap Value Equity Fund | 502,897 | 509,884 | ||||||
Select Large Cap Growth Stock Fund | 171,728 | 166,766 | ||||||
Small Cap Growth Stock Fund | 1,819,849 | 2,480,491 | ||||||
Small Cap Quantitative Equity Fund | 118,862 | 104,215 | ||||||
Small Cap Value Equity Fund | 455,254 | 595,203 | ||||||
Life Vision Aggressive Growth Fund | 31,860 | 32,496 | ||||||
Life Vision Conservative Fund | 3,844 | 4,147 | ||||||
Life Vision Growth and Income Fund | 71,827 | 56,348 | ||||||
Life Vision Moderate Growth Fund | 144,318 | 85,507 | ||||||
Life Vision Target Date 2015 Fund | 2,350 | 663 | ||||||
Life Vision Target Date 2025 Fund | 4,349 | 955 | ||||||
Life Vision Target Date 2035 Fund | 1,061 | 429 |
6. Federal Tax Policies and Information
It is the policy of each Fund to qualify or continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in applicable sections of the Internal Revenue Code, and to make distributions from net investment income and from net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Withholding taxes on foreign dividends have been paid or provided for in accordance with each applicable country’s tax rules and rates.
The amounts of dividends from net investment income and of distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (i.e., foreign currency transactions and return of capital on securities), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.
At March 31, 2007, the total cost of securities and the net realized gains or losses on securities sold for federal income tax purposes were different from amounts reported for financial reporting purposes. These differences were generally due to losses on wash sales, which cannot be used for federal income tax purposes in the current year and have been deferred for use in future years. The federal tax cost and aggregate gross unrealized appreciation and depreciation for securities held by the Funds at March 31, 2007, are presented on
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each Fund’s Schedule of Portfolio Investments. The tax character of distributions paid to shareholders during the year ended March 31, 2007 was as follows (in thousands):
Distributions Paid From | ||||||||||||
Net | Net Long | Total | ||||||||||
Investment | Term Capital | Distributions | ||||||||||
Fund | Income($) | Gains($) | Paid($)* | |||||||||
Capital Appreciation Fund | 20,866 | 39,738 | 60,604 | |||||||||
International Equity Fund | 18,678 | 153 | 18,831 | |||||||||
International Equity Index Fund | 18,293 | — | 18,293 | |||||||||
Large Cap Quantitative Equity Fund | 3,062 | 7,799 | 10,861 | |||||||||
Large Cap Relative Value Fund | 53,247 | 83,793 | 137,040 | |||||||||
Large Cap Value Equity Fund | 14,207 | 35,813 | 50,020 | |||||||||
Mid-Cap Equity Fund | 1,714 | 26,299 | 28,013 | |||||||||
Mid-Cap Value Equity Fund | 30,066 | 14,308 | 44,374 | |||||||||
Select Large Cap Growth Stock Fund | 168 | — | 168 | |||||||||
Small Cap Growth Stock Fund | 15,457 | 52,014 | 67,471 | |||||||||
Small Cap Quantitative Equity Fund | 19 | — | 19 | |||||||||
Small Cap Value Equity Fund | 46,044 | 130,494 | 176,538 | |||||||||
Life Vision Aggressive Growth Fund | 1,323 | 1,067 | 2,390 | |||||||||
Life Vision Conservative Fund | 378 | 68 | 446 | |||||||||
Life Vision Growth and Income Fund | 3,732 | 2,608 | 6,340 | |||||||||
Life Vision Moderate Growth Fund | 7,147 | 6,638 | 13,785 | |||||||||
Life Vision Target Date 2015 Fund | 30 | 2 | 32 | |||||||||
Life Vision Target Date 2025 Fund | 50 | 1 | 51 | |||||||||
Life Vision Target Date 2035 Fund | 22 | 4 | 26 |
* | Total distributions paid differ from the Statement of Changes in Net Assets because for tax purposes dividends are recognized when actually paid. |
Amounts designated as “—” are either $0 or have been rounded to $0.
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The tax character of distributions paid to shareholders during the period ended March 31, 2006 was as follows (in thousands):
Distributions Paid From | ||||||||||||
Net | Net Long | Total | ||||||||||
Investment | Term Capital | Distributions | ||||||||||
Fund | Income($) | Gains($) | Paid($)* | |||||||||
Aggressive Growth Stock Fund | 5 | — | 5 | |||||||||
Capital Appreciation Fund | 2,820 | 33,118 | 35,938 | |||||||||
Emerging Growth Stock Fund | — | — | — | |||||||||
International Equity Fund | 8,844 | — | 8,844 | |||||||||
International Equity Index Fund | 9,687 | — | 9,687 | |||||||||
Large Cap Quantitative Equity Fund | 12,192 | 588 | 12,780 | |||||||||
Large Cap Relative Value Fund | 20,863 | 51,016 | 71,879 | |||||||||
Large Cap Value Equity Fund | 14,910 | — | 14,910 | |||||||||
Mid-Cap Equity Fund | 1,670 | 16,129 | 17,799 | |||||||||
Mid-Cap Value Equity Fund | 8,090 | 15,245 | 23,335 | |||||||||
Select Large Cap Growth Stock Fund | 529 | — | 529 | |||||||||
Small Cap Growth Stock Fund | 14,140 | 97,800 | 111,940 | |||||||||
Small Cap Value Equity Fund | 13,487 | 141,539 | 155,026 | |||||||||
Life Vision Aggressive Growth Fund | 652 | 617 | 1,269 | |||||||||
Life Vision Conservative Fund | 309 | — | 309 | |||||||||
Life Vision Growth and Income Fund | 2,058 | — | 2,058 | |||||||||
Life Vision Moderate Growth Fund | 5,382 | 2,321 | 7,703 | |||||||||
Life Vision Target Date 2015 Fund | 2 | — | 2 | |||||||||
Life Vision Target Date 2025 Fund | 2 | — | 2 | |||||||||
Life Vision Target Date 2035 Fund | 3 | — | 3 |
* | Total distributions paid differ from the Statement of Changes in Net Assets because, for tax purposes, dividends are recognized when actually paid. |
Amounts designated as “—” are either $0 or have been rounded to $0.
As of March 31, 2007 the components of accumulated earnings (deficit) on a tax basis were as follows (in thousands):
Undistributed | Undistributed | Accumulated | ||||||||||||||
Ordinary | Long Term | Accumulated | Capital and | |||||||||||||
Income($) | Capital Gains($) | Earnings($) | Other Losses($)** | |||||||||||||
Aggressive Growth Stock Fund | — | — | — | (18,823 | ) | |||||||||||
Capital Appreciation Fund | — | 61,573 | 61,573 | — | ||||||||||||
Emerging Growth Stock Fund | — | 1,034 | 1,034 | — | ||||||||||||
International Equity Fund | 15,808 | 56,135 | 71,943 | — | ||||||||||||
International Equity Index Fund | 4,070 | — | 4,070 | (44,845 | ) | |||||||||||
Large Cap Quantitative Equity Fund | 19,583 | 3,015 | 22,598 | — | ||||||||||||
Large Cap Relative Value Fund | 22,826 | 56,375 | 79,201 | — | ||||||||||||
Large Cap Value Equity Fund | 21,798 | 14,483 | 36,281 | — | ||||||||||||
Mid-Cap Equity Fund | 6,908 | 2,555 | 9,463 | — | ||||||||||||
Mid-Cap Value Equity Fund | 22,663 | 1,652 | 24,315 | — | ||||||||||||
Select Large Cap Growth Stock Fund | 43 | — | 43 | (176,881 | ) | |||||||||||
Small Cap Growth Stock Fund | — | 53,557 | 53,557 | — | ||||||||||||
Small Cap Quantitative Equity Fund | 1 | — | 1 | (67 | ) | |||||||||||
Small Cap Value Equity Fund | 2,435 | 79,589 | 82,024 | — | ||||||||||||
Life Vision Aggressive Growth Fund | 423 | 2,834 | 3,257 | — | ||||||||||||
Life Vision Conservative Fund | 25 | 78 | 103 | — | ||||||||||||
Life Vision Growth and Income Fund | 438 | 4,879 | 5,317 | — |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Total | ||||||||
Unrealized | Accumulated | |||||||
Appreciation | Earnings | |||||||
(Depreciation)($)*** | (Deficit)($) | |||||||
Aggressive Growth Stock Fund | 58,048 | 39,225 | ||||||
Capital Appreciation Fund | 161,088 | 222,661 | ||||||
Emerging Growth Stock Fund | 17,009 | 18,043 | ||||||
International Equity Fund | 266,922 | 338,865 | ||||||
International Equity Index Fund | 359,009 | 318,234 | ||||||
Large Cap Quantitative Equity Fund | 6,683 | 29,281 | ||||||
Large Cap Relative Value Fund | 313,929 | 393,130 | ||||||
Large Cap Value Equity Fund | 128,251 | 164,532 | ||||||
Mid-Cap Equity Fund | 59,218 | 68,681 | ||||||
Mid-Cap Value Equity Fund | 11,695 | 36,010 | ||||||
Select Large Cap Growth Stock Fund | 11,092 | (165,746 | ) | |||||
Small Cap Growth Stock Fund | 159,656 | 213,213 | ||||||
Small Cap Quantitative Equity Fund | (45 | ) | (111 | ) | ||||
Small Cap Value Equity Fund | 116,960 | 198,984 | ||||||
Life Vision Aggressive Growth Fund | 11,513 | 14,770 | ||||||
Life Vision Conservative Fund | 352 | 455 | ||||||
Life Vision Growth and Income Fund | 19,600 | 24,917 |
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Undistributed | Undistributed | Accumulated | ||||||||||||||
Ordinary | Long Term | Accumulated | Capital and | |||||||||||||
Income($) | Capital Gains($) | Earnings($) | Other Losses($)** | |||||||||||||
Life Vision Moderate Growth Fund | 354 | 549 | 903 | — | ||||||||||||
Life Vision Target Date 2015 Fund | 1 | 22 | 23 | — | ||||||||||||
Life Vision Target Date 2025 Fund | 3 | 65 | 68 | — | ||||||||||||
Life Vision Target Date 2035 Fund | — | 27 | 27 | — |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Total | ||||||||
Unrealized | Accumulated | |||||||
Appreciation | Earnings | |||||||
(Depreciation)($)*** | (Deficit)($) | |||||||
Life Vision Moderate Growth Fund | 18,874 | 19,777 | ||||||
Life Vision Target Date 2015 Fund | 68 | 91 | ||||||
Life Vision Target Date 2025 Fund | 130 | 198 | ||||||
Life Vision Target Date 2035 Fund | 70 | 97 |
** | As of the latest tax year end of March 31, 2007, the following Funds had net capital loss carryovers to offset future net capital gains, if any, to the extent provided by the Treasury regulations (in thousands). To the extent that these carryovers are used to offset future gains, it is probable that the gains so offset will not be distributed to shareholders: |
Expires | ||||||||||||||||||||||||||||
2009($) | 2010($) | 2011($) | 2012($) | 2013($) | 2014($) | 2015($) | ||||||||||||||||||||||
Aggressive Growth Stock Fund | — | 3,369 | — | — | 1,399 | 2,683 | 11,372 | |||||||||||||||||||||
International Equity Index Fund | — | 15,965 | 16,546 | 9,207 | 3,127 | — | — | |||||||||||||||||||||
Select Large Cap Growth Stock Fund | 114,701 | 52,653 | 9,527 | — | — | — | — | |||||||||||||||||||||
Small Cap Quantitative Equity Fund | — | — | — | — | — | — | 67 |
During the year ended March 31, 2007, the Emerging Growth Stock Fund, International Equity Fund, International Equity Index Fund, Large Cap Value Equity Fund, Select Large Cap Growth Stock Fund and Small Cap Growth Stock Fund utilized $525, $25,598, $7,672, $30,146, $17,564 and $665 in capital loss carryforwards, respectively (in thousands). |
*** | The differences between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to: tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains/losses on investments in passive foreign investment companies and return of capital adjustments. |
7. Risks
The International Equity and International Equity Index Funds may invest in securities of foreign issuers in various countries. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is a possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which could adversely affect investments in those countries. Emerging market countries are countries that the World Bank or the United Nations considers to be emerging or developing. Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. In addition, the financial stability of issuers, including governments, in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of interest rate fluctuation and price volatility associated with these Funds’ investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.
8. Subsequent Events
At the meeting on May 15, 2007, the Board voted to remove the Redemption Fee Policy from the International Equity Fund and International Equity Index Fund. This change will be effective on August 1, 2007.
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STI CLASSIC FUNDS March 31, 2007 |
To the Board of Trustees and Shareholders of
STI Classic Funds:
In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Aggressive Growth Stock Fund, Capital Appreciation Fund, Emerging Growth Stock Fund, International Equity Fund, International Equity Index Fund, Large Cap Quantitative Equity Fund (formerly, Strategic Quantitative Equity Fund), Large Cap Relative Value Fund, Large Cap Value Equity Fund, Mid-Cap Equity Fund, Mid-Cap Value Equity Fund, Select Large Cap Growth Stock Fund (formerly, Quality Growth Stock Fund), Small Cap Growth Stock Fund, Small Cap Quantitative Equity Fund, Small Cap Value Equity Fund, Life Vision Aggressive Growth Fund, Life Vision Conservative Fund, Life Vision Growth and Income Fund, Life Vision Moderate Growth Fund, Life Vision Target Date 2015 Fund, Life Vision Target Date 2025 Fund, and Life Vision Target Date 2035 Fund (twenty-one of the fifty funds constituting STI Classic Funds, hereafter referred to as the “Funds”) at March 31, 2007, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2007, by correspondence with the custodians and brokers provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Columbus, Ohio
May 30, 2007
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STI CLASSIC FUNDS March 31, 2007 |
For corporate shareholders, the following percentage of the total ordinary income distributions paid by the Funds during the year ended March 31, 2007 qualify for the corporate dividends received deductions:
Dividend | ||||
Received | ||||
Deduction(%) | ||||
Capital Appreciation Fund | 100.00 | |||
Large Cap Quantitative Equity Fund | 19.09 | |||
Large Cap Relative Value Fund | 58.17 | |||
Large Cap Value Equity Fund | 53.97 | |||
Mid-Cap Equity Fund | 57.22 | |||
Mid-Cap Value Equity Fund | 14.57 | |||
Select Large Cap Growth Stock Fund | 100.00 | |||
Small Cap Growth Stock Fund | 22.19 | |||
Small Cap Quantitative Equity Fund | 100.00 | |||
Small Cap Value Equity Fund | 37.76 | |||
Life Vision Aggressive Growth Fund | 37.77 | |||
Life Vision Conservative Fund | 4.30 | |||
Life Vision Growth and Income Fund | 22.73 | |||
Life Vision Moderate Growth Fund | 13.20 | |||
Life Vision Target Date 2015 Fund | 31.08 | |||
Life Vision Target Date 2025 Fund | 40.21 | |||
Life Vision Target Date 2035 Fund | 45.64 |
In addition, the Funds may elect to pass through foreign taxes paid by the Funds to its shareholders under Code 853 of the Internal Revenue Code. For the year ended March 31, 2007, the International Equity Fund and International Equity Index Fund elected to pass through foreign taxes of $2,123 and $2,343, respectively (in thousands).
For the year ended March 31, 2007, the following Funds have qualified dividend income of:
Qualified | ||||
Dividend | ||||
Income(%) | ||||
Capital Appreciation Fund | 100.00 | |||
International Equity Fund | 85.07 | |||
International Equity Index Fund | 90.56 | |||
Large Cap Quantitative Equity Fund | 18.13 | |||
Large Cap Relative Value Fund | 57.98 | |||
Large Cap Value Equity Fund | 53.76 | |||
Mid-Cap Equity Fund | 53.90 | |||
Mid-Cap Value Equity Fund | 13.79 | |||
Select Large Cap Growth Stock Fund | 100.00 | |||
Small Cap Growth Stock Fund | 21.87 | |||
Small Cap Quantitative Equity Fund | 100.00 | |||
Small Cap Value Equity Fund | 40.00 | |||
Life Vision Aggressive Growth Fund | 48.40 | |||
Life Vision Conservative Fund | 6.43 | |||
Life Vision Growth and Income Fund | 30.20 | |||
Life Vision Moderate Growth Fund | 17.14 | |||
Life Vision Target Date 2015 Fund | 41.95 | |||
Life Vision Target Date 2025 Fund | 54.82 | |||
Life Vision Target Date 2035 Fund | 61.08 |
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Information pertaining to the trustees of the Trust is set forth below. Trustees who are not deemed to be “interested persons” of the Trust as defined in the 1940 Act are referred to as “Independent Trustees.” Trustees who are deemed to be “interested persons” of the Trust are referred to as “Interested Trustees.” Mr. Ridley is a trustee who may be deemed to be an “interested person” of the Trust.
Number of | ||||||||||||||||
Name, Business | Position | Term of | Portfolios | |||||||||||||
Address, | Held | Office and | in Fund | |||||||||||||
State of Residence | with | Length of | Principal Occupation(s) | Complex | ||||||||||||
and Date of Birth | Trust | Time Served | During the Past 5 Years | Overseen | Other Directorships Held | |||||||||||
INTERESTED TRUSTEE* Clarence H. Ridley 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 06/42 | Trustee | Indefinite; since November 2001 | Chairman, Haverty Furniture Companies | 57 | Crawford & Co.; Haverty Furniture Companies | |||||||||||
INDEPENDENT TRUSTEES | ||||||||||||||||
Jeffrey M. Biggar 3435 Stelzer Road Columbus, OH 43219 (Ohio) DOB 02/50 | Trustee | Indefinite; since January 2007 | Retired. Chief Executive Officer and Senior Managing Director, Sterling (National City Corp.) (2002-2006) | 57 | None | |||||||||||
F. Wendell Gooch 3435 Stelzer Road Columbus, OH 43219 (Indiana) DOB 12/32 | Trustee | Indefinite; since May 1992 | Retired | 57 | SEI Family of Funds | |||||||||||
Sidney E. Harris 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 07/49 | Trustee | Indefinite; since November 2004 | Professor (since 1997), Dean (1997-2004), J. Mack Robinson College of Business, Georgia State University | 57 | ServiceMaster Company; Total System Services, Inc. | |||||||||||
Warren Y. Jobe 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 11/40 | Trustee | Indefinite; since November 2004 | Retired. Executive Vice President, Georgia Power Company and Senior Vice President, Southern Company (1998-2001) | 57 | WellPoint, Inc; UniSource Energy Corp.; HomeBanc Corp. | |||||||||||
Connie D. McDaniel 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 04/58 | Trustee | Indefinite; since May 2005 | Vice President Global Finance Transformation (since 2007), Vice President and Controller (1999-2007), The Coca-Cola Company | 57 | None | |||||||||||
James O. Robbins 3435 Stelzer Road Columbus, OH 43219 (Florida) DOB 07/42 | Trustee | Indefinite; since May 2000 | Retired. President and Chief Executive Officer, Cox Communications, Inc. (1985-2005) | 57 | Bessemer Securities, Inc.; Humana, Inc. | |||||||||||
Charles D. Winslow 3435 Stelzer Road Columbus, OH 43219 (Florida) DOB 07/35 | Trustee | Indefinite; since November 2004 | Retired. Formerly Partner, Accenture (consulting) | 57 | None | |||||||||||
* | Mr. Ridley may be deemed an “interested person” of the Trust as that term is defined in the 1940 Act because of a material business relationship with the parent of the Adviser. |
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Term of | ||||||
Position(s) | Office and | |||||
Name, Address | Held with | Length of | Principal Occupation(s) | |||
and Date of Birth | Trust | Time Served | During the Past 5 Years | |||
OFFICERS R. Jeffrey Young 3435 Stelzer Road Columbus, OH 43219 DOB 08/64 | President and Chief Executive Officer | One year; since July 2004 | Senior Vice President, Relationship Management, BISYS Fund Services (since 2002); Vice President, Client Services, BISYS Fund Services (1997-2002) | |||
Deborah A. Lamb 50 Hurt Plaza Suite 1400 Atlanta, GA 30303 DOB 10/52 | Executive Vice President; Assistant Secretary; Chief Compliance Officer | One year; since September 2004; since November 2003; since August 2004 (respectively) | Chief Compliance Officer, Managing Director, Trusco Capital Management, Inc. (since 2003); President, Investment Industry Consultants, LLC (2000-2003) | |||
Martin R. Dean 3435 Stelzer Road Columbus, OH 43219 DOB 11/63 | Treasurer, Chief Financial Officer and Chief Accounting Officer | One year; since March 2007 | Vice President, Fund Administration, BISYS Fund Services | |||
Cynthia J. Surprise 3435 Stelzer Road Columbus, OH 43219 DOB 07/46 | Secretary and Chief Legal Officer | One year; since February 2005 | Senior Counsel, Legal Services, BISYS Fund Services (since 2004); Director and Counsel, Investors Bank & Trust Company (1999-2004) | |||
Jennifer A. English 3435 Stelzer Road Columbus, OH 43219 DOB 03/72 | Assistant Secretary | One year; since November 2005 | Assistant Counsel, Legal Services, BISYS Fund Services (since 2005); Assistant Counsel, PFPC Inc. (2002-2005); Associate Legal Product Manager, Fidelity Investments (2001) | |||
The Trust’s Statement of Additional Information includes additional information about the Trust’s trustees and officers. To request your free copy of the Statement of Additional Information, call toll free 1-888-STI-FUND.
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Annual Approval of Investment Advisory and Subadvisory Agreements
The continuance of the Trust’s investment advisory agreements with Trusco Capital Management, Inc. (the “Adviser”) and subadvisory agreement with Zevenbergen Capital Investments LLC (the “Subadviser”) must be specifically approved at least annually by (i) the vote of the Trustees or a vote of the shareholders of the Funds and (ii) the vote of a majority of the Trustees who are not parties to the agreements or “interested persons” of any party thereto (the “Independent Trustees”), as defined in the Investment Company Act of 1940, cast in person at a meeting called for the purpose of voting on such approval. Each year, the Board of Trustees calls and holds a meeting to decide whether to renew the Trust’s agreements for the upcoming year. In preparation for the meeting, the Board requests and reviews a wide variety of information from the Adviser and Subadviser. The Trustees use this information, as well as other information that the Adviser, Subadviser, and other service providers may submit to the Board, to help them decide whether to renew the agreements for another year.
In considering the renewal of the agreements this year, the Board requested and received material from the Adviser and Subadviser in preparation for a special meeting of the Board held on October 24, 2006, and requested and reviewed additional material from the Adviser in preparation for its quarterly meeting held on November 14, 2006, at which it specifically considered the renewal of the agreements. Such material included, among other things, information about: (a) the quality of the Adviser’s and Subadviser’s investment management and other services; (b) the Adviser’s and Subadviser’s investment management personnel; (c) the Adviser’s and Subadviser’s operations and financial condition; (d) the Adviser’s and Subadviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the advisory fees that the Adviser and Subadviser charge the Funds compared with the fees they charge to comparable mutual funds or accounts; (f) the Funds’ overall fees and operating expenses compared with similar mutual funds; (g) the level of the Adviser’s and Subadviser’s profitability from their Fund-related operations; (h) the Adviser’s and Subadviser’s compliance systems; (i) the Adviser’s and Subadviser’s policies and procedures for personal securities transactions; (j) the Adviser’s and Subadviser’s reputation, expertise and resources in domestic financial markets; and (k) the Funds’ performance compared with similar mutual funds. The Board also received a memorandum from Fund counsel regarding the responsibilities of the Trustees in connection with their consideration of the agreements.
At both meetings, representatives from the Adviser and Subadviser presented additional oral and written information to the Board to help the Board evaluate the Adviser’s and Subadviser’s fees and other aspects of the agreements. The Board also considered information presented by the Adviser, Subadviser, and other service providers at meetings held throughout the year. The Trustees discussed the written materials, oral presentations, and any other information that the Board received, and considered the approval of the agreements in light of this information. As part of its consideration, the Board also reviewed a single consolidated form of advisory agreement representing the substance of the Trust’s three existing agreements with the Adviser and considered whether to adopt the consolidated form of agreement going forward.
Based on the Board’s deliberations and evaluation of the information it received, the Board, including the Independent Trustees, approved the consolidated form of agreement with the Adviser, the agreement with the Subadviser, and the selection of the Adviser and Subadviser, and determined that the compensation under the agreements is fair and reasonable in light of the services to be performed. The Board considered the following specific factors, none of which was controlling, and made the following conclusions:
Nature, Extent, and Quality of Services
The Board received and considered information regarding the nature, extent, and quality of services to be provided to the Funds by the Adviser and Subadviser. In this regard, the Trustees evaluated, among other things, the Adviser’s and Subadviser’s personnel, experience, track record, and compliance program. The Board considered the background and experience of the Adviser’s and Subadviser’s senior management and the expertise of, and amount of attention expected to be given to the Funds by, their portfolio management
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teams. The Board reviewed the qualifications, backgrounds, and responsibilities of the portfolio managers responsible for the day-to-day management of the Funds. The Board also reviewed information pertaining to the Adviser’s and Subadviser’s organizational structure, senior management, investment operations, and other relevant information. The Board concluded that, within the context of its full deliberations, the nature, extent, and quality of the services to be provided to the Funds by the Adviser and Subadviser supported the approval of the agreements.
Performance
The Board considered the investment performance of each Fund, including any periods of outperformance and underperformance, both on an absolute basis and a comparative basis to indices and other funds within the same investment categories. Specifically, the Board considered each Fund’s performance relative to its peer group and appropriate benchmarks in light of total return, yield, and market trends. As part of this review, the Board considered the composition of the peer group and selection criteria, as well as market risk and shareholder risk expectations. The Board considered the Adviser’s explanations regarding specific performance issues. The Board concluded that, within the context of its full deliberations, the performance of the Funds, the Adviser, and the Subadviser supported the approval of the agreements.
Fund Expenses
With respect to advisory fees, the Board considered the rate of compensation under the agreements and each Fund’s net operating expense ratio in comparison to those of comparable mutual funds. The Trustees also considered information about average expense ratios of comparable mutual funds in each Fund’s peer group. Finally, the Trustees considered the effect of the Adviser’s waiver and reimbursement of fees and expenses, where applicable, to prevent total expenses from exceeding a specified amount and that, due to these waivers and reimbursements, net operating expenses have been maintained at competitive levels. The Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported the approval of the agreements.
Profitability
The Board reviewed information about the profitability of the Funds to the Adviser and Subadviser and considered whether the level of profitability was reasonable and justified in light of the quality of the services rendered to the Funds and in comparison to other advisory firms. The Board concluded that, within the context of its full deliberations, the profitability of the Adviser and Subadviser is within the range the Board considered reasonable.
Economies of Scale
The Board considered the existence of economies of scale and whether they were passed along to Fund shareholders through a graduated advisory fee schedule or other means, including any fee and expense waivers and reimbursements by the Adviser. The Board concluded that, within the context of its full deliberations, the Funds obtain reasonable benefit from economies of scale.
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Expense Examples
As a shareholder of the STI Classic Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees; and (2) ongoing costs, including management fees, 12b-1 distribution and/or service fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the STI Classic Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2006 through March 31, 2007.
Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Beginning | Ending | Expenses Paid | Expense Ratio | |||||||||||||||
Account Value | Account Value | During Period* | During Period** | |||||||||||||||
10/01/06 | 03/31/07 | 10/01/06-03/31/07 | 10/01/06-03/31/07 | |||||||||||||||
Aggressive Growth Stock Fund | I Shares | $ | 1,000.00 | $ | 1,098.20 | $ | 6.07 | 1.16 | % | |||||||||
A Shares | 1,000.00 | 1,096.20 | 7.63 | 1.46 | ||||||||||||||
C Shares | 1,000.00 | 1,093.60 | 11.27 | 2.16 | ||||||||||||||
Capital Appreciation Fund | I Shares | 1,000.00 | 1,045.30 | 5.00 | 0.98 | |||||||||||||
A Shares | 1,000.00 | 1,043.50 | 6.52 | 1.28 | ||||||||||||||
C Shares | 1,000.00 | 1,039.60 | 10.07 | 1.98 | ||||||||||||||
Emerging Growth Stock Fund | I Shares | 1,000.00 | 1,120.00 | 6.24 | 1.18 | |||||||||||||
A Shares | 1,000.00 | 1,117.60 | 7.81 | 1.48 | ||||||||||||||
C Shares | 1,000.00 | 1,113.20 | 11.49 | 2.18 | ||||||||||||||
International Equity Fund | I Shares | 1,000.00 | 1,133.50 | 6.44 | 1.21 | |||||||||||||
A Shares | 1,000.00 | 1,133.30 | 8.03 | 1.51 | ||||||||||||||
C Shares | 1,000.00 | 1,128.20 | 11.73 | 2.21 | ||||||||||||||
International Equity Index Fund | I Shares | 1,000.00 | 1,157.30 | 3.28 | 0.61 | |||||||||||||
A Shares | 1,000.00 | 1,156.00 | 4.89 | 0.91 | ||||||||||||||
C Shares | 1,000.00 | 1,151.40 | 8.64 | 1.61 | ||||||||||||||
Large Cap Quantitative Equity Fund | I Shares | 1,000.00 | 1,066.90 | 4.74 | 0.92 | |||||||||||||
A Shares | 1,000.00 | 1,066.00 | 6.08 | 1.18 | ||||||||||||||
C Shares | 1,000.00 | 1,062.70 | 9.87 | 1.92 | ||||||||||||||
Large Cap Relative Value Fund | I Shares | 1,000.00 | 1,074.80 | 4.40 | 0.85 | |||||||||||||
A Shares | 1,000.00 | 1,074.00 | 5.69 | 1.10 | ||||||||||||||
C Shares | 1,000.00 | 1,069.90 | 9.55 | 1.85 | ||||||||||||||
Large Cap Value Equity Fund | I Shares | 1,000.00 | 1,093.00 | 4.33 | 0.83 | |||||||||||||
A Shares | 1,000.00 | 1,090.90 | 5.89 | 1.13 | ||||||||||||||
C Shares | 1,000.00 | 1,086.60 | 9.52 | 1.83 | ||||||||||||||
Mid-Cap Equity Fund | I Shares | 1,000.00 | 1,124.20 | 5.67 | 1.07 | |||||||||||||
A Shares | 1,000.00 | 1,123.00 | 7.25 | 1.37 | ||||||||||||||
C Shares | 1,000.00 | 1,118.30 | 10.93 | 2.07 | ||||||||||||||
Mid-Cap Value Equity Fund | I Shares | 1,000.00 | 1,150.30 | 5.68 | 1.06 | |||||||||||||
A Shares | 1,000.00 | 1,148.30 | 7.28 | 1.36 | ||||||||||||||
C Shares | 1,000.00 | 1,143.90 | 11.01 | 2.06 | ||||||||||||||
Select Large Cap Growth Stock Fund | I Shares | 1,000.00 | 1,047.20 | 5.00 | 0.98 | |||||||||||||
A Shares | 1,000.00 | 1,045.80 | 6.53 | 1.28 | ||||||||||||||
C Shares | 1,000.00 | 1,042.20 | 10.08 | 1.98 |
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Beginning | Ending | Expenses Paid | Expense Ratio | |||||||||||||||
Account Value | Account Value | During Period* | During Period** | |||||||||||||||
10/01/06 | 03/31/07 | 10/01/06-03/31/07 | 10/01/06-03/31/07 | |||||||||||||||
Small Cap Growth Stock Fund | I Shares | $ | 1,000.00 | $ | 1,070.50 | $ | 6.04 | 1.17 | % | |||||||||
A Shares | 1,000.00 | 1,069.00 | 7.58 | 1.47 | ||||||||||||||
C Shares | 1,000.00 | 1,065.20 | 11.17 | 2.17 | ||||||||||||||
Small Cap Quantitative Equity Fund | I Shares | 1,000.00 | 1,066.00 | 5.82 | 1.13 | |||||||||||||
A Shares | 1,000.00 | 1,064.10 | 7.36 | 1.43 | ||||||||||||||
C Shares | 1,000.00 | 1,061.10 | 10.95 | 2.13 | ||||||||||||||
Small Cap Value Equity Fund | I Shares | 1,000.00 | 1,121.20 | 6.29 | 1.19 | |||||||||||||
A Shares | 1,000.00 | 1,119.70 | 7.61 | 1.44 | ||||||||||||||
C Shares | 1,000.00 | 1,119.50 | 7.61 | 1.44 | ||||||||||||||
Life Vision Aggressive Growth Fund | I Shares | 1,000.00 | 1,085.30 | 0.99 | 0.19 | |||||||||||||
A Shares | 1,000.00 | 1,083.90 | 2.55 | 0.49 | ||||||||||||||
C Shares | 1,000.00 | 1,080.20 | 6.17 | 1.19 | ||||||||||||||
B Shares | 1,000.00 | 1,080.90 | 4.88 | 0.94 | ||||||||||||||
Life Vision Conservative Fund | I Shares | 1,000.00 | 1,043.20 | 1.02 | 0.20 | |||||||||||||
A Shares | 1,000.00 | 1,041.70 | 2.55 | 0.50 | ||||||||||||||
C Shares | 1,000.00 | 1,038.10 | 6.10 | 1.20 | ||||||||||||||
B Shares | 1,000.00 | 1,039.20 | 4.83 | 0.95 | ||||||||||||||
Life Vision Growth and Income Fund | I Shares | 1,000.00 | 1,071.10 | 0.93 | 0.18 | |||||||||||||
A Shares | 1,000.00 | 1,069.60 | 2.48 | 0.48 | ||||||||||||||
C Shares | 1,000.00 | 1,066.40 | 6.08 | 1.18 | ||||||||||||||
B Shares | 1,000.00 | 1,067.30 | 4.79 | 0.93 | ||||||||||||||
Life Vision Moderate Growth Fund | I Shares | 1,000.00 | 1,059.50 | 0.87 | 0.17 | |||||||||||||
A Shares | 1,000.00 | 1,058.50 | 2.41 | 0.47 | ||||||||||||||
C Shares | 1,000.00 | 1,054.30 | 5.99 | 1.17 | ||||||||||||||
B Shares | 1,000.00 | 1,055.80 | 4.72 | 0.92 | ||||||||||||||
Life Vision Target Date 2015 | I Shares | 1,000.00 | 1,072.40 | 1.03 | 0.20 | |||||||||||||
A Shares(a) | 1,000.00 | 1,014.30 | 1.20 | 0.50 | ||||||||||||||
Life Vision Target Date 2025 | I Shares | 1,000.00 | 1,082.70 | 1.04 | 0.20 | |||||||||||||
A Shares | 1,000.00 | 1,081.30 | 2.59 | 0.50 | ||||||||||||||
Life Vision Target Date 2035 | I Shares | 1,000.00 | 1,084.40 | 1.04 | 0.20 | |||||||||||||
A Shares | 1,000.00 | 1,082.80 | 2.60 | 0.50 |
* | Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. |
** | Annualized. |
(a) | Information shown reflects values for the period from January 5, 2007 (commencement of operations) to March 31, 2007 and has been calculated using expense ratios and rates of return for the same period. |
Hypothetical Example
The table below provides information about hypothetical account values and hypothetical expenses based on each STI Classic Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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Beginning | Ending | Expenses Paid | Expense Ratio | |||||||||||||||
Account Value | Account Value | During Period* | During Period** | |||||||||||||||
10/01/06 | 03/31/07 | 10/01/06-03/31/07 | 10/01/06-03/31/07 | |||||||||||||||
Aggressive Growth Stock Fund | I Shares | $ | 1,000.00 | $ | 1,019.15 | $ | 5.84 | 1.16 | % | |||||||||
A Shares | 1,000.00 | 1,017.65 | 7.34 | 1.46 | ||||||||||||||
C Shares | 1,000.00 | 1,014.16 | 10.85 | 2.16 | ||||||||||||||
Capital Appreciation Fund | I Shares | 1,000.00 | 1,020.04 | 4.94 | 0.98 | |||||||||||||
A Shares | 1,000.00 | 1,018.55 | 6.44 | 1.28 | ||||||||||||||
C Shares | 1,000.00 | 1,015.06 | 9.95 | 1.98 | ||||||||||||||
Emerging Growth Stock Fund | I Shares | 1,000.00 | 1,019.05 | 5.94 | 1.18 | |||||||||||||
A Shares | 1,000.00 | 1,017.55 | 7.44 | 1.48 | ||||||||||||||
C Shares | 1,000.00 | 1,014.06 | 10.95 | 2.18 | ||||||||||||||
International Equity Fund | I Shares | 1,000.00 | 1,018.90 | 6.09 | 1.21 | |||||||||||||
A Shares | 1,000.00 | 1,017.40 | 7.59 | 1.51 | ||||||||||||||
C Shares | 1,000.00 | 1,013.91 | 11.10 | 2.21 | ||||||||||||||
International Equity Index Fund | I Shares | 1,000.00 | 1,021.89 | 3.07 | 0.61 | |||||||||||||
A Shares | 1,000.00 | 1,020.39 | 4.58 | 0.91 | ||||||||||||||
C Shares | 1,000.00 | 1,016.90 | 8.10 | 1.61 | ||||||||||||||
Large Cap Quantitative Equity Fund | I Shares | 1,000.00 | 1,020.34 | 4.63 | 0.92 | |||||||||||||
A Shares | 1,000.00 | 1,019.05 | 5.94 | 1.18 | ||||||||||||||
C Shares | 1,000.00 | 1,015.36 | 9.65 | 1.92 | ||||||||||||||
Large Cap Relative Value Fund | I Shares | 1,000.00 | 1,020.69 | 4.28 | 0.85 | |||||||||||||
A Shares | 1,000.00 | 1,019.45 | 5.54 | 1.10 | ||||||||||||||
C Shares | 1,000.00 | 1,015.71 | 9.30 | 1.85 | ||||||||||||||
Large Cap Value Equity Fund | I Shares | 1,000.00 | 1,020.79 | 4.18 | 0.83 | |||||||||||||
A Shares | 1,000.00 | 1,019.30 | 5.69 | 1.13 | ||||||||||||||
C Shares | 1,000.00 | 1,015.81 | 9.20 | 1.83 | ||||||||||||||
Mid-Cap Equity Fund | I Shares | 1,000.00 | 1,019.60 | 5.39 | 1.07 | |||||||||||||
A Shares | 1,000.00 | 1,018.10 | 6.89 | 1.37 | ||||||||||||||
C Shares | 1,000.00 | 1,014.61 | 10.40 | 2.07 | ||||||||||||||
Mid-Cap Value Equity Fund | I Shares | 1,000.00 | 1,019.65 | 5.34 | 1.06 | |||||||||||||
A Shares | 1,000.00 | 1,018.15 | 6.84 | 1.36 | ||||||||||||||
C Shares | 1,000.00 | 1,014.66 | 10.35 | 2.06 | ||||||||||||||
Select Large Cap Growth Stock Fund | I Shares | 1,000.00 | 1,020.04 | 4.94 | 0.98 | |||||||||||||
A Shares | 1,000.00 | 1,018.55 | 6.44 | 1.28 | ||||||||||||||
C Shares | 1,000.00 | 1,015.06 | 9.95 | 1.98 | ||||||||||||||
Small Cap Growth Stock Fund | I Shares | 1,000.00 | 1,019.10 | 5.89 | 1.17 | |||||||||||||
A Shares | 1,000.00 | 1,017.60 | 7.39 | 1.47 | ||||||||||||||
C Shares | 1,000.00 | 1,014.11 | 10.90 | 2.17 | ||||||||||||||
Small Cap Quantitative Equity Fund | I Shares | 1,000.00 | 1,019.30 | 5.69 | 1.13 | |||||||||||||
A Shares | 1,000.00 | 1,017.80 | 7.19 | 1.43 | ||||||||||||||
C Shares | 1,000.00 | 1,014.31 | 10.70 | 2.13 | ||||||||||||||
Small Cap Value Equity Fund | I Shares | 1,000.00 | 1,019.00 | 5.99 | 1.19 | |||||||||||||
A Shares | 1,000.00 | 1,017.75 | 7.24 | 1.44 | ||||||||||||||
C Shares | 1,000.00 | 1,017.75 | 7.24 | 1.44 | ||||||||||||||
Life Vision Aggressive Growth Fund | I Shares | 1,000.00 | 1,023.98 | 0.96 | 0.19 | |||||||||||||
A Shares | 1,000.00 | 1,022.49 | 2.47 | 0.49 | ||||||||||||||
C Shares | 1,000.00 | 1,019.00 | 5.99 | 1.19 | ||||||||||||||
B Shares | 1,000.00 | 1,020.24 | 4.73 | 0.94 | ||||||||||||||
Life Vision Conservative Fund | I Shares | 1,000.00 | 1,023.93 | 1.01 | 0.20 | |||||||||||||
A Shares | 1,000.00 | 1,022.44 | 2.52 | 0.50 | ||||||||||||||
C Shares | 1,000.00 | 1,018.95 | 6.04 | 1.20 | ||||||||||||||
B Shares | 1,000.00 | 1,020.19 | 4.78 | 0.95 | ||||||||||||||
Life Vision Growth and Income Fund | I Shares | 1,000.00 | 1,024.03 | 0.91 | 0.18 | |||||||||||||
A Shares | 1,000.00 | 1,022.54 | 2.42 | 0.48 | ||||||||||||||
C Shares | 1,000.00 | 1,019.05 | 5.94 | 1.18 | ||||||||||||||
B Shares | 1,000.00 | 1,020.29 | 4.68 | 0.93 |
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Beginning | Ending | Expenses Paid | Expense Ratio | |||||||||||||||
Account Value | Account Value | During Period* | During Period** | |||||||||||||||
10/01/06 | 03/31/07 | 10/01/06-03/31/07 | 10/01/06-03/31/07 | |||||||||||||||
Life Vision Moderate Growth Fund | I Shares | $ | 1,000.00 | $ | 1,024.08 | $ | 0.86 | 0.17 | % | |||||||||
A Shares | 1,000.00 | 1,022.59 | 2.37 | 0.47 | ||||||||||||||
C Shares | 1,000.00 | 1,019.10 | 5.89 | 1.17 | ||||||||||||||
B Shares | 1,000.00 | 1,020.34 | 4.63 | 0.92 | ||||||||||||||
Life Vision Target Date 2015 | I Shares | 1,000.00 | 1,023.93 | 1.01 | 0.20 | |||||||||||||
A Shares(a) | 1,000.00 | 1,010.73 | 1.20 | 0.50 | ||||||||||||||
Life Vision Target Date 2025 | I Shares | 1,000.00 | 1,023.93 | 1.01 | 0.20 | |||||||||||||
A Shares | 1,000.00 | 1,022.44 | 2.52 | 0.50 | ||||||||||||||
Life Vision Target Date 2035 | I Shares | 1,000.00 | 1,023.93 | 1.01 | 0.20 | |||||||||||||
A Shares | 1,000.00 | 1,022.44 | 2.52 | 0.50 |
* | Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. |
** | Annualized. |
(a) | Information shown reflects values for the period from January 5, 2006 (commencement of operations) to March 31, 2007 and has been calculated using expense ratios and rates of return for the same period. |
Proxy Voting
Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-888-STI-FUND. The information also is included in the Funds’ Statement of Additional Information, which is available on the Funds’ website at www.sticlassicfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.
Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available on the Funds’ website at www.sticlassicfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.
Other Information
The Funds file a complete list of their portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available free of charge on the Securities and Exchange Commission’s website at www.sec.gov. You may also review or, for a fee, copy those documents by visiting the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the Securities and Exchange Commission at 1-202-551-8090.
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Table of Contents
Letter to Shareholders | 1 | |||
Management Discussion of Fund Performance | ||||
Bond Funds: | ||||
Georgia Tax-Exempt Bond Fund | 3 | |||
High Grade Municipal Bond Fund | 5 | |||
High Income Fund | 7 | |||
Intermediate Bond Fund | 9 | |||
Investment Grade Bond Fund | 11 | |||
Investment Grade Tax-Exempt Bond Fund | 13 | |||
Limited Duration Fund | 15 | |||
Limited-Term Federal Mortgage Securities Fund | 17 | |||
Maryland Municipal Bond Fund | 19 | |||
North Carolina Tax-Exempt Bond Fund | 21 | |||
Seix Floating Rate High Income Fund | 23 | |||
Seix High Yield Fund | 25 | |||
Short-Term Bond Fund | 27 | |||
Short-Term U.S. Treasury Securities Fund | 29 | |||
Strategic Income Fund | 31 | |||
Total Return Bond Fund | 33 | |||
Ultra-Short Bond Fund | 35 | |||
U.S. Government Securities Fund | 37 | |||
U.S. Government Securities Ultra-Short Bond Fund | 39 | |||
Virginia Intermediate Municipal Bond Fund | 41 | |||
Money Market Funds: | ||||
Prime Quality Money Market Fund | 43 | |||
Tax-Exempt Money Market Fund | 44 | |||
U.S. Government Securities Money Market Fund | 45 | |||
U.S. Treasury Money Market Fund | 46 | |||
Virginia Tax-Free Money Market Fund | 47 | |||
Schedules of Portfolio Investments | 49 | |||
Statements of Assets and Liabilities | 167 | |||
Statements of Operations | 171 | |||
Statements of Changes in Net Assets | 175 | |||
Financial Highlights | 189 | |||
Notes to Financial Statements | 201 | |||
Report of Independent Registered Public Accounting Firm | 220 | |||
Other Federal Tax Information | 221 | |||
Trustees and Officers of the STI Classic Funds | 222 | |||
Additional Information | 224 |
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![-s- David H. Eidson](https://capedge.com/proxy/N-CSR/0000950152-07-005043/l25757al2575901.gif)
President and CEO
Trusco Capital Management, Inc.
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• | Chris Carter, CFA |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||
Georgia Tax-Exempt Bond Fund | Inception Date | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||||
A Shares | without sales charge | 01/19/94 | 4.68 | 3.01 | 4.39 | 4.69 | ||||||||||||||||
with sales charge* | -0.31 | 1.36 | 3.38 | 4.18 | ||||||||||||||||||
C Shares | without CDSC | 06/06/95 | 3.81 | 2.28 | 3.71 | 4.12 | ||||||||||||||||
with CDSC* | 2.81 | 2.28 | 3.71 | 4.12 | ||||||||||||||||||
I Shares | 01/18/94 | 4.95 | 3.22 | 4.58 | 4.90 | |||||||||||||||||
Lehman Brothers 10 Year Municipal Bond Index | 5.62 | 3.57 | 5.37 | 5.78 | ||||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. |
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2-30 year curve steepened 3 basis points (0.03%) to a slope of 58.1
2 | The Lipper Intermediate Municipal Debt Funds Average consists of managed mutual funds that invest in municipal debt issues with dollar-weighted average maturities of five to ten years. It is not possible to invest directly in any index. |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||
High Grade Municipal Bond Fund | Inception Date | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||||
A Shares | without sales charge | 01/18/94 | 4.38 | 2.52 | 4.28 | 4.88 | ||||||||||||||||
with sales charge* | -0.58 | 0.88 | 3.28 | 4.37 | ||||||||||||||||||
C Shares | without CDSC | 06/01/95 | 3.49 | 1.75 | 3.62 | 4.31 | ||||||||||||||||
with CDSC* | 2.49 | 1.75 | 3.62 | 4.31 | ||||||||||||||||||
I Shares | 01/25/94 | 4.54 | 2.66 | 4.48 | 5.09 | |||||||||||||||||
Lehman Brothers 10 Year Municipal Bond Index | 5.62 | 3.57 | 5.37 | 5.78 | ||||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. |
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1 | The Gross Domestic Product (“GDP”) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory. |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||||||
Since | ||||||||||||||||||||||||||
High Income Fund | Inception Date | 1 Year | 3 Year | 5 Year | 10 Year | Inception | ||||||||||||||||||||
A Shares | without sales charge | 10/27/03 | 14.22 | 9.39 | — | — | 10.28 | |||||||||||||||||||
with sales charge* | 8.76 | 7.64 | — | — | 8.71 | |||||||||||||||||||||
C Shares | without CDSC | 05/04/94 | 13.45 | 8.80 | 9.45 | 5.45 | 5.53 | |||||||||||||||||||
with CDSC* | 12.45 | 8.80 | 9.45 | 5.45 | 5.53 | |||||||||||||||||||||
I Shares | 10/03/01 | 14.58 | 9.74 | 10.31 | — | 10.04 | ||||||||||||||||||||
Lehman Brothers U.S. Corporate High Yield Bond Index | 11.58 | 8.59 | 10.39 | 6.75 | — | |||||||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. |
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Portfolio Manager(s)
• | John Talty, CFA | |
• | Perry Troisi |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||
Inception | Since | |||||||||||||||||||||
Intermediate Bond Fund | Date† | 1 Year | 3 Year | 5 Year | Inception | |||||||||||||||||
A Shares | without sales charge | 10/11/04 | 5.62 | 2.37 | 4.23 | 5.03 | ||||||||||||||||
with sales charge* | 0.61 | 0.72 | 3.23 | 4.37 | ||||||||||||||||||
C Shares | without CDSC | 10/11/04 | 4.92 | 1.87 | 3.92 | 4.83 | ||||||||||||||||
with CDSC* | 3.92 | 1.87 | 3.92 | 4.83 | ||||||||||||||||||
I Shares | 06/30/99 | 5.97 | 2.67 | 4.42 | 5.15 | |||||||||||||||||
Lehman Brothers Intermediate Government/Credit Index | 6.14 | 2.60 | 4.91 | — | ||||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares, Institutional Shares were renamed I Shares. | |
† | The quoted returns reflect the performance from June 30, 1999 to October 11, 2004 of the Seix Intermediate Bond Fund, an open-end investment company that was the predecessor fund to the Intermediate Bond Fund. |
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• | Perry Troisi | |
• | John Talty, CFA |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||
Investment Grade Bond Fund | Inception Date | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||||
A Shares | without sales charge | 06/11/92 | 5.48 | 2.72 | 4.51 | 5.21 | ||||||||||||||||
with sales charge* | 0.46 | 1.06 | 3.51 | 4.70 | ||||||||||||||||||
C Shares | without CDSC | 06/07/95 | 4.84 | 2.09 | 3.94 | 4.66 | ||||||||||||||||
with CDSC* | 3.84 | 2.09 | 3.94 | 4.66 | ||||||||||||||||||
I Shares | 07/16/92 | 5.79 | 3.08 | 4.90 | 5.61 | |||||||||||||||||
Lehman Brothers U.S. Government/ Credit Bond Index | 6.38 | 2.90 | 5.57 | 6.51 | ||||||||||||||||||
Lehman Brothers U.S. Aggregate Bond Index | 6.59 | 3.31 | 5.35 | 6.46 | ||||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. |
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• | Ronald Schwartz, CFA, CFP |
2-30 year curve steepened 3 basis points (0.03%) to a slope of 58.2
1 | The Lipper Intermediate Municipal Debt Funds Average consists of managed mutual funds that invest in municipal debt issues with dollar-weighted average maturities of five to ten years. It is not possible to invest directly in any index. |
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Investment Grade | Average Annual Total Returns as of 3/31/07 (%) | |||||||||||
Tax-Exempt Bond Fund | Inception Date | 1 Year | 3 Year | 5 Year | 10 Year | |||||||
A Shares | without sales charge | 06/09/92 | 4.20 | 2.62 | 4.33 | 5.14 | ||||||
with sales charge* | -0.77 | 0.95 | 3.31 | 4.63 | ||||||||
C Shares | without CDSC | 06/01/95 | 3.48 | 2.00 | 3.74 | 4.59 | ||||||
with CDSC* | 2.48 | 2.00 | 3.74 | 4.59 | ||||||||
I Shares | 10/21/93 | 4.51 | 2.99 | 4.71 | 5.56 | |||||||
Lehman Brothers 5 Year Municipal Bond Index | 4.28 | 2.22 | 4.12 | 4.79 | ||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. |
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• | Joseph Calabrese, CFA | |
• | John Talty, CFA |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||
Since | ||||||||
Limited Duration Fund | Inception Date | 1 Year | 3 Year | Inception | ||||
I Shares | 10/25/02 | 5.04 | 3.40 | 2.61 | ||||
Merrill Lynch 3 Month U.S. Treasury Bill Index | 5.07 | 3.41 | — | |||||
† | The quoted returns reflect the performance from October 25, 2002 to October 11, 2004 of the Seix Limited Duration Fund, an open-end investment company that was the predecessor fund to the Limited Duration Fund. |
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• | Joseph Calabrese, CFA | |
• | John Talty, CFA |
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Limited-Term Federal Mortgage | Average Annual Total Returns as of 3/31/07 (%) | |||||||||||
Securities Fund | Inception Date | 1 Year | 3 Year | 5 Year | 10 Year | |||||||
A Shares | without sales charge | 07/18/94 | 5.03 | 2.34 | 3.27 | 4.60 | ||||||
with sales charge* | 2.43 | 1.47 | 2.75 | 4.34 | ||||||||
C Shares | without CDSC | 06/07/95 | 4.18 | 1.66 | 2.74 | 4.16 | ||||||
with CDSC* | 3.18 | 1.66 | 2.74 | 4.16 | ||||||||
I Shares | 06/06/94 | 5.33 | 2.55 | 3.51 | 4.85 | |||||||
Merrill Lynch 1-5 Year AAA U.S. Treasury/Agencies Index | 5.39 | 2.30 | 3.62 | 5.18 | ||||||||
Merrill Lynch 1-5 Year U.S. Treasuries Index | 5.26 | 2.15 | 3.52 | 5.09 | ||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 2.50% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. |
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1 | The Lipper Maryland Municipal Debt Funds Average reflects the performance of mutual funds with similar objectives tracked by Lipper Inc. and excludes the effect of sales charges. |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||||||
Since | ||||||||||||||||||||||||||
Maryland Municipal Bond Fund | Inception Date† | 1 Year | 3 Year | 5 Year | 10 Year | Inception | ||||||||||||||||||||
A Shares | without sales charge | 04/13/05 | 4.77 | 3.01 | 4.58 | 5.07 | 4.50 | |||||||||||||||||||
with sales charge* | -0.24 | 1.35 | 3.75 | 4.56 | 4.04 | |||||||||||||||||||||
C Shares | without CDSC | 04/25/96 | 3.88 | 2.20 | 3.69 | 4.16 | 4.07 | |||||||||||||||||||
with CDSC* | 2.88 | 2.20 | 3.69 | 4.16 | 4.07 | |||||||||||||||||||||
I Shares | 03/01/96 | 4.93 | 3.22 | 4.70 | 5.13 | 4.56 | ||||||||||||||||||||
Lehman Brothers 10 Year Municipal Bond Index | 5.62 | 3.57 | 5.37 | 5.78 | — | |||||||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. | |
† | The A Shares were offered beginning on 4/14/05. The A Shares performance between 3/1/96 to 4/14/05 is that of the Class I Shares of the Fund, and has not been adjusted to reflect A Share expenses. If it had been performance would have been lower. |
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1 | The Lipper North Carolina Municipal Debt Funds Average is average of mutual funds that invests at least 65% of their assets in municipal debt issues that are exempt from taxation in North Carolina, with dollar-weighted average maturities of five to ten years. |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||||||
North Carolina | Since | |||||||||||||||||||||||||
Tax-Exempt Bond Fund | Inception Date† | 1 Year | 3 Year | Inception | ||||||||||||||||||||||
A Shares | without sales charge | 03/21/05 | 5.02 | 3.31 | 3.49 | |||||||||||||||||||||
with sales charge* | 0.06 | 1.65 | 1.94 | |||||||||||||||||||||||
C Shares | without CDSC | 03/21/05 | 4.14 | 2.81 | 3.03 | |||||||||||||||||||||
with CDSC* | 3.14 | 2.81 | 3.03 | |||||||||||||||||||||||
I Shares | 01/08/04 | 5.17 | 3.23 | 3.42 | ||||||||||||||||||||||
Lehman Brothers 10 Year Municipal Bond Index | 5.62 | 3.57 | — | |||||||||||||||||||||||
† | The Fund began operations on March 21, 2005. Performance from January 8, 2004 to March 21, 2005 is that of the CCMI Tax-Exempt North Carolina Bond Fund, the Fund’s predecessor. The historical performance has not been adjusted to reflect the Fund’s A or C Share expenses. If it had been, the performance would have been lower. | |
* | Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares and T Shares were renamed I Shares. |
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Average Annual Total Returns | ||||||||||||
as of 3/31/07 (%) | ||||||||||||
Since | ||||||||||||
Seix Floating Rate High Yield Fund | Inception Date | 1 Year | Inception | |||||||||
A Shares | without sales charge with sales charge* | 05/08/061 | 7.28 4.55 | 6.73 4.23 | ||||||||
I Shares | without load | 03/02/06 | 7.47 | 6.90 | ||||||||
CSFB Institutional Leveraged Loan Index | 7.45 | — | ||||||||||
1 | The A Shares were offered beginning on May 8, 2006. That A Shares performance between March 2, 2006 to May 8, 2006 is that of the I Shares of the Fund and has not been adjusted to reflect A Shares expenses. | |
* | Class A Share performance reflects the maximum front-end sales charge of 2.50%. |
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• | George Goudelias |
• | Michael McEachern, CFA |
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Average Annual Total Returns as of 3/31/07 (%)† | ||||||||||||||||||||
Since | ||||||||||||||||||||
Seix High Yield Fund | Inception Date† | 1 Year | 3 Year | 5 Year | Inception | |||||||||||||||
A Shares | without sales charge with sales charge* | 12/21/01 | 8.61 3.47 | 5.96 4.25 | 7.87 6.82 | 8.33 7.49 | ||||||||||||||
C Shares | without CDSC with CDSC* | 10/11/04 | 7.62 6.62 | 5.31 5.31 | 7.62 7.62 | 8.15 8.15 | ||||||||||||||
I Shares | 12/29/00 | 8.68 | 6.11 | 8.11 | 8.54 | |||||||||||||||
Merrill Lynch High Yield Master Index | 11.42 | 8.49 | 10.00 | — | ||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, L Shares were renamed C Shares, Institutional Shares were renamed I Shares. |
† | The quoted returns reflect the performance from December 29, 2000 to October 11, 2004 of the Seix High Yield Fund, an open-end investment company that was the predecessor fund to the Seix High Yield Fund. |
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• | Robert W. Corner |
• | H. Rick Nelson |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||
Short-Term Bond Fund | Inception Date | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||
A Shares | without sales charge with sales charge* | 03/22/93 | 5.11 2.48 | 2.55 1.68 | 2.74 2.21 | 4.16 3.90 | ||||||||||||||
C Shares | without CDSC with CDSC* | 06/20/95 | 4.29 3.29 | 1.97 1.97 | 2.25 2.25 | 3.73 3.73 | ||||||||||||||
I Shares | without load | 03/15/93 | 5.23 | 2.77 | 2.96 | 4.36 | ||||||||||||||
Citigroup 1-3 Year Government/Credit Index | 5.28 | 2.54 | 3.58 | 5.09 | ||||||||||||||||
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• | H. Rick Nelson | |
• | Chad Stephens |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||
Short-Term U.S. Treasury | ||||||||||||||||||||||
Securities Fund | Inception Date | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||||
A Shares | without sales charge | 03/18/93 | 4.46 | 1.75 | 2.31 | 3.79 | ||||||||||||||||
with sales charge* | 1.86 | 0.90 | 1.79 | 3.53 | ||||||||||||||||||
C Shares | without CDSC | 06/22/95 | 3.62 | 1.16 | 1.86 | 3.46 | ||||||||||||||||
with CDSC* | 2.62 | 1.16 | 1.86 | 3.46 | ||||||||||||||||||
I Shares | 03/15/93 | 4.64 | 1.92 | 2.48 | 3.96 | |||||||||||||||||
Citigroup 1-3 Year Treasury Index | 4.98 | 2.28 | 3.10 | 4.75 | ||||||||||||||||||
Citigroup 6 Month Treasury Bill Index | 5.01 | 3.37 | 2.58 | 3.81 | ||||||||||||||||||
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• | Michael McEachern, CFA |
• | Adrien Webb, CFA |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||
Strategic Income Fund | Inception Date | 1 Year | 3 Year | 5 Year | Since Inception | |||||||||||||||||
A Shares | without sales charge | 10/08/03 | 8.31 | 4.69 | — | 5.67 | ||||||||||||||||
with sales charge* | 3.19 | 3.00 | — | 4.18 | ||||||||||||||||||
C Shares | without CDSC | 11/30/01 | 7.48 | 4.07 | 5.67 | 5.16 | ||||||||||||||||
with CDSC* | 6.48 | 4.07 | 5.67 | 5.16 | ||||||||||||||||||
I Shares | 11/30/01 | 8.66 | 4.94 | 6.38 | 5.86 | |||||||||||||||||
Merrill Lynch AAA U.S. Treasury/Agency Master Index | 5.90 | 2.72 | 5.02 | — | ||||||||||||||||||
Merrill Lynch U.S. High Yield Master II Index | 11.59 | 8.56 | 10.07 | — | ||||||||||||||||||
Merrill Lynch AAA Global Government Bond II ex U.S. Index | 5.26 | 4.49 | 4.93 | — | ||||||||||||||||||
Strategic Income Hybrid Index | 6.49 | 4.59 | 6.36 | — | ||||||||||||||||||
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• | John Talty, CFA | |
• | Perry Troisi |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||
Since | ||||||||||||||||||||||
Total Return Bond Fund | Inception Date | 1 Year | 3 Year | 5 Year | Inception | |||||||||||||||||
A Shares | without sales charge | 01/25/02 | 5.82 | 2.83 | 4.56 | 5.09 | ||||||||||||||||
with sales charge* | 0.75 | 1.16 | 3.55 | 4.53 | ||||||||||||||||||
C Shares | without CDSC | 10/11/04 | 5.10 | 2.43 | 4.45 | 5.02 | ||||||||||||||||
with CDSC* | 4.10 | 2.43 | 4.45 | 5.02 | ||||||||||||||||||
I Shares | 12/30/97 | 6.16 | 3.18 | 4.91 | 5.27 | |||||||||||||||||
Lehman Brothers U.S. Aggregate Bond Index | 6.59 | 3.31 | 5.35 | — | ||||||||||||||||||
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U.S. Government guarantees apply only to the underlying securities of the Fund’s portfolio and not the Fund’s shares.
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||
Ultra-Short Bond Fund | Inception Date | 1 Year | 3 Year | Since Inception | ||||||||||||
I Shares | 04/15/02 | 5.44 | 3.19 | 2.88 | ||||||||||||
Citigroup 6 Month U.S. Treasury Bill Index | 5.01 | 3.37 | — | |||||||||||||
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||
U.S. Government Securities Fund | Inception Date | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||||
A Shares | without sales charge | 06/06/94 | 5.54 | 2.53 | 3.90 | 5.22 | ||||||||||||||||
with sales charge* | 0.51 | 0.89 | 2.90 | 4.72 | ||||||||||||||||||
C Shares | without CDSC | 06/07/95 | 4.81 | 1.88 | 3.30 | 4.66 | ||||||||||||||||
with CDSC* | 3.81 | 1.88 | 3.30 | 4.66 | ||||||||||||||||||
I Shares | 08/01/94 | 5.86 | 2.87 | 4.29 | 5.62 | |||||||||||||||||
Merrill Lynch Government/Mortgage Custom Index | 6.57 | 3.44 | 5.11 | 6.33 | ||||||||||||||||||
Lehman Brothers Intermediate U.S. Government Bond Index | 5.75 | 2.39 | 4.29 | 5.64 | ||||||||||||||||||
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||
U.S. Government Securities | ||||||||||||||||
Ultra-Short Bond Fund | Inception Date | 1 Year | 3 Year | Since Inception | ||||||||||||
I Shares | 04/11/02 | 5.50 | 3.23 | 2.83 | ||||||||||||
Citigroup 6 Month U.S. Treasury Bill Index | 5.01 | 3.37 | — | |||||||||||||
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1 | The Lipper Other States Intermediate Municipal Debt Funds Index consists of managed mutual funds that invest in municipal debt issues with dollar-weighted average maturities of five to ten years. It is not possible to invest directly in any index. |
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Average Annual Total Returns as of 3/31/07 (%) | ||||||||||||||||||||||
Virginia Intermediate | ||||||||||||||||||||||
Municipal Bond Fund | Inception Date | 1 Year | 3 Year | 5 Year | 10 Year | |||||||||||||||||
A Shares | without sales charge | 05/05/93 | 4.52 | 2.70 | 4.03 | 4.45 | ||||||||||||||||
with sales charge* | -0.45 | 1.05 | 3.03 | 3.94 | ||||||||||||||||||
C Shares | without CDSC | 09/01/05 | 3.64 | 2.32 | 3.82 | 4.35 | ||||||||||||||||
with CDSC* | 2.64 | 2.32 | 3.82 | 4.35 | ||||||||||||||||||
I Shares | 01/11/93 | 4.67 | 2.82 | 4.13 | 4.50 | |||||||||||||||||
Lehman Brothers 5 Year Municipal Bond Index | 4.28 | 2.22 | 4.12 | 4.79 | ||||||||||||||||||
* | Class A Share performance reflects the maximum front-end sales charge of 4.75% and Class C Shares reflect the maximum CDSC (contingent deferred sales charge) of 1.00% in year one only. Effective August 1, 2005, T Shares were renamed I Shares. |
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• Kimberly C. Maichle, CFA
• Greg Hallman
Yields (as of March 31, 2007) | A Shares | C Shares | I Shares | |||||||||
7 Day Average Yield | 4.74 | 4.64 | 4.89 | |||||||||
7 Day Effective Yield | 4.85 | 4.75 | 5.01 | |||||||||
30 Day Average Yield | 4.72 | 4.62 | 4.87 |
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Yields (as of March 31, 2007) | A Shares | I Shares | ||||||
7 Day Average Yield | 3.07 | 3.22 | ||||||
7 Day Effective Yield | 3.12 | 3.27 | ||||||
30 Day Average Yield | 3.00 | 3.15 |
1 | LIBOR is an interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market. The LIBOR is fixed on a daily basis by the British Bankers’ Association. The LIBOR is derived from a filtered average of the world’s most creditworthy banks’ interbank deposit rates for larger loans with maturities between overnight and one full year. |
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The yield quotation more closely reflects the current earnings of the Fund than the total return. Effective August 1, 2005, T Shares were renamed I Shares. |
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Yields (as of March 31, 2007) | A Shares | I Shares | ||||||
7 Day Average Yield | 4.58 | 4.73 | ||||||
7 Day Effective Yield | 4.68 | 4.84 | ||||||
30 Day Average Yield | 4.56 | 4.71 |
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• Kimberly C. Maichle, CFA
• Greg Hallman
Yields (as of March 31, 2007) | A Shares | I Shares | ||||||
7 Day Average Yield | 4.49 | 4.64 | ||||||
7 Day Effective Yield | 4.59 | 4.75 | ||||||
30 Day Average Yield | 4.51 | 4.66 |
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Yields (as of March 31, 2007) | A Shares | I Shares | ||||||
7 Day Average Yield | 3.06 | 3.21 | ||||||
7 Day Effective Yield | 3.10 | 3.26 | ||||||
30 Day Average Yield | 2.99 | 3.14 |
1 | LIBOR is an interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market. The LIBOR is fixed on a daily basis by the British Bankers’ Association. The LIBOR is derived from a filtered average of the world’s most creditworthy banks’ interbank deposit rates for larger loans with maturities between overnight and one full year. |
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The yield quotation more closely reflects the current earnings of the Fund than the total return. Effective August 1, 2005, T Shares were renamed I Shares. |
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Georgia Tax-Exempt Bond Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Municipal Bonds (98.2%) | |||||||||
Georgia (94.0%) | |||||||||
Association County Commissioners of Georgia Leasing Program, Georgia Public Purpose Project, COP, 5.250%, 04/01/21, Callable 04/01/14 @ 102 | 2,680 | 2,916 | |||||||
Athens Housing Authority, Student Housing Lease Project, RB, 5.250%, 12/01/21, Callable 12/01/12 @ 100, AMBAC | 1,000 | 1,059 | |||||||
Atlanta Airport Passenger Facility Charge, Ser J, RB, 5.000%, 01/01/34, Callable 01/01/15 @ 100, FSA | 11,000 | 11,495 | |||||||
Atlanta Airport Passenger Facility Charge, Ser K-2, RB, AMT, 3.700%, 01/01/26, CIFG (b) | 2,000 | 2,000 | |||||||
Atlanta Airport Passenger Facility Charge, Ser K-3, RB, AMT, 3.700%, 01/01/26, XLCA (b) | 1,000 | 1,000 | |||||||
Atlanta Airport Project, Ser A, RB, AMT, 5.375%, 01/01/19, Callable 07/01/14 @ 100, FSA | 5,000 | 5,348 | |||||||
Atlanta Development Authority, Student Housing Facilities, Georgia State University, RB, 5.000%, 09/01/30, Callable 09/01/15 @ 100, XLCA | 2,600 | 2,739 | |||||||
Augusta Water & Sewer Authority, RB, 5.250%, 10/01/34, Callable 10/01/14 @ 100, FSA | 2,000 | 2,151 | |||||||
Augusta Water & Sewer Authority, RB, 5.250%, 10/01/39, Callable 10/01/14 @ 100, FSA | 5,000 | 5,361 | |||||||
Barrow County, GO, 4.500%, 10/01/11, FGIC | 1,255 | 1,299 | |||||||
Brunswick Water & Sewer, Refunding & Improvement Project, RB, 6.100%, 10/01/14, MBIA | 1,000 | 1,127 | |||||||
Burke County Development Authority, Pollution Control, Vogtle Project, RB, 3.700%, 10/01/32 (b) | 4,043 | 4,043 | |||||||
Carroll County Water Authority, Water & Sewer, RB, 5.250%, 07/01/22, Callable 07/01/15 @ 100, FSA | 1,000 | 1,090 | |||||||
Carrollton Payroll Development Authority, UWG Campus Center, RB, 5.250%, 08/01/27, Callable 08/01/14 @ 100, MBIA | 1,000 | 1,074 | |||||||
Central Valdosta Development Authority, Lowndes County Judicial Project, RB, 5.250%, 06/01/21, Callable 06/01/13 @ 102 | 1,885 | 2,037 | |||||||
Cherokee County School System, GO, 5.000%, 08/01/13, MBIA | 1,000 | 1,072 | |||||||
Cobb County Development Authority, Kennesaw State University Project, RB, 5.000%, 07/15/29, Callable 07/15/14 @ 100, MBIA | 2,250 | 2,364 | |||||||
Cobb County Development Authority, Kennesaw State University Project, Ser A, RB, 5.000%, 07/15/29, Callable 07/15/14 @ 100, MBIA | 2,000 | 2,096 | |||||||
Cobb County Development Authority, Solid Waste Disposal, Georgia Waste Management Project, Ser A, RB, AMT, 5.000%, 04/01/33, Callable 04/01/16 @ 101 | 1,000 | 1,013 | |||||||
Cobb-Marietta County, Coliseum & Exhibit Hall Project, RB, 5.500%, 10/01/12, MBIA | 940 | 999 | |||||||
College Park Business & Industrial Development Authority, Civic Center Project, RB, 5.750%, 09/01/20, Prerefunded 09/01/10 @ 102, AMBAC | 3,000 | 3,251 |
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Georgia Tax-Exempt Bond Fund — continued
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Georgia—continued | |||||||||
Coweta County Development Authority, Newnan Water, Sewer & Light Commission, RB, 5.000%, 07/01/25, Callable 07/01/15 @ 100, MBIA | 1,000 | 1,057 | |||||||
Coweta County Water & Sewer Authority, RB, 5.000%, 06/01/25, FSA | 1,000 | 1,113 | |||||||
Dalton Utilities, RB, 6.000%, 01/01/08, MBIA | 3,240 | 3,297 | |||||||
Dekalb County Public Safety & Judicial Facilities Authority, Public Safety & Judicial Facility Project, RB, 5.000%, 12/01/29, Callable 01/01/14 @ 101 | 1,000 | 1,054 | |||||||
Douglasville-Douglas County Water & Sewer Authority, RB, 5.625%, 06/01/15, AMBAC | 1,390 | 1,492 | |||||||
Douglasville-Douglas County Water & Sewer Authority, RB, 5.000%, 06/01/28, Callable 12/01/15 @ 100, MBIA | 2,000 | 2,114 | |||||||
East Point Building Authority, Water & Sewer Project, RB, 5.000%, 02/01/18, Callable 02/01/17 @ 100, XLCA | 3,125 | 3,377 | |||||||
Forsyth County Hospital Authority, Baptist Health Care System Project, RB, 6.375%, 10/01/28, ETM | 1,000 | 1,242 | |||||||
Forsyth County Water & Sewer Authority, RB, 5.000%, 04/01/28, Callable 04/01/13 @ 100 | 1,700 | 1,784 | |||||||
Fulton County Development Authority, Cauley Creek Water Facilities, Ser A, RB, AMT, 5.500%, 02/01/17, Callable 02/01/11 @ 100 | 1,310 | 1,378 | |||||||
Fulton County Development Authority, Georgia Technology Foundation, Ser A, RB, 5.000%, 11/01/31, Callable 05/01/12 @ 100 | 1,000 | 1,043 | |||||||
Fulton County Development Authority, Molecular Science Building Project, RB, 5.250%, 05/01/22, Callable 05/01/14 @ 100, MBIA | 2,370 | 2,559 | |||||||
Fulton County Development Authority, Molecular Science Building Project, RB, 5.250%, 05/01/27, Callable 05/01/14 @ 100, MBIA | 3,375 | 3,617 | |||||||
Fulton County Development Authority, Molecular Science Building Project, RB, 5.000%, 05/01/34, Callable 05/01/14 @ 100, MBIA | 1,000 | 1,049 | |||||||
Fulton County Development Authority, Spelman College, RB, 5.000%, 06/01/26, Callable 06/01/17 @ 100 | 1,750 | 1,860 | |||||||
Fulton County Water & Sewer, RB, 5.000%, 01/01/16, Callable 07/01/08 @ 101, FGIC | 1,630 | 1,671 | |||||||
Fulton County Water & Sewer, RB, 5.000%, 01/01/24, Callable 01/01/14 @ 100, FGIC | 2,000 | 2,105 | |||||||
Gainesville Redevelopment Authority, Educational Facilities, Riverside Military Academy, RB, 5.125%, 03/01/37, Callable 03/01/17 @ 100 | 1,600 | 1,638 | |||||||
Georgia Municipal Electric Authority, RB, 8.000%, 01/01/15, Callable 05/21/07 @ 100, ETM | 1,900 | 2,376 | |||||||
Georgia State Private College & Universities Facilities Authority, Mercer University Project, RB, 6.400%, 11/01/11, MBIA, ETM | 1,675 | 1,791 |
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Georgia Tax-Exempt Bond Fund — continued
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Georgia—continued | |||||||||
Georgia State Road & Tollway Authority, Federal Highway Grant, RAN, 5.000%, 06/01/14, MBIA | 3,000 | 3,240 | |||||||
Georgia State Road & Tollway Authority, Federal Highway Grant, RAN, 5.000%, 06/01/18, Callable 06/01/16 @ 100, MBIA | 2,650 | 2,872 | |||||||
Georgia State, Ser B, GO, 4.500%, 03/01/21, Callable 03/01/16 @ 100 | 2,285 | 2,354 | |||||||
Gwinnett County Development Authority, Public Schools Project, COP, 5.250%, 01/01/21, Prerefunded 01/01/14 @ 100, MBIA | 2,910 | 3,163 | |||||||
Gwinnett County Hospital Authority, Gwinnett Hospital Systems Project, Ser B, RB, 5.000%, 10/01/24, Callable 10/01/14 @ 100 | 1,250 | 1,312 | |||||||
Gwinnett County, Public Schools Project, COP, 5.250%, 01/01/25, Prerefunded 01/01/14 @ 100, MBIA | 1,500 | 1,630 | |||||||
Habersham County School District, GO, 4.500%, 04/01/12, MBIA | 1,335 | 1,385 | |||||||
Henry County Hospital Authority, Henry Medical Center Project, RB, 5.500%, 07/01/08, Prerefunded 07/01/07 @ 102, AMBAC | 1,640 | 1,680 | |||||||
Henry County Water & Sewer, RB, 6.150%, 02/01/20, AMBAC | 2,100 | 2,533 | |||||||
Metropolitan Atlanta Rapid Transit Authority, Ser E, RB, 7.000%, 07/01/11, ETM | 3,595 | 3,953 | |||||||
Milledgeville-Baldwin County Development Authority, Georgia College & State University Foundation, RB, 6.000%, 09/01/33, Callable 09/01/14 @ 101 | 2,355 | 2,593 | |||||||
Municipal Electric Authority of Georgia, Combustion, Ser A, RB, 5.000%, 11/01/24, Callable 11/01/07 @ 100 | 2,000 | 2,012 | |||||||
Newnan Hospital Authority, Newnan Hospital Project, RB, 5.500%, 01/01/16, Callable 01/01/13 @ 100, MBIA | 1,435 | 1,550 | |||||||
Newnan Hospital Authority, Newnan Hospital Project, RB, 5.500%, 01/01/17, Callable 01/01/13 @ 100, MBIA | 2,220 | 2,393 | |||||||
Oconee County Industrial Development Authority, OIIT Project, RB, 5.250%, 07/01/23, Callable 07/01/13 @ 100 | 1,295 | 1,371 | |||||||
Paulding County School District, GO, 6.000%, 02/01/10, MBIA | 1,000 | 1,063 | |||||||
Paulding County School District, Ser A, GO, 6.625%, 02/01/08 | 525 | 538 | |||||||
Upper Oconee Basin Water Authority, RB, 5.000%, 07/01/26, Callable 07/01/15 @ 100, MBIA | 2,000 | 2,118 | |||||||
Valdosta & Lowndes County Hospital Authority, South Georgia Medical Center Project, RB, 5.250%, 10/01/27, Callable 10/01/12 @ 101, AMBAC | 2,110 | 2,241 | |||||||
Valdosta & Lowndes County Hospital Authority, South Georgia Medical Center Project, RB, 5.000%, 10/01/33, Callable 10/01/17 @ 100 | 8,000 | 8,336 | |||||||
Vidalia Water & Sewer, RB, 6.000%, 07/01/07, ETM | 605 | 609 |
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Georgia Tax-Exempt Bond Fund — concluded
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Georgia—continued | |||||||||
Walker, Dade & Catoosa Counties, Hutcheson Medical Project, Ser A, RB, 5.500%, 10/01/08, Callable 10/01/07 @ 102, FSA | 1,370 | 1,407 | |||||||
143,504 | |||||||||
Puerto Rico (4.2%) | |||||||||
Puerto Rico Electric Power Authority, Ser SS, RB, 5.000%, 07/01/24, Callable 07/01/15 @ 100, MBIA | 1,000 | 1,067 | |||||||
Puerto Rico Highway & Transportation Authority, Ser AA, RB, 5.500%, 07/01/19, MBIA | 2,500 | 2,868 | |||||||
Puerto Rico Municipal Finance Agency, Ser A, GO, 5.000%, 08/01/30, Callable 08/01/15 @ 100, FSA | 2,300 | 2,436 | |||||||
6,371 | |||||||||
Total Municipal Bonds (Cost $146,621) | 149,875 | ||||||||
Money Market Funds (1.0%) | |||||||||
Federated Tax-Free Obligations Fund, 3.490% | 1,334,478 | 1,334 | |||||||
SEI Tax Exempt Trust, Institutional Tax Free Fund, 3.350% | 148,505 | 149 | |||||||
Total Money Market Funds (Cost $1,483) | 1,483 | ||||||||
Total Investments (Cost $148,104) (a) — 99.2% | 151,358 | ||||||||
Other assets in excess of liabilities — 0.8% | 1,227 | ||||||||
Net Assets — 100.0% | $ | 152,585 | |||||||
(a) | Cost for federal income tax purposes is $148,104 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 4,152 | ||
Unrealized Depreciation | (898 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 3,254 | ||
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. |
AMBAC | — Security insured by American Municipal Bond Assurance Corporation | |
AMT | — Alternative Minimum Tax Paper | |
CIFG | — Security insured by Capitalized Interest Financial Guaranty | |
COP | — Certificate of Participation | |
ETM | — Escrowed to Maturity | |
FGIC | — Security insured by Financial Guaranty Insurance Company | |
FSA | — Security insured by Financial Security Assurance | |
GO | — General Obligation | |
MBIA | — Security insured by Municipal Bond Insurance Association | |
RAN | — Revenue Anticipation Note | |
RB | — Revenue Bond | |
Ser | — Series | |
XLCA | — Security insured by XL Capital Assurance, Inc. |
52
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High Grade Municipal Bond Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Municipal Bonds (96.4%) | |||||||||
Alabama (2.7%) | |||||||||
Homewood Educational Building Authority, Samford University, Ser A, RB, 5.000%, 12/01/34, Callable 12/01/16 @ 100, MBIA | 2,500 | 2,639 | |||||||
Montgomery Medical Clinic Board, Health Care Facility, Jackson Hospital & Clinic, RB, 5.250%, 03/01/36, Callable 03/01/16 @ 100 | 2,000 | 2,068 | |||||||
4,707 | |||||||||
California (2.1%) | |||||||||
Los Angeles Unified School District, Ser B, GO, 5.000%, 07/01/20, Callable 07/01/16 @ 100, FGIC | 3,365 | 3,623 | |||||||
Florida (38.0%) | |||||||||
Brevard County School Board, COP, 5.500%, 07/01/17, Callable 07/01/12 @ 100, AMBAC | 1,860 | 2,016 | |||||||
Brevard County School Board, COP, 5.500%, 07/01/18, Callable 07/01/12 @ 100, AMBAC | 3,015 | 3,267 | |||||||
Brevard County Utility Authority, RB, 5.250%, 03/01/13, Callable 03/01/12 @ 100, FGIC | 1,000 | 1,069 | |||||||
Brevard County Utility Authority, RB, 5.250%, 03/01/14, Callable 03/01/12 @ 100, FGIC | 1,000 | 1,068 | |||||||
Florida State Board of Education, Capital Outlay, Public Education Project, GO, 9.125%, 06/01/14, ETM | 950 | 1,254 | |||||||
Florida State Board of Education, Capital Outlay, Public Education Project, Ser B, GO, 5.250%, 06/01/11, Callable 06/01/08 @ 101 | 1,000 | 1,027 | |||||||
Florida State Board of Education, Capital Outlay, Public Education Project, Ser B, GO, 5.375%, 06/01/18, Callable 06/01/12 @ 101 | 2,130 | 2,304 | |||||||
Florida State Board of Education, Capital Outlay, Public Education Project, Ser D, GO, 5.375%, 06/01/15, Callable 06/01/12 @ 100 | 1,535 | 1,654 | |||||||
Florida State Board of Education, Capital Outlay, Public Education Project, Ser D, GO, 5.625%, 06/01/15, Callable 06/01/10 @ 101 | 1,235 | 1,317 | |||||||
Florida State Board of Education, Lottery, Ser A, RB, 5.375%, 07/01/15, Callable 07/01/12 @ 101, FGIC | 3,500 | 3,799 | |||||||
Florida State Division of Bond Finance, Department of Environmental Protection & Preservation, Ser 2000-A, RB, 5.375%, 07/01/11, Callable 07/01/09 @ 101, FGIC | 2,130 | 2,227 | |||||||
Greater Orlando Aviation Authority, Airport Facilities, RB, AMT, 5.500%, 10/01/17, FGIC | 1,810 | 2,008 | |||||||
Hillsborough County Industrial Development Authority, University Community Hospital Project, RB, 6.500%, 08/15/19, MBIA | 145 | 174 | |||||||
Jacksonville Electric Authority, Electrical Systems Project, Ser 3-A, RB, 5.250%, 10/01/13, Callable 10/01/07 @ 101 | 1,000 | 1,018 | |||||||
Jacksonville Health Facilities Authority, Charity Obligation Group, Ser C, RB, 5.750%, 08/15/13, Prerefunded 08/15/11 @ 101 | 3,090 | 3,263 | |||||||
Jacksonville Sales Tax, RB, 5.500%, 10/01/13, Callable 10/01/11 @ 100, AMBAC | 1,435 | 1,541 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Florida—continued | |||||||||
Jacksonville Sales Tax, RB, 5.500%, 10/01/14, Callable 10/01/11 @ 100, AMBAC | 1,200 | 1,287 | |||||||
Jacksonville Sales Tax, RB, 5.500%, 10/01/15, Callable 10/01/11 @ 100, AMBAC | 1,550 | 1,663 | |||||||
Lee County Memorial Health Systems Hospital, Ser A, RB, 5.750%, 04/01/15, Callable 04/01/12 @ 100, FSA | 1,000 | 1,091 | |||||||
Lee County Transportation Facility Authority, Ser A, RB, 5.500%, 10/01/13, Callable 10/01/11 @ 100, AMBAC | 2,000 | 2,148 | |||||||
Manatee County Improvement Project, RB, 5.000%, 10/01/23, Callable 10/01/14 @ 100, FGIC | 2,095 | 2,214 | |||||||
Miami Parking Facilities Authority, RB, 5.250%, 10/01/15, MBIA | 1,000 | 1,096 | |||||||
Orange County Health Facilities Authority, Ser C, RB, 6.250%, 10/01/16, MBIA | 4,855 | 5,685 | |||||||
Orange County Tourist Development Tax Authority, RB, 5.500%, 10/01/11, Callable 10/01/09 @ 100, AMBAC | 3,030 | 3,165 | |||||||
Osceola County Tourist Development Tax Authority, Ser A, RB, 5.500%, 10/01/15, Callable 10/01/12 @ 100, FGIC | 1,000 | 1,087 | |||||||
Palm Beach County School Board Authority, Ser C, COP, 5.500%, 08/01/14, Callable 08/01/12 @ 100, FSA | 2,735 | 2,967 | |||||||
Palm Beach County School Board, COP, 5.000%, 08/01/20, Callable 08/01/17 @ 100 | 1,750 | 1,877 | |||||||
Pensacola Airport Authority, Ser A, RB, AMT, 6.250%, 10/01/09, AMBAC | 505 | 534 | |||||||
Pensacola Airport Authority, Ser A, RB, AMT, 6.000%, 10/01/12, Callable 10/01/08 @ 102, MBIA | 1,075 | 1,125 | |||||||
Polk County School District Sales Tax Authority, RB, 5.250%, 10/01/15, Callable 10/01/14 @ 100, FSA | 2,000 | 2,186 | |||||||
Polk County Utility Systems Authority, RB, 6.000%, 10/01/08, FGIC, ETM | 985 | 1,005 | |||||||
Tampa Guaranteed Entitlement Authority, RB, 6.000%, 10/01/18, AMBAC | 500 | 564 | |||||||
Tampa Sales Tax Authority, Ser A, RB, 5.375%, 10/01/14, Callable 10/01/11 @ 101, AMBAC | 1,640 | 1,767 | |||||||
Tampa, University of Tampa Project, RB, 5.000%, 04/01/28, Callable 04/01/16 @ 100, CIFG | 5,000 | 5,301 | |||||||
65,768 | |||||||||
Illinois (3.1%) | |||||||||
Chicago Housing Authority, Capital Program, RB, 5.000%, 07/01/23, Callable 07/01/16 @ 100, FSA | 5,000 | 5,296 | |||||||
Massachusetts (6.2%) | |||||||||
Massachusetts State School Building Authority, Sales Tax, Ser A, RB, 5.000%, 08/15/37, Callable 08/15/17 @ 100 | 5,000 | 5,307 | |||||||
Massachusetts State, Construction Loan, Ser A, GO, 5.000%, 03/01/23, Prerefunded 03/01/15 @ 100, FSA | 5,000 | 5,417 | |||||||
10,724 | |||||||||
Missouri (4.9%) | |||||||||
Missouri State Highways & Transit Commission, State Road, Ser B, RB, 5.000%, 05/01/22, Callable 05/01/16 @ 100 | 7,950 | 8,520 | |||||||
54
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
New Jersey (2.5%) | |||||||||
New Jersey State Transportation Trust Fund Authority, Transportation System, Ser A, RB, 5.250%, 12/15/13, MBIA | 4,000 | 4,350 | |||||||
Pennsylvania (3.1%) | |||||||||
Allegheny County Airport Authority, Pittsburgh International Airport, Ser B, RB, AMT, 5.000%, 01/01/18, MBIA | 5,000 | 5,347 | |||||||
Puerto Rico (20.5%) | |||||||||
Puerto Rico Commonwealth Highway & Transportation Authority, RB, 5.250%, 07/01/15, Callable 07/01/13 @ 100, FGIC | 5,860 | 6,352 | |||||||
Puerto Rico Commonwealth Highway & Transportation Authority, Ser G, RB, 5.250%, 07/01/15, Callable 07/01/13 @ 100, FGIC | 3,000 | 3,252 | |||||||
Puerto Rico Commonwealth Highway & Transportation Authority, Ser I, RB, 5.000%, 07/01/23, Callable 07/01/14 @ 100, FGIC | 3,000 | 3,185 | |||||||
Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax, Ser C, RB, 5.500%, 07/01/17, AMBAC | 12,450 | 14,187 | |||||||
Puerto Rico Commonwealth Municipal Finance Agency, Ser A, RB, 5.250%, 08/01/14, Callable 08/01/12 @ 100, FSA | 6,965 | 7,487 | |||||||
Puerto Rico Commonwealth Municipal Finance Agency, Ser A, RB, 5.250%, 08/01/16, Callable 08/01/12 @ 100, FSA | 1,020 | 1,096 | |||||||
35,559 | |||||||||
Texas (4.8%) | |||||||||
Kermit Independent School District, GO, 5.250%, 02/15/37, Callable 02/15/17 @ 100 | 4,000 | 4,336 | |||||||
San Antonio, General Improvement, GO, 5.000%, 02/01/21, Callable 02/01/16 @ 100 | 3,805 | 4,051 | |||||||
8,387 | |||||||||
Washington (8.5%) | |||||||||
NJB Properties, Lease, King County Project, Ser A, RB, 5.000%, 12/01/31, Callable 12/01/16 @ 100 | 10,000 | 10,582 | |||||||
Washington State, Motor Vehicle Fuel Tax, Ser 2007-B, GO, 5.000%, 07/01/29, Callable 07/01/16 @ 100, FSA | 3,885 | 4,121 | |||||||
14,703 | |||||||||
Total Municipal Bonds (Cost $165,194) | 166,984 | ||||||||
Money Market Fund (3.1%) | |||||||||
Federated Tax-Free Obligations Fund, 3.490% | 5,436,210 | 5,436 | |||||||
Total Money Market Fund (Cost $5,436) | 5,436 | ||||||||
Total Investments (Cost $170,630) (a) — 99.5% | 172,420 | ||||||||
Other assets in excess of liabilities — 0.5% | 855 | ||||||||
Net Assets — 100.0% | $ | 173,275 | |||||||
55
Table of Contents
(a) | Cost for federal income tax purposes is $170,630 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 2,293 | ||
Unrealized Depreciation | (503 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 1,790 | ||
AMBAC | — Security insured by American Municipal Bond Assurance Corporation | |
AMT | — Alternative Minimum Tax Paper | |
CIFG | — Security insured by Capitalized Interest Financial Guaranty | |
COP | — Certificate of Participation | |
ETM | — Escrowed to Maturity | |
FGIC | — Security insured by Financial Guaranty Insurance Company | |
FSA | — Security insured by Financial Security Assurance | |
GO | — General Obligation | |
MBIA | — Security insured by Municipal Bond Insurance Association | |
RB | — Revenue Bond | |
Ser | — Series |
56
Table of Contents
High Income Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Bank Loans (3.1%) | |||||||||
Commercial Services (1.4%) | |||||||||
Merrill Corp., 11.820%, 10/01/13 (b) (d) | 1,000 | 1,005 | |||||||
Computers (0.6%) | |||||||||
Stratus Technologies, Inc., 14.350%, 03/15/12 (b) (d) | 450 | 432 | |||||||
Telecommunications (1.1%) | |||||||||
Wind Acquisition Holdings, 12.610%, 12/07/11 (b) (d) | 754 | 771 | |||||||
Total Bank Loans (Cost $2,192) | 2,208 | ||||||||
Convertible Bonds (1.5%) | |||||||||
Telecommunications (1.5%) | |||||||||
Nortel Networks Corp., 1.750%, 04/15/12, Callable 04/15/11 @ 100 (d) (e) | 530 | 531 | |||||||
Nortel Networks Corp., 2.125%, 04/15/14, Callable 04/15/13 @ 100 (d) (e) | 525 | 528 | |||||||
Total Convertible Bonds (Cost $1,055) | 1,059 | ||||||||
Corporate Bonds (90.5%) | |||||||||
Advertising (4.8%) | |||||||||
Affinion Group, Inc., 10.125%, 10/15/13, Callable 10/15/09 @ 105.06 | 935 | 1,019 | |||||||
Affinion Group, Inc., 11.500%, 10/15/15, Callable 10/15/10 @ 105.75 | 520 | 572 | |||||||
Quebecor World, Inc., 9.750%, 01/15/15, Callable 01/15/11 @ 104.88 (d) | 1,039 | 1,092 | |||||||
Quebecor World Capital Corp., 8.750%, 03/15/16, Callable 03/15/11 @ 104.38 (d) | 110 | 111 | |||||||
R.H. Donnelley Corp., 10.875%, 12/15/12, Callable 12/15/07 @ 105.44 | 250 | 270 | |||||||
Valassis Communications, Inc., 8.250%, 03/01/15, Callable 03/01/11 @ 104.13 (d) | 355 | 349 | |||||||
3,413 | |||||||||
Aerospace/ Defense (1.8%) | |||||||||
Esterline Technologies Corp., 6.625%, 03/01/17, Callable 03/11/12 @ 103.31 (d) | 75 | 75 | |||||||
Hawker Beechcraft Corp., 9.750%, 04/01/17, Callable 04/01/12 @ 104.88 (d) (e) | 1,185 | 1,239 | |||||||
1,314 | |||||||||
Apparel (2.6%) | |||||||||
Hanesbrands, Inc., 8.735%, 12/15/14, Callable 12/15/08 @ 102 (b) (d) | 255 | 260 | |||||||
Levi Strauss & Co., 8.875%, 04/01/16, Callable 04/01/11 @ 104.44 (e) | 1,500 | 1,605 | |||||||
1,865 | |||||||||
Auto Manufacturers (2.9%) | |||||||||
General Motors Corp., 8.375%, 07/15/33 (e) | 2,320 | 2,082 | |||||||
Auto Parts & Equipment (3.1%) | |||||||||
Goodyear Tire & Rubber Co. (The), 9.140%, 12/01/09 (b) (d) | 1,060 | 1,064 | |||||||
Visteon Corp., 8.250%, 08/01/10 (e) | 1,180 | 1,204 | |||||||
2,268 | |||||||||
Beverages (0.2%) | |||||||||
Cott Beverages, Inc., 8.000%, 12/15/11, Callable 05/14/07 @ 104 | 175 | 179 | |||||||
Chemicals (3.6%) | |||||||||
Ineos Group Holdings PLC, 8.500%, 02/15/16, Callable 02/15/11 @ 104.25 (d) (e) | 2,080 | 1,992 | |||||||
PQ Corp., 7.500%, 02/15/13, Callable 02/15/09 @ 103.75 (b) (e) | 605 | 611 | |||||||
2,603 | |||||||||
Commercial Services (3.9%) | |||||||||
Atlantic Broadband, Inc., 9.375%, 01/15/14, Callable 01/15/09 @ 104.69 | 675 | 690 | |||||||
Cenveo Corp., 7.875%, 12/01/13, Callable 12/01/08 @ 103.94 | 210 | 206 |
57
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Commercial Services— continued | |||||||||
Hertz Corp., 10.500%, 01/01/16, Callable 01/01/11 @ 105.25 (e) | 495 | 564 | |||||||
Seitel Acquisition Corp., 9.750%, 02/15/14 (d) | 55 | 56 | |||||||
United Rentals NA, Inc., 6.500%, 02/15/12, Callable 02/15/12 @ 103.25 | 305 | 304 | |||||||
United Rentals NA, Inc., 7.750%, 11/15/13, Callable 11/15/08 @ 103.88 | 450 | 462 | |||||||
Visant Holdings Corp., 8.750%, 12/01/13, Callable 12/01/08 @ 106.563 (e) | 515 | 537 | |||||||
2,819 | |||||||||
Diversified Financial Services (8.3%) | |||||||||
Ford Motor Credit Co., 8.625%, 11/01/10 | 1,410 | 1,439 | |||||||
Galaxy Entertainment Finance Co. Ltd., 9.875%, 12/15/12, Callable 12/15/09 @ 104.94 (d) | 100 | 109 | |||||||
General Motors Acceptance Corp., LLC, 8.000%, 11/01/31 (e) | 1,970 | 2,112 | |||||||
Hexion US Finance Corp., 9.750%, 11/15/14, Callable 11/15/10 @ 104.88 (d) | 425 | 446 | |||||||
Hexion US Finance Corp., 9.860%, 11/15/14, Callable 11/15/08 @ 102 (b) (d) | 80 | 82 | |||||||
IDEARC, Inc., 8.000%, 11/15/16, Callable 11/15/11 @ 104 (d) | 1,095 | 1,126 | |||||||
NSG Holdings LLC, 7.750%, 12/15/25 (d) | 375 | 392 | |||||||
Residential Capital LLC, 6.500%, 04/17/13 | 260 | 258 | |||||||
Snoqualmie Enterprise Authority, 9.125%, 02/01/15, Callable 02/01/11 @ 104.56 (d) | 45 | 46 | |||||||
6,010 | |||||||||
Diversified Minerals (0.7%) | |||||||||
FMG Finance Property Ltd., 10.625%, 09/01/16 (d) | 435 | 500 | |||||||
Diversified Operations (5.1%) | |||||||||
Activant Solutions, Inc., 9.500%, 05/01/16, Callable 05/01/11 @ 104.75 | 990 | 975 | |||||||
Aramark Corp., 8.500%, 02/01/15, Callable 02/01/11 @ 104.25 (b) (d) | 980 | 1,020 | |||||||
Aramark Corp., 8.860%, 02/01/15, Callable 02/01/09 @ 102 (d) | 75 | 77 | |||||||
Freeport-McMoRan Copper & Gold, Inc., 8.250%, 04/01/15, Callable 04/01/11 @ 104.13 | 580 | 624 | |||||||
Freeport-McMoRan Copper & Gold, Inc., 8.564%, 04/01/15, Callable 04/01/09 @ 102 (b) | 545 | 573 | |||||||
Freeport-McMoRan Copper & Gold, Inc., 8.375%, 04/01/17, Callable 04/01/12 @ 104.19 | 395 | 427 | |||||||
3,696 | |||||||||
Electric (4.5%) | |||||||||
Aquila, Inc., 14.875%, 07/01/12 (e) | 1,420 | 1,850 | |||||||
Baldor Electric Co., 8.625%, 02/15/17, Callable 02/15/12 @ 103.31 | 325 | 344 | |||||||
FPL Energy National Wind, 6.125%, 03/25/19 (d) | 219 | 213 | |||||||
PSEG Energy Holdings LLC, 10.000%, 10/01/09 | 10 | 11 | |||||||
Sithe/ Independence Funding, Ser A, 9.000%, 12/30/13 | 750 | 826 | |||||||
3,244 | |||||||||
Entertainment (0.1%) | |||||||||
Pokagon Gaming Authority, 10.375%, 06/15/14, Callable 06/15/10 @ 105.19 (d) | 70 | 77 | |||||||
Food (3.1%) | |||||||||
Pinnacle Foods Holding Corp., 8.250%, 12/01/13, Callable 12/01/08 @ 104.12 | 775 | 843 |
58
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Food— continued | |||||||||
Pinnacle Foods Holding Corp., 10.625%, 04/01/17, Callable 04/01/12 @ 105.31 (d) | 1,275 | 1,254 | |||||||
Stater Brothers Holdings, Inc., 8.125%, 06/15/12, Callable 06/15/08 @ 104.06 | 170 | 175 | |||||||
2,272 | |||||||||
Forest Products & Paper (2.3%) | |||||||||
Abitibi-Consolidated, Inc., 8.550%, 08/01/10 | 80 | 81 | |||||||
Abitibi-Consolidated, Inc., 8.375%, 04/01/15 | 65 | 61 | |||||||
Boise Cascade LLC, 8.235%, 10/15/12, Callable 10/15/07 @ 100 (b) | 600 | 602 | |||||||
Bowater Canada Finance Corp., 7.950%, 11/15/11 | 190 | 185 | |||||||
Verso Paper Holdings LLC, 9.110%, 08/01/14, Callable 08/01/08 @ 102 (b) (d) | 745 | 764 | |||||||
1,693 | |||||||||
Healthcare — Products (2.1%) | |||||||||
Universal Hospital Services, Inc., 10.125%, 11/01/11, Callable 11/01/07 @ 105.06 | 1,450 | 1,541 | |||||||
Healthcare — Services (8.5%) | |||||||||
Community Health Systems, Inc., 6.500%, 12/15/12, Callable 12/15/08 @ 103.25 | 830 | 855 | |||||||
HCA, Inc., 9.625%, 11/15/16, Callable 11/15/11 @ 104.81 (d) | 990 | 1,069 | |||||||
Sun Healthcare Group, Inc., 9.125%, 04/15/15, Callable 04/15/11 @ 104.56 (d) | 1,050 | 1,076 | |||||||
Triad Hospitals, Inc., 7.000%, 11/15/13, Callable 11/15/08 @ 103.50 | 1,950 | 2,035 | |||||||
US Oncology, Inc., 10.750%, 08/15/14, Callable 08/15/09 @ 105.38 | 1,000 | 1,115 | |||||||
6,150 | |||||||||
Household Products/ Wares (0.9%) | |||||||||
Mobile Services Group, Inc., 9.750%, 08/01/14, Callable 08/01/10 @ 104.88 (d) | 600 | 635 | |||||||
Machinery Diversified (1.8%) | |||||||||
Chart Industries, Inc., 9.125%, 10/15/15, Callable 10/15/10 @ 104.56 (d) | 1,250 | 1,306 | |||||||
Media (5.6%) | |||||||||
CCH I LLC, 11.000%, 10/01/15, Callable 10/01/10 @ 105.50 | 910 | 944 | |||||||
Dex Media, Inc., 9.540%, 11/15/13, Callable 11/15/08 @ 104.50 (c) (f) | 50 | 47 | |||||||
General Cable Corp., 7.725%, 04/01/15, Callable 04/01/09 @ 102 (b) (d) | 45 | 45 | |||||||
General Cable Corp., 7.125%, 04/01/17, Callable 04/01/12 @ 103.56 (d) | 40 | 40 | |||||||
Kabel Deutschland GmbH, 10.625%, 07/01/14, Callable 07/01/09 @ 105.31 | 1,800 | 2,007 | |||||||
LIN Television Corp., Ser B, 6.500%, 05/15/13, Callable 05/15/08 @ 103.25 | 10 | 10 | |||||||
Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 | 555 | 567 | |||||||
Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 (d) | 205 | 210 | |||||||
Quebecor Media, Inc., 7.750%, 03/15/16, Callable 03/15/11 @ 103.88 | 165 | 170 | |||||||
4,040 | |||||||||
Miscellaneous Manufacturer (3.6%) | |||||||||
American Railcar Industries, Inc., 7.500%, 03/01/14, Callable 03/01/11 @ 103.75 (d) | 70 | 72 | |||||||
Clarke American Corp., 11.750%, 12/15/13, Callable 12/15/09 @ 105.88 | 1,940 | 2,241 |
59
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Miscellaneous Manufacturer— continued | |||||||||
Koppers, Inc., 9.875%, 10/15/13, Callable 10/15/08 @ 104.94 | 239 | 259 | |||||||
2,572 | |||||||||
Oil & Gas (1.9%) | |||||||||
Cie Generale De Geophysique, 7.500%, 05/15/15, Callable 05/15/10 @ 103.75 | 205 | 211 | |||||||
Cie Generale De Geophysique, 7.750%, 05/15/17, Callable 05/15/12 @ 103.88 | 85 | 89 | |||||||
Denbury Resources, Inc., 7.500%, 12/15/15, Callable 12/15/10 @ 103.75 | 47 | 47 | |||||||
OPTI Canada, Inc., 8.250%, 12/15/14, Callable 12/15/10 @ 104.13 (d) | 975 | 1,014 | |||||||
1,361 | |||||||||
Packaging & Containers (1.0%) | |||||||||
Graphic Packaging International, 9.500%, 08/15/13, Callable 08/15/08 @ 104.75 (e) | 650 | 691 | |||||||
Pipelines (2.4%) | |||||||||
Targa Resources, Inc., 8.500%, 11/01/13, Callable 11/01/09 @ 104.25 (d) | 1,305 | 1,331 | |||||||
Williams Partners LP, 7.250%, 02/01/17 (d) | 350 | 370 | |||||||
1,701 | |||||||||
Real Estate (0.6%) | |||||||||
American Real Estate Partners LP, 7.125%, 02/15/13, Callable 02/15/09 @ 103.56 | 25 | 25 | |||||||
American Real Estate Partners LP, 7.125%, 02/15/13, Callable 02/15/09 @ 103.56 (d) | 440 | 434 | |||||||
459 | |||||||||
Retail (2.1%) | |||||||||
Asbury Automotive Group, Inc., 7.625%, 03/15/17, Callable 03/15/12 @ 103.81 (d) | 140 | 140 | |||||||
Brookstone Co., Inc., 12.000%, 10/15/12, Callable 10/15/09 @ 106 (e) | 1,300 | 1,352 | |||||||
1,492 | |||||||||
Semiconductors (5.3%) | |||||||||
Amkor Technology, Inc., 9.250%, 06/01/16, Callable 06/01/11 @ 104.625 | 135 | 141 | |||||||
Freescale Semiconductor, Inc., 10.125%, 12/15/16, Callable 12/15/11 @ 105.06 (d) (e) | 1,890 | 1,894 | |||||||
NXP Funding LLC, 9.500%, 10/15/15, Callable 10/15/11 @ 104.75 (d) | 1,745 | 1,802 | |||||||
3,837 | |||||||||
Software (0.8%) | |||||||||
Open Solutions, Inc., 9.750%, 02/01/15, Callable 02/01/11 @ 104.88 (d) | 575 | 592 | |||||||
Telecommunications (6.9%) | |||||||||
Citizens Communications Co., 7.125%, 03/15/19 (d) | 205 | 203 | |||||||
Intelsat Corp., 9.000%, 06/15/16, Callable 06/15/11 @ 104.50 (d) | 150 | 165 | |||||||
Nordic Telephone Co., Holdings, 8.875%, 05/01/16, Callable 05/01/11 @ 104.44 (d) | 185 | 198 | |||||||
NTL Cable PLC, 9.125%, 08/15/16, Callable 08/15/11 @ 104.563 | 950 | 1,002 | |||||||
Telecordia Technologies, Inc., 10.000%, 03/15/13, Callable 03/15/08 @ 105 (d) | 1,300 | 1,216 | |||||||
West Corp., 11.000%, 10/15/16, Callable 10/15/11 @ 105.50 (d) (e) | 2,055 | 2,168 | |||||||
4,952 | |||||||||
Total Corporate Bonds (Cost $63,577) | 65,364 | ||||||||
60
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Short-Term Investment (26.4%) | |||||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (g) | 19,074,056 | 19,074 | |||||||
Total Short-Term Investment (Cost $19,074) | 19,074 | ||||||||
Repurchase Agreement (4.2%) | |||||||||
Merrill Lynch & Co., Inc., 5.255%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $2,998 (collateralized by U.S. Government Agencies; 6.500%, due 02/15/32; total market $3,060) | 2,996 | 2,996 | |||||||
Total Repurchase Agreement (Cost $2,996) | 2,996 | ||||||||
Total Investments (Cost $88,894) (a) — 125.7% | 90,701 | ||||||||
Liabilities in excess of other assets — (25.7)% | (18,532 | ) | |||||||
Net Assets — 100.0% | $ | 72,169 | |||||||
(a) | Cost for federal income tax purposes is $88,915 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 2,165 | ||
Unrealized Depreciation | (379 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 1,786 | ||
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. | |
(c) | Rate represents the effective yield at purchase. | |
(d) | Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 44.5% of net assets as of March 31, 2007. | |
(e) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $18,189. | |
(f) | Step bond. | |
(g) | This security was purchased with cash collateral held from securities lending. |
LLC | — Limited Liability Corporation | |
LP | — Limited Partnership | |
PLC | — Public Limited Company | |
Ser | — Series |
At March 31, 2007, liquid assets totaling $1,602, in thousands, have been designated as collateral for open swap agreements.
Credit Default Swap Agreements
Notional | Fixed | Expiration | ||||||||||||||||||
Underlying Instrument | Counterparty | Amount ($) | Rate (%) | Date | Value ($) | |||||||||||||||
Residential Capital LLC | JP Morgan | (500 | ) | 2.00 | 03/20/12 | 32 | ||||||||||||||
Residential Capital LLC | JP Morgan | (1,500 | ) | 1.38 | 03/20/12 | (3 | ) | |||||||||||||
29 | ||||||||||||||||||||
61
Table of Contents
Intermediate Bond Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Asset Backed Securities (2.4%) | |||||||||
Automobile ABS (1.7%) | |||||||||
Chase Manhattan Auto Owner Trust, Ser 2003-B, Cl A4, 2.570%, 02/16/10 | 261 | 259 | |||||||
Daimler Chrysler Auto Trust, Ser 2003-B, Cl A4, 2.860%, 03/09/09 | 184 | 183 | |||||||
Daimler Chrysler Auto Trust, Ser 2003-B, Cl A4, 6.500%, 11/15/13 | 510 | 536 | |||||||
Daimler Chrysler Auto Trust, Ser 2005-A, Cl A4, 3.740%, 02/08/10 | 410 | 405 | |||||||
Honda Auto Receivables Owner Trust, Ser 2006-1, Cl A3, 5.070%, 02/18/10 | 265 | 265 | |||||||
1,648 | |||||||||
Credit Card ABS (0.6%) | |||||||||
Citibank Credit Card Master Trust I, Ser 1998-2, Cl A, 6.050%, 01/15/10 | 550 | 554 | |||||||
Home Equity ABS (0.1%) | |||||||||
Contimortgage Home Equity Loan Trust, Ser 1996-2, Cl A8, 7.900%, 07/15/27 | 55 | 55 | |||||||
Delta Funding Home Equity Loan Trust, Ser 1999-3, Cl A1F, 7.462%, 09/15/29 | 6 | 6 | |||||||
New Century Home Equity Loan Trust, Ser 1999-NCB, Cl A7, 7.540%, 06/25/29 | 4 | 4 | |||||||
Soundview Home Equity Loan Trust, Ser 2001-1, Cl A, 6.765%, 04/15/31 (b) | 12 | 12 | |||||||
77 | |||||||||
Total Asset Backed Securities (Cost $2,271) | 2,279 | ||||||||
Collateralized Mortgage Obligations (7.2%) | |||||||||
Banc of America Commercial Mortgage, Inc., Ser 2004-4, Cl A3, 4.128%, 07/10/42 | 355 | 347 | |||||||
Banc of America Commercial Mortgage, Inc., Ser 2006-4, Cl A4, 5.634%, 07/10/46 | 530 | 540 | |||||||
Bear Stearns Commercial Mortgage Securities, Ser 2006-PW13, Cl A4, 5.540%, 09/11/41 | 430 | 435 | |||||||
Citigroup/ Deutsche Bank Commercial Mortgage Trust, Ser 2005-CD1, Cl A4, 5.225%, 07/15/44 (b) | 415 | 415 | |||||||
Citigroup/ Deutsche Bank Commercial Mortgage Trust, Ser 2006-CD2, Cl A4, 5.362%, 01/15/46 (b) | 275 | 276 | |||||||
GE Capital Commercial Mortgage Corp., Ser 2006-C1, Cl A4, 5.340%, 03/10/44 (b) | 360 | 361 | |||||||
GMAC Commercial Mortgage Securities, Inc., Ser 2003-C2, Cl A1, 4.576%, 05/10/40 | 522 | 516 | |||||||
GS Mortgage Securities Corp. II, Ser 2006-GG6, Cl A2, 5.506%, 04/10/38 (b) | 535 | 542 | |||||||
GS Mortgage Securities Corp. II, Ser 2006-GG8, Cl A4, 5.560%, 11/10/39 (b) | 375 | 380 | |||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Ser 2006-CB15, Cl A4, 5.814%, 06/12/43 (b) | 560 | 578 | |||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Ser 2006-LDP6, Cl A4, 5.475%, 04/15/43 (b) | 385 | 388 | |||||||
LB-UBS Commercial Mortgage Trust, Ser 2006-C1, Cl A4, 5.156%, 02/15/31 | 790 | 779 | |||||||
Morgan Stanley Capital I, Ser 2006-HQ10, Cl A4, 5.328%, 11/12/41 (b) | 790 | 788 | |||||||
Wachovia Bank Commercial Mortgage Trust, Ser 2006-C23, Cl A4, 5.418%, 01/15/45 (b) | 455 | 456 | |||||||
Total Collateralized Mortgage Obligations (Cost $6,780) | 6,801 | ||||||||
62
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Corporate Bonds (27.4%) | |||||||||
Aerospace/ Defense (0.6%) | |||||||||
L-3 Communications Corp., 6.125%, 01/15/14, Callable 01/15/09 @ 103.06 | 250 | 246 | |||||||
United Technologies Corp., 4.875%, 05/01/15 | 330 | 319 | |||||||
565 | |||||||||
Airlines (0.5%) | |||||||||
Continental Airlines, Inc., Ser A, 5.983%, 04/19/22 | 295 | 294 | |||||||
Southwest Airlines Co., 5.125%, 03/01/17 | 180 | 168 | |||||||
462 | |||||||||
Banks (1.6%) | |||||||||
Bank of America Corp., 7.400%, 01/15/11 | 485 | 523 | |||||||
Wachovia Corp., 5.300%, 10/15/11 | 470 | 473 | |||||||
Wells Fargo Co., 4.875%, 01/12/11 | 490 | 487 | |||||||
1,483 | |||||||||
Beverages (0.5%) | |||||||||
Sabmiller PLC, 6.200%, 07/01/11 (c) | 495 | 511 | |||||||
Building Materials (0.7%) | |||||||||
Lafarge SA, 6.150%, 07/15/11 | 270 | 278 | |||||||
Owens Corning, Inc., 6.500%, 12/01/16 (c) | 405 | 414 | |||||||
692 | |||||||||
Chemicals (0.3%) | |||||||||
Lyondell Chemical Co., 8.250%, 09/15/16, Callable 09/15/11 @ 104.13 | 250 | 268 | |||||||
Coal (0.3%) | |||||||||
Peabody Energy Corp., 7.375%, 11/01/16 | 280 | 295 | |||||||
Commercial Services (0.5%) | |||||||||
Corrections Corp. of America, 7.500%, 05/01/11, Callable 05/01/07 @ 103.75 | 250 | 257 | |||||||
ERAC USA Finance Co., 5.600%, 05/01/15 (c) | 195 | 195 | |||||||
452 | |||||||||
Diversified Financial Services (8.3%) | |||||||||
ABX Financing Co., 5.750%, 10/15/16 (c) | 815 | 819 | |||||||
CIT Group, Inc., 5.600%, 04/27/11 | 315 | 318 | |||||||
Citigroup, Inc., 5.125%, 05/05/14 | 410 | 406 | |||||||
Ford Motor Credit Corp., 7.000%, 10/01/13 | 185 | 172 | |||||||
Fund American Cos., Inc., 5.875%, 05/15/13 | 485 | 485 | |||||||
General Electric Capital Corp., 4.250%, 01/15/08 | 1,260 | 1,250 | |||||||
GMAC LLC, 6.750%, 12/01/14 | 175 | 173 | |||||||
Goldman Sachs Group, Inc. (The), 4.750%, 07/15/13 | 465 | 448 | |||||||
Household Finance Corp., 4.125%, 12/15/08 | 745 | 732 | |||||||
International Lease Finance Corp., Ser Q, 5.250%, 01/10/13 | 205 | 205 | |||||||
International Lease Finance Corp., Ser R, 5.625%, 09/20/13 | 100 | 102 | |||||||
Janus Capital Group, Inc., 5.875%, 09/15/11 | 195 | 197 | |||||||
JP Morgan Chase & Co., 6.625%, 03/15/12 | 480 | 509 | |||||||
Lazard Group LLC, 7.125%, 05/15/15 | 545 | 575 | |||||||
Lehman Brothers Holdings, Inc., 5.250%, 02/06/12 | 365 | 365 | |||||||
Morgan Stanley, 5.300%, 03/01/13 | 455 | 454 | |||||||
SLM Corp., 5.625%, 04/10/07 | 115 | 115 | |||||||
Western Union Co., 5.930%, 10/01/16 | 585 | 586 | |||||||
7,911 | |||||||||
Electric (1.3%) | |||||||||
MidAmerican Energy Holdings Co., Ser. D, 5.000%, 02/15/14 | 680 | 659 | |||||||
NRG Energy, Inc., 7.375%, 02/01/16, Callable 02/01/11 @ 103.688 | 250 | 257 | |||||||
Oncor Electric Delivery Co., 6.375%, 01/15/15 | 315 | 328 | |||||||
1,244 | |||||||||
63
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Entertainment (0.3%) | |||||||||
WMG Acquisition Corp., 7.375%, 04/15/14, Callable 04/15/09 @ 103.688 | 260 | 248 | |||||||
Environment Control (0.3%) | |||||||||
Allied Waste North America, Inc., 7.125%, 05/15/16, Callable 05/15/11 @ 103.56 | 250 | 254 | |||||||
Healthcare — Services (0.2%) | |||||||||
HCA, Inc., 9.125%, 11/15/14, Callable 11/15/10 @ 104.56 (c) | 170 | 182 | |||||||
Insurance (0.8%) | |||||||||
American International Group, Ser G, 5.600%, 10/18/16 | 560 | 569 | |||||||
MetLife, Inc., 5.000%, 06/15/15 | 180 | 175 | |||||||
744 | |||||||||
Investment Companies (0.3%) | |||||||||
Credit Suisse First Boston USA, Inc., 6.500%, 01/15/12 | 225 | 237 | |||||||
Lodging (0.3%) | |||||||||
Wynn Las Vegas LLC, 6.625%, 12/01/14, Callable 12/01/09 @ 103.31 | 250 | 248 | |||||||
Media (1.5%) | |||||||||
Dex Media West/ Finance LLC, Ser B, 9.875%, 08/15/13, Callable 08/15/08 @ 104.938 | 230 | 251 | |||||||
EchoStar DBS Corp., 7.125%, 02/01/16 | 260 | 268 | |||||||
Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 (c) | 250 | 256 | |||||||
News America Holdings, Inc., 9.250%, 02/01/13 | 360 | 427 | |||||||
Rogers Cable, Inc., 6.250%, 06/15/13 | 250 | 254 | |||||||
1,456 | |||||||||
Miscellaneous Manufacturer (0.7%) | |||||||||
General Electric Co., 5.000%, 02/01/13 | 280 | 278 | |||||||
Siemens Financierings NV, 5.750%, 10/17/16 (c) | 350 | 356 | |||||||
634 | |||||||||
Oil & Gas (2.3%) | |||||||||
Anadarko Petroleum Corp., 5.950%, 09/15/16 | 295 | 296 | |||||||
Chesapeake Energy Corp., 6.500%, 08/15/17 | 295 | 291 | |||||||
Devon Financing Corp. ULC, 6.875%, 09/30/11 | 570 | 606 | |||||||
Enterprise Products Operating LP, Ser B, 5.600%, 10/15/14 | 500 | 499 | |||||||
Weatherford International Ltd., 4.950%, 10/15/13 | 535 | 515 | |||||||
2,207 | |||||||||
Pharmaceuticals (0.4%) | |||||||||
Merck & Co., Inc., 5.125%, 11/15/11 | 255 | 255 | |||||||
Teva Pharmaceutical Finance LLC, 5.550%, 02/01/16 | 125 | 123 | |||||||
378 | |||||||||
Pipelines (1.2%) | |||||||||
Centerpoint Energy Resources Corp., Ser B, 7.875%, 04/01/13 | 355 | 395 | |||||||
El Paso Natural Gas Co., 5.950%, 04/15/17 (c) | 135 | 136 | |||||||
Kinder Morgan, Inc., 5.700%, 01/05/16 | 230 | 216 | |||||||
Southern Natural Gas Co., 5.900%, 04/01/17 (c) | 115 | 115 | |||||||
Williams Cos., Inc., 7.125%, 09/01/11 | 240 | 251 | |||||||
1,113 | |||||||||
Retail (0.8%) | |||||||||
Woolworths Ltd., 5.550%, 11/15/15 (c) | 785 | 780 | |||||||
Semiconductors (0.3%) | |||||||||
Advanced Micro Devices, Inc., 7.750%, 11/01/12, Callable 11/01/08 @ 103.88 | 250 | 253 | |||||||
Software (0.1%) | |||||||||
Intuit, Inc., 5.750%, 03/15/17 | 90 | 89 | |||||||
Telecommunications (3.3%) | |||||||||
AT&T, Inc., 5.100%, 09/15/14 | 425 | 415 |
64
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Telecommunications—continued | |||||||||
Cisco Systems, Inc., 5.500%, 02/22/16 | 450 | 452 | |||||||
Citizens Communications Co., 9.250%, 05/15/11 | 220 | 245 | |||||||
Comcast Corp., 4.950%, 06/15/16 | 225 | 214 | |||||||
NTL Cable PLC, 8.750%, 04/15/14, Callable 04/15/09 @ 104.375 | 240 | 250 | |||||||
Qwest Corp., 8.875%, 03/15/12 | 230 | 254 | |||||||
Time Warner Inc., 5.500%, 11/15/11 | 190 | 192 | |||||||
Verizon Communications, Inc., 5.550%, 02/15/16 | 230 | 230 | |||||||
Vodafone Group PLC, 5.500%, 06/15/11 | 605 | 611 | |||||||
Windstream Corp., 8.625%, 08/01/16, Callable 08/01/11 @ 104.31 | 230 | 252 | |||||||
3,115 | |||||||||
Total Corporate Bonds (Cost $25,737) | 25,821 | ||||||||
U.S. Government Agencies (17.1%) | |||||||||
Fannie Mae (17.1%) | |||||||||
4.250%, 05/15/09 | 11,235 | 11,097 | |||||||
5.000%, 10/15/11 | 4,625 | 4,653 | |||||||
5.250%, 09/15/16 | 370 | 377 | |||||||
Total U.S. Government Agencies (Cost $16,078) | 16,127 | ||||||||
U.S. Government Agency Mortgages (8.6%) | |||||||||
Fannie Mae (5.6%) | |||||||||
5.725%, 03/01/12 | 217 | 222 | |||||||
6.260%, 05/01/12 | 305 | 319 | |||||||
5.119%, 01/01/36 (b) | 2,154 | 2,158 | |||||||
5.412%, 04/01/36 (b) | 1,099 | 1,104 | |||||||
5.351%, 05/01/36 (b) | 1,018 | 1,021 | |||||||
5.369%, 05/01/36 (b) | 442 | 444 | |||||||
5,268 | |||||||||
Freddie Mac (0.0%) | |||||||||
6.500%, 08/01/08 | 23 | 23 | |||||||
Government National Mortgage Association (3.0%) | |||||||||
6.400%, 10/16/20 (b) | 214 | 216 | |||||||
6.114%, 11/16/21 | 51 | 51 | |||||||
4.449%, 03/16/25 | 326 | 322 | |||||||
4.811%, 05/16/27 | 436 | 432 | |||||||
4.212%, 01/16/28 | 398 | 390 | |||||||
3.760%, 09/16/28 | 431 | 419 | |||||||
4.241%, 07/16/29 | 199 | 195 | |||||||
5.441%, 02/16/31 (b) | 400 | 404 | |||||||
5.269%, 03/16/37 (b) | 400 | 398 | |||||||
2,827 | |||||||||
Total U.S. Government Agency Mortgages (Cost $8,118) | 8,118 | ||||||||
U.S. Treasury Obligations (35.6%) | |||||||||
U.S. Treasury Notes (35.6%) | |||||||||
3.625%, 04/30/07 | 860 | 859 | |||||||
3.125%, 05/15/07 | 7,010 | 6,993 | |||||||
3.375%, 12/15/08 | 7,165 | 7,013 | |||||||
3.500%, 08/15/09 | 600 | 586 | |||||||
4.750%, 02/15/10 | 5,570 | 5,602 | |||||||
4.625%, 10/31/11 | 160 | 161 | |||||||
4.625%, 02/29/12 | 1,295 | 1,300 | |||||||
4.375%, 08/15/12 | 4,660 | 4,631 | |||||||
4.500%, 11/15/15 | 3,510 | 3,474 | |||||||
2.000%, 01/15/16 | 2,810 | 2,822 | |||||||
5.125%, 05/15/16 | 65 | 67 | |||||||
Total U.S. Treasury Obligations (Cost $33,568) | 33,508 | ||||||||
Money Market Fund (2.2%) | |||||||||
STI Classic Institutional Cash Management Money Market Fund, 5.230% (d) | 2,067,757 | 2,068 | |||||||
Total Money Market Fund (Cost $2,068) | 2,068 | ||||||||
Total Investments (Cost $94,620) (a) — 100.5% | 94,722 | ||||||||
Liabilities in excess of other assets — (0.5)% | (480 | ) | |||||||
Net Assets — 100.0% | $ | 94,242 | |||||||
(a) | Cost for federal income tax purposes is $94,670 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 255 | ||
Unrealized Depreciation | (203 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 52 | ||
65
Table of Contents
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. | |
(c) | Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 4.0% of net assets as of March 31, 2007. |
(d) | Affiliate investment. | |
Cl | — Class | |
LLC | — Limited Liability Corporation | |
LP | — Limited Partnership | |
PLC | — Public Limited Company | |
Ser | — Series |
At March 31, 2007, liquid assets totaling $1,503, in thousands, have been designated as collateral for open swap agreements.
Credit Default Swap Agreements
Notional | Fixed | Expiration | ||||||||||||||||||
Underlying Instrument | Counterparty | Amount ($) | Rate (%) | Date | Value ($) | |||||||||||||||
Dow Jones CDS Indices; Series 7 | Citibank N.A. | 1,195 | 0.59 | 03/20/17 | (6 | ) | ||||||||||||||
Dow Jones CDS Indices; Series 7 | Citibank N.A. | 120 | 0.59 | 03/20/17 | (1 | ) | ||||||||||||||
Brunswick Corp. | Merrill Lynch | (120 | ) | 1.15 | 03/20/17 | (1 | ) | |||||||||||||
Cardinal Health, Inc. | Merrill Lynch | (120 | ) | 0.53 | 03/20/17 | — | ||||||||||||||
Campbell Soup Co. | Citibank N.A. | (120 | ) | 0.33 | 03/20/17 | (1 | ) | |||||||||||||
H.J. Heinz Co. | Citibank N.A. | (120 | ) | 0.74 | 03/20/17 | (2 | ) | |||||||||||||
IStar Financial, Inc. | Citibank N.A. | (120 | ) | 0.70 | 03/20/17 | 1 | ||||||||||||||
Lennar Corp. | Citibank N.A. | (120 | ) | 1.02 | 03/20/17 | 5 | ||||||||||||||
Nordstrom, Inc. | Citibank N.A. | (120 | ) | 0.45 | 03/20/17 | (1 | ) | |||||||||||||
Nucor Corp. | Citibank N.A. | (120 | ) | 0.24 | 03/20/17 | (1 | ) | |||||||||||||
Quest Diagnostics, Inc. | Merrill Lynch | (120 | ) | 0.78 | 03/20/17 | 1 | ||||||||||||||
Sprint Nextel Corp. | Citibank N.A. | (120 | ) | 1.18 | 03/20/17 | (1 | ) | |||||||||||||
Weyerhaueser Co. | Citibank N.A. | (120 | ) | 1.05 | 03/20/17 | — | ||||||||||||||
(7 | ) | |||||||||||||||||||
Amounts designated as “—” round to less than $1,000.
66
Table of Contents
Investment Grade Bond Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Asset Backed Securities (1.3%) | |||||||||
Automobile ABS (1.1%) | |||||||||
Daimler Chrysler Auto Trust, Ser 2005-A, Cl A4, 3.740%, 02/08/10 | 2,700 | 2,665 | |||||||
Honda Auto Receivables Owner Trust, Ser 2006-1, Cl A3, 5.070%, 02/18/10 | 1,765 | 1,763 | |||||||
4,428 | |||||||||
Credit Card ABS (0.2%) | |||||||||
Citibank Credit Card Issuance Trust, Ser 2008-A7, Cl A7, 4.150%, 07/07/17 | 1,000 | 940 | |||||||
Total Asset Backed Securities (Cost $5,335) | 5,368 | ||||||||
Collateralized Mortgage Obligations (7.2%) | |||||||||
Banc of America Commercial Mortgage, Inc., Ser 2004-4, Cl A3, 4.128%, 07/10/42 | 2,375 | 2,324 | |||||||
Banc of America Commercial Mortgage, Inc., Ser 2006-4, Cl A4, 5.634%, 07/10/46 | 1,675 | 1,706 | |||||||
Bear Stearns Commercial Mortgage Securities, Ser 2006-PW13, Cl A4, 5.540%, 09/11/41 | 1,385 | 1,401 | |||||||
Citigroup/ Deutsche Bank Commercial Mortgage Trust, Ser 2005-CD1, Cl A4, 5.225%, 07/15/44 (b) | 2,995 | 2,993 | |||||||
GE Capital Commercial Mortgage Corp., Ser 2006-C1, Cl A4, 5.340%, 03/10/44 (b) | 2,450 | 2,458 | |||||||
GMAC Commercial Mortgage Securities, Inc., Ser 2003-C2, Cl A1, 4.576%, 05/10/40 | 3,109 | 3,071 | |||||||
GS Mortgage Securities Corp. II, Ser 2006-GG6, Cl A2, 5.506%, 04/10/38 (b) | 3,650 | 3,695 | |||||||
GS Mortgage Securities Corp. II, Ser 2006-GG8, Cl A4, 5.560%, 11/10/39 (b) | 1,200 | 1,217 | |||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Ser 2006-CB15, Cl A4, 5.814%, 06/12/43 (b) | 1,865 | 1,924 | |||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Ser 2006-LDP6, Cl A4, 5.475%, 04/15/43 (b) | 1,235 | 1,244 | |||||||
LB-UBS Commercial Mortgage Trust, Ser 2006-C1, Cl A4, 5.156%, 02/15/31 | 2,430 | 2,398 | |||||||
Morgan Stanley Capital I, Ser 2006-HQ10, Cl A4, 5.328%, 11/12/41 (b) | 2,705 | 2,695 | |||||||
Wachovia Bank Commercial Mortgage Trust, Ser 2006-C23, Cl A4, 5.418%, 01/15/45 (b) | 2,985 | 2,994 | |||||||
Total Collateralized Mortgage Obligations (Cost $30,012) | 30,120 | ||||||||
Corporate Bonds (30.8%) | |||||||||
Aerospace/ Defense (1.1%) | |||||||||
Boeing Co. (The), 5.125%, 02/15/13 | 1,735 | 1,739 | |||||||
L-3 Communications Corp., 6.125%, 01/15/14, Callable 01/15/09 @ 103.06 | 1,280 | 1,258 | |||||||
United Technologies Corp., 4.875%, 05/01/15 | 1,495 | 1,448 | |||||||
4,445 | |||||||||
Airlines (0.5%) | |||||||||
Continental Airlines, Inc., Ser A, 5.983%, 04/19/22 | 1,495 | 1,491 | |||||||
Southwest Airlines Co., 5.125%, 03/01/17 | 870 | 811 | |||||||
2,302 | |||||||||
67
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Auto Manufacturers (0.5%) | |||||||||
DaimlerChrysler NA Holdings Corp., 8.500%, 01/18/31 | 1,550 | 1,936 | |||||||
Banks (1.8%) | |||||||||
Bank of America Corp., 7.400%, 01/15/11 | 2,685 | 2,893 | |||||||
Wachovia Corp., 5.300%, 10/15/11 | 2,385 | 2,399 | |||||||
Wells Fargo Co., 4.875%, 01/12/11 | 2,440 | 2,426 | |||||||
7,718 | |||||||||
Beverages (0.6%) | |||||||||
SABMiller PLC, 6.200%, 07/01/11 (c) (d) | 2,265 | 2,339 | |||||||
Building Materials (0.8%) | |||||||||
Lafarge SA, 6.150%, 07/15/11 | 1,225 | 1,263 | |||||||
Owens Corning, Inc., 6.500%, 12/01/16 (c) | 2,190 | 2,237 | |||||||
3,500 | |||||||||
Chemicals (0.7%) | |||||||||
Lyondell Chemical Co., 8.250%, 09/15/16, Callable 09/15/11 @ 104.13 (d) | 1,250 | 1,338 | |||||||
Potash Corp. of Saskatchewan, Inc., 5.875%, 12/01/36 | 1,680 | 1,625 | |||||||
2,963 | |||||||||
Coal (0.2%) | |||||||||
Peabody Energy Corp., 7.375%, 11/01/16 (d) | 890 | 937 | |||||||
Commercial Services (0.5%) | |||||||||
Corrections Corp. of America, 7.500%, 05/01/11, Callable 05/01/07 @ 103.75 | 1,260 | 1,295 | |||||||
ERAC USA Finance Co., 5.600%, 05/01/15 (c) | 870 | 871 | |||||||
2,166 | |||||||||
Computers (0.2%) | |||||||||
Dell, Inc., 7.100%, 04/15/28 | 540 | 576 | |||||||
IBM Corp., 5.875%, 11/29/32 | 425 | 434 | |||||||
1,010 | |||||||||
Diversified Financial Services (7.5%) | |||||||||
ABX Financing Co., 6.350%, 10/15/36 (c) | 2,165 | 2,139 | |||||||
CIT Group, Inc., 5.600%, 04/27/11 | 1,780 | 1,798 | |||||||
Citigroup, Inc., 5.125%, 05/05/14 | 765 | 757 | |||||||
Citigroup, Inc., 5.850%, 12/11/34 | 670 | 665 | |||||||
Ford Motor Credit Corp., 7.000%, 10/01/13 (d) | 1,340 | 1,246 | |||||||
Fund American Cos., Inc., 5.875%, 05/15/13 | 2,775 | 2,776 | |||||||
GMAC LLC, 6.750%, 12/01/14 | 1,260 | 1,239 | |||||||
Goldman Sachs Group, Inc. (The), 4.750%, 07/15/13 | 2,500 | 2,410 | |||||||
HSBC Holdings PLC, 7.625%, 05/17/32 | 950 | 1,125 | |||||||
International Lease Finance Corp., Ser Q, 5.250%, 01/10/13 | 845 | 843 | |||||||
International Lease Finance Corp., Ser R, 5.625%, 09/20/13 | 555 | 566 | |||||||
Janus Capital Group, Inc., 5.875%, 09/15/11 | 945 | 957 | |||||||
JP Morgan Chase & Co., 6.625%, 03/15/12 | 2,780 | 2,947 | |||||||
Lazard Group LLC, 7.125%, 05/15/15 | 2,855 | 3,009 | |||||||
Lehman Brothers Holdings, Inc., 5.250%, 02/06/12 | 1,380 | 1,379 | |||||||
Merrill Lynch & Co., 5.770%, 07/25/11 | 2,540 | 2,598 | |||||||
Morgan Stanley, 5.300%, 03/01/13 | 1,865 | 1,863 | |||||||
Western Union Co., 5.930%, 10/01/16 | 3,020 | 3,025 | |||||||
31,342 | |||||||||
Electric (1.4%) | |||||||||
MidAmerican Energy Holdings Co., 6.125%, 04/01/36 | 1,595 | 1,592 | |||||||
NRG Energy, Inc., 7.375%, 02/01/16, Callable 02/01/11 @ 103.69 | 1,260 | 1,295 |
68
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Electric—continued | |||||||||
Oncor Electric Delivery Co., 7.000%, 05/01/32 | 1,045 | 1,134 | |||||||
Pacific Gas & Electric Co., 6.050%, 03/01/34 | 1,755 | 1,758 | |||||||
5,779 | |||||||||
Entertainment (0.3%) | |||||||||
WMG Acquisition Corp., 7.375%, 04/15/14, Callable 04/15/09 @ 103.69 | 1,320 | 1,257 | |||||||
Environment Control (0.3%) | |||||||||
Allied Waste North America, Inc., 7.125%, 05/15/16, Callable 05/15/11 @ 103.56 | 1,260 | 1,282 | |||||||
Healthcare — Services (0.3%) | |||||||||
HCA, Inc., 9.125%, 11/15/14, Callable 11/15/10 @ 104.56 (c) | 1,205 | 1,288 | |||||||
Insurance (0.8%) | |||||||||
American International Group, Ser G, 5.600%, 10/18/16 | 3,005 | 3,056 | |||||||
Metlife, Inc., 5.700%, 06/15/35 | 360 | 346 | |||||||
3,402 | |||||||||
Investment Companies (0.2%) | |||||||||
Credit Suisse First Boston USA, Inc., 6.500%, 01/15/12 | 870 | 915 | |||||||
Lodging (0.3%) | |||||||||
Wynn Las Vegas LLC, 6.625%, 12/01/14, Callable 12/01/09 @ 103.31 | 1,280 | 1,267 | |||||||
Machinery Diversified (0.1%) | |||||||||
Caterpillar, Inc., 6.050%, 08/15/36 | 315 | 322 | |||||||
Media (1.7%) | |||||||||
Dex Media West/ Finance LLC, Ser B, 9.875%, 08/15/13, Callable 08/15/08 @ 104.94 | 1,170 | 1,277 | |||||||
EchoStar DBS Corp., 7.125%, 02/01/16 | 1,300 | 1,342 | |||||||
Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 (c) | 1,290 | 1,319 | |||||||
News America Holdings, Inc., 6.200%, 12/15/34 | 845 | 820 | |||||||
Rogers Cable, Inc., 6.250%, 06/15/13 | 1,280 | 1,299 | |||||||
Time Warner, Inc., 6.500%, 11/15/36 | 1,040 | 1,037 | |||||||
7,094 | |||||||||
Miscellaneous Manufacturer (1.6%) | |||||||||
General Electric Co., 5.000%, 02/01/13 | 4,495 | 4,461 | |||||||
Siemens Financierings NV, 6.125%, 08/17/26 (c) | 2,240 | 2,279 | |||||||
6,740 | |||||||||
Oil & Gas (2.3%) | |||||||||
Anadarko Petroleum Corp., 5.950%, 09/15/16 | 1,425 | 1,428 | |||||||
Chesapeake Energy Corp., 6.500%, 08/15/17 | 1,505 | 1,486 | |||||||
ConocoPhillips, 5.900%, 10/15/32 | 740 | 748 | |||||||
Devon Financing Corp. ULC, 7.875%, 09/30/31 | 1,885 | 2,234 | |||||||
Enterprise Products Operating LP, Ser B, 5.750%, 03/01/35 | 1,720 | 1,586 | |||||||
Weatherford International, Inc., 6.500%, 08/01/36 | 1,630 | 1,630 | |||||||
Western Oil Sands, Inc., 8.375%, 05/01/12 | 605 | 676 | |||||||
9,788 | |||||||||
Pharmaceuticals (0.5%) | |||||||||
Merck & Co., Inc., 5.125%, 11/15/11 | 1,195 | 1,199 | |||||||
Teva Pharmaceutical Finance LLC, 6.150%, 02/01/36 | 760 | 733 | |||||||
1,932 | |||||||||
Pipelines (1.2%) | |||||||||
Centerpoint Energy Resources Corp., Ser B, 7.875%, 04/01/13 | 1,070 | 1,192 | |||||||
El Paso Natural Gas Co., 5.950%, 04/15/17 (c) | 685 | 688 |
69
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Pipelines—continued | |||||||||
Kinder Morgan Finance Co. ULC, 6.400%, 01/05/36 | 1,345 | 1,204 | |||||||
Southern Natural Gas Co., 5.900%, 04/01/17 (c) | 570 | 570 | |||||||
Williams Cos., Inc., 7.125%, 09/01/11 (d) | 1,230 | 1,289 | |||||||
4,943 | |||||||||
Retail (1.1%) | |||||||||
Wal-Mart Stores, Inc., 5.250%, 09/01/35 | 610 | 554 | |||||||
Woolworths Ltd., 5.550%, 11/15/15 (c) | 3,920 | 3,893 | |||||||
4,447 | |||||||||
Semiconductors (0.3%) | |||||||||
Advanced Micro Devices, Inc., 7.750%, 11/01/12, Callable 11/01/08 @ 103.88 | 1,270 | 1,284 | |||||||
Software (0.1%) | |||||||||
Intuit, Inc., 5.750%, 03/15/17 | 465 | 459 | |||||||
Telecommunications (3.9%) | |||||||||
AT&T, Inc., 5.100%, 09/15/14 | 1,895 | 1,851 | |||||||
AT&T, Inc., 6.450%, 06/15/34 | 1,165 | 1,186 | |||||||
Cisco Systems, Inc., 5.500%, 02/22/16 | 2,345 | 2,361 | |||||||
Citizens Communications Co., 9.250%, 05/15/11 | 1,130 | 1,260 | |||||||
Comcast Corp., 6.450%, 03/15/37 | 1,055 | 1,056 | |||||||
NTL Cable PLC, 8.750%, 04/15/14, Callable 04/15/09 @ 104.375 | 1,220 | 1,269 | |||||||
Qwest Corp., 8.875%, 03/15/12 | 1,160 | 1,282 | |||||||
Verizon Communications, Inc., 5.550%, 02/15/16 | 1,635 | 1,636 | |||||||
Vodafone Group PLC, 5.500%, 06/15/11 (d) | 3,050 | 3,083 | |||||||
Windstream Corp., 8.625%, 08/01/16, Callable 08/01/11 @ 104.31 | 1,170 | 1,280 | |||||||
16,264 | |||||||||
Total Corporate Bonds (Cost $128,709) | 129,121 | ||||||||
U.S. Government Agencies (20.4%) | |||||||||
Fannie Mae (16.8%) | |||||||||
3.250%, 02/15/09 | 1,000 | 971 | |||||||
4.250%, 05/15/09 (d) | 39,420 | 38,940 | |||||||
5.000%, 10/15/11 (d) | 18,080 | 18,188 | |||||||
5.125%, 01/02/14 | 500 | 501 | |||||||
5.250%, 09/15/16 (d) | 11,650 | 11,859 | |||||||
70,459 | |||||||||
Federal Home Loan Bank (1.3%) | |||||||||
4.239%, 03/03/08 (b) | 2,500 | 2,494 | |||||||
4.790%, 03/24/08, Callable 06/24/07 @ 100 (b) | 2,000 | 1,982 | |||||||
5.000%, 05/08/18, Callable 05/08/07 @ 100 | 1,000 | 983 | |||||||
5,459 | |||||||||
Freddie Mac (2.3%) | |||||||||
4.050%, 11/17/09 | 700 | 687 | |||||||
6.750%, 03/15/31 (d) | 7,535 | 9,042 | |||||||
9,729 | |||||||||
Total U.S. Government Agencies (Cost $85,356) | 85,647 | ||||||||
U.S. Government Agency Mortgages (6.6%) | |||||||||
Fannie Mae (5.5%) | |||||||||
5.119%, 01/01/36 (b) | 9,464 | 9,482 | |||||||
5.412%, 04/01/36 (b) | 4,833 | 4,854 | |||||||
5.351%, 05/01/36 (b) | 4,479 | 4,495 | |||||||
5.369%, 05/01/36 (b) | 4,108 | 4,123 | |||||||
22,954 | |||||||||
Freddie Mac (1.0%) | |||||||||
7.000%, 05/01/07 | 8 | 8 | |||||||
5.356%, 12/01/36 (b) | 4,304 | 4,315 | |||||||
4,323 | |||||||||
Government National Mortgage Association (0.1%) | |||||||||
7.000%, 04/15/13 | 196 | 202 | |||||||
7.000%, 08/15/14 | 109 | 113 |
70
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Government National Mortgage Association—continued | |||||||||
7.000%, 05/15/31 | 59 | 62 | |||||||
377 | |||||||||
Total U.S. Government Agency Mortgages (Cost $27,571) | 27,654 | ||||||||
U.S. Treasury Obligations (32.4%) | |||||||||
U.S. Treasury Bonds (4.5%) | |||||||||
6.125%, 11/15/27 (d) | 15,860 | 18,311 | |||||||
4.500%, 02/15/36 | 775 | 731 | |||||||
19,042 | |||||||||
U.S. Treasury Notes (27.9%) | |||||||||
3.125%, 05/15/07 | 10,135 | 10,111 | |||||||
3.375%, 12/15/08 (d) | 2,485 | 2,433 | |||||||
3.500%, 08/15/09 | 12,630 | 12,328 | |||||||
4.750%, 02/15/10 | 25,130 | 25,272 | |||||||
4.875%, 04/30/11 | 260 | 263 | |||||||
4.625%, 10/31/11 (d) | 20,285 | 20,352 | |||||||
4.625%, 02/29/12 | 4,975 | 4,993 | |||||||
4.375%, 08/15/12 | 21,530 | 21,395 | |||||||
2.000%, 01/15/16 | 12,575 | 12,627 | |||||||
4.625%, 02/15/17 | 7,200 | 7,185 | |||||||
116,959 | |||||||||
Total U.S. Treasury Obligations (Cost $136,187) | 136,001 | ||||||||
Short-Term Investment (27.4%) | |||||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (e) | 115,142,959 | 115,143 | |||||||
Total Short-Term Investment (Cost $115,143) | 115,143 | ||||||||
Money Market Fund (2.8%) | |||||||||
STI Classic Institutional Cash Management Money Market Fund, 5.230% (f) | 11,916,853 | 11,917 | |||||||
Total Money Market Fund (Cost $11,917) | 11,917 | ||||||||
Total Investments (Cost $540,230) (a) — 128.9% | 540,971 | ||||||||
Liabilities in excess of other assets — (28.9)% | (121,225 | ) | |||||||
Net Assets — 100.0% | $ | 419,746 | |||||||
(a) | Cost for federal income tax purposes is $540,336 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 1,859 | ||
Unrealized Depreciation | (1,224 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 635 | ||
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. | |
(c) | Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 3.7% of net assets as of March 31, 2007. | |
(d) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $110,894. | |
(e) | This security was purchased with cash collateral held from securities lending. | |
(f) | Affiliate investment. |
Cl | — Class | |
LLC | — Limited Liability Corporation | |
LP | — Limited Partnership | |
PLC | — Public Limited Company | |
Ser | — Series |
At March 31, 2007, liquid assets totaling $2,403, in thousands, have been designated as collateral for open swap agreements.
71
Table of Contents
Credit Default Swap Agreements
Notional | Fixed | Expiration | ||||||||||||||||||
Underlying Instrument | Counterparty | Amount ($) | Rate (%) | Date | Value ($) | |||||||||||||||
Dow Jones CDS Indices; Series 7 | Citibank N.A. | 7,415 | 0.59 | 03/20/17 | (36 | ) | ||||||||||||||
Dow Jones CDS Indices; Series 7 | Citibank N.A. | 740 | 0.59 | 03/20/17 | (5 | ) | ||||||||||||||
Brunswick Corp. | Merrill Lynch | (740 | ) | 1.15 | 03/20/17 | (5 | ) | |||||||||||||
Campbell Soup Co. | Citibank N.A. | (740 | ) | 0.33 | 12/20/17 | (4 | ) | |||||||||||||
Cardinal Health, Inc. CDS | Merrill Lynch | (740 | ) | 0.53 | 03/20/17 | 3 | ||||||||||||||
H.J. Heinz Co. | Citibank N.A. | (740 | ) | 0.74 | 03/20/17 | (9 | ) | |||||||||||||
IStar Financial, Inc. | Citibank N.A. | (740 | ) | 0.70 | 12/20/17 | 8 | ||||||||||||||
Lennar Corp. | Citibank N.A. | (740 | ) | 1.02 | 12/20/17 | 28 | ||||||||||||||
Nordstrom, Inc. | Citibank N.A. | (740 | ) | 0.45 | 03/20/17 | (6 | ) | |||||||||||||
Nucor Corp. | Citibank N.A. | (740 | ) | 0.42 | 03/20/17 | (9 | ) | |||||||||||||
Quest Diagnostics, Inc. | Merrill Lynch | (740 | ) | 0.78 | 12/20/17 | 4 | ||||||||||||||
Sprint Nextel Corp. | Citibank N.A. | (740 | ) | 1.18 | 03/20/17 | (6 | ) | |||||||||||||
Weyerhaeuser Co. | Citibank N.A. | (740 | ) | 1.05 | 12/20/11 | (4 | ) | |||||||||||||
(41 | ) | |||||||||||||||||||
72
Table of Contents
Investment Grade Tax-Exempt Bond Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Municipal Bonds (96.4%) | |||||||||
Alabama (4.6%) | |||||||||
Alabama Public School & College Authority, Capital Improvements, Ser C, RB, 5.750%, 07/01/17, Callable 07/01/09 @ 101.50 | 3,950 | 4,174 | |||||||
Alabama Water Pollution Control Authority, RB, 5.750%, 08/15/12, Callable 08/15/09 @ 100, AMBAC | 5,205 | 5,445 | |||||||
Auburn University, Ser A, RB, 6.000%, 06/01/16, Callable 06/01/11 @ 100, MBIA | 4,060 | 4,413 | |||||||
Huntsville, Ser A, GO, 5.625%, 05/01/16, Callable 05/01/12 @ 102 | 2,375 | 2,615 | |||||||
Huntsville, Ser A, GO, 5.750%, 05/01/19, Callable 05/01/12 @ 102 | 2,800 | 3,098 | |||||||
19,745 | |||||||||
Arizona (0.8%) | |||||||||
Arizona Water Infrastructure Finance Authority, Water Quality, Ser A, RB, 5.625%, 10/01/12, Callable 10/01/09 @ 101 | 3,280 | 3,460 | |||||||
California (9.5%) | |||||||||
California State Department of Water Resources Power Supply, Ser A, RB, 5.500%, 05/01/14, Callable 05/01/12 @ 101, AMBAC | 3,140 | 3,432 | |||||||
California State Department of Water Resources Power Supply, Ser A, RB, 5.500%, 05/01/15, Callable 05/01/12 @ 101, AMBAC | 5,800 | 6,339 | |||||||
California State GO, 5.000%, 08/01/19, Callable 02/01/17 @ 100 | 6,800 | 7,282 | |||||||
California State, GO, 5.500%, 11/01/33, Callable 11/01/13 @ 100 | 11,000 | 11,973 | |||||||
Fresno Unified School District, Ser A, GO, 6.550%, 08/01/20, Callable 02/01/13 @ 103, MBIA | 1,000 | 1,171 | |||||||
Los Angeles Unified School District, Ser B, GO, 5.000%, 07/01/20, Callable 07/01/16 @ 100, FGIC | 4,000 | 4,307 | |||||||
Orange County Loma Ridge/ Data Center Project, COP, 6.000%, 06/01/21, Prerefunded 06/01/19 @ 100, AMBAC | 2,075 | 2,396 | |||||||
Roseville Natural Gas Finance Authority, RB, 5.000%, 02/15/16 | 3,635 | 3,912 | |||||||
40,812 | |||||||||
Colorado (1.3%) | |||||||||
Douglas County School District No. RE1, Douglas & Ebert Counties, GO, 5.750%, 12/15/20, Callable 12/15/14 @ 100, FGIC | 2,540 | 2,854 | |||||||
Metropolitan Wastewater Reclamation District, RB, 5.450%, 04/01/12, Callable 04/01/08 @ 100 | 2,570 | 2,614 | |||||||
5,468 | |||||||||
Florida (2.5%) | |||||||||
Florida State Board of Education, Ser C, GO, 5.750%, 06/01/23, Prerefunded 06/01/10 @ 101, FGIC | 5,000 | 5,355 | |||||||
Tampa, University of Tampa Project, RB, 5.000%, 04/01/28, Callable 04/01/16 @ 100, CIFG | 5,000 | 5,301 | |||||||
10,656 | |||||||||
Georgia (3.0%) | |||||||||
Georgia State, Finance & Investment Commission, Ser C, GO, 5.500%, 07/01/16, Callable 07/01/14 @ 100 | 7,000 | 7,785 |
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Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Georgia—continued | |||||||||
Main Street Natural Gas, Inc., Georgia Gas Project, Ser B, RB, 5.000%, 03/15/12 | 5,000 | 5,253 | |||||||
13,038 | |||||||||
Illinois (5.4%) | |||||||||
Chicago O’Hare International Airport, General Airport Third Lien, Ser A, RB, 5.250%, 01/01/26, Callable 01/01/16 @ 100, MBIA | 4,675 | 5,045 | |||||||
Illinois State Sales Tax, Ser X, RB, 5.500%, 06/15/13, Callable 06/15/07 @ 101 | 3,390 | 3,435 | |||||||
Illinois State Toll Highway Authority, Ser A-1, RB, 5.000%, 01/01/20, Callable 07/01/16 @ 100, FSA | 2,500 | 2,679 | |||||||
Illinois State Toll Highway Authority, Ser A-1, RB, 5.000%, 01/01/26, Callable 07/01/16 @ 100, FSA | 2,500 | 2,654 | |||||||
Illinois State, First Ser, GO, 5.375%, 12/01/15, Callable 12/01/12 @ 100, FSA | 8,600 | 9,307 | |||||||
23,120 | |||||||||
Indiana (2.6%) | |||||||||
Indiana Finance Authority Highway Revenue, Ser A, RB, 5.000%, 12/01/19, FGIC | 5,820 | 6,357 | |||||||
Indianapolis Local Public Improvement Board, Waterworks Project, Ser A, RB, 5.250%, 07/01/33, Prerefunded 07/01/12 @ 100 | 4,400 | 4,723 | |||||||
11,080 | |||||||||
Iowa (0.5%) | |||||||||
Des Moines Public Parking System, Ser A, RB, 6.375%, 06/01/18, Callable 06/01/10 @ 100, FGIC | 2,005 | 2,164 | |||||||
Maryland (1.7%) | |||||||||
Maryland State & Local Facilities, Second Ser, GO, 5.000%, 08/01/18, Callable 08/01/13 @ 100 | 7,005 | 7,503 | |||||||
Massachusetts (6.1%) | |||||||||
Massachusetts State School Building Authority, Dedicated Sales Tax, Ser A, RB, 5.000%, 08/15/37, Callable 8/15/17 @ 100, AMBAC | 5,000 | 5,307 | |||||||
Massachusetts State, Consolidated Lien, Ser A, GO, 5.000%, 03/01/21, Prerefunded 03/01/15 @ 100 | 4,000 | 4,334 | |||||||
Massachusetts State, Consolidated Lien, Ser C, GO, 5.250%, 09/01/23, Prerefunded 09/01/15 @ 100 | 10,000 | 11,057 | |||||||
Massachusetts State, Consolidation Lien, Ser A, GO, 5.000%, 03/01/23, Prerefunded 03/01/15 @ 100, FSA | 5,000 | 5,418 | |||||||
26,116 | |||||||||
Michigan (2.1%) | |||||||||
Detroit Water Supply System, Ser A, RB, 5.000%, 07/01/13, FSA | 5,160 | 5,504 | |||||||
Michigan Municipal Bond Authority, Clean Water State Revolving Fund, RB, 5.375%, 10/01/17, Callable 10/01/12 @ 100 | 3,300 | 3,546 | |||||||
9,050 | |||||||||
Minnesota (2.5%) | |||||||||
Minnesota State, GO, 5.000%, 11/01/22, Callable 11/01/16 @ 100 | 9,805 | 10,587 | |||||||
74
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Missouri (8.0%) | |||||||||
Missouri State Highways & Transportation Commission, RB, 5.000%, 02/01/15 | 4,750 | 5,142 | |||||||
Missouri State Highways & Transportation Commission, RB, 5.000%, 02/01/18 | 21,855 | 23,920 | |||||||
Missouri State Highways & Transportation Commission, Senior Lien, RB, 5.000%, 02/01/16 | 5,000 | 5,438 | |||||||
34,500 | |||||||||
New Jersey (3.5%) | |||||||||
Garden State Preservation Trust, Open Space & Farmland Preservation, Ser A, RB, 5.800%, 11/01/20, Callable 11/01/15 @ 100, FSA | 10,000 | 11,390 | |||||||
New Jersey State Transportation Trust Fund Authority, Ser A, RB, 5.500%, 12/15/16, FSA | 3,300 | 3,737 | |||||||
15,127 | |||||||||
New York (12.4%) | |||||||||
Buffalo School Improvements, Ser D, GO, 5.500%, 12/15/14, Callable 12/15/11 @ 100, FGIC | 1,075 | 1,160 | |||||||
Metropolitan Transportation Authority, New York Service Contract, Ser A, RB, 5.500%, 01/01/19, Callable 07/01/12 @ 100, MBIA | 10,000 | 10,838 | |||||||
New York City, Ser A, GO, 6.250%, 08/01/08, Callable 08/01/07 @ 100.75, MBIA | 11,000 | 11,185 | |||||||
New York City, Ser C, GO, 5.000%, 01/01/14 | 3,500 | 3,729 | |||||||
New York City, Ser C, GO, 5.000%, 01/01/17 | 5,000 | 5,375 | |||||||
Tobacco Settlement Financing Corp., Ser A1, RB, 5.250%, 06/01/13, Callable 06/01/08 @ 100 | 10,000 | 10,171 | |||||||
Tobacco Settlement Financing Corp., Ser A1, RB, 5.500%, 06/01/14, Callable 06/01/09 @ 100 | 3,750 | 3,881 | |||||||
Tobacco Settlement Financing Corp., Ser C1, RB, 5.250%, 06/01/12, Callable 06/01/07 @ 100 | 6,720 | 6,736 | |||||||
53,075 | |||||||||
North Carolina (1.2%) | |||||||||
Charlotte Governmental Facilities, Ser F, COP, 3.660%, 06/01/33 | 5,331 | 5,331 | |||||||
Oregon (0.9%) | |||||||||
Tri-County Metropolitan Transportation District, Payroll Tax & Grant Receipt, RB, 4.000%, 05/01/14, Callable 05/01/09 @ 100, MBIA | 4,000 | 4,015 | |||||||
Pennsylvania (7.2%) | |||||||||
Easton Area School District, Ser 2006, GO, 7.750%, 04/01/25, Callable 04/01/16 @ 100, FSA | 8,790 | 11,307 | |||||||
Pennsylvania State Projects, First Ser, GO, 5.250%, 02/01/13, MBIA | 5,755 | 6,219 | |||||||
Pennsylvania State, First Ser, GO, 5.000%, 01/01/18, Callable 01/01/13 @ 100, MBIA | 5,690 | 6,064 | |||||||
Pittsburgh, Ser B, GO, 5.000%, 09/01/12, FSA | 6,800 | 7,227 | |||||||
30,817 | |||||||||
75
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Puerto Rico (9.4%) | |||||||||
Puerto Rico Commonwealth Highway & Transportation Authority, RB, 5.250%, 07/01/15, Callable 07/01/13 @ 100, FGIC | 5,000 | 5,420 | |||||||
Puerto Rico Commonwealth Highway & Transportation Authority, RB, 5.250%, 07/01/17, Callable 07/01/13 @ 100, FGIC | 5,260 | 5,702 | |||||||
Puerto Rico Commonwealth Highway & Transportation Authority, Ser G, RB, 5.250%, 07/01/15, Callable 07/01/13 @ 100, FGIC | 2,720 | 2,949 | |||||||
Puerto Rico Commonwealth Highway & Transportation Authority, Ser K, RB, 5.000%, 07/01/35, Prerefunded 07/01/15 @ 100 | 5,040 | 5,476 | |||||||
Puerto Rico Commonwealth Highway & Transportation Authority, Ser K, RB, 5.000%, 07/01/35, Prerefunded 07/01/15 @ 100 | 10,150 | 11,028 | |||||||
Puerto Rico Commonwealth Municipal Finance Agency, Ser A, RB, 5.250%, 08/01/14, Callable 08/01/12 @ 100, FSA | 4,000 | 4,300 | |||||||
Puerto Rico Public Finance Corp., Commonwealth Appropriations, Ser A, RB, 5.375%, 06/01/17, AMBAC | 5,000 | 5,641 | |||||||
40,516 | |||||||||
Rhode Island (1.2%) | |||||||||
Rhode Island State Health & Educational Building Corp., Catholic School Project, Ser A, RB, 3.660%, 04/01/36 | 5,000 | 5,000 | |||||||
Texas (5.2%) | |||||||||
Dallas, GO, 5.000%, 02/15/18, Callable 02/15/15 @ 100 | 7,175 | 7,690 | |||||||
Garland, GO, 5.000%, 02/15/19, Callable 02/15/17 @ 100, FSA | 5,000 | 5,383 | |||||||
Irving Waterworks & Sewer, RB, 5.950%, 06/15/19, Callable 06/15/09 @ 100.50 | 1,460 | 1,538 | |||||||
Lubbock County, GO, 5.500%, 02/15/16, Callable 02/15/13 @ 100, FGIC | 4,360 | 4,761 | |||||||
North Harris County Regional Water Authority, RB, 5.250%, 12/15/18, Callable 12/15/14 @ 100, MBIA | 2,690 | 2,920 | |||||||
22,292 | |||||||||
Virginia (0.8%) | |||||||||
Virginia Commonwealth Transportation Board, North Virginia Transportation District, Ser A, RB, 5.000%, 05/15/14 | 3,290 | 3,549 | |||||||
Washington (4.0%) | |||||||||
NJB Properties, Lease, King County Project, Ser A, RB, 5.000%, 12/01/31, Callable 12/01/16 @ 100 | 5,000 | 5,290 | |||||||
Pierce County School District No. 10, Tacoma, GO, 5.000%, 12/01/16, Callable 12/01/13 @ 100, FGIC | 5,200 | 5,561 | |||||||
Washington State, Motor Vehicle Fuel Tax, Ser 2007-B, GO, 5.000%, 07/01/29, Callable 07/01/16 @ 100, FSA | 6,000 | 6,365 | |||||||
17,216 | |||||||||
Total Municipal Bonds (Cost $412,766) | 414,237 | ||||||||
Money Market Funds (6.2%) | |||||||||
Federated Tax-Free Obligations Fund, 3.490% | 19,894,453 | 19,895 | |||||||
SEI Tax Exempt Trust, Institutional Tax Free Fund, 3.350% | 6,584,233 | 6,584 | |||||||
Total Money Market Funds (Cost $26,479) | 26,479 | ||||||||
76
Table of Contents
Value($) | ||||||||
Total Investments (Cost $439,245) (a) — 102.6% | 440,716 | |||||||
Liabilities in excess of other assets — (2.6)% | (11,266 | ) | ||||||
Net Assets — 100.0% | $ | 429,450 | ||||||
(a) | Cost for federal income tax purposes is $439,268 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 2,764 | ||
Unrealized Depreciation | (1,316 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 1,448 | ||
AMBAC | — Security insured by American Municipal Bond Assurance Corporation | |
COP | — Certificate of Participation | |
CIFG | — Security insured by Capitalized Interest Financial Guaranty | |
FGIC | — Security insured by Financial Guaranty Insurance Company | |
FSA | — Security insured by Financial Security Assurance | |
GO | — General Obligation | |
MBIA | — Security insured by Municipal Bond Insurance Association | |
RB | — Revenue Bond | |
Ser | — Series |
77
Table of Contents
Limited Duration Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Asset Backed Securities (46.4%) | |||||||||
Automobile ABS (3.4%) | |||||||||
Americredit Automobile Receivables Trust, Ser 2004-CA, Cl A3, 3.000%, 03/06/09 | 461 | 461 | |||||||
USAA Auto Owner Trust, Ser 2006-4, Cl A1, 5.340%, 12/13/07 | 906 | 905 | |||||||
1,366 | |||||||||
Credit Card ABS (23.3%) | |||||||||
American Express Credit Account Master Trust, Ser 2003-3, Cl A, 5.430%, 11/15/10 (b) | 800 | 801 | |||||||
American Express Credit Account Master Trust, Ser 2005-3, Cl A, 5.320%, 01/18/11 (b) | 1,140 | 1,139 | |||||||
JP Morgan Chase & Co. Credit Card Master Trust, Ser 2003-2, Cl A, 5.430%, 07/15/10 (b) | 800 | 801 | |||||||
JP Morgan Chase & Co. Issuance Trust, Ser 2005-A1, Cl A1, 5.330%, 12/15/10 (b) | 1,175 | 1,175 | |||||||
Citibank Credit Card Issuance Trust, Ser 2003-A9, Cl A, 5.455%, 11/22/10 (b) | 1,600 | 1,603 | |||||||
First USA Credit Card Master Trust, Ser 1997-4, Cl A, 5.530%, 02/17/10 (b) | 986 | 986 | |||||||
First USA Credit Card Master Trust, Ser 1997-8, Cl A, 5.470%, 05/17/10 (b) | 1,000 | 1,001 | |||||||
MBNA Credit Card Master Trust, Ser 2002-A10, Cl A, 5.460%, 02/16/10 (b) | 500 | 500 | |||||||
MBNA Credit Card Master Trust, Ser 2002-A13, Cl A, 5.450%, 05/17/10 (b) | 1,400 | 1,402 | |||||||
9,408 | |||||||||
Diversified Financial Services (9.7%) | |||||||||
Nelnet Student Loan Trust, Ser 2005-3, Cl A, 5.400%, 06/22/17 (b) | 2,000 | 2,002 | |||||||
SLM Student Loan Trust, Ser 2004-8, Cl A3, 5.450%, 07/27/15 (b) | 1,924 | 1,927 | |||||||
3,929 | |||||||||
Home Equity ABS (10%) | |||||||||
Countrywide Home Equity Loan Trust, Ser 2003-C, Cl A, 5.590%, 05/15/29 (b) | 171 | 172 | |||||||
Countrywide Home Equity Loan Trust, Ser 2006-C, Cl 2A, 5.500%, 05/15/36 (b) | 904 | 903 | |||||||
Countrywide Home Equity Loan Trust, Ser 2006-E, Cl 2A, 5.460%, 11/29/31 (b) | 556 | 556 | |||||||
Fannie Mae Guarantor Trust, Ser 2002-T10, Cl A1, 5.560%, 06/25/32 (b) | 968 | 968 | |||||||
First Franklin Mortgage Loan, Ser 2006-FF12, Cl A2, 5.360%, 09/25/36 (b) | 1,412 | 1,411 | |||||||
4,010 | |||||||||
Total Asset Backed Securities (Cost $18,714) | 18,713 | ||||||||
U.S. Government Agencies (51.7%) | |||||||||
Fannie Mae (5.2%) | |||||||||
3.875%, 05/15/07 | 2,091 | 2,087 | |||||||
Federal Home Loan Bank (30.7%) | |||||||||
3.500%, 05/15/07 | 7,500 | 7,485 | |||||||
3.625%, 06/20/07 | 4,900 | 4,882 | |||||||
12,367 | |||||||||
Freddie Mac (15.8%) | |||||||||
3.750%, 04/15/07 | 2,765 | 2,763 | |||||||
4.625%, 06/01/07 | 3,600 | 3,596 | |||||||
6,359 | |||||||||
Total U.S. Government Agencies (Cost $20,814) | 20,813 | ||||||||
Money Market Fund (1.2%) | |||||||||
STI Classic Institutional Cash Management Money Market Fund, 5.230% (c) | 464,044 | 464 | |||||||
Total Money Market Fund (Cost $464) | 464 | ||||||||
Total Investments (Cost $39,992) (a) — 99.3% | 39,990 | ||||||||
Other assets in excess of liabilities — 0.7% | 301 | ||||||||
Net Assets — 100.0% | $ | 40,291 | |||||||
78
Table of Contents
Limited Duration Fund — concluded
(a) | Cost for federal income tax purposes is $39,995 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 2 | ||
Unrealized Depreciation | (7 | ) | ||
Unrealized Appreciation (Depreciation) | $ | (5 | ) | |
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. | |
(c) | Affiliate investment. | |
Cl | — Class | |
Ser | — Series |
79
Table of Contents
Limited-Term Federal Mortgage Securities Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
U.S. Government Agency (0.7%) | |||||||||
Fannie Mae (0.7%) | |||||||||
6.000%, 05/15/08 | 3,000 | 3,032 | |||||||
Total U.S. Government Agency (Cost $3,029) | 3,032 | ||||||||
U.S. Government Agency Mortgages (93.5%) | |||||||||
Fannie Mae (64.1%) | |||||||||
6.500%, 12/01/08 | 1,186 | 1,193 | |||||||
7.500%, 09/01/12 | 3,136 | 3,205 | |||||||
6.000%, 09/01/13 | 775 | 789 | |||||||
4.000%, 11/01/13 | 7,768 | 7,544 | |||||||
4.500%, 03/01/14 | 12,504 | 12,292 | |||||||
6.000%, 09/01/16 | 4,802 | 4,892 | |||||||
6.500%, 10/01/16 | 1,017 | 1,042 | |||||||
5.500%, 12/01/16 | 2,574 | 2,589 | |||||||
6.000%, 08/01/17 | 1,588 | 1,616 | |||||||
6.000%, 10/01/17 | 2,875 | 2,927 | |||||||
6.000%, 10/01/17 | 983 | 1,000 | |||||||
6.000%, 06/01/19 | 4,867 | 4,949 | |||||||
5.500%, 07/01/19 | 6,233 | 6,257 | |||||||
5.500%, 07/01/19 | 1,283 | 1,288 | |||||||
5.500%, 08/01/19 | 3,035 | 3,046 | |||||||
5.000%, 09/01/19 | 5,331 | 5,265 | |||||||
5.500%, 10/01/19 | 3,924 | 3,939 | |||||||
5.500%, 06/01/20 | 7,904 | 7,926 | |||||||
4.500%, 09/01/20 | 9,952 | 9,636 | |||||||
6.000%, 08/01/21 | 23,874 | 24,271 | |||||||
7.000%, 05/01/32 | 4,184 | 4,361 | |||||||
6.500%, 12/01/32 | 2,971 | 3,055 | |||||||
4.115%, 05/01/33 (b) | 4,301 | 4,291 | |||||||
6.000%, 11/01/33 | 1,419 | 1,436 | |||||||
4.495%, 05/01/34 (b) | 2,171 | 2,146 | |||||||
7.000%, 06/01/34 | 3,238 | 3,358 | |||||||
3.460%, 07/01/34 (b) | 4,771 | 4,814 | |||||||
4.756%, 06/01/35 (b) | 14,006 | 13,858 | |||||||
4.475%, 08/01/35 (b) | 7,664 | 7,634 | |||||||
5.000%, 10/01/35 | 14,591 | 14,112 | |||||||
5.291%, 11/01/35 (b) | 16,486 | 16,400 | |||||||
5.159%, 01/01/36 (b) | 6,514 | 6,532 | |||||||
4.464%, 02/01/36 (b) | 11,607 | 11,557 | |||||||
4.772%, 02/01/36 (b) | 14,640 | 14,595 | |||||||
5.530%, 02/01/36 (b) | 12,268 | 12,369 | |||||||
6.014%, 05/01/36 (b) | 18,737 | 18,914 | |||||||
5.558%, 06/01/36 (b) | 9,354 | 9,430 | |||||||
6.500%, 06/01/36 | 9,783 | 9,980 | |||||||
5.787%, 09/01/36 (b) | 9,782 | 9,884 | |||||||
6.000%, 10/01/36 | 8,639 | 8,704 | |||||||
283,096 | |||||||||
Freddie Mac (28.7%) | |||||||||
7.000%, 11/01/16 | 638 | 660 | |||||||
6.500%, 02/01/17 | 1,896 | 1,943 | |||||||
5.500%, 05/01/17 | 3,756 | 3,777 | |||||||
6.000%, 07/01/17 | 2,504 | 2,548 | |||||||
5.000%, 02/15/19 | 7,809 | 7,777 | |||||||
4.500%, 10/15/27 | 10,000 | 9,835 | |||||||
6.000%, 12/01/31 | 13,827 | 14,024 | |||||||
6.500%, 09/01/32 | 3,504 | 3,601 | |||||||
5.007%, 12/01/32 (b) | 9,880 | 9,935 | |||||||
3.363%, 08/01/33 (b) | 15,204 | 14,910 | |||||||
4.755%, 04/01/35 (b) | 6,208 | 6,213 | |||||||
5.131%, 04/01/36 (b) | 16,856 | 16,889 | |||||||
6.500%, 09/01/36 | 9,971 | 10,168 | |||||||
5.000%, 10/01/36 | 11,684 | 11,292 | |||||||
5.356%, 12/01/36 (b) | 2,518 | 2,525 | |||||||
6.000%, 12/01/36 | 3,360 | 3,387 | |||||||
5.000%, 03/01/37 | 7,204 | 6,962 | |||||||
126,446 | |||||||||
Government National Mortgage Association (0.7%) | |||||||||
6.000%, 07/20/36 | 2,990 | 3,025 | |||||||
Total U.S. Government Agency Mortgages (Cost $413,509) | 412,567 | ||||||||
U.S. Treasury Obligations (3.6%) | |||||||||
U.S. Treasury Notes (3.6%) | |||||||||
3.875%, 05/15/10 (c) | 16,000 | 15,696 | |||||||
Total U.S. Treasury Obligations (Cost $15,694) | 15,696 | ||||||||
Short-Term Investment (3.7%) | |||||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (d) | 16,240,000 | 16,240 | |||||||
Total Short-Term Investment (Cost $16,240) | 16,240 | ||||||||
80
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Money Market Fund (1.3%) | |||||||||
STI Classic U.S. Government Securities Money Market Fund, 4.710% (e) | 5,514,055 | 5,514 | |||||||
Total Money Market Fund (Cost $5,514) | 5,514 | ||||||||
Total Investments (Cost $453,986) (a) — 102.8% | 453,049 | ||||||||
Liabilities in excess of other assets — (2.8)% | (12,230 | ) | |||||||
Net Assets — 100.0% | $ | 440,819 | |||||||
(a) | Cost for federal income tax purposes is $453,591 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 2,118 | ||
Unrealized Depreciation | (2,660 | ) | ||
Unrealized Appreciation (Depreciation) | $ | (542 | ) | |
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. | |
(c) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $15,696. | |
(d) | This security was purchased with cash collateral held from securities lending. | |
(e) | Affiliate investment. |
81
Table of Contents
Maryland Municipal Bond Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Municipal Bonds (99.2%) | |||||||||
Maryland (97.5%) | |||||||||
Annapolis Public Improvement, GO, 5.000%, 04/01/08 | 250 | 253 | |||||||
Anne Arundel County Special Obligation, Arundel Mills Project, RB, 5.125%, 07/01/22, Callable 07/01/14 @ 100, County Guaranteed | 1,000 | 1,075 | |||||||
Anne Arundel County, General Improvement, GO, 5.000%, 03/01/14 | 1,000 | 1,079 | |||||||
Baltimore Convention Center, Baltimore Hotel Corp., Ser A, RB, 5.250%, 09/01/39, Callable 09/01/16 @ 100 | 1,000 | 1,079 | |||||||
Baltimore Public Improvement, Ser A, GO, 4.750%, 10/15/16 | 1,000 | 1,078 | |||||||
Baltimore Sewer Improvement, Wastewater Projects, Ser C, RB, 5.000%, 07/01/22 | 1,000 | 1,075 | |||||||
Cecil County, Public Improvement, GO, 4.000%, 09/01/17, Callable 09/01/16 @ 100, CIFG | 750 | 757 | |||||||
Charles County, Public Improvement, GO, 5.000%, 03/01/16 | 1,000 | 1,092 | |||||||
Frederick County Educational Facilities, Mount St. Mary’s University, RB, 4.375%, 09/01/19, Callable 09/01/17 @ 100 | 550 | 534 | |||||||
Frederick County Educational Facilities, Mount St. Mary’s University, RB, 5.625%, 09/01/38, Callable 09/01/16 @ 100 | 500 | 536 | |||||||
Frederick County Educational Facilities, Mount St. Mary’s University, Ser A, RB, 4.750%, 09/01/08 | 175 | 177 | |||||||
Frederick County, Public Facilities, GO, 5.000%, 12/01/15 | 1,075 | 1,175 | |||||||
Frederick County, Public Facilities, GO, 5.000%, 12/01/16, Callable 12/01/15 @ 100 | 1,000 | 1,089 | |||||||
Harford County, GO, 5.000%, 07/15/25, Callable 07/15/15 @ 100 | 1,000 | 1,064 | |||||||
Howard County, Public Improvement, GO, 5.000%, 02/15/15 | 1,000 | 1,089 | |||||||
Maryland Community Development Administration, Department of Housing & Community Development, Ser 2, RB, AMT, 4.700%, 04/01/11 | 490 | 490 | |||||||
Maryland Community Development Administration, Department of Housing & Community Development, Ser 2001B, RB, AMT, 4.100%, 07/01/08, FHA/GNMA/HUD | 285 | 286 | |||||||
Maryland Community Development Administration, Department of Housing & Community Development, Ser A, RB, AMT, 4.550%, 09/01/22, Callable 09/01/16 @ 100 | 500 | 495 | |||||||
Maryland Economic Development Corp., Department of Transportation Headquarters, RB, 5.375%, 06/01/19, Callable 06/01/12 @ 100.50 | 1,000 | 1,078 | |||||||
Maryland Economic Development Corp., University of Maryland College Park Project, RB, 5.750%, 06/01/18, Callable 06/01/13 @ 100 | 475 | 529 | |||||||
Maryland Economic Development Corp., University Village at Sheppard Pratt, RB, 5.875%, 07/01/21, Callable 07/01/11 @ 101, ACA | 250 | 268 | |||||||
Maryland Health & Higher Educational Facilities Authority, Calvert Health Systems, RB, 5.500%, 07/01/36, Callable 07/01/14 @ 100 | 1,000 | 1,072 |
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Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Maryland—continued | |||||||||
Maryland Health & Higher Educational Facilities Authority, Carroll County General Hospital, RB, 6.000%, 07/01/18, Callable 07/01/12 @ 100 | 500 | 541 | |||||||
Maryland Health & Higher Educational Facilities Authority, Carroll County General Hospital, RB, 6.000%, 07/01/21, Callable 07/01/12 @ 100 | 250 | 271 | |||||||
Maryland Health & Higher Educational Facilities Authority, Catholic Health Initiatives, Ser A, RB, 6.000%, 12/01/24, Callable 06/01/10 @ 101, ETM | 250 | 270 | |||||||
Maryland Health & Higher Educational Facilities Authority, Doctors Community Hospital, Ser A, RB, 4.000%, 07/01/13 | 500 | 496 | |||||||
Maryland Health & Higher Educational Facilities Authority, Goucher College, RB, 5.375%, 07/01/25, Callable 07/01/14 @ 100 | 565 | 605 | |||||||
Maryland Health & Higher Educational Facilities Authority, Hebrew Home of Greater Washington, RB, 5.700%, 01/01/21, Callable 01/01/12 @ 100 | 480 | 508 | |||||||
Maryland Health & Higher Educational Facilities Authority, Hebrew Home of Greater Washington, RB, 5.700%, 01/01/22, Callable 01/01/12 @ 100 | 510 | 540 | |||||||
Maryland Health & Higher Educational Facilities Authority, Lifebridge Health, Ser A, RB, 5.125%, 07/01/34, Callable 07/01/14 @ 100 | 1,000 | 1,048 | |||||||
Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System, RB, 5.750%, 07/01/21, Callable 07/01/11 @ 100 | 1,225 | 1,300 | |||||||
Maryland Health & Higher Educational Facilities Authority, University of Maryland Medical System, Ser A, RB, 4.500%, 07/01/26, Callable 07/01/16 @ 100 | 500 | 499 | |||||||
Maryland Health & Higher Educational Facilities Authority, Western Maryland Health System, Ser A, RB, 5.000%, 07/01/15, MBIA/FHA | 1,000 | 1,081 | |||||||
Maryland Transportation Authority, Baltimore/ Washington International Airport, Ser B, RB, AMT, 5.375%, 03/01/15, Callable 03/01/12 @ 101, AMBAC | 1,000 | 1,070 | |||||||
Maryland, Capital Improvements, Ser A, GO, 5.000%, 02/15/17, Callable 02/15/15 @ 100 | 1,000 | 1,082 | |||||||
Maryland, Capital Improvements, Ser A, GO, 5.000%, 02/15/19, Callable 02/15/15 @ 100 | 1,000 | 1,077 | |||||||
Maryland, State & Local Facilities, Ser 2, GO, 5.000%, 08/01/16, Callable 08/01/13 @ 100 | 1,000 | 1,074 | |||||||
Montgomery County Economic Development, Trinity Health Care Group, RB, 5.500%, 12/01/16, Callable 12/01/11 @ 100 | 1,000 | 1,067 | |||||||
Montgomery County Housing Opportunities Commission, Aston Woods Apartments, Ser A, RB, 4.900%, 05/15/31, Callable 05/15/08 @ 102, FNMA | 1,150 | 1,182 | |||||||
Montgomery County Housing Opportunities Commission, Ser A, RB, 4.450%, 07/01/17, Callable 01/01/11 @ 100 | 150 | 150 | |||||||
Montgomery County Housing Opportunities Commission, Ser A, RB, 6.000%, 07/01/20, Callable 07/01/10 @ 100 | 1,005 | 1,050 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Maryland—continued | |||||||||
Montgomery County Revenue Authority, Lease, College Arts Center Project, Ser A, RB, 5.000%, 05/01/28, Callable 05/01/15 @ 100 | 1,000 | 1,052 | |||||||
Montgomery County, Anticipation Notes, Ser A, GO, 3.750%, 06/01/26, LOC: Dexia Credit Local (b) | 200 | 200 | |||||||
St. Mary’s County, Public Improvement, GO, 5.500%, 07/01/11 | 665 | 715 | |||||||
Talbot County Public Facilities, GO, 5.375%, 03/15/17, Callable 03/15/12 @ 101 | 1,000 | 1,077 | |||||||
Washington Suburban Sanitation District, GO, 4.000%, 06/01/07 | 200 | 200 | |||||||
35,525 | |||||||||
Puerto Rico (1.7%) | |||||||||
Puerto Rico Housing Bank & Finance Agency, Affordable Housing Mortgage Portfolio I, RB, AMT, 6.250%, 04/01/29, Callable 07/01/07 @ 100, GNMA/FNMA/FHLMC | 625 | 626 | |||||||
Total Municipal Bonds (Cost $35,298) | 36,151 | ||||||||
Money Market Fund (1.5%) | |||||||||
Federated Maryland Municipal Cash Trust, 3.000% (b) | 534,450 | 534 | |||||||
Total Money Market Fund (Cost $534) | 534 | ||||||||
Total Investments (Cost $35,832) (a) — 100.7% | 36,685 | ||||||||
Liabilities in excess of other assets — (0.7)% | (254 | ) | |||||||
Net Assets — 100.0% | $ | 36,431 | |||||||
(a) | Cost for federal income tax purposes is $35,830 (amount in thousands). Unrealized appreciation/(depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 890 | ||
Unrealized Depreciation | (35 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 855 | ||
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. |
ACA | — Security insured by American Capital Access | |
AMBAC | — Security insured by American Municipal Bond Assurance Corporation | |
AMT | — Alternative Minimum Tax Paper | |
CIFG | — Security insured by Capitalized Interest Financial Guaranty | |
ETM | — Escrowed to Maturity | |
FHA | — Security insured by Federal Housing Administration | |
FHLMC | — Security insured by Freddie Mac | |
FNMA | — Security insured by Fannie Mae | |
GNMA | — Security insured by Government National Mortgage Association | |
GO | — General Obligation | |
HUD | — Security insured by Department of Housing and Urban Development | |
LOC | — Letter of Credit | |
MBIA | — Security insured by Municipal Bond Insurance Association | |
RB | — Revenue Bond | |
Ser | — Series |
84
Table of Contents
North Carolina Tax-Exempt Bond Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Municipal Bonds (96.3%) | |||||||||
North Carolina (92.4%) | |||||||||
Appalachian State University, Procurement Services Building, RB, 5.000%, 07/15/30, Callable 07/15/15 @ 100, MBIA | 1,250 | 1,322 | |||||||
Brunswick County Enterprise System, Ser A, RB, 5.250%, 04/01/22, Callable 04/01/14 @ 100, FSA | 500 | 539 | |||||||
Buncombe County, COP, 5.250%, 10/01/17, Callable 10/01/13 @ 100, AMBAC | 585 | 627 | |||||||
Charlotte Transit Projects, Ser A, COP, 5.000%, 06/01/33, Callable 06/01/13 @ 100 | 1,920 | 1,986 | |||||||
Charlotte Water & Sewer System, RB, 5.250%, 06/01/15, Prerefunded 06/01/09 @ 101 | 500 | 522 | |||||||
Charlotte Water & Sewer System, Ser A, RB, 4.625%, 07/01/36, Callable 07/01/16 @ 100 | 2,500 | 2,528 | |||||||
Charlotte, Convention Facilities Project, COP, 5.000%, 12/01/25, Callable 12/01/15 @ 100 | 1,000 | 1,053 | |||||||
Charlotte-Mecklenberg Hospital Authority, Carolina’s Health Care System, Ser A, RB, 5.000%, 01/15/13, Callable 01/15/08 @ 101 | 500 | 510 | |||||||
Dare County, COP, 5.000%, 06/01/23, Callable 12/01/12 @ 100, AMBAC | 830 | 872 | |||||||
Iredell County Public Facilities Project, COP, 5.250%, 10/01/20, Callable 10/01/13 @ 100, AMBAC | 500 | 535 | |||||||
Lee County Public Facilities Project, COP, 4.750%, 04/01/28, Callable 04/01/17 @ 100, FSA | 1,145 | 1,182 | |||||||
North Carolina Capital Facilities Finance Agency, Duke University Project, Ser A, RB, 5.250%, 07/01/42, Prerefunded 10/01/12 @ 100 | 3,000 | 3,227 | |||||||
North Carolina Capital Facilities Finance Agency, Educational Facilities, Brevard College Corp., RB, 5.000%, 10/01/26, Callable 04/01/17 @ 100 | 1,000 | 1,028 | |||||||
North Carolina Capital Facilities Finance Agency, Educational Facilities, Trinity Episcopal School Project, RB, 3.660%, 09/01/24, LOC: Wachovia Bank N.A. (b) | 400 | 400 | |||||||
North Carolina Capital Facilities Finance Agency, Student Housing, NCA&T University Foundation Project, Ser A, RB, 5.250%, 06/01/20, Callable 06/01/14 @ 100, Radian | 500 | 531 | |||||||
North Carolina Eastern Municipal Power Agency, Power System, Ser C, RB, 5.375%, 01/01/16, Callable 01/01/13 @ 100 | 500 | 531 | |||||||
North Carolina Educational Facilities Finance Agency, Belmont Abbey College, RB, 3.660%, 06/01/18, LOC: Wachovia Bank N.A. (b) | 400 | 400 | |||||||
North Carolina Educational Facilities Finance Agency, Wingate University, RB, 3.660%, 05/01/22, LOC: Bank of America N.A. (b) | 400 | 400 | |||||||
North Carolina Housing Finance Agency Homeownership, Ser 24-A, RB, AMT, 4.900%, 01/01/38, Callable 01/01/16 @ 100 | 1,000 | 1,007 | |||||||
North Carolina Medical Care Commission Retirement Facilities, First Mortgage, Given Estates, RB, 5.000%, 07/01/33, Callable 07/01/17 @ 102 | 1,000 | 1,031 |
85
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
North Carolina—continued | |||||||||
North Carolina Medical Care Commission, Health Care Facilities, First Mortgage, Arbor Acres United Methodist, RB, 4.500%, 01/01/32, Callable 01/01/17 @ 100 | 1,250 | 1,221 | |||||||
North Carolina Medical Care Commission, Health Care Facilities, Novant Health Obligations Group, RB, 5.000%, 11/01/39, Callable 11/01/16 @ 100 | 1,000 | 1,043 | |||||||
North Carolina Medical Care Commission, Health Care Facilities, Novant Health Obligations Group, Ser A, RB, 5.000%, 11/01/17, Callable 11/01/13 @ 100 | 1,290 | 1,356 | |||||||
North Carolina Medical Care Commission, Health Care Facilities, Novant Health Obligations Group, Ser A, RB, 5.000%, 11/01/18, Callable 11/01/13 @ 100 | 500 | 524 | |||||||
North Carolina Municipal Power Agency, No. 1 Catawba Electric, Ser A, RB, 5.500%, 01/01/15, MBIA | 500 | 555 | |||||||
North Carolina State Education Assistance Authority, Student Loans, Ser A-3, RB, 3.690%, 09/01/35, AMBAC (b) | 1,500 | 1,500 | |||||||
North Carolina State Education Assistance Authority, Student Loans, Subser Q, RB, AMT, 3.770%, 07/01/36 (b) | 2,250 | 2,250 | |||||||
Onslow County Hospital Authority, Onsolow Memorial Hospital Project, RB, 5.125%, 04/01/18, Callable 10/01/16 @ 100 MBIA/FHA | 500 | 540 | |||||||
Pitt County School Facilities Project, Ser B, COP, 5.300%, 04/01/21, Callable 04/01/10 @ 101, FSA | 500 | 527 | |||||||
Raleigh Combined Enterprise System, Ser A, RB, 5.000%, 03/01/26, Callable 03/01/16 @ 100 | 2,000 | 2,132 | |||||||
Raleigh Durham Airport Authority, Ser A, RB, 5.000%, 05/01/30, Callable 05/01/15 @ 100, AMBAC | 2,000 | 2,103 | |||||||
Rockingham County, COP, 5.000%, 04/01/18, Callable 04/01/12 @ 101, AMBAC | 500 | 530 | |||||||
Salisbury Enterprise System, RB, 5.000%, 02/01/20, Callable 02/01/12 @ 101, FSA | 500 | 531 | |||||||
University of North Carolina at Wilmington, COP, 5.000%, 06/01/31, Callable 06/01/15 @ 100, FGIC | 1,295 | 1,358 | |||||||
University of North Carolina Systems Pool, Ser A, RB, 5.375%, 04/01/21, Callable 10/01/12 @ 100, AMBAC | 230 | 248 | |||||||
University of North Carolina Systems Pool, Ser A, RB, 5.375%, 04/01/21, Prerefunded 10/01/12 @ 100, AMBAC | 170 | 184 | |||||||
University of North Carolina Systems Pool, Ser A, RB, 5.375%, 04/01/22, Prerefunded 10/01/12 @ 100, AMBAC | 215 | 233 | |||||||
University of North Carolina Systems Pool, Ser A, RB, 5.000%, 04/01/23, Callable 04/01/15 @ 100, AMBAC | 1,910 | 2,028 | |||||||
Wake County Hospital, RB, 5.125%, 10/01/13, MBIA, ETM | 350 | 378 |
86
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
North Carolina—continued | |||||||||
Wake County Industrial Facilities & Pollution Control Financing Authority, Carolina Power & Light Co. Project, RB, 5.375%, 02/01/17, Callable 02/01/12 @ 101 | 1,000 | 1,060 | |||||||
Wilmington, Ser A, COP, 5.350%, 06/01/24, Prerefunded 06/01/09 @ 101, MBIA | 500 | 522 | |||||||
Wilson Combined Enterprise Systems, RB, 5.250%, 12/01/18, Callable 12/01/12 @ 100, FSA | 500 | 537 | |||||||
41,591 | |||||||||
Puerto Rico (3.9%) | |||||||||
Puerto Rico Convention Center Authority, Hotel Occupancy Tax, Ser A, RB, 5.000%, 07/01/31, Callable 07/01/16 @ 100, AMBAC | 1,000 | 1,065 | |||||||
Puerto Rico Highway & Transportation Authority, Ser AA, RB, 5.500%, 07/01/19, MBIA | 595 | 683 | |||||||
1,748 | |||||||||
Total Municipal Bonds (Cost $42,798) | 43,339 | ||||||||
Money Market Funds (7.3%) | |||||||||
Federated Tax-Free Obligations Fund, 3.490% (b) | 2,164,405 | 2,164 | |||||||
SEI Tax Exempt Trust, Institutional Tax Free Fund, 3.350% (b) | 1,134,585 | 1,135 | |||||||
Total Money Market Funds (Cost $3,299) | 3,299 | ||||||||
Total Investments (Cost $46,097) (a) — 103.6% | 46,638 | ||||||||
Liabilities in excess of other assets — (3.6)% | (1,610 | ) | |||||||
Net Assets — 100.0% | $ | 45,028 | |||||||
(a) | Cost for federal income tax purposes is $46,097 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 630 | ||
Unrealized Depreciation | (89 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 541 | ||
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. |
AMBAC | — Security insured by American Municipal Bond Assurance Corporation | |
AMT | — Alternative Minimum Tax Paper | |
COP | — Certificate of Participation | |
ETM | — Escrowed to Maturity | |
FGIC | — Security insured by Financial Guaranty Insurance Company | |
FHA | — Security insured by Federal Housing Administration | |
FSA | — Security insured by Financial Security Assurance | |
LOC | — Letter of Credit | |
MBIA | — Security insured by Municipal Bond Insurance Association | |
Radian | — Security insured by Radian | |
RB | — Revenue Bond | |
Ser | — Series |
87
Table of Contents
Seix Floating Rate High Income Fund
Principal | |||||||||
Amount($) | Value($) | ||||||||
Bank Loans (89.9%) | |||||||||
Advertising (2.2%) | |||||||||
Affinion Group, Inc., 8.100%, 10/01/12 (b) (d) | 4,063 | 4,083 | |||||||
PRIMEDIA, Inc., 7.570%, 09/30/13 (b) (d) | 2,950 | 2,951 | |||||||
Proquest, 8.345%, 02/09/13 (b) (d) | 2,000 | 2,003 | |||||||
Readers’s Digest Association, Inc. (The), 7.375%, 03/02/13 (b) (d) | 2,000 | 2,004 | |||||||
Valassis Communications, Inc., 0.000%, 03/02/14 (b) (c) (d) | 427 | 425 | |||||||
Valassis Communications, Inc., 7.070%, 03/02/14 (b) (d) | 1,573 | 1,573 | |||||||
13,039 | |||||||||
Aerospace/ Defense (0.7%) | |||||||||
AM General Corp., 8.320%, 09/30/12 (b) (d) | 32 | 32 | |||||||
AM General Corp., 8.363%, 09/30/12 (b) (d) | 952 | 958 | |||||||
BE Aerospace, Inc., 7.108%, 08/14/12 (b) (d) | 833 | 835 | |||||||
Hawker Beechcraft, Inc., 0.000%, 04/02/14 (b) (c) (d) | 195 | 196 | |||||||
Hawker Beechcraft, Inc., 0.000%, 04/02/14 (b) (c) (d) | 2,305 | 2,310 | |||||||
4,331 | |||||||||
Airlines (0.3%) | |||||||||
US Airways Group, Inc., 7.850%, 03/23/14 (b) (d) | 2,000 | 2,012 | |||||||
Apparel (0.3%) | |||||||||
Hanesbrands, Inc., 7.570%, 09/05/13 (b) (d) | 926 | 931 | |||||||
Hanesbrands, Inc., 9.110%, 03/05/14 (b) (d) | 1,000 | 1,025 | |||||||
1,956 | |||||||||
Auto Parts & Equipment (1.2%) | |||||||||
Baker Tanks, Inc., 7.570%, 11/23/12 (b) (d) | 2,963 | 2,977 | |||||||
Goodyear Tire & Rubber Co. (The), 8.140%, 04/30/10 (b) (d) | 4,000 | 4,022 | |||||||
6,999 | |||||||||
Building Materials (4.8%) | |||||||||
Brand Services, Inc., 0.000%, 02/07/13 (b) (c) (d) | 7,500 | 7,275 | |||||||
Building Materials Corp., 8.125%, 02/22/14 (b) (d) | 4,000 | 3,993 | |||||||
Contech Construction Products, Inc., 7.330%, 01/31/13 (b) (d) | 3,974 | 3,989 | |||||||
Landsource Communications, 8.125%, 02/26/13 (b) (d) | 4,000 | 4,016 | |||||||
Landsource Communications, 9.875%, 02/26/13 (b) (d) | 1,000 | 1,012 | |||||||
Ohmstede Ltd., 8.592%, 08/02/13 (b) (d) | 2,957 | 2,968 | |||||||
Quality Home Brands, 8.140%, 12/01/12 (b) (d) | 2,980 | 2,989 | |||||||
USG Corp., 0.000%, 08/02/11 (b) (c) (d) | 2,000 | 1,985 | |||||||
28,227 | |||||||||
Chemicals (4.7%) | |||||||||
Celanese AG, 7.114%, 06/01/10 (b) (d) | 1,859 | 1,861 | |||||||
Celanese Holdings LLC, 0.000%, 04/02/14 (b) (c) (d) | 2,500 | 2,500 | |||||||
Columbian Chemicals Co., 7.114%, 02/11/13 (b) (d) | 3,960 | 3,960 | |||||||
Compass Minerals International, Inc., 6.854%, 12/22/12 (b) (d) | 2,625 | 2,624 | |||||||
Georgia Gulf Corp., 7.320%, 08/02/13 (b) (d) | 2,425 | 2,435 | |||||||
Hexion Specialty Chemicals, Inc., 7.875%, 05/05/13 (b) (d) | 4,087 | 4,108 | |||||||
Hexion Specialty Chemicals, Inc., 7.875%, 05/15/13 (b) (d) | 886 | 890 | |||||||
Huntsman International LLC, 7.070%, 08/16/12 (b) (d) | 2,974 | 2,978 | |||||||
Ineos Group Holdings PLC, 7.580%, 12/14/13 (b) (d) | 990 | 999 | |||||||
Ineos Group Holdings PLC, 8.080%, 12/14/14 (b) (d) | 990 | 1,001 | |||||||
Lucite International Ltd., 8.070%, 07/03/13 (b) (d) | 260 | 262 | |||||||
Lucite International Ltd., 8.070%, 07/03/13 (b) (d) | 735 | 742 | |||||||
Lyondell Chemical Co., 7.110%, 08/16/13 (b) (d) | 3,483 | 3,487 | |||||||
27,847 | |||||||||
88
Table of Contents
Principal | |||||||||
Amount($) | Value($) | ||||||||
Coal (0.7%) | |||||||||
Alpha Natural Resources, Inc., 7.100%, 10/26/12 (b) (d) | 3,957 | 3,966 | |||||||
Commercial Services (8.2%) | |||||||||
Astoria Generating Co. LLC, 7.320%, 08/13/13 (b) (d) | 1,418 | 1,424 | |||||||
Cenveo Corp., 0.000%, 03/16/14 (b) (c) (d) | 3,310 | 3,313 | |||||||
Cenveo Corp., 0.000%, 03/16/14 (b) (c) (d) | 690 | 691 | |||||||
Eastman Kodak Co., 7.570%, 10/18/12 (b) (d) | 2,168 | 2,171 | |||||||
Harlan Sprague Dawley, Inc., 7.950%, 01/11/12 (b) (d) | 2,178 | 2,186 | |||||||
Hertz Corp. (The), 7.071%, 12/21/12 (b) (d) | 693 | 698 | |||||||
Live Nation, Inc., 8.070%, 06/21/13 (b) (d) | 1,995 | 2,004 | |||||||
Live Nation, Inc., 8.120%, 06/21/13 (b) (d) | 4,950 | 4,975 | |||||||
Merrill Corp., 7.589%, 05/15/11 (b) (d) | 4,455 | 4,481 | |||||||
Merrill Corp., 11.820%, 10/01/13 (b) (d) | 3,000 | 3,015 | |||||||
National Money Mart Co., 8.050%, 10/30/12 (b) (d) | 1,147 | 1,151 | |||||||
National Money Mart Co., 8.494%, 10/30/12 (b) (d) | 843 | 846 | |||||||
National Pizza Products, LP, 7.112%, 04/26/13 (b) (d) | 1,667 | 1,667 | |||||||
Oshkosh Truck Corp., 7.346%, 12/06/13 (b) (d) | 4,988 | 5,005 | |||||||
Quintiles Transnational Corp., 7.433%, 03/21/13 (b) (d) | 990 | 991 | |||||||
Quintiles Transnational Corp., 9.360%, 03/21/14 (b) (d) | 2,000 | 2,018 | |||||||
Rent-A-Center, Inc., 7.105%, 06/30/12 (b) (d) | 2,985 | 2,991 | |||||||
Rental Service, Corp., 8.850%, 11/21/13 (b) (d) | 4,000 | 4,070 | |||||||
Sedgwick CMS Holdings, Inc., 6.580%, 01/31/13 (b) (d) | 1,985 | 1,989 | |||||||
Vanguard Car Rental USA, Inc., 8.348%, 05/26/13 (b) (d) | 2,820 | 2,844 | |||||||
48,530 | |||||||||
Computers (3.9%) | |||||||||
Acxiom Corp., 7.083%, 09/15/12 (b) (d) | 2,735 | 2,749 | |||||||
Dresser, Inc., 8.125%, 10/31/13 (b) (d) | 2,885 | 2,906 | |||||||
Reynolds & Reynolds Co., 7.813%, 10/23/12 (b) (d) | 1,990 | 1,994 | |||||||
Reynolds & Reynolds Co., 10.845%, 10/23/13 (b) (d) | 2,000 | 2,045 | |||||||
Sanmina-Sci Corp., 7.875%, 01/31/08 (b) (d) | 5,000 | 5,016 | |||||||
Spansion LLC, 8.360%, 10/30/12 (b) (d) | 4,000 | 4,027 | |||||||
Stratus Technologies, Inc., 8.548%, 03/15/12 (b) (d) | 995 | 993 | |||||||
Sungard Data Systems, Inc., 7.820%, 02/11/13 (b) (d) | 1,967 | 1,982 | |||||||
TTM Technologies, Inc., 7.616%, 10/27/12 (b) (d) | 1,500 | 1,502 | |||||||
23,214 | |||||||||
Diversified Financial Services (6.0%) | |||||||||
HCP Acquisition, Inc., 7.570%, 02/22/14 (b) (d) | 4 | 4 | |||||||
IDEARC, Inc., 7.320%, 11/09/14 (b) (d) | 6,000 | 6,032 | |||||||
Level 3 Communications, Inc., 7.570%, 03/01/14 (b) (d) | 3,000 | 3,010 | |||||||
LSP General Finance Co. LLC, 0.875%, 03/29/13 (b) (d) | 3 | 3 | |||||||
LSP General Finance Co. LLC, 7.114%, 03/29/13 (b) (d) | 4,000 | 4,005 | |||||||
LSP General Finance Co. LLC, 7.114%, 03/29/13 (b) (d) | 178 | 178 | |||||||
Nasdaq Stock Market, Inc., 7.070%, 04/18/12 (b) (d) | 563 | 565 | |||||||
Nasdaq Stock Market, Inc., 7.070%, 04/18/12 (b) (d) | 971 | 974 | |||||||
Peach Holdings, Inc., 9.120%, 11/21/13 (b) (d) | 5,963 | 5,992 | |||||||
TPF Generation Holdings LLC, 7.370%, 12/15/11 (b) (d) | 94 | 95 | |||||||
TPF Generation Holdings LLC, 7.370%, 12/15/13 (b) (d) | 301 | 303 | |||||||
TPF Generation Holdings LLC, 7.355%, 12/21/13 (b) (d) | 1,601 | 1,609 | |||||||
VNU, Inc., 7.610%, 08/09/13 (b) (d) | 8,955 | 9,031 |
89
Table of Contents
Principal | |||||||||
Amount($) | Value($) | ||||||||
Diversified Financial Services—continued | |||||||||
WideOpenWest Finance LLC, 7.610%, 05/01/13 (b) (d) | 4,000 | 4,023 | |||||||
35,824 | |||||||||
Diversified Operations (1.5%) | |||||||||
Aramark Corp., 7.360%, 01/27/14 (b) (d) | 165 | 165 | |||||||
Aramark Corp., 7.470%, 01/27/14 (b) (d) | 2,335 | 2,343 | |||||||
Freeport-McMoRan Copper & Gold, Inc., 0.000%, 03/19/14 (b) (c) (d) | 6,114 | 6,122 | |||||||
8,630 | |||||||||
Education (0.2%) | |||||||||
Education Management LLC, 7.375%, 05/23/12 (b) (d) | 995 | 999 | |||||||
Electric (2.6%) | |||||||||
Boston Generating LLC, 5.241%, 12/21/13 (b) (d) | 345 | 347 | |||||||
Boston Generating LLC, 7.570%, 12/21/13 (b) (d) | 1,555 | 1,566 | |||||||
Boston Generating LLC, 7.616%, 12/21/13 (b) (d) | 97 | 97 | |||||||
Generac Power Systems, Inc., 7.860%, 11/07/13 (b) (d) | 3,960 | 3,976 | |||||||
Generac Power Systems, Inc., 11.360%, 04/07/14 (b) (d) | 1,000 | 1,000 | |||||||
LSP-Kendall Energy LLC, 7.364%, 10/07/13 (b) (d) | 1,882 | 1,873 | |||||||
Mirant North America LLC, 7.070%, 01/03/13 (b) (d) | 3,204 | 3,210 | |||||||
NRG Energy, Inc., 7.364%, 02/01/13 (b) (d) | 3,512 | 3,535 | |||||||
15,604 | |||||||||
Energy (2.1%) | |||||||||
Longview Power LLC, 0.000%, 02/27/14 (b) (c) (d) | 1,167 | 1,174 | |||||||
Longview Power LLC, 7.570%, 02/27/14 (b) (d) | 333 | 336 | |||||||
Longview Power LLC, 9.500%, 02/27/14 (b) (d) | 1,000 | 1,006 | |||||||
NE Energy, 9.850%, 10/19/11 (b) (d) | 1,000 | 1,011 | |||||||
NE Energy, 7.850%, 10/19/13 (b) (d) | 894 | 900 | |||||||
NE Energy, 7.850%, 10/19/13 (b) (d) | 106 | 106 | |||||||
Sandridge Energy, Inc., 8.975%, 04/15/14 (b) (d) | 5,000 | 5,056 | |||||||
Sandridge Energy, Inc., 8.625%, 04/15/15 (b) (d) | 3,000 | 3,060 | |||||||
12,649 | |||||||||
Entertainment (4.5%) | |||||||||
Cedar Fair LP, 7.825%, 08/30/12 (b) (d) | 3,980 | 4,011 | |||||||
Cinemark, Inc., 7.377%, 10/04/13 (b) (d) | 1,990 | 1,997 | |||||||
Isle of Capri Casinos, 7.118%, 02/04/11 (b) (d) | 2,947 | 2,964 | |||||||
Penn National Gaming, Inc., 7.114%, 10/03/12 (b) (d) | 1,985 | 1,997 | |||||||
Regal Cinemas, Inc., 7.114%, 02/26/13 (b) (d) | 2,970 | 2,977 | |||||||
Venetian Casino Resort LLC, 7.120%, 06/15/11 (b) (d) | 385 | 387 | |||||||
Venetian Casino Resort LLC, 7.120%, 06/15/11 (b) (d) | 2,865 | 2,883 | |||||||
Venetian Casino Resort LLC, 8.120%, 04/06/13 (b) (d) | 3,263 | 3,288 | |||||||
Venetian Macau Ltd., 0.375%, 05/26/12 (b) (d) | 2,616 | 2,634 | |||||||
Venetian Macau Ltd., 8.620%, 05/26/12 (b) (d) | 384 | 387 | |||||||
Wimar Opco LLC, 7.860%, 01/03/12 (b) (d) | 2,971 | 3,000 | |||||||
26,525 | |||||||||
Environment Control (0.5%) | |||||||||
Allied Waste North America, Inc., 5.322%, 01/15/12 (b) (d) | 831 | 834 | |||||||
Allied Waste North America, Inc., 7.142%, 01/15/12 (b) (d) | 1,873 | 1,880 | |||||||
2,714 | |||||||||
Food (1.5%) | |||||||||
Dean Foods Co., 0.000%, 04/02/14 (b) (c) (d) | 2,500 | 2,500 | |||||||
Pinnacle Foods Group, Inc., 7.360%, 11/15/10 (b) (d) | 2,006 | 2,016 | |||||||
Pinnacle Foods Group, Inc., 0.000%, 04/02/14 (b) (c) (d) | 2,100 | 2,100 |
90
Table of Contents
Principal | |||||||||
Amount($) | Value($) | ||||||||
Food—continued | |||||||||
SUPERVALU, Inc., 7.090%, 06/02/12 (b) (d) | 1,995 | 2,001 | |||||||
8,617 | |||||||||
Forest Products & Paper (0.5%) | |||||||||
Georgia-Pacific Corp., 7.361%, 01/27/11 (b) (d) | 1,900 | 1,907 | |||||||
Verso Paper Holdings LLC, 7.125%, 08/03/13 (b) (d) | 907 | 911 | |||||||
2,818 | |||||||||
Healthcare — Services (6.0%) | |||||||||
Beverly Enterprises, Inc., 8.114%, 04/07/11 (b) (d) | 3,205 | 3,217 | |||||||
Capella Healthcare, Inc., 8.364%, 11/30/12 (b) (d) | 3,980 | 4,000 | |||||||
Conseco, Inc., 7.320%, 10/03/13 (b) (d) | 998 | 999 | |||||||
CRC Health Corp., 7.864%, 02/06/13 (b) (d) | 2,970 | 3,000 | |||||||
Davita, Inc., 6.825%, 10/12/12 (b) (d) | 1,421 | 1,423 | |||||||
HCA, Inc., 0.000%, 11/17/12 (b) (c) (d) | 5,000 | 4,968 | |||||||
HCA, Inc., 7.614%, 11/06/13 (b) (d) | 3,990 | 4,026 | |||||||
Matria Healthcare, Inc., 7.362%, 01/19/12 (b) (d) | 1,087 | 1,090 | |||||||
Multiplan, Inc., 7.820%, 04/08/13 (b) (d) | 2,675 | 2,689 | |||||||
Multiplan, Inc., 7.820%, 04/12/13 (b) (d) | 939 | 945 | |||||||
National Mentor Holdings, Inc., 5.257%, 06/28/13 (b) (d) | 110 | 110 | |||||||
National Mentor Holdings, Inc., 7.867%, 06/28/13 (b) (d) | 1,876 | 1,881 | |||||||
Talecris Biotherapeutics, Inc., 8.860%, 12/06/13 (b) (d) | 2,993 | 3,004 | |||||||
Vanguard Health Systems, Inc., 7.614%, 09/23/11 (b) (d) | 3,980 | 4,010 | |||||||
35,362 | |||||||||
Investment Companies (0.5%) | |||||||||
Thermal North America, Inc., 8.120%, 10/27/08 (b) (d) | 3,000 | 3,015 | |||||||
Leisure Time (2.0%) | |||||||||
Sabre Holdings Corp., 0.000%, 09/30/14 (b) (c) (d) | 2,000 | 2,000 | |||||||
TDS Investor Corp., 7.864%, 08/09/13 (b) (d) | 535 | 539 | |||||||
TDS Investor Corp., 7.864%, 08/09/13 (b) (d) | 5,437 | 5,479 | |||||||
Worldspan LP, 8.330%, 12/07/13 (b) (d) | 1,995 | 2,007 | |||||||
Worldspan LP, 12.360%, 12/07/14 (b) (d) | 2,000 | 2,013 | |||||||
12,038 | |||||||||
Lodging (3.3%) | |||||||||
Kerzner International Ltd., 0.500%, 08/31/13 (b) (d) | 750 | 741 | |||||||
Kerzner International Ltd., 8.340%, 08/31/13 (b) (d) | 2,286 | 2,257 | |||||||
Kerzner International Ltd., 8.340%, 08/31/13 (b) (d) | 214 | 212 | |||||||
Kerzner International Ltd., 8.346%, 08/31/13 (b) (d) | 550 | 543 | |||||||
Metro-Goldwyn-Mayer, Inc., 8.614%, 03/15/12 (b) (d) | 2,987 | 2,984 | |||||||
Metro-Goldwyn-Mayer, Inc., 8.620%, 04/08/12 (b) (d) | 3,300 | 3,294 | |||||||
MGM Mirage, Inc., 6.999%, 11/22/09 (b) (d) | 1,357 | 1,314 | |||||||
MotorCity Casino, 7.350%, 07/26/12 (b) (d) | 2,967 | 2,989 | |||||||
PA Meadows, 8.360%, 11/15/11 (b) (d) | 3,000 | 3,019 | |||||||
Seminole Indian Casinos, 0.000%, 03/05/14 (b) (c) (d) | 259 | 261 | |||||||
Seminole Indian Casinos, 0.000%, 03/05/14 (b) (c) (d) | 874 | 876 | |||||||
Seminole Indian Casinos, 0.000%, 03/05/14 (b) (c) (d) | 866 | 872 | |||||||
19,362 | |||||||||
Machinery Diversified (0.6%) | |||||||||
NACCO Materials Handling Group, Inc., 7.356%, 02/24/13 (b) (d) | 3,483 | 3,500 | |||||||
Media (10.0%) | |||||||||
Cablevision Systems Corp., 7.110%, 03/21/12 (b) (d) | 3,470 | 3,479 | |||||||
Entravision Communications Corp., 6.860%, 03/29/13 (b) (d) | 1,975 | 1,979 |
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Principal | |||||||||
Amount($) | Value($) | ||||||||
Media—continued | |||||||||
Gray Television, Inc., 6.820%, 12/31/14 (b) (d) | 2,970 | 2,971 | |||||||
Insight Midwest Holdings LLC, 6.610%, 10/06/13 (b) (d) | 2,500 | 2,478 | |||||||
Mediacom LLC, 7.101%, 04/15/15 (b) (d) | 4,130 | 4,126 | |||||||
MediaNews Group, Inc., 7.070%, 06/28/13 (b) (d) | 2,978 | 2,978 | |||||||
Next Media Operating, Inc., 7.320%, 11/04/12 (b) (d) | 1,338 | 1,335 | |||||||
Next Media Operating, Inc., 7.320%, 11/04/12 (b) (d) | 594 | 591 | |||||||
Penton Media, Inc., 10.345%, 02/01/14 (b) (d) | 1,000 | 1,011 | |||||||
Persona Communications Corp., 8.100%, 10/12/13 (b) (d) | 765 | 773 | |||||||
Persona Communications Corp., 8.120%, 10/12/13 (b) (d) | 1,235 | 1,247 | |||||||
Persona Communications Corp., 11.364%, 04/12/14 (b) (d) | 2,000 | 2,030 | |||||||
Philadelphia Newspapers, 8.100%, 06/29/13 (b) (d) | 2,912 | 2,926 | |||||||
Quebecor Media, Inc., 7.360%, 01/17/13 (b) (d) | 2,970 | 2,985 | |||||||
San Juan Cable LLC, 7.348%, 10/31/12 (b) (d) | 990 | 991 | |||||||
TCM Media, Inc., 8.860%, 06/30/10 (b) (d) | 1,958 | 1,963 | |||||||
Umbrella Acquisition, 0.000%, 09/16/14 (b) (c) (d) | 785 | 785 | |||||||
Umbrella Acquisition, 0.000%, 09/16/14 (b) (c) (d) | 12,215 | 12,216 | |||||||
Umbrella Acquisition, 0.000%, 09/16/14 (b) (c) (d) | 5,000 | 5,013 | |||||||
VTR Globalcom SA, 8.321%, 09/20/14 (b) (d) | 4,000 | 4,005 | |||||||
Wenner Media LLC, 7.070%, 09/29/13 (b) (d) | 2,865 | 2,879 | |||||||
Yell Group PLC, 7.320%, 08/07/13 (b) (d) | 1,000 | 1,007 | |||||||
59,768 | |||||||||
Mining (0.8%) | |||||||||
Longyear Holdings, 8.614%, 10/18/12 (b) (d) | 264 | 265 | |||||||
Longyear Holdings, 8.614%, 10/18/12 (b) (d) | 246 | 247 | |||||||
Longyear Holdings, 8.614%, 10/18/12 (b) (d) | 2,475 | 2,481 | |||||||
Longyear Holdings, 12.364%, 10/18/13 (b) (d) | 2,000 | 2,040 | |||||||
5,033 | |||||||||
Miscellaneous Manufacturer (3.8%) | |||||||||
Activant Solutions Holdings, Inc., 7.375%, 05/01/13 (b) (d) | 3,726 | 3,726 | |||||||
Bombardier, Inc., 7.860%, 06/28/13 (b) (d) | 6,380 | 6,412 | |||||||
Covalence Specialty Materials Corp., 7.375%, 02/07/13 (b) (d) | 2,596 | 2,595 | |||||||
John Maneely Co., 8.505%, 12/06/13 (b) (d) | 2,977 | 2,985 | |||||||
Nutro Products, Inc., 7.364%, 04/14/13 (b) (d) | 2,906 | 2,913 | |||||||
Samsonite Corp., 7.600%, 12/21/13 (b) (d) | 1,995 | 2,008 | |||||||
Universal City Development, 7.360%, 06/09/11 (b) (d) | 1,851 | 1,859 | |||||||
22,498 | |||||||||
Oil & Gas (1.3%) | |||||||||
Niska Gas Storage, 7.070%, 05/01/11 (b) (d) | 363 | 364 | |||||||
Niska Gas Storage, 7.090%, 05/01/13 (b) (d) | 2,239 | 2,244 | |||||||
Niska Gas Storage, 7.090%, 05/01/13 (b) (d) | 224 | 225 | |||||||
OPTI Canada, Inc., 7.230%, 05/17/13 (b) (d) | 3,000 | 3,011 | |||||||
Petroleum Geo-Services ASA, 7.610%, 12/16/12 (b) (d) | 861 | 866 | |||||||
Western Refining Co., 0.000%, 04/05/14 (b) (c) (d) | 196 | 198 | |||||||
Western Refining Co., 0.000%, 04/05/14 (b) (c) (d) | 804 | 806 | |||||||
7,714 | |||||||||
Packaging & Containers (0.7%) | |||||||||
Berry Plastics, 7.110%, 09/05/13 (b) (d) | 3,980 | 3,996 | |||||||
Pipelines (1.7%) | |||||||||
El Paso Corp., 5.230%, 07/24/11 (b) (d) | 2,000 | 2,010 |
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Principal | |||||||||
Amount($) | Value($) | ||||||||
Pipelines—continued | |||||||||
Energy Transfer Equity LP, 7.080%, 02/08/12 (b) (d) | 4,000 | 4,022 | |||||||
Regency Gas Services LLC, 7.830%, 08/01/11 (b) (d) | 167 | 167 | |||||||
Targa Resources, Inc., 5.478%, 10/31/12 (b) (d) | 777 | 786 | |||||||
Targa Resources, Inc., 7.610%, 10/31/12 (b) (d) | 3,187 | 3,215 | |||||||
10,200 | |||||||||
Real Estate (0.8%) | |||||||||
CB Richard Ellis, 6.820%, 12/20/13 (b) (d) | 3,000 | 3,006 | |||||||
Mattamy Group, 7.625%, 04/11/13 (b) (d) | 1,985 | 1,990 | |||||||
4,996 | |||||||||
Retail (3.6%) | |||||||||
Capital Automotive LP, 7.070%, 12/16/10 (b) (d) | 4,519 | 4,560 | |||||||
Neiman Marcus Group, Inc., 7.352%, 04/06/13 (b) (d) | 3,627 | 3,655 | |||||||
Petco Animal Supplies, Inc., 7.652%, 10/26/13 (b) (d) | 3,990 | 4,016 | |||||||
Quiznos Master LLC (The), 7.618%, 05/05/13 (b) (d) | 2,985 | 2,992 | |||||||
Sally Holdings LLC, 7.860%, 11/10/13 (b) (d) | 2,993 | 3,014 | |||||||
Sports Authority, Inc. (The), 7.614%, 04/06/13 (b) (d) | 2,978 | 2,983 | |||||||
21,220 | |||||||||
Semiconductors (1.1%) | |||||||||
Advanced Micro Devices, Inc., 7.570%, 12/31/13 (b) (d) | 5,714 | 5,742 | |||||||
ON Semiconductor Corp., 7.060%, 09/06/13 (b) (d) | 959 | 963 | |||||||
6,705 | |||||||||
Telecommunications (6.9%) | |||||||||
American Cellular Corp., 0.000%, 03/15/14 (b) (c) (d) | 1,250 | 1,254 | |||||||
American Cellular Corp., 7.320%, 03/15/14 (b) (d) | 4,000 | 4,012 | |||||||
Cequel Communications LLC, 7.610%, 10/01/13 (b) (d) | 4,000 | 4,004 | |||||||
Cequel Communications LLC, 9.860%, 05/05/14 (b) (d) | 1,000 | 1,021 | |||||||
Charter Communications Operating LLC, 7.985%, 03/21/13 (b) (d) | 4,000 | 3,989 | |||||||
Clearwire Corp., 12.070%, 08/18/09 (b) (d) | 1,990 | 2,020 | |||||||
Hawaiian Telecom Communications, Inc., 6.051%, 04/30/12 (b) (d) | 4,480 | 4,413 | |||||||
IPC Information Systems, Inc., 7.320%, 02/26/14 (b) (d) | 499 | 502 | |||||||
IPC Information Systems, Inc., 11.864%, 09/20/14 (b) (d) | 1,500 | 1,508 | |||||||
Paetec Holding Corp., 8.820%, 02/09/13 (b) (d) | 1,500 | 1,515 | |||||||
Sorenson Communications, Inc., 8.320%, 08/01/13 (b) (d) | 3,971 | 3,981 | |||||||
Sorenson Communications, Inc., 12.350%, 02/01/14 (b) (d) | 1,000 | 1,014 | |||||||
Time Warner Telecom Holdings, Inc., 7.320%, 10/12/13 (b) (d) | 3,925 | 3,943 | |||||||
US Telepacific Corp., 9.859%, 08/07/11 (b) (d) | 1,120 | 1,132 | |||||||
West Corp., 7.735%, 10/23/13 (b) (d) | 5,000 | 5,028 | |||||||
Wind Acquisition Holdings, 12.610%, 12/07/11 (b) (d) | 1,507 | 1,541 | |||||||
40,877 | |||||||||
Transportation (0.3%) | |||||||||
Volnay Acquisition (Compagnie Generale), 7.320%, 01/12/14 (b) (d) | 1,995 | 2,007 | |||||||
Total Bank Loans (Cost $531,351) | 532,792 | ||||||||
Corporate Bonds (6.6%) | |||||||||
Auto Parts & Equipment (0.9%) | |||||||||
Goodyear Tire & Rubber Co. (The), 9.140%, 12/01/09 (b) (d) | 5,075 | 5,094 | |||||||
Diversified Financial Services (1.2%) | |||||||||
General Motors Acceptance Corp., LLC, 8.000%, 11/01/31 | 3,000 | 3,216 | |||||||
IDEARC, Inc., 8.000%, 11/15/16, Callable 11/15/11 @ 104 (d) | 4,000 | 4,114 | |||||||
7,330 | |||||||||
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Principal | |||||||||
Amount($) | Value($) | ||||||||
Diversified Operations (0.5%) | |||||||||
Freeport-McMoRan Copper & Gold, Inc., 8.564%, 04/01/15, Callable 04/01/09 @ 102 (b) | 3,000 | 3,154 | |||||||
Electric (0.9%) | |||||||||
Mission Energy Holdings Co., 13.500%, 07/15/08 | 1,900 | 2,071 | |||||||
TXU Energy Co. LLC, 5.850%, 09/16/08, Callable 09/16/07 @ 100 (b) (d) | 3,000 | 3,000 | |||||||
5,071 | |||||||||
Healthcare — Products (0.2%) | |||||||||
Universal Hospital Services, Inc., 10.125%, 11/01/11, Callable 11/01/07 @ 105.06 | 1,000 | 1,063 | |||||||
Healthcare — Services (0.5%) | |||||||||
HCA, Inc., 9.625%, 11/15/16, Callable 11/15/11 @ 104.81 (d) | 3,000 | 3,240 | |||||||
Media (1.2%) | |||||||||
Compagnie Susquehanna, 9.875%, 05/15/14, Callable 05/15/10 @ 104.94 (d) | 4,000 | 4,100 | |||||||
Mediacom LLC, 9.500%, 01/15/13, Callable 01/15/08 @ 101.58 | 3,000 | 3,094 | |||||||
7,194 | |||||||||
Semiconductors (0.3%) | |||||||||
Freescale Semiconductor, Inc., 9.125%, 12/15/14, Callable 12/15/10 @ 104.56 (d) | 2,000 | 1,985 | |||||||
Telecommunications (0.9%) | |||||||||
Qwest Communications International, Inc., 8.860%, 02/15/09, Callable 02/15/08 @ 100 (b) | 5,000 | 5,050 | |||||||
Total Corporate Bonds (Cost $38,675) | 39,181 | ||||||||
Repurchase Agreements (12.4%) | |||||||||
ABN AMRO Bank N.V., 5.305%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $43,671 (collateralized by U.S. Government Agencies; 4.500% — 6.000%, 10/12/07 - 02/01/37; total market value $44,526) | 43,652 | 43,652 | |||||||
Lehman Brothers, Inc., 5.255%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $30,189 (collateralized by U.S. Government Agencies; 5.500%, 11/01/34; total market value $30,777) | 30,176 | 30,176 | |||||||
Total Repurchase Agreements (Cost $73,828) | 73,828 | ||||||||
Total Investments (Cost $643,854) (a) — 108.9% | 645,801 | ||||||||
Liabilities in excess of other assets — (8.9)% | (52,624 | ) | |||||||
Net Assets — 100.0% | $ | 593,177 | |||||||
(a) | Cost for federal income tax purposes is $643,958 (amount in thousands). Unrealized appreciation/ (depreciation)on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 2,716 | ||
Unrealized Depreciation | (873 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 1,843 | ||
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. | |
(c) | This security has not settled as of March 31, 2007 and thus does not have a rate in effect. The security does not have a stated settlement date and will receive a rate upon settling with the custodian. |
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(d) | Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 84.6% of net assets as of March 31, 2007. |
LLC | — Limited Liability Corporation | |
LP | — Limited Partnership | |
PLC | — Public Limited Company |
As of March 31, 2007, the Fund had the following unfunded loan commitments:
Unfunded | Unrealized | |||||||
Borrower | Commitments($) | Depreciation($) | ||||||
MGM Mirage, Inc., 6.999%, 11/22/09 | 1,643 | (51 | ) | |||||
Hawaiian Telecom Communications, Inc., 6.051%, 04/30/12 | 3,520 | (53 | ) | |||||
(104 | ) | |||||||
The commitments are available until the maturity date of the respective security.
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Seix High Yield Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Bank Loans (1.8%) | |||||||||
Chemicals (0.2%) | |||||||||
Celanese AG, 7.114%, 06/01/10 (b) (d) | 2,788 | 2,792 | |||||||
Computers (0.3%) | |||||||||
Reynolds & Reynolds Co., 7.813%, 10/23/12 (b) (d) | 2,985 | 2,992 | |||||||
Lodging (0.1%) | |||||||||
Metro-Goldwyn-Mayer, Inc., 8.620%, 04/08/12 (b) (d) | 1,000 | 998 | |||||||
Media (0.4%) | |||||||||
Umbrella Acquisition, 0.000%, 09/16/14 (b) (d) (h) | 4,698 | 4,698 | |||||||
Umbrella Acquisition, 0.000%, 09/16/14 (b) (d) (h) | 302 | 302 | |||||||
5,000 | |||||||||
Semiconductors (0.5%) | |||||||||
Advanced Micro Devices, Inc., 7.570%, 12/31/13 (b) (d) | 5,275 | 5,301 | |||||||
Telecommunications (0.3%) | |||||||||
Sorenson Communications, Inc., 8.320%, 08/01/13 (b) (d) | 1,986 | 1,990 | |||||||
Wind Acquisition Holdings, 12.610%, 12/07/11 (b) (d) | 1,500 | 1,534 | |||||||
3,524 | |||||||||
Total Bank Loans (Cost $20,572) | 20,607 | ||||||||
Corporate Bonds (95.6%) | |||||||||
Advertising (3.2%) | |||||||||
Affinion Group, Inc., 10.125%, 10/15/13, Callable 10/15/09 @ 105.06 | 2,887 | 3,147 | |||||||
Quebecor World, Inc., 9.750%, 01/15/15, Callable 01/15/11 @ 104.88 (d) | 460 | 483 | |||||||
R.H. Donnelley Corp., 6.875%, 01/15/13, Callable 01/15/09 @ 103.44 (e) | 2,475 | 2,407 | |||||||
R.H. Donnelley Corp., 6.875%, 01/15/13 | 450 | 438 | |||||||
R.H. Donnelley Corp., 8.875%, 01/15/16, Callable 01/15/11 @ 104.44 | 22,890 | 24,320 | |||||||
Valassis Communications, Inc., 8.250%, 03/01/15, Callable 03/01/11 @ 104.13 (d) (e) | 6,700 | 6,583 | |||||||
37,378 | |||||||||
Aerospace/Defense (0.6%) | |||||||||
Esterline Technologies Corp., 6.625%, 03/01/17, Callable 03/11/12 @ 103.31 (d) | 1,255 | 1,261 | |||||||
Hawker Beechcraft Acquisition Co. LLC, 8.500%, 04/01/15 (d) | 1,045 | 1,085 | |||||||
Hawker Beechcraft Acquisition Co. LLC, 8.875%, 04/01/15 (d) | 1,800 | 1,861 | |||||||
Transdigm, Inc., 7.750%, 07/15/14, Callable 07/15/09 @ 105.81 | 200 | 207 | |||||||
Transdigm, Inc., 7.750%, 07/15/14, Callable 07/15/09 @ 105.81 (d) | 2,180 | 2,251 | |||||||
6,665 | |||||||||
Apparel (1.0%) | |||||||||
Hanesbrands, Inc., 8.735%, 12/15/14, Callable 12/15/08 @ 102 (b) (d) | 4,115 | 4,192 | |||||||
Levi Strauss & Co., 9.750%, 01/15/15, Callable 01/15/10 @ 104.88 | 4,375 | 4,801 | |||||||
Levi Strauss & Co., 8.875%, 04/01/16, Callable 04/01/11 @ 104.44 (e) | 2,450 | 2,622 | |||||||
11,615 | |||||||||
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Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Auto Manufacturers (1.1%) | |||||||||
General Motors Corp., 8.375%, 07/15/33 (e) | 14,395 | 12,920 | |||||||
Auto Parts & Equipment (1.6%) | |||||||||
American Axle & Manufacturing, Inc., 7.875%, 03/01/17, Callable 03/01/12 @ 103.94 | 4,665 | 4,653 | |||||||
Goodyear Tire & Rubber Co. (The), 8.625%, 12/01/11, Callable 12/01/09 @ 104.31 (d) | 4,815 | 5,176 | |||||||
Goodyear Tire & Rubber Co. (The), 9.000%, 07/01/15, Callable 07/01/10 @ 104.50 (e) | 3,550 | 3,896 | |||||||
Tenneco, Inc., 8.625%, 11/15/14, Callable 11/15/09 @ 104.31 (e) | 4,745 | 4,947 | |||||||
18,672 | |||||||||
Beverages (0.3%) | |||||||||
Cott Beverages, Inc., 8.000%, 12/15/11, Callable 05/14/07 @ 104 | 3,062 | 3,123 | |||||||
Building Materials (0.6%) | |||||||||
U.S. Concrete, Inc., 8.375%, 04/01/14, Callable 04/01/09 @ 104.19 (e) | 6,395 | 6,491 | |||||||
Chemicals (4.1%) | |||||||||
ARCO Chemical Co., 10.250%, 11/01/10 | 4,455 | 4,945 | |||||||
Huntsman International LLC, 11.625%, 10/15/10, Callable 10/15/07 @ 105.81 | 5,985 | 6,486 | |||||||
Ineos Group Holdings PLC, 8.500%, 02/15/16, Callable 02/15/11 @ 104.25 (d) (e) | 11,425 | 10,939 | |||||||
Lyondell Chemical Co., 8.000%, 09/15/14, Callable 09/15/10 @ 104 | 4,970 | 5,206 | |||||||
Lyondell Chemical Co., 8.250%, 09/15/16, Callable 09/15/11 @ 104.13 (e) | 11,905 | 12,739 | |||||||
Mosaic Co., 7.375%, 12/01/14, Callable 12/01/10 @ 103.69 (d) | 905 | 943 | |||||||
Mosaic Co., 7.625%, 12/01/16, Callable 12/01/11 @ 103.81 (d) | 800 | 844 | |||||||
Reichhold Industries, Inc., 9.000%, 08/15/14, Callable 08/15/10 @ 104.50 (d) | 5,310 | 5,443 | |||||||
47,545 | |||||||||
Commercial Services (3.7%) | |||||||||
Ashtead Capital, Inc., 9.000%, 08/15/16, Callable 08/15/11 @ 104.50 (d) (e) | 3,470 | 3,696 | |||||||
Cenveo Corp., 7.875%, 12/01/13, Callable 12/01/08 @ 103.94 | 3,490 | 3,420 | |||||||
Corrections Corp. of America, 7.500%, 05/01/11, Callable 05/01/07 @ 103.75 | 5,250 | 5,394 | |||||||
Hanover Compressor Co., 7.500%, 04/15/13, Callable 04/15/10 @ 103.75 | 1,225 | 1,256 | |||||||
Hertz Corp., 10.500%, 01/01/16, Callable 01/01/11 @ 105.25 (e) | 5,340 | 6,087 | |||||||
Seitel Acquisition Corp., 9.750%, 02/15/14 (d) | 3,240 | 3,281 | |||||||
Service Corp. International, 6.750%, 04/01/15 (d) | 3,050 | 3,046 | |||||||
Service Corp. International, 7.500%, 04/01/27 (d) | 4,335 | 4,335 | |||||||
United Rentals NA, Inc., 6.500%, 02/15/12, Callable 02/15/12 @ 103.25 | 4,895 | 4,883 | |||||||
United Rentals NA, Inc., 7.750%, 11/15/13, Callable 11/15/08 @ 103.88 (e) | 7,005 | 7,197 | |||||||
42,595 | |||||||||
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Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Diversified Financial Services (11.3%) | |||||||||
BCP Crystal US Holdings Corp., 9.625%, 06/15/14, Callable 06/15/09 @ 104.81 | 3,410 | 3,873 | |||||||
Ford Motor Credit Corp., 6.625%, 06/16/08 | 3,000 | 2,991 | |||||||
Ford Motor Credit Corp., 5.800%, 01/12/09 | 4,760 | 4,669 | |||||||
Ford Motor Credit Corp., 7.250%, 10/25/11 | 6,090 | 5,919 | |||||||
Ford Motor Credit Corp., 8.110%, 01/13/12 (b) | 2,530 | 2,473 | |||||||
Ford Motor Credit Corp., 7.000%, 10/01/13 (e) | 7,145 | 6,642 | |||||||
Ford Motor Credit Corp., 8.000%, 12/15/16 | 9,325 | 8,973 | |||||||
Galaxy Entertainment Finance Co. Ltd., 9.875%, 12/15/12, Callable 12/15/09 @ 104.94 (d) (e) | 1,840 | 2,010 | |||||||
GMAC LLC, 8.000%, 11/01/31 (e) | 30,995 | 33,231 | |||||||
Hexion US Finance Corp., 9.750%, 11/15/14, Callable 11/15/10 @ 104.88 (d) | 7,345 | 7,703 | |||||||
Hexion US Finance Corp., 9.860%, 11/15/14, Callable 11/15/08 @ 102 (b) (d) | 1,550 | 1,589 | |||||||
IDEARC, Inc., 8.000%, 11/15/16, Callable 11/15/11 @ 104 (d) (e) | 29,830 | 30,688 | |||||||
Level 3 Financing, Inc., 8.750%, 02/15/17 (d) (e) | 7,155 | 7,209 | |||||||
NSG Holdings LLC, 7.750%, 12/15/25 (d) | 5,520 | 5,768 | |||||||
Residential Capital LLC, 6.000%, 02/22/11 | 850 | 838 | |||||||
Residential Capital LLC, 6.500%, 04/17/13 | 4,850 | 4,804 | |||||||
Snoqualmie Enterprise Authority, 9.125%, 02/01/15, Callable 02/01/11 @ 104.56 (d) | 1,090 | 1,124 | |||||||
130,504 | |||||||||
Diversified Minerals (1.7%) | |||||||||
FMG Finance Property Ltd., 10.000%, 09/01/13 (d) | 12,985 | 14,121 | |||||||
FMG Finance Property Ltd., 10.625%, 09/01/16 (d) | 5,145 | 5,917 | |||||||
20,038 | |||||||||
Diversified Operations (4.0%) | |||||||||
Aramark Corp., 8.500%, 02/01/15, Callable 02/01/11 @ 104.25 (d) | 8,915 | 9,272 | |||||||
Aramark Corp., 8.860%, 02/01/15, Callable 02/01/09 @ 102 (b) (d) | 1,485 | 1,526 | |||||||
Freeport-McMoRan Copper & Gold, Inc., 8.250%, 04/01/15, Callable 04/01/11 @ 104.13 | 9,390 | 10,105 | |||||||
Freeport-McMoRan Copper & Gold, Inc., 8.564%, 04/01/15, Callable 04/01/09 @ 102 (b) | 8,845 | 9,298 | |||||||
Freeport-McMoRan Copper & Gold, Inc., 8.375%, 04/01/17, Callable 04/01/12 @ 104.19 | 3,725 | 4,028 | |||||||
Leucadia National Corp., 7.000%, 08/15/13 (e) | 4,190 | 4,211 | |||||||
Leucadia National Corp., 7.125%, 03/15/17, Callable 03/15/12 @ 103.56 (d) | 4,370 | 4,343 | |||||||
Nell AF SARL, 8.375%, 08/15/15, Callable 08/15/10 @ 104.19 (d) (e) | 3,105 | 3,237 | |||||||
46,020 | |||||||||
Electric (8.4%) | |||||||||
AES Corp. (The), 8.750%, 05/15/13, Callable 05/15/08 @ 104.38 (d) | 3,497 | 3,724 | |||||||
Aquila, Inc., 9.950%, 02/01/11 | 4,740 | 5,190 | |||||||
Aquila, Inc., 14.875%, 07/01/12 (e) | 4,200 | 5,471 |
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Principal | |||||||||
Amount($) | Value($) | ||||||||
Electric—continued | |||||||||
Baldor Electic Co., 8.625%, 02/15/17, Callable 02/15/12 @ 103.31 | 1,470 | 1,555 | |||||||
Elwood Energy LLC, 8.159%, 07/05/26 | 5,459 | 5,691 | |||||||
FPL Energy National Wind, 6.125%, 03/25/19 (d) | 2,103 | 2,049 | |||||||
FPL Energy Wind Funding LLC, 6.876%, 06/27/17 (d) | 2,891 | 2,934 | |||||||
Homer City Funding LLC, 8.137%, 10/01/19 | 1,832 | 1,992 | |||||||
Inergy LP/Inergy Finance, 8.250%, 03/01/16, Callable 03/01/11 @ 104.13 | 1,565 | 1,643 | |||||||
Midwest Generation LLC, 8.750%, 05/01/34, Callable 05/01/09 @ 104.38 | 686 | 744 | |||||||
Midwest Generation LLC, Ser A, 8.300%, 07/02/09 | 2,823 | 2,900 | |||||||
Midwest Generation LLC, Ser B, 8.560%, 01/02/16 | 8,747 | 9,567 | |||||||
Mirant Mid-Atlantic LLC, Ser B, 9.125%, 06/30/17 | 5,814 | 6,643 | |||||||
Mirant Mid-Atlantic LLC, Ser C, 10.060%, 12/30/28 | 2,338 | 2,864 | |||||||
NRG Energy, Inc., 7.375%, 02/01/16, Callable 02/01/11 @ 103.67 | 15,585 | 16,015 | |||||||
NRG Energy, Inc., 7.375%, 01/15/17, Callable 11/15/11 @ 100 | 3,625 | 3,720 | |||||||
PSEG Energy Holdings LLC, 8.625%, 02/15/08 | 5,074 | 5,182 | |||||||
PSEG Energy Holdings LLC, 10.000%, 10/01/09 | 946 | 1,032 | |||||||
Reliant Energy, Inc., 9.500%, 07/15/13, Callable 07/15/08 @ 104.75 (e) | 6,595 | 7,180 | |||||||
Reliant Energy, Inc., 6.750%, 12/15/14, Callable 12/15/09 @ 103.38 | 160 | 169 | |||||||
Sierra Pacific Power Co., Ser A, 8.000%, 06/01/08 | 250 | 256 | |||||||
Sithe/ Independence Funding, Ser A, 9.000%, 12/30/13 | 6,300 | 6,940 | |||||||
Tenaska Alabama Partners LP, 7.000%, 06/30/21 (d) | 3,460 | 3,482 | |||||||
96,943 | |||||||||
Electronics (0.5%) | |||||||||
Flextronics International Ltd., 6.500%, 05/15/13 | 6,305 | 6,242 | |||||||
Entertainment (1.4%) | |||||||||
Capitol Records, Inc., 8.375%, 08/15/09 (d) | 208 | 218 | |||||||
Isle of Capri Casinos, Inc., 9.000%, 03/15/12, Callable 03/15/08 @ 103 | 2,705 | 2,820 | |||||||
Mohegan Tribal Gaming Authority, 6.125%, 02/15/13, Callable 02/15/09 @ 103.06 | 3,274 | 3,225 | |||||||
Pokagon Gaming Authority, 10.375%, 06/15/14, Callable 06/15/10 @ 105.188 (d) | 1,465 | 1,615 | |||||||
WMG Acquisition Corp., 7.375%, 04/15/14, Callable 04/15/09 @ 103.69 | 6,572 | 6,260 | |||||||
WMG Holdings Corp., 10.148%, 12/15/14, Callable 12/15/09 @ 104.75 (c) (g) | 2,063 | 1,578 | |||||||
15,716 | |||||||||
Environment Control (0.5%) | |||||||||
Aleris International, Inc., 9.000%, 12/15/14, Callable 12/15/10 @ 104.50 (d) (e) | 3,720 | 3,924 | |||||||
Allied Waste North America, Inc., 6.875%, 06/01/17, Callable 06/02/12 @ 103.44 (e) | 1,880 | 1,885 | |||||||
5,809 | |||||||||
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Principal | |||||||||
Amount($) | Value($) | ||||||||
Food (1.8%) | |||||||||
Del Monte Corp., 8.625%, 12/15/12, Callable 12/15/07 @ 104.31 | 7,127 | 7,413 | |||||||
Pinnacle Foods Holding Corp., 8.250%, 12/01/13, Callable 12/01/08 @ 104.12 | 6,020 | 6,547 | |||||||
Smithfield Foods, Inc., Ser B, 8.000%, 10/15/09 | 3,370 | 3,513 | |||||||
Stater Brothers Holdings, Inc., 8.125%, 06/15/12, Callable 06/15/08 @ 104.06 | 2,645 | 2,724 | |||||||
20,197 | |||||||||
Forest Products & Paper (2.7%) | |||||||||
Abitibi-Consolidated, Inc., 8.550%, 08/01/10 | 3,430 | 3,473 | |||||||
Abitibi-Consolidated, Inc., 8.375%, 04/01/15 (e) | 2,685 | 2,524 | |||||||
Abitibi-Consolidated, Inc., 8.850%, 08/01/30 | 1,030 | 917 | |||||||
Boise Cascade LLC, 8.235%, 10/15/12, Callable 08/21/12 @ 102 (b) | 4,115 | 4,130 | |||||||
Boise Cascade LLC, 7.125%, 10/15/14, Callable 10/15/09 @ 103.56 | 4,405 | 4,361 | |||||||
Bowater Canada Finance Corp., 7.950%, 11/15/11 | 6,680 | 6,496 | |||||||
Georgia-Pacific Corp., 8.125%, 05/15/11 (e) | 1,754 | 1,842 | |||||||
Verso Paper Holdings LLC, 9.110%, 08/01/14, Callable 08/01/08 @ 102 (b) (d) (e) | 4,605 | 4,720 | |||||||
Verso Paper Holdings LLC, 9.125%, 08/01/14, Callable 08/01/10 @ 104.56 (d) (e) | 2,025 | 2,106 | |||||||
30,569 | |||||||||
Healthcare — Services (2.7%) | |||||||||
HCA, Inc., 9.125%, 11/15/14, Callable 11/15/10 @ 104.56 (d) | 10,845 | 11,591 | |||||||
HCA, Inc., 9.250%, 11/15/16, Callable 11/15/11 @ 104.63 (d) | 10,955 | 11,818 | |||||||
HCA, Inc., 9.625%, 11/15/16, Callable 11/15/11 @ 104.81 (d) (e) | 2,690 | 2,905 | |||||||
Triad Hospitals, Inc., 7.000%, 05/15/12, Callable 05/15/08 @ 103.50 | 4,190 | 4,347 | |||||||
30,661 | |||||||||
Insurance (1.2%) | |||||||||
AFC Capital Trust I, Ser B, 8.207%, 02/03/27 | 4,852 | 5,024 | |||||||
Crum & Forster Holdings Corp., 10.375%, 06/15/13, Callable 06/15/08 @ 105.19 (e) | 2,785 | 3,008 | |||||||
Fairfax Financial Holdings Ltd., 7.750%, 04/26/12 (e) | 3,075 | 3,060 | |||||||
Fairfax Financial Holdings Ltd., 7.375%, 04/15/18 (e) | 1,140 | 1,074 | |||||||
Markel Corp., 7.350%, 08/15/34 | 1,010 | 1,082 | |||||||
13,248 | |||||||||
Lodging (3.2%) | |||||||||
Boyd Gaming Corp., 8.750%, 04/15/12, Callable 04/15/07 @ 104.38 | 3,815 | 3,982 | |||||||
Boyd Gaming Corp., 7.750%, 12/15/12, Callable 12/15/07 @ 103.88 (e) | 3,560 | 3,676 | |||||||
Mandalay Resort Group, Ser B, 10.250%, 08/01/07 | 10,956 | 11,093 | |||||||
MGM Mirage, Inc., 8.500%, 09/15/10 | 905 | 967 | |||||||
MGM Mirage, Inc., 6.625%, 07/15/15 | 1,600 | 1,536 | |||||||
San Pasqual Casino, 8.000%, 09/15/13, Callable 09/15/09 @ 104 (d) | 2,865 | 2,947 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Lodging—continued | |||||||||
Seminole Hard Rock Entertainment, Inc., 7.848%, 03/15/14, Callable 3/15/09 @ 102 (b) (d) | 2,350 | 2,397 | |||||||
Station Casinos, Inc., 7.750%, 08/15/16, Callable 08/15/11 @ 102.91 (e) | 4,280 | 4,392 | |||||||
Wynn Las Vegas LLC, 6.625%, 12/01/14, Callable 12/01/09 @ 103.31 | 5,650 | 5,594 | |||||||
36,584 | |||||||||
Machinery Diversified (0.7%) | |||||||||
Case New Holland, Inc., 9.250%, 08/01/11, Callable 08/01/07 @ 104.62 | 3,340 | 3,506 | |||||||
Case New Holland, Inc., 7.125%, 03/01/14, Callable 03/01/10 @ 103.56 | 1,520 | 1,581 | |||||||
Chart Industries, Inc., 9.125%, 10/15/15, Callable 10/15/10 @ 104.56 (d) | 2,700 | 2,822 | |||||||
7,909 | |||||||||
Media (8.3%) | |||||||||
Block Communications, Inc., 8.250%, 12/15/15, Callable 12/15/10 @ 104.13 (d) | 3,545 | 3,598 | |||||||
Dex Media, Inc., 8.000%, 11/15/13, Callable 11/15/08 @ 104 | 360 | 377 | |||||||
Dex Media, Inc., 8.520%, 11/15/13, Callable 11/15/08 @ 104.50 (c) (g) | 2,625 | 2,445 | |||||||
Dex Media, Inc., 8.520%, 11/15/13, Callable 11/15/08 @ 104.50 (c) (e) (g) | 955 | 889 | |||||||
DirecTV Holdings LLC, 8.375%, 03/15/13, Callable 03/15/08 @ 104.19 | 8,935 | 9,415 | |||||||
EchoStar DBS Corp., 7.125%, 02/01/16 | 27,975 | 28,885 | |||||||
General Cable Corp., 7.725%, 04/01/15, Callable 04/01/09 @ 102 (b) (d) | 3,335 | 3,335 | |||||||
General Cable Corp., 7.125%, 04/01/17, Callable 04/01/12 @ 103.56 (d) (e) | 795 | 800 | |||||||
Kabel Deutschland GmbH, 10.625%, 07/01/14, Callable 07/01/09 @ 105.31 (e) | 13,365 | 14,902 | |||||||
LIN Television Corp., 6.500%, 05/15/13, Callable 05/15/12 @ 103.25 | 4,600 | 4,502 | |||||||
LIN Television Corp., Ser B, 6.500%, 05/15/13, Callable 05/15/08 @ 103.25 | 2,305 | 2,256 | |||||||
Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 (d) | 3,905 | 3,993 | |||||||
Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 (e) | 6,640 | 6,789 | |||||||
Mediacom LLC, 9.500%, 01/15/13, Callable 01/15/08 @ 101.583 | 1,000 | 1,031 | |||||||
Morris Publishing Group LLC, 7.000%, 08/01/13, Callable 08/01/08 @ 103.50 | 1,010 | 965 | |||||||
Quebecor Media, Inc., 7.750%, 03/15/16, Callable 03/15/11 @ 103.88 | 3,750 | 3,853 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Media—continued | |||||||||
Quebecor World Capital Corp., 8.750%, 03/15/16, Callable 03/15/11 @ 104.38 (d) | 6,185 | 6,262 | |||||||
Rogers Cable, Inc., 8.750%, 05/01/32 | 1,400 | 1,729 | |||||||
96,026 | |||||||||
Miscellaneous Manufacturer (0.6%) | |||||||||
American Railcar Industries, Inc., 7.500%, 03/01/14, Callable 03/01/11 @ 103.75 (d) | 1,200 | 1,233 | |||||||
Bombardier, Inc., 6.300%, 05/01/14 (d) | 1,340 | 1,273 | |||||||
Bombardier, Inc., 8.000%, 11/15/14, Callable 11/15/10 @ 104 (d) | 1,900 | 1,967 | |||||||
Koppers, Inc., 9.875%, 10/15/13, Callable 10/15/08 @ 104.94 | 2,201 | 2,388 | |||||||
6,861 | |||||||||
Oil & Gas (5.7%) | |||||||||
Chesapeake Energy Corp., 7.500%, 09/15/13, Callable 09/15/08 @ 103.75 | 2,672 | 2,792 | |||||||
Chesapeake Energy Corp., 7.750%, 01/15/15, Callable 01/15/08 @ 103.88 (e) | 2,770 | 2,888 | |||||||
Cie Generale De Geophysique, 7.500%, 05/15/15, Callable 05/15/10 @ 103.75 | 5,515 | 5,680 | |||||||
Cie Generale De Geophysique, 7.750%, 05/15/17, Callable 05/15/12 @ 103.88 | 1,510 | 1,574 | |||||||
Compton Petroleum Finance Corp., 7.625%, 12/01/13, Callable 12/01/09 @ 103.813 | 6,415 | 6,271 | |||||||
Denbury Resources, Inc., 7.500%, 12/15/15, Callable 12/15/10 @ 103.75 | 781 | 789 | |||||||
Encore Acquisition Co., 7.250%, 12/01/17, Callable 12/01/10 @ 103.63 | 525 | 499 | |||||||
Forest Oil Corp., 8.000%, 12/15/11 | 2,913 | 3,037 | |||||||
OPTI Canada, Inc., 8.250%, 12/15/14, Callable 12/15/10 @ 104.13 (d) | 14,085 | 14,647 | |||||||
Petrohawk Energy Corp., 9.125%, 07/15/13, Callable 07/15/10 @ 104.56 | 6,215 | 6,619 | |||||||
Pioneer Natural Resource Co., 5.875%, 07/15/16 | 5,670 | 5,276 | |||||||
Pioneer Natural Resource Co., 6.875%, 05/01/18 | 2,280 | 2,241 | |||||||
Sabine Pass LNG LP, 7.250%, 11/30/13 (d) (e) | 2,895 | 2,917 | |||||||
Sabine Pass LNG LP, 7.500%, 11/30/16 (d) | 5,590 | 5,632 | |||||||
Western Oil Sands, Inc., 8.375%, 05/01/12 | 4,724 | 5,279 | |||||||
66,141 | |||||||||
Oil & Gas Services (0.4%) | |||||||||
Hanover Compressor Co., 8.625%, 12/15/10, Callable 12/15/07 @ 104.31 | 1,175 | 1,234 | |||||||
Hanover Equipment Trust 1, Ser B, 8.750%, 09/01/11, Callable 09/01/07 @ 104.38 | 3,571 | 3,714 | |||||||
4,948 | |||||||||
Packaging & Containers (0.8%) | |||||||||
Graphic Packaging International, 9.500%, 08/15/13, Callable 08/15/08 @ 104.75 (e) | 6,200 | 6,595 | |||||||
Silgan Holdings, Inc., 6.750%, 11/15/13, Callable 11/15/08 @ 103.38 | 3,000 | 2,970 | |||||||
9,565 | |||||||||
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Pipelines (2.6%) | |||||||||
El Paso Natural Gas Co., 8.625%, 01/15/22 | 2,800 | 3,398 | |||||||
El Paso Natural Gas Co., 8.375%, 06/15/32 | 4,200 | 5,175 | |||||||
El Paso Natural Gas Co., Ser A, 7.625%, 08/01/10, Callable 08/01/07 @ 103.81 | 5,565 | 5,808 | |||||||
Southern Natural Gas Co., 8.000%, 03/01/32 | 4,160 | 4,941 | |||||||
Tennessee Gas Pipeline Co., 7.500%, 04/01/17 | 645 | 719 | |||||||
Transcontinental Gas Pipe Line Corp., Ser B, 8.875%, 07/15/12 | 325 | 370 | |||||||
Williams Partners LP, 7.250%, 02/01/17 (d) (e) | 8,585 | 9,078 | |||||||
29,489 | |||||||||
Real Estate (0.7%) | |||||||||
American Real Estate Partners LP, 7.125%, 02/15/13, Callable 02/15/09 @ 103.56 | 4,845 | 4,784 | |||||||
American Real Estate Partners LP, 7.125%, 02/15/13, Callable 02/15/09 @ 103.56 (d) | 3,300 | 3,259 | |||||||
8,043 | |||||||||
REITS (1.1%) | |||||||||
Host Marriott LP, 6.750%, 06/01/16 | 3,330 | 3,355 | |||||||
Omega Healthcare Investors, Inc., 7.000%, 04/01/14, Callable 04/01/09 @ 103.50 | 4,970 | 5,020 | |||||||
Omega Healthcare Investors, Inc., 7.000%, 01/15/16, Callable 01/15/11 @ 103.50 | 2,105 | 2,126 | |||||||
Rouse Co. (The), 3.625%, 03/15/09 | 835 | 796 | |||||||
Rouse Co. (The), 8.000%, 04/30/09 | 885 | 923 | |||||||
12,220 | |||||||||
Retail (0.6%) | |||||||||
Asbury Automotive Group, Inc., 7.625%, 03/15/17, Callable 03/15/12 @ 103.81 (d) | 2,595 | 2,601 | |||||||
Gamestop Corp., 9.233%, 10/01/11, Callable 10/01/07 @ 102 (b) | 1,075 | 1,110 | |||||||
Gamestop Corp., 8.000%, 10/01/12, Callable 10/01/09 @ 104 | 2,025 | 2,147 | |||||||
Rite Aid Corp., 8.125%, 05/01/10, Callable 05/01/07 @ 104.06 | 1,270 | 1,305 | |||||||
7,163 | |||||||||
Semiconductors (3.4%) | |||||||||
Amkor Technology, Inc., 9.250%, 06/01/16, Callable 06/01/11 @ 104.63 | 2,430 | 2,533 | |||||||
Avago Technologies Finance Ltd., 10.860%, 06/01/13, Callable 12/01/07 @ 102 (b) | 2,110 | 2,210 | |||||||
Freescale Semiconductor, Inc., 8.875%, 12/15/14, Callable 12/15/10 @ 104.44 (d) | 1,960 | 1,962 | |||||||
Freescale Semiconductor, Inc., 10.125%, 12/15/16, Callable 12/15/11 @ 105.06 (d) (e) | 21,415 | 21,470 | |||||||
NXP Funding LLC, 9.500%, 10/15/15, Callable 10/15/11 @ 104.75 (d) (e) | 10,690 | 11,037 | |||||||
39,212 | |||||||||
Telecommunications (14.7%) | |||||||||
Citizens Communications Co., 9.250%, 05/15/11 | 7,955 | 8,870 | |||||||
Citizens Communications Co., 7.125%, 03/15/19 (d) | 3,420 | 3,386 | |||||||
Citizens Communications Co., 9.000%, 08/15/31 | 8,930 | 9,778 | |||||||
Clear Channel Communications, Inc., 5.500%, 09/15/14 (e) | 2,505 | 2,218 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Telecommunications—continued | |||||||||
Embarq Corp., 7.995%, 06/01/36 (e) | 14,190 | 14,652 | |||||||
GCI, Inc., 7.250%, 02/15/14, Callable 02/15/09 @ 103.62 | 4,460 | 4,460 | |||||||
Inmarsat Finance II PLC, 7.522%, 11/15/12, Callable 11/15/08 @ 105.19 (c) (g) | 4,980 | 4,706 | |||||||
Inmarsat Group Ltd., 7.625%, 06/30/12, Callable 03/01/08 @ 103.81 | 2,679 | 2,793 | |||||||
Intelsat Subsidiary Holding Co. Ltd., 8.250%, 01/15/13, Callable 01/15/09 @ 104.13 | 10,360 | 10,800 | |||||||
Nordic Telephone Co. Holdings, 8.875%, 05/01/16, Callable 05/01/11 @ 104.438 (d) | 5,780 | 6,185 | |||||||
NTL Cable PLC, 8.750%, 04/15/14, Callable 04/15/09 @ 104.375 (e) | 7,144 | 7,430 | |||||||
NTL Cable PLC, 9.125%, 08/15/16, Callable 08/15/11 @ 104.56 | 3,650 | 3,851 | |||||||
PanAmSat Holdings Corp., 9.000%, 08/15/14, Callable 08/15/09 @ 104.50 | 7,419 | 8,031 | |||||||
Qwest Communications International, Inc., 8.860%, 02/15/09, Callable 02/15/08 @ 100 (b) | 3,360 | 3,394 | |||||||
Qwest Communications International, Inc., 7.250%, 02/15/11, Callable 02/15/08 @ 103.62 | 13,075 | 13,385 | |||||||
Qwest Corp., 7.875%, 09/01/11 | 7,020 | 7,459 | |||||||
Qwest Corp., 8.875%, 03/15/12 | 865 | 956 | |||||||
Qwest Corp., 8.605%, 06/15/13 (b) | 3,000 | 3,270 | |||||||
Qwest Corp., 7.500%, 10/01/14 | 1,745 | 1,841 | |||||||
Rogers Wireless, Inc., 9.625%, 05/01/11 | 9,668 | 11,022 | |||||||
Rogers Wireless, Inc., 9.750%, 06/01/16 | 4,270 | 5,380 | |||||||
Valor Telecommunications Enterprise LLC, 7.750%, 02/15/15, Callable 02/15/10 @ 103.88 | 2,580 | 2,780 | |||||||
Windstream Corp., 8.625%, 08/01/16, Callable 08/01/11 @ 104.31 (e) | 21,390 | 23,395 | |||||||
Windstream Corp., 7.000%, 03/15/19, Callable 03/15/12 @ 103.50 (d) | 8,240 | 8,240 | |||||||
168,282 | |||||||||
Transportation (0.4%) | |||||||||
CHC Helicopter Corp., 7.375%, 05/01/14, Callable 05/01/09 @ 103.69 | 4,847 | 4,714 | |||||||
Total Corporate Bonds (Cost $1,084,703) | 1,100,108 | ||||||||
Short-Term Investment (12.9%) | |||||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (f) | 149,062,054 | 149,062 | |||||||
Total Short-Term Investment (Cost $149,062) | 149,062 | ||||||||
Repurchase Agreements (0.6%) | |||||||||
HSBC Securities, Inc., 5.295%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $4,574 (collateralized by U.S. Government Agencies; 6.000%, 08/20/36; total market value $4,668) | 4,573 | 4,573 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Repurchase Agreements—continued | |||||||||
Lehman Brothers, Inc., 5.255%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $2,183 (collateralized by U.S. Government Agencies; 5.500%, 11/01/34; total market value $2,229) | 2,182 | 2,182 | |||||||
Total Repurchase Agreements (Cost $6,755) | 6,755 | ||||||||
Total Investments (Cost $1,261,092) (a) — 110.9% | 1,276,532 | ||||||||
Liabilities in excess of other assets — (10.9)% | (125,193 | ) | |||||||
Net Assets — 100.0% | $ | 1,151,338 | |||||||
(a) | Cost for federal income tax purposes is $1,261,565 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 22,260 | ||
Unrealized Depreciation | (7,293 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 14,967 | ||
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. | |
(c) | Rate represents the effective yield at purchase. | |
(d) | Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 29.7% of net assets as of March 31, 2007. | |
(e) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $142,376. | |
(f) | This security was purchased with cash collateral held from securities lending. | |
(g) | Step bond. | |
(h) | This security has not settled as of March 31, 2007 and thus does not have a rate in effect. The security does not have a stated settlement date and will receive a rate upon settling with the custodian. |
LLC | — Limited Liability Corporation | |
LP | — Limited Partnership | |
PLC | — Public Limited Company | |
REIT | — Real Estate Investment Trust | |
Ser | — Series |
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Table of Contents
Short-Term Bond Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Asset Backed Securities (5.3%) | |||||||||
Automobile ABS (5.3%) | |||||||||
Capital Auto Receivables Asset Trust, Ser 2006-1, Cl A3, 5.030%, 10/15/09 | 3,315 | 3,308 | |||||||
Capital One Prime Auto Receivable Trust, Ser 2005-1, Cl A3, 4.320%, 08/15/09 (b) | 3,007 | 2,994 | |||||||
Capital One Prime Auto Receivable Trust, Ser 2006-1 Cl A3, 4.990%, 09/15/10 | 4,900 | 4,893 | |||||||
Honda Auto Receivables Owner Trust, Ser 2005-6, Cl A3, 4.850%, 10/19/09 | 2,520 | 2,513 | |||||||
Household Automotive Trust, Ser 2006-3, Cl A3, 5.280%, 09/19/11 (b) | 3,920 | 3,938 | |||||||
Nissan Auto Receivables Owner Trust, Ser 2003-B, Cl A4, 2.050%, 03/16/09 | 577 | 575 | |||||||
USAA Auto Owner Trust, Ser 2006-4 Cl A3, 5.010%, 06/15/11 | 5,000 | 5,003 | |||||||
Total Asset Backed Securities (Cost $23,205) | 23,224 | ||||||||
Collateralized Mortgage Obligations (19.4%) | |||||||||
Adjustable Rate Mortgage Trust, Ser 2005-1, Cl 2A22, 4.585%, 05/25/35 (b) | 1,640 | 1,610 | |||||||
Banc of America Commercial Mortgage, Inc., Ser 2004-2, Cl A2, 3.520%, 11/10/38 | 1,765 | 1,720 | |||||||
Banc of America Commercial Mortgage, Inc., Ser 2004-5, Cl A3, 4.561%, 11/10/41 | 2,300 | 2,248 | |||||||
Bear Stearns Alternative-A Trust, Ser 2006-2, Cl 23A1, 5.968%, 03/25/36 (b) | 4,321 | 4,373 | |||||||
Bear Stearns Commercial Mortgage Securities, Ser 2005-T20, Cl A1, 4.940%, 10/12/42 | 1,679 | 1,672 | |||||||
CS First Boston Mortgage Securities Corp., Ser 2004-C3, Cl A3, 4.302%, 07/15/36 | 3,975 | 3,904 | |||||||
CS First Boston Mortgage Securities Corp., Ser 2005-C1, Cl A2, 4.609%, 02/15/38 | 4,325 | 4,266 | |||||||
Deutsche Mortgage Securities, Inc., Ser 2004-5, Cl A2, 4.980%, 07/25/34 | 3,500 | 3,466 | |||||||
Fannie Mae, Ser 2005-51, Cl KC, 4.500%, 01/25/25 | 6,312 | 6,226 | |||||||
First Horizon Alternative Mortgage Securities, Ser 2005-AA3, Cl 2A1, 5.185%, 05/25/35 (b) | 2,300 | 2,374 | |||||||
First Horizon Alternative Mortgage Securities, Ser 2005-AA7, Cl 2A1, 5.416%, 09/25/35 (b) | 2,422 | 2,424 | |||||||
Greenwich Capital Commercial Funding Corp., Ser 2004-GG1, Cl A3, 4.344%, 06/10/36 | 2,150 | 2,122 | |||||||
Greenwich Capital Commercial Funding Corp., Ser 2005-GG3, Cl A2, 4.305%, 08/10/42 | 4,025 | 3,947 | |||||||
JP Morgan Chase Commercial Mortgage Securities, Ser 2005-LDP1, Cl A2, 4.625%, 03/15/46 | 3,395 | 3,351 | |||||||
LB Commercial Conduit Mortgage Trust, Ser 1998-C4, Cl A1B, 6.210%, 10/15/35 | 1,972 | 1,992 | |||||||
LB-UBS Commercial Mortgage Trust, Ser 2005-C1, Cl A2, 4.310%, 02/15/30 | 4,500 | 4,408 |
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Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Collateralized Mortgage Obligations—continued | |||||||||
Morgan Stanley Capital I, Ser 1998-XL2, Cl A2, 6.17%, 10/03/08, 6.170%, 10/03/34 | 5,340 | 5,411 | |||||||
Morgan Stanley Capital I, Ser 2006-HQ8, Cl A1, 5.124%, 03/12/44 | 1,195 | 1,193 | |||||||
Residential Accredit Loans, Inc., Ser 2003-QS17, Cl CB3, 5.500%, 09/25/33 | 3,125 | 3,109 | |||||||
Wachovia Bank Commercial Mortgage Trust, Ser 2002-C1 Cl A2, 5.681%, 04/15/34 | 1,459 | 1,464 | |||||||
Wachovia Bank Commercial Mortgage Trust, Ser 2005-C16, Cl A2, 4.380%, 10/15/41 | 5,047 | 4,952 | |||||||
Washington Mutual, Ser 2005-AR4, Cl A1, 3.624%, 04/25/35 (b) | 280 | 280 | |||||||
Wells Fargo Mortgage Backed Securities Trust, Ser 2004-S, Cl A5, 3.539%, 09/25/34 (b) | 3,420 | 3,333 | |||||||
Wells Fargo Mortgage Backed Securities Trust, Ser 2006-16, Cl A12, 5.000%, 11/25/36 | 5,440 | 5,401 | |||||||
Wells Fargo Mortgage Backed Securities Trust, Ser 2006-AR8, Cl 2A4, 5.240%, 04/25/36 (b) | 4,220 | 4,194 | |||||||
Wells Fargo Mortgage Backed Securities Trust, Ser 2006-AR8, Cl 3A1, 5.246%, 04/25/36 (b) | 4,884 | 4,860 | |||||||
Total Collateralized Mortgage Obligations (Cost $84,079) | 84,300 | ||||||||
Commercial Paper (1.1%) | |||||||||
Rabobank USA Finance Corp., 5.363%, 04/03/07 (d) | 4,700 | 4,697 | |||||||
Total Commercial Paper (Cost $4,699) | 4,697 | ||||||||
Corporate Bonds (19.4%) | |||||||||
Aerospace/Defense (0.4%) | |||||||||
Raytheon Co., 8.300%, 03/01/10 | 1,700 | 1,853 | |||||||
Banks (3.0%) | |||||||||
JP Morgan Chase & Co., 7.600%, 05/01/07 | 3,441 | 3,446 | |||||||
Wachovia Corp., 6.375%, 02/01/09 | 3,300 | 3,373 | |||||||
Wells Fargo & Co., 4.125%, 03/10/08 | 6,100 | 6,031 | |||||||
12,850 | |||||||||
Beverages (0.9%) | |||||||||
Diageo Capital PLC, 3.375%, 03/20/08 | 4,025 | 3,952 | |||||||
Chemicals (0.4%) | |||||||||
Equistar Chemical Funding Corp., 10.125%, 09/01/08 | 1,470 | 1,547 | |||||||
Commercial Services (0.3%) | |||||||||
ERAC USA Finance Co., 7.350%, 06/15/08 (e) | 1,125 | 1,145 | |||||||
Diversified Financial Services (8.6%) | |||||||||
Boeing Capital Corp., 4.750%, 08/25/08 | 2,437 | 2,425 | |||||||
CIT Group, Inc., 4.250%, 02/01/10 | 3,160 | 3,090 | |||||||
Credit Suisse First Boston USA, Inc., 6.500%, 06/01/08 | 2,455 | 2,487 | |||||||
General Electric Capital Corp., 4.125%, 03/04/08 (c) | 4,765 | 4,718 | |||||||
General Electric Capital Corp., 4.875%, 10/21/10 | 1,700 | 1,691 | |||||||
Goldman Sachs Group Inc., 5.300%, 02/14/12 | 2,125 | 2,126 | |||||||
HSBC Finance Corp., 4.125%, 03/11/08 | 3,400 | 3,365 | |||||||
ING USA Global Trust, 4.500%, 10/01/10 | 4,250 | 4,175 | |||||||
International Lease Finance Corp., Ser Q, 4.625%, 06/02/08 | 2,955 | 2,936 | |||||||
John Deere Capital Corp., 3.900%, 01/15/08 | 3,130 | 3,098 |
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Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Diversified Financial Services—continued | |||||||||
Merrill Lynch & Co., Inc., 4.831%, 10/27/08 | 2,060 | 2,049 | |||||||
Merrill Lynch & Co., Inc., 4.790%, 08/04/10 | 1,725 | 1,708 | |||||||
Salomon Smith Barney Holdings, 6.500%, 02/15/08 | 3,705 | 3,743 | |||||||
37,611 | |||||||||
Energy (0.5%) | |||||||||
MidAmerican Energy Holdings Co., 3.500%, 05/15/08 | 2,000 | 1,963 | |||||||
Media (1.1%) | |||||||||
Comcast Cable Communications, Inc., 8.375%, 05/01/07 | 1,155 | 1,158 | |||||||
News America, Inc., 6.625%, 01/09/08 | 1,810 | 1,825 | |||||||
Time Warner, Inc., 6.150%, 05/01/07 | 1,585 | 1,585 | |||||||
4,568 | |||||||||
Miscellaneous Manufacturer (0.9%) | |||||||||
Honeywell International, Inc., 7.500%, 03/01/10 | 3,165 | 3,374 | |||||||
Stanley Works (The), 5.000%, 03/15/10 | 630 | 628 | |||||||
4,002 | |||||||||
Oil & Gas (0.4%) | |||||||||
Anadarko Petroleum Corp., 3.250%, 05/01/08 | 1,240 | 1,213 | |||||||
Enterprise Products Partners LP, Ser B, 4.625%, 10/15/09 | 740 | 730 | |||||||
1,943 | |||||||||
Regional Authorities (0.9%) | |||||||||
Ontario Province, 5.000%, 10/18/11 | 3,985 | 4,006 | |||||||
REITS (0.3%) | |||||||||
Simon Property Group LP, 6.375%, 11/15/07 | 1,500 | 1,508 | |||||||
Telecommunications (1.4%) | |||||||||
BellSouth Telecommunications, Inc., 5.875%, 01/15/09 | 1,450 | 1,467 | |||||||
SBC Communications, Inc., 4.125%, 09/15/09 (c) | 790 | 772 | |||||||
Verizon Global Funding Corp., 6.125%, 06/15/07 | 1,470 | 1,472 | |||||||
Vodafone Group PLC, 5.350%, 02/27/12 | 2,500 | 2,506 | |||||||
6,217 | |||||||||
Transportation (0.3%) | |||||||||
Union Pacific Corp., 6.650%, 01/15/11 | 1,215 | 1,270 | |||||||
Total Corporate Bonds (Cost $84,657) | 84,435 | ||||||||
Master Notes (1.4%) | |||||||||
Banks (1.4%) | |||||||||
Bank of America Corp., 5.383% (b) (f) | 6,000 | 6,000 | |||||||
Total Master Notes (Cost $6,000) | 6,000 | ||||||||
U.S. Government Agencies (12.5%) | |||||||||
Fannie Mae (1.4%) | |||||||||
5.200%, 11/20/09, Callable 05/20/08 @ 100 (c) | 6,000 | 5,992 | |||||||
Federal Home Loan Bank (4.8%) | |||||||||
5.100%, 09/19/08 (c) | 6,350 | 6,366 | |||||||
5.000%, 10/16/09, Callable 10/16/08 @ 100 (c) | 7,930 | 7,912 | |||||||
5.300%, 01/22/10, Callable 01/22/08 @ 100 | 6,525 | 6,518 | |||||||
20,796 | |||||||||
Freddie Mac (6.3%) | |||||||||
4.250%, 06/23/08 (c) | 11,745 | 11,644 | |||||||
5.000%, 11/01/10, Callable 11/01/07 @ 100 (c) | 6,680 | 6,651 | |||||||
5.125%, 11/24/10, Callable 11/24/08 @ 100 | 5,375 | 5,368 | |||||||
5.400%, 02/02/12, Callable 02/02/09 @ 100 | 3,850 | 3,862 | |||||||
27,525 | |||||||||
Total U.S. Government Agencies (Cost $54,249) | 54,313 | ||||||||
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Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
U.S. Government Agency Mortgages (18.8%) | |||||||||
Fannie Mae (10.3%) | |||||||||
7.030%, 08/01/07 | 380 | 380 | |||||||
6.826%, 11/01/07 | 1,265 | 1,261 | |||||||
6.070%, 10/01/08 | 2,084 | 2,086 | |||||||
3.810%, 12/01/08 (b) | 3,855 | 3,725 | |||||||
6.595%, 07/01/09 | 1,952 | 1,978 | |||||||
6.850%, 08/01/09 | 3,859 | 3,959 | |||||||
6.955%, 10/01/10 (b) | 2,801 | 2,939 | |||||||
4.000%, 12/01/14 | 3,223 | 3,122 | |||||||
4.500%, 07/01/15 | 2,417 | 2,359 | |||||||
5.000%, 11/25/26 | 2,070 | 2,058 | |||||||
7.098%, 09/01/33 (b) | 740 | 752 | |||||||
7.013%, 10/01/33 (b) | 1,013 | 1,030 | |||||||
4.328%, 03/01/34 (b) | 2,031 | 2,004 | |||||||
4.673%, 05/01/35 (b) | 6,373 | 6,352 | |||||||
4.803%, 06/01/35 (b) | 4,256 | 4,242 | |||||||
5.380%, 06/01/36 (b) | 6,344 | 6,368 | �� | ||||||
44,615 | |||||||||
Freddie Mac (7.2%) | |||||||||
4.000%, 07/01/08 | 1,666 | 1,645 | |||||||
3.750%, 12/15/11 | 1,790 | 1,747 | |||||||
5.591%, 01/25/12 | 2,250 | 2,282 | |||||||
5.516%, 03/31/14 | 5,550 | 5,550 | |||||||
4.000%, 07/15/14 | 5,093 | 5,016 | |||||||
5.875%, 05/15/16 (b) | 3,659 | 3,683 | |||||||
4.500%, 08/15/19 | 102 | 99 | |||||||
5.000%, 12/15/20 | 1,965 | 1,957 | |||||||
4.500%, 10/15/28 | 2,330 | 2,291 | |||||||
4.288%, 03/01/34 (b) | 1,882 | 1,853 | |||||||
4.943%, 04/01/34 (b) | 1,503 | 1,507 | |||||||
6.298%, 09/01/36 (b) | 3,754 | 3,827 | |||||||
31,457 | |||||||||
Government National Mortgage Association (1.3%) | |||||||||
5.995%, 02/16/24 (b) | 840 | 852 | |||||||
3.772%, 05/16/25 | 4,966 | 4,818 | |||||||
5,670 | |||||||||
Total U.S. Government Agency Mortgages (Cost $82,203) | 81,742 | ||||||||
U.S. Treasury Obligations (22.2%) | |||||||||
U.S. Treasury Notes (22.2%) | |||||||||
2.625%, 05/15/08 (c) | 29,395 | 28,688 | |||||||
4.375%, 11/15/08 | 5,620 | 5,591 | |||||||
4.500%, 02/15/09 (c) | 25,285 | 25,218 | |||||||
3.500%, 08/15/09 (c) | 13,570 | 13,245 | |||||||
4.875%, 08/15/09 (c) | 14,250 | 14,342 | |||||||
3.500%, 02/15/10 | 2,055 | 1,998 | |||||||
4.750%, 02/15/10 | 2,755 | 2,771 | |||||||
4.250%, 01/15/11 | 2,250 | 2,228 | |||||||
4.750%, 01/31/12 (c) | 2,540 | 2,562 | |||||||
Total U.S. Treasury Obligations (Cost $96,347) | 96,643 | ||||||||
Short-Term Investment (28.8%) | |||||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (g) | 125,391,125 | 125,391 | |||||||
Total Short-Term Investment (Cost $125,391) | 125,391 | ||||||||
Money Market Fund (1.1%) | |||||||||
STI Classic Institutional Cash Management Money Market Fund, 5.230% (h) | 4,662,901 | 4,663 | |||||||
Total Money Market Fund (Cost $4,663) | 4,663 | ||||||||
Total Investments (Cost $565,493) (a) — 130.0% | 565,408 | ||||||||
Liabilities in excess of other assets — (30.0)% | (130,408 | ) | |||||||
Net Assets — 100.0% | $ | 435,000 | |||||||
(a) | Cost for federal income tax purposes is $565,783 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 922 | ||
Unrealized Depreciation | (1,297 | ) | ||
Unrealized Appreciation (Depreciation) | $ | (375 | ) | |
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. | |
(c) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $121,814. | |
(d) | Rate represents the effective yield at purchase. |
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Table of Contents
(e) | Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. This security represents 0.3% of net assets as of March 31, 2007. | |
(f) | Perpetual Maturity. | |
(g) | This security was purchased with cash collateral held from securities lending. | |
(h) | Affiliate investment. |
Cl | — Class | |
LP | — Limited Partnership | |
PLC | — Public Limited Company | |
REIT | — Real Estate Investment Trust | |
Ser | — Series |
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Table of Contents
Short-Term U.S. Treasury Securities Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
U.S. Treasury Obligations (97.7%) | |||||||||
U.S. Treasury Notes (97.7%) | |||||||||
3.375%, 02/15/08 | 4,200 | 4,144 | |||||||
3.750%, 05/15/08 | 20,800 | 20,551 | |||||||
4.375%, 11/15/08 | 25,500 | 25,366 | |||||||
4.875%, 08/15/09 (b) | 8,000 | 8,052 | |||||||
4.125%, 08/15/10 | 4,000 | 3,950 | |||||||
4.500%, 11/15/10 | 2,925 | 2,923 | |||||||
4.625%, 02/29/12 (b) | 4,210 | 4,226 | |||||||
Total U.S. Treasury Obligations (Cost $69,160) | 69,212 | ||||||||
Short-Term Investment (6.2%) | |||||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (c) | 4,410,000 | 4,410 | |||||||
Total Short-Term Investment (Cost $4,410) | 4,410 | ||||||||
Money Market Fund (1.5%) | |||||||||
Federated U.S. Treasury Cash Reserve Fund, 4.800% | 1,036,502 | 1,037 | |||||||
Total Money Market Fund (Cost $1,037) | 1,037 | ||||||||
Total Investments (Cost $74,607) (a) — 105.4% | 74,659 | ||||||||
Liabilities in excess of other assets — (5.4)% | (3,848 | ) | |||||||
Net Assets — 100.0% | $ | 70,811 | |||||||
(a) | Cost for federal income tax purposes is $74,655 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 100 | ||
Unrealized Depreciation | (96 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 4 | ||
(b) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $4,293. | |
(c) | This security was purchased with cash collateral held from securities lending. |
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Table of Contents
Strategic Income Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Bank Loans (1.9%) | |||||||||
Commercial Services (0.9%) | |||||||||
Merrill Corp., 11.820%, 10/01/13 (b) (d) | 1,000 | 1,005 | |||||||
Computers (0.4%) | |||||||||
Stratus Technologies, Inc., 14.350%, 03/15/12 (b) (d) | 550 | 528 | |||||||
Telecommunications (0.6%) | |||||||||
Wind Acquisition Holdings, 12.610%, 12/07/11 (b) (d) | 754 | 771 | |||||||
Total Bank Loans (Cost $2,289) | 2,304 | ||||||||
Corporate Bonds (45.3%) | |||||||||
Advertising (2.6%) | |||||||||
Affinion Group, Inc., 10.125%, 10/15/13, Callable 10/15/09 @ 105.063 | 800 | 872 | |||||||
Affinion Group, Inc., 11.500%, 10/15/15, Callable 10/15/10 @ 105.75 | 480 | 528 | |||||||
Quebecor World, Inc., 9.750%, 01/15/15, Callable 01/15/11 @ 104.88 (d) | 960 | 1,008 | |||||||
Quebecor World Capital Corp., 8.750%, 03/15/16, Callable 03/15/11 @ 104.375 (d) | 140 | 142 | |||||||
R.H. Donnelley Corp., 10.875%, 12/15/12, Callable 12/15/07 @ 105.44 | 275 | 297 | |||||||
Valassis Communications, Inc., 8.250%, 03/01/15, Callable 03/01/11 @ 104.13 (d) | 325 | 319 | |||||||
3,166 | |||||||||
Apparel (1.5%) | |||||||||
Hanesbrands, Inc., 8.735%, 12/15/14, Callable 12/15/08 @ 102 (b) (d) | 230 | 234 | |||||||
Levi Strauss & Co., 8.875%, 04/01/16, Callable 04/01/11 @ 104.44 | 1,500 | 1,605 | |||||||
1,839 | |||||||||
Auto Manufacturers (1.6%) | |||||||||
General Motors Corp., 8.375%, 07/15/33 (e) | 2,105 | 1,889 | |||||||
Auto Parts & Equipment (0.9%) | |||||||||
Visteon Corp., 8.250%, 08/01/10 | 1,070 | 1,091 | |||||||
Beverages (0.1%) | |||||||||
Cott Beverages, Inc., 8.000%, 12/15/11, Callable 05/14/07 @ 104 | 155 | 158 | |||||||
Chemicals (1.4%) | |||||||||
Ineos Group Holdings PLC, 8.500%, 02/15/16, Callable 02/15/11 @ 104.25 (d) (e) | 895 | 857 | |||||||
PQ Corp., 7.500%, 02/15/13, Callable 02/15/09 @ 103.75 (b) | 790 | 798 | |||||||
1,655 | |||||||||
Commercial Services (2.1%) | |||||||||
Atlantic Broadband, Inc., 9.375%, 01/15/14, Callable 01/15/09 @ 104.69 | 625 | 639 | |||||||
Cenveo Corp., 7.875%, 12/01/13, Callable 12/01/08 @ 103.94 | 195 | 191 | |||||||
Hertz Corp., 10.500%, 01/01/16, Callable 01/01/11 @ 105.25 | 440 | 502 | |||||||
United Rentals NA, Inc., 6.500%, 02/15/12, Callable 02/15/12 @ 103.25 | 300 | 299 | |||||||
United Rentals NA, Inc., 7.750%, 11/15/13, Callable 11/15/08 @ 103.88 | 380 | 390 | |||||||
Visant Holdings Corp., 8.750%, 12/01/13, Callable 12/01/08 @ 106.563 | 490 | 511 | |||||||
2,532 | |||||||||
Diversified Financial Services (5.6%) | |||||||||
Dow Jones CDX High Yield, Ser 7-T1, 8.375%, 12/29/11 (d) (e) | 1,420 | 1,471 | |||||||
Ford Motor Credit Co., 8.625%, 11/01/10 | 1,275 | 1,301 | |||||||
General Motors Acceptance Corp., LLC, 8.000%, 11/01/31 | 1,775 | 1,904 |
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Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Diversified Financial Services—continued | |||||||||
Hexion US Finance Corp., 9.750%, 11/15/14, Callable 11/15/10 @ 104.88 (d) | 390 | 409 | |||||||
Hexion US Finance Corp., 9.860%, 11/15/14, Callable 11/15/08 @ 102 (b) (d) | 75 | 77 | |||||||
IDEARC, Inc., 8.000%, 11/15/16, Callable 11/15/11 @ 104 (d) | 975 | 1,003 | |||||||
NSG Holdings LLC, 7.750%, 12/15/25 (d) | 350 | 366 | |||||||
Residential Capital LLC, 6.500%, 04/17/13 | 230 | 228 | |||||||
Snoqualmie Enterprise Authority, 9.125%, 02/01/15, Callable 02/01/11 @ 104.56 (d) | 40 | 41 | |||||||
6,800 | |||||||||
Diversified Minerals (0.4%) | |||||||||
FMG Finance Property Ltd., 10.625%, 09/01/16 (d) | 400 | 460 | |||||||
Diversified Operations (2.0%) | |||||||||
Activant Solutions, Inc., 9.500%, 05/01/16, Callable 05/01/11 @ 104.75 (e) | 985 | 970 | |||||||
Freeport-McMoRan Copper & Gold, Inc., 8.250%, 04/01/15, Callable 04/01/11 @ 104.13 | 520 | 560 | |||||||
Freeport-McMoRan Copper & Gold, Inc., 8.564%, 04/01/15, Callable 04/01/09 @ 102 (b) | 495 | 520 | |||||||
Freeport-McMoRan Copper & Gold, Inc., 8.375%, 04/01/17, Callable 04/01/12 @ 104.19 | 355 | 384 | |||||||
2,434 | |||||||||
Electric (1.9%) | |||||||||
Aquila, Inc., 14.875%, 07/01/12 | 1,485 | 1,934 | |||||||
Baldor Electric Co., 8.625%, 02/15/17, Callable 02/15/12 @ 103.31 | 295 | 312 | |||||||
PSEG Energy Holdings LLC, 10.000%, 10/01/09 | 10 | 11 | |||||||
2,257 | |||||||||
Entertainment (0.1%) | |||||||||
Pokagon Gaming Authority, 10.375%, 06/15/14, Callable 06/15/10 @ 105.188 (d) | 75 | 83 | |||||||
Food (2.3%) | |||||||||
Pinnacle Foods Holding Corp., 8.250%, 12/01/13, Callable 12/01/08 @ 104.12 | 1,240 | 1,349 | |||||||
Pinnacle Foods Holding Corp., 10.625%, 04/01/17, Callable 04/01/12 @ 105.31 (d) | 1,415 | 1,392 | |||||||
2,741 | |||||||||
Forest Products & Paper (0.2%) | |||||||||
Abitibi-Consolidated, Inc., 8.550%, 08/01/10 | 75 | 76 | |||||||
Bowater Canada Finance Corp., 7.950%, 11/15/11 | 175 | 170 | |||||||
246 | |||||||||
Healthcare — Products (1.3%) | |||||||||
Universal Hospital Services, Inc., 10.125%, 11/01/11, Callable 11/01/07 @ 105.063 | 1,460 | 1,551 | |||||||
Healthcare — Services (4.4%) | |||||||||
Community Health Systems, Inc., 6.500%, 12/15/12, Callable 12/15/08 @ 103.25 | 750 | 773 | |||||||
HCA, Inc., 9.625%, 11/15/16, Callable 11/15/11 @ 104.81 (d) (e) | 920 | 993 | |||||||
Sun Healthcare Group, Inc., 9.125%, 04/15/15, Callable 04/15/11 @ 104.56 (d) | 950 | 974 | |||||||
Triad Hospitals, Inc., 7.000%, 11/15/13, Callable 11/15/08 @ 103.50 | 1,800 | 1,878 | |||||||
US Oncology, Inc., 10.750%, 08/15/14, Callable 08/15/09 @ 105.38 | 675 | 753 | |||||||
5,371 | |||||||||
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Household Products/Wares (0.6%) | |||||||||
Mobile Services Group, Inc., 9.750%, 08/01/14, Callable 08/01/10 @ 104.88 (d) | 690 | 730 | |||||||
Machinery Diversified (1.1%) | |||||||||
Chart Industries, Inc., 9.125%, 10/15/15, Callable 10/15/10 @ 104.56 (d) | 1,250 | 1,306 | |||||||
Media (2.5%) | |||||||||
Dex Media, Inc., 9.540%, 11/15/13, Callable 11/15/08 @ 104.50 (c) (g) | 50 | 47 | |||||||
General Cable Corp., 7.725%, 04/01/15, Callable 04/01/09 @ 102 (b) (d) | 35 | 35 | |||||||
General Cable Corp., 7.125%, 04/01/17, Callable 04/01/12 @ 103.56 (d) | 35 | 35 | |||||||
Kabel Deutschland GmbH, 10.625%, 07/01/14, Callable 07/01/09 @ 105.31 | 1,750 | 1,951 | |||||||
LIN Television Corp., Ser B, 6.500%, 05/15/13, Callable 05/15/08 @ 103.25 | 10 | 10 | |||||||
Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 (d) | 205 | 210 | |||||||
Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 | 500 | 511 | |||||||
Quebecor Media, Inc., 7.750%, 03/15/16, Callable 03/15/11 @ 103.875 | 195 | 200 | |||||||
2,999 | |||||||||
Miscellaneous Manufacturer (2.0%) | |||||||||
American Railcar Industries, Inc., 7.500%, 03/01/14, Callable 03/01/11 @ 103.75 (d) | 55 | 57 | |||||||
Clarke American Corp., 11.750%, 12/15/13, Callable 12/15/09 @ 105.875 | 1,860 | 2,148 | |||||||
Koppers, Inc., 9.875%, 10/15/13, Callable 10/15/08 @ 104.94 | 181 | 196 | |||||||
2,401 | |||||||||
Oil & Gas (0.9%) | |||||||||
Cie Generale De Geophysique, 7.500%, 05/15/15, Callable 05/15/10 @ 103.75 | 50 | 52 | |||||||
Cie Generale De Geophysique, 7.750%, 05/15/17, Callable 05/15/12 @ 103.88 | 75 | 78 | |||||||
Denbury Resources, Inc., 7.500%, 12/15/15, Callable 12/15/10 @ 103.75 | 39 | 39 | |||||||
OPTI Canada, Inc., 8.250%, 12/15/14, Callable 12/15/10 @ 104.13 (d) | 885 | 920 | |||||||
1,089 | |||||||||
Packaging & Containers (0.7%) | |||||||||
Graphic Packaging International, 9.500%, 08/15/13, Callable 08/15/08 @ 104.75 | 810 | 862 | |||||||
Pipelines (1.2%) | |||||||||
Targa Resources, Inc., 8.500%, 11/01/13, Callable 11/01/09 @ 104.25 (d) | 1,455 | 1,484 | |||||||
Real Estate (0.3%) | |||||||||
American Real Estate Partners LP, 7.125%, 02/15/13, Callable 02/15/09 @ 103.56 | 25 | 25 | |||||||
American Real Estate Partners LP, 7.125%, 02/15/13, Callable 02/15/09 @ 103.56 (d) | 395 | 390 | |||||||
415 | |||||||||
Retail (1.1%) | |||||||||
Asbury Automotive Group, Inc., 7.625%, 03/15/17, Callable 03/15/12 @ 103.81 (d) | 125 | 125 | |||||||
Brookstone Co., Inc., 12.000%, 10/15/12, Callable 10/15/09 @ 106 (e) | 1,200 | 1,248 | |||||||
1,373 | |||||||||
Semiconductors (2.9%) | |||||||||
Amkor Technology, Inc., 9.250%, 06/01/16, Callable 06/01/11 @ 104.625 | 105 | 109 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Semiconductors—continued | |||||||||
Freescale Semiconductor, Inc., 10.125%, 12/15/16, Callable 12/15/11 @ 105.06 (d) (e) | 1,710 | 1,715 | |||||||
NXP Funding LLC, 9.500%, 10/15/15, Callable 10/15/11 @ 104.75 (d) | 1,630 | 1,683 | |||||||
3,507 | |||||||||
Software (0.4%) | |||||||||
Open Solutions, Inc., 9.750%, 02/01/15, Callable 02/01/11 @ 104.88 (d) | 525 | 541 | |||||||
Telecommunications (3.2%) | |||||||||
Citizens Communications Co., 7.125%, 03/15/19 (d) | 185 | 183 | |||||||
Nordic Telephone Co., Holdings, 8.875%, 05/01/16, Callable 05/01/11 @ 104.438 (d) | 225 | 241 | |||||||
NTL Cable PLC, 9.125%, 08/15/16, Callable 08/15/11 @ 104.563 | 800 | 844 | |||||||
Telecordia Technologies, Inc., 10.000%, 03/15/13, Callable 03/15/08 @ 105 (d) | 1,200 | 1,122 | |||||||
West Corp., 11.000%, 10/15/16, Callable 10/15/11 @ 105.50 (d) (e) | 1,345 | 1,419 | |||||||
3,809 | |||||||||
Total Corporate Bonds (Cost $53,291) | 54,789 | ||||||||
Foreign Government Bonds (15.9%) | |||||||||
Argentina (0.0%) | |||||||||
Republic of Argentina, 8.280%, 12/31/33 | 40 | 46 | |||||||
Brazil (0.2%) | |||||||||
Republic of Brazil, 7.875%, 03/07/15 | 170 | 194 | |||||||
Republic of Brazil, 8.250%, 01/20/34 | 80 | 100 | |||||||
294 | |||||||||
Canada (3.9%) | |||||||||
Province of Ontario, 5.450%, 04/27/16 | 4,630 | 4,767 | |||||||
Colombia (0.1%) | |||||||||
Republic of Colombia, 7.375%, 01/27/17 | 100 | 109 | |||||||
Peru (0.0%) | |||||||||
Republic of Peru, 8.750%, 11/21/33 | 35 | 46 | |||||||
United Kingdom (11.7%) | |||||||||
United Kingdom, 2.250%, 07/08/08 (d) | 14,475 | 13,987 | |||||||
Total Foreign Government Bonds (Cost $19,165) | 19,249 | ||||||||
U.S. Treasury Obligations (33.7%) | |||||||||
U.S. Treasury Bonds (7.7%) | |||||||||
4.500%, 02/15/36 | 9,905 | 9,339 | |||||||
U.S. Treasury Notes (26.0%) | |||||||||
3.625%, 04/30/07 | 1,920 | 1,918 | |||||||
4.750%, 02/28/09 | 1,965 | 1,970 | |||||||
4.625%, 02/29/12 | 23,565 | 23,652 | |||||||
2.000%, 01/15/16 | 3,700 | 3,715 | |||||||
4.625%, 02/15/17 | 110 | 110 | |||||||
31,365 | |||||||||
Total U.S. Treasury Obligations (Cost $40,714) | 40,704 | ||||||||
Preferred Stocks (0.2%) | |||||||||
Diversified Operations (0.2%) | |||||||||
Freeport-McMoRan Copper & Gold, Inc., 6.750% | 2,500 | 267 | |||||||
Total Preferred Stocks (Cost $250) | 267 | ||||||||
Short-Term Investments (11.4%) | |||||||||
Brown Brothers Harriman & Co., Cayman Islands Cash Sweep, 4.630% | 3,608 | 3,608 | |||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (f) | 10,108,298 | 10,108 | |||||||
Total Short-Term Investments (Cost $13,716) | 13,716 | ||||||||
Total Investments (Cost $129,425) (a) — 108.4% | 131,029 | ||||||||
Liabilities in excess of other assets — (8.4)% | (10,209 | ) | |||||||
Net Assets — 100.0% | $ | 120,820 | |||||||
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(a) | Cost for federal income tax purposes is $129,451 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 1,962 | ||
Unrealized Depreciation | (384 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 1,578 | ||
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. | |
(c) | Rate represents the effective yield at purchase. | |
(d) | Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 31.7% of net assets as of March 31, 2007. | |
(e) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $9,619. | |
(f) | This security was purchased with cash collateral held from securities lending. | |
(g) | Step bond. |
LLC | — Limited Liability Corporation | |
LP | — Limited Partnership | |
PLC | — Public Limited Company | |
Ser | — Series |
At March 31, 2007, liquid assets totaling $1,851, in thousands, have been designated as collateral for open swap agreements.
Credit Default Swap Agreements
Fixed | ||||||||||||||||||||
Notional | Rate | Expiration | ||||||||||||||||||
Underlying Instrument | Counterparty | Amount ($) | (%) | Date | Value ($) | |||||||||||||||
Argentina Government | Merrill Lynch | 130 | 2.13 | 03/20/12 | — | |||||||||||||||
— |
Amounts designated as “—” round to less than $1,000.
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Table of Contents
Total Return Bond Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Asset Backed Securities (0.2%) | |||||||||
Automobile ABS (0.2%) | |||||||||
Honda Auto Receivables Owner Trust, Ser 2006-1, Cl A3, 5.070%, 02/18/10 | 1,235 | 1,234 | |||||||
Home Equity ABS (0.0%) | |||||||||
Delta Funding Home Equity Loan Trust, Ser 1999-3, Cl A1F, 7.462%, 09/15/29 | 6 | 6 | |||||||
New Century Home Equity Loan Trust, Ser 1999-NCB, Cl A7, 7.540%, 06/25/29 | 5 | 5 | |||||||
Soundview Home Equity Loan Trust, Ser 2001-1, Cl A, 6.765%, 04/15/31 (b) | 5 | 5 | |||||||
16 | |||||||||
Total Asset Backed Securities (Cost $1,252) | 1,250 | ||||||||
Collateralized Mortgage Obligations (5.1%) | |||||||||
Banc of America Commercial Mortgage, Inc., Ser 2004-4, Cl A3, 4.128%, 07/10/42 | 2,625 | 2,569 | |||||||
Banc of America Commercial Mortgage, Inc., Ser 2006-4, Cl A4, 5.634%, 07/10/46 | 2,130 | 2,169 | |||||||
Bear Stearns Commercial Mortgage Securities, Ser 2006-PW13, Cl A4, 5.540%, 09/11/41 | 1,725 | 1,745 | |||||||
Citigroup/ Deutsche Bank Commercial Mortgage Trust, Ser 2005-CD1, Cl A4, 5.225%, 07/15/44 (b) | 1,910 | 1,908 | |||||||
Citigroup/ Deutsche Bank Commercial Mortgage Trust, Ser 2006-CD2, Cl A4, 5.362%, 01/15/46 (b) | 1,250 | 1,255 | |||||||
GE Capital Commercial Mortgage Corp., Ser 2006-C1, Cl A4, 5.340%, 03/10/44 (b) | 2,970 | 2,980 | |||||||
GMAC Commercial Mortgage Securities, Inc., Ser 2003-C2, Cl A1, 4.576%, 05/10/40 | 2,687 | 2,654 | |||||||
GS Mortgage Securities Corp. II, Ser 2006-GG6, Cl A2, 5.506%, 04/10/38 (b) | 2,455 | 2,486 | |||||||
GS Mortgage Securities Corp. II, Ser 2006-GG8, Cl A4, 5.560%, 11/10/39 (b) | 1,500 | 1,521 | |||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Ser 2006-CB15, Cl A4, 5.814%, 06/12/43 (b) | 2,415 | 2,492 | |||||||
JP Morgan Chase Commercial Mortgage Securities Corp., Ser 2006-LDP6, Cl A4, 5.475%, 04/15/43 (b) | 1,565 | 1,576 | |||||||
LB-UBS Commercial Mortgage Trust, Ser 2006-C1, Cl A4, 5.156%, 02/15/31 | 2,050 | 2,023 | |||||||
Morgan Stanley Capital 1, Ser 2006-HQ10, Cl A4, 5.328%, 11/12/41 (b) | 3,425 | 3,413 | |||||||
Wachovia Bank Commercial Mortgage Trust, Ser 2006-C23, Cl A4, 5.418%, 01/15/45 (b) | 2,085 | 2,091 | |||||||
Total Collateralized Mortgage Obligations (Cost $30,766) | 30,882 | ||||||||
Corporate Bonds (19.4%) | |||||||||
Aerospace/ Defense (0.8%) | |||||||||
Boeing Co. (The), 5.125%, 02/15/13 | 1,355 | 1,359 | |||||||
L-3 Communications Corp., 6.125%, 01/15/14, Callable 01/15/09 @ 103.06 | 1,700 | 1,670 | |||||||
United Technologies Corp., 4.875%, 05/01/15 | 1,590 | 1,540 | |||||||
4,569 | |||||||||
Airlines (0.3%) | |||||||||
Continental Airlines, Inc., Ser A, 5.983%, 04/19/22 | 1,170 | 1,168 | |||||||
Southwest Airlines Co., 5.125%, 03/01/17 | 785 | 731 | |||||||
1,899 | |||||||||
117
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Auto Manufacturers (0.3%) | |||||||||
DaimlerChrysler NA Holdings Corp., 8.500%, 01/18/31 | 1,215 | 1,517 | |||||||
Banks (1.0%) | |||||||||
Bank of America Corp., 7.400%, 01/15/11 | 2,090 | 2,252 | |||||||
Wachovia Corp., 5.300%, 10/15/11 | 1,865 | 1,876 | |||||||
Wells Fargo Co., 4.875%, 01/12/11 | 1,910 | 1,899 | |||||||
6,027 | |||||||||
Beverages (0.3%) | |||||||||
SABMiller PLC, 6.200%, 07/01/11 (c) | 1,975 | 2,039 | |||||||
Building Materials (0.5%) | |||||||||
Lafarge SA, 6.150%, 07/15/11 | 970 | 1,000 | |||||||
Owens Corning, Inc., 6.500%, 12/01/16 (c) | 1,700 | 1,737 | |||||||
2,737 | |||||||||
Chemicals (0.5%) | |||||||||
Lyondell Chemical Co., 8.250%, 09/15/16, Callable 09/15/11 @ 104.13 | 1,650 | 1,765 | |||||||
Potash Corp. of Saskatchewan, Inc., 5.875%, 12/01/36 | 1,310 | 1,268 | |||||||
3,033 | |||||||||
Coal (0.1%) | |||||||||
Peabody Energy Corp., 7.375%, 11/01/16 | 690 | 726 | |||||||
Commercial Services (0.4%) | |||||||||
Corrections Corp. of America, 7.500%, 05/01/11, Callable 05/01/07 @ 103.75 | 1,670 | 1,715 | |||||||
ERAC USA Finance Co., 5.600%, 05/01/15 (c) | 525 | 526 | |||||||
2,241 | |||||||||
Computers (0.1%) | |||||||||
Dell, Inc., 7.100%, 04/15/28 | 425 | 453 | |||||||
IBM Corp., 5.875%, 11/29/32 | 335 | 342 | |||||||
795 | |||||||||
Diversified Financial Services (4.2%) | |||||||||
ABX Financing Co., 6.350%, 10/15/36 (c) | 1,675 | 1,655 | |||||||
CIT Group, Inc., 5.600%, 04/27/11 | 1,395 | 1,409 | |||||||
Citigroup, Inc., 5.125%, 05/05/14 | 500 | 495 | |||||||
Citigroup, Inc., 5.850%, 12/11/34 | 755 | 750 | |||||||
Ford Motor Credit Corp., 7.000%, 10/01/13 | 1,755 | 1,631 | |||||||
Fund American Cos., Inc., 5.875%, 05/15/13 | 2,090 | 2,091 | |||||||
GMAC LLC, 6.750%, 12/01/14 | 1,655 | 1,627 | |||||||
Goldman Sachs Group, Inc. (The), 4.750%, 07/15/13 | 2,110 | 2,034 | |||||||
HSBC Holdings PLC, 7.625%, 05/17/32 | 690 | 817 | |||||||
International Lease Finance Corp., Ser Q, 5.250%, 01/10/13 | 775 | 773 | |||||||
International Lease Finance Corp., Ser R, 5.625%, 09/20/13 | 425 | 433 | |||||||
Janus Capital Group, Inc., 5.875%, 09/15/11 | 735 | 744 | |||||||
JP Morgan Chase & Co., 6.625%, 03/15/12 | 2,035 | 2,157 | |||||||
Lazard Group LLC, 7.125%, 05/15/15 | 2,215 | 2,335 | |||||||
Lehman Brothers Holdings, Inc., 5.250%, 02/06/12 | 1,075 | 1,074 | |||||||
Merrill Lynch & Co., 5.770%, 07/25/11 | 1,985 | 2,031 | |||||||
Morgan Stanley, 5.300%, 03/01/13 | 1,690 | 1,688 | |||||||
Western Union Co., 5.930%, 10/01/16 | 2,355 | 2,361 | |||||||
26,105 | |||||||||
Electric (0.9%) | |||||||||
MidAmerican Energy Holdings Co., 6.125%, 04/01/36 | 1,300 | 1,297 | |||||||
NRG Energy, Inc., 7.375%, 02/01/16, Callable 02/01/11 @ 103.688 | 1,660 | 1,705 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Electric—continued | |||||||||
Oncor Electric Delivery Co., 7.000%, 05/01/32 | 810 | 879 | |||||||
Pacific Gas & Electric Co., 6.050%, 03/01/34 | 1,500 | 1,504 | |||||||
5,385 | |||||||||
Entertainment (0.3%) | |||||||||
WMG Acquisition Corp., 7.375%, 04/15/14, Callable 04/15/09 @ 103.688 | 1,740 | 1,657 | |||||||
Environment Control (0.3%) | |||||||||
Allied Waste North America, Inc., 7.125%, 05/15/16, Callable 05/15/11 @ 103.56 | 1,670 | 1,699 | |||||||
Healthcare — Services (0.3%) | |||||||||
HCA, Inc., 9.125%, 11/15/14, Callable 11/15/10 @ 104.56 (c) | 1,590 | 1,699 | |||||||
Insurance (0.5%) | |||||||||
American International Group, Ser G, 5.600%, 10/18/16 | 2,340 | 2,380 | |||||||
Metlife, Inc., 5.700%, 06/15/35 | 430 | 413 | |||||||
2,793 | |||||||||
Investment Companies (0.1%) | |||||||||
Credit Suisse First Boston USA, Inc., 6.500%, 01/15/12 | 710 | 746 | |||||||
Lodging (0.3%) | |||||||||
Wynn Las Vegas LLC, 6.625%, 12/01/14, Callable 12/01/09 @ 103.31 | 1,690 | 1,673 | |||||||
Machinery Diversified (0.0%) | |||||||||
Caterpillar, Inc., 6.050%, 08/15/36 | 245 | 250 | |||||||
Media (1.4%) | |||||||||
Dex Media West/ Finance LLC, Ser B, 9.875%, 08/15/13, Callable 08/15/08 @ 104.938 | 1,540 | 1,681 | |||||||
EchoStar DBS Corp., 7.125%, 02/01/16 | 1,720 | 1,777 | |||||||
Mediacom Broadband LLC, 8.500%, 10/15/15, Callable 10/15/10 @ 104.25 (c) | 1,700 | 1,738 | |||||||
News America Holdings, Inc., 6.200%, 12/15/34 | 770 | 747 | |||||||
Rogers Cable, Inc., 6.250%, 06/15/13 | 1,690 | 1,715 | |||||||
Time Warner, Inc., 6.500%, 11/15/36 | 815 | 813 | |||||||
8,471 | |||||||||
Miscellaneous Manufacturer (0.9%) | |||||||||
General Electric Co., 5.000%, 02/01/13 | 3,495 | 3,469 | |||||||
Siemens Financierings NV, 6.125%, 08/17/26 (c) | 1,745 | 1,775 | |||||||
5,244 | |||||||||
Oil & Gas (1.3%) | |||||||||
Anadarko Petroleum Corp., 5.950%, 09/15/16 | 1,115 | 1,117 | |||||||
Chesapeake Energy Corp., 6.500%, 08/15/17 | 1,175 | 1,160 | |||||||
ConocoPhillips, 5.900%, 10/15/32 | 580 | 586 | |||||||
Devon Financing Corp. ULC, 7.875%, 09/30/31 | 1,530 | 1,815 | |||||||
Enterprise Products Operating LP, Ser B, 5.750%, 03/01/35 | 1,340 | 1,235 | |||||||
Weatherford International, Inc., 6.500%, 08/01/36 | 1,275 | 1,275 | |||||||
Western Oil Sands, Inc., 8.375%, 05/01/12 | 470 | 525 | |||||||
7,713 | |||||||||
Pharmaceuticals (0.3%) | |||||||||
Merck & Co., Inc., 5.125%, 11/15/11 | 935 | 938 | |||||||
Teva Pharmaceutical Finance LLC, 6.150%, 02/01/36 | 675 | 651 | |||||||
1,589 | |||||||||
Pipelines (0.8%) | |||||||||
Centerpoint Energy Resources Corp., Ser B, 7.875%, 04/01/13 | 1,225 | 1,365 | |||||||
El Paso Natural Gas Co., 5.950%, 04/15/17 (c) | 535 | 537 |
119
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Pipelines—continued | |||||||||
Kinder Morgan Finance Co. ULC, 6.400%, 01/05/36 | 1,050 | 940 | |||||||
Southern Natural Gas Co., 5.900%, 04/01/17 (c) | 445 | 445 | |||||||
Williams Cos., Inc., 7.125%, 09/01/11 | 1,620 | 1,697 | |||||||
4,984 | |||||||||
Retail (0.6%) | |||||||||
Wal-Mart Stores, Inc., 5.250%, 09/01/35 | 480 | 436 | |||||||
Woolworths Ltd., 5.550%, 11/15/15 (c) | 2,940 | 2,920 | |||||||
3,356 | |||||||||
Semiconductors (0.3%) | |||||||||
Advanced Micro Devices, Inc., 7.750%, 11/01/12, Callable 11/01/08 @ 103.88 | 1,680 | 1,699 | |||||||
Software (0.1%) | |||||||||
Intuit, Inc., 5.750%, 03/15/17 | 355 | 350 | |||||||
Telecommunications (2.5%) | |||||||||
AT&T, Inc., 5.100%, 09/15/14 | 1,665 | 1,627 | |||||||
AT&T, Inc., 6.450%, 06/15/34 | 830 | 845 | |||||||
Cisco Systems, Inc., 5.500%, 02/22/16 | 1,910 | 1,923 | |||||||
Citizens Communications Co., 9.250%, 05/15/11 | 1,490 | 1,661 | |||||||
Comcast Corp., 6.450%, 03/15/37 | 825 | 826 | |||||||
NTL Cable PLC, 8.750%, 04/15/14, Callable 04/15/09 @ 104.375 | 1,620 | 1,685 | |||||||
Qwest Corp., 8.875%, 03/15/12 | 1,530 | 1,691 | |||||||
Verizon Communications, Inc., 5.550%, 02/15/16 | 1,440 | 1,441 | |||||||
Vodafone Group PLC, 5.500%, 06/15/11 | 2,480 | 2,507 | |||||||
Windstream Corp., 8.625%, 08/01/16, Callable 08/01/11 @ 104.31 | 1,550 | 1,695 | |||||||
15,901 | |||||||||
Total Corporate Bonds (Cost $116,745) | 116,897 | ||||||||
U.S. Government Agencies (6.0%) | |||||||||
Fannie Mae (4.9%) | |||||||||
4.250%, 05/15/09 | 12,225 | 12,076 | |||||||
5.000%, 10/15/11 | 15,500 | 15,593 | |||||||
5.250%, 09/15/16 | 1,950 | 1,985 | |||||||
29,654 | |||||||||
Freddie Mac (1.1%) | |||||||||
6.750%, 03/15/31 | 5,535 | 6,642 | |||||||
Total U.S. Government Agencies (Cost $36,155) | 36,296 | ||||||||
U.S. Government Agency Mortgages (37.0%) | |||||||||
Fannie Mae (24.1%) | |||||||||
5.500%, 07/01/16 | 115 | 116 | |||||||
5.500%, 11/01/18 | 291 | 292 | |||||||
5.000%, 12/01/18 | 8,153 | 8,065 | |||||||
5.000%, 01/01/19 | 3,432 | 3,394 | |||||||
5.500%, 07/01/19 | 75 | 75 | |||||||
5.500%, 08/01/19 | 603 | 605 | |||||||
5.500%, 09/01/19 | 3,005 | 3,019 | |||||||
5.500%, 09/01/19 | 197 | 198 | |||||||
5.000%, 10/01/19 | 616 | 608 | |||||||
5.000%, 10/01/19 | 530 | 522 | |||||||
5.500%, 12/01/19 | 156 | 157 | |||||||
4.500%, 05/01/20 | 5,255 | 5,087 | |||||||
4.500%, 12/01/20 | 10,917 | 10,568 | |||||||
5.500%, 04/01/21 | 1,358 | 1,362 | |||||||
5.500%, 07/01/21 | 1,548 | 1,552 | |||||||
6.500%, 06/01/32 | 64 | 65 | |||||||
6.500%, 07/01/32 | 330 | 339 | |||||||
5.500%, 01/01/33 | 14,521 | 14,367 | |||||||
6.500%, 03/01/33 | 188 | 192 | |||||||
5.500%, 06/01/33 | 2,245 | 2,221 | |||||||
5.500%, 07/01/33 | 391 | 387 | |||||||
5.500%, 10/01/33 | 4,393 | 4,347 | |||||||
6.500%, 10/01/33 | 92 | 94 | |||||||
6.500%, 10/01/33 | 84 | 86 | |||||||
5.000%, 11/01/33 | 5,449 | 5,264 | |||||||
5.000%, 11/01/33 | 3,642 | 3,518 | |||||||
6.000%, 11/01/33 | 136 | 138 | |||||||
6.500%, 11/01/33 | 682 | 696 | |||||||
6.500%, 11/01/33 | 96 | 98 | |||||||
5.500%, 01/01/34 | 567 | 561 | |||||||
4.500%, 03/01/34 | 10,427 | 9,799 | |||||||
5.000%, 03/01/34 | 2,768 | 2,674 | |||||||
5.000%, 03/01/34 | 3,492 | 3,373 | |||||||
5.000%, 04/01/34 | 7,137 | 6,895 | |||||||
6.500%, 07/01/34 | 107 | 109 |
120
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Fannie Mae—continued | |||||||||
5.000%, 09/01/35 | 566 | 547 | |||||||
4.500%, 10/01/35 | 1,498 | 1,408 | |||||||
6.000%, 10/01/35 | 3,453 | 3,478 | |||||||
6.000%, 12/01/35 | 715 | 720 | |||||||
5.119%, 01/01/36 (b) | 7,144 | 7,157 | |||||||
6.000%, 01/01/36 | 4,630 | 4,668 | |||||||
5.000%, 03/01/36 | 3,998 | 3,862 | |||||||
5.412%, 04/01/36 (b) | 3,646 | 3,662 | |||||||
5.469%, 04/01/36 | 2,706 | 2,728 | |||||||
5.500%, 04/01/36 | 6,829 | 6,757 | |||||||
5.351%, 05/01/36 (b) | 3,380 | 3,392 | |||||||
5.369%, 05/01/36 (b) | 4,918 | 4,935 | |||||||
5.443%, 01/01/37 | 4,966 | 4,986 | |||||||
5.500%, 01/01/37 | 5,557 | 5,499 | |||||||
144,642 | |||||||||
Freddie Mac (10.9%) | |||||||||
5.000%, 11/01/18 | 56 | 55 | |||||||
5.500%, 12/01/18 | 104 | 104 | |||||||
5.000%, 01/01/19 | 650 | 642 | |||||||
6.500%, 07/01/32 | 133 | 137 | |||||||
6.000%, 12/01/32 | 773 | 783 | |||||||
6.000%, 04/01/33 | 1,239 | 1,249 | |||||||
6.000%, 10/01/33 | 26 | 27 | |||||||
6.000%, 11/01/33 | 659 | 667 | |||||||
6.000%, 11/01/33 | 488 | 491 | |||||||
6.000%, 12/01/33 | 240 | 243 | |||||||
5.000%, 07/01/34 | 54 | 52 | |||||||
6.000%, 07/01/34 | 962 | 972 | |||||||
6.000%, 10/01/34 | 220 | 223 | |||||||
5.000%, 04/01/35 | 6,598 | 6,374 | |||||||
5.500%, 04/01/35 | 4,407 | 4,365 | |||||||
6.000%, 04/01/35 | 3,941 | 3,973 | |||||||
5.000%, 07/01/35 | 5,132 | 4,965 | |||||||
5.000%, 12/01/35 | 7,406 | 7,166 | |||||||
5.500%, 03/01/36 | 7,055 | 6,981 | |||||||
6.000%, 11/01/36 | 10,204 | 10,280 | |||||||
5.356%, 12/01/36 (b) | 3,364 | 3,373 | |||||||
5.287%, 02/01/37 (b) | 4,085 | 4,095 | |||||||
5.289%, 02/01/37 (b) | 8,414 | 8,436 | |||||||
65,653 | |||||||||
Government National Mortgage Association (2.0%) | |||||||||
6.000%, 07/20/36 | 2,390 | 2,418 | |||||||
6.000%, 08/20/36 | 9,313 | 9,423 | |||||||
11,841 | |||||||||
Total U.S. Government Agency Mortgages (Cost $223,130) | 222,136 | ||||||||
U.S. Treasury Obligations (30.1%) | |||||||||
U.S. Treasury Bonds (2.3%) | |||||||||
6.125%, 11/15/27 | 11,525 | 13,306 | |||||||
4.500%, 02/15/36 | 610 | 575 | |||||||
13,881 | |||||||||
U.S. Treasury Notes (27.8%) | |||||||||
3.625%, 04/30/07 | 180 | 180 | |||||||
3.125%, 05/15/07 | 17,220 | 17,180 | |||||||
4.375%, 05/15/07 | 13,229 | 13,217 | |||||||
3.500%, 08/15/09 | 28,195 | 27,520 | |||||||
4.750%, 02/15/10 | 33,375 | 33,565 | |||||||
4.875%, 04/30/11 | 2,705 | 2,738 | |||||||
4.625%, 10/31/11 | 7,050 | 7,073 | |||||||
4.625%, 02/29/12 | 750 | 753 | |||||||
4.375%, 08/15/12 | 37,180 | 36,946 | |||||||
4.500%, 11/15/15 | 5,570 | 5,513 | |||||||
2.000%, 01/15/16 | 17,895 | 17,968 | |||||||
4.625%, 02/15/17 | 4,970 | 4,960 | |||||||
167,613 | |||||||||
Total U.S. Treasury Obligations (Cost $181,971) | 181,494 | ||||||||
121
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Money Market Fund (2.6%) | |||||||||
STI Classic Institutional Cash Management Money Market Fund, 5.230% (d) | 15,691,028 | 15,691 | |||||||
Total Money Market Fund (Cost $15,691) | 15,691 | ||||||||
Total Investments (Cost $605,710) (a) — 100.4% | 604,646 | ||||||||
Liabilities in excess of other assets — (0.4)% | (2,617 | ) | |||||||
Net Assets — 100.0% | $ | 602,029 | |||||||
(a) | Cost for federal income tax purposes is $605,749 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 1,687 | ||
Unrealized Depreciation | (2,790 | ) | ||
Unrealized Appreciation (Depreciation) | $ | (1,103 | ) | |
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. | |
(c) | Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 2.5% of net assets as of March 31, 2007. | |
(d) | Affiliate investment. |
Cl | — Class | |
LLC | — Limited Liability Corporation | |
LP | — Limited Partnership | |
PLC | — Public Limited Company | |
Ser | — Series |
At March 31, 2007, liquid assets totaling $3,023, in thousands, have been designated as collateral for open swap agreements.
Credit Default Swap Agreements
Fixed | ||||||||||||||||||||
Notional | Rate | Expiration | ||||||||||||||||||
Underlying Instrument | Counterparty | Amount ($) | (%) | Date | Value ($) | |||||||||||||||
Dow Jones CDS Indices; Series 7 | Citibank N.A. | 5,600 | 0.59 | 03/20/17 | (27 | ) | ||||||||||||||
Dow Jones CDS Indices; Series 7 | Citibank N.A. | 560 | 0.59 | 03/20/17 | (4 | ) | ||||||||||||||
Brunswick Corp. | Merrill Lynch | (560 | ) | 1.15 | 03/20/17 | (4 | ) | |||||||||||||
Cardinal Health, Inc. | Merrill Lynch | (560 | ) | 0.53 | 03/20/17 | 2 | ||||||||||||||
Campbell Soup Co. | Citibank N.A. | (560 | ) | 0.33 | 03/20/17 | (3 | ) | |||||||||||||
H.J. Heinz Co. | Citibank N.A. | (560 | ) | 0.74 | 03/20/17 | (7 | ) | |||||||||||||
IStar Financial, Inc. | Citibank N.A. | (560 | ) | 0.70 | 03/20/17 | 6 | ||||||||||||||
Lennar Corp. | Citibank N.A. | (560 | ) | 1.02 | 03/20/17 | 22 | ||||||||||||||
Nordstrom, Inc. | Citibank N.A. | (560 | ) | 0.45 | 03/20/17 | (4 | ) | |||||||||||||
Nucor Corp. | Citibank N.A. | (560 | ) | 0.24 | 03/20/17 | (7 | ) | |||||||||||||
Quest Diagnostics, Inc. | Merrill Lynch | (560 | ) | 0.78 | 03/20/17 | 3 | ||||||||||||||
Sprint Nextel Corp. | Citibank N.A. | (560 | ) | 1.18 | 03/20/17 | (5 | ) | |||||||||||||
Weyerhaueser Co. | Citibank N.A. | (560 | ) | 1.05 | 03/20/17 | (3 | ) | |||||||||||||
(31 | ) | |||||||||||||||||||
122
Table of Contents
Ultra-Short Bond Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Asset Backed Securities (8.6%) | |||||||||
Automobile ABS (2.0%) | |||||||||
Honda Auto Receivables Owner Trust, Ser 2005-6, Cl A3, 4.850%, 10/19/09 | 1,025 | 1,022 | |||||||
Household Automotive Trust, Ser 2006-3, Cl A3, 5.280%, 09/19/11 (b) | 475 | 477 | |||||||
Nissan Auto Receivables Owner Trust, Ser 2003-B, Cl A4, 2.050%, 03/16/09 | 186 | 186 | |||||||
1,685 | |||||||||
Diversified Financial Services (0.8%) | |||||||||
Morgan Stanley Capital I, Ser 2006-NC2, Cl A2A, 5.390%, 02/25/36 (b) | 703 | 703 | |||||||
Home Equity ABS (5.8%) | |||||||||
Countrywide Home Equity Loan Trust, Ser 2005-A, Cl A2, 5.560%, 02/15/30 (b) | 518 | 519 | |||||||
Household Home Equity Loan Trust, Ser 2005-C, Cl A, 5.610%, 01/20/34 (b) | 1,145 | 1,147 | |||||||
JP Morgan Mortgage Acquisition Corp., Ser 2006-WMC1, Cl A2, 5.390%, 03/25/36 (b) | 757 | 756 | |||||||
Master Asset Backed Securities Trust, Ser 2005-AB1, Cl A1A, 5.470%, 10/25/32 (b) | 414 | 414 | |||||||
Renaissance Home Equity Loan Trust, Ser 2006-1, Cl AF1, 5.829%, 05/25/36 (b) | 324 | 323 | |||||||
Residential Asset Mortgage Products, Inc., Ser 2006-NC1, Cl A1, 5.400%, 01/25/36 (b) | 345 | 345 | |||||||
Residential Asset Securities Corp., Ser 2005-KS8, Cl A1, 5.430%, 08/25/35 (b) | 100 | 100 | |||||||
Residential Funding Mortgage Securities, Ser 2006-HSA1, Cl A1, 5.430%, 11/25/35 (b) | 1,021 | 1,021 | |||||||
Soundview Home Equity Loan Trust, Ser 2006-0PT2, Cl A1, 5.390%, 05/25/36 (b) | 381 | 381 | |||||||
5,006 | |||||||||
Total Asset Backed Securities (Cost $7,392) | 7,394 | ||||||||
Collateralized Mortgage Obligations (21.0%) | |||||||||
Adjustable Rate Mortgage Trust, Ser 2005-7, Cl 7A21, 5.570%, 10/25/35 (b) | 518 | 520 | |||||||
Banc of America Commercial Mortgage, Inc., Ser 2004-2, Cl A2, 3.520%, 11/10/38 | 636 | 619 | |||||||
Bear Stearns Alternative-A Trust, Ser 2006-2, Cl 23A1, 5.968%, 03/25/36 (b) | 796 | 805 | |||||||
Bear Stearns Commercial Mortgage Securities, Ser 2005-T20, Cl A1, 4.940%, 10/12/42 | 962 | 958 | |||||||
Countrywide Home Loans, Ser 2002-39, Cl A16, 5.000%, 02/25/33 | 312 | 311 | |||||||
CS First Boston Mortgage Securities Corp., Ser 2004-C3, Cl A3, 4.302%, 07/15/36 | 1,010 | 992 | |||||||
CS First Boston Mortgage Securities Corp., Ser 2005-C1, Cl A2, 4.609%, 02/15/38 | 425 | 419 | |||||||
Deutsche Mortgage Securities, Inc., Ser 2004-5, Cl A2, 4.980%, 07/25/34 | 475 | 470 | |||||||
Fannie Mae, Ser 2005-51, Cl KC, 4.500%, 01/25/25 | 734 | 724 | |||||||
First Horizon Alternative Mortgage Securities, Ser 2005-AA3, Cl 2A1, 5.185%, 05/25/35 (b) | 736 | 759 | |||||||
First Horizon Alternative Mortgage Securities, Ser 2005-AA7, Cl 2A1, 5.416%, 09/25/35 (b) | 605 | 606 |
123
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Collateralized Mortgage Obligations—continued | |||||||||
Greenwich Capital Commercial Funding Corp., Ser 2004-GG1, Cl A3, 4.344%, 06/10/36 | 1,250 | 1,234 | |||||||
Greenwich Capital Commercial Funding Corp., Ser 2005-GG3, Cl A2, 4.305%, 08/10/42 | 500 | 490 | |||||||
Indymac Loan Trust, Ser 2006-L1, Cl A1, 5.395%, 04/25/11 (b) | 966 | 966 | |||||||
JP Morgan Chase Commercial Mortgage Securities, Ser 2005-LDP1, Cl A1, 4.116%, 03/15/46 | 792 | 781 | |||||||
LB Commercial Conduit Mortgage Trust, Ser 1998-C4, Cl A1B, 6.210%, 10/15/35 | 409 | 413 | |||||||
LB-UBS Commercial Mortgage Trust, Ser 2005-C1, Cl A2, 4.310%, 02/15/30 | 425 | 416 | |||||||
Morgan Stanley Capital I, Ser 2006-HQ8, Cl A1, 5.124%, 03/12/44 | 662 | 661 | |||||||
Opteum Mortgage Acceptance Corp., Ser 2005-4, Cl 1A1A, 5.490%, 11/25/35 (b) | 821 | 822 | |||||||
Terra LNR Ltd., Ser 2006-1A, Cl A1, 5.450%, 06/15/17 (b) (c) | 691 | 691 | |||||||
Wachovia Bank Commercial Mortgage Trust, Ser 2005-C16, Cl A2, 4.380%, 10/15/41 | 1,000 | 981 | |||||||
Washington Mutual, Ser 2005-AR4, Cl A1, 3.624%, 04/25/35 (b) | 162 | 162 | |||||||
Wells Fargo Mortgage Backed Securities Trust, Ser 2004-S, Cl A5, 3.539%, 09/25/34 (b) | 750 | 731 | |||||||
Wells Fargo Mortgage Backed Securities Trust, Ser 2006-16, Cl A12, 5.000%, 11/25/36 | 612 | 608 | |||||||
Wells Fargo Mortgage Backed Securities Trust, Ser 2006-AR8, Cl 2A4, 5.240%, 04/25/36 (b) | 1,014 | 1,008 | |||||||
Wells Fargo Mortgage Backed Securities Trust, Ser 2006-AR8, Cl 3A1, 5.246%, 04/25/36 (b) | 883 | 879 | |||||||
Total Collateralized Mortgage Obligations (Cost $17,917) | 18,026 | ||||||||
Commercial Paper (2.7%) | |||||||||
HBOS Treasury Services PLC, 5.288%, 04/05/07 (d) | 1,300 | 1,299 | |||||||
Rabobank USA Finance Corp., 5.363%, 04/03/07 (d) | 975 | 974 | |||||||
Total Commercial Paper (Cost $2,274) | 2,273 | ||||||||
Corporate Bonds (14.6%) | |||||||||
Banks (0.4%) | |||||||||
Wells Fargo & Co., 4.125%, 03/10/08 | 340 | 336 | |||||||
Chemicals (0.3%) | |||||||||
Equistar Chemical Funding Corp., 10.125%, 09/01/08 | 280 | 295 | |||||||
Commercial Services (0.7%) | |||||||||
ERAC USA Finance Co., 7.350%, 06/15/08 (c) | 375 | 382 | |||||||
Fedex Corp., 2.650%, 04/01/07 | 200 | 200 | |||||||
582 | |||||||||
Diversified Financial Services (5.4%) | |||||||||
Boeing Capital Corp., 4.750%, 08/25/08 | 325 | 323 | |||||||
CIT Group, Inc., 5.450%, 06/08/09 (b) | 1,000 | 1,001 | |||||||
CIT Group, Inc., 4.250%, 02/01/10 | 250 | 244 | |||||||
Goldman Sachs Group, Inc., 6.650%, 05/15/09 | 200 | 206 | |||||||
Goldman Sachs Group, Inc. (The), 5.440%, 12/22/08 (b) | 1,000 | 1,001 | |||||||
HSBC Finance Corp., 4.125%, 03/11/08 | 500 | 495 | |||||||
International Lease Finance Corp., Ser Q, 4.625%, 06/02/08 | 500 | 497 | |||||||
Lehman Brothers Holdings, Inc., 5.450%, 10/22/08 (b) | 850 | 851 | |||||||
4,618 | |||||||||
Energy (0.6%) | |||||||||
Calenergy Co., Inc., 7.630% 10/15/07 | 270 | 273 | |||||||
MidAmerican Energy Holdings Co., 3.500%, 05/15/08 | 222 | 218 | |||||||
491 | |||||||||
Food (0.6%) | |||||||||
Kroger Co. (The), 7.650%, 04/15/07 | 550 | 550 | |||||||
124
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Insurance (1.2%) | |||||||||
Lincoln National Corp., 5.470%, 04/06/09 (b) | 1,000 | 1,001 | |||||||
Media (1.5%) | |||||||||
Comcast Cable Communications, Inc., 8.375%, 05/01/07 | 500 | 502 | |||||||
News America, Inc., 6.625%, 01/09/08 | 280 | 282 | |||||||
Time Warner, Inc., 6.150%, 05/01/07 | 500 | 500 | |||||||
1,284 | |||||||||
Miscellaneous Manufacturer (0.4%) | |||||||||
Honeywell International, Inc., 7.500%, 03/01/10 | 200 | 213 | |||||||
Stanley Works (The), 5.000%, 03/15/10 | 150 | 150 | |||||||
363 | |||||||||
Oil & Gas (0.7%) | |||||||||
Anadarko Petroleum Corp., 3.250%, 05/01/08 | 375 | 367 | |||||||
Enterprise Products Partners LP, Ser B, 4.625%, 10/15/09 | 195 | 192 | |||||||
559 | |||||||||
REITS (0.3%) | |||||||||
Simon Property Group LP, 6.375%, 11/15/07 | 295 | 297 | |||||||
Telecommunications (2.3%) | |||||||||
BellSouth Telecommunications, Inc., 5.875%, 01/15/09 | 375 | 379 | |||||||
Verizon Global Funding Corp., 6.125%, 06/15/07 | 575 | 576 | |||||||
Vodafone Group PLC, 5.440%, 12/28/07 (b) | 1,000 | 1,000 | |||||||
1,955 | |||||||||
Transportation (0.2%) | |||||||||
Union Pacific Corp., 6.650%, 01/15/11 | 125 | 131 | |||||||
Total Corporate Bonds (Cost $12,462) | 12,462 | ||||||||
Master Notes (1.9%) | |||||||||
Banks (1.9%) | |||||||||
Bank of America Corp., 5.383% (b) (e) | 1,650 | 1,650 | |||||||
Total Master Notes (Cost $1,650) | 1,650 | ||||||||
U.S. Government Agencies (4.2%) | |||||||||
Fannie Mae (1.0%) | |||||||||
5.400%, 04/13/09, Callable 04/13/07 @ 100 | 825 | 825 | |||||||
Federal Home Loan Bank (1.7%) | |||||||||
5.300%, 01/22/10, Callable 01/22/08 @ 100 | 875 | 875 | |||||||
4.875%, 03/12/10 | 625 | 626 | |||||||
1,501 | |||||||||
Freddie Mac (1.5%) | |||||||||
5.500%, 04/24/09, Callable 04/24/07 @ 100 | 425 | 425 | |||||||
5.125%, 11/24/10, Callable 11/24/08 @ 100 | 425 | 424 | |||||||
5.250%, 02/24/11, Callable 02/24/09 @ 100 | 425 | 426 | |||||||
1,275 | |||||||||
Total U.S. Government Agencies (Cost $3,599) | 3,601 | ||||||||
U.S. Government Agency Mortgages (43.5%) | |||||||||
Fannie Mae (25.7%) | |||||||||
7.510%, 04/01/07 | 1,235 | 1,232 | |||||||
6.826%, 11/01/07 | 548 | 547 | |||||||
5.969%, 06/01/09 | 557 | 559 | |||||||
6.595%, 07/01/09 | 1,376 | 1,394 | |||||||
3.500%, 06/25/10 | 25 | 25 | |||||||
6.250%, 08/25/30 | 550 | 550 | |||||||
5.378%, 05/01/32 (b) | 288 | 293 | |||||||
4.755%, 01/01/33 (b) | 1,744 | 1,753 | |||||||
3.674%, 08/01/33 (b) | 632 | 622 | |||||||
7.098%, 09/01/33 (b) | 506 | 515 | |||||||
7.013%, 10/01/33 (b) | 703 | 715 | |||||||
5.313%, 01/01/34 (b) | 543 | 548 | |||||||
5.646%, 01/01/34 (b) | 3,077 | 3,120 | |||||||
4.328%, 03/01/34 (b) | 748 | 738 | |||||||
4.579%, 04/01/34 (b) | 3,202 | 3,257 | |||||||
4.609%, 07/01/34 (b) | 1,189 | 1,199 | |||||||
4.087%, 10/01/34 (b) | 2,093 | 2,113 | |||||||
4.254%, 12/01/34 (b) | 823 | 823 | |||||||
4.673%, 05/01/35 (b) | 970 | 967 |
125
Table of Contents
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Fannie Mae—continued | |||||||||
4.280%, 06/01/35 (b) | 467 | 464 | |||||||
5.380%, 06/01/36 (b) | 619 | 621 | |||||||
22,055 | |||||||||
Freddie Mac (16.0%) | |||||||||
3.500%, 05/15/11 | 62 | 62 | |||||||
4.000%, 11/15/11 | 494 | 488 | |||||||
3.750%, 12/15/11 | 561 | 547 | |||||||
5.000%, 02/15/14 | 367 | 366 | |||||||
5.516%, 03/31/14 | 625 | 625 | |||||||
4.000%, 05/15/15 | 1,275 | 1,246 | |||||||
5.000%, 09/15/15 | 487 | 485 | |||||||
5.500%, 12/15/15 | 16 | 16 | |||||||
5.000%, 12/15/17 | 262 | 261 | |||||||
3.500%, 05/15/19 | 189 | 187 | |||||||
5.000%, 12/15/20 | 422 | 421 | |||||||
3.000%, 04/15/21 | 138 | 137 | |||||||
3.000%, 04/15/21 | 111 | 111 | |||||||
4.000%, 04/15/21 | 26 | 26 | |||||||
3.667%, 08/01/33 (b) | 589 | 585 | |||||||
4.953%, 10/01/33 (b) | 3,291 | 3,335 | |||||||
4.288%, 03/01/34 (b) | 904 | 890 | |||||||
4.943%, 04/01/34 (b) | 209 | 209 | |||||||
4.574%, 05/01/34 (b) | 3,172 | 3,212 | |||||||
6.298%, 09/01/36 (b) | 455 | 464 | |||||||
13,673 | |||||||||
Government National Mortgage Association (1.8%) | |||||||||
5.995%, 02/16/24 (b) | 402 | 408 | |||||||
3.772%, 05/16/25 | 1,201 | 1,165 | |||||||
1,573 | |||||||||
Total U.S. Government Agency Mortgages (Cost $37,074) | 37,301 | ||||||||
U.S. Treasury Obligation (0.3%) | |||||||||
U.S. Treasury Note (0.3%) | |||||||||
3.500%, 02/15/10 | 255 | 248 | |||||||
Total U.S. Treasury Obligation (Cost $247) | 248 | ||||||||
Money Market Fund (1.0%) | |||||||||
STI Classic Institutional Cash | |||||||||
Management Money Market Fund, 5.230% (f) | 829,558 | 830 | |||||||
Total Money Market Fund (Cost $830) | 830 | ||||||||
Total Investments (Cost $83,445) (a) — 97.8% | 83,785 | ||||||||
Other assets in excess of liabilities — 2.2% | 1,861 | ||||||||
Net Assets — 100.0% | $ | 85,646 | |||||||
(a) | Cost for federal income tax purposes is $83,394 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 561 | ||
Unrealized Depreciation | (170 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 391 | ||
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. | |
(c) | Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. This security represents 0.8% of net assets as of March 31, 2007. | |
(d) | Rate represents the effective yield at purchase. | |
(e) | Perpetual maturity. | |
(f) | Affiliate investment. |
Cl | — Class | |
LP | — Limited Partnership | |
PLC | — Public Limited Company | |
REIT | — Real Estate Investment Trust | |
Ser | — Series |
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U.S. Government Securities Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
U.S. Government Agencies (5.8%) | |||||||||
Fannie Mae (2.7%) | |||||||||
4.250%, 05/15/09 (c) | 15,000 | 14,817 | |||||||
Freddie Mac (3.1%) | |||||||||
6.750%, 03/15/31 (c) | 14,000 | 16,801 | |||||||
Total U.S. Government Agencies (Cost $31,493) | 31,618 | ||||||||
U.S. Government Agency Mortgages (59.0%) | |||||||||
Fannie Mae (34.1%) | |||||||||
6.000%, 07/01/16 | 1,272 | 1,295 | |||||||
6.000%, 07/01/16 | 696 | 709 | |||||||
5.500%, 09/01/17 | 1,632 | 1,640 | |||||||
5.500%, 01/01/18 | 6,130 | 6,161 | |||||||
5.500%, 04/01/18 | 799 | 803 | |||||||
6.290%, 08/01/18 | 1,107 | 1,140 | |||||||
5.500%, 11/01/18 | 6,002 | 6,029 | |||||||
4.500%, 09/01/20 | 6,635 | 6,424 | |||||||
7.000%, 06/01/32 | 483 | 503 | |||||||
6.000%, 03/01/33 | 1,281 | 1,297 | |||||||
4.063%, 08/01/33 (b) | 6,253 | 6,277 | |||||||
6.000%, 10/01/33 | 2,177 | 2,203 | |||||||
6.000%, 04/01/34 | 5,770 | 5,828 | |||||||
4.744%, 05/01/34 (b) | 6,747 | 6,639 | |||||||
5.000%, 05/01/34 | 6,100 | 5,904 | |||||||
5.500%, 09/01/34 | 5,404 | 5,357 | |||||||
5.500%, 02/01/35 | 10,545 | 10,445 | |||||||
6.000%, 03/01/35 | 2,122 | 2,139 | |||||||
5.228%, 07/01/35 (b) | 14,982 | 14,875 | |||||||
5.000%, 08/01/35 | 9,028 | 8,731 | |||||||
5.159%, 01/01/36 (b) | 9,968 | 9,995 | |||||||
6.000%, 01/01/36 | 14,219 | 14,325 | |||||||
5.099%, 02/01/36 (b) | 8,896 | 8,911 | |||||||
5.222%, 02/01/36 (b) | 4,662 | 4,677 | |||||||
6.000%, 02/01/36 | 5,881 | 5,925 | |||||||
5.500%, 04/01/36 | 12,994 | 12,872 | |||||||
6.014%, 05/01/36 (b) | 21,293 | 21,495 | |||||||
6.500%, 05/01/36 | 12,006 | 12,247 | |||||||
184,846 | |||||||||
Freddie Mac (24.9%) | |||||||||
4.875%, 11/15/13 (c) | 27,500 | 27,436 | |||||||
5.500%, 04/01/17 | 1,915 | 1,926 | |||||||
5.000%, 04/01/19 | 14,842 | 14,675 | |||||||
5.302%, 03/01/33 (b) | 6,045 | 6,028 | |||||||
5.000%, 05/01/34 | 3,914 | 3,790 | |||||||
5.000%, 08/01/35 | 30 | 29 | |||||||
5.000%, 09/01/35 | 14,617 | 14,164 | |||||||
6.500%, 06/01/36 | 15,732 | 16,044 | |||||||
5.500%, 07/01/36 | 23,732 | 23,483 | |||||||
6.500%, 09/01/36 | 11,403 | 11,629 | |||||||
6.000%, 12/01/36 | 16,069 | 16,198 | |||||||
135,402 | |||||||||
Total U.S. Government Agency Mortgages (Cost $319,456) | 320,248 | ||||||||
U.S. Treasury Obligations (34.1%) | |||||||||
U.S. Treasury Bond (1.5%) | |||||||||
4.500%, 02/15/36 (c) | 8,900 | 8,391 | |||||||
U.S. Treasury Notes (32.6%) | |||||||||
5.000%, 02/15/11 (c) | 38,000 | 38,652 | |||||||
4.875%, 04/30/11 (c) | 48,000 | 48,577 | |||||||
4.625%, 02/29/12 | 20,000 | 20,074 | |||||||
4.375%, 08/15/12 (c) | 50,000 | 49,687 | |||||||
4.250%, 08/15/13 | 3,450 | 3,391 | |||||||
2.000%, 01/15/16 | 16,200 | 16,266 | |||||||
176,647 | |||||||||
Total U.S. Treasury Obligations (Cost $184,304) | 185,038 | ||||||||
Short-Term Investment (26.0%) | |||||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (d) | 141,387,769 | 141,388 | |||||||
Total Short-Term Investment (Cost $141,388) | 141,388 | ||||||||
Money Market Fund (1.4%) | |||||||||
STI Classic Institutional U.S. Government Securities Money Market Fund, 5.100% (e) | 7,569,912 | 7,570 | |||||||
Total Money Market Fund (Cost $7,570) | 7,570 | ||||||||
Total Investments (Cost $684,211) (a) — 126.3% | 685,862 | ||||||||
Liabilities in excess of other assets — (26.3)% | (142,836 | ) | |||||||
Net Assets — 100.0% | $ | 543,026 | |||||||
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Table of Contents
(a) | Cost for federal income tax purposes is $684,233 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 3,119 | ||
Unrealized Depreciation | (1,490 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 1,629 | ||
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. | |
(c) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $136,787. | |
(d) | This security was purchased with cash collateral held from securities lending. | |
(e) | Affiliate investment. |
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Table of Contents
U.S. Government Securities Ultra-Short Bond Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Asset Backed Securities (2.4%) | |||||||||
Diversified Financial Services (2.4%) | |||||||||
KeyCorp Student Loan Trust, Ser 2004-A, Cl 1A1, 5.400%, 04/27/17 (b) | 168 | 168 | |||||||
Nelnet Student Loan Trust, Ser 2005-4, Cl A1, 5.350%, 12/22/18 (b) | 372 | 373 | |||||||
SLM Student Loan Trust, Ser 2005-10, Cl A2, 5.390%, 04/25/15 (b) | 293 | 292 | |||||||
Total Asset Backed Securities (Cost $832) | 833 | ||||||||
Collateralized Mortgage Obligations (1.1%) | |||||||||
Fannie Mae, Ser 2005-51, Cl KC, 4.500%, 01/25/25 | 367 | 362 | |||||||
Total Collateralized Mortgage Obligations (Cost $361) | 362 | ||||||||
Master Notes (1.9%) | |||||||||
Banks (1.9%) | |||||||||
Bank of America Corp., 5.383% (b) (c) | 650 | 650 | |||||||
Total Master Notes (Cost $650) | 650 | ||||||||
U.S. Government Agencies (12.4%) | |||||||||
Fannie Mae (5.0%) | |||||||||
5.225%, 04/09/07 (d) | 700 | 699 | |||||||
5.161%, 04/23/07 (d) | 750 | 748 | |||||||
5.200%, 11/20/09, Callable 05/20/08 @ 100 (e) | 275 | 275 | |||||||
1,722 | |||||||||
Federal Home Loan Bank (3.1%) | |||||||||
5.000%, 10/16/09, Callable 10/16/08 @ 100 (e) | 300 | 299 | |||||||
4.875%, 03/12/10 | 425 | 426 | |||||||
5.125%, 09/29/10 | 335 | 338 | |||||||
1,063 | |||||||||
Freddie Mac (4.3%) | |||||||||
5.152%, 04/05/07 (d) | 750 | 749 | |||||||
5.500%, 04/24/09, Callable 04/24/07 @ 100 | 175 | 175 | |||||||
5.125%, 11/24/10, Callable 11/24/08 @ 100 | 250 | 250 | |||||||
5.250%, 02/24/11, Callable 02/24/09 @ 100 | 300 | 301 | |||||||
1,475 | |||||||||
Total U.S. Government Agencies (Cost $4,259) | 4,260 | ||||||||
U.S. Government Agency Mortgages (85.1%) | |||||||||
Fannie Mae (60.7%) | |||||||||
7.510%, 04/01/07 | 692 | 690 | |||||||
7.030%, 08/01/07 | 79 | 79 | |||||||
5.969%, 06/01/09 | 149 | 149 | |||||||
3.500%, 06/25/10 | 8 | 8 | |||||||
4.500%, 12/25/12 | 168 | 167 | |||||||
3.000%, 06/25/19 | 30 | 30 | |||||||
5.378%, 05/01/32 (b) | 328 | 333 | |||||||
3.250%, 11/25/32 | 92 | 92 | |||||||
4.755%, 01/01/33 (b) | 1,294 | 1,301 | |||||||
4.279%, 03/01/33 (b) | 1,009 | 1,016 | |||||||
4.214%, 05/01/33 (b) | 520 | 520 | |||||||
3.612%, 07/01/33 (b) | 667 | 664 | |||||||
3.674%, 08/01/33 (b) | 682 | 671 | |||||||
7.098%, 09/01/33 (b) | 220 | 224 | |||||||
7.013%, 10/01/33 (b) | 301 | 307 | |||||||
5.313%, 01/01/34 (b) | 244 | 246 | |||||||
5.646%, 01/01/34 (b) | 772 | 783 | |||||||
4.328%, 03/01/34 (b) | 663 | 654 | |||||||
4.579%, 04/01/34 (b) | 1,310 | 1,333 | |||||||
3.636%, 07/01/34 (b) | 2,210 | 2,217 | |||||||
4.609%, 07/01/34 (b) | 1,179 | 1,189 | |||||||
4.087%, 10/01/34 (b) | 1,570 | 1,585 | |||||||
4.015%, 12/01/34 (b) | 1,280 | 1,285 | |||||||
4.254%, 12/01/34 (b) | 1,881 | 1,881 | |||||||
4.644%, 12/01/34 (b) | 470 | 466 | |||||||
4.191%, 04/01/35 (b) | 901 | 910 | |||||||
4.673%, 05/01/35 (b) | 1,165 | 1,161 | |||||||
4.280%, 06/01/35 (b) | 151 | 150 | |||||||
4.803%, 06/01/35 (b) | 811 | 808 | |||||||
20,919 | |||||||||
Freddie Mac (22.3%) | |||||||||
3.500%, 05/15/11 | 21 | 21 | |||||||
4.000%, 11/15/11 | 253 | 250 | |||||||
3.750%, 12/15/11 | 239 | 233 | |||||||
5.000%, 02/15/14 | 161 | 161 | |||||||
4.000%, 05/15/15 | 725 | 709 | |||||||
5.000%, 09/15/15 | 162 | 162 | |||||||
5.500%, 12/15/15 | 36 | 36 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Freddie Mac—continued | |||||||||
3.500%, 05/15/19 | 159 | 157 | |||||||
3.000%, 04/15/21 | 59 | 59 | |||||||
3.000%, 04/15/21 | 56 | 56 | |||||||
4.000%, 04/15/21 | 8 | 8 | |||||||
3.500%, 01/15/23 | 151 | 150 | |||||||
3.667%, 08/01/33 (b) | 589 | 585 | |||||||
4.953%, 10/01/33 (b) | 800 | 810 | |||||||
4.288%, 03/01/34 (b) | 500 | 492 | |||||||
4.943%, 04/01/34 (b) | 102 | 102 | |||||||
4.574%, 05/01/34 (b) | 1,057 | 1,070 | |||||||
3.319%, 07/01/34 (b) | 1,228 | 1,235 | |||||||
6.298%, 09/01/36 (b) | 774 | 789 | |||||||
5.515%, 04/01/37 (f) | 600 | 600 | |||||||
7,685 | |||||||||
Government National Mortgage Association (2.1%) | |||||||||
5.995%, 02/16/24 (b) | 100 | 102 | |||||||
3.772%, 05/16/25 | 624 | 605 | |||||||
707 | |||||||||
Total U.S. Government Agency Mortgages (Cost $29,167) | 29,311 | ||||||||
Short-Term Investment (1.7%) | |||||||||
CSFB Enhanced Liquidity Portfolio, 5.421% (g) | 596,250 | 596 | |||||||
Total Short-Term Investment (Cost $596) | 596 | ||||||||
Money Market Fund (1.6%) | |||||||||
Federated Government Obligations Money Market Fund, 5.140% | 542,492 | 542 | |||||||
Total Money Market Fund (Cost $542) | 542 | ||||||||
Total Investments (Cost $36,408) (a) — 106.2% | 36,554 | ||||||||
Liabilities in excess of other assets — (6.2)% | (2,143 | ) | |||||||
Net Assets — 100.0% | $ | 34,411 | |||||||
(a) | Cost for federal income tax purposes is $36,364 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 252 | ||
Unrealized Depreciation | (62 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 190 | ||
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. |
(c) | Perpetual maturity. | |
(d) | Rate represents the effective yield at purchase. | |
(e) | This security or a partial position of the security was on loan at March 31, 2007. The total value of securities on loan at March 31, 2007 in thousands was $574. | |
(f) | This security was purchased on a when-issued basis. | |
(g) | This security was purchased with cash collateral held from securities lending. |
Cl | — Class | |
Ser | — Series |
130
Table of Contents
Virginia Intermediate Municipal Bond Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Municipal Bonds (98.3%) | |||||||||
Virginia (98.3%) | |||||||||
Amherst County Service Authority, RB, 6.000%, 12/15/20, Callable 12/15/10 @ 102 | 500 | 539 | |||||||
Amherst County Service Authority, RB, 6.000%, 12/15/30, Callable 12/15/10 @ 102 | 1,750 | 1,878 | |||||||
Arlington County Industrial Development Authority, Hospital Facilities, RB, 5.500%, 07/01/11 | 2,000 | 2,123 | |||||||
Arlington County Industrial Development Authority, Hospital Facilities, RB, 5.500%, 07/01/17, Prerefunded 07/01/11 @ 101 | 2,225 | 2,397 | |||||||
Arlington County Industrial Development Authority, Resource Recovery, Ser B, RB, AMT, 5.375%, 01/01/11, Callable 07/01/08 @ 101 | 2,785 | 2,854 | |||||||
Bedford County Economic Development Authority, Public Facilities Lease, RB, 5.250%, 05/01/24, Callable 01/01/16 @ 100, MBIA | 2,890 | 3,143 | |||||||
Bristol Utility System, RB, 5.250%, 07/15/23, Callable 07/15/13 @ 100, MBIA | 1,000 | 1,074 | |||||||
Charlottesville Industrial Development Authority, Educational Facilities, University of Virginia Foundation Projects, Ser A, RB, 3.630%, 12/01/37, LOC: Wachovia Bank N.A. (b) | 4,100 | 4,100 | |||||||
Chesapeake Water & Sewer Project, GO, 5.000%, 12/01/19, Callable 12/01/14 @ 101 | 2,465 | 2,646 | |||||||
Chesapeake, GO, 5.400%, 12/01/08 | 2,500 | 2,572 | |||||||
Chesterfield County, Public Improvement, GO, 5.000%, 01/01/14 | 3,440 | 3,713 | |||||||
Fairfax County Water Authority, RB, 6.000%, 04/01/22, Callable 04/01/07 @ 102 | 5,590 | 5,702 | |||||||
Fairfax County, GO, 5.000%, 01/15/26, Callable 01/15/15 @ 100 | 1,000 | 1,063 | |||||||
Fauquier County, School Bonds, GO, 5.000%, 07/01/19, Callable 07/01/16 @ 100, MBIA | 2,100 | 2,275 | |||||||
Front Royal & Warren County Development Authority, Ser B, RB, 5.000%, 04/01/23, Callable 04/01/14 @ 100 | 2,485 | 2,614 | |||||||
Greater Richmond Convention Center Authority, Hotel Tax, Center Expansion Project, RB, 6.125%, 06/15/25, Prerefunded 06/15/10 @ 101 | 1,240 | 1,342 | |||||||
Greater Richmond Convention Center Authority, Hotel Tax, RB, 5.000%, 06/15/16, Callable 06/15/15 @ 100, MBIA | 2,855 | 3,073 | |||||||
Greater Richmond Convention Center Authority, Hotel Tax, RB, 5.000%, 06/15/25, Callable 06/15/15 @ 100, MBIA | 1,000 | 1,057 | |||||||
Hampton Golf Course, RB, 6.000%, 12/01/12 | 745 | 765 | |||||||
Hampton, Ser A, GO, 5.500%, 07/15/18, Callable 07/15/12 @ 101 | 1,275 | 1,392 | |||||||
Hanover County Industrial Development Authority, Regional Medical Care Project, RB, 6.375%, 08/15/18, MBIA | 6,100 | 7,081 | |||||||
Harrisonburg Industrial Development Authority, Hospital Facilities, Rockingham Memorial Hospital, RB, 5.000%, 08/15/25, Callable 08/15/16 @ 100 | 1,000 | 1,059 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Virginia—continued | |||||||||
Henrico County Economic Development Authority, Beth Sholom Assisted Living Project, Ser A, RB, 5.850%, 07/20/19, Callable 07/20/09 @ 102, GNMA | 400 | 423 | |||||||
Henrico County Economic Development Authority, Residential Care Facilities, Ser A, RB, 4.250%, 06/01/07 | 525 | 525 | |||||||
Henrico County Economic Development Authority, Residential Care Facilities, Ser A, RB, 5.000%, 06/01/10 | 1,015 | 1,040 | |||||||
Henrico County Economic Development Authority, Residential Care Facilities, Ser A, RB, 6.500%, 06/01/22, Callable 06/01/12 @ 100 | 1,040 | 1,113 | |||||||
Henrico County Economic Development Authority, Residential Care Facilities, Westminster Canterbury, RB, 5.000%, 10/01/21, Callable 10/01/11 @ 100 | 1,375 | 1,422 | |||||||
Henrico County Economic Development Authority, Ser A, RB, 5.900%, 07/20/29, Callable 07/20/09 @ 102, GNMA | 500 | 530 | |||||||
Henrico County Industrial Development Authority, Bon Secours Health System, Ser B, RB, 5.150%, 06/01/07, MBIA | 2,500 | 2,506 | |||||||
Henrico County Industrial Development Authority, Regency 64, RB, AMT, 3.350%, 03/01/16, Callable 05/24/07 @ 100, LOC: First Union National Bank | 915 | 907 | |||||||
Henry County Public Service Authority, Water & Sewer, RB, 5.250%, 11/15/13, FSA | 1,500 | 1,632 | |||||||
James City County Economic Development Authority, Public Facility Project, 5.000%, 06/15/21, Callable 06/15/17 @ 100, FSA | 2,215 | 2,382 | |||||||
King George County Industrial Development Authority, Birchwood Power Partners, Ser A, RB, AMT, 3.800%, 10/01/24, LOC: Bank of Nova Scotia (b) | 700 | 700 | |||||||
King George County Industrial Development Authority, Birchwood Power Partners, Ser B, RB, AMT, 3.800%, 12/01/24, LOC: Bank of Nova Scotia (b) | 600 | 600 | |||||||
Loudoun County Industrial Development Authority, Loudoun Hospital Center, RB, 6.000%, 06/01/22, Prerefunded 06/01/12 @ 101 | 1,000 | 1,113 | |||||||
Loudoun County Industrial Development Authority, Northern Virginia Criminal Justice, RB, 5.000%, 06/01/26, Callable 06/01/16 @ 100 | 2,505 | 2,658 | |||||||
Loudoun County Industrial Development Authority, Public Safety Facilities Lease, Ser A, RB, 5.250%, 12/15/17, Callable 06/15/14 @ 100, FSA | 1,110 | 1,210 | |||||||
Loudoun County Industrial Development Authority, Residential Care Facilities, Ser A, RB, 6.000%, 08/01/24, Callable 08/01/14 @ 100 | 1,750 | 1,873 | |||||||
Loudoun County Industrial Development Authority, Residential Care Facilities, Ser B, RB, 5.000%, 08/01/28, Callable 08/01/07 @ 101 | 1,100 | 1,111 | |||||||
Loudoun County Public Improvement, Ser B, GO, 5.000%, 06/01/17, Callable 06/01/15 @ 100 | 1,000 | 1,085 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Virginia—continued | |||||||||
Loudoun County Sanitation Authority, Water & Sewage, RB, 5.000%, 01/01/25, Callable 01/01/15 @ 100 | 3,165 | 3,355 | |||||||
Loudoun County, Public Improvement, Ser B, GO, 5.000%, 06/01/14 | 3,500 | 3,793 | |||||||
Loudoun County, Public Improvement, Ser B, GO, 5.000%, 06/01/16, Callable 06/01/15 @ 100 | 4,635 | 5,042 | |||||||
Louisa Industrial Development Authority, Pollution Control, Virginia Electric & Power Co., RB, 5.250%, 12/01/08, Callable 11/08/07 @ 100.50 | 910 | 920 | |||||||
Lynchburg Industrial Development Authority, Residential Care Facility, Westminster-Canterbury, RB, 4.875%, 07/01/21, Callable 07/01/17 @ 100 | 1,000 | 1,002 | |||||||
Lynchburg, GO, 3.875%, 07/15/08, Callable 07/15/07 @ 100 | 2,985 | 2,986 | |||||||
Metropolitan Washington DC Airports Authority, Airport System, Ser A, RB, AMT, 5.500%, 10/01/27, Callable 10/01/11 @ 101, MBIA | 1,000 | 1,065 | |||||||
Metropolitan Washington DC Airports Authority, Airport System, Ser C, RB, 5.000%, 10/01/23, Callable 10/01/16 @ 100 | 1,965 | 2,092 | |||||||
Montgomery County Industrial Development Authority, RB, 5.500%, 01/15/18, Callable 01/15/12 @ 101, AMBAC | 1,865 | 2,019 | |||||||
New Kent County Economic Development Authority, School & Governmental Projects, RB, 5.000%, 02/01/18, Callable 02/01/17 @ 100, FSA | 2,225 | 2,406 | |||||||
Newport News Redevelopment & Housing Authority, RB, 5.850%, 12/20/30, Callable 08/20/07 @ 102, GNMA | 500 | 512 | |||||||
Newport News, GO, 5.250%, 07/01/15 | 3,000 | 3,317 | |||||||
Peninsula Ports Authority, Residential Care Facility, Ser A, RB, 7.375%, 12/01/23, Prerefunded 12/01/13 @ 100 | 4,520 | 5,463 | |||||||
Pittsylvania County, Ser B, GO, 5.625%, 03/01/15, Callable 03/01/11 @ 102, MBIA | 1,000 | 1,087 | |||||||
Portsmouth, Ser A, GO, 5.000%, 04/01/14, MBIA | 2,005 | 2,163 | |||||||
Portsmouth, Ser A, GO, 5.000%, 07/01/15, MBIA | 2,285 | 2,486 | |||||||
Prince William County Industrial Development Authority, ATCC Lease Project, RB, 5.250%, 02/01/16 | 1,055 | 1,160 | |||||||
Prince Williams County, Ser A, COP, 4.250%, 09/01/09 | 1,000 | 1,013 | |||||||
Richmond Industrial Development Authority, Government Facilities, RB, 5.000%, 07/15/18, AMBAC | 1,795 | 1,957 | |||||||
Richmond Industrial Development Authority, Student Housing, RB, 5.450%, 01/01/21, Callable 01/01/11 @ 102 | 1,000 | 1,060 | |||||||
Richmond Public Utility, RB, 5.000%, 01/15/23, Callable 01/15/15 @ 100, FSA | 1,000 | 1,062 | |||||||
Richmond, GO, 5.500%, 01/15/12, Callable 01/15/11 @ 101, FSA | 2,500 | 2,682 | |||||||
Richmond, GO, 5.500%, 01/15/15, Callable 01/15/11 @ 101, FSA | 1,290 | 1,381 | |||||||
Richmond, GO, 5.500%, 01/15/18, Callable 01/15/11 @ 101, FSA | 3,755 | 4,015 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Virginia—continued | |||||||||
Roanoke Industrial Development Authority, Carilion Health System, Ser A, RB, 5.750%, 07/01/13, Callable 07/01/12 @ 100 | 2,000 | 2,178 | |||||||
Roanoke Industrial Development Authority, Carilion Health System, Ser A, RB, 5.750%, 07/01/14, Callable 07/01/12 @ 100 | 2,000 | 2,176 | |||||||
Roanoke Industrial Development Authority, Carilion Health System, Ser A, RB, 5.500%, 07/01/16, Callable 07/01/12 @ 100, MBIA | 1,000 | 1,071 | |||||||
Roanoke Industrial Development Authority, Carilion Health System, Ser A, RB, 5.500%, 07/01/18, Callable 07/01/12 @ 100, MBIA | 2,000 | 2,135 | |||||||
Roanoke Industrial Development Authority, Carilion Health System, Ser A, RB, 5.500%, 07/01/21, Callable 07/01/12 @ 100, MBIA | 1,000 | 1,067 | |||||||
Roanoke Public Improvement, Ser B, GO, 5.000%, 02/01/24, Callable 02/01/15 @ 101 | 2,500 | 2,683 | |||||||
Southhampton County Industrial Development Authority, School Project, Ser B, RB, 4.000%, 04/01/10, Callable 04/01/09 @ 100 | 1,000 | 1,004 | |||||||
Spotsylvania County Water & Sewer, RB, 5.000%, 06/01/26, FSA | 3,635 | 3,837 | |||||||
Stafford County & Staunton Industrial Development Authority, Ser C, RB, 5.250%, 02/01/20, Callable 02/01/17 @ 100, XLCA | 2,165 | 2,378 | |||||||
Suffolk Industrial Development Authority, Retirement Facilities, First Mortgage — Lake Prince Center, RB, 5.150%, 09/01/24, Callable 09/01/16 @ 100 | 725 | 738 | |||||||
Suffolk Redevelopment & Housing Authority, Multifamily Housing, Summer Station Apartments LLC, RB, 3.760%, 09/01/19, LOC: SunTrust Bank (b) | 800 | 800 | |||||||
Tobacco Settlement Financing Corp., RB, 4.000%, 06/01/13 | 1,800 | 1,796 | |||||||
Tobacco Settlement Financing Corp., RB, 5.250%, 06/01/19, Callable 06/01/15 @ 100 | 1,990 | 2,088 | |||||||
Tobacco Settlement Financing Corp., RB, 5.500%, 06/01/26, Callable 06/01/15 @ 100 | 3,500 | 3,717 | |||||||
Upper Occoquan Sewage Authority, Regional Sewage, Ser A, RB, 4.500%, 07/01/26, Callable 07/01/17 @ 100, FSA | 1,000 | 1,007 | |||||||
Virginia Beach Development Authority, Ser A, RB, 5.375%, 08/01/16, Callable 08/01/12 @ 100 | 1,650 | 1,775 | |||||||
Virginia Beach, Public Improvement, Ser B, GO, 5.000%, 05/01/13 | 2,500 | 2,676 | |||||||
Virginia Beach, Ser C, GO, 5.000%, 09/15/16 | 2,825 | 3,087 | |||||||
Virginia College Building Authority, Educational Facilities Project, Ser A, RB, 5.000%, 02/01/15, Callable 02/01/14 @ 100 | 4,510 | 4,843 | |||||||
Virginia College Building Authority, Educational Facilities Project, Washington & Lee University, RB, 5.375%, 01/01/21, Callable 01/01/16 @ 100 | 3,090 | 3,508 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Virginia—continued | |||||||||
Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Ser A, RB, 5.000%, 09/01/10 | 3,000 | 3,132 | |||||||
Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Ser A, RB, 5.000%, 09/01/17, Callable 09/01/16 @ 100, State Aid Withholding | 3,000 | 3,265 | |||||||
Virginia Commonwealth Transportation Board, North Virginia Transportation District, Ser A, RB, 5.000%, 05/15/14 | 3,000 | 3,236 | |||||||
Virginia Commonwealth Transportation Board, Oak Grover Connector Transportation Program, Ser A, RB, 5.000%, 05/15/14 | 1,435 | 1,548 | |||||||
Virginia Commonwealth Transportation Board, Ser A, RB, 5.375%, 05/15/12, Callable 05/15/11 @ 100 | 1,000 | 1,065 | |||||||
Virginia Commonwealth Transportation Board, Ser A, RB, 5.000%, 09/28/15 | 1,000 | 1,088 | |||||||
Virginia Housing Development Authority, Commonwealth Mortgage, Ser E, SubSer E-1, RB, AMT, 3.950%, 04/01/08 | 3,000 | 3,006 | |||||||
Virginia Housing Development Authority, Commonwealth Mortgage, SubSer D1, RB, AMT, 4.000%, 01/01/09 | 2,000 | 2,006 | |||||||
Virginia Housing Development Authority, Multifamily, Ser E, RB, AMT, 5.350%, 11/01/11, Callable 01/01/08 @ 102 | 1,250 | 1,286 | |||||||
Virginia Housing Development Authority, Multifamily, Ser H, RB, AMT, 5.625%, 11/01/18, Callable 11/01/09 @ 100 | 3,500 | 3,592 | |||||||
Virginia Housing Development Authority, Multifamily, Ser I, RB, AMT, 4.875%, 11/01/12, Callable 01/01/09 @ 101 | 1,950 | 1,990 | |||||||
Virginia Polytechnic Institute & State University, Ser D, RB, 5.125%, 06/01/21, Callable 06/01/14 @ 101, AMBAC | 2,095 | 2,270 | |||||||
Virginia Public Building Authority, Public Facilities, Ser C, RB, 5.000%, 08/01/14 | 2,000 | 2,159 | |||||||
Virginia Public School Authority, School Financing 1997, Ser A, RB, 5.000%, 08/01/24, Callable 08/01/14 @ 100 | 1,365 | 1,444 | |||||||
Virginia Public School Authority, Ser B, RB, 5.000%, 08/01/13, Callable 08/01/10 @ 101 | 2,910 | 3,054 | |||||||
Virginia Resource Authority, Senior Infrastructure, Ser B, RB, 5.000%, 11/01/26, Callable 11/01/14 @ 100 | 2,185 | 2,315 | |||||||
Virginia Resources Authority, Infrastructure, Ser A, RB, 5.800%, 05/01/30, Prerefunded 05/01/11 @ 101, MBIA | 1,500 | 1,633 | |||||||
Western Regional Jail Authority, Jail Facilities, RB, 4.750%, 06/01/23, Callable 06/01/17 @ 100, MBIA | 2,255 | 2,359 | |||||||
Winchester, Public Improvement, GO, 5.000%, 11/01/18, Callable 11/01/15 @ 100, FGIC | 2,580 | 2,791 | |||||||
York County Industrial Development Authority, Pollution Control Project, RB, 5.500%, 07/01/09, Callable 11/08/07 @ 100.50 | 740 | 748 | |||||||
Total Municipal Bonds (Cost $215,255) | 219,881 | ||||||||
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Money Market Fund (0.7%) | |||||||||
Federated Virginia Municipal Cash Trust, Institutional Class, 3.190% | 1,537,186 | 1,537 | |||||||
Total Money Market Fund (Cost $1,537) | 1,537 | ||||||||
Total Investments (Cost $216,792) (a) — 99.0% | 221,418 | ||||||||
Other assets in excess of liabilities — 1.0% | 2,174 | ||||||||
Net Assets — 100.0% | $ | 223,592 | |||||||
(a) | Cost for federal income tax purposes is $216,777 (amount in thousands). Unrealized appreciation/ (depreciation) on a tax basis is as follows (amounts in thousands): |
Unrealized Appreciation | $ | 4,908 | ||
Unrealized Depreciation | (267 | ) | ||
Unrealized Appreciation (Depreciation) | $ | 4,641 | ||
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. |
AMBAC | — Security insured by American Municipal Bond Assurance Corporation | |
AMT | — Alternative Minimum Tax Paper | |
COP | — Certificates of Participation | |
FGIC | — Security insured by Financial Guaranty Insurance Company | |
FSA | — Security insured by Financial Security Assurance | |
GNMA | — Security insured by Government National Mortgage Association | |
GO | — General Obligation | |
LLC | — Limited Liability Corporation | |
LOC | — Letter of Credit | |
MBIA | — Security insured by Municipal Bond Insurance Association | |
RB | — Revenue Bond | |
Ser | — Series | |
XLCA | — Security insured by XL Capital Assurance, Inc. |
136
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Prime Quality Money Market Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Certificates of Deposit (6.6%) | |||||||||
Banks (6.1%) | |||||||||
Barclays Bank PLC NY, 5.320%, 06/04/07 (b) | 50,000 | 50,000 | |||||||
Depfa Bank PLC NY, 5.525%, 08/08/07 | 75,000 | 75,000 | |||||||
Deutsche Bank AG, 5.410%, 02/28/08 (b) | 75,000 | 75,000 | |||||||
Natixis, 5.400%, 03/27/08 (b) | 75,000 | 75,000 | |||||||
Royal Bank of Canada NY, 5.320%, 03/20/08 (b) | 25,000 | 25,001 | |||||||
Societe Generale NY, 5.380%, 06/01/07 (b) | 50,000 | 50,000 | |||||||
Societe Generale NY, 5.230%, 09/27/07 | 50,000 | 50,002 | |||||||
Societe Generale NY, 5.400%, 01/10/08 | 50,000 | 50,000 | |||||||
Societe Generale NY, 5.390%, 02/15/08 (b) | 75,000 | 75,000 | |||||||
Toronto Dominion Bank NY, 5.400%, 01/09/08 | 30,000 | 29,998 | |||||||
555,001 | |||||||||
Diversified Financial Services (0.5%) | |||||||||
Alliance & Leicester PLC, 5.325%, 06/14/07 (d) | 50,000 | 49,999 | |||||||
Total Certificates of Deposit (Cost $605,000) | 605,000 | ||||||||
Commercial Paper (44.7%) | |||||||||
Banks (2.3%) | |||||||||
Bank of Ireland, 5.541%, 08/15/07 (c) (d) | 50,000 | 49,022 | |||||||
Depfa Bank PLC NY, 5.419%, 08/02/07 (c) (d) | 50,000 | 49,110 | |||||||
DnB Nor Bank ASA, 5.452%, 06/08/07 (c) | 50,000 | 49,511 | |||||||
DnB Nor Bank ASA, 5.349%, 06/26/07 (c) | 50,000 | 49,394 | |||||||
Northern Rock PLC, 5.372%, 05/04/07 (c) (d) | 11,450 | 11,395 | |||||||
208,432 | |||||||||
Diversified Financial Services (41.9%) | |||||||||
Amstel Funding Corp., 5.408%, 05/16/07 (c) (d) | 69,405 | 68,954 | |||||||
Anglesea Funding LLC, 5.348%, 07/02/07 (c) (d) | 50,000 | 49,352 | |||||||
Anglesea Funding LLC, 5.404%, 07/10/07 (c) (d) | 75,000 | 73,919 | |||||||
Anglesea Funding LLC, 5.430%, 07/16/07 (c) (d) | 55,000 | 54,155 | |||||||
Anglesea Funding LLC, 5.420%, 07/20/07 (c) (d) | 35,000 | 34,441 | |||||||
Anglesea Funding LLC, 5.420%, 08/15/07 (c) (d) | 48,250 | 47,300 | |||||||
Atlas Capital Funding Corp., 5.418%, 04/13/07 (c) (d) | 15,430 | 15,403 | |||||||
Barton Capital LLC, 5.371%, 04/23/07 (c) (d) | 53,637 | 53,464 | |||||||
Bear Stearns Cos., Inc., 5.320%, 06/12/07 (b) | 75,000 | 75,000 | |||||||
Beethoven Funding Corp., 5.383%, 04/13/07 (c) (d) | 50,000 | 49,912 | |||||||
Beethoven Funding Corp., 5.380%, 04/17/07 (c) (d) | 30,567 | 30,495 | |||||||
Beethoven Funding Corp., 5.389%, 04/20/07 (c) (d) | 50,000 | 49,861 | |||||||
Beethoven Funding Corp., 5.384%, 05/24/07 (c) (d) | 50,462 | 50,071 | |||||||
Beethoven Funding Corp., 5.395%, 06/15/07 (c) (d) | 65,177 | 64,464 | |||||||
Beethoven Funding Corp., 5.395%, 06/19/07 (c) (d) | 50,000 | 49,424 | |||||||
Berkeley Square Finance LLC, 5.518%, 04/02/07 (c) (d) | 50,000 | 49,992 | |||||||
Berkeley Square Finance LLC, 5.375%, 04/19/07 (c) (d) | 100,000 | 99,736 | |||||||
Berkeley Square Finance LLC, 5.398%, 04/20/07 (c) (d) | 31,148 | 31,061 | |||||||
Berkeley Square Finance LLC, 5.379%, 04/23/07 (c) (d) | 50,000 | 49,839 | |||||||
Bryant Park Funding LLC, 5.372%, 04/12/07 (c) (d) | 15,806 | 15,781 | |||||||
Catapult-PmX Funding LLC, 5.388%, 04/02/07 (c) (d) | 50,000 | 49,993 | |||||||
Catapult-PmX Funding LLC, 5.377%, 04/18/07 (c) (d) | 44,530 | 44,419 | |||||||
Catapult-PmX Funding LLC, 5.320%, 11/30/07 (b) (d) | 100,000 | 99,989 | |||||||
Chesham Finance LLC, 5.300%, 04/10/07 (b) (d) | 50,000 | 50,000 | |||||||
Chesham Finance LLC, 5.391%, 05/14/07 (c) (d) | 50,000 | 49,689 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Diversified Financial Services—continued | |||||||||
Chesham Finance LLC, 5.420%, 07/09/07 (c) (d) | 25,000 | 24,642 | |||||||
Chesham Finance LLC, 5.270%, 07/25/07 (b) (d) | 50,000 | 49,995 | |||||||
Chesham Finance LLC, 5.310%, 08/07/07 (b) (d) | 75,000 | 74,992 | |||||||
Cimarron Ltd., 5.385%, 04/03/07 (c) (d) | 73,162 | 73,141 | |||||||
Concord Minutemen Capital Corp., 5.379%, 04/04/07 (c) (d) | 19,700 | 19,691 | |||||||
Concord Minutemen Capital Corp., 5.373%, 04/11/07 (c) (d) | 39,855 | 39,797 | |||||||
Cullinan Finance Corp., 5.411%, 04/25/07 (c) (d) | 15,300 | 15,247 | |||||||
Cullinan Finance Corp., 5.436%, 04/26/07 (c) (d) | 66,400 | 66,159 | |||||||
Duke Funding High Grade I Ltd., 5.308%, 04/05/07 (c) (d) | 64,821 | 64,783 | |||||||
East-Fleet Finance LLC, 5.370%, 04/03/07 (c) (d) | 50,000 | 49,985 | |||||||
East-Fleet Finance LLC, 5.407%, 04/04/07 (c) (d) | 50,000 | 49,978 | |||||||
Ebury Finance LLC, 5.473%, 04/02/07 (c) (d) | 90,000 | 89,987 | |||||||
Ebury Finance LLC, 5.400%, 07/30/07 (c) (d) | 40,000 | 39,317 | |||||||
Ebury Finance LLC, 5.300%, 10/12/07 (b) (d) | 50,000 | 49,992 | |||||||
Ebury Finance LLC, 5.464%, 01/30/08 (c) (d) | 60,000 | 57,411 | |||||||
Falcon Asset Securitization Corp. LLC, 5.373%, 04/10/07 (c) (d) | 30,890 | 30,849 | |||||||
Five Finance, Inc., 5.379%, 04/30/07 (c) (d) | 23,175 | 23,077 | |||||||
Five Finance, Inc., 5.404%, 05/21/07 (c) (d) | 30,000 | 29,784 | |||||||
Five Finance, Inc., 5.386%, 07/06/07 (c) (d) | 24,000 | 23,665 | |||||||
Fountain Square Commercial Funding Corp., 5.377%, 04/11/07 (c) (d) | 12,540 | 12,522 | |||||||
Grampian Funding LLC, 5.404%, 05/22/07, LOC: HBOS Treasury Services PLC (c) (d) | 100,000 | 99,260 | |||||||
Hudson-Thames LLC, 5.388%, 06/06/07 (c) (d) | 30,431 | 30,139 | |||||||
Hudson-Thames LLC, 5.395%, 06/29/07 (c) (d) | 22,583 | 22,290 | |||||||
Hudson-Thames LLC, 5.377%, 09/26/07 (c) (d) | 51,350 | 50,039 | |||||||
Irish Life & Permanent PLC, 5.427%, 04/04/07 (c) (d) | 10,000 | 9,996 | |||||||
Irish Life & Permanent PLC, 5.415%, 04/11/07 (c) (d) | 30,000 | 29,956 | |||||||
Irish Life & Permanent PLC, 5.406%, 04/27/07 (c) (d) | 50,000 | 49,811 | |||||||
Irish Life & Permanent PLC, 5.403%, 05/22/07 (c) (d) | 19,500 | 19,356 | |||||||
Jupiter Securities Corp., 5.368%, 04/16/07 (c) (d) | 45,552 | 45,452 | |||||||
Kitty Hawk Funding Corp., 5.381%, 05/02/07 (c) (d) | 50,000 | 49,773 | |||||||
Klio II Funding Corp., 5.399%, 04/18/07 (c) (d) | 58,567 | 58,422 | |||||||
Lexington Parker Capital Corp., 5.371%, 04/16/07 (c) (d) | 50,000 | 49,890 | |||||||
Merrill Lynch & Co., Inc., 5.563%, 05/01/07 (c) | 50,000 | 49,780 | |||||||
Mica Funding LLC, 5.400%, 04/04/07 (c) (d) | 11,465 | 11,460 | |||||||
Mica Funding LLC, 5.375%, 04/05/07 (c) (d) | 60,000 | 59,965 | |||||||
Mica Funding LLC, 5.387%, 04/10/07 (c) (d) | 17,780 | 17,757 | |||||||
Mica Funding LLC, 5.376%, 04/12/07 (c) (d) | 117,578 | 117,387 | |||||||
Mica Funding LLC, 5.395%, 06/20/07 (c) (d) | 50,000 | 49,417 | |||||||
Mica Funding LLC, 5.433%, 08/09/07 (c) (d) | 27,300 | 26,785 | |||||||
Morgan Stanley, 5.417%, 06/25/07 (c) | 18,000 | 17,779 | |||||||
Morgan Stanley, 5.391%, 07/16/07 (c) | 50,000 | 49,239 | |||||||
Morgan Stanley, 5.508%, 09/14/07 (b) | 50,000 | 50,000 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Diversified Financial Services—continued | |||||||||
Nelnet Student Asset Funding LLC, 5.392%, 04/19/07 (c) (d) | 46,931 | 46,807 | |||||||
New Center Asset Trust, 5.375%, 07/19/07 (c) | 50,000 | 49,211 | |||||||
New Center Asset Trust, 5.399%, 07/26/07 (c) | 50,000 | 49,161 | |||||||
New Center Asset Trust, 5.420%, 08/02/07 (c) | 35,000 | 34,377 | |||||||
New Center Asset Trust, 5.372%, 08/23/07 (c) | 98,000 | 95,972 | |||||||
Park Avenue Receivables Corp., 5.375%, 04/12/07 (c) (d) | 50,000 | 49,919 | |||||||
Ranger Funding Co. LLC, 5.381%, 05/02/07 (c) (d) | 50,000 | 49,773 | |||||||
Sedna Finance, Inc., 5.405%, 09/24/07 (c) (d) | 42,250 | 41,182 | |||||||
Solitaire Funding LLC, 5.437%, 04/19/07 (c) (d) | 50,000 | 49,870 | |||||||
Stanfield Victoria LLC, 5.280%, 11/15/07 (b) (d) | 65,000 | 64,992 | |||||||
Surrey Funding Corp., 5.382%, 05/04/07 (c) (d) | 50,000 | 49,758 | |||||||
Tierra Alta Funding Ltd., 5.410%, 05/23/07 (c) (d) | 35,928 | 35,655 | |||||||
Westpac Securities Ltd., 5.413%, 05/29/07 (c) (d) | 9,000 | 8,924 | |||||||
Whistlejacket Capital Ltd., 5.384%, 04/30/07 (c) (d) | 39,275 | 39,108 | |||||||
Zela Finance, Inc., 5.398%, 04/25/07 (c) (d) | 18,500 | 18,435 | |||||||
3,838,825 | |||||||||
Diversified Manufacturing (0.1%) | |||||||||
Siemens Capital Co. LLC, 5.377%, 04/13/07 (c) | 9,620 | 9,603 | |||||||
Transportation (0.4%) | |||||||||
United Parcel Service, Inc., 5.323%, 07/31/07 (c) (d) | 15,500 | 15,238 | |||||||
United Parcel Service, Inc., 5.421%, 08/31/07 (c) (d) | 25,000 | 24,464 | |||||||
39,702 | |||||||||
Total Commercial Paper (Cost $4,096.562) | 4,096,562 | ||||||||
Corporate Bonds (46.0%) | |||||||||
Automobile ABS (0.3%) | |||||||||
Ford Credit Auto Owner Trust, Ser 2006-C, Cl A1, 5.357%, 12/15/07 (d) | 18,397 | 18,397 | |||||||
Nissan Auto Lease Trust, Ser 2006-A, Cl A1, 5.347%, 12/14/07 | 10,021 | 10,021 | |||||||
28,418 | |||||||||
Banks (8.3%) | |||||||||
Bank of New York Co., Inc., 5.380%, 04/25/08 (b) (d) | 25,000 | 25,000 | |||||||
Calyon, Inc. NY, 5.400%, 11/13/07 (d) | 50,000 | 50,000 | |||||||
Credit Agricole SA, 5.320%, 04/15/08 (b) (d) | 50,000 | 50,000 | |||||||
Danske Bank AS, 5.290%, 04/11/08 (b) (d) | 50,000 | 50,000 | |||||||
National Australia Bank Ltd., 5.289%, 04/07/08 (b) (d) | 75,000 | 75,000 | |||||||
National City Bank Cleveland, 5.315%, 09/18/07 (b) | 100,000 | 99,993 | |||||||
Northern Rock PLC, 5.340%, 04/04/08 (b) (d) | 50,000 | 50,000 | |||||||
Royal Bank of Canada, 5.310%, 04/01/08 (b) (d) | 75,000 | 75,000 | |||||||
Skandinaviska Enskilda Banken AB, 5.320%, 04/09/08 (b) (d) | 50,000 | 50,000 | |||||||
Skandinaviska Enskilda Banken AB, 5.320%, 04/16/08 (b) (d) | 50,000 | 50,000 | |||||||
Svenska Handelsbanken AB, 5.290%, 04/14/08 (b) (d) | 70,000 | 70,000 | |||||||
Wells Fargo & Co., 5.380%, 01/02/08 (b) | 10,000 | 10,000 | |||||||
Wells Fargo & Co., 5.330%, 04/14/08 (b) (d) | 50,000 | 50,000 | |||||||
Westpac Banking Corp., 5.310%, 04/15/08 (b) (d) | 60,000 | 60,000 | |||||||
764,993 | |||||||||
Computers (0.3%) | |||||||||
IBM Corp., 5.330%, 04/08/08 (b) (d) | 25,000 | 25,000 | |||||||
Diversified Financial Services (36.2%) | |||||||||
Alliance & Leicester PLC, 5.330%, 04/08/08 (b) (d) | 30,000 | 30,000 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Diversified Financial Services—continued | |||||||||
American Express Credit Corp., 5.420%, 03/05/08 (b) | 90,000 | 90,000 | |||||||
Atlas Capital Funding Corp., 5.310%, 07/10/07 (b) (d) | 50,000 | 49,999 | |||||||
Atlas Capital Funding Corp., 5.310%, 07/16/07 (b) (d) | 75,000 | 75,000 | |||||||
Atlas Capital Funding Corp., 5.340%, 09/10/07 (b) (d) | 50,000 | 50,000 | |||||||
Atlas Capital Funding Corp., 5.350%, 10/25/07 (b) (d) | 30,000 | 30,000 | |||||||
Bear Stearns Cos., Inc., 5.320%, 04/25/07 (b) | 41,000 | 41,000 | |||||||
Bear Stearns Cos., Inc., 5.380%, 04/28/08 (b) | 125,000 | 125,001 | |||||||
Beta Finance, Inc., 5.308%, 05/22/07 (b) (d) | 50,000 | 49,999 | |||||||
Beta Finance, Inc., 5.430%, 02/06/08 (b) (d) | 75,000 | 74,997 | |||||||
Beta Finance, Inc., 5.405%, 04/03/08 (b) (d) | 50,000 | 49,995 | |||||||
CC USA, Inc., 5.310%, 05/18/07 (b) (d) | 50,000 | 49,999 | |||||||
CC USA, Inc., 5.420%, 09/24/07 (d) | 50,000 | 50,000 | |||||||
CC USA, Inc., 5.430%, 01/31/08 (b) (d) | 75,000 | 75,000 | |||||||
Cheyne Finance LLC, 5.323%, 05/15/07 (b) (d) | 50,000 | 49,999 | |||||||
Cheyne Finance LLC, 5.317%, 08/15/07 (b) (d) | 30,000 | 29,998 | |||||||
Cheyne Finance LLC, 5.325%, 08/20/07 (b) (d) | 50,000 | 49,997 | |||||||
Cheyne Finance LLC, 5.316%, 12/05/07 (b) (d) | 50,000 | 49,995 | |||||||
Cheyne Finance LLC, 5.312%, 01/14/08 (b) (d) | 50,000 | 49,995 | |||||||
Cheyne Finance LLC, 5.440%, 01/25/08 (b) (d) | 30,000 | 29,998 | |||||||
Cullinan Finance Corp., 5.280%, 04/25/07 (d) | 50,000 | 50,000 | |||||||
Cullinan Finance Corp., 5.320%, 10/12/07 (b) (d) | 70,000 | 69,995 | |||||||
Cullinan Finance Corp., 5.315%, 03/12/08 (b) (d) | 50,000 | 49,995 | |||||||
Dorada Finance, Inc., 5.305%, 05/17/07 (b) (d) | 50,000 | 49,999 | |||||||
Five Finance, Inc., 5.310%, 05/22/07 (b) (d) | 50,000 | 49,999 | |||||||
Five Finance, Inc., 5.310%, 05/25/07 (b) (d) | 50,000 | 49,999 | |||||||
Five Finance, Inc., 5.310%, 10/30/07 (b) (d) | 50,000 | 49,994 | |||||||
General Electric Capital Corp., 5.445%, 07/09/07 (b) | 69,000 | 69,000 | |||||||
Goldman Sachs Group, Inc., 5.370%, 04/14/08 (b) (d) | 100,000 | 100,001 | |||||||
K2 (USA) LLC, 5.320%, 12/05/07 (b) (d) | 50,000 | 49,997 | |||||||
K2 (USA) LLC, 5.320%, 12/10/07 (b) (d) | 50,000 | 49,993 | |||||||
K2 (USA) LLC, 5.435%, 01/30/08 (b) (d) | 50,000 | 50,000 | |||||||
K2 (USA) LLC, 5.530%, 03/03/08 (b) (d) | 50,000 | 49,995 | |||||||
K2 (USA) LLC, 5.315%, 03/17/08 (b) (d) | 50,000 | 49,993 | |||||||
Liberty Light US Capital, 5.320%, 05/11/07 (b) (d) | 50,000 | 50,000 | |||||||
Liberty Light US Capital, 5.315%, 05/18/07 (b) (d) | 50,000 | 49,999 | |||||||
Liberty Light US Capital, 5.320%, 09/14/07 (b) (d) | 100,000 | 99,995 | |||||||
Liberty Light US Capital, 5.320%, 11/02/07 (b) (d) | 25,000 | 24,997 | |||||||
Liberty Light US Capital, 5.320%, 02/04/08 (b) (d) | 25,000 | 24,996 | |||||||
Merrill Lynch & Co., Inc., 5.400%, 04/03/08 (b) | 30,000 | 30,000 | |||||||
Merrill Lynch & Co., Inc., 5.300%, 04/18/08 (b) | 40,000 | 40,000 | |||||||
Merrill Lynch & Co., Inc., 5.300%, 04/23/08 (b) | 50,000 | 50,000 | |||||||
Morgan Stanley, 5.380%, 04/15/08 (b) | 75,000 | 75,000 | |||||||
Morgan Stanley, 5.470%, 04/15/08 (b) | 48,500 | 48,500 | |||||||
Sedna Finance, Inc., 5.422%, 03/07/08 (b) (d) | 75,000 | 74,998 | |||||||
Sedna Finance, Inc., 5.430%, 03/31/08 (b) (d) | 75,000 | 75,000 | |||||||
Sigma Finance, Inc., 5.360%, 05/15/07 (b) (d) | 50,000 | 50,000 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Diversified Financial Services—continued | |||||||||
Sigma Finance, Inc., 5.400%, 10/22/07 (d) | 50,000 | 50,000 | |||||||
Sigma Finance, Inc., 5.317%, 11/21/07 (b) (d) | 50,000 | 49,997 | |||||||
Sigma Finance, Inc., 5.325%, 12/14/07 (b) (d) | 50,000 | 49,996 | |||||||
Sigma Finance, Inc., 5.370%, 02/04/08 (b) (d) | 50,000 | 50,015 | |||||||
Sigma Finance, Inc., 5.420%, 04/03/08 (b) (d) | 25,000 | 24,998 | |||||||
Stanfield Victoria LLC, 5.320%, 06/05/07 (b) (d) | 25,000 | 25,000 | |||||||
Stanfield Victoria LLC, 5.330%, 08/01/07 (b) (d) | 100,000 | 99,998 | |||||||
Stanfield Victoria LLC, 5.435%, 01/25/08 (b) (d) | 75,000 | 74,997 | |||||||
Toyota Motor Credit Corp., Ser B, 5.310%, 04/26/07 (b) | 50,000 | 50,000 | |||||||
Whistlejacket Capital Ltd., 5.320%, 11/07/07 (b) (d) | 25,000 | 24,997 | |||||||
Whistlejacket Capital Ltd., 5.320%, 01/14/08 (b) (d) | 100,000 | 99,992 | |||||||
Zela Finance, Inc., 5.330%, 01/25/08 (b) (d) | 75,000 | 74,994 | |||||||
Zela Finance, Inc., 5.430%, 03/12/08 (b) (d) | 50,000 | 50,000 | |||||||
3,308,401 | |||||||||
Insurance (0.4%) | |||||||||
Lincoln National Corp., 5.400%, 04/15/08 (b) (d) | 35,000 | 35,000 | |||||||
Retail (0.5%) | |||||||||
Wal-Mart Stores, Inc., 5.877%, 06/01/07 | 50,000 | 50,041 | |||||||
Total Corporate Bonds (Cost $4,211,853) | 4,211,853 | ||||||||
Master Notes (2.5%) | |||||||||
Banks (2.5%) | |||||||||
Bank of America Corp., 5.508% (b) (e) | 232,435 | 232,435 | |||||||
Total Master Notes (Cost $232,435) | 232,435 | ||||||||
Repurchase Agreements (0.8%) | |||||||||
Bear Stearns Cos., Inc., 5.325% , dated 03/30/07, to be repurchased on 04/02/07, repurchase price $3,545 (collateralized by U.S. Government Agencies; DN, due 10/01/35; total market value $3,615) | 3,543 | 3,543 | |||||||
BNP Paribas, 5.265%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $12,779 (collateralized by U.S. Government Agencies; 6.375%, due 06/15/09; total market value $13,030) | 12,774 | 12,774 | |||||||
Lehman Brothers, Inc., 5.255%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $15,158 (collateralized by U.S. Government Agencies; 5.500%, due 11/01/34; total market value $15,454) | 15,151 | 15,151 | |||||||
Merrill Lynch & Co., Inc., 5.255%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $2,984 (collateralized by U.S. Government Agencies; 6.500%, due 02/15/32; total market value $3,045) | 2,982 | 2,982 | |||||||
Morgan Stanley, 5.265%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $11,416 (collateralized by U.S. Government Agencies; 5.000%, due 08/01/34; total market value $11,687) | 11,411 | 11,411 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Repurchase Agreements—continued | |||||||||
UBS Warburg LLC, 5.335%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $28,846 (collateralized by U.S. Government Agencies; 4.500%-5.500%, due 05/15/26-03/15/37; total market value $29,410) | 28,833 | 28,833 | |||||||
Total Repurchase Agreements (Cost $74,694) | 74,694 | ||||||||
Time Deposit (0.0%) | |||||||||
Banks (0.0%) | |||||||||
BNP Paribas, 5.380% (b) | 930,116 | 930 | |||||||
Total Time Deposit (Cost $930) | 930 | ||||||||
Total Investments (Cost $9,221,474) (a) — 100.6% | 9,221,474 | ||||||||
Liabilities in excess of other assets — (0.6)% | (51,736 | ) | |||||||
Net Assets — 100.0% | $ | 9,169,738 | |||||||
(a) | Aggregate cost for federal income tax and financial reporting purposes is the same. | |
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. | |
(c) | Rate represents the effective yield at purchase. | |
(d) | Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 75.7% of net assets as of March 31, 2007. | |
(e) | Perpetual Maturity. |
Cl | — Class | |
DN | — Discount Note | |
LLC | — Limited Liability Company | |
LOC | — Letter of Credit | |
PLC | — Public Limited Company | |
Ser | — Series |
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Tax-Exempt Money Market Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Municipal Bonds (94.5%) | |||||||||
Alabama (2.6%) | |||||||||
Cherokee Industrial Development Board, The BOC Group Project, RB, 3.660%, 04/01/08, LOC: Wachovia Bank of Georgia (b) (c) | 3,500 | 3,500 | |||||||
Houston County Health Care Authority, Ser PT-880, RB, 3.540%, 10/01/19, Callable 02/12/08 @ 100, MBIA (b) | 21,380 | 21,380 | |||||||
Marion Educational Building Authority, Judson College Project, RB, 3.710%, 01/01/33, LOC: SouthTrust Bank N.A. (b) | 6,285 | 6,285 | |||||||
Stevenson Industrial Development Board, Environmental Improvement Revenue, Mead Corp. Project, RB, 3.640%, 11/01/16, LOC: JP Morgan Chase Bank (b) | 5,000 | 5,000 | |||||||
University of Alabama, Hospital Improvements, Ser B, RB, 3.640%, 09/01/31, AMBAC (b) | 10,000 | 10,000 | |||||||
46,165 | |||||||||
Alaska (0.1%) | |||||||||
Alaska State Housing Finance Corp., Housing Development, Ser D, RB, 3.630%, 06/01/37, MBIA (b) | 2,000 | 2,000 | |||||||
Arizona (0.6%) | |||||||||
Phoenix Civic Improvement Corp., Water System, Ser PT-2898, RB, 3.720%, 07/01/24, Callable 07/01/15 @ 100, MBIA (b) | 9,980 | 9,980 | |||||||
California (1.3%) | |||||||||
Culver City School Facilities Financing Authority, Ser PT-3263, RB, 3.660%, 08/01/24, FSA (b) (c) | 4,980 | 4,980 | |||||||
Golden State Tobacco Securitization Corp., Ser B, RB, 3.700%, 06/01/45, AMBAC (b) (c) | 12,500 | 12,500 | |||||||
Pajaro Valley Unified School District, Ser PT-2779, GO, 3.660%, 08/01/22, Callable 08/01/15 @ 100, FSA (b) (c) | 4,960 | 4,960 | |||||||
San Francisco City & County, Ser PT-3017, GO, 3.660%, 06/15/25, Callable 06/15/12 @ 102, MBIA (b) (c) | 1,000 | 1,000 | |||||||
23,440 | |||||||||
Colorado (1.5%) | |||||||||
Arkansas River Power Authority, Ser PT-3550, RB, 3.710%, 10/01/26, XLCA (b) (c) | 5,000 | 5,000 | |||||||
Arkansas River Power Authority, Ser PT-3575, RB, 3.710%, 10/01/21, XLCA (b) (c) | 3,000 | 3,000 | |||||||
Colorado Housing & Finance Authority, St. Moritz Project, Ser H, RB, 3.670%, 10/15/16, FNMA (b) | 5,215 | 5,215 | |||||||
Colorado Water Resources & Power Development Authority, Ser PT-3179, RB, 3.720%, 08/01/25, Callable 08/01/15 @ 100, FSA (b) | 12,465 | 12,465 | |||||||
25,680 | |||||||||
Connecticut (0.3%) | |||||||||
Connecticut, Ser PA-720 R, GO, 3.670%, 06/15/11, Callable 06/15/10 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 5,000 | 5,000 | |||||||
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
District of Columbia (0.8%) | |||||||||
District of Columbia, Planned Parenthood Project, RB, 3.660%, 12/01/29, LOC: Bank of America N.A. (b) | 6,140 | 6,140 | |||||||
District of Columbia, The Phillips Collection Issue, RB, 3.660%, 08/01/33, LOC: Bank of America N.A. (b) | 4,700 | 4,700 | |||||||
District of Columbia, Thurgood Marshall Center Trust, RB, 3.680%, 11/01/27, LOC: Branch Banking & Trust Co. (b) | 3,220 | 3,220 | |||||||
14,060 | |||||||||
Florida (9.1%) | |||||||||
De Soto County Industrial Development, Tremron Project, RB, 3.780%, 11/01/15, LOC: Branch Banking & Trust Co. (b) | 3,500 | 3,500 | |||||||
Florida Department of Environmental Protection, Preservation, Ser PT-3335, RB, 3.720%, 07/01/24, Callable 07/01/15 @ 101, MBIA (b) (c) | 19,930 | 19,930 | |||||||
Hillsborough County Industrial Development Authority, Independent Day School Project, RB, 3.710%, 09/01/26, LOC: Bank of America N.A. (b) | 1,900 | 1,900 | |||||||
JEA Electric Systems, Ser 3-A, RB, 3.650%, 10/01/36, CIFG (b) | 75,000 | 75,000 | |||||||
Lake County School Board, Ser PA-1321, COP, 3.720%, 06/01/30, Callable 06/01/15 @ 100, AMBAC (b) (c) | 2,000 | 2,000 | |||||||
Manatee County, St. Stephens Upper School Project, RB, 3.660%, 11/01/25, LOC: Bank of America N.A. (b) | 3,100 | 3,100 | |||||||
Miami-Dade County Industrial Development Authority, Gulliver Schools Project, RB, 3.680%, 09/01/29, LOC: Bank of America N.A. (b) | 6,950 | 6,950 | |||||||
Orlando Utilities Commission, Water & Sewer, Ser PT-2285, RB, 3.710%, 04/01/12, LOC: Dexia Credit Local (b) | 9,000 | 9,000 | |||||||
Santa Rosa County Health Facilities Authority, Baptist Hospital, Inc. Project, RB, 3.660%, 10/01/21, LOC: Bank of America N.A. (b) | 7,300 | 7,300 | |||||||
Sarasota County Health Facility Authority, Bay Village Project, RB, 3.680%, 12/01/23, LOC: Bank of America N.A. (b) (c) | 4,000 | 4,000 | |||||||
University of North Florida Foundation, Inc., Parking Systems Project, RB, 3.650%, 05/01/28, LOC: First Union National Bank (b) | 5,300 | 5,300 | |||||||
Volusia County Housing Finance Authority, Ser MT 151, RB, 3.780%, 11/15/20, AMBAC (b) (c) | 21,045 | 21,045 | |||||||
159,025 | |||||||||
Georgia (1.0%) | |||||||||
Bulloch County Development Authority, Ser PT-2594, RB, 3.720%, 08/01/26, Callable 08/01/15 @ 100, XLCA (b) (c) | 4,070 | 4,070 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Georgia—continued | |||||||||
Cobb County Development Authority, Kennesaw State University Project, RB, 3.660%, 11/01/18, AMBAC (b) | 4,595 | 4,595 | |||||||
Newnan Development Authority, Multifamily Housing, Club at Newnan Crossing Project, RB, AMT, 3.730%, 09/15/36, LOC: Bank of America N.A. (b) | 800 | 800 | |||||||
Savannah Economic Development Authority, Exempt Facilities — Consolidated Utilities, Inc. Project, RB, AMT, 3.780%, 12/01/19, LOC: Branch Banking & Trust Co. (b) (c) | 1,985 | 1,985 | |||||||
Savannah Economic Development Authority, Kennickell Printing Co. Project, RB, AMT, 3.780%, 09/01/11, LOC: Branch Banking & Trust Co. (b) | 1,195 | 1,195 | |||||||
Toombs County Hospital Authority, Meadows Regional Medical Center Project, RB, 3.680%, 12/01/17, LOC: Branch Banking & Trust Co. (b) | 4,300 | 4,300 | |||||||
16,945 | |||||||||
Idaho (0.9%) | |||||||||
Idaho Health Facility Authority, St. Lukes Regional Medical Center Project, RB, 3.800%, 07/01/35, FSA (b) | 15,000 | 15,000 | |||||||
Illinois (11.4%) | |||||||||
Bloomington-Normal Airport Authority, GO, 4.100%, 01/01/12, LOC: JP Morgan Chase & Co. N.A. (b) | 500 | 500 | |||||||
Chicago O’Hare International Airport, General Airport 2nd Lien, Ser B, RB, 3.610%, 01/01/15, LOC: Societe Generale (b) | 5,200 | 5,200 | |||||||
Chicago O’Hare International Airport, General Airport, 3rd Lien, Ser C, RB, 3.660%, 01/01/35, CIFG (b) | 22,940 | 22,940 | |||||||
Chicago, Merlots Project, Ser WWW, GO, 3.690%, 01/01/22, AMBAC (b) (c) | 11,000 | 11,000 | |||||||
Illinois Educational Facilities Authority, Chicago Children’s Museum Project, RB, 3.730%, 02/01/28, LOC: JP Morgan Chase & Co. N.A. (b) | 1,600 | 1,600 | |||||||
Illinois Educational Facilities Authority, Museum of Science & Industry Project, RB, 3.730%, 11/01/15, LOC: Northern Trust Co. (b) | 3,900 | 3,900 | |||||||
Illinois Finance Authority, Alexian Brothers Health Project, RB, 3.640%, 04/01/35, LOC: JP Morgan Chase & Co. N.A. (b) | 31,000 | 30,999 | |||||||
Illinois Finance Authority, Resurrection Health, Ser B, RB, 3.850%, 05/15/35, LOC: JP Morgan Chase & Co. N.A. (b) | 20,000 | 20,000 | |||||||
Illinois Finance Authority, Resurrection Health, Ser C, RB, 3.650%, 05/15/35, LOC: Lasalle Bank N.A. (b) | 29,310 | 29,310 | |||||||
Illinois Health Facilities Authority, Advocate Health Care Project, Ser B, RB, 3.670%, 08/15/22 (b) | 1,900 | 1,900 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Illinois—continued | |||||||||
Illinois Housing Development Authority, Center Apartments Project, RB, 3.610%, 01/01/08, FSA (b) | 22,100 | 22,100 | |||||||
Illinois State, Merlots Project, Ser B04, GO, 3.690%, 12/01/24, Callable 01/01/12 @ 100, FSA (b) (c) | 7,215 | 7,215 | |||||||
Jackson-Union Counties Regional Port District, Port Facilities, Enron Transportation Services, RB, 3.650%, 04/01/24, LOC: Wachovia Bank N.A. (b) | 5,225 | 5,225 | |||||||
Lockport Industrial Development, Panduit Corp. Project, RB, AMT, 3.730%, 04/01/25, LOC: Fifth Third Bank (b) (c) | 2,000 | 2,000 | |||||||
Macon County, Millikin University Project, RB, 3.670%, 10/01/28, AMBAC (b) | 5,050 | 5,050 | |||||||
Naperville, Heritage YMCA Group, Inc. Project, RB, 3.690%, 12/01/29, LOC: Fifth Third Bank (b) | 6,800 | 6,800 | |||||||
Regional Transportation Authority, Ser PT-2398, RB, 3.710%, 06/01/34, FSA (b) (c) | 9,980 | 9,980 | |||||||
Regional Transportation Authority, Ser PT-3518, RB, 3.710%, 06/01/27, FSA (b) (c) | 12,985 | 12,985 | |||||||
Savanna Industrial Development, Metform Corp. Project, Ser A, RB, AMT, 3.780%, 05/01/14, LOC: JP Morgan Chase & Co. N.A. (b) | 500 | 500 | |||||||
Savanna Industrial Development, Metform Corp. Project, Ser B, RB, AMT, 4.000%, 06/01/09, LOC: JP Morgan Chase & Co. N.A. (b) | 1,400 | 1,400 | |||||||
Wheeling Industrial Development, Circuit Service, Inc. Project, RB, AMT, 4.000%, 04/01/18, LOC: JP Morgan Chase & Co. Illinois N.A. (b) (c) | 1,200 | 1,200 | |||||||
201,804 | |||||||||
Indiana (2.4%) | |||||||||
Evansville Vanderburgh Public Leasing Corp., Ser PT-2694, RB, 3.720%, 01/15/24, Callable 07/15/15 @ 100, AMBAC (b) (c) | 2,000 | 2,000 | |||||||
Fort Wayne Economic Development, Notre Dame Technical Project, RB, AMT, 3.780%, 07/01/09, LOC: JP Morgan Chase & Co. N.A. (b) (c) | 1,000 | 1,000 | |||||||
Indiana Bond Bank, RB, 3.710%, 02/01/22, Callable 02/01/15 @ 100, FGIC (b) (c) | 5,110 | 5,110 | |||||||
Indiana Development Finance Authority, Christel House Project, RB, 3.690%, 02/01/23, LOC: Fifth Third Bank (b) | 5,970 | 5,970 | |||||||
Indiana Development Finance Authority, Indiana Historical Society Project, RB, 3.700%, 08/01/31, LOC: JP Morgan Chase & Co. Indiana N.A. (b) (c) | 1,200 | 1,200 | |||||||
Marion Economic Development, Wesleyan University Project, RB, 3.660%, 06/01/36, LOC: Bank of America N.A. (b) | 10,000 | 10,000 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Indiana—continued | |||||||||
MSD Warren Township Vision 2005 School Building Corp., Merlots Project, Ser A52, RB, 3.690%, 07/15/20, FGIC (b) (c) | 6,595 | 6,595 | |||||||
Purdue University, Ser PT-3817, RB, 3.710%, 07/01/29, LOC: Dexia Credit Local (b) (c) | 10,000 | 10,000 | |||||||
41,875 | |||||||||
Iowa (0.3%) | |||||||||
Iowa Higher Education Loan Authority, Private College-Graceland Project, RB, 3.710%, 02/01/33, LOC: Bank of America N.A. (b) | 3,500 | 3,500 | |||||||
Sac County Industrial, Evapco, Inc. Project, RB, AMT, 3.760%, 07/01/16, LOC: Bank of America N.A. (b) | 2,180 | 2,180 | |||||||
5,680 | |||||||||
Kentucky (0.1%) | |||||||||
Campbell County Industrial Building, Hospital Imaging Co., Inc. Project, RB, 3.710%, 04/01/20, LOC: Fifth Third Bank (b) (c) | 2,585 | 2,585 | |||||||
Louisiana (0.1%) | |||||||||
Louisiana State, Ser PT-3543, GO, 3.720%, 07/15/21, Callable 07/15/16 @ 100, CIFG (b) (c) | 2,000 | 2,000 | |||||||
Maryland (1.6%) | |||||||||
Maryland State Economic Development Corp., YMCA of Central Maryland, Inc. Project, RB, 3.680%, 04/01/28, LOC: Branch Banking & Trust Co. (b) | 3,700 | 3,700 | |||||||
Maryland State Health & Higher Educational Facilities Authority, University of Maryland Medical System, Ser F, RB, 3.640%, 07/01/41, FGIC (b) | 10,000 | 10,000 | |||||||
Maryland State, Ser PA-816, GO, 3.700%, 03/01/12, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 5,995 | 5,995 | |||||||
Montgomery County Housing Opportunities Commission, Multifamily Housing Development, Ser C, RB, 3.590%, 07/01/37, LOC: Depfa Bank PLC (b) | 1,000 | 1,000 | |||||||
Montgomery County Housing Opportunities Commission, Single Family Mortgage, Ser C, RB, 3.520%, 10/26/07, FHA | 6,705 | 6,705 | |||||||
27,400 | |||||||||
Massachusetts (4.4%) | |||||||||
Massachusetts Bay Transportation Authority, Sales Tax, Ser PT-2581, RB, 3.670%, 07/01/26, LOC: Dexia Credit Local (b) (c) | 29,840 | 29,840 | |||||||
Massachusetts Health & Educational Facilities Authority, Amherst College, Ser H, RB, 3.600%, 11/01/33, Mandatory Put 01/10/08 @ 100 | 10,000 | 10,000 | |||||||
Massachusetts State Special Obligations, Dedicated Tax, Ser PT-3050, RB, 3.670%, 01/01/30, FGIC (b) (c) | 24,850 | 24,850 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Massachusetts—continued | |||||||||
Massachusetts State Water Pollution Abatement Trust, Ser PA-1221, RB, 3.680%, 08/01/11, LOC: Merrill Lynch Capital Services, Inc. (b) | 2,500 | 2,500 | |||||||
Massachusetts State, Ser PT-1390, GO, 3.670%, 03/01/10, FSA (b) (c) | 9,880 | 9,880 | |||||||
77,070 | |||||||||
Michigan (2.9%) | |||||||||
Detroit City School District, MT-34B, GO, 3.710%, 05/01/18, Callable 05/01/15 @ 100, FSA (b) (c) | 10,000 | 10,000 | |||||||
Michigan State, Ser A, GO, 4.250%, 09/28/07, LOC: Depfa Bank PLC | 15,000 | 15,054 | |||||||
State of Michigan, School Loan, Ser 05-C, GO, 3.600%, 10/10/07, LOC: Depfa Bank PLC | 25,000 | 25,000 | |||||||
50,054 | |||||||||
Minnesota (0.8%) | |||||||||
Minnesota State, Ser PT-400, RB, 3.610%, 11/01/09, LOC: Merrill Lynch Capital Services, Inc. (b) | 14,810 | 14,828 | |||||||
Mississippi (0.6%) | |||||||||
Mississippi Development Bank, Special Obligation, Ser PT-3303, RB, 3.720%, 12/01/27, Callable 12/01/15 @ 100, AMBAC (b) (c) | 5,000 | 5,000 | |||||||
Mississippi Development Bank, Special Obligation, Ser PT-3636, RB, 3.720%, 01/01/26, Callable 07/01/16 @ 100, FGIC (b) (c) | 5,000 | 5,000 | |||||||
10,000 | |||||||||
Missouri (0.1%) | |||||||||
Howard Bend Levee District, Ser PT-3338, 3.710%, 03/01/27, XLCA (b) (c) | 2,000 | 2,000 | |||||||
Nebraska (0.3%) | |||||||||
Omaha Public Power District, Electric, Ser PT-3607, RB, 3.720%, 02/01/14, LOC: Merrill Lynch Capital Services, Inc. (b) | 5,000 | 5,000 | |||||||
Nevada (1.1%) | |||||||||
Nevada State, Ser 344, GO, 3.690%, 05/15/28, Callable 05/15/08 @ 100, FGIC (b) (c) | 5,495 | 5,495 | |||||||
Washoe County, Ser PT-3452, RB, 3.710%, 12/01/35, LOC: Dexia Credit Local (b) | 14,000 | 14,000 | |||||||
19,495 | |||||||||
New Jersey (4.6%) | |||||||||
Jersey City, Ser PT-2865, GO, 3.680%, 05/15/22, Callable 05/15/15 @ 100, AMBAC (b) (c) | 4,985 | 4,985 | |||||||
New Jersey Economic Development Authority, Ser PT-1532, RB, 3.680%, 12/15/14, MBIA (b) (c) | 10,555 | 10,555 | |||||||
New Jersey Economic Development Authority, Ser PT-2847, RB, 3.680%, 09/01/22, MBIA (b) (c) | 19,645 | 19,645 | |||||||
New Jersey State Transportation Trust Fund Authority, Ser MT-072, RB, 3.680%, 12/15/23, AMBAC (b) (c) | 3,700 | 3,700 | |||||||
New Jersey State Transportation Trust Fund Authority, Ser MT-166, RB, 3.550%, 12/15/18, Callable 12/15/15 @ 100, FGIC (b) | 9,495 | 9,495 |
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Principal | |||||||||
Amount($) | Value($) | ||||||||
New Jersey—continued | |||||||||
New Jersey State Transportation Trust Fund Authority, Ser PA-802, RB, 3.680%, 12/15/09, FSA (b) (c) | 10,000 | 10,000 | |||||||
New Jersey State Transportation Trust Fund Authority, Ser PT-2494, RB, 3.680%, 12/15/23, AMBAC (b) (c) | 20 | 20 | |||||||
New Jersey State Turnpike Authority, Ser PT-2843, RB, 3.680%, 01/01/30, FSA (b) (c) | 10,520 | 10,520 | |||||||
New Jersey State, Ser PT-2742, GO, 3.600%, 07/15/19, Callable 12/01/15 @ 100, AMBAC (b) (c) | 12,430 | 12,430 | |||||||
81,350 | |||||||||
New Mexico (1.0%) | |||||||||
Clayton, Jail Project, Ser MT-286, RB, 3.530%, 11/01/24, Callable 11/01/16 @ 100, CIFG (b) | 16,860 | 16,860 | |||||||
New York (11.0%) | |||||||||
Jay Street Development Corp., Facility Lease, Ser A-2, RB, 3.640%, 05/01/22, LOC: Depfa Bank PLC (b) | 5,900 | 5,900 | |||||||
Long Island Power Authority, Electric System, Ser PA-1150, RB, 3.680%, 09/01/33, CIFG (b) (c) | 5,000 | 5,000 | |||||||
Metropolitan Transportation Authority, Ser G, RB, 3.820%, 11/01/26, LOC: BNP Paribas (b) | 10,000 | 10,000 | |||||||
Metropolitan Transportation Authority, Ser-1040, RB, 3.690%, 11/15/20, Callable 11/15/12 @ 100, FGIC (b) (c) | 30,770 | 30,770 | |||||||
New York City Housing Development Corp., Ser PT-2753, RB, 3.690%, 07/01/25, Callable 07/01/15 @ 100, FGIC (b) (c) | 2,250 | 2,250 | |||||||
New York City Municipal Water Finance Authority, Water & Sewer System, Ser PA-1327, RB, 3.690%, 06/15/38, Callable 06/15/13 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 25,000 | 25,000 | |||||||
New York City Municipal Water Finance Authority, Water & Sewer System, Ser PA-523, RB, 3.690%, 06/15/30, Callable 06/15/07 @ 101, FGIC (b) (c) | 32,740 | 32,740 | |||||||
New York City Transitional Finance Authority, Ser 3, SubSer 3C, RB, 3.640%, 11/01/22, LOC: Dexia Credit Local (b) | 1,000 | 1,000 | |||||||
New York State Dormitory Authority, Secondary Issues, Ser PA-1305, RB, 3.690%, 05/15/31, AMBAC (b) | 4,900 | 4,900 | |||||||
New York State Dormitory Authority, Secondary Issues, Ser PT-2645, RB, 3.690%, 03/15/17, Callable 03/15/15 @ 100, AMBAC (b) (c) | 9,900 | 9,900 | |||||||
New York State Dormitory Authority, Secondary Issues, Ser PT-2966, RB, 3.690%, 02/15/25, AMBAC (b) | 5,480 | 5,480 | |||||||
New York State Dormitory Authority, Secondary Issues, Ser PT-3639, RB, 3.540%, 07/01/13, MBIA (b) | 13,080 | 13,080 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
New York—continued | |||||||||
New York, Ser PT-2878, GO, 3.680%, 04/01/25, Callable 04/01/15 @ 100, CIFG (b) (c) | 3,865 | 3,865 | |||||||
New York, Ser PT-3069, GO, 3.680%, 08/01/25, Callable 08/01/15 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 5,000 | 5,000 | |||||||
New York, Ser PT-3822, GO, 3.600%, 01/01/17, LOC: Dexia Credit Local (b) (c) | 21,105 | 21,105 | |||||||
Sales Tax Asset Receivables Corp., Ser PT-2450, RB, 3.690%, 10/15/25, Callable 10/15/14 @ 100, MBIA (b) (c) | 14,920 | 14,920 | |||||||
Southeast Industrial Development Agency, Unilock New York, Inc. Project, RB, AMT, 4.000%, 12/01/12, LOC: JP Morgan Chase & Co. N.A. (b) (c) | 1,600 | 1,600 | |||||||
192,510 | |||||||||
North Carolina (3.7%) | |||||||||
Charlotte Water & Sewer Systems, Ser B, RB, 3.630%, 07/01/36, LOC: Depfa Bank PLC (b) | 10,000 | 10,000 | |||||||
Cleveland County Family YMCA, Inc. Recreational Facilities, RB, 3.680%, 08/01/18, LOC: Branch Banking & Trust (b) (c) | 2,200 | 2,200 | |||||||
Forsyth County, Communications System Project, COP, 3.680%, 10/01/12, LOC: Wachovia Bank N.A. (b) | 7,695 | 7,695 | |||||||
Guilford County Industrial Facilities & Pollution Control Financing, YMCA of Greensboro, Inc. Project, RB, 3.680%, 02/01/23, LOC: Branch Banking & Trust Co. (b) | 4,300 | 4,300 | |||||||
North Carolina Medical Care Commission Healthcare Facilities, University Eastern Carolina, Ser C2, RB, 3.610%, 12/01/36, AMBAC (b) | 20,900 | 20,900 | |||||||
North Carolina Medical Care Commission, Health Care Facilities, Friends Homes Project, RB, 3.670%, 09/01/33, LOC: Bank of America N.A. (b) | 6,670 | 6,670 | |||||||
North Carolina Medical Care Commission, Health Care Facilities, Lutheran Services for the Aging Project, RB, 3.660%, 03/01/28, LOC: Branch Banking & Trust Co. (b) | 7,650 | 7,650 | |||||||
North Carolina Medical Care Commission, North Carolina Baptist Hospitals Project, Ser B, RB, 3.650%, 06/01/22, LOC: Wachovia Bank of North Carolina (b) | 1,200 | 1,200 | |||||||
North Carolina Medical Care Commission, Westcare Health Systems Obligation, Ser A, RB, 3.680%, 09/01/22, LOC: Branch Banking & Trust Co. (b) | 4,280 | 4,280 | |||||||
64,895 | |||||||||
Ohio (0.6%) | |||||||||
Ohio State Higher Educational Facility Commission, Pooled Financing Project, RB, 3.730%, 09/01/18, LOC: Fifth Third Bank (b) | 3,160 | 3,160 | |||||||
Rickenbacker Port Authority, YMCA of Central Ohio Project, RB, 3.730%, 05/01/22, LOC: Fifth Third Bank (b) | 7,000 | 7,000 | |||||||
10,160 | |||||||||
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Pennsylvania (4.0%) | |||||||||
Delaware County Industrial Development Authority, Airport Facilities, United Parcel Service Project, RB, 3.810%, 12/01/15 (b) | 20,000 | 20,000 | |||||||
Delaware River Port Authority, Ser PA-965, RB, 3.680%, 01/01/10, FSA (b) (c) | 5,920 | 5,920 | |||||||
Delaware Valley Regional Finance Authority Local Government, Ser PA-1029-R, RB, 3.700%, 01/01/14 (b) (c) | 3,000 | 3,000 | |||||||
Delaware Valley Regional Finance Authority, Local Government, Ser PA-1028, RB, 3.700%, 01/01/14, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 12,000 | 12,000 | |||||||
Delaware Valley Regional Finance Authority, Local Government, Ser PA-1041R, RB, 3.700%, 07/01/32, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 19,990 | 19,990 | |||||||
Philadelphia Authority for Industrial Development, Chemical Heritage Foundation Project, RB, 3.660%, 07/01/27, LOC: Wachovia Bank N.A. (b) | 8,610 | 8,610 | |||||||
69,520 | |||||||||
Puerto Rico (0.9%) | |||||||||
Puerto Rico Electric Power Authority, Ser PA-778R, RB, 3.640%, 07/01/20, FSA (b) (c) | 2,000 | 2,000 | |||||||
Puerto Rico Highway & Transportation Authority, Ser PA-1380R, RB, 3.640%, 07/01/41, CIFG (b) (c) | 10,000 | 10,000 | |||||||
Puerto Rico, Floater — TRS Trust Ser 2006 FR/RI Lehman Brothers, Inc. as Trustor Underwriter, Ser K19, GO, 3.640%, 07/01/16, MBIA (b) (c) | 3,100 | 3,100 | |||||||
15,100 | |||||||||
South Carolina (3.6%) | |||||||||
Berkeley County School District, Ser PT-3094, GO, 3.720%, 02/01/17, Callable 02/01/13 @ 102, LOC: Merrill Lynch Services, Inc. (b) | 5,000 | 5,000 | |||||||
Columbia Waterworks & Sewer System, Ser PT-2861, RB, 3.720%, 02/01/24, Callable 02/01/15, FSA (b) (c) | 2,000 | 2,000 | |||||||
Patriots Energy Group, Gas Facilities, Ser A, RB, 3.660%, 06/01/36, CIFG (b) | 10,000 | 10,000 | |||||||
South Carolina Educational Facilities Authority, Charleston Southern University Project, RB, 3.660%, 04/01/28, LOC: Bank of America N.A. (b) | 5,345 | 5,345 | |||||||
South Carolina Educational Facilities Authority, Newberry College Project, RB, 3.680%, 09/01/35, LOC: Branch Banking & Trust Co. (b) | 8,000 | 8,000 | |||||||
South Carolina Jobs-Economic Development Authority, DCS Diversified Coating Systems, Inc. Project, RB, AMT, 3.780%, 04/01/17, LOC: Branch Banking & Trust Co. (b) | 110 | 110 |
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Principal | |||||||||
Amount($) | Value($) | ||||||||
South Carolina—continued | |||||||||
South Carolina Jobs-Economic Development Authority, USC Development Foundation Project, RB, 3.680%, 12/01/10, LOC: Branch Banking & Trust Co. (b) | 6,000 | 6,000 | |||||||
South Carolina Jobs-Economic Development Authority, YMCA of Beaufort County Project, RB, 3.680%, 12/01/24, LOC: Branch Banking & Trust Co. (b) | 3,170 | 3,170 | |||||||
South Carolina State Housing Finance & Development Authority, Ser PT-1272, RB, 3.740%, 12/15/30, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 10,000 | 10,000 | |||||||
South Carolina State School, Ser PT-1225, GO, 3.700%, 01/01/12 (b) | 10,000 | 10,000 | |||||||
University of South Carolina Development Foundation, RB, 3.680%, 12/01/10, LOC: Branch Banking & Trust Co. (b) | 4,000 | 4,000 | |||||||
63,625 | |||||||||
Tennessee (2.4%) | |||||||||
Memphis, Ser PT-3801, GO, 3.730%, 11/01/22, Callable 11/01/16 @ 100, XLCA (b) (c) | 25,000 | 25,000 | |||||||
Metropolitan Government, Nashville & Davidson County Health & Educational Facilities Board, Nashville Christian School Project, RB, 3.710%, 09/01/23, LOC: SouthTrust Bank N.A. (b) | 1,460 | 1,460 | |||||||
Tennessee Energy Acquisition Corp., Ser PA-1395, 3.730%, 09/01/21, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 15,000 | 15,000 | |||||||
41,460 | |||||||||
Texas (5.0%) | |||||||||
Eclipse Funding Trust, Texas Southmost College District, Ser 2006-0061, GO, 3.710%, 02/15/26, Callable 02/15/15 @ 100, AMBAC (b) (c) | 10,000 | 10,000 | |||||||
Garland Electric System, Ser PT-2677, RB, 3.720%, 03/01/25, Callable 03/01/14 @ 100, FSA (b) (c) | 3,000 | 3,000 | |||||||
Lower Colorado River Authority, Merlots Project, Ser ZZZ, RB, 3.690%, 01/01/28, FSA (b) (c) | 3,500 | 3,500 | |||||||
Texas Municipal Gas Acquisition & Supply Corp., Gas Supply, Ser PA-1438-R, RB, 3.720%, 12/15/26, LOC: Merrill Lynch Capital Services (b) (c) | 16,000 | 16,000 | |||||||
Texas State Department of Housing & Community Affairs, Multifamily Housing, Ser PT-3558, RB, 3.700%, 04/01/39, Callable 04/01/21 @ 102, FNMA (b) (c) | 12,400 | 12,400 | |||||||
Texas State, Ser PT-3670, GO, 3.720%, 04/01/28, Callable 04/01/17 @ 100 FGIC (b) (c) | 15,000 | 15,000 | |||||||
Texas State, Tax & Revenue Anticipation Notes, 4.500%, 08/31/07 | 25,000 | 25,082 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Texas—continued | |||||||||
Williamson County, Ser PT-2627, GO, 3.720%, 02/15/18, Callable 02/15/17 @ 100, MBIA (b) | 2,000 | 2,000 | |||||||
86,982 | |||||||||
Virginia (3.6%) | |||||||||
ABN AMRO Munitops Certificate Trust, Ser 2003-33, RB, 3.690%, 04/01/11, MBIA (b) (c) | 5,370 | 5,370 | |||||||
Clarke County Industrial Development Authority, Powhatan School District Project, RB, 3.680%, 09/01/22, LOC: Branch Banking & Trust Co. (b) | 1,360 | 1,360 | |||||||
Danville-Pittsylvania Regional Industrial Facility Authority, Institute of Advanced Research Project, RB, 3.680%, 08/01/12, LOC: Branch Banking & Trust Co. (b) | 1,635 | 1,635 | |||||||
Fairfax County Economic Development Authority, Public Broadcasting Services Project, RB, 3.640%, 07/01/40, LOC: Bank of America N.A. (b) | 7,500 | 7,500 | |||||||
Fairfax County Industrial Development Authority, Inova Health Systems Project, RB, 3.560%, 01/01/30 (b) | 15,500 | 15,500 | |||||||
Farmville Industrial Development Authority, Educational Facilities, Longwood Student Housing, Ser B, RB, 3.640%, 09/01/36, LOC: Bank of America N.A. (b) | 5,340 | 5,340 | |||||||
Louisa County Industrial Development Authority, University of Virginia Health Services Foundation Project, RB, 3.600%, 10/01/30, LOC: First Union National Bank (b) | 3,000 | 3,000 | |||||||
Norfolk Redevelopment & Housing Authority, Student Housing Project, RB, 3.660%, 07/01/34, LOC: Bank of America N.A. (b) | 7,000 | 7,000 | |||||||
Virginia Biotechnology Research Park Authority, United Network of Organ Sharing Project, RB, 3.660%, 04/01/27, LOC: Wachovia Bank N.A. (b) | 6,485 | 6,485 | |||||||
Virginia State Public School Authority, Ser PT-1619, RB, 3.690%, 08/01/08, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 6,445 | 6,445 | |||||||
Williamsburg Industrial Development Authority, Colonial Williamsburg Project, RB, 3.660%, 10/01/35, LOC: First Union National Bank (b) | 4,220 | 4,220 | |||||||
63,855 | |||||||||
Washington (3.4%) | |||||||||
King County Housing Authority, Ser PT-2185, RB, 3.700%, 09/20/42 (b) (c) | 5,420 | 5,420 | |||||||
King County School District No. 401, Highline Public Schools, Ser PT-1423, GO, 3.720%, 12/01/09, FGIC (b) | 9,980 | 9,980 | |||||||
King County Sewer, Ser PA-1071, RB, 3.720%, 01/01/10, FSA (b) (c) | 7,495 | 7,495 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Washington—continued | |||||||||
Seattle Certificates, Ser 348, GO, 3.690%, 12/15/28, Callable 12/15/08 @ 100, LOC: Morgan Stanley Dean Witter (b) (c) | 4,495 | 4,495 | |||||||
Seattle Municipal Light & Power, RB, 3.610%, 11/01/15, LOC: JP Morgan Chase Bank (b) | 5,000 | 5,000 | |||||||
Seattle Municipal Light & Power, Ser A, RB, 3.540%, 05/01/16, LOC: JP Morgan Chase Bank (b) | 3,000 | 3,000 | |||||||
Washington Public Power Supply System, Nuclear Power Project No. 1, Ser 1A-1, RB, 3.660%, 07/01/17, LOC: Bank of America N.A. (b) | 3,345 | 3,345 | |||||||
Washington State, Merlots Project, Ser B23, GO, 3.690%, 12/01/25, Callable 06/01/13 @ 100, MBIA (b) (c) | 10,000 | 10,000 | |||||||
Washington State, Ser D, GO, 4.500%, 01/01/08 | 10,250 | 10,316 | |||||||
59,051 | |||||||||
Wisconsin (1.7%) | |||||||||
ABN AMRO Munitops Certificates Trust, Ser 2004-49, GO, 3.700%, 05/01/12, FSA (b) (c) | 9,400 | 9,400 | |||||||
Germantown Industrial, J.W. Speaker Corp. Project, RB, AMT, 4.150%, 08/01/11, LOC: JP Morgan Chase & Co. Milwaukee N.A. (b) (c) | 420 | 420 | |||||||
Oconomowoc Industrial Development, Quest Technologies Project, RB, AMT, 4.000%, 05/01/18, LOC: JP Morgan Chase & Co. Wisconsin N.A. (b) (c) | 75 | 75 | |||||||
Wisconsin Health & Educational Facilities Authority, Aurora Health Care, Ser B, RB, 3.640%, 04/01/28, LOC: Marshall & Ilsley (b) | 20,490 | 20,490 | |||||||
30,385 | |||||||||
Other (4.7%) | |||||||||
Eagle Tax-Exempt Trust, Ser 20001001, Cl A, GO, 3.720%, 07/01/15, Callable 07/01/10 @ 100, LOC: Citibank N.A. (b) (c) | 7,025 | 7,025 | |||||||
Eagle Tax-Exempt Trust, Ser 991301, GO, 3.720%, 06/01/25, FSA (b) (c) | 9,900 | 9,900 | |||||||
Municipal Securities Pool Trust Receipts, Ser SG P-18, RB, 3.780%, 01/01/35, LOC: Societe Generale (b) (c) | 800 | 800 | |||||||
Municipal Securities Pool Trust Receipts, Ser SG-PG 17, 3.780%, 06/01/34 (b) (c) | 2,815 | 2,815 | |||||||
Putable Floating Rate Option, Tax-Exempt Receipts, Ser EC-001, RB, 3.850%, 10/01/35, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 13,760 | 13,760 | |||||||
Putable Floating Rate Option, Tax-Exempt Receipts, Ser PPT-1001, Cl D, 3.750%, 03/01/40 (b) (c) | 8,405 | 8,405 | |||||||
Putable Floating Rate Option, Tax-Exempt Receipts, Ser PPT-1001, Cl I, 3.750%, 03/01/40 (b) (c) | 8,500 | 8,500 | |||||||
Putable Floating Rate Option, Tax-Exempt Receipts, Ser PPT-34, 4.250%, 12/01/29 (b) (c) | 30,000 | 30,000 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Other—continued | |||||||||
Putable Floating Rate Option, Tax-Exempt Receipts, Ser PPT-39, Cl A, RB, AMT, 3.780%, 10/01/39 (b) (c) | 840 | 840 | |||||||
82,045 | |||||||||
Total Municipal Bonds (Cost $1,654,884) | 1,654,884 | ||||||||
Money Market Funds (5.0%) | |||||||||
Federated Tax-Free Obligations Fund, 3.490% | 38,639,091 | 38,639 | |||||||
Goldman Sachs Financial Square Funds Tax Free Money Market Fund, 3.510% | 49,493,768 | 49,494 | |||||||
Total Money Market Funds (Cost $88,133) | 88,133 | ||||||||
Total Investments (Cost $1,743,017) (a) — 99.5% | 1,743,017 | ||||||||
Other assets in excess of liabilities — 0.5% | 9,087 | ||||||||
Net Assets — 100.0% | $ | 1,752,104 | |||||||
(a) | Aggregate cost for federal income tax and financial reporting purposes is the same. | |
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. | |
(c) | Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 44.1% of net assets as of March 31, 2007. |
AMBAC | — Security insured by American Municipal Bond Assurance Corporation | |
AMT | — Alternative Minimum Tax Paper | |
CIFG | — Security insured by Capitalized Interest Financial Guaranty | |
Cl | — Class | |
COP | — Certificates of Participation | |
FGIC | — Security insured by Financial Guaranty Insurance Company | |
FHA | — Security insured by Federal Housing Administration | |
FNMA | — Security insured by Fannie Mae | |
FSA | — Security insured by Financial Security Assurance | |
GO | — General Obligation | |
LOC | — Letter of Credit | |
MBIA | — Security insured by Municipal Bond Insurance Association | |
PLC | — Public Limited Company | |
RB | — Revenue Bond | |
Ser | — Series | |
XLCA | — Security insured by XL Capital Assurance, Inc. |
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U.S. Government Securities Money Market Fund
Principal | |||||||||
Amount($) | Value($) | ||||||||
U.S. Government Agencies (24.8%) | |||||||||
Fannie Mae (4.4%) | |||||||||
5.587%, 06/01/07 (b) | 10,000 | 9,911 | |||||||
5.341%, 08/31/07 (b) | 10,000 | 9,789 | |||||||
4.375%, 09/07/07 | 2,425 | 2,416 | |||||||
5.274%, 09/28/07 (b) | 7,100 | 6,924 | |||||||
5.300%, 01/08/08, Callable 06/17/07 @ 100 | 12,500 | 12,500 | |||||||
41,540 | |||||||||
Federal Farm Credit Bank (2.1%) | |||||||||
5.250%, 06/06/07 (c) | 20,000 | 20,001 | |||||||
Federal Home Loan Bank (7.9%) | |||||||||
5.240%, 04/25/07 (c) | 10,000 | 10,000 | |||||||
5.200%, 10/17/07, Callable 04/17/07 @ 100 | 7,100 | 7,097 | |||||||
5.400%, 10/26/07, Callable 06/29/07 @ 100 | 9,600 | 9,600 | |||||||
5.280%, 02/07/08 (c) | 42,500 | 42,500 | |||||||
5.280%, 02/07/08 (c) | 5,000 | 5,000 | |||||||
5.375%, 02/28/08, Callable 05/02/07 @ 100 | 400 | 400 | |||||||
74,597 | |||||||||
Freddie Mac (10.4%) | |||||||||
5.319%, 04/17/07 (b) | 10,000 | 9,978 | |||||||
3.750%, 08/03/07 | 5,000 | 4,975 | |||||||
4.000%, 08/17/07 | 2,595 | 2,583 | |||||||
4.050%, 09/24/07 | 2,900 | 2,884 | |||||||
5.173%, 09/27/07 (c) | 31,000 | 30,993 | |||||||
4.625%, 10/05/07 | 8,700 | 8,675 | |||||||
5.350%, 12/19/07, Callable 06/19/07 @ 100 | 15,000 | 15,000 | |||||||
5.375%, 03/14/08, Callable 05/15/07 @ 100 | 24,500 | 24,500 | |||||||
99,588 | |||||||||
Total U.S. Government Agencies (Cost $235,726) | 235,726 | ||||||||
Repurchase Agreements (75.3%) | |||||||||
Bear Stearns Cos., Inc., 5.325%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $55,368 (collateralized by U.S. Government Agencies; DN, 10/01/35; total market value $56,452) | 55,343 | 55,343 | |||||||
BNP Paribas, 5.265%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $163,374 (collateralized by U.S. Government Agencies; DN–4.875%, 04/15/07–04/10/08; total market value $166,569) | 163,303 | 163,303 | |||||||
HSBC Securities, Inc., 5.295%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $186,480 (collateralized by U.S. Government Agencies; 5.500%, 02/15/37; total market value $190,128) | 186,397 | 186,397 | |||||||
Lehman Brothers, Inc., 5.255%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $42,159 (collateralized by U.S. Government Agencies; 5.500%, 11/01/34; total market value $42,982) | 42,141 | 42,141 | |||||||
Merrill Lynch & Co., Inc., 5.255%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $24,374 (collateralized by U.S. Government Agencies; 4.000%–5.500%, 09/15/18–07/15/26; total market value $24,852) | 24,363 | 24,363 | |||||||
Morgan Stanley, 5.265%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $69,704 (collateralized by U.S. Government Agencies; 4.189%–6.052%, 06/01/33–02/01/37; total market value $71,077) | 69,673 | 69,673 |
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Principal | |||||||||
Amount($) | Value($) | ||||||||
Repurchase Agreements—continued | |||||||||
UBS Warburg LLC, 5.335%, dated 03/30/07, to be repurchased on 04/02/07, repurchase price $173,518 (collateralized by U.S. Government Agencies; 4.000%–6.000%, 05/25/14–03/15/35; total market value $176,911) | 173,441 | 173,441 | |||||||
Total Repurchase Agreements (Cost $714,661) | 714,661 | ||||||||
Total Investments (Cost $950,387) (a) — 100.1% | 950,387 | ||||||||
Liabilities in excess of other assets — (0.1)% | (1,293 | ) | |||||||
Net Assets — 100.0% | $ | 949,094 | |||||||
(a) | Aggregate cost for federal income tax and financial reporting purposes is the same. | |
(b) | Rate represents the effective yield at purchase. | |
(c) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. |
DN | — Discount Note | |
LLC | — Limited Liability Company |
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U.S. Treasury Money Market Fund
Principal | |||||||||
Amount($) | Value($) | ||||||||
U.S. Treasury Obligations (1.9%) | |||||||||
U.S. Treasury Bills (1.9%) | |||||||||
5.129%, 04/12/07 (b) | 9,000 | 8,986 | |||||||
5.169%, 07/26/07 (b) | 11,000 | 10,823 | |||||||
Total U.S. Treasury Obligations (Cost $19,809) | 19,809 | ||||||||
Repurchase Agreements (98.5%) | |||||||||
ABN AMRO Bank N.V., 5.015%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $164,106 (collateralized by U.S. Treasury Obligations; DN, due 08/09/07–09/13/07; total market value $167,319) | 164,037 | 164,037 | |||||||
Bear Stearns Cos., Inc., 4.915%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $25,731 (collateralized by U.S. Treasury Obligations; 1.875%–4.625%, due 10/15/08–07/15/15; total market value $27,216) | 25,720 | 25,720 | |||||||
BNP Paribas, 4.965%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $111,928 (collateralized by U.S. Treasury Obligations; 3.625%–8.875%, due 01/15/08–08/15/17; total market value $114,119) | 111,881 | 111,881 | |||||||
Deutsche Bank AG, 5.015%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $13,237 (collateralized by U.S. Treasury Obligations; DN, due 05/15/08; total market value $13,496) | 13,232 | 13,232 | |||||||
Dresdner Bank AG, 5.065%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $97,059 (collateralized by U.S. Treasury Obligations; DN–4.000%, due 06/07/07–09/30/07; total market value $98,963) | 97,019 | 97,019 | |||||||
Greenwich Capital Markets, Inc., 5.085%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $161,585 (collateralized by U.S. Treasury Obligations; 4.000%–4.625%, due 04/15/10–02/15/17; total market value $164,751) | 161,517 | 161,517 | |||||||
HSBC Securities, Inc., 5.015%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $158,331 (collateralized by U.S. Treasury Obligations; 5.250%–7.875%, due 11/15/16–11/15/28; total market value $161,432) | 158,265 | 158,265 | |||||||
JP Morgan Chase & Co., 5.035%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $34,776 (collateralized by U.S. Treasury Obligations; 8.125%, due 05/15/21; total market value $35,460) | 34,762 | 34,762 | |||||||
Lehman Brothers, Inc., 4.665%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $15,160 (collateralized by U.S. Treasury Obligations; 8.500%, due 02/15/20; total market value $15,458) | 15,154 | 15,154 |
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Principal | |||||||||
Amount($) | Value($) | ||||||||
Merrill Lynch & Co., Inc., 5.065%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $40,457 (collateralized by U.S. Treasury Obligations; 4.750%, due 12/31/08; total market value $41,252) | 40,440 | 40,440 | |||||||
Morgan Stanley, 5.065%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $43,102 (collateralized by U.S. Treasury Obligations; DN, due 11/15/22; total market value $43,945) | 43,083 | 43,083 | |||||||
UBS Warburg LLC, 5.085%, dated 03/30/07 to be repurchased on 04/02/07, repurchase price $175,989 (collateralized by U.S. Treasury Obligations; DN–8.875%, due 02/15/19–08/15/31; total market value $179,434) | 175,915 | 175,915 | |||||||
Total Repurchase Agreements (Cost $1,041,025) | 1,041,025 | ||||||||
Total Investments (Cost $1,060,834) (a) — 100.4% | 1,060,834 | ||||||||
Liabilities in excess of other assets — (0.4)% | (4,215 | ) | |||||||
Net Assets — 100.0% | $ | 1,056,619 | |||||||
(a) | Aggregate cost for federal income tax and financial reporting purposes is the same. | |
(b) | Rate represents the effective yield at purchase. |
DN | — Discount Note | |
LLC | — Limited Liability Corporation |
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Virginia Tax-Free Money Market Fund
Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Municipal Bonds (91.4%) | |||||||||
Guam (1.8%) | |||||||||
Guam Power Authority, Ser PA-531, RB, 3.650%, 10/01/18, LOC: Merrill Lynch Capital Services, Inc. (b) | 11,025 | 11,025 | |||||||
Virginia (77.5%) | |||||||||
Albemarle County Industrial Development Authority, University of Virginia Health Services Project, RB, 3.660%, 10/01/22, LOC: Wachovia Bank N.A. (b) (c) | 5,795 | 5,795 | |||||||
Alexandria Industrial Development Authority, American Red Cross Project, RB, 3.710%, 01/01/09, LOC: First Union National Bank (b) | 1,145 | 1,145 | |||||||
Alexandria Industrial Development Authority, Association for Supervision & Currency Project, RB, 3.660%, 07/01/23, LOC: Wachovia National Bank NA (b) (c) | 1,330 | 1,330 | |||||||
Alexandria Industrial Development Authority, Educational Facilities, Alexandria County Day School Project, RB, 3.710%, 06/01/25, LOC: First Union National Bank (b) | 4,060 | 4,060 | |||||||
Alexandria Industrial Development Authority, Pooled Loan Program, Ser A, RB, 3.660%, 07/01/26, LOC: Bank of America N.A. (b) | 1,000 | 1,000 | |||||||
Amherst County Economic Development Authority, Englands Stove Works Project, RB, AMT, 3.780%, 02/01/27, LOC: Branch Banking & Trust Co. (b) | 1,250 | 1,250 | |||||||
Arlington County, Ballston Public Parking Project, RB, 3.670%, 08/01/17, LOC: Citibank N.A. (b) | 6,350 | 6,350 | |||||||
Ashland Industrial Development Authority, Health & Community Services Facilities, YMCA Greater Richmond Project, Ser A, RB, 3.660%, 11/01/20, LOC: Wachovia Bank N.A. (b) (c) | 8,230 | 8,230 | |||||||
Big Stone Gap Redevelopment & Housing Authority, Correctional Facility Lease, RB, 5.000%, 09/01/07 | 1,975 | 1,987 | |||||||
Charlottesville Industrial Development Authority, Educational Facilities, University of Virginia Foundation Projects, Ser A, RB, 3.630%, 12/01/37, LOC: Wachovia Bank N.A. (b) | 5,000 | 5,000 | |||||||
Charlottesville Industrial Development Authority, Seminole, Ser A, RB, 3.720%, 12/01/13, Callable 12/01/07 @ 100, LOC: Branch Banking & Trust Co. (b) | 3,340 | 3,340 | |||||||
Chesapeake Bay Bridge & Tunnel Commission, District Authority, General Resolution Project, RB, 5.000%, 07/01/07, FGIC | 1,045 | �� | 1,049 | ||||||
Chesapeake Bay Bridge & Tunnel Commission, District Authority, General Resolution Project, RB, 3.720%, 07/01/25, MBIA (b) | 6,755 | 6,755 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Virginia—continued | |||||||||
Chesapeake Bay Bridge & Tunnel Commission, District Authority, Ser A-39, RB, 3.690%, 07/01/25, MBIA (b) (c) | 1,490 | 1,490 | |||||||
Clarke County Industrial Development Authority, Hospital Facilities, Winchester Medical Center Project, RB, 3.660%, 01/01/30, FSA (b) | 19,480 | 19,480 | |||||||
Danville-Pittsylvania Regional Industrial Facility Authority, Institute of Advanced Research Project, RB, 3.680%, 08/01/12, LOC: Branch Banking & Trust Co. (b) | 5,015 | 5,015 | |||||||
Fairfax County Economic Development Authority, Flint Hill School Project, RB, 3.720%, 09/01/21, LOC: First Union National Bank (b) (c) | 4,365 | 4,365 | |||||||
Fairfax County Economic Development Authority, Public Broadcasting Services Project, RB, 3.640%, 07/01/40, LOC: Bank of America N.A. (b) | 12,000 | 12,000 | |||||||
Fairfax County Economic Development Authority, Smithsonian Institute, Ser A, RB, 3.620%, 12/01/33, LOC: Bank of America N.A. (b) | 4,000 | 4,000 | |||||||
Fairfax County Economic Development Authority, Smithsonian Institute, Ser B, RB, 3.610%, 12/01/33, LOC: Bank of America N.A. (b) | 3,700 | 3,700 | |||||||
Fairfax County Industrial Development Authority, Fairfax Hospital Project, Ser A, RB, 3.560%, 10/01/25 (b) | 2,250 | 2,250 | |||||||
Fairfax County Industrial Development Authority, Fairfax Hospital Project, Ser B, RB, 3.560%, 10/01/25 (b) | 4,475 | 4,475 | |||||||
Fairfax County Industrial Development Authority, Inova Health Systems Project, RB, 3.560%, 01/01/30 (b) | 6,620 | 6,620 | |||||||
Fairfax County Industrial Development Authority, Inova Health Systems Project, Ser C-1, 3.630%, 05/15/26 (b) | 8,000 | 8,000 | |||||||
Fairfax County Industrial Development Authority, Inova Services Project, Ser A, RB, 3.560%, 01/15/22 (b) | 1,300 | 1,300 | |||||||
Fairfax County Redevelopment & Housing Authority, Affordable Housing, RB, 4.000%, 02/12/08 | 10,000 | 10,032 | |||||||
Fairfax County Water Authority, Municipal Trade Receipts Project, Ser SGB-40A, RB, 3.690%, 04/01/30 (b) | 7,850 | 7,850 | |||||||
Fairfax County Water Authority, Ser A-18, RB, 3.690%, 04/01/23, LOC: IXIS Municipal Products (b) (c) | 6,375 | 6,375 | |||||||
Fairfax County Water Authority, Ser PZ-205, RB, 3.690%, 04/01/28, Callable 04/01/17 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 2,000 | 2,000 | |||||||
Greene County Industrial Development Authority, Blue Ridge School Project, RB, 3.680%, 06/01/26, LOC: Branch Banking & Trust Co. (b) | 5,550 | 5,550 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Virginia—continued | |||||||||
Hampton Roads Jail Authority, Ser 569, RB, 3.720%, 07/01/12, MBIA (b) (c) | 1,185 | 1,185 | |||||||
Hanover County Industrial Development Authority, Residential Care Facility, Covenant Woods Project, RB, 3.680%, 07/01/29, LOC: Branch Banking & Trust Co. (b) (c) | 16,485 | 16,485 | |||||||
Harrisonburg Redevelopment & Housing Authority, Multi-Family Housing, Ser PT-3097, RB, 3.760%, 05/01/40 (b) | 8,710 | 8,710 | |||||||
Harrisonburg Redevelopment & Housing Authority, Multi-Family Housing, Stoney Ridge/ Dale Project, RB, 3.560%, 08/01/32, FHLMC (b) | 12,610 | 12,610 | |||||||
Henrico County Economic Development Authority, Steward School Project, RB, 3.680%, 07/01/33, LOC: Branch Banking & Trust Co. (b) | 2,500 | 2,500 | |||||||
James City & County Economic Development Authority, Industrial Development, Historic Jamestown Project, RB, 3.660%, 11/01/24, LOC: Wachovia Bank N.A. (b) | 800 | 800 | |||||||
King George County Industrial Development Authority, Birchwood Power Partners, Ser A, RB, AMT, 3.800%, 10/01/24, LOC: Bank of Nova Scotia (b) | 5,000 | 5,000 | |||||||
King George County Industrial Development Authority, Lease, Ser PT-2473, RB, 3.690%, 03/01/24, FSA (b) | 5,215 | 5,215 | |||||||
Loudoun County Industrial Development Authority, Howard Hughes Medical Institute Project, Ser C, RB, 3.780%, 02/15/38 (b) | 2,550 | 2,550 | |||||||
Loudoun County Industrial Development Authority, Howard Hughes Medical Institute Project, Ser D, RB, 3.660%, 02/15/38 (b) | 16,700 | 16,700 | |||||||
Loudoun County Industrial Development Authority, Howard Hughes Medical Institute Project, Ser F, RB, 3.640%, 02/15/38 (b) | 4,400 | 4,400 | |||||||
Louisa County Industrial Development Authority, Pooled Financing Project, RB, 3.660%, 01/01/20, LOC: Bank of America N.A. (b) (c) | 900 | 900 | |||||||
Lynchburg Industrial Development Authority, Educational Facilities, Randolph Macon Project, RB, 3.660%, 09/01/23, LOC: Wachovia Bank N.A. (b) | 7,720 | 7,720 | |||||||
Lynchburg Industrial Development Hospital Facilities, VHA First Mortgage, Mid Atlantic Project, Ser G, RB, 3.660%, 12/01/25, AMBAC (b) | 11,480 | 11,480 | |||||||
Newport News Industrial Development Authority, CNU Warwick LLC Student Housing Project, RB, 3.660%, 11/01/28, LOC: Bank of America N.A. (b) | 5,220 | 5,220 | |||||||
Norfolk Redevelopment & Housing Authority, Old Dominion University Foundation, RB, 3.660%, 08/01/31, CIFG (b) | 8,000 | 8,000 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Virginia—continued | |||||||||
Norfolk, Capital Improvement, Ser B, GO, 5.000%, 07/01/07, FSA | 3,200 | 3,212 | |||||||
Peninsula Ports Authority, Dominion Terminal Associates Project, Ser C, RB, 3.800%, 07/01/16, LOC: Citibank N.A. (b) | 60 | 60 | |||||||
Peninsula Ports Authority, Riverside Health Systems Project, RB, 3.690%, 07/01/37 (b) | 13,300 | 13,300 | |||||||
Peninsula Ports Authority, Virginia Health System, Riverside Health System Project, RB, 5.000%, 07/01/07 | 1,000 | 1,004 | |||||||
Prince William County, Public Improvements, Ser A, GO, 5.000%, 08/01/07 | 2,400 | 2,412 | |||||||
Richmond, Anticipation Notes, GO, 4.000%, 06/21/07, State Aid Withholding | 10,000 | 10,011 | |||||||
Richmond, Ser PT-1601, 3.690%, 07/15/17, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 12,465 | 12,465 | |||||||
Rockingham County Industrial Development Authority, Sunnyside Presbyterian Project, RB, 3.680%, 12/01/33, LOC: Branch Banking & Trust Co. (b) | 9,765 | 9,765 | |||||||
Spotsylvania County Economic Development Authority, Public Facilities, Ser PT-2882, RB, 3.690%, 02/01/25, Callable 02/01/15 @ 100, FSA (b) (c) | 2,780 | 2,780 | |||||||
Sussex County Industrial Development Authority, McGill Environmental Systems, RB, AMT, 3.780%, 03/01/21, LOC: Branch Banking & Trust Co. (b) | 1,000 | 1,000 | |||||||
Tobacco Settlement Financing Corp., Ser PA-1303, RB, 3.700%, 06/01/37, Callable 06/01/15 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 9,900 | 9,900 | |||||||
Tobacco Settlement Financing Corp., Ser PA-1341, RB, 3.710%, 06/01/37, Callable 06/01/15 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 300 | 300 | |||||||
University of Virginia, Ser A, RB, 3.630%, 06/01/34 (b) | 24,500 | 24,500 | |||||||
Virginia Beach Development Authority, Ocean Ranch Project, RB, 3.680%, 07/01/17, LOC: Branch Banking & Trust Co. (b) (c) | 1,685 | 1,685 | |||||||
Virginia College Building Authority, Educational Facilities, 21st Century College, Ser B, RB, 3.770%, 02/01/26, Callable 02/01/14 @ 100, LOC: Wachovia Bank N.A. (b) | 3,000 | 3,000 | |||||||
Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Ser A, RB, 5.000%, 09/01/07, State Aid Withholding | 1,945 | 1,957 | |||||||
Virginia College Building Authority, Educational Facilities, Ser 134, RB, 3.700%, 09/01/07, FSA (b) (c) | 9,375 | 9,375 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Virginia—continued | |||||||||
Virginia Commonwealth Transportation Board, Federal Highway Reimbursement Notes, 5.000%, 10/01/07 | 3,155 | 3,178 | |||||||
Virginia Commonwealth Transportation Board, ROCS RR II, Ser R 1013, RB, 3.720%, 04/01/17, Callable 04/01/12 @ 100, LOC: Citigroup Global Markets (b) (c) | 6,310 | 6,310 | |||||||
Virginia Commonwealth Transportation Board, Ser SG 134, RB, 3.690%, 05/15/22, Callable 05/15/09 @ 101, LOC: Societe Generale (b) (c) | 9,995 | 9,995 | |||||||
Virginia Commonwealth University, General University Improvements, Ser A, RB, 3.800%, 11/01/30, AMBAC (b) | 5,945 | 5,945 | |||||||
Virginia Housing Development Authority, Commonwealth Mortgage, Ser D-3, RB, AMT, 3.750%, 10/01/07 | 1,000 | 1,000 | |||||||
Virginia Housing Development Authority, Commonwealth Mortgage, Ser PA-1310R, RB, 3.690%, 07/01/36, Callable 07/01/11@ 100, MBIA (b) (c) | 19,000 | 19,000 | |||||||
Virginia Resources Authority, Clean Water, Ser PA-790, RB, 3.690%, 10/01/16, Callable 10/01/10 @ 100, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 4,600 | 4,600 | |||||||
Virginia Small Business Financing Authority, Virginia Museum of Fine Arts Foundation, RB, 3.640%, 08/01/35, LOC: Wachovia National Bank N.A. (b) | 1,000 | 1,000 | |||||||
Virginia Small Business Financing Authority, Virginia State University Real Estate, RB, 3.660%, 07/01/31, CIFG (b) | 8,975 | 8,975 | |||||||
Virginia State Public Building Authority, Public Facilities, Ser 131, RB, 3.690%, 08/01/19, Callable 08/01/08 @ 100, MBIA (b) (c) | 1,785 | 1,785 | |||||||
Virginia State Public School Authority, School Financing, 1997 Resolution Program, Ser C, RB, 5.000%, 08/01/07, State Aid Withholding | 5,660 | 5,689 | |||||||
Virginia State Public School Authority, School Financing, 1997 Resolution Program, Ser D, RB, 5.000%, 02/01/08, State Aid Withholding | 8,000 | 8,091 | |||||||
Virginia State Public School Authority, Ser II-R 4050, RB, 3.710%, 08/01/17, Callable 08/01/13 @ 100 (b) (c) | 4,085 | 4,085 | |||||||
Virginia State Public School Authority, Ser PT-1619, RB, 3.690%, 08/01/08, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 4,345 | 4,345 | |||||||
Virginia State Public School Authority, Ser PT-3269, RB, 3.690%, 08/01/20, Callable 08/01/15 @ 100, State Aid Withholding (b) (c) | 7,305 | 7,305 | |||||||
Virginia State, GO, 4.000%, 06/01/07 | 1,500 | 1,501 |
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Virginia—continued | |||||||||
Virginia State, Ser B, GO, 5.000%, 06/01/07 | 6,805 | 6,822 | |||||||
Williamsburg Industrial Development Authority, Colonial Williamsburg Foundation, RB, 3.660%, 12/01/18, LOC: Bank of America N.A. (b) (c) | 250 | 250 | |||||||
Winchester Industrial Development Authority, Residential Care Facilities, Westminster-Cantenbury, Ser B, RB, 3.680%, 01/01/10, LOC: Branch Banking & Trust Co. (b) | 2,000 | 2,000 | |||||||
Winchester Industrial Development Authority, Residential Care Facilities, Westminster-Cantenbury, Ser B, RB, 3.680%, 01/01/35, LOC: Branch Banking & Trust Co. (b) | 2,000 | 2,000 | |||||||
471,870 | |||||||||
Puerto Rico (10.4%) | |||||||||
Puerto Rico Commonwealth, Ser PA-625, GO, 3.640%, 07/01/10, AMBAC (b) (c) | 3,000 | 3,000 | |||||||
Puerto Rico Commonwealth, Ser PA-943, GO, 3.640%, 07/01/19, MBIA (b) (c) | 5,000 | 5,000 | |||||||
Puerto Rico Electric Power Authority, Ser PA-778R, RB, 3.640%, 07/01/20, FSA (b) (c) | 1,400 | 1,400 | |||||||
Puerto Rico Government Development Bank, RB, 3.470%, 12/01/15, MBIA (b) | 5,600 | 5,600 | |||||||
Puerto Rico Highway & Transportation Authority, PT-776, RB, 3.640%, 01/01/11, FGIC (b) (c) | 1,900 | 1,900 | |||||||
Puerto Rico Highway & Transportation Authority, Ser PA-1380R, RB, 3.640%, 07/01/41, CIFG (b) (c) | 8,000 | 8,000 | |||||||
Puerto Rico Highway & Transportation Authority, Ser PA-472, RB, 3.640%, 07/01/18, FSA (b) (c) | 600 | 600 | |||||||
Puerto Rico Highway & Transportation Authority, Ser PA-534, RB, 3.640%, 01/01/19, AMBAC (b) (c) | 11,400 | 11,400 | |||||||
Puerto Rico Housing, Floater-TRS Trust Ser 2006 FR/ RI Lehman Brothers, Inc. as Trustor Underwriter, Ser K42, RB, 3.670%, 12/01/19 (b) (c) | 7,460 | 7,460 | |||||||
Puerto Rico Infrastructure Financing Authority, Ser MT-172, RB, 3.640%, 07/01/26, FGIC (b) (c) | 2,485 | 2,485 | |||||||
Puerto Rico Infrastructure Financing Authority, Ser MT-252, RB, 3.640%, 07/01/20, FGIC (b) (c) | 8,000 | 8,000 | |||||||
Puerto Rico Municipal Finance Agency, Ser PT-3326, RB, 3.640%, 08/01/21, CIFG (b) (c) | 4,830 | 4,830 | |||||||
Puerto Rico Public Building Authority, Ser PT-2973, RB, 3.640%, 07/01/16, FGIC (b) (c) | 2,500 | 2,500 | |||||||
Puerto Rico Public Finance Corp., Ser PA-502, 3.640%, 06/01/19, LOC: Merrill Lynch Capital Services, Inc. (b) (c) | 1,315 | 1,315 | |||||||
63,490 | |||||||||
Other (1.7%) | |||||||||
Eagle Tax Exempt Trust Certificates, Ser 994601, RB, 3.720%, 05/15/19, Callable 05/15/09 @ 101 LOC: Citibank N.A. (b) (c) | 10,560 | 10,560 | |||||||
Total Municipal Bonds (Cost $556,945) | 556,945 | ||||||||
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Shares or | |||||||||
Principal | |||||||||
Amount($) | Value($) | ||||||||
Money Market Fund (4.4%) | |||||||||
Federated Virginia Municipal Cash Trust, Institutional Class, 2.700% | 26,497,436 | 26,497 | |||||||
Total Money Market Fund (Cost $26,497) | 26,497 | ||||||||
Total Investments (Cost $583,442) (a) — 95.8% | 583,442 | ||||||||
Other assets in excess of liabilities — 4.2% | 25,290 | ||||||||
Net Assets — 100.0% | $ | 608,732 | |||||||
(a) | Aggregate cost for federal income tax and financial reporting purposes is the same. | |
(b) | Variable rate security. Rate presented represents rate in effect at March 31, 2007. Maturity date represents actual maturity date. | |
(c) | Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund’s adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. These securities represent 34.6% of net assets as of March 31, 2007. |
AMBAC | — Security insured by American Municipal Bond Assurance Corporation | |
AMT | — Alternative Minimum Tax Paper | |
CIFG | — Security insured by Capitalized Interest Financial Guaranty | |
FGIC | — Security insured by Financial Guaranty Insurance Company | |
FHLMC | — Security insured by Federal Home Loan Mortgage Corporation | |
FSA | — Security insured by Financial Security Assurance | |
GO | — General Obligation | |
LLC | — Limited Liability Corporation | |
LOC | — Letter of Credit | |
MBIA | — Security insured by Municipal Bond Insurance Association | |
RB | — Revenue Bond | |
Ser | — Series |
166
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Investment | Limited- | |||||||||||||||||||||||||||||||||
Georgia | High | Grade | Term | |||||||||||||||||||||||||||||||
Tax- | Grade | Investment | Tax- | Federal | ||||||||||||||||||||||||||||||
Exempt | Municipal | High | Intermediate | Grade | Exempt | Limited | Mortgage | |||||||||||||||||||||||||||
Bond | Bond | Income | Bond | Bond | Bond | Duration | Securities | |||||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||
Total Investments, at Cost | $ | 148,104 | $ | 170,630 | $ | 88,894 | $ | 94,620 | $ | 540,230 | $ | 439,245 | $ | 39,992 | $ | 453,986 | ||||||||||||||||||
Investments, at Value* | $ | 151,358 | $ | 172,420 | $ | 87,705 | $ | 92,654 | $ | 529,054 | $ | 440,716 | $ | 39,526 | $ | 447,535 | ||||||||||||||||||
Investments in Affiliates, at Value (Cost $—, $—, $—, $2,068, $11,917, $—, $464, $5,514) | — | — | — | 2,068 | 11,917 | — | 464 | 5,514 | ||||||||||||||||||||||||||
Repurchase Agreements, at Value and Cost | — | — | 2,996 | — | — | — | — | — | ||||||||||||||||||||||||||
Total Investments | 151,358 | 172,420 | 90,701 | 94,722 | 540,971 | 440,716 | 39,990 | 453,049 | ||||||||||||||||||||||||||
Cash | 3 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Interest and Dividends Receivable | 2,001 | 2,409 | 1,677 | 1,169 | 5,174 | 5,296 | 348 | 2,355 | ||||||||||||||||||||||||||
Receivable for Capital Shares Issued | 116 | 166 | 292 | 190 | 3,404 | 1,374 | 143 | 613 | ||||||||||||||||||||||||||
Receivable for Investment Securities Sold | — | 8,165 | 6,449 | 11,873 | 55,314 | 21,947 | — | 4,795 | ||||||||||||||||||||||||||
Appreciated Credit Default Swap Agreements, at Value (Cost $—, $—, $—, $7, $42, $—, $—, $—) | — | — | 32 | 7 | 44 | — | — | — | ||||||||||||||||||||||||||
Prepaid Expenses | 2 | 17 | 2 | 1 | 5 | 8 | 1 | 3 | ||||||||||||||||||||||||||
Total Assets | 153,480 | 183,177 | 99,153 | 107,962 | 604,912 | 469,341 | 40,482 | 460,815 | ||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||
Payable for Fund Overdraft | — | — | 45 | — | — | — | — | — | ||||||||||||||||||||||||||
Income Distributions Payable | 540 | 503 | 506 | 407 | 1,893 | 1,192 | 184 | 1,756 | ||||||||||||||||||||||||||
Payable for Investment Securities Purchased | — | 8,705 | 7,202 | 13,082 | 63,846 | 38,262 | — | — | ||||||||||||||||||||||||||
Depreciated Credit Default Swap Agreements, at Value (Proceeds $—, $—, $—, $—, $—,$—, $—, $—) | — | — | 3 | 7 | 43 | — | — | — | ||||||||||||||||||||||||||
Payable for Capital Shares Redeemed | 261 | 578 | 78 | 207 | 4,005 | 203 | — | 1,755 | ||||||||||||||||||||||||||
Payable upon Return of Securities Loaned | — | — | 19,074 | — | 115,143 | — | — | 16,240 | ||||||||||||||||||||||||||
Investment Advisory Fees Payable | 72 | 92 | 39 | 9 | 181 | 179 | 3 | 187 | ||||||||||||||||||||||||||
Administration and Fund Accounting Fees Payable | 3 | 2 | 1 | 1 | 8 | 9 | 1 | 9 | ||||||||||||||||||||||||||
Compliance Services Fees Payable | 1 | 1 | — | — | 2 | 1 | — | 2 | ||||||||||||||||||||||||||
Distribution and Service Fees Payable | 6 | 6 | 25 | — | 12 | 10 | — | 13 | ||||||||||||||||||||||||||
Custodian Fees Payable | 1 | 1 | 2 | 2 | 5 | 2 | 1 | 6 | ||||||||||||||||||||||||||
Accrued Expenses | 11 | 14 | 9 | 5 | 28 | 33 | 2 | 28 | ||||||||||||||||||||||||||
Total Liabilities | 895 | 9,902 | 26,984 | 13,720 | 185,166 | 39,891 | 191 | 19,996 | ||||||||||||||||||||||||||
Total Net Assets | $ | 152,585 | $ | 173,275 | $ | 72,169 | $ | 94,242 | $ | 419,746 | $ | 429,450 | $ | 40,291 | $ | 440,819 | ||||||||||||||||||
Net Assets Consist of: | ||||||||||||||||||||||||||||||||||
Capital | $ | 149,680 | $ | 171,057 | $ | 69,233 | $ | 97,424 | $ | 434,360 | $ | 426,789 | $ | 40,325 | $ | 459,899 | ||||||||||||||||||
Undistributed (Distributions in Excess of) Net Investment Income | (237 | ) | (8 | ) | 2 | (90 | ) | (64 | ) | (153 | ) | — | 516 | |||||||||||||||||||||
Accumulated Net Realized Gains (Losses) on Investment Transactions and Swaps | (112 | ) | 436 | 1,098 | (3,187 | ) | (15,250 | ) | 1,343 | (32 | ) | (18,659 | ) | |||||||||||||||||||||
Net Unrealized Appreciation (Depreciation) on Investments and Swaps | 3,254 | 1,790 | 1,836 | 95 | 700 | 1,471 | (2 | ) | (937 | ) | ||||||||||||||||||||||||
Total Net Assets | $ | 152,585 | $ | 173,275 | $ | 72,169 | $ | 94,242 | $ | 419,746 | $ | 429,450 | $ | 40,291 | $ | 440,819 | ||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||||||||||
I Shares | $ | 142,485 | $ | 163,707 | $ | 42,809 | $ | 94,136 | $ | 394,196 | $ | 410,473 | $ | 40,291 | $ | 422,749 | ||||||||||||||||||
A Shares | $ | 3,592 | $ | 2,844 | $ | 498 | $ | 105 | $ | 16,526 | $ | 11,723 | N/A | $ | 3,540 | |||||||||||||||||||
C Shares | $ | 6,508 | $ | 6,724 | $ | 28,862 | $ | 1 | $ | 9,024 | $ | 7,254 | N/A | $ | 14,530 | |||||||||||||||||||
Shares Outstanding (unlimited number of shares authorized, no par value): | ||||||||||||||||||||||||||||||||||
I Shares | 13,906 | 14,987 | 5,817 | 9,451 | 37,562 | 35,792 | 4,035 | 42,541 | ||||||||||||||||||||||||||
A Shares | 350 | 260 | 68 | 11 | 1,575 | 1,021 | N/A | 357 | ||||||||||||||||||||||||||
C Shares | 635 | 614 | 3,921 | — | 859 | 633 | N/A | 1,461 | ||||||||||||||||||||||||||
Net Asset Value and Redemption Price Per Share:† | ||||||||||||||||||||||||||||||||||
I Shares | $ | 10.25 | $ | 10.92 | $ | 7.36 | $ | 9.96 | $ | 10.49 | $ | 11.47 | $ | 9.98 | $ | 9.94 | ||||||||||||||||||
A Shares | $ | 10.26 | $ | 10.93 | $ | 7.37 | $ | 9.95 | $ | 10.49 | $ | 11.48 | N/A | $ | 9.92 | |||||||||||||||||||
C Shares** | $ | 10.25 | $ | 10.95 | $ | 7.36 | $ | 9.95 | $ | 10.50 | $ | 11.46 | N/A | $ | 9.94 | |||||||||||||||||||
Offering Price Per Share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent): | ||||||||||||||||||||||||||||||||||
I Shares | $ | 10.25 | $ | 10.92 | $ | 7.36 | $ | 9.96 | $ | 10.49 | $ | 11.47 | $ | 9.98 | $ | 9.94 | ||||||||||||||||||
A Shares | $ | 10.77 | $ | 11.48 | $ | 7.74 | $ | 10.45 | $ | 11.01 | $ | 12.05 | N/A | $ | 10.17 | |||||||||||||||||||
C Shares | $ | 10.25 | $ | 10.95 | $ | 7.36 | $ | 9.95 | $ | 10.50 | $ | 11.46 | N/A | $ | 9.94 | |||||||||||||||||||
Maximum Sales Charge — A Shares | 4.75 | % | 4.75 | % | 4.75 | % | 4.75 | % | 4.75 | % | 4.75 | % | N/A | 2.50 | % |
* | The High Income Fund, Investment Grade Bond Fund and Limited Term Federal Mortgage Securities Fund include securities on loan of $18,189, $110,894 and $15,696, respectively. | |
** | Redemption price per share varies by length of time shares are held. | |
† | Per Share amounts may not recalculate due to rounding of net assets and/or shares outstanding. | |
Amounts designated as “—” are $0 or have been rounded to $0. |
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Seix | Short-Term | |||||||||||||||||||||||||||||
Maryland | North Carolina | Floating Rate | Seix | U.S. Treasury | Strategic | |||||||||||||||||||||||||
Municipal | Tax-Exempt | High Income | High Yield | Short-Term | Securities | Income | ||||||||||||||||||||||||
Bond Fund | Bond Fund | Fund | Fund | Bond Fund | Fund | Fund | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||
Total Investments, at Cost | $ | 35,832 | $ | 46,097 | $ | 643,854 | $ | 1,261,092 | $ | 565,493 | $ | 74,607 | $ | 129,425 | ||||||||||||||||
Investments, at Value* | $ | 36,685 | $ | 46,638 | $ | 571,973 | $ | 1,269,777 | $ | 560,745 | $ | 74,659 | $ | 131,029 | ||||||||||||||||
Investments in Affiliates, at Value (Cost $—, $—, $—, $—, $4,663, $—, $—) | — | — | — | — | 4,663 | — | — | |||||||||||||||||||||||
Repurchase Agreements, at Value and Cost | — | — | 73,828 | 6,755 | — | — | — | |||||||||||||||||||||||
Total Investments | 36,685 | 46,638 | 645,801 | 1,276,532 | 565,408 | 74,659 | 131,029 | |||||||||||||||||||||||
Cash | — | — | — | 5 | — | — | — | |||||||||||||||||||||||
Interest and Dividends Receivable | 420 | 619 | 4,557 | 22,284 | 3,377 | 878 | 1,995 | |||||||||||||||||||||||
Receivable for Capital Shares Issued | 16 | 2 | 4,237 | 6,556 | 695 | 73 | 293 | |||||||||||||||||||||||
Receivable for Investment Securities Sold | 539 | — | 35,480 | 26,710 | 161 | — | 15,130 | |||||||||||||||||||||||
Reclaims Receivable | — | — | — | — | — | — | 12 | |||||||||||||||||||||||
Prepaid Expenses | 1 | 1 | 12 | 17 | 10 | 9 | 7 | |||||||||||||||||||||||
Total Assets | 37,661 | 47,260 | 690,087 | 1,332,104 | 569,651 | 75,619 | 148,466 | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||
Payable for Fund Overdraft | — | — | 1,072 | — | — | — | — | |||||||||||||||||||||||
Income Distributions Payable | 111 | 138 | 3,748 | 7,172 | 1,693 | 251 | 843 | |||||||||||||||||||||||
Payable for Investment Securities Purchased | 1,091 | 2,067 | 90,722 | 23,668 | 5,631 | — | 15,854 | |||||||||||||||||||||||
Payable for Capital Shares Redeemed | — | — | 979 | 295 | 1,736 | 103 | 697 | |||||||||||||||||||||||
Unrealized Depreciation on Unfunded Transactions | — | — | 104 | — | — | — | — | |||||||||||||||||||||||
Payable upon Return of Securities Loaned | — | — | — | 149,062 | 125,391 | 4,410 | 10,108 | |||||||||||||||||||||||
Investment Advisory Fees Payable | 17 | 21 | 218 | 443 | 148 | 24 | 57 | |||||||||||||||||||||||
Administration and Fund Accounting Fees Payable | 1 | 1 | 12 | 25 | 9 | 1 | — | |||||||||||||||||||||||
Compliance Services Fees Payable | — | — | 2 | 5 | 1 | — | — | |||||||||||||||||||||||
Distribution and Service Fees Payable | 6 | — | 3 | 11 | 5 | 10 | 28 | |||||||||||||||||||||||
Custodian Fees Payable | 1 | 1 | 2 | 11 | 6 | — | 45 | |||||||||||||||||||||||
Accrued Expenses | 3 | 4 | 48 | 74 | 31 | 9 | 14 | |||||||||||||||||||||||
Total Liabilities | 1,230 | 2,232 | 96,910 | 180,766 | 134,651 | 4,808 | 27,646 | |||||||||||||||||||||||
Total Net Assets | $ | 36,431 | $ | 45,028 | $ | 593,177 | $ | 1,151,338 | $ | 435,000 | $ | 70,811 | $ | 120,820 | ||||||||||||||||
Net Assets Consist of: | ||||||||||||||||||||||||||||||
Capital | $ | 35,598 | $ | 44,684 | $ | 589,837 | $ | 1,153,149 | $ | 446,541 | $ | 73,229 | $ | 124,486 | ||||||||||||||||
Undistributed (Distributions in Excess of) Net Investment Income | (41 | ) | (63 | ) | 29 | 17 | 52 | (1 | ) | (965 | ) | |||||||||||||||||||
Accumulated Net Realized Gains (Losses) on Investment Transactions, Swaps and Foreign Currency Transactions | 21 | (134 | ) | 1,468 | (17,268 | ) | (11,508 | ) | (2,469 | ) | (4,305 | ) | ||||||||||||||||||
Net Unrealized Appreciation (Depreciation) on Investments, Swaps and Foreign Currency Transactions | 853 | 541 | 1,843 | 15,440 | (85 | ) | 52 | 1,604 | ||||||||||||||||||||||
Total Net Assets | $ | 36,431 | $ | 45,028 | $ | 593,177 | $ | 1,151,338 | $ | 435,000 | $ | 70,811 | $ | 120,820 | ||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||||||
I Shares | $ | 29,513 | $ | 44,130 | $ | 582,867 | $ | 1,116,851 | $ | 426,757 | $ | 55,459 | $ | 86,812 | ||||||||||||||||
A Shares | $ | 45 | $ | 896 | $ | 10,310 | $ | 29,517 | $ | 3,742 | $ | 3,974 | $ | 1,144 | ||||||||||||||||
C Shares | $ | 6,873 | $ | 2 | N/A | $ | 4,970 | $ | 4,501 | $ | 11,378 | $ | 32,864 | |||||||||||||||||
Shares Outstanding (unlimited number of shares authorized, no par value): | ||||||||||||||||||||||||||||||
I Shares | 2,892 | 4,390 | 58,387 | 103,020 | 43,622 | 5,627 | 8,786 | |||||||||||||||||||||||
A Shares | 4 | 89 | 1,033 | 2,784 | 382 | 404 | 115 | |||||||||||||||||||||||
C Shares | 672 | — | N/A | 459 | 459 | 1,157 | 3,325 | |||||||||||||||||||||||
Net Asset Value and Redemption Price Per Share:† | ||||||||||||||||||||||||||||||
I Shares | $ | 10.21 | $ | 10.05 | $ | 9.98 | $ | 10.84 | $ | 9.78 | $ | 9.86 | $ | 9.88 | ||||||||||||||||
A Shares | $ | 10.22 | $ | 10.03 | $ | 9.99 | $ | 10.60 | $ | 9.81 | $ | 9.85 | $ | 9.92 | ||||||||||||||||
C Shares** | $ | 10.23 | $ | 10.04 | N/A | $ | 10.83 | $ | 9.81 | $ | 9.84 | $ | 9.88 | |||||||||||||||||
Offering Price Per Share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent): | ||||||||||||||||||||||||||||||
I Shares | $ | 10.21 | $ | 10.05 | $ | 9.98 | $ | 10.84 | $ | 9.78 | $ | 9.86 | $ | 9.88 | ||||||||||||||||
A Shares | $ | 10.73 | $ | 10.53 | $ | 10.25 | $ | 11.13 | $ | 10.06 | $ | 10.10 | $ | 10.41 | ||||||||||||||||
C Shares | $ | 10.23 | $ | 10.04 | N/A | $ | 10.83 | $ | 9.81 | $ | 9.84 | $ | 9.88 | |||||||||||||||||
Maximum Sales Charge — A Shares | 4.75 | % | 4.75 | % | 2.50 | % | 4.75 | % | 2.50 | % | 2.50 | % | 4.75 | % |
* | The Seix High Yield Fund, Short-Term Bond Fund, Short-Term U.S. Treasury Securities Fund and Strategic Income Fund include securities on loan of $142,376, $121,814, $4,293 and $9,619, respectively. | |
** | Redemption price per share varies by length of time shares are held. | |
† | Per Share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
Amounts designated as “—” are $0 or have been rounded to $0.
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U.S. | ||||||||||||||||||||||
Government | ||||||||||||||||||||||
Securities | Virginia | |||||||||||||||||||||
Total | Ultra- | U.S. | Ultra- | Intermediate | ||||||||||||||||||
Return | Short | Government | Short | Municipal | ||||||||||||||||||
Bond | Bond | Securities | Bond | Bond | ||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Total Investments, at Cost | $ | 605,710 | $ | 83,445 | $ | 684,211 | $ | 36,408 | $ | 216,792 | ||||||||||||
Investments, at Value* | $ | 588,955 | $ | 82,955 | $ | 678,292 | $ | 36,554 | $ | 221,418 | ||||||||||||
Investments in Affiliates, at Value (Cost $15,691, $830, $7,570, $—, $—) | 15,691 | 830 | 7,570 | — | — | |||||||||||||||||
Total Investments | 604,646 | 83,785 | 685,862 | 36,554 | 221,418 | |||||||||||||||||
Interest and Dividends Receivable | 5,760 | 500 | 4,278 | 160 | 2,968 | |||||||||||||||||
Receivable for Capital Shares Issued | 6,576 | 2,100 | 1,268 | 45 | 32 | |||||||||||||||||
Receivable for Investment Securities Sold | 78,238 | 370 | 82,934 | 1,174 | — | |||||||||||||||||
Appreciated Credit Default Swap Agreements, at Value (Cost $32, $—, $—, $—, $—) | 34 | — | — | — | — | |||||||||||||||||
Reclaims Receivable | 1 | — | — | — | — | |||||||||||||||||
Prepaid Expenses | 2 | 7 | 3 | 7 | 1 | |||||||||||||||||
Total Assets | 695,257 | 86,762 | 774,345 | 37,940 | 224,419 | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Payable for Fund Overdraft | — | 1 | — | — | — | |||||||||||||||||
Income Distributions Payable | 2,672 | 434 | 2,305 | 129 | 697 | |||||||||||||||||
Payable for Investment Securities Purchased | 90,161 | 627 | 85,837 | 2,784 | — | |||||||||||||||||
Depreciated Credit Default Swap Agreements, at Value (Proceeds $—, $—, $—, $—, $—) | 33 | — | — | — | — | |||||||||||||||||
Payable for Capital Shares Redeemed | 179 | 24 | 1,500 | 5 | — | |||||||||||||||||
Payable upon Return of Securities Loaned | — | — | 141,388 | 596 | — | |||||||||||||||||
Investment Advisory Fees Payable | 125 | 16 | 229 | 5 | 105 | |||||||||||||||||
Administration and Fund Accounting Fees Payable | 13 | 1 | 11 | — | 3 | |||||||||||||||||
Compliance Services Fees Payable | 2 | — | 2 | — | 1 | |||||||||||||||||
Distribution and Service Fees Payable | — | — | 5 | — | 3 | |||||||||||||||||
Custodian Fees Payable | 10 | 6 | 5 | 3 | 2 | |||||||||||||||||
Accrued Expenses | 33 | 7 | 37 | 7 | 16 | |||||||||||||||||
Total Liabilities | 93,228 | 1,116 | 231,319 | 3,529 | 827 | |||||||||||||||||
Total Net Assets | $ | 602,029 | $ | 85,646 | $ | 543,026 | $ | 34,411 | $ | 223,592 | ||||||||||||
Net Assets Consist of: | ||||||||||||||||||||||
Capital | $ | 612,343 | $ | 87,654 | $ | 550,227 | $ | 35,548 | $ | 219,073 | ||||||||||||
Undistributed (Distributions in Excess of) Net Investment Income | (648 | ) | 73 | 302 | 60 | (11 | ) | |||||||||||||||
Accumulated Net Realized Gains (Losses) on Investment Transactions, Swaps and Foreign Currency Transactions | (8,571 | ) | (2,421 | ) | (9,154 | ) | (1,343 | ) | (96 | ) | ||||||||||||
Net Unrealized Appreciation (Depreciation) on Investments, Swaps and Foreign Currency Transactions | (1,095 | ) | 340 | 1,651 | 146 | 4,626 | ||||||||||||||||
Total Net Assets | $ | 602,029 | $ | 85,646 | $ | 543,026 | $ | 34,411 | $ | 223,592 | ||||||||||||
Net Assets: | ||||||||||||||||||||||
I Shares | $ | 601,676 | $ | 85,646 | $ | 535,056 | $ | 34,411 | $ | 214,908 | ||||||||||||
A Shares | $ | 324 | N/A | $ | 2,849 | N/A | $ | 5,395 | ||||||||||||||
C Shares | $ | 29 | N/A | $ | 5,121 | N/A | $ | 3,289 | ||||||||||||||
Shares Outstanding (unlimited number of shares authorized, no par value): | ||||||||||||||||||||||
I Shares | 60,402 | 8,565 | 52,003 | 3,457 | 21,252 | |||||||||||||||||
A Shares | 32 | N/A | 277 | N/A | 534 | |||||||||||||||||
C Shares | 3 | N/A | 498 | N/A | 325 | |||||||||||||||||
Net Asset Value and Redemption Price Per Share:† | ||||||||||||||||||||||
I Shares | $ | 9.96 | $ | 10.00 | $ | 10.29 | $ | 9.95 | $ | 10.11 | ||||||||||||
A Shares | $ | 10.26 | N/A | $ | 10.29 | N/A | $ | 10.11 | ||||||||||||||
C Shares** | $ | 9.96 | N/A | $ | 10.29 | N/A | $ | 10.11 | ||||||||||||||
Offering Price Per Share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent): | ||||||||||||||||||||||
I Shares | $ | 9.96 | $ | 10.00 | $ | 10.29 | $ | 9.95 | $ | 10.11 | ||||||||||||
A Shares | $ | 10.77 | N/A | $ | 10.80 | N/A | $ | 10.61 | ||||||||||||||
C Shares | $ | 9.96 | N/A | $ | 10.29 | N/A | $ | 10.11 | ||||||||||||||
Maximum Sales Charge — A Shares | 4.75 | % | N/A | 4.75 | % | N/A | 4.75 | % |
* | The U.S. Government Securities Fund and U.S. Government Securities Ultra-Short Bond Fund include securities on loan of $136,787 and $574, respectively. | |
** | Redemption price per share varies by length of time shares are held. | |
† | Per Share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
Amounts designated as “—” are $0 or have been rounded to $0.
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Table of Contents
Virginia | ||||||||||||||||||||||
Prime Quality | Tax-Exempt | U.S. Government | U.S. Treasury | Tax-Free | ||||||||||||||||||
Money | Money | Securities Money | Money | Money | ||||||||||||||||||
Market Fund | Market Fund | Market Fund | Market Fund | Market Fund | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Total Investments, at Cost | $ | 9,221,474 | $ | 1,743,017 | $ | 950,387 | $ | 1,060,834 | $ | 583,442 | ||||||||||||
Investments, at Value | $ | 9,146,780 | $ | 1,743,017 | $ | 235,726 | $ | 19,809 | $ | 583,442 | ||||||||||||
Repurchase Agreements, at Value and Cost | 74,694 | — | 714,661 | 1,041,025 | — | |||||||||||||||||
Total Investments | 9,221,474 | 1,743,017 | 950,387 | 1,060,834 | 583,442 | |||||||||||||||||
Accrued Income | 40,516 | 12,457 | 2,049 | 291 | 3,643 | |||||||||||||||||
Receivable for Capital Shares Issued | 24,675 | 1,523 | 1,014 | 152 | 1,011 | |||||||||||||||||
Receivable for Investment Securities Sold | — | 4,744 | — | — | 22,595 | |||||||||||||||||
Prepaid Expenses | 11 | 5 | 5 | 4 | 6 | |||||||||||||||||
Total Assets | 9,286,676 | 1,761,746 | 953,455 | 1,061,281 | 610,697 | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Payable for Fund Overdraft | — | 4,057 | — | — | — | |||||||||||||||||
Income Distributions Payable | 36,565 | 4,692 | 3,791 | 4,091 | 1,529 | |||||||||||||||||
Payable for Investment Securities Purchased | 74,993 | — | — | — | 134 | |||||||||||||||||
Investment Advisory Fees Payable | 3,685 | 667 | 447 | 483 | 201 | |||||||||||||||||
Administration and Fund Accounting Fees Payable | 185 | 36 | 20 | 22 | 12 | |||||||||||||||||
Compliance Services Fees Payable | 30 | 6 | 3 | 4 | 2 | |||||||||||||||||
Distribution and Service Fees Payable | 735 | 76 | 32 | 4 | 47 | |||||||||||||||||
Custodian Fees Payable | 35 | 8 | 3 | 5 | 3 | |||||||||||||||||
Accrued Expenses | 710 | 100 | 65 | 53 | 37 | |||||||||||||||||
Total Liabilities | 116,938 | 9,642 | 4,361 | 4,662 | 1,965 | |||||||||||||||||
Total Net Assets | $ | 9,169,738 | $ | 1,752,104 | $ | 949,094 | $ | 1,056,619 | $ | 608,732 | ||||||||||||
Net Assets Consist of: | ||||||||||||||||||||||
Capital | $ | 9,169,705 | $ | 1,751,959 | $ | 949,082 | $ | 1,056,751 | $ | 608,719 | ||||||||||||
Undistributed (Distributions in Excess of) Net Investment Income | 33 | 26 | 13 | 80 | 13 | |||||||||||||||||
Accumulated Net Realized Gains (Losses) on Investment Transactions | — | 119 | (1 | ) | (212 | ) | — | |||||||||||||||
Total Net Assets | $ | 9,169,738 | $ | 1,752,104 | $ | 949,094 | $ | 1,056,619 | $ | 608,732 | ||||||||||||
Net Assets: | ||||||||||||||||||||||
I Shares | $ | 3,248,781 | $ | 1,157,688 | $ | 691,145 | $ | 1,025,065 | $ | 230,191 | ||||||||||||
A Shares | $ | 5,917,224 | $ | 594,416 | $ | 257,949 | $ | 31,554 | $ | 378,541 | ||||||||||||
C Shares | $ | 3,733 | N/A | N/A | N/A | N/A | ||||||||||||||||
Shares Outstanding (unlimited number of shares authorized, no par value): | ||||||||||||||||||||||
I Shares | 3,248,810 | 1,157,559 | 691,136 | 1,025,197 | 230,186 | |||||||||||||||||
A Shares | 5,917,160 | 594,400 | 257,947 | 31,554 | 378,532 | |||||||||||||||||
C Shares | 3,735 | N/A | N/A | N/A | N/A | |||||||||||||||||
Net Asset Value, Offering and Redemption Price Per Share: | ||||||||||||||||||||||
I Shares | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
A Shares | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||
C Shares* | $ | 1.00 | N/A | N/A | N/A | N/A |
* | Redemption price per share varies by length of time shares are held. |
Amounts designated as “-” are $0 or have been rounded to $0.
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Investment | Limited- | |||||||||||||||||||||||||||||||||
Georgia | High | Grade | Term | |||||||||||||||||||||||||||||||
Tax- | Grade | Investment | Tax- | Federal | ||||||||||||||||||||||||||||||
Exempt | Municipal | High | Intermediate | Grade | Exempt | Limited | Mortgage | |||||||||||||||||||||||||||
Bond | Bond | Income | Bond | Bond | Bond | Duration | Securities | |||||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||||||||||||
Interest Income | $ | 6,033 | $ | 6,657 | $ | 6,164 | $ | 3,945 | $ | 23,025 | $ | 13,109 | $ | 3,680 | $ | 19,626 | ||||||||||||||||||
Dividend Income | 80 | 289 | 108 | 1 | — | 752 | — | — | ||||||||||||||||||||||||||
Dividend Income from Affiliated Investment Companies | — | — | — | 52 | 110 | — | 83 | 366 | ||||||||||||||||||||||||||
Income from Securities Lending | — | — | 48 | — | 567 | — | — | 38 | ||||||||||||||||||||||||||
Total Investment Income | 6,113 | 6,946 | 6,320 | 3,998 | 23,702 | 13,861 | 3,763 | 20,030 | ||||||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||
Investment Advisory Fees | 780 | 960 | 430 | 201 | 2,259 | 1,808 | 73 | 2,058 | ||||||||||||||||||||||||||
Administration and Fund Accounting Fees | 36 | 44 | 18 | 20 | 114 | 91 | 18 | 104 | ||||||||||||||||||||||||||
Compliance Services Fees | 3 | 3 | 1 | 2 | 8 | 6 | 1 | 7 | ||||||||||||||||||||||||||
Distribution Fees — A Shares | 5 | 6 | 1 | — | 55 | 45 | — | 8 | ||||||||||||||||||||||||||
Distribution and Service Fees — C Shares | 78 | 76 | 314 | 1 | 109 | 87 | — | 168 | ||||||||||||||||||||||||||
Custodian Fees | 3 | 2 | 4 | 6 | 4 | 5 | 2 | 20 | ||||||||||||||||||||||||||
Professional Fees | 7 | 8 | 4 | 3 | 17 | 17 | 3 | 20 | ||||||||||||||||||||||||||
Insurance Fees | 3 | 4 | 2 | 2 | 13 | 8 | 2 | 9 | ||||||||||||||||||||||||||
Registration Fees | 8 | 23 | 12 | 6 | 17 | 21 | 4 | 12 | ||||||||||||||||||||||||||
Transfer Agent Expenses | 1 | 3 | 20 | — | 22 | 17 | — | 19 | ||||||||||||||||||||||||||
Printing Fees | 4 | 4 | 7 | — | 25 | 10 | (5 | ) | 13 | |||||||||||||||||||||||||
Trustees’ Fees | 3 | 4 | 2 | 2 | 10 | 8 | 2 | 9 | ||||||||||||||||||||||||||
Other Fees | 4 | 7 | 6 | 10 | (7 | ) | 10 | 2 | (11 | ) | ||||||||||||||||||||||||
Total Expenses | 935 | 1,144 | 821 | 253 | 2,646 | 2,133 | 102 | 2,436 | ||||||||||||||||||||||||||
Less: Administration Fees Waived | (1 | ) | (12 | ) | (8 | ) | (2 | ) | (3 | ) | (2 | ) | — | (3 | ) | |||||||||||||||||||
Net Expenses | 934 | 1,132 | 813 | 251 | 2,643 | 2,131 | 102 | 2,433 | ||||||||||||||||||||||||||
Net Investment Income | 5,179 | 5,814 | 5,507 | 3,747 | 21,059 | 11,730 | 3,661 | 17,597 | ||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Swaps: | ||||||||||||||||||||||||||||||||||
Net Realized Gain (Loss) on Investments Sold and Swaps | (111 | ) | 566 | 2,975 | (424 | ) | (8,199 | ) | 2,189 | (49 | ) | (2,755 | ) | |||||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Swaps | 1,537 | 1,264 | 992 | 1,667 | 12,152 | 1,681 | 10 | 6,234 | ||||||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments and Swaps | 1,426 | 1,830 | 3,967 | 1,243 | 3,953 | 3,870 | (39 | ) | 3,479 | |||||||||||||||||||||||||
Change in Net Assets from Operations | $ | 6,605 | $ | 7,644 | $ | 9,474 | $ | 4,990 | $ | 25,012 | $ | 15,600 | $ | 3,622 | $ | 21,076 | ||||||||||||||||||
Amounts designated as “—” are $0 or have been rounded to $0.
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North | Seix | Short-Term | ||||||||||||||||||||||||||||
Maryland | Carolina | Floating | Seix | U.S. Treasury | Strategic | |||||||||||||||||||||||||
Municipal | Tax-Exempt | Rate High | High Yield | Short-Term | Securities | Income | ||||||||||||||||||||||||
Bond Fund | Bond Fund | Income Fund | Fund | Bond Fund | Fund | Fund | ||||||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||||||||
Interest Income | $ | 1,646 | $ | 1,753 | $ | 31,201 | $ | 91,109 | $ | 16,692 | $ | 3,174 | $ | 10,239 | ||||||||||||||||
Dividend Income | 31 | 45 | 7 | — | 135 | 29 | 118 | |||||||||||||||||||||||
Dividend Income from Affiliated Investment Companies | — | — | — | — | 196 | — | — | |||||||||||||||||||||||
Income from Securities Lending | — | — | — | 438 | 246 | 16 | 152 | |||||||||||||||||||||||
Total Investment Income | 1,677 | 1,798 | 31,208 | 91,547 | 17,269 | 3,219 | 10,509 | |||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||
Investment Advisory Fees | 211 | 239 | 1,859 | 5,343 | 1,428 | 293 | 1,058 | |||||||||||||||||||||||
Administration and Fund Accounting Fees | 10 | 11 | 104 | 312 | 90 | 18 | 45 | |||||||||||||||||||||||
Compliance Services Fees | 1 | 1 | 8 | 22 | 7 | 1 | 3 | |||||||||||||||||||||||
Distribution Fees — A Shares | — | 1 | 13 | 80 | 8 | 8 | 5 | |||||||||||||||||||||||
Distribution and Service Fees — C Shares | 78 | — | — | 54 | 61 | 145 | 384 | |||||||||||||||||||||||
Custodian Fees | 1 | 1 | 7 | 13 | 14 | — | 95 | |||||||||||||||||||||||
Professional Fees | 2 | 1 | 49 | 63 | 18 | 3 | 7 | |||||||||||||||||||||||
Insurance Fees | 1 | 1 | 4 | 30 | 7 | 2 | 6 | |||||||||||||||||||||||
Registration Fees | 6 | 6 | 28 | 27 | 23 | 21 | 24 | |||||||||||||||||||||||
Transfer Agent Expenses | 3 | — | 2 | 52 | 9 | 15 | 27 | |||||||||||||||||||||||
Printing Fees | 2 | (4 | ) | 22 | 46 | 27 | 5 | 7 | ||||||||||||||||||||||
Trustees’ Fees | 1 | 1 | 9 | 28 | 8 | 2 | 4 | |||||||||||||||||||||||
Other Fees | 1 | 1 | 15 | 13 | (4 | ) | (13 | ) | 8 | |||||||||||||||||||||
Total Expenses | 317 | 259 | 2,120 | 6,083 | 1,696 | 500 | 1,673 | |||||||||||||||||||||||
Less: Investment Advisory Fees Waived | — | — | — | — | — | — | (28 | ) | ||||||||||||||||||||||
Less: Administration Fees Waived | — | — | (17 | ) | (7 | ) | (2 | ) | — | (12 | ) | |||||||||||||||||||
Net Expenses | 317 | 259 | 2,103 | 6,076 | 1,694 | 500 | 1,633 | |||||||||||||||||||||||
Net Investment Income | 1,360 | 1,539 | 29,105 | 85,471 | 15,575 | 2,719 | 8,876 | |||||||||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments, Swaps and Foreign Currency Transactions: | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) on Investments Sold, Swaps, Forward Foreign Currency Contracts, and Foreign Currency Transactions | 62 | 40 | 2,204 | (6,489 | ) | (1,256 | ) | (733 | ) | 1,505 | ||||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments, Swaps, Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency | 307 | 606 | 2,172 | 24,870 | 4,174 | 1,163 | 3,394 | |||||||||||||||||||||||
Net Realized and Unrealized Gain on Investments, Swaps and Foreign Currency Transactions | 369 | 646 | 4,376 | 18,381 | 2,918 | 430 | 4,899 | |||||||||||||||||||||||
Change in Net Assets from Operations | $ | 1,729 | $ | 2,185 | $ | 33,481 | $ | 103,852 | $ | 18,493 | $ | 3,149 | $ | 13,775 | ||||||||||||||||
Amounts designated as “—” are $0 or have been rounded to $0.
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U.S. | ||||||||||||||||||||||
Government | ||||||||||||||||||||||
Securities | Virginia | |||||||||||||||||||||
Total | Ultra- | U.S. | Ultra- | Intermediate | ||||||||||||||||||
Return | Short | Government | Short | Municipal | ||||||||||||||||||
Bond | Bond | Securities | Bond | Bond | ||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||
Investment Income: | ||||||||||||||||||||||
Interest Income | $ | 28,504 | $ | 7,349 | $ | 23,327 | $ | 1,518 | $ | 8,628 | ||||||||||||
Dividend Income | — | 138 | — | 42 | 70 | |||||||||||||||||
Dividend Income from Affiliated Investment Companies | 362 | 50 | 523 | — | — | |||||||||||||||||
Income from Securities Lending | — | 22 | 433 | 4 | — | |||||||||||||||||
Total Investment Income | 28,866 | 7,559 | 24,283 | 1,564 | 8,698 | |||||||||||||||||
Expenses: | ||||||||||||||||||||||
Investment Advisory Fees | 1,364 | 343 | 2,311 | 69 | 1,144 | |||||||||||||||||
Administration and Fund Accounting Fees | 138 | 40 | 117 | 9 | 52 | |||||||||||||||||
Compliance Services Fees | 10 | 2 | 9 | 1 | 4 | |||||||||||||||||
Distribution Fees — A Shares | 1 | — | 8 | — | 8 | |||||||||||||||||
Distribution and Service Fees — C Shares | — | — | 63 | — | 24 | |||||||||||||||||
Custodian Fees | 26 | 27 | 14 | 16 | 4 | |||||||||||||||||
Professional Fees | 25 | 6 | 22 | 2 | 10 | |||||||||||||||||
Insurance Fees | 12 | 5 | 10 | 1 | 5 | |||||||||||||||||
Registration Fees | 11 | 12 | 15 | 15 | 16 | |||||||||||||||||
Transfer Agent Expenses | (1 | ) | (1 | ) | 11 | 1 | 2 | |||||||||||||||
Printing Fees | 16 | 3 | 15 | 4 | (5 | ) | ||||||||||||||||
Trustees’ Fees | 12 | 4 | 10 | 1 | 5 | |||||||||||||||||
Other Fees | 21 | (1 | ) | (10 | ) | (4 | ) | 7 | ||||||||||||||
Total Expenses | 1,635 | 440 | 2,595 | 115 | 1,276 | |||||||||||||||||
Less: Investment Advisory Fees Waived | — | — | — | (11 | ) | — | ||||||||||||||||
Less: Administration Fees Waived | (3 | ) | (6 | ) | (3 | ) | (5 | ) | (11 | ) | ||||||||||||
Net Expenses | 1,632 | 434 | 2,592 | 99 | 1,265 | |||||||||||||||||
Net Investment Income | 27,234 | 7,125 | 21,691 | 1,465 | 7,433 | |||||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments, Swaps and Foreign Currency Transactions: | ||||||||||||||||||||||
Net Realized Gain (Loss) on Investments Sold, Swaps, Forward Foreign Currency Contracts, and Foreign Currency Transactions | (2,496 | ) | (520 | ) | (2,786 | ) | (108 | ) | 58 | |||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments, Swaps, Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency | 8,248 | 1,489 | 8,034 | 469 | 2,167 | |||||||||||||||||
Net Realized and Unrealized Gain on Investments, Swaps and Foreign Currency Transactions | 5,752 | 969 | 5,248 | 361 | 2,225 | |||||||||||||||||
Change in Net Assets from Operations | $ | 32,986 | $ | 8,094 | $ | 26,939 | $ | 1,826 | $ | 9,658 | ||||||||||||
Amounts designated as “—” are $0 or have been rounded to $0.
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U.S. Government | Virginia | |||||||||||||||||||||
Prime Quality | Tax-Exempt | Securities | U.S. Treasury | Tax-Free | ||||||||||||||||||
Money | Money Market | Money Market | Money Market | Money Market | ||||||||||||||||||
Market Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||
Investment Income: | ||||||||||||||||||||||
Interest Income | $ | 413,328 | $ | 66,312 | $ | 39,112 | $ | 70,780 | $ | 19,254 | ||||||||||||
Dividend Income | 7,572 | 1,046 | — | — | 435 | |||||||||||||||||
Total Investment Income | 420,900 | 67,358 | 39,112 | 70,780 | 19,689 | |||||||||||||||||
Expenses: | ||||||||||||||||||||||
Investment Advisory Fees | 38,890 | 8,272 | 4,184 | 7,550 | 2,227 | |||||||||||||||||
Administration and Fund Accounting Fees | 2,020 | 475 | 192 | 352 | 141 | |||||||||||||||||
Compliance Services Fees | 142 | 32 | 14 | 26 | 10 | |||||||||||||||||
Distribution Fees — A Shares | 7,313 | 936 | 367 | 36 | 501 | |||||||||||||||||
Distribution and Service Fees — C Shares | 10 | — | — | — | — | |||||||||||||||||
Custodian Fees | 36 | 24 | 7 | 14 | 8 | |||||||||||||||||
Professional Fees | 375 | 80 | 37 | 62 | 26 | |||||||||||||||||
Insurance Fees | 159 | 41 | 17 | 35 | 13 | |||||||||||||||||
Registration Fees | (85 | ) | (11 | ) | (2 | ) | (17 | ) | 8 | |||||||||||||
Transfer Agent Fees | (9 | ) | (6 | ) | (1 | ) | (6 | ) | (1 | ) | ||||||||||||
Printing Fees | 556 | 42 | 24 | 17 | 17 | |||||||||||||||||
Trustees’ Fees | 177 | 41 | 17 | 33 | 12 | |||||||||||||||||
Other Expenses | 72 | 16 | 10 | 33 | 21 | |||||||||||||||||
Total Expenses | 49,656 | 9,942 | 4,866 | 8,135 | 2,983 | |||||||||||||||||
Less: Administration Fees Waived | (52 | ) | (10 | ) | (5 | ) | (7 | ) | (3 | ) | ||||||||||||
Net Expenses | 49,604 | 9,932 | 4,861 | 8,128 | 2,980 | |||||||||||||||||
Net Investment Income | 371,296 | 57,426 | 34,251 | 62,652 | 16,709 | |||||||||||||||||
Net Realized Gain (Loss) on Investments: | ||||||||||||||||||||||
Net Realized Gain (Loss) on Investments Sold | 13 | 212 | (2 | ) | — | — | ||||||||||||||||
Change in Net Assets from Operations | $ | 371,309 | $ | 57,638 | $ | 34,249 | $ | 62,652 | $ | 16,709 | ||||||||||||
Amounts designated as “—” are $0 or have been rounded to $0.
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Georgia Tax-Exempt | High Grade Municipal | High Income | Intermediate | |||||||||||||||||||||||||||||||
Bond Fund | Bond Fund | Fund | Bond Fund (b) | |||||||||||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | |||||||||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | |||||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||||||||||
Net Investment Income | $ | 5,179 | $ | 3,971 | (a) | $ | 5,814 | $ | 5,652 | $ | 5,507 | $ | 6,101 | $ | 3,747 | $ | 2,648 | |||||||||||||||||
Net Realized Gain (Loss) on Investments Sold and Swaps | (111 | ) | 133 | 566 | 1,124 | 2,975 | (1,302 | ) | (424 | ) | (617 | ) | ||||||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Swaps | 1,537 | (577 | )(a) | 1,264 | (1,704 | ) | 992 | 859 | 1,667 | (1,076 | ) | |||||||||||||||||||||||
Change in Net Assets from Operations | 6,605 | 3,527 | 7,644 | 5,072 | 9,474 | 5,658 | 4,990 | 955 | ||||||||||||||||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||||||||||||
I Shares | (5,083 | ) | (3,719 | ) | (5,498 | ) | (5,238 | ) | (3,270 | ) | (3,216 | ) | (3,775 | ) | (2,568 | ) | ||||||||||||||||||
T Shares | — | (96 | ) | |||||||||||||||||||||||||||||||
A Shares | (129 | ) | (100 | ) | (132 | ) | (169 | ) | (38 | ) | (34 | ) | — | (2 | ) | |||||||||||||||||||
C Shares | (226 | ) | (268 | ) | (181 | ) | (245 | ) | (2,265 | ) | (2,851 | ) | (2 | ) | (1 | ) | ||||||||||||||||||
Realized Gains: | ||||||||||||||||||||||||||||||||||
I Shares | (102 | ) | (112 | ) | (244 | ) | (774 | ) | — | (2,058 | ) | — | (101 | ) | ||||||||||||||||||||
A Shares | (3 | ) | (4 | ) | (6 | ) | (26 | ) | — | (22 | ) | — | — | |||||||||||||||||||||
C Shares | (5 | ) | (11 | ) | (11 | ) | (49 | ) | — | (2,047 | ) | — | — | |||||||||||||||||||||
Total Dividends and Distributions | (5,548 | ) | (4,214 | ) | (6,072 | ) | (6,501 | ) | (5,573 | ) | (10,228 | ) | (3,777 | ) | (2,768 | ) | ||||||||||||||||||
Change in Net Assets from Capital Transactions | 22,321 | 20,067 | (7,498 | ) | 4,654 | (4,961 | ) | (27,105 | ) | 14,770 | 24,893 | |||||||||||||||||||||||
Change in Net Assets | 23,378 | 19,380 | (5,926 | ) | 3,225 | (1,060 | ) | (31,675 | ) | 15,983 | 23,080 | |||||||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||||||||||
Beginning of Period | 129,207 | 109,827 | 179,201 | 175,976 | 73,229 | 104,904 | 78,259 | 55,179 | ||||||||||||||||||||||||||
End of Period | $ | 152,585 | $ | 129,207 | $ | 173,275 | $ | 179,201 | $ | 72,169 | $ | 73,229 | $ | 94,242 | $ | 78,259 | ||||||||||||||||||
Undistributed (Distributions in Excess of) Net Investment Income, End of Period | $ | (237 | ) | $ | 22 | (a) | $ | (8 | ) | $ | (11 | ) | $ | 2 | $ | 32 | $ | (90 | ) | $ | 26 | |||||||||||||
(a) | The amounts reported as “Net Investment Income” and “Undistributed (Distributions in Excess of) Net Investment Income, End of Period” for the period ended March 31, 2006 have been increased by $756 (in thousands) and the amount reported as “Net Change in Unrealized Appreciation (Depreciation) on Investments and Swaps” has been reduced by $756 (in thousands) to correct for an error related to the recording of amortization of premium on two fixed income securities. | |
(b) | Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. |
Amounts designated as “—” are either $0 or have been rounded to $0.
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Georgia Tax-Exempt | High Grade Municipal | High Income | Intermediate Bond | ||||||||||||||||||||||||||||||
Bond Fund | Bond Fund | Fund | Fund (a) | ||||||||||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | ||||||||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | ||||||||||||||||||||||||||
Capital Transactions: | |||||||||||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 45,378 | $ | 39,979 | $ | 45,498 | $ | 61,889 | $ | 18,813 | $ | 13,695 | $ | 14,152 | $ | 35,040 | |||||||||||||||||
Proceeds from Shares Issued in Acquisition | 33,738 | — | |||||||||||||||||||||||||||||||
Dividends Reinvested | 463 | 489 | 475 | 839 | 1,332 | 2,299 | 2,419 | 1,635 | |||||||||||||||||||||||||
Cost of Shares Redeemed | (20,275 | ) | (20,409 | ) | (49,059 | ) | (53,510 | ) | (16,322 | ) | (28,300 | ) | (35,571 | ) | (4,560 | ) | |||||||||||||||||
Change in Net Assets from I Shares | $ | 25,566 | $ | 20,059 | $ | (3,086 | ) | $ | 9,218 | $ | 3,823 | $ | (12,306 | ) | $ | 14,738 | $ | 32,115 | |||||||||||||||
T Shares: | |||||||||||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 2,156 | |||||||||||||||||||||||||||||||
Dividends Reinvested | 52 | ||||||||||||||||||||||||||||||||
Cost of Shares Redeemed | (9,504 | ) | |||||||||||||||||||||||||||||||
Change in Net Assets from T Shares | $ | (7,296 | ) | ||||||||||||||||||||||||||||||
A Shares: | |||||||||||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 447 | $ | 2,084 | $ | 442 | $ | 733 | $ | 403 | $ | 168 | $ | 100 | $ | 207 | |||||||||||||||||
Dividends Reinvested | 73 | 60 | 87 | 132 | 28 | 47 | — | 3 | |||||||||||||||||||||||||
Cost of Shares Redeemed | (659 | ) | (1,076 | ) | (2,809 | ) | (1,894 | ) | (363 | ) | (527 | ) | — | (205 | ) | ||||||||||||||||||
Change in Net Assets from A Shares | $ | (139 | ) | $ | 1,068 | $ | (2,280 | ) | $ | (1,029 | ) | $ | 68 | $ | (312 | ) | $ | 100 | $ | 5 | |||||||||||||
C Shares: | |||||||||||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 14 | $ | 446 | $ | 6 | $ | 96 | $ | 743 | $ | 871 | $ | 1 | $ | 69 | |||||||||||||||||
Dividends Reinvested | 199 | 268 | 129 | 225 | 1,481 | 3,596 | 2 | 1 | |||||||||||||||||||||||||
Cost of Shares Redeemed | (3,319 | ) | (1,774 | ) | (2,267 | ) | (3,856 | ) | (11,076 | ) | (18,954 | ) | (71 | ) | (1 | ) | |||||||||||||||||
Change in Net Assets from C Shares | $ | (3,106 | ) | $ | (1,060 | ) | $ | (2,132 | ) | $ | (3,535 | ) | $ | (8,852 | ) | $ | (14,487 | ) | $ | (68 | ) | $ | 69 | ||||||||||
Change in Net Assets from Capital Transactions | $ | 22,321 | $ | 20,067 | $ | (7,498 | ) | $ | 4,654 | $ | (4,961 | ) | $ | (27,105 | ) | $ | 14,770 | $ | 24,893 | ||||||||||||||
Share Transactions: | |||||||||||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||||||||||
Issued | 4,438 | 3,890 | 4,182 | 5,626 | 2,625 | 1,892 | 1,433 | 3,472 | |||||||||||||||||||||||||
Issued in Acquisition | 3,409 | — | |||||||||||||||||||||||||||||||
Reinvested | 45 | 48 | 43 | 76 | 187 | 323 | 244 | 163 | |||||||||||||||||||||||||
Redeemed | (1,982 | ) | (1,985 | ) | (4,513 | ) | (4,876 | ) | (2,271 | ) | (3,894 | ) | (3,574 | ) | (453 | ) | |||||||||||||||||
Change in I Shares | 2,501 | 1,953 | (288 | ) | 826 | 541 | (1,679 | ) | 1,512 | 3,182 | |||||||||||||||||||||||
T Shares: | |||||||||||||||||||||||||||||||||
Issued | 212 | ||||||||||||||||||||||||||||||||
Reinvested | 5 | ||||||||||||||||||||||||||||||||
Redeemed | (931 | ) | |||||||||||||||||||||||||||||||
Change in T Shares | (714 | ) | |||||||||||||||||||||||||||||||
A Shares: | |||||||||||||||||||||||||||||||||
Issued | 44 | 203 | 41 | 67 | 57 | 23 | 11 | 21 | |||||||||||||||||||||||||
Reinvested | 7 | 6 | 8 | 12 | 4 | 7 | — | — | |||||||||||||||||||||||||
Redeemed | (65 | ) | (105 | ) | (258 | ) | (172 | ) | (51 | ) | (72 | ) | — | (21 | ) | ||||||||||||||||||
Change in A Shares | (14 | ) | 104 | (209 | ) | (93 | ) | 10 | (42 | ) | 11 | — | |||||||||||||||||||||
C Shares: | |||||||||||||||||||||||||||||||||
Issued | 3 | 43 | — | 9 | 103 | 119 | — | 7 | |||||||||||||||||||||||||
Reinvested | 19 | 26 | 12 | 20 | 208 | 505 | — | — | |||||||||||||||||||||||||
Redeemed | (327 | ) | (173 | ) | (208 | ) | (351 | ) | (1,566 | ) | (2,609 | ) | (7 | ) | — | ||||||||||||||||||
Change in C Shares | (305 | ) | (104 | ) | (196 | ) | (322 | ) | (1,255 | ) | (1,985 | ) | (7 | ) | 7 | ||||||||||||||||||
Change in Shares | 2,182 | 1,953 | (693 | ) | 411 | (704 | ) | (3,706 | ) | 1,516 | 2,475 | ||||||||||||||||||||||
(a) | Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. |
Amounts designated as “—” are $0 or have been rounded to $0.
176
Table of Contents
Investment Grade | Investment Grade | Limited Duration | ||||||||||||||||||||||||
Bond Fund | Tax-Exempt Bond Fund | Fund (a) | ||||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | |||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | |||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||
Net Investment Income | $ | 21,059 | $ | 22,409 | $ | 11,730 | $ | 8,969 | $ | 3,661 | $ | 2,165 | ||||||||||||||
Net Realized Gain (Loss) on Investments Sold and Swaps | (8,199 | ) | 7,288 | 2,189 | 1,313 | (49 | ) | 4 | ||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Swaps | 12,152 | (12,042 | ) | 1,681 | (1,585 | ) | 10 | (13 | ) | |||||||||||||||||
Change in Net Assets from Operations | 25,012 | 17,655 | 15,600 | 8,697 | 3,622 | 2,156 | ||||||||||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||||
I Shares | (20,144 | ) | (21,449 | ) | (11,086 | ) | (8,283 | ) | (3,639 | ) | (2,219 | ) | ||||||||||||||
T Shares | (1 | ) | ||||||||||||||||||||||||
A Shares | (818 | ) | (800 | ) | (442 | ) | (444 | ) | ||||||||||||||||||
C Shares | (410 | ) | (470 | ) | (197 | ) | (242 | ) | — | |||||||||||||||||
Realized Gains: | ||||||||||||||||||||||||||
I Shares | — | — | (1,246 | ) | (1,977 | ) | (9 | ) | (1 | ) | ||||||||||||||||
A Shares | — | — | (53 | ) | (118 | ) | ||||||||||||||||||||
C Shares | — | — | (29 | ) | (80 | ) | — | |||||||||||||||||||
Total Dividends and Distributions | (21,372 | ) | (22,719 | ) | (13,053 | ) | (11,144 | ) | (3,648 | ) | (2,221 | ) | ||||||||||||||
Change in Net Assets from Capital Transactions | (97,708 | ) | (125,727 | ) | 99,451 | 37,315 | (18,570 | ) | (24,365 | ) | ||||||||||||||||
Change in Net Assets | (94,068 | ) | (130,791 | ) | 101,998 | 34,868 | (18,596 | ) | (24,430 | ) | ||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||
Beginning of Period | 513,814 | 644,605 | 327,452 | 292,584 | 58,887 | 83,317 | ||||||||||||||||||||
End of Period | $ | 419,746 | $ | 513,814 | $ | 429,450 | $ | 327,452 | $ | 40,291 | $ | 58,887 | ||||||||||||||
Undistributed (Distributions in Excess of) Net Investment Income, End of Period | $ | (64 | ) | $ | 812 | $ | (153 | ) | $ | (162 | ) | $ | — | $ | — | |||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Limited-Term Federal | ||||||||||
Mortgage Securities Fund | ||||||||||
04/01/06- | 04/01/05- | |||||||||
03/31/07 | 03/31/06 | |||||||||
Operations: | ||||||||||
Net Investment Income | $ | 17,597 | $ | 13,070 | ||||||
Net Realized Gain (Loss) on Investments Sold and Swaps | (2,755 | ) | (2,545 | ) | ||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments and Swaps | 6,234 | (2,631 | ) | |||||||
Change in Net Assets from Operations | 21,076 | 7,894 | ||||||||
Dividends and Distributions to Shareholders: | ||||||||||
Net Investment Income: | ||||||||||
I Shares | (18,020 | ) | (14,726 | ) | ||||||
T Shares | ||||||||||
A Shares | (172 | ) | (242 | ) | ||||||
C Shares | (605 | ) | (872 | ) | ||||||
Realized Gains: | ||||||||||
I Shares | — | — | ||||||||
A Shares | — | — | ||||||||
C Shares | — | — | ||||||||
Total Dividends and Distributions | (18,797 | ) | (15,840 | ) | ||||||
Change in Net Assets from Capital Transactions | 44,039 | (45,874 | ) | |||||||
Change in Net Assets | 46,318 | (53,820 | ) | |||||||
Net Assets: | ||||||||||
Beginning of Period | 394,501 | 448,321 | ||||||||
End of Period | $ | 440,819 | $ | 394,501 | ||||||
Undistributed (Distributions in Excess of) Net Investment Income, End of Period | $ | 516 | $ | 1,019 | ||||||
(a) | Effective August 1, 2005, all T Shares and C Shares of this fund were exchanged for I Shares and T Shares and C Shares were no longer offered. |
Amounts designated as “—” are either $0 or have been rounded to $0.
177
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Investment Grade | Limited-Term Federal | ||||||||||||||||||||||||||||||||
Investment Grade | Tax-Exempt Bond | Limited Duration | Mortgage Securities | ||||||||||||||||||||||||||||||
Bond Fund | Fund | Fund (a) | Fund | ||||||||||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | ||||||||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | ||||||||||||||||||||||||||
Capital Transactions: | |||||||||||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 95,825 | $ | 121,335 | $ | 177,333 | $ | 126,289 | $ | 95,403 | $ | 31,566 | $ | 140,799 | $ | 147,011 | |||||||||||||||||
Dividends Reinvested | 9,341 | 9,103 | 3,090 | 2,449 | 3,116 | 2,057 | 3,374 | 4,004 | |||||||||||||||||||||||||
Cost of Shares Redeemed | (194,380 | ) | (248,679 | ) | (73,281 | ) | (84,976 | ) | (117,089 | ) | (57,986 | ) | (93,590 | ) | (181,240 | ) | |||||||||||||||||
Change in Net Assets from I Shares | $ | (89,214 | ) | $ | (118,241 | ) | $ | 107,142 | $ | 43,762 | $ | (18,570 | ) | $ | (24,363 | ) | $ | 50,583 | $ | (30,225 | ) | ||||||||||||
T Shares: | |||||||||||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 220 | |||||||||||||||||||||||||||||||
Dividends Reinvested | — | ||||||||||||||||||||||||||||||||
Cost of Shares Redeemed | (221 | ) | |||||||||||||||||||||||||||||||
Change in Net Assets from T Shares | $ | (1 | ) | ||||||||||||||||||||||||||||||
A Shares: | |||||||||||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 3,811 | $ | 3,455 | $ | 1,353 | $ | 3,247 | $ | 2,051 | $ | 3,709 | |||||||||||||||||||||
Dividends Reinvested | 738 | 786 | 368 | 468 | 145 | 190 | |||||||||||||||||||||||||||
Cost of Shares Redeemed | (8,403 | ) | (7,512 | ) | (6,313 | ) | (4,860 | ) | (3,076 | ) | (5,233 | ) | |||||||||||||||||||||
Change in Net Assets from A Shares | $ | (3,854 | ) | $ | (3,271 | ) | $ | (4,592 | ) | $ | (1,145 | ) | $ | (880 | ) | $ | (1,334 | ) | |||||||||||||||
C Shares: | |||||||||||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 118 | $ | 798 | $ | 54 | $ | 106 | $ | 64 | $ | 54 | $ | 195 | |||||||||||||||||||
Dividends Reinvested | 364 | 455 | 178 | 283 | — | 508 | 802 | ||||||||||||||||||||||||||
Cost of Shares Redeemed | (5,122 | ) | (5,468 | ) | (3,331 | ) | (5,691 | ) | (65 | ) | (6,226 | ) | (15,312 | ) | |||||||||||||||||||
Change in Net Assets from C Shares | $ | (4,640 | ) | $ | (4,215 | ) | $ | (3,099 | ) | $ | (5,302 | ) | $ | (1 | ) | $ | (5,664 | ) | $ | (14,315 | ) | ||||||||||||
Change in Net Assets from Capital Transactions | $ | (97,708 | ) | $ | (125,727 | ) | $ | 99,451 | $ | 37,315 | $ | (18,570 | ) | $ | (24,365 | ) | $ | 44,039 | $ | (45,874 | ) | ||||||||||||
Share Transactions: | |||||||||||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||||||||||
Issued | 9,174 | 11,501 | 15,472 | 10,965 | 9,552 | 3,161 | 14,229 | 14,687 | |||||||||||||||||||||||||
Reinvested | 896 | 865 | 269 | 213 | 312 | 206 | 341 | 399 | |||||||||||||||||||||||||
Redeemed | (18,678 | ) | (23,593 | ) | (6,401 | ) | (7,396 | ) | (11,726 | ) | (5,809 | ) | (9,468 | ) | (18,032 | ) | |||||||||||||||||
Change in I Shares | (8,608 | ) | (11,227 | ) | 9,340 | 3,782 | (1,862 | ) | (2,442 | ) | 5,102 | (2,946 | ) | ||||||||||||||||||||
T Shares: | |||||||||||||||||||||||||||||||||
Issued | 22 | ||||||||||||||||||||||||||||||||
Reinvested | — | ||||||||||||||||||||||||||||||||
Redeemed | (22 | ) | |||||||||||||||||||||||||||||||
Change in T Shares | — | ||||||||||||||||||||||||||||||||
A Shares: | |||||||||||||||||||||||||||||||||
Issued | 366 | 328 | 119 | 281 | 208 | 370 | |||||||||||||||||||||||||||
Reinvested | 71 | 75 | 31 | 41 | 15 | 19 | |||||||||||||||||||||||||||
Redeemed | (807 | ) | (713 | ) | (550 | ) | (422 | ) | (312 | ) | (524 | ) | |||||||||||||||||||||
Change in A Shares | (370 | ) | (310 | ) | (400 | ) | (100 | ) | (89 | ) | (135 | ) | |||||||||||||||||||||
C Shares: | |||||||||||||||||||||||||||||||||
Issued | 10 | 76 | 5 | 9 | 6 | 5 | 19 | ||||||||||||||||||||||||||
Reinvested | 35 | 43 | 16 | 25 | — | 52 | 80 | ||||||||||||||||||||||||||
Redeemed | (492 | ) | (518 | ) | (292 | ) | (494 | ) | (6 | ) | (630 | ) | (1,524 | ) | |||||||||||||||||||
Change in C Shares | (447 | ) | (399 | ) | (271 | ) | (460 | ) | — | (573 | ) | (1,425 | ) | ||||||||||||||||||||
Change in Shares | (9,425 | ) | (11,936 | ) | 8,669 | 3,222 | (1,862 | ) | (2,442 | ) | 4,440 | (4,506 | ) | ||||||||||||||||||||
(a) | Effective August 1, 2005, all T Shares and C Shares of this fund were exchanged for I Shares and T Shares and C Shares were no longer offered. |
Amounts designated as “—” are $0 or have been rounded to $0.
178
Table of Contents
Maryland Municipal | North Carolina Tax- | Seix Floating Rate High | ||||||||||||||||||||||||
Bond Fund | Exempt Bond Fund | Income Fund | ||||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 03/02/06-* | |||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | |||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||
Net Investment Income | $ | 1,360 | $ | 1,462 | $ | 1,539 | $ | 1,288 | $ | 29,105 | $ | 434 | ||||||||||||||
Net Realized Gain (Loss) on Investments Sold, Swaps, Options, Forward Foreign Currencies and Foreign Currency Transactions | 62 | 298 | 40 | (35 | ) | 2,204 | (19 | ) | ||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments, Swaps, Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency | 307 | (442 | ) | 606 | 166 | 2,172 | (329 | ) | ||||||||||||||||||
Change in Net Assets from Operations | 1,729 | 1,318 | 2,185 | 1,419 | 33,481 | 86 | ||||||||||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||||
I Shares | (1,133 | ) | (1,142 | ) | (1,519 | ) | (1,288 | ) | (29,505 | ) | (438 | ) | ||||||||||||||
T Shares | ||||||||||||||||||||||||||
A Shares | (10 | ) | (10 | ) | (19 | ) | — | (309 | ) | — | ||||||||||||||||
C Shares | (216 | ) | (310 | ) | — | — | ||||||||||||||||||||
Realized Gains: | ||||||||||||||||||||||||||
I Shares | (113 | ) | (268 | ) | — | (4 | ) | (4 | ) | — | ||||||||||||||||
A Shares | — | (4 | ) | — | — | — | — | |||||||||||||||||||
C Shares | (29 | ) | (94 | ) | — | — | ||||||||||||||||||||
Total Dividends and Distributions | (1,501 | ) | (1,828 | ) | (1,538 | ) | (1,292 | ) | (29,818 | ) | (438 | ) | ||||||||||||||
Change in Net Assets from Capital Transactions | (6,331 | ) | (1,199 | ) | 2,993 | 463 | 483,109 | 106,757 | ||||||||||||||||||
Change in Net Assets | (6,103 | ) | (1,709 | ) | 3,640 | 590 | 486,772 | 106,405 | ||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||
Beginning of Period | 42,534 | 44,243 | 41,388 | 40,798 | 106,405 | — | ||||||||||||||||||||
End of Period | $ | 36,431 | $ | 42,534 | $ | 45,028 | $ | 41,388 | $ | 593,177 | $ | 106,405 | ||||||||||||||
Undistributed (Distributions in Excess of) Net Investment Income, End of Period | $ | (41 | ) | $ | (42 | ) | $ | (63 | ) | $ | (64 | ) | $ | 29 | $ | 17 | ||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Seix High Yield Fund(a) | ||||||||||
04/01/06- | 04/01/05- | |||||||||
03/31/07 | 03/31/06 | |||||||||
Operations: | ||||||||||
Net Investment Income | $ | 85,471 | $ | 79,295 | ||||||
Net Realized Gain (Loss) on Investments Sold, Swaps, Options, Forward Foreign Currencies and Foreign Currency Transactions | (6,489 | ) | (10,259 | ) | ||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments, Swaps, Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency | 24,870 | (1,686 | ) | |||||||
Change in Net Assets from Operations | 103,852 | 67,350 | ||||||||
Dividends and Distributions to Shareholders: | ||||||||||
Net Investment Income: | ||||||||||
I Shares | (83,349 | ) | (77,610 | ) | ||||||
T Shares | (62 | ) | ||||||||
A Shares | (2,198 | ) | (1,414 | ) | ||||||
C Shares | (320 | ) | (256 | ) | ||||||
Realized Gains: | ||||||||||
I Shares | — | (16,562 | ) | |||||||
A Shares | — | (536 | ) | |||||||
C Shares | — | (76 | ) | |||||||
Total Dividends and Distributions | (85,867 | ) | (96,516 | ) | ||||||
Change in Net Assets from Capital Transactions | (126,431 | ) | (118,674 | ) | ||||||
Change in Net Assets | (108,446 | ) | (147,840 | ) | ||||||
Net Assets: | ||||||||||
Beginning of Period | 1,259,784 | 1,407,624 | ||||||||
End of Period | $ | 1,151,338 | $ | 1,259,784 | ||||||
Undistributed (Distributions in Excess of) Net Investment Income, End of Period | $ | 17 | $ | 55 | ||||||
* | Commencement of operations. |
(a) | Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. |
Amounts designated as “—” are either $0 or have been rounded to $0.
179
Table of Contents
Maryland Municipal | North Carolina Tax- | Seix Floating Rate | |||||||||||||||||||||||
Bond Fund | Exempt Bond Fund | High Income Fund | |||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 03/02/06*- | ||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | ||||||||||||||||||||
Capital Transactions: | |||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 8,851 | $ | 6,853 | $ | 8,903 | $ | 8,474 | $ | 667,504 | $ | 108,820 | |||||||||||||
Dividends Reinvested | 140 | 350 | 9 | 16 | 23,103 | 437 | |||||||||||||||||||
Cost of Shares Redeemed | (12,346 | ) | (5,155 | ) | (6,700 | ) | (8,140 | ) | (217,739 | ) | (2,500 | ) | |||||||||||||
Change in Net Assets from I Shares | $ | (3,355 | ) | $ | 2,048 | $ | 2,212 | $ | 350 | $ | 472,868 | $ | 106,757 | ||||||||||||
T Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | |||||||||||||||||||||||||
Dividends Reinvested | |||||||||||||||||||||||||
Cost of Shares Redeemed | |||||||||||||||||||||||||
Change in Net Assets from T Shares | |||||||||||||||||||||||||
A Shares (1) (2): | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 684 | $ | 697 | $ | 1,025 | $ | 111 | $ | 10,570 | |||||||||||||||
Dividends Reinvested | 9 | 14 | 8 | — | 167 | ||||||||||||||||||||
Cost of Shares Redeemed | (1,156 | ) | (197 | ) | (252 | ) | — | (496 | ) | ||||||||||||||||
Change in Net Assets from A Shares | $ | (463 | ) | $ | 514 | $ | 781 | $ | 111 | $ | 10,241 | ||||||||||||||
C Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 24 | $ | 4 | $ | — | $ | 2 | |||||||||||||||||
Dividends Reinvested | 195 | 341 | — | — | |||||||||||||||||||||
Cost of Shares Redeemed | (2,732 | ) | (4,106 | ) | — | — | |||||||||||||||||||
Change in Net Assets from C Shares | $ | (2,513 | ) | $ | (3,761 | ) | $ | — | $ | 2 | |||||||||||||||
Change in Net Assets from Capital Transactions | $ | (6,331 | ) | $ | (1,199 | ) | $ | 2,993 | $ | 463 | $ | 483,109 | $ | 106,757 | |||||||||||
Share Transactions: | |||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||
Issued | 868 | 666 | 893 | 849 | 67,266 | 10,885 | |||||||||||||||||||
Reinvested | 14 | 34 | 1 | 2 | 2,329 | 44 | |||||||||||||||||||
Redeemed | (1,214 | ) | (499 | ) | (671 | ) | (816 | ) | (21,886 | ) | (251 | ) | |||||||||||||
Change in I Shares | (332 | ) | 201 | 223 | 35 | 47,709 | 10,678 | ||||||||||||||||||
T Shares: | |||||||||||||||||||||||||
Issued | |||||||||||||||||||||||||
Reinvested | |||||||||||||||||||||||||
Redeemed | |||||||||||||||||||||||||
Change in T Shares | |||||||||||||||||||||||||
A Shares (1) (2): | |||||||||||||||||||||||||
Issued | 67 | 67 | 103 | 11 | 1,066 | ||||||||||||||||||||
Reinvested | 1 | 1 | — | — | 17 | ||||||||||||||||||||
Redeemed | (113 | ) | (19 | ) | (25 | ) | — | (50 | ) | ||||||||||||||||
Change in A Shares | (45 | ) | 49 | 78 | 11 | 1,033 | |||||||||||||||||||
C Shares: | |||||||||||||||||||||||||
Issued | 4 | — | — | — | |||||||||||||||||||||
Reinvested | 19 | 33 | — | — | |||||||||||||||||||||
Redeemed | (268 | ) | (398 | ) | — | — | |||||||||||||||||||
Change in C Shares | (245 | ) | (365 | ) | — | — | |||||||||||||||||||
Change in Shares | (622 | ) | (115 | ) | 301 | 46 | 48,742 | 10,678 | |||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Seix High Yield | |||||||||
Fund (a) | |||||||||
04/01/06- | 04/01/05- | ||||||||
03/31/07 | 03/31/06 | ||||||||
Capital Transactions: | |||||||||
I Shares: | |||||||||
Proceeds from Shares Issued | $ | 259,961 | $ | 184,613 | |||||
Dividends Reinvested | 72,165 | 87,188 | |||||||
Cost of Shares Redeemed | (450,506 | ) | (417,753 | ) | |||||
Change in Net Assets from I Shares | $ | (118,380 | ) | $ | (145,952 | ) | |||
T Shares: | |||||||||
Proceeds from Shares Issued | $ | 2,840 | |||||||
Dividends Reinvested | 12 | ||||||||
Cost of Shares Redeemed | (5,727 | ) | |||||||
Change in Net Assets from T Shares | $ | (2,875 | ) | ||||||
A Shares (1) (2): | |||||||||
Proceeds from Shares Issued | $ | 3,056 | $ | 37,266 | |||||
Dividends Reinvested | 2,028 | 1,712 | |||||||
Cost of Shares Redeemed | (12,227 | ) | (11,512 | ) | |||||
Change in Net Assets from A Shares | $ | (7,143 | ) | $ | 27,466 | ||||
C Shares: | |||||||||
Proceeds from Shares Issued | $ | 437 | $ | 2,973 | |||||
Dividends Reinvested | 125 | 97 | |||||||
Cost of Shares Redeemed | (1,470 | ) | (383 | ) | |||||
Change in Net Assets from C Shares | $ | (908 | ) | $ | 2,687 | ||||
Change in Net Assets from Capital Transactions | $ | (126,431 | ) | $ | (118,674 | ) | |||
Share Transactions: | |||||||||
I Shares: | |||||||||
Issued | 24,404 | 16,930 | |||||||
Reinvested | 6,769 | 8,029 | |||||||
Redeemed | (42,077 | ) | (38,273 | ) | |||||
Change in I Shares | (10,904 | ) | (13,314 | ) | |||||
T Shares: | |||||||||
Issued | 258 | ||||||||
Reinvested | 1 | ||||||||
Redeemed | (513 | ) | |||||||
Change in T Shares | (254 | ) | |||||||
A Shares (1) (2): | |||||||||
Issued | 294 | 3,495 | |||||||
Reinvested | 195 | 162 | |||||||
Redeemed | (1,176 | ) | (1,093 | ) | |||||
Change in A Shares | (687 | ) | 2,564 | ||||||
C Shares: | |||||||||
Issued | 42 | 273 | |||||||
Reinvested | 12 | 9 | |||||||
Redeemed | (139 | ) | (36 | ) | |||||
Change in C Shares | (85 | ) | 246 | ||||||
Change in Shares | (11,676 | ) | (10,758 | ) | |||||
* | Commencement of operations. |
(a) | Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. |
(1) | A Shares were offered beginning on April 13, 2005 for the Maryland Municipal Bond Fund. |
(2) | A Shares were offered beginning on May 8, 2006 for the Seix Floating Rate High Income Fund. |
Amounts designated as “—” are $0 or have been rounded to $0.
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Table of Contents
Short-Term | ||||||||||||||||||||||||||
U.S. Treasury | ||||||||||||||||||||||||||
Short-Term Bond Fund | Securities Fund | Strategic Income Fund | ||||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | |||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | |||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||
Net Investment Income | $ | 15,575 | $ | 9,838 | $ | 2,719 | $ | 2,382 | $ | 8,876 | $ | 12,645 | ||||||||||||||
Net Realized Gain (Loss) on Investments Sold, Swaps, Options, Forward Foreign Currencies and Foreign Currency Transactions | (1,256 | ) | 531 | (733 | ) | (808 | ) | 1,505 | (12,508 | ) | ||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments, Swaps, Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency | 4,174 | (947 | ) | 1,163 | (122 | ) | 3,394 | (161 | ) | |||||||||||||||||
Change in Net Assets from Operations | 18,493 | 9,422 | 3,149 | 1,452 | 13,775 | (24 | ) | |||||||||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||||
I Shares | (15,322 | ) | (9,580 | ) | (2,140 | ) | (1,724 | ) | (5,188 | ) | (10,426 | ) | ||||||||||||||
T Shares | ||||||||||||||||||||||||||
A Shares | (174 | ) | (186 | ) | (157 | ) | (131 | ) | (58 | ) | (109 | ) | ||||||||||||||
C Shares | (205 | ) | (306 | ) | (421 | ) | (528 | ) | (1,278 | ) | (2,244 | ) | ||||||||||||||
Tax Return of Capital | ||||||||||||||||||||||||||
I Shares | — | — | — | — | (2,196 | ) | — | |||||||||||||||||||
A Shares | — | — | — | — | (24 | ) | — | |||||||||||||||||||
C Shares | — | — | — | — | (541 | ) | — | |||||||||||||||||||
Realized Gains: | ||||||||||||||||||||||||||
I Shares | — | — | — | — | — | (4,450 | ) | |||||||||||||||||||
A Shares | — | — | — | — | — | (33 | ) | |||||||||||||||||||
C Shares | — | — | — | — | — | (1,056 | ) | |||||||||||||||||||
Total Dividends and Distributions | (15,701 | ) | (10,072 | ) | (2,718 | ) | (2,383 | ) | (9,285 | ) | (18,318 | ) | ||||||||||||||
Change in Net Assets from Capital Transactions | 136,305 | (12,846 | ) | (8,905 | ) | (29,864 | ) | (175,090 | ) | 29,254 | ||||||||||||||||
Change in Net Assets | 139,097 | (13,496 | ) | (8,474 | ) | (30,795 | ) | (170,600 | ) | 10,912 | ||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||
Beginning of Period | 295,903 | 309,399 | 79,285 | 110,080 | �� | 291,420 | 280,508 | |||||||||||||||||||
End of Period | $ | 435,000 | $ | 295,903 | $ | 70,811 | $ | 79,285 | $ | 120,820 | $ | 291,420 | ||||||||||||||
Undistributed (Distributions in Excess of) Net Investment Income, End of Period | $ | 52 | $ | 136 | $ | (1 | ) | $ | (2 | ) | $ | (965 | ) | $ | (4,094 | ) | ||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Total Return | ||||||||||
Bond Fund (a) | ||||||||||
04/01/06- | 04/01/05- | |||||||||
03/31/07 | 03/31/06 | |||||||||
Operations: | ||||||||||
Net Investment Income | $ | 27,234 | $ | 15,669 | ||||||
Net Realized Gain (Loss) on Investments Sold, Swaps, Options, Forward Foreign Currencies and Foreign Currency Transactions | (2,496 | ) | (2,853 | ) | ||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments, Swaps, Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency | 8,248 | (8,256 | ) | |||||||
Change in Net Assets from Operations | 32,986 | 4,560 | ||||||||
Dividends and Distributions to Shareholders: | ||||||||||
Net Investment Income: | ||||||||||
I Shares | (27,347 | ) | (14,412 | ) | ||||||
T Shares | (1,742 | ) | ||||||||
A Shares | (22 | ) | (13 | ) | ||||||
C Shares | (1 | ) | (1 | ) | ||||||
Tax Return of Capital | ||||||||||
I Shares | — | — | ||||||||
A Shares | — | — | ||||||||
C Shares | — | — | ||||||||
Realized Gains: | ||||||||||
I Shares | — | (493 | ) | |||||||
A Shares | — | (1 | ) | |||||||
C Shares | — | — | ||||||||
Total Dividends and Distributions | (27,370 | ) | (16,662 | ) | ||||||
Change in Net Assets from Capital Transactions | 98,162 | 212,581 | ||||||||
Change in Net Assets | 103,778 | 200,479 | ||||||||
Net Assets: | ||||||||||
Beginning of Period | 498,251 | 297,772 | ||||||||
End of Period | $ | 602,029 | $ | 498,251 | ||||||
Undistributed (Distributions in Excess of) Net Investment Income, End of Period | $ | (648 | ) | $ | 36 | |||||
(a) | Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. |
Amounts designated as “—” are either $0 or have been rounded to $0.
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Table of Contents
Short-Term U.S. | |||||||||||||||||||||||||
Treasury Securities | |||||||||||||||||||||||||
Short-Term Bond Fund | Fund | Strategic Income Fund | |||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | ||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | ||||||||||||||||||||
Capital Transactions: | |||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 229,055 | $ | 96,780 | $ | 9,435 | $ | 6,931 | $ | 24,224 | $ | 140,531 | |||||||||||||
Proceeds from Shares Issued in Acquisition | — | 12,374 | |||||||||||||||||||||||
Dividends Reinvested | 3,405 | 2,720 | 294 | 258 | 782 | 3,086 | |||||||||||||||||||
Cost of Shares Redeemed | (89,715 | ) | (118,491 | ) | (9,587 | ) | (21,504 | ) | (184,717 | ) | (82,975 | ) | |||||||||||||
Change in Net Assets from I Shares | $ | 142,745 | $ | (6,617 | ) | $ | 142 | $ | (14,315 | ) | $ | (159,711 | ) | $ | 60,642 | ||||||||||
T Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | |||||||||||||||||||||||||
Dividends Reinvested | |||||||||||||||||||||||||
Cost of Shares Redeemed | |||||||||||||||||||||||||
Change in Net Assets from T Shares | |||||||||||||||||||||||||
A Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 2,096 | $ | 2,668 | $ | 281 | $ | 453 | $ | 783 | $ | 1,633 | |||||||||||||
Dividends Reinvested | 137 | 164 | 124 | 108 | 61 | 127 | |||||||||||||||||||
Cost of Shares Redeemed | (3,582 | ) | (3,533 | ) | (792 | ) | (2,527 | ) | (1,477 | ) | (3,670 | ) | |||||||||||||
Change in Net Assets from A Shares | $ | (1,349 | ) | $ | (701 | ) | $ | (387 | ) | $ | (1,966 | ) | $ | (633 | ) | $ | (1,910 | ) | |||||||
C Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 13 | $ | 435 | $ | 192 | $ | 294 | $ | 486 | $ | 1,238 | |||||||||||||
Dividends Reinvested | 173 | 238 | 374 | 505 | 1,263 | 2,558 | |||||||||||||||||||
Cost of Shares Redeemed | (5,277 | ) | (6,201 | ) | (9,226 | ) | (14,382 | ) | (16,495 | ) | (33,274 | ) | |||||||||||||
Change in Net Assets from C Shares | $ | (5,091 | ) | $ | (5,528 | ) | $ | (8,660 | ) | $ | (13,583 | ) | $ | (14,746 | ) | $ | (29,478 | ) | |||||||
Change in Net Assets from Capital Transactions | $ | 136,305 | $ | (12,846 | ) | $ | (8,905 | ) | $ | (29,864 | ) | $ | (175,090 | ) | $ | 29,254 | |||||||||
Share Transactions: | |||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||
Issued | 23,514 | 9,961 | 961 | 701 | 2,489 | 13,993 | |||||||||||||||||||
Issued in Acquisition | — | 1,281 | |||||||||||||||||||||||
Reinvested | 349 | 280 | 30 | 26 | 80 | 314 | |||||||||||||||||||
Redeemed | (9,218 | ) | (12,201 | ) | (976 | ) | (2,175 | ) | (18,990 | ) | (8,337 | ) | |||||||||||||
Change in I Shares | 14,645 | (679 | ) | 15 | (1,448 | ) | (16,421 | ) | 5,970 | ||||||||||||||||
T Shares: | |||||||||||||||||||||||||
Issued | |||||||||||||||||||||||||
Reinvested | |||||||||||||||||||||||||
Redeemed | |||||||||||||||||||||||||
Change in T Shares | |||||||||||||||||||||||||
A Shares: | |||||||||||||||||||||||||
Issued | 215 | 273 | 29 | 46 | 81 | 161 | |||||||||||||||||||
Reinvested | 14 | 17 | 13 | 11 | 6 | 13 | |||||||||||||||||||
Redeemed | (367 | ) | (363 | ) | (81 | ) | (256 | ) | (151 | ) | (364 | ) | |||||||||||||
Change in A Shares | (138 | ) | (73 | ) | (39 | ) | (199 | ) | (64 | ) | (190 | ) | |||||||||||||
C Shares: | |||||||||||||||||||||||||
Issued | 1 | 45 | 20 | 30 | 49 | 122 | |||||||||||||||||||
Reinvested | 19 | 24 | 38 | 51 | 129 | 258 | |||||||||||||||||||
Redeemed | (543 | ) | (637 | ) | (942 | ) | (1,458 | ) | (1,694 | ) | (3,330 | ) | |||||||||||||
Change in C Shares | (523 | ) | (568 | ) | (884 | ) | (1,377 | ) | (1,516 | ) | (2,950 | ) | |||||||||||||
Change in Shares | 13,984 | (1,320 | ) | (908 | ) | (3,024 | ) | (18,001 | ) | 2,830 | |||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Total Return | |||||||||
Bond Fund (a) | |||||||||
04/01/06- | 04/01/05- | ||||||||
03/31/07 | 03/31/06 | ||||||||
Capital Transactions: | |||||||||
I Shares: | |||||||||
Proceeds from Shares Issued | $ | 204,181 | $ | 389,832 | |||||
Proceeds from Shares Issued in Acquisition | 65,561 | — | |||||||
Dividends Reinvested | 13,172 | 8,527 | |||||||
Cost of Shares Redeemed | (184,578 | ) | (64,112 | ) | |||||
Change in Net Assets from I Shares | $ | 98,336 | $ | 334,247 | |||||
T Shares: | |||||||||
Proceeds from Shares Issued | $ | 39,832 | |||||||
Dividends Reinvested | 1,267 | ||||||||
Cost of Shares Redeemed | (163,029 | ) | |||||||
Change in Net Assets from T Shares | $ | (121,930 | ) | ||||||
A Shares: | |||||||||
Proceeds from Shares Issued | $ | 196 | $ | 298 | |||||
Dividends Reinvested | 12 | 4 | |||||||
Cost of Shares Redeemed | (383 | ) | (66 | ) | |||||
Change in Net Assets from A Shares | $ | (175 | ) | $ | 236 | ||||
C Shares: | |||||||||
Proceeds from Shares Issued | $ | — | $ | 28 | |||||
Dividends Reinvested | 1 | 1 | |||||||
Cost of Shares Redeemed | — | (1 | ) | ||||||
Change in Net Assets from C Shares | $ | 1 | $ | 28 | |||||
Change in Net Assets from Capital Transactions | $ | 98,162 | $ | 212,581 | |||||
Share Transactions: | |||||||||
I Shares: | |||||||||
Issued | 20,630 | 38,549 | |||||||
Issued in Acquisition | 6,597 | — | |||||||
Reinvested | 1,331 | 848 | |||||||
Redeemed | (18,653 | ) | (6,348 | ) | |||||
Change in I Shares | 9,905 | 33,049 | |||||||
T Shares: | |||||||||
Issued | 3,893 | ||||||||
Reinvested | 124 | ||||||||
Redeemed | (15,973 | ) | |||||||
Change in T Shares | (11,956 | ) | |||||||
A Shares: | |||||||||
Issued | 19 | 29 | |||||||
Reinvested | 1 | — | |||||||
Redeemed | (37 | ) | (6 | ) | |||||
Change in A Shares | (17 | ) | 23 | ||||||
C Shares: | |||||||||
Issued | — | 3 | |||||||
Reinvested | — | — | |||||||
Redeemed | — | — | |||||||
Change in C Shares | — | 3 | |||||||
Change in Shares | 9,888 | 21,119 | |||||||
(a) | Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. |
Amounts designated as “—” are either $0 or have been rounded to $0.
182
Table of Contents
U.S. Government | ||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||
Ultra-Short | U.S. Government | Ultra-Short | ||||||||||||||||||||||||
Bond Fund (a) | Securities Fund | Bond Fund (b) | ||||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | |||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | |||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||
Net Investment Income | $ | 7,125 | $ | 7,772 | $ | 21,691 | $ | 12,880 | $ | 1,465 | $ | 1,926 | ||||||||||||||
Net Realized Gain (Loss) on Investments Sold, Swaps, Forward Foreign Currencies and Foreign Currency Transactions | (520 | ) | (421 | ) | (2,786 | ) | (944 | ) | (108 | ) | (126 | ) | ||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments, Swaps, Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency | 1,489 | (420 | ) | 8,034 | (5,944 | ) | 469 | (71 | ) | |||||||||||||||||
Change in Net Assets from Operations | 8,094 | 6,931 | 26,939 | 5,992 | 1,826 | 1,729 | ||||||||||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||||
I Shares | (7,415 | ) | (6,434 | ) | (21,594 | ) | (13,431 | ) | (1,506 | ) | (1,902 | ) | ||||||||||||||
T Shares | (1,464 | ) | ||||||||||||||||||||||||
A Shares | (119 | ) | (117 | ) | ||||||||||||||||||||||
C Shares | (235 | ) | (286 | ) | (119 | ) | ||||||||||||||||||||
Realized Gains: | ||||||||||||||||||||||||||
I Shares | — | — | — | — | — | — | ||||||||||||||||||||
A Shares | — | — | ||||||||||||||||||||||||
C Shares | — | — | — | |||||||||||||||||||||||
Total Dividends and Distributions | (7,415 | ) | (7,898 | ) | (21,948 | ) | (13,834 | ) | (1,506 | ) | (2,021 | ) | ||||||||||||||
Change in Net Assets from Capital Transactions | (160,290 | ) | 33,249 | 210,619 | 891 | (8,525 | ) | (19,784 | ) | |||||||||||||||||
Change in Net Assets | (159,611 | ) | 32,282 | 215,610 | (6,951 | ) | (8,205 | ) | (20,076 | ) | ||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||
Beginning of Period | 245,257 | 212,975 | 327,416 | 334,367 | 42,616 | 62,692 | ||||||||||||||||||||
End of Period | $ | 85,646 | $ | 245,257 | $ | 543,026 | $ | 327,416 | $ | 34,411 | $ | 42,616 | ||||||||||||||
Undistributed (Distributions in Excess of) Net Investment Income, End of Period | $ | 73 | $ | 375 | $ | 302 | $ | 605 | $ | 60 | $ | 111 | ||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
Virginia | ||||||||||
Intermediate Municipal | ||||||||||
Bond Fund | ||||||||||
04/01/06- | 04/01/05- | |||||||||
03/31/07 | 03/31/06 | |||||||||
Operations: | ||||||||||
Net Investment Income | $ | 7,433 | $ | 5,998 | ||||||
Net Realized Gain (Loss) on Investments Sold, Swaps, Forward Foreign Currencies and Foreign Currency Transactions | 58 | 280 | ||||||||
Net Change in Unrealized Appreciation (Depreciation) on Investments, Swaps, Forward Foreign Currency Contracts, Foreign Currencies and Translation of Other Assets and Liabilities in Foreign Currency | 2,167 | (865 | ) | |||||||
Change in Net Assets from Operations | 9,658 | 5,413 | ||||||||
Dividends and Distributions to Shareholders: | ||||||||||
Net Investment Income: | ||||||||||
I Shares | (7,178 | ) | (5,794 | ) | ||||||
T Shares | ||||||||||
A Shares | (189 | ) | (205 | ) | ||||||
C Shares | (63 | ) | — | |||||||
Realized Gains: | ||||||||||
I Shares | — | (1,141 | ) | |||||||
A Shares | — | (38 | ) | |||||||
C Shares | — | — | ||||||||
Total Dividends and Distributions | (7,430 | ) | (7,178 | ) | ||||||
Change in Net Assets from Capital Transactions | 46,132 | (7,105 | ) | |||||||
Change in Net Assets | 48,360 | (8,870 | ) | |||||||
Net Assets: | ||||||||||
Beginning of Period | 175,232 | 184,102 | ||||||||
End of Period | $ | 223,592 | $ | 175,232 | ||||||
Undistributed (Distributions in Excess of) Net Investment Income, End of Period | $ | (11 | ) | $ | (18 | ) | ||||
(a) | Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. |
(b) | Effective August 1, 2006, all C Shares of this fund were exchanged for I Shares and C Shares were no longer offered. |
Amounts designated as “—” are either $0 or have been rounded to $0.
183
Table of Contents
U.S. Government | |||||||||||||||||||||||||||||||||
Ultra-Short | U.S. Government | Securities Ultra-Short | Virginia Intermediate | ||||||||||||||||||||||||||||||
Bond Fund (a)(b) | Securities Fund | Bond Fund (b)(c) | Municipal Bond Fund | ||||||||||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | ||||||||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | ||||||||||||||||||||||||||
Capital Transactions: | |||||||||||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 56,762 | $ | 282,129 | $ | 318,558 | $ | 159,338 | $ | 13,831 | $ | 50,911 | $ | 30,094 | $ | 21,239 | |||||||||||||||||
Proceeds from Shares Issued in Acquisition | 50,730 | — | |||||||||||||||||||||||||||||||
Dividends Reinvested | 1,246 | 1,145 | 3,313 | 2,992 | 420 | 691 | 224 | 882 | |||||||||||||||||||||||||
Cost of Shares Redeemed | (218,298 | ) | (110,138 | ) | (108,207 | ) | (157,312 | ) | (22,776 | ) | (57,870 | ) | (38,022 | ) | (27,623 | ) | |||||||||||||||||
Change in Net Assets from I Shares | $ | (160,290 | ) | $ | 173,136 | $ | 213,664 | $ | 5,018 | $ | (8,525 | ) | $ | (6,268 | ) | $ | 43,026 | $ | (5,502 | ) | |||||||||||||
T Shares: | |||||||||||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 48,762 | |||||||||||||||||||||||||||||||
Dividends Reinvested | 203 | ||||||||||||||||||||||||||||||||
Cost of Shares Redeemed | (188,852 | ) | |||||||||||||||||||||||||||||||
Change in Net Assets from T Shares | $ | (139,887 | ) | ||||||||||||||||||||||||||||||
A Shares: | |||||||||||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 1,947 | $ | 2,798 | $ | 481 | $ | 658 | |||||||||||||||||||||||||
Proceeds from Shares Issued in Acquisition | 321 | — | |||||||||||||||||||||||||||||||
Dividends Reinvested | 88 | 94 | 94 | 173 | |||||||||||||||||||||||||||||
Cost of Shares Redeemed | (2,241 | ) | (2,870 | ) | (1,037 | ) | (2,443 | ) | |||||||||||||||||||||||||
Change in Net Assets from A Shares | $ | (206 | ) | $ | 22 | $ | (141 | ) | $ | (1,612 | ) | ||||||||||||||||||||||
C Shares (1): | |||||||||||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 20 | $ | 65 | $ | 8,253 | $ | 11 | $ | 9 | |||||||||||||||||||||||
Proceeds from Shares Issued in Acquisition | 3,903 | — | |||||||||||||||||||||||||||||||
Dividends Reinvested | 207 | 274 | 99 | 48 | — | ||||||||||||||||||||||||||||
Cost of Shares Redeemed | (3,066 | ) | (4,488 | ) | (21,868 | ) | (715 | ) | — | ||||||||||||||||||||||||
Change in Net Assets from C Shares | $ | (2,839 | ) | $ | (4,149 | ) | $ | (13,516 | ) | $ | 3,247 | $ | 9 | ||||||||||||||||||||
Change in Net Assets from Capital Transactions | $ | (160,290 | ) | $ | 33,249 | $ | 210,619 | $ | 891 | $ | (8,525 | ) | $ | (19,784 | ) | $ | 46,132 | $ | (7,105 | ) | |||||||||||||
Share Transactions: | |||||||||||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||||||||||
Issued | 5,697 | 28,114 | 31,229 | 15,314 | 1,397 | 5,099 | 2,987 | 2,091 | |||||||||||||||||||||||||
Issued in Acquisition | 5,066 | — | |||||||||||||||||||||||||||||||
Reinvested | 125 | 132 | 324 | 288 | 42 | 86 | 22 | 88 | |||||||||||||||||||||||||
Redeemed | (21,881 | ) | (40,744 | ) | (10,600 | ) | (15,185 | ) | (2,306 | ) | (25,788 | ) | (3,780 | ) | (2,720 | ) | |||||||||||||||||
Change in I Shares | (16,059 | ) | (12,498 | ) | 20,953 | 417 | (867 | ) | (20,603 | ) | 4,295 | (541 | ) | ||||||||||||||||||||
T Shares: | |||||||||||||||||||||||||||||||||
Issued | 4,871 | ||||||||||||||||||||||||||||||||
Reinvested | 38 | ||||||||||||||||||||||||||||||||
Redeemed | (74,575 | ) | |||||||||||||||||||||||||||||||
Change in T Shares | (69,666 | ) | |||||||||||||||||||||||||||||||
A Shares: | |||||||||||||||||||||||||||||||||
Issued | 190 | 268 | 49 | 64 | |||||||||||||||||||||||||||||
Issued in Acquisition | 32 | — | |||||||||||||||||||||||||||||||
Reinvested | 9 | 9 | 9 | 17 | |||||||||||||||||||||||||||||
Redeemed | (220 | ) | (275 | ) | (103 | ) | (240 | ) | |||||||||||||||||||||||||
Change in A Shares | (21 | ) | 2 | (13 | ) | (159 | ) | ||||||||||||||||||||||||||
C Shares (1): | |||||||||||||||||||||||||||||||||
Issued | 3 | 6 | 833 | — | 1 | ||||||||||||||||||||||||||||
Issued in Acquisition | 390 | — | |||||||||||||||||||||||||||||||
Reinvested | 20 | 26 | 10 | 5 | — | ||||||||||||||||||||||||||||
Redeemed | (301 | ) | (430 | ) | (2,163 | ) | (71 | ) | — | ||||||||||||||||||||||||
Change in C Shares | (278 | ) | (398 | ) | (1,320 | ) | 324 | 1 | |||||||||||||||||||||||||
Change in Shares | (16,059 | ) | (82,164 | ) | 20,654 | 21 | (867 | ) | (21,923 | ) | 4,606 | (699 | ) | ||||||||||||||||||||
(a) | Effective August 1, 2005, all T Shares of this fund were exchanged for I Shares and T Shares were no longer offered. |
(b) | The Ultra-Short Bond Fund and the U.S. Government Securities Ultra-Short Bond Fund were adjusted for a 5:1 stock split and 4.974874:1 stock split on April 1, 2005, respectively. |
(c) | Effective August 1, 2005, all C Shares of this fund were exchanged for I Shares and C Shares were no longer offered. |
(1) | C Shares were offered beginning on September 1, 2005 for the Virginia Intermediate Municipal Bond Fund. |
Amounts designated as “—” are $0 or have been rounded to $0.
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U.S. Government | ||||||||||||||||||||||||||
Prime Quality Money | Tax-Exempt Money | Securities Money | ||||||||||||||||||||||||
Market Fund | Market Fund | Market Fund | ||||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | |||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | |||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||
Net Investment Income | $ | 371,296 | $ | 186,682 | $ | 57,426 | $ | 37,253 | $ | 34,251 | $ | 21,609 | ||||||||||||||
Net Realized Gain (Loss) on Investments Sold | 13 | 114 | 212 | 103 | (2 | ) | — | |||||||||||||||||||
Net Increase from Payments by Affiliates and Net Gains (Losses) Realized on the Disposal of Investments in Violation of Restrictions | — | 18 | — | — | — | — | ||||||||||||||||||||
Change in Net Assets from Operations | 371,309 | 186,814 | 57,638 | 37,356 | 34,249 | 21,609 | ||||||||||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||||||||||
Net Investment Income: | ||||||||||||||||||||||||||
I Shares | (147,344 | ) | (98,687 | ) | (38,998 | ) | (24,325 | ) | (23,547 | ) | (14,580 | ) | ||||||||||||||
A Shares | (223,766 | ) | (87,817 | ) | (18,401 | ) | (12,929 | ) | (10,691 | ) | (7,029 | ) | ||||||||||||||
C Shares | (180 | ) | (178 | ) | ||||||||||||||||||||||
Realized Gains: | ||||||||||||||||||||||||||
I Shares | — | — | (83 | ) | (47 | ) | — | — | ||||||||||||||||||
A Shares | — | — | (39 | ) | (27 | ) | — | — | ||||||||||||||||||
Total Dividends and Distributions | (371,290 | ) | (186,682 | ) | (57,521 | ) | (37,328 | ) | (34,238 | ) | (21,609 | ) | ||||||||||||||
Change in Net Assets from Capital Transactions | 2,177,286 | 1,683,808 | (91,894 | ) | 505,248 | 281,542 | (79,753 | ) | ||||||||||||||||||
Change in Net Assets | 2,177,305 | 1,683,940 | (91,777 | ) | 505,276 | 281,553 | (79,753 | ) | ||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||||
Beginning of Period | 6,992,433 | 5,308,493 | 1,843,881 | 1,338,605 | 667,541 | 747,294 | ||||||||||||||||||||
End of Period | $ | 9,169,738 | $ | 6,992,433 | $ | 1,752,104 | $ | 1,843,881 | $ | 949,094 | $ | 667,541 | ||||||||||||||
Undistributed (Distributions in Excess of) Net Investment Income, End of Period | $ | 33 | $ | (74 | ) | $ | 26 | $ | (1 | ) | $ | 13 | $ | — | ||||||||||||
Amounts designated as “—” are either $0 or have been rounded to $0.
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U.S. Government | |||||||||||||||||||||||||
Prime Quality | Tax-Exempt | Securities Money | |||||||||||||||||||||||
Money Market Fund | Money Market Fund | Market Fund | |||||||||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | ||||||||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | ||||||||||||||||||||
Capital Transactions: | |||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 4,179,973 | $ | 4,293,785 | $ | 1,706,593 | $ | 1,815,318 | $ | 1,415,785 | $ | 1,423,967 | |||||||||||||
Dividends Reinvested | 16,752 | 10,886 | 105 | 62 | 656 | 1,077 | |||||||||||||||||||
Cost of Shares Redeemed | (3,924,831 | ) | (4,501,652 | ) | (1,721,806 | ) | (1,578,954 | ) | (1,139,198 | ) | (1,528,403 | ) | |||||||||||||
Change in Net Assets from I Shares | $ | 271,894 | $ | (196,981 | ) | $ | (15,108 | ) | $ | 236,426 | $ | 277,243 | $ | (103,359 | ) | ||||||||||
A Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 3,355,734 | $ | 3,180,851 | $ | 665,313 | $ | 1,385,281 | $ | 380,290 | $ | 428,415 | |||||||||||||
Dividends Reinvested | 223,647 | 91,013 | 18,439 | 13,368 | 10,691 | 7,367 | |||||||||||||||||||
Cost of Shares Redeemed | (1,673,732 | ) | (1,384,974 | ) | (760,538 | ) | (1,129,827 | ) | (386,682 | ) | (412,176 | ) | |||||||||||||
Change in Net Assets from A Shares | $ | 1,905,649 | $ | 1,886,890 | $ | (76,786 | ) | $ | 268,822 | $ | 4,299 | $ | 23,606 | ||||||||||||
C Shares: | |||||||||||||||||||||||||
Proceeds from Shares Issued | $ | 1,252 | $ | 900 | |||||||||||||||||||||
Dividends Reinvested | 154 | 164 | |||||||||||||||||||||||
Cost of Shares Redeemed | (1,663 | ) | (7,165 | ) | |||||||||||||||||||||
Change in Net Assets from C Shares | $ | (257 | ) | $ | (6,101 | ) | |||||||||||||||||||
Change in Net Assets from Capital Transactions | $ | 2,177,286 | $ | 1,683,808 | $ | (91,894 | ) | $ | 505,248 | $ | 281,542 | $ | (79,753 | ) | |||||||||||
Share Transactions: | |||||||||||||||||||||||||
I Shares: | |||||||||||||||||||||||||
Issued | 4,179,973 | 4,293,785 | 1,706,593 | 1,815,318 | 1,415,785 | 1,423,967 | |||||||||||||||||||
Reinvested | 16,752 | 10,886 | 105 | 62 | 656 | 1,077 | |||||||||||||||||||
Redeemed | (3,924,831 | ) | (4,501,652 | ) | (1,721,806 | ) | (1,578,954 | ) | (1,139,198 | ) | (1,528,403 | ) | |||||||||||||
Change in I Shares | 271,894 | (196,981 | ) | (15,108 | ) | 236,426 | 277,243 | (103,359 | ) | ||||||||||||||||
A Shares: | |||||||||||||||||||||||||
Issued | 3,355,734 | 3,180,851 | 665,313 | 1,385,281 | 380,290 | 428,415 | |||||||||||||||||||
Reinvested | 223,647 | 91,013 | 18,439 | 13,368 | 10,691 | 7,367 | |||||||||||||||||||
Redeemed | (1,673,732 | ) | (1,384,974 | ) | (760,538 | ) | (1,129,827 | ) | (386,682 | ) | (412,176 | ) | |||||||||||||
Change in A Shares | 1,905,649 | 1,886,890 | (76,786 | ) | 268,822 | 4,299 | 23,606 | ||||||||||||||||||
C Shares: | |||||||||||||||||||||||||
Issued | 1,252 | 900 | |||||||||||||||||||||||
Reinvested | 154 | 164 | |||||||||||||||||||||||
Redeemed | (1,663 | ) | (7,165 | ) | |||||||||||||||||||||
Change in C Shares | (257 | ) | (6,101 | ) | |||||||||||||||||||||
Change in Shares | 2,177,286 | 1,683,808 | (91,894 | ) | 505,248 | 281,542 | (79,753 | ) | |||||||||||||||||
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U.S. Treasury Money | Virginia Tax-Free Money | |||||||||||||||||
Market Fund | Market Fund | |||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | |||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 3/31/2006 | |||||||||||||||
Operations: | ||||||||||||||||||
Net Investment Income | $ | 62,652 | $ | 43,859 | $ | 16,709 | $ | 10,915 | ||||||||||
Net Realized Gain (Loss) on Investments Sold | — | (14 | ) | — | 107 | |||||||||||||
Change in Net Assets from Operations | 62,652 | 43,845 | 16,709 | 11,022 | ||||||||||||||
Dividends and Distributions to Shareholders: | ||||||||||||||||||
Net Investment Income: | ||||||||||||||||||
I Shares | (61,585 | ) | (43,695 | ) | (6,879 | ) | (4,669 | ) | ||||||||||
A Shares | (1,049 | ) | (164 | ) | (9,822 | ) | (6,247 | ) | ||||||||||
Realized Gains: | ||||||||||||||||||
I Shares | — | — | (2 | ) | (39 | ) | ||||||||||||
A Shares | — | — | (2 | ) | (63 | ) | ||||||||||||
Total Dividends and Distributions | (62,634 | ) | (43,859 | ) | (16,705 | ) | (11,018 | ) | ||||||||||
Change in Net Assets from Capital Transactions | (605,937 | ) | 254,466 | 78,657 | 155,310 | |||||||||||||
Change in Net Assets | (605,919 | ) | 254,452 | 78,661 | 155,314 | |||||||||||||
Net Assets: | ||||||||||||||||||
Beginning of Period | 1,662,538 | 1,408,086 | 530,071 | 374,757 | ||||||||||||||
End of Period | $ | 1,056,619 | $ | 1,662,538 | $ | 608,732 | $ | 530,071 | ||||||||||
Undistributed (Distributions in Excess of) Net Investment Income, End of Period | $ | 80 | $ | 62 | $ | 13 | $ | 5 | ||||||||||
Amounts designated as “—” are either $0 or have been rounded to $0.
187
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U.S. Treasury | Virginia Tax-Free | ||||||||||||||||
Money Market Fund | Money Market Fund | ||||||||||||||||
04/01/06- | 04/01/05- | 04/01/06- | 04/01/05- | ||||||||||||||
03/31/07 | 03/31/06 | 03/31/07 | 03/31/06 | ||||||||||||||
Capital Transactions: | |||||||||||||||||
I Shares: | |||||||||||||||||
Proceeds from Shares Issued | $ | 3,869,543 | $ | 2,817,452 | $ | 350,300 | $ | 370,968 | |||||||||
Dividends Reinvested | 387 | 320 | 1,075 | 677 | |||||||||||||
Cost of Shares Redeemed | (4,495,054 | ) | (2,575,370 | ) | (347,504 | ) | (322,706 | ) | |||||||||
Change in Net Assets from I Shares | $ | (625,124 | ) | $ | 242,402 | $ | 3,871 | $ | 48,939 | ||||||||
A Shares: | |||||||||||||||||
Proceeds from Shares Issued | $ | 64,373 | $ | 95,793 | $ | 426,820 | $ | 379,425 | |||||||||
Dividends Reinvested | 1,049 | 165 | 9,824 | 6,510 | |||||||||||||
Cost of Shares Redeemed | (46,235 | ) | (83,894 | ) | (361,858 | ) | (279,564 | ) | |||||||||
Change in Net Assets from A Shares | $ | 19,187 | $ | 12,064 | $ | 74,786 | $ | 106,371 | |||||||||
Change in Net Assets from Capital Transactions | $ | (605,937 | ) | $ | 254,466 | $ | 78,657 | $ | 155,310 | ||||||||
Share Transactions: | |||||||||||||||||
I Shares: | |||||||||||||||||
Issued | 3,869,543 | 2,817,452 | 350,299 | 370,968 | |||||||||||||
Reinvested | 387 | 320 | 1,075 | 677 | |||||||||||||
Redeemed | (4,495,054 | ) | (2,575,370 | ) | (347,504 | ) | (322,706 | ) | |||||||||
Change in I Shares | (625,124 | ) | 242,402 | 3,870 | 48,939 | ||||||||||||
A Shares: | |||||||||||||||||
Issued | 64,373 | 95,793 | 426,820 | 379,425 | |||||||||||||
Reinvested | 1,049 | 165 | 9,824 | 6,510 | |||||||||||||
Redeemed | (46,235 | ) | (83,894 | ) | (361,858 | ) | (279,564 | ) | |||||||||
Change in A Shares | 19,187 | 12,064 | 74,786 | 106,371 | |||||||||||||
Change in Shares | (605,937 | ) | 254,466 | 78,656 | 155,310 | ||||||||||||
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Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
Georgia Tax-Exempt Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 10.16 | $ | 0.37 | $ | 0.13 | $ | 0.50 | $ | (0.40 | ) | $ | (0.01 | ) | $ | (0.41 | ) | ||||||||||||
Year Ended March 31, 2006 | 10.21 | 0.36 | (a) | (0.04 | ) | 0.32 | (0.36 | ) | (0.01 | ) | (0.37 | ) | |||||||||||||||||
Period Ended March 31, 2005† | 10.24 | 0.28 | 0.20 | 0.48 | (0.27 | ) | (0.24 | ) | (0.51 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 10.89 | 0.34 | (a) | (0.58 | ) | (0.24 | ) | (0.34 | ) | (0.07 | ) | (0.41 | ) | ||||||||||||||||
Year Ended May 31, 2003 | 10.29 | 0.38 | 0.60 | 0.98 | (0.38 | ) | — | (0.38 | ) | ||||||||||||||||||||
Year Ended May 31, 2002 | 10.10 | 0.39 | 0.19 | 0.58 | (0.39 | ) | — | (0.39 | ) | ||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.18 | 0.35 | 0.12 | 0.47 | (0.38 | ) | (0.01 | ) | (0.39 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 10.22 | 0.35 | (a) | (0.03 | ) | 0.32 | (0.35 | ) | (0.01 | ) | (0.36 | ) | |||||||||||||||||
Period Ended March 31, 2005† | 10.25 | 0.27 | 0.20 | 0.47 | (0.26 | ) | (0.24 | ) | (0.50 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 10.90 | 0.32 | (a) | (0.58 | ) | (0.26 | ) | (0.32 | ) | (0.07 | ) | (0.39 | ) | ||||||||||||||||
Year Ended May 31, 2003 | 10.31 | 0.35 | 0.59 | 0.94 | (0.35 | ) | — | (0.35 | ) | ||||||||||||||||||||
Year Ended May 31, 2002 | 10.12 | 0.37 | 0.19 | 0.56 | (0.37 | ) | — | (0.37 | ) | ||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.17 | 0.26 | 0.12 | 0.38 | (0.29 | ) | (0.01 | ) | (0.30 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 10.22 | 0.27 | (a) | (0.04 | ) | 0.23 | (0.27 | ) | (0.01 | ) | (0.28 | ) | |||||||||||||||||
Period Ended March 31, 2005† | 10.25 | 0.22 | 0.20 | 0.42 | (0.21 | ) | (0.24 | ) | (0.45 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 10.90 | 0.27 | (a) | (0.58 | ) | (0.31 | ) | (0.27 | ) | (0.07 | ) | (0.34 | ) | ||||||||||||||||
Year Ended May 31, 2003 | 10.30 | 0.30 | 0.60 | 0.90 | (0.30 | ) | — | (0.30 | ) | ||||||||||||||||||||
Year Ended May 31, 2002 | 10.11 | 0.32 | 0.19 | 0.51 | (0.32 | ) | — | (0.32 | ) | ||||||||||||||||||||
High Grade Municipal Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.82 | 0.37 | 0.12 | 0.49 | (0.37 | ) | (0.02 | ) | (0.39 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 10.90 | 0.34 | (0.03 | ) | 0.31 | (0.34 | ) | (0.05 | ) | (0.39 | ) | ||||||||||||||||||
Period Ended March 31, 2005† | 10.93 | 0.26 | 0.10 | 0.36 | (0.26 | ) | (0.13 | ) | (0.39 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 11.69 | 0.32 | (a) | (0.56 | ) | (0.24 | ) | (0.32 | ) | (0.20 | ) | (0.52 | ) | ||||||||||||||||
Year Ended May 31, 2003 | 10.95 | 0.40 | 0.79 | 1.19 | (0.40 | ) | (0.05 | ) | (0.45 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 10.79 | 0.40 | 0.22 | 0.62 | (0.40 | ) | (0.06 | ) | (0.46 | ) | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.83 | 0.35 | 0.12 | 0.47 | (0.35 | ) | (0.02 | ) | (0.37 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 10.91 | 0.33 | (0.03 | ) | 0.30 | (0.33 | ) | (0.05 | ) | (0.38 | ) | ||||||||||||||||||
Period Ended March 31, 2005† | 10.93 | 0.25 | 0.11 | 0.36 | (0.25 | ) | (0.13 | ) | (0.38 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 11.69 | 0.30 | (a) | (0.56 | ) | (0.26 | ) | (0.30 | ) | (0.20 | ) | (0.50 | ) | ||||||||||||||||
Year Ended May 31, 2003 | 10.95 | 0.38 | 0.79 | 1.17 | (0.38 | ) | (0.05 | ) | (0.43 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 10.79 | 0.38 | 0.22 | 0.60 | (0.38 | ) | (0.06 | ) | (0.44 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Expenses to | |||||||||||||||||||||||||||||
Ratio of | Ratio of | Average Net | |||||||||||||||||||||||||||
Net | Net | Assets | |||||||||||||||||||||||||||
Net | Expenses | Investment | (Excluding | ||||||||||||||||||||||||||
Asset | Net Assets, | to | Income to | Waivers, | |||||||||||||||||||||||||
Value, | End of | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | Period | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | (000) | Assets(2) | Assets(2) | Offset)(2) | Rate** | |||||||||||||||||||||||
Georgia Tax-Exempt Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 10.25 | 4.95 | % | $ | 142,485 | 0.60 | % | 3.71 | % | 0.60 | % | 61 | % | |||||||||||||||
Year Ended March 31, 2006 | 10.16 | 3.19 | 115,929 | 0.64 | 3.53 | 0.66 | 43 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.21 | 4.73 | 96,503 | 0.67 | 3.31 | 0.71 | 52 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.24 | (2.18 | ) | 98,113 | 0.71 | 3.26 | 0.76 | 100 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.89 | 9.64 | 98,866 | 0.71 | 3.55 | 0.76 | 17 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.29 | 5.81 | 91,356 | 0.71 | 3.79 | 0.76 | 23 | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.26 | 4.68 | 3,592 | 0.75 | 3.56 | 0.75 | 61 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 10.18 | 3.12 | 3,711 | 0.79 | 3.38 | 0.81 | 43 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.22 | 4.57 | 2,660 | 0.86 | 3.12 | 0.99 | 52 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.25 | (2.39 | ) | 2,735 | 0.92 | 3.06 | 1.36 | 100 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.90 | 9.29 | 2,630 | 0.92 | 3.34 | 1.41 | 17 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.31 | 5.58 | 2,844 | 0.92 | 3.58 | 1.36 | 23 | ||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.25 | 3.81 | 6,508 | 1.60 | 2.74 | 1.60 | 61 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 10.17 | 2.25 | 9,567 | 1.57 | 2.61 | 1.67 | 43 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.22 | 4.09 | 10,664 | 1.42 | 2.56 | 1.73 | 52 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.25 | (2.87 | ) | 13,351 | 1.42 | 2.55 | 1.84 | 100 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.90 | 8.86 | 16,591 | 1.42 | 2.84 | 1.84 | 17 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.30 | 5.07 | 14,269 | 1.42 | 3.08 | 1.84 | 23 | ||||||||||||||||||||||
High Grade Municipal Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.92 | 4.54 | 163,707 | 0.60 | 3.37 | 0.61 | 128 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 10.82 | 2.90 | 165,341 | 0.63 | 3.13 | 0.65 | 90 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.90 | 3.31 | 157,500 | 0.67 | 2.84 | 0.71 | 66 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.93 | (2.07 | ) | 165,065 | 0.71 | 2.82 | 0.75 | 56 | |||||||||||||||||||||
Year Ended May 31, 2003 | 11.69 | 11.13 | 147,423 | 0.71 | 3.54 | 0.75 | 62 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.95 | 5.88 | 120,885 | 0.71 | 3.65 | 0.76 | 91 | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.93 | 4.38 | 2,844 | 0.75 | 3.23 | 0.76 | 128 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 10.83 | 2.73 | 5,077 | 0.80 | 2.98 | 0.81 | 90 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.91 | 3.24 | 6,129 | 0.86 | 2.65 | 0.94 | 66 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.93 | (2.28 | ) | 5,906 | 0.92 | 2.62 | 1.13 | 56 | |||||||||||||||||||||
Year Ended May 31, 2003 | 11.69 | 10.89 | 8,191 | 0.92 | 3.29 | 1.13 | 62 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.95 | 5.66 | 2,935 | 0.92 | 3.44 | 1.37 | 91 |
189
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
High Grade Municipal Bond Fund | |||||||||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 10.85 | $ | 0.26 | $ | 0.12 | $ | 0.38 | $ | (0.26 | ) | $ | (0.02 | ) | $ | (0.28 | ) | ||||||||||||
Year Ended March 31, 2006 | 10.93 | 0.24 | (0.03 | ) | 0.21 | (0.24 | ) | (0.05 | ) | (0.29 | ) | ||||||||||||||||||
Period Ended March 31, 2005† | 10.96 | 0.19 | 0.10 | 0.29 | (0.19 | ) | (0.13 | ) | (0.32 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 11.71 | 0.24 | (a) | (0.55 | ) | (0.31 | ) | (0.24 | ) | (0.20 | ) | (0.44 | ) | ||||||||||||||||
Year Ended May 31, 2003 | 10.97 | 0.32 | 0.79 | 1.11 | (0.32 | ) | (0.05 | ) | (0.37 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 10.81 | 0.32 | 0.22 | 0.54 | (0.32 | ) | (0.06 | ) | (0.38 | ) | |||||||||||||||||||
High Income Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 6.97 | 0.58 | 0.39 | 0.97 | (0.58 | ) | — | (0.58 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 7.38 | 0.55 | (0.03 | ) | 0.52 | (0.55 | ) | (0.38 | ) | (0.93 | ) | ||||||||||||||||||
Period Ended March 31, 2005† | 7.38 | 0.46 | 0.21 | 0.67 | (0.46 | ) | (0.21 | ) | (0.67 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 7.16 | 0.62 | (a) | 0.22 | 0.84 | (0.62 | ) | — | (0.62 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 7.25 | 0.61 | (0.09 | ) | 0.52 | (0.61 | ) | — | (0.61 | ) | |||||||||||||||||||
Period Ended May 31, 2002(b) | 7.37 | 0.39 | (0.12 | ) | 0.27 | (0.39 | ) | — | (0.39 | ) | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 6.98 | 0.56 | 0.39 | 0.95 | (0.56 | ) | — | (0.56 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 7.39 | 0.53 | (0.03 | ) | 0.50 | (0.53 | ) | (0.38 | ) | (0.91 | ) | ||||||||||||||||||
Period Ended March 31, 2005† | 7.38 | 0.44 | 0.22 | 0.66 | (0.44 | ) | (0.21 | ) | (0.65 | ) | |||||||||||||||||||
Period Ended May 31, 2004(c) | 7.39 | 0.35 | (a) | (0.01 | ) | 0.34 | (0.35 | ) | — | (0.35 | ) | ||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 6.97 | 0.51 | 0.39 | 0.90 | (0.51 | ) | — | (0.51 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 7.38 | 0.49 | (0.03 | ) | 0.46 | (0.49 | ) | (0.38 | ) | (0.87 | ) | ||||||||||||||||||
Period Ended March 31, 2005† | 7.38 | 0.42 | 0.21 | 0.63 | (0.42 | ) | (0.21 | ) | (0.63 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 7.16 | 0.57 | (a) | 0.22 | 0.79 | (0.57 | ) | — | (0.57 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 7.25 | 0.57 | (0.09 | ) | 0.48 | (0.57 | ) | — | (0.57 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 7.69 | 0.55 | (0.44 | ) | 0.11 | (0.55 | ) | — | (0.55 | ) | |||||||||||||||||||
Intermediate Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.85 | 0.46 | (a) | 0.11 | 0.57 | (0.46 | ) | — | (0.46 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 10.08 | 0.38 | (0.21 | ) | 0.17 | (0.39 | ) | (0.01 | ) | (0.40 | ) | ||||||||||||||||||
Period Ended March 31, 2005 | 10.37 | 0.14 | (0.21 | ) | (0.07 | ) | (0.14 | ) | (0.08 | ) | (0.22 | ) | |||||||||||||||||
Year Ended October 31, 2004†† | 10.23 | 0.34 | 0.14 | 0.48 | (0.34 | ) | — | (0.34 | ) | ||||||||||||||||||||
Year Ended October 31, 2003 | 10.12 | 0.37 | 0.15 | 0.52 | (0.41 | ) | — | (0.41 | ) | ||||||||||||||||||||
Year Ended October 31, 2002 | 10.63 | 0.47 | (0.23 | ) | 0.24 | (0.50 | ) | (0.25 | ) | (0.75 | ) | ||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.85 | 0.44 | (a) | 0.10 | 0.54 | (0.44 | ) | — | (0.44 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 10.08 | 0.39 | (0.25 | ) | 0.14 | (0.36 | ) | (0.01 | ) | (0.37 | ) | ||||||||||||||||||
Period Ended March 31, 2005 | 10.36 | 0.13 | (0.21 | ) | (0.08 | ) | (0.12 | ) | (0.08 | ) | (0.20 | ) | |||||||||||||||||
Period Ended October 31, 2004††(d) | 10.32 | 0.02 | 0.04 | 0.06 | (0.02 | ) | — | (0.02 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Expenses to | |||||||||||||||||||||||||||||
Ratio of | Ratio of | Average Net | |||||||||||||||||||||||||||
Net | Net | Assets | |||||||||||||||||||||||||||
Net | Expenses | Investment | (Excluding | ||||||||||||||||||||||||||
Asset | Net Assets, | to | Income to | Waivers, | |||||||||||||||||||||||||
Value, | End of | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | Period | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | (000) | Assets(2) | Assets(2) | Offset)(2) | Rate** | |||||||||||||||||||||||
High Grade Municipal Bond Fund | |||||||||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 10.95 | 3.49 | % | $ | 6,724 | 1.60 | % | 2.37 | % | 1.61 | % | 128 | % | |||||||||||||||
Year Ended March 31, 2006 | 10.85 | 1.95 | 8,783 | 1.56 | 2.22 | 1.66 | 90 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.93 | 2.66 | 12,347 | 1.42 | 2.09 | 1.73 | 66 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.96 | (2.68 | ) | 19,952 | 1.42 | 2.14 | 1.81 | 56 | |||||||||||||||||||||
Year Ended May 31, 2003 | 11.71 | 10.32 | 40,241 | 1.42 | 2.81 | 1.80 | 62 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.97 | 5.15 | 21,897 | 1.42 | 2.93 | 1.84 | 91 | ||||||||||||||||||||||
High Income Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 7.36 | 14.58 | 42,809 | 0.70 | 8.11 | 0.71 | 379 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 6.97 | 7.53 | 36,764 | 0.72 | 7.64 | 0.82 | 208 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 7.38 | 9.31 | 51,318 | 0.73 | 7.47 | 0.87 | 191 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 7.38 | 11.94 | 71,314 | 0.76 | 8.27 | 0.91 | 49 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 7.16 | 8.19 | 100,852 | 0.78 | 8.95 | 0.93 | 20 | ||||||||||||||||||||||
Period Ended May 31, 2002(b) | 7.25 | 3.70 | 28,767 | 0.82 | 8.27 | 0.97 | 59 | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 7.37 | 14.22 | 498 | 1.00 | 7.86 | 1.01 | 379 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 6.98 | 7.20 | 403 | 1.03 | 7.36 | 1.13 | 208 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 7.39 | 9.17 | 739 | 1.03 | 7.34 | 1.39 | 191 | ||||||||||||||||||||||
Period Ended May 31, 2004(c) | 7.38 | 4.61 | 1,508 | 1.10 | 7.80 | 1.88 | 49 | ||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 7.36 | 13.45 | 28,862 | 1.70 | 7.11 | 1.71 | 379 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 6.97 | 6.57 | 36,062 | 1.62 | 6.78 | 1.83 | 208 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 7.38 | 8.69 | 52,847 | 1.40 | 6.78 | 1.88 | 191 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 7.38 | 11.23 | 75,693 | 1.40 | 7.62 | 1.98 | 49 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 7.16 | 7.52 | 64,418 | 1.40 | 8.43 | 2.00 | 20 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 7.25 | 1.46 | 46,864 | 1.40 | 7.35 | 2.02 | 59 | ||||||||||||||||||||||
Intermediate Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.96 | 5.97 | 94,136 | 0.31 | 4.67 | 0.31 | 225 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.85 | 1.76 | 78,187 | 0.31 | 3.88 | 0.31 | 154 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 10.08 | (0.75 | ) | 47,981 | 0.29 | 3.25 | 0.29 | 94 | |||||||||||||||||||||
Year Ended October 31, 2004†† | 10.37 | 4.73 | 35,848 | 0.45 | 3.25 | 0.59 | 130 | ||||||||||||||||||||||
Year Ended October 31, 2003 | 10.23 | 5.16 | 28,689 | 0.45 | 3.42 | 0.56 | 277 | ||||||||||||||||||||||
Year Ended October 31, 2002 | 10.12 | 2.47 | 40,284 | 0.45 | 4.63 | 0.73 | 237 | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.95 | 5.62 | 105 | 0.58 | 4.72 | 0.58 | 225 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.85 | 1.39 | 4 | 0.56 | 3.83 | 0.57 | 154 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 10.08 | (0.82 | ) | 1 | 0.63 | 2.84 | 0.63 | 94 | |||||||||||||||||||||
Period Ended October 31, 2004††(d) | 10.36 | 0.53 | 1 | 0.71 | 2.58 | 0.71 | 130 |
190
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
Intermediate Bond Fund | |||||||||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 9.85 | $ | 0.36 | (a) | $ | 0.12 | $ | 0.48 | $ | (0.38 | ) | $ | — | $ | (0.38 | ) | ||||||||||||
Year Ended March 31, 2006 | 10.08 | 0.28 | (0.21 | ) | 0.07 | (0.29 | ) | (0.01 | ) | (0.30 | ) | ||||||||||||||||||
Period Ended March 31, 2005 | 10.36 | 0.11 | (0.21 | ) | (0.10 | ) | (0.10 | ) | (0.08 | ) | (0.18 | ) | |||||||||||||||||
Period Ended October 31, 2004††(d) | 10.32 | 0.01 | 0.04 | 0.05 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||
Investment Grade Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.40 | 0.49 | 0.10 | 0.59 | (0.50 | ) | — | (0.50 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 10.51 | 0.42 | (0.11 | ) | 0.31 | (0.42 | ) | — | (0.42 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 10.31 | 0.29 | 0.19 | 0.48 | (0.28 | ) | — | (0.28 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 10.94 | 0.35 | (a) | (0.60 | ) | (0.25 | ) | (0.38 | ) | — | (0.38 | ) | |||||||||||||||||
Year Ended May 31, 2003 | 10.24 | 0.40 | 0.76 | 1.16 | (0.46 | ) | — | (0.46 | ) | ||||||||||||||||||||
Year Ended May 31, 2002 | 10.23 | 0.51 | 0.01 | 0.52 | (0.51 | ) | — | (0.51 | ) | ||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.40 | 0.46 | 0.10 | 0.56 | (0.47 | ) | — | (0.47 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 10.50 | 0.38 | (0.10 | ) | 0.28 | (0.38 | ) | — | (0.38 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 10.31 | 0.26 | 0.18 | 0.44 | (0.25 | ) | — | (0.25 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 10.94 | 0.31 | (a) | (0.60 | ) | (0.29 | ) | (0.34 | ) | — | (0.34 | ) | |||||||||||||||||
Year Ended May 31, 2003 | 10.24 | 0.38 | 0.74 | 1.12 | (0.42 | ) | — | (0.42 | ) | ||||||||||||||||||||
Year Ended May 31, 2002 | 10.23 | 0.48 | 0.01 | 0.49 | (0.48 | ) | — | (0.48 | ) | ||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.40 | 0.38 | 0.11 | 0.49 | (0.39 | ) | — | (0.39 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 10.51 | 0.31 | (0.11 | ) | 0.20 | (0.31 | ) | — | (0.31 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 10.31 | 0.21 | 0.19 | 0.40 | (0.20 | ) | — | (0.20 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 10.95 | 0.25 | (a) | (0.60 | ) | (0.35 | ) | (0.29 | ) | — | (0.29 | ) | |||||||||||||||||
Year Ended May 31, 2003 | 10.25 | 0.31 | 0.76 | 1.07 | (0.37 | ) | — | (0.37 | ) | ||||||||||||||||||||
Year Ended May 31, 2002 | 10.24 | 0.42 | 0.01 | 0.43 | (0.42 | ) | — | (0.42 | ) | ||||||||||||||||||||
Investment Grade Tax-Exempt Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 11.38 | 0.38 | 0.12 | 0.50 | (0.37 | ) | (0.04 | ) | (0.41 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 11.45 | 0.33 | 0.01 | 0.34 | (0.33 | ) | (0.08 | ) | (0.41 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 11.44 | 0.23 | 0.20 | 0.43 | (0.24 | ) | (0.18 | ) | (0.42 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 12.01 | 0.27 | (a) | (0.32 | ) | (0.05 | ) | (0.27 | ) | (0.25 | ) | (0.52 | ) | ||||||||||||||||
Year Ended May 31, 2003 | 11.57 | 0.30 | 0.90 | 1.20 | (0.30 | ) | (0.46 | ) | (0.76 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 11.38 | 0.34 | 0.46 | 0.80 | (0.34 | ) | (0.27 | ) | (0.61 | ) | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 11.39 | 0.34 | 0.13 | 0.47 | (0.34 | ) | (0.04 | ) | (0.38 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 11.46 | 0.29 | 0.01 | 0.30 | (0.29 | ) | (0.08 | ) | (0.37 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 11.46 | 0.19 | 0.19 | 0.38 | (0.20 | ) | (0.18 | ) | (0.38 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 12.03 | 0.23 | (a) | (0.33 | ) | (0.10 | ) | (0.22 | ) | (0.25 | ) | (0.47 | ) | ||||||||||||||||
Year Ended May 31, 2003 | 11.58 | 0.25 | 0.91 | 1.16 | (0.25 | ) | (0.46 | ) | (0.71 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 11.39 | 0.29 | 0.46 | 0.75 | (0.29 | ) | (0.27 | ) | (0.56 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Expenses to | |||||||||||||||||||||||||||||
Ratio of | Ratio of | Average Net | |||||||||||||||||||||||||||
Net | Net | Assets | |||||||||||||||||||||||||||
Net | Expenses | Investment | (Excluding | ||||||||||||||||||||||||||
Asset | Net Assets, | to | Income to | Waivers, | |||||||||||||||||||||||||
Value, | End of | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | Period | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | (000) | Assets(2) | Assets(2) | Offset)(2) | Rate** | |||||||||||||||||||||||
Intermediate Bond Fund | |||||||||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 9.95 | 4.92 | % | $ | 1 | 1.31 | % | 3.61 | % | 1.31 | % | 225 | % | |||||||||||||||
Year Ended March 31, 2006 | 9.85 | 0.74 | 68 | 1.24 | 2.86 | 1.25 | 154 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 10.08 | (0.96 | ) | 1 | 0.91 | 2.47 | 1.36 | 94 | |||||||||||||||||||||
Period Ended October 31, 2004††(d) | 10.36 | 0.51 | 1 | 1.00 | 2.22 | 1.41 | 130 | ||||||||||||||||||||||
Investment Grade Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.49 | 5.79 | 394,196 | 0.55 | 4.70 | 0.55 | 240 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 10.40 | 2.94 | 480,024 | 0.65 | 3.91 | 0.65 | 171 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.51 | 4.71 | 602,995 | 0.78 | 3.31 | 0.80 | 268 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.31 | (2.31 | ) | 578,345 | 0.82 | 3.29 | 0.84 | 119 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.94 | 11.61 | 821,342 | 0.81 | 3.92 | 0.83 | 137 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.24 | 5.18 | 886,471 | 0.81 | 4.81 | 0.83 | 123 | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.49 | 5.48 | 16,526 | 0.85 | 4.40 | 0.85 | 240 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 10.40 | 2.69 | 20,210 | 1.00 | 3.57 | 1.00 | 171 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.50 | 4.24 | 23,687 | 1.21 | 2.90 | 1.26 | 268 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.31 | (2.70 | ) | 31,263 | 1.22 | 2.90 | 1.38 | 119 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.94 | 11.16 | 34,874 | 1.22 | 3.45 | 1.38 | 137 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.24 | 4.81 | 20,825 | 1.22 | 4.40 | 1.40 | 123 | ||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.50 | 4.84 | 9,024 | 1.55 | 3.69 | 1.55 | 240 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 10.40 | 1.94 | 13,580 | 1.63 | 2.93 | 1.66 | 171 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.51 | 3.90 | 17,923 | 1.71 | 2.39 | 1.84 | 268 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.31 | (3.27 | ) | 24,327 | 1.71 | 2.40 | 2.00 | 119 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.95 | 10.61 | 37,810 | 1.71 | 3.01 | 1.97 | 137 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.25 | 4.27 | 36,200 | 1.71 | 3.90 | 1.96 | 123 | ||||||||||||||||||||||
Investment Grade Tax-Exempt Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 11.47 | 4.51 | 410,473 | 0.55 | 3.28 | 0.55 | 214 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 11.38 | 2.92 | 300,986 | 0.64 | 2.84 | 0.64 | 237 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 11.45 | 3.74 | 259,542 | 0.77 | 2.36 | 0.80 | 178 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 11.44 | (0.45 | ) | 205,266 | 0.81 | 2.33 | 0.84 | 242 | |||||||||||||||||||||
Year Ended May 31, 2003 | 12.01 | 10.80 | 185,485 | 0.81 | 2.57 | 0.84 | 329 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 11.57 | 7.15 | 149,200 | 0.81 | 2.93 | 0.84 | 311 | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 11.48 | 4.20 | 11,723 | 0.85 | 2.97 | 0.85 | 214 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 11.39 | 2.57 | 16,182 | 0.99 | 2.49 | 0.99 | 237 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 11.46 | 3.28 | 17,430 | 1.20 | 1.93 | 1.26 | 178 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 11.46 | (0.85 | ) | 19,086 | 1.22 | 1.92 | 1.36 | 242 | |||||||||||||||||||||
Year Ended May 31, 2003 | 12.03 | 10.42 | 21,756 | 1.22 | 2.16 | 1.36 | 329 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 11.58 | 6.71 | 20,436 | 1.22 | 2.51 | 1.36 | 311 |
191
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
Investment Grade Tax-Exempt Bond Fund | |||||||||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 11.37 | $ | 0.26 | $ | 0.13 | $ | 0.39 | $ | (0.26 | ) | $ | (0.04 | ) | $ | (0.30 | ) | ||||||||||||
Year Ended March 31, 2006 | 11.44 | 0.21 | 0.01 | 0.22 | (0.21 | ) | (0.08 | ) | (0.29 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 11.44 | 0.14 | 0.19 | 0.33 | (0.15 | ) | (0.18 | ) | (0.33 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 12.01 | 0.17 | (a) | (0.32 | ) | (0.15 | ) | (0.17 | ) | (0.25 | ) | (0.42 | ) | ||||||||||||||||
Year Ended May 31, 2003 | 11.57 | 0.20 | 0.90 | 1.10 | (0.20 | ) | (0.46 | ) | (0.66 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 11.38 | 0.24 | 0.46 | 0.70 | (0.24 | ) | (0.27 | ) | (0.51 | ) | |||||||||||||||||||
Limited Duration Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.99 | 0.51 | (0.02 | ) | 0.49 | (0.50 | ) | — | * | (0.50 | ) | ||||||||||||||||||
Year Ended March 31, 2006 | 9.98 | 0.35 | 0.02 | 0.37 | (0.36 | ) | — | (0.36 | ) | ||||||||||||||||||||
Period Ended March 31, 2005 | 9.98 | 0.08 | — | 0.08 | (0.08 | ) | — | * | (0.08 | ) | |||||||||||||||||||
Year Ended October 31, 2004†† | 9.98 | 0.11 | — | 0.11 | (0.11 | ) | — | (0.11 | ) | ||||||||||||||||||||
Year Ended October 31, 2003 | 10.00 | 0.11 | (0.02 | ) | 0.09 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||
Period Ended October 31, 2002(e) | 10.00 | — | * | — | — | * | — | * | — | — | * | ||||||||||||||||||
Limited-Term Federal Mortgage Securities Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.88 | 0.43 | (a) | 0.09 | 0.52 | (0.46 | ) | — | (0.46 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 10.09 | 0.35 | (0.15 | ) | 0.20 | (0.41 | ) | — | (0.41 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 10.18 | 0.31 | (0.08 | ) | 0.23 | (0.32 | ) | — | (0.32 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 10.59 | 0.24 | (a) | (0.36 | ) | (0.12 | ) | (0.29 | ) | — | (0.29 | ) | |||||||||||||||||
Year Ended May 31, 2003 | 10.31 | 0.29 | (a) | 0.42 | 0.71 | (0.42 | ) | (0.01 | ) | (0.43 | ) | ||||||||||||||||||
Year Ended May 31, 2002 | 10.01 | 0.43 | 0.32 | 0.75 | (0.43 | ) | (0.02 | ) | (0.45 | ) | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.87 | 0.41 | (a) | 0.08 | 0.49 | (0.44 | ) | — | (0.44 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 10.07 | 0.30 | (0.11 | ) | 0.19 | (0.39 | ) | — | (0.39 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 10.16 | 0.29 | (0.08 | ) | 0.21 | (0.30 | ) | — | (0.30 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 10.57 | 0.21 | (a) | (0.35 | ) | (0.14 | ) | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||
Year Ended May 31, 2003 | 10.29 | 0.24 | (a) | 0.44 | 0.68 | (0.39 | ) | (0.01 | ) | (0.40 | ) | ||||||||||||||||||
Year Ended May 31, 2002 | 10.00 | 0.40 | 0.31 | 0.71 | (0.40 | ) | (0.02 | ) | (0.42 | ) | |||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.89 | 0.33 | (a) | 0.08 | 0.41 | (0.36 | ) | — | (0.36 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 10.10 | 0.23 | (0.12 | ) | 0.11 | (0.32 | ) | — | (0.32 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 10.18 | 0.25 | (0.07 | ) | 0.18 | (0.26 | ) | — | (0.26 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 10.59 | 0.17 | (a) | (0.35 | ) | (0.18 | ) | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||
Year Ended May 31, 2003 | 10.31 | 0.21 | (a) | 0.43 | 0.64 | (0.35 | ) | (0.01 | ) | (0.36 | ) | ||||||||||||||||||
Year Ended May 31, 2002 | 10.02 | 0.37 | 0.31 | 0.68 | (0.37 | ) | (0.02 | ) | (0.39 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Expenses to | |||||||||||||||||||||||||||||
Ratio of | Ratio of | Average Net | |||||||||||||||||||||||||||
Net | Net | Assets | |||||||||||||||||||||||||||
Net | Expenses | Investment | (Excluding | ||||||||||||||||||||||||||
Asset | Net Assets, | to | Income to | Waivers, | |||||||||||||||||||||||||
Value, | End of | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | Period | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | (000) | Assets(2) | Assets(2) | Offset)(2) | Rate** | |||||||||||||||||||||||
Investment Grade Tax-Exempt Bond Fund | |||||||||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 11.46 | 3.48 | % | $ | 7,254 | 1.55 | % | 2.27 | % | 1.55 | % | 214 | % | |||||||||||||||
Year Ended March 31, 2006 | 11.37 | 1.92 | 10,284 | 1.65 | 1.85 | 1.67 | 237 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 11.44 | 2.86 | 15,612 | 1.70 | 1.43 | 1.82 | 178 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 11.44 | (1.33 | ) | 22,969 | 1.70 | 1.45 | 1.92 | 242 | |||||||||||||||||||||
Year Ended May 31, 2003 | 12.01 | 9.82 | 32,684 | 1.70 | 1.68 | 1.91 | 329 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 11.57 | 6.21 | 24,587 | 1.70 | 2.03 | 1.92 | 311 | ||||||||||||||||||||||
Limited Duration Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.98 | 5.04 | 40,291 | 0.14 | 5.03 | 0.14 | 185 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.99 | 3.73 | 58,887 | 0.15 | 3.39 | 0.15 | 94 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 9.98 | 0.84 | 83,315 | 0.16 | 2.12 | 0.16 | 12 | ||||||||||||||||||||||
Year Ended October 31, 2004†† | 9.98 | 1.09 | 129,259 | 0.20 | 1.04 | 0.26 | 101 | ||||||||||||||||||||||
Year Ended October 31, 2003 | 9.98 | 0.92 | 146,513 | 0.20 | 1.10 | 0.26 | 244 | ||||||||||||||||||||||
Period Ended October 31, 2002(e) | 10.00 | — | (f) | 12,298 | — | (f) | — | (f) | — | (f) | — | (f) | |||||||||||||||||
Limited-Term Federal Mortgage Securities Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.94 | 5.33 | 422,749 | 0.55 | 4.32 | 0.55 | 90 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.88 | 2.04 | 369,991 | 0.61 | 3.41 | 0.63 | 81 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.09 | 2.26 | 407,543 | 0.66 | 3.60 | 0.71 | 41 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.18 | (1.10 | ) | 435,446 | 0.70 | 2.32 | 0.75 | 146 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.59 | 6.99 | 320,718 | 0.70 | 2.79 | 0.75 | 117 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.31 | 7.53 | 164,624 | 0.70 | 3.72 | 0.75 | 410 | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.92 | 5.03 | 3,540 | 0.75 | 4.12 | 0.75 | 90 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.87 | 1.93 | 4,398 | 0.83 | 3.21 | 0.85 | 81 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.07 | 2.07 | 5,854 | 0.90 | 3.47 | 1.00 | 41 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.16 | (1.36 | ) | 9,495 | 0.96 | 2.06 | 1.17 | 146 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.57 | 6.72 | 13,668 | 0.96 | 2.33 | 1.20 | 117 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.29 | 7.16 | 1,578 | 0.96 | 3.50 | 2.06 | 410 | ||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.94 | 4.18 | 14,530 | 1.55 | 3.30 | 1.55 | 90 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.89 | 1.14 | 20,112 | 1.50 | 2.54 | 1.65 | 81 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.10 | 1.81 | 34,924 | 1.31 | 3.04 | 1.74 | 41 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.18 | (1.71 | ) | 70,000 | 1.31 | 1.68 | 1.82 | 146 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.59 | 6.33 | 166,211 | 1.31 | 1.97 | 1.80 | 117 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.31 | 6.83 | 15,930 | 1.31 | 2.88 | 1.98 | 410 |
192
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
Maryland Municipal Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 10.14 | $ | 0.38 | (a) | $ | 0.11 | $ | 0.49 | $ | (0.38 | ) | $ | (0.04 | ) | $ | (0.42 | ) | |||||||||||
Year Ended March 31, 2006 | 10.27 | 0.38 | (0.04 | ) | 0.34 | (0.38 | ) | (0.09 | ) | (0.47 | ) | ||||||||||||||||||
Period Ended March 31, 2005† | 10.27 | 0.30 | 0.10 | 0.40 | (0.31 | ) | (0.09 | ) | (0.40 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 10.94 | 0.36 | (a) | (0.47 | ) | (0.11 | ) | (0.36 | ) | (0.20 | ) | (0.56 | ) | ||||||||||||||||
Year Ended May 31, 2003 | 10.32 | 0.37 | 0.63 | 1.00 | (0.37 | ) | (0.01 | ) | (0.38 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 10.12 | 0.38 | 0.20 | 0.58 | (0.38 | ) | — | (0.38 | ) | ||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.15 | 0.38 | (a) | 0.10 | 0.48 | (0.37 | ) | (0.04 | ) | (0.41 | ) | ||||||||||||||||||
Period Ended March 31, 2006(g) | 10.32 | 0.30 | (0.07 | ) | 0.23 | (0.31 | ) | (0.09 | ) | (0.40 | ) | ||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.16 | 0.28 | (a) | 0.11 | 0.39 | (0.28 | ) | (0.04 | ) | (0.32 | ) | ||||||||||||||||||
Year Ended March 31, 2006 | 10.29 | 0.28 | (0.04 | ) | 0.24 | (0.28 | ) | (0.09 | ) | (0.37 | ) | ||||||||||||||||||
Period Ended March 31, 2005† | 10.29 | 0.21 | 0.10 | 0.31 | (0.22 | ) | (0.09 | ) | (0.31 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 10.96 | 0.26 | (a) | (0.47 | ) | (0.21 | ) | (0.26 | ) | (0.20 | ) | (0.46 | ) | ||||||||||||||||
Year Ended May 31, 2003 | 10.34 | 0.27 | 0.63 | 0.90 | (0.27 | ) | (0.01 | ) | (0.28 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 10.14 | 0.29 | 0.20 | 0.49 | (0.29 | ) | — | (0.29 | ) | ||||||||||||||||||||
North Carolina Tax-Exempt Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.90 | 0.35 | (a) | 0.15 | 0.50 | (0.35 | ) | — | (0.35 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 9.87 | 0.31 | 0.03 | 0.34 | (0.31 | ) | — | (0.31 | ) | ||||||||||||||||||||
Period Ended March 31, 2005† | 9.76 | 0.25 | 0.14 | 0.39 | (0.25 | ) | (0.03 | ) | (0.28 | ) | |||||||||||||||||||
Period Ended May 31, 2004(h) | 10.00 | 0.09 | (0.24 | ) | (0.15 | ) | (0.09 | ) | — | (0.09 | ) | ||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.88 | 0.34 | (a) | 0.15 | 0.49 | (0.34 | ) | — | (0.34 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 9.87 | 0.37 | 0.01 | 0.38 | (0.37 | ) | — | (0.37 | ) | ||||||||||||||||||||
Period Ended March 31, 2005†(i) | 9.97 | 0.01 | (0.10 | ) | (0.09 | ) | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.89 | 0.25 | (a) | 0.15 | 0.40 | (0.25 | ) | — | (0.25 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 9.87 | 0.30 | 0.02 | 0.32 | (0.30 | ) | — | (0.30 | ) | ||||||||||||||||||||
Period Ended March 31, 2005†(i) | 9.97 | 0.01 | (0.10 | ) | (0.09 | ) | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
Seix Floating Rate High Income Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.96 | 0.69 | 0.03 | 0.72 | (0.70 | ) | — | * | (0.70 | ) | |||||||||||||||||||
Period Ended March 31, 2006(j) | 10.00 | 0.04 | (0.04 | ) | — | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Period Ended March 31, 2007(k) | 9.94 | 0.60 | 0.06 | 0.66 | (0.61 | ) | — | * | (0.61 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Expenses to | |||||||||||||||||||||||||||||
Ratio of | Ratio of | Average Net | |||||||||||||||||||||||||||
Net | Net | Assets | |||||||||||||||||||||||||||
Net | Expenses | Investment | (Excluding | ||||||||||||||||||||||||||
Asset | Net Assets, | to | Income to | Waivers, | |||||||||||||||||||||||||
Value, | End of | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | Period | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | (000) | Assets(2) | Assets(2) | Offset)(2) | Rate** | |||||||||||||||||||||||
Maryland Municipal Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 10.21 | 4.93 | % | $ | 29,513 | 0.63 | % | 3.75 | % | 0.63 | % | 57 | % | |||||||||||||||
Year Ended March 31, 2006 | 10.14 | 3.34 | 32,699 | 0.66 | 3.68 | 0.68 | 55 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.27 | 3.87 | 31,046 | 0.64 | 3.49 | 0.72 | 30 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.27 | (1.06 | ) | 29,735 | 0.72 | 3.39 | 0.80 | 15 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.94 | 9.85 | 30,501 | 0.70 | 3.47 | 0.78 | 31 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.32 | 5.80 | 33,668 | 0.71 | 3.69 | 0.78 | 45 | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.22 | 4.77 | 45 | 0.78 | 3.69 | 0.78 | 57 | ||||||||||||||||||||||
Period Ended March 31, 2006(g) | 10.15 | 2.25 | 502 | 0.77 | 3.54 | 0.78 | 55 | ||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.23 | 3.88 | 6,873 | 1.63 | 2.75 | 1.63 | 57 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 10.16 | 2.30 | 9,333 | 1.67 | 2.69 | 1.70 | 55 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.29 | 3.03 | 13,197 | 1.63 | 2.50 | 1.74 | 30 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.29 | (1.97 | ) | 18,897 | 1.64 | 2.46 | 1.82 | 15 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.96 | 8.81 | 29,556 | 1.64 | 2.52 | 1.81 | 31 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.34 | 4.84 | 23,215 | 1.64 | 2.75 | 1.83 | 45 | ||||||||||||||||||||||
North Carolina Tax-Exempt Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.05 | 5.17 | 44,130 | 0.59 | 3.54 | 0.59 | 84 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.90 | 3.51 | 41,276 | 0.68 | 3.14 | 0.70 | 85 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 9.87 | 3.97 | 40,798 | 0.75 | 2.78 | 0.82 | 32 | ||||||||||||||||||||||
Period Ended May 31, 2004(h) | 9.76 | (1.52 | ) | 32,757 | 0.75 | 2.45 | 2.30 | 20 | |||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.03 | 5.02 | 896 | 0.75 | 3.46 | 0.75 | 84 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.88 | 3.85 | 110 | 0.66 | 2.47 | 0.67 | 85 | ||||||||||||||||||||||
Period Ended March 31, 2005†(i) | 9.87 | (0.89 | ) | — | — | 3.84 | — | 32 | |||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.04 | 4.14 | 2 | 1.59 | 2.56 | 1.59 | 84 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.89 | 3.23 | 2 | 1.58 | 2.18 | 1.58 | 85 | ||||||||||||||||||||||
Period Ended March 31, 2005†(i) | 9.87 | (0.90 | ) | — | — | 3.70 | — | 32 | |||||||||||||||||||||
Seix Floating Rate High Income Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.98 | 7.47 | 582,861 | 0.51 | 7.03 | 0.51 | 148 | ||||||||||||||||||||||
Period Ended March 31, 2006(j) | 9.96 | 0.02 | 106,405 | 0.56 | 5.24 | 0.80 | 9 | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Period Ended March 31, 2007(k) | 9.99 | 6.87 | 10,310 | 0.79 | 6.83 | 0.79 | 148 |
193
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
Seix High Yield Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 10.69 | $ | 0.74 | $ | 0.15 | $ | 0.89 | $ | (0.74 | ) | $ | — | $ | (0.74 | ) | |||||||||||||
Year Ended March 31, 2006 | 10.94 | 0.68 | (0.10 | ) | 0.58 | (0.68 | ) | (0.15 | ) | (0.83 | ) | ||||||||||||||||||
Period Ended March 31, 2005 | 11.42 | 0.29 | (0.35 | ) | (0.06 | ) | (0.29 | ) | (0.13 | ) | (0.42 | ) | |||||||||||||||||
Year Ended October 31, 2004†† | 11.09 | 0.72 | 0.35 | 1.07 | (0.72 | ) | (0.02 | ) | (0.74 | ) | |||||||||||||||||||
Year Ended October 31, 2003 | 10.17 | 0.68 | 0.92 | 1.60 | (0.68 | ) | — | (0.68 | ) | ||||||||||||||||||||
Year Ended October 31, 2002 | 10.40 | 0.63 | (0.20 | ) | 0.43 | (0.63 | ) | (0.03 | ) | (0.66 | ) | ||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.45 | 0.72 | 0.15 | 0.87 | (0.72 | ) | — | (0.72 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 10.70 | 0.65 | (0.10 | ) | 0.55 | (0.65 | ) | (0.15 | ) | (0.80 | ) | ||||||||||||||||||
Period Ended March 31, 2005 | 11.18 | 0.28 | (0.35 | ) | (0.07 | ) | (0.28 | ) | (0.13 | ) | (0.41 | ) | |||||||||||||||||
Year Ended October 31, 2004†† | 10.75 | 0.56 | 0.45 | 1.01 | (0.56 | ) | (0.02 | ) | (0.58 | ) | |||||||||||||||||||
Year Ended October 31, 2003 | 9.78 | 0.68 | 0.82 | 1.50 | (0.53 | ) | — | (0.53 | ) | ||||||||||||||||||||
Period Ended October 31, 2002(l) | 10.00 | 0.54 | (0.22 | ) | 0.32 | (0.51 | ) | (0.03 | ) | (0.54 | ) | ||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.68 | 0.63 | 0.15 | 0.78 | (0.63 | ) | — | (0.63 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 10.93 | 0.58 | (0.10 | ) | 0.48 | (0.58 | ) | (0.15 | ) | (0.73 | ) | ||||||||||||||||||
Period Ended March 31, 2005 | 11.42 | 0.26 | (0.36 | ) | (0.10 | ) | (0.26 | ) | (0.13 | ) | (0.39 | ) | |||||||||||||||||
Period Ended October 31, 2004††(d) | 11.32 | 0.04 | 0.10 | 0.14 | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||||
Short-Term Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.71 | 0.43 | (a) | 0.07 | 0.50 | (0.43 | ) | — | (0.43 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 9.73 | 0.32 | (0.01 | ) | 0.31 | (0.33 | ) | — | (0.33 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 9.84 | 0.20 | (0.11 | ) | 0.09 | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 10.04 | 0.24 | (a) | (0.19 | ) | 0.05 | (0.25 | ) | — | (0.25 | ) | ||||||||||||||||||
Year Ended May 31, 2003 | 10.01 | 0.33 | 0.03 | 0.36 | (0.33 | ) | — | (0.33 | ) | ||||||||||||||||||||
Year Ended May 31, 2002 | 10.04 | 0.46 | (0.03 | ) | 0.43 | (0.46 | ) | — | (0.46 | ) | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.73 | 0.41 | (a) | 0.08 | 0.49 | (0.41 | ) | — | (0.41 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 9.75 | 0.30 | (0.01 | ) | 0.29 | (0.31 | ) | — | (0.31 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 9.87 | 0.19 | (0.12 | ) | 0.07 | (0.19 | ) | — | (0.19 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 10.07 | 0.22 | (a) | (0.20 | ) | 0.02 | (0.22 | ) | — | (0.22 | ) | ||||||||||||||||||
Year Ended May 31, 2003 | 10.04 | 0.31 | 0.03 | 0.34 | (0.31 | ) | — | (0.31 | ) | ||||||||||||||||||||
Year Ended May 31, 2002 | 10.06 | 0.44 | (0.02 | ) | 0.42 | (0.44 | ) | — | (0.44 | ) | |||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.73 | 0.33 | (a) | 0.08 | 0.41 | (0.33 | ) | — | (0.33 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 9.75 | 0.24 | (0.01 | ) | 0.23 | (0.25 | ) | — | (0.25 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 9.86 | 0.16 | (0.11 | ) | 0.05 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 10.06 | 0.19 | (a) | (0.20 | ) | (0.01 | ) | (0.19 | ) | — | (0.19 | ) | |||||||||||||||||
Year Ended May 31, 2003 | 10.03 | 0.28 | 0.03 | 0.31 | (0.28 | ) | — | (0.28 | ) | ||||||||||||||||||||
Year Ended May 31, 2002 | 10.06 | 0.40 | (0.03 | ) | 0.37 | (0.40 | ) | — | (0.40 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Expenses to | |||||||||||||||||||||||||||||
Ratio of | Ratio of | Average Net | |||||||||||||||||||||||||||
Net | Net | Assets | |||||||||||||||||||||||||||
Net | Expenses | Investment | (Excluding | ||||||||||||||||||||||||||
Asset | Net Assets, | to | Income to | Waivers, | |||||||||||||||||||||||||
Value, | End of | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | Period | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | (000) | Assets(2) | Assets(2) | Offset)(2) | Rate** | |||||||||||||||||||||||
Seix High Yield Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 10.84 | 8.68 | % | $ | 1,116,851 | 0.48 | % | 6.92 | % | 0.48 | % | 130 | % | |||||||||||||||
Year Ended March 31, 2006 | 10.69 | 5.37 | 1,217,679 | 0.49 | 6.20 | 0.50 | 95 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 10.94 | (0.53 | ) | 1,391,879 | 0.51 | 6.22 | 0.57 | 42 | |||||||||||||||||||||
Year Ended October 31, 2004†† | 11.42 | 9.97 | 1,689,327 | 0.55 | 6.48 | 0.64 | 73 | ||||||||||||||||||||||
Year Ended October 31, 2003 | 11.09 | 16.10 | 1,057,993 | 0.55 | 6.67 | 0.67 | 108 | ||||||||||||||||||||||
Year Ended October 31, 2002 | 10.17 | 4.21 | 82,017 | 0.55 | 6.80 | 1.07 | 97 | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.60 | 8.61 | 29,517 | 0.74 | 6.82 | 0.74 | 130 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 10.45 | 5.22 | 36,291 | 0.73 | 5.94 | 0.73 | 95 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 10.70 | (0.64 | ) | 9,706 | 0.78 | 6.12 | 0.85 | 42 | |||||||||||||||||||||
Year Ended October 31, 2004†† | 11.18 | 9.73 | 15,975 | 0.80 | 6.22 | 0.88 | 73 | ||||||||||||||||||||||
Year Ended October 31, 2003 | 10.75 | 15.72 | 14,992 | 0.90 | 6.45 | 0.93 | 108 | ||||||||||||||||||||||
Period Ended October 31, 2002(l) | 9.78 | 3.29 | 9,877 | 0.89 | 6.53 | 1.20 | 97 | ||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.83 | 7.62 | 4,970 | 1.48 | 5.92 | 1.48 | 130 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 10.68 | 4.45 | 5,814 | 1.39 | 5.25 | 1.48 | 95 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 10.93 | (0.89 | ) | 3,260 | 1.41 | 5.46 | 1.54 | 42 | |||||||||||||||||||||
Period Ended October 31, 2004††(d) | 11.42 | 1.20 | 1 | 1.18 | 6.29 | 1.41 | 73 | ||||||||||||||||||||||
Short-Term Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.78 | 5.23 | 426,757 | 0.46 | 4.38 | 0.46 | 104 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.71 | 3.24 | 281,282 | 0.55 | 3.32 | 0.57 | 94 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 9.73 | 0.96 | 288,502 | 0.66 | 2.48 | 0.71 | 64 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 9.84 | 0.45 | 282,188 | 0.70 | 2.42 | 0.75 | 66 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 10.04 | 3.70 | 302,708 | 0.70 | 3.34 | 0.75 | 89 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.01 | 4.29 | 305,884 | 0.70 | 4.48 | 0.75 | 142 | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.81 | 5.11 | 3,742 | 0.66 | 4.15 | 0.66 | 104 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.73 | 3.01 | 5,062 | 0.77 | 3.09 | 0.79 | 94 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 9.75 | 0.67 | 5,783 | 0.89 | 2.26 | 1.00 | 64 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 9.87 | 0.24 | 5,880 | 0.91 | 2.21 | 1.21 | 66 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 10.07 | 3.47 | 5,685 | 0.91 | 3.09 | 1.28 | 89 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.04 | 4.19 | 5,767 | 0.91 | 4.28 | 1.26 | 142 | ||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.81 | 4.29 | 4,501 | 1.46 | 3.33 | 1.46 | 104 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.73 | 2.34 | 9,559 | 1.42 | 2.44 | 1.59 | 94 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 9.75 | 0.46 | 15,114 | 1.26 | 1.88 | 1.74 | 64 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 9.86 | (0.11 | ) | 23,528 | 1.26 | 1.87 | 1.87 | 66 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.06 | 3.11 | 32,608 | 1.26 | 2.74 | 1.85 | 89 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.03 | 3.75 | 26,392 | 1.26 | 3.89 | 1.87 | 142 |
194
Table of Contents
Net | |||||||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | Distributions | from | Total | |||||||||||||||||||||||||||
Value, | Investment | Gains | from Net | from Tax | Realized | Dividends | |||||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Return of | Capital | and | ||||||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Capital | Gains | Distributions | ||||||||||||||||||||||||||
Short-Term U.S. Treasury Securities Fund | |||||||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 9.80 | $ | 0.39 | $ | 0.06 | $ | 0.45 | $ | (0.39 | ) | $ | — | $ | — | $ | (0.39 | ) | |||||||||||||||
Year Ended March 31, 2006 | 9.91 | 0.28 | (0.11 | ) | 0.17 | (0.28 | ) | — | — | (0.28 | ) | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.11 | 0.14 | (0.11 | ) | 0.03 | (0.14 | ) | — | (0.09 | ) | (0.23 | ) | |||||||||||||||||||||
Year Ended May 31, 2004 | 10.36 | 0.14 | (a) | (0.13 | ) | 0.01 | (0.14 | ) | — | (0.12 | ) | (0.26 | ) | ||||||||||||||||||||
Year Ended May 31, 2003 | 10.20 | 0.22 | 0.22 | 0.44 | (0.22 | ) | — | (0.06 | ) | (0.28 | ) | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.13 | 0.37 | 0.10 | 0.47 | (0.37 | ) | — | (0.03 | ) | (0.40 | ) | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.79 | 0.37 | 0.06 | 0.43 | (0.37 | ) | — | — | (0.37 | ) | |||||||||||||||||||||||
Year Ended March 31, 2006 | 9.90 | 0.26 | (0.11 | ) | 0.15 | (0.26 | ) | — | — | (0.26 | ) | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.10 | 0.13 | (0.11 | ) | 0.02 | (0.13 | ) | — | (0.09 | ) | (0.22 | ) | |||||||||||||||||||||
Year Ended May 31, 2004 | 10.35 | 0.12 | (a) | (0.13 | ) | (0.01 | ) | (0.12 | ) | — | (0.12 | ) | (0.24 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 10.19 | 0.20 | 0.22 | 0.42 | (0.20 | ) | — | (0.06 | ) | (0.26 | ) | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.13 | 0.35 | 0.09 | 0.44 | (0.35 | ) | — | (0.03 | ) | (0.38 | ) | ||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.78 | 0.29 | 0.06 | 0.35 | (0.29 | ) | — | — | (0.29 | ) | |||||||||||||||||||||||
Year Ended March 31, 2006 | 9.89 | 0.20 | (0.11 | ) | 0.09 | (0.20 | ) | — | — | (0.20 | ) | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.09 | 0.10 | (0.11 | ) | (0.01 | ) | (0.10 | ) | — | (0.09 | ) | (0.19 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 10.34 | 0.10 | (a) | (0.13 | ) | (0.03 | ) | (0.10 | ) | — | (0.12 | ) | (0.22 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 10.18 | 0.17 | 0.22 | 0.39 | (0.17 | ) | — | (0.06 | ) | (0.23 | ) | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.11 | 0.33 | 0.10 | 0.43 | (0.33 | ) | — | (0.03 | ) | (0.36 | ) | ||||||||||||||||||||||
Strategic Income Fund | |||||||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.64 | 0.50 | (a) | 0.31 | 0.81 | (0.40 | ) | (0.17 | ) | — | (0.57 | ) | |||||||||||||||||||||
Year Ended March 31, 2006 | 10.24 | 0.43 | (a) | (0.41 | ) | 0.02 | (0.44 | ) | — | (0.18 | ) | (0.62 | ) | ||||||||||||||||||||
Period Ended March 31, 2005† | 9.81 | 0.39 | (a) | 0.49 | 0.88 | (0.39 | ) | — | (0.06 | ) | (0.45 | ) | |||||||||||||||||||||
Year Ended May 31, 2004 | 9.99 | 0.55 | (a) | (0.14 | ) | 0.41 | (0.53 | ) | — | (0.06 | ) | (0.59 | ) | ||||||||||||||||||||
Year Ended May 31, 2003 | 9.80 | 0.61 | 0.20 | 0.81 | (0.62 | ) | — | — | (0.62 | ) | |||||||||||||||||||||||
Period Ended May 31, 2002(m) | 10.00 | 0.27 | (0.20 | ) | 0.07 | (0.27 | ) | — | — | (0.27 | ) | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.68 | 0.49 | (a) | 0.30 | 0.79 | (0.39 | ) | (0.16 | ) | — | (0.55 | ) | |||||||||||||||||||||
Year Ended March 31, 2006 | 10.27 | 0.41 | (a) | (0.41 | ) | — | (0.41 | ) | — | (0.18 | ) | (0.59 | ) | ||||||||||||||||||||
Period Ended March 31, 2005† | 9.82 | 0.39 | (a) | 0.49 | 0.88 | (0.37 | ) | — | (0.06 | ) | (0.43 | ) | |||||||||||||||||||||
Period Ended May 31, 2004(n) | 9.93 | 0.33 | (a) | (0.07 | ) | 0.26 | (0.31 | ) | — | (0.06 | ) | (0.37 | ) | ||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.65 | 0.43 | (a) | 0.28 | 0.71 | (0.34 | ) | (0.14 | ) | — | (0.48 | ) | |||||||||||||||||||||
Year Ended March 31, 2006 | 10.24 | 0.35 | (a) | (0.41 | ) | (0.06 | ) | (0.35 | ) | — | (0.18 | ) | (0.53 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 9.81 | 0.37 | (a) | 0.46 | 0.83 | (0.34 | ) | — | (0.06 | ) | (0.40 | ) | |||||||||||||||||||||
Year Ended May 31, 2004 | 9.99 | 0.50 | (a) | (0.14 | ) | 0.36 | (0.48 | ) | — | (0.06 | ) | (0.54 | ) | ||||||||||||||||||||
Year Ended May 31, 2003 | 9.80 | 0.57 | 0.19 | 0.76 | (0.57 | ) | — | — | (0.57 | ) | |||||||||||||||||||||||
Period Ended May 31, 2002(m) | 10.00 | 0.25 | (0.20 | ) | 0.05 | (0.25 | ) | — | — | (0.25 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Expenses to | |||||||||||||||||||||||||||||
Ratio of | Ratio of | Average Net | |||||||||||||||||||||||||||
Net | Net | Assets | |||||||||||||||||||||||||||
Net | Expenses | Investment | (Excluding | ||||||||||||||||||||||||||
Asset | Net Assets, | to | Income to | Waivers, | |||||||||||||||||||||||||
Value, | End of | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | Period | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | (000) | Assets(2) | Assets(2) | Offset)(2) | Rate** | |||||||||||||||||||||||
Short-Term U.S. Treasury Securities Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 9.86 | 4.64 | % | $ | 55,459 | 0.48 | % | %3.93 | 0.48 | % | 87 | % | ||||||||||||||||
Year Ended March 31, 2006 | 9.80 | 1.70 | 54,991 | 0.58 | 2.79 | 0.63 | 151 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 9.91 | 0.35 | 69,935 | 0.65 | 1.68 | 0.71 | 82 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.11 | 0.11 | 92,371 | 0.70 | 1.36 | 0.76 | 131 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 10.36 | 4.31 | 121,617 | 0.69 | 2.07 | 0.75 | 140 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.20 | 4.69 | 107,169 | 0.70 | 3.57 | 0.76 | 117 | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.85 | 4.46 | 3,974 | 0.66 | 3.75 | 0.66 | 87 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.79 | 1.52 | 4,336 | 0.76 | 2.60 | 0.82 | 151 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 9.90 | 0.21 | 6,349 | 0.84 | 1.47 | 0.95 | 82 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.10 | (0.06 | ) | 12,823 | 0.86 | 1.20 | 1.06 | 131 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.35 | 4.13 | 15,558 | 0.86 | 1.76 | 1.07 | 140 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.19 | 4.44 | 4,735 | 0.86 | 3.36 | 1.41 | 117 | ||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.84 | 3.62 | 11,378 | 1.48 | 2.90 | 1.48 | 87 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.78 | 0.88 | 19,958 | 1.39 | 1.99 | 1.65 | 151 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 9.89 | (0.03 | ) | 33,796 | 1.12 | 1.22 | 1.74 | 82 | |||||||||||||||||||||
Year Ended May 31, 2004 | 10.09 | (0.30 | ) | 62,232 | 1.11 | 0.97 | 1.82 | 131 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.34 | 3.88 | 127,757 | 1.11 | 1.59 | 1.79 | 140 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.18 | 4.29 | 70,720 | 1.11 | 3.09 | 1.81 | 117 | ||||||||||||||||||||||
Strategic Income Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.88 | 8.66 | 86,812 | 0.71 | 5.20 | 0.73 | 397 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.64 | 0.19 | 243,001 | 0.76 | 4.35 | 0.79 | 317 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.24 | 9.10 | 196,921 | 0.86 | 4.55 | 0.96 | 305 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 9.81 | 4.15 | 98,570 | 0.90 | 5.53 | 1.00 | 95 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 9.99 | 8.73 | 61,906 | 0.91 | 6.39 | 1.01 | 52 | ||||||||||||||||||||||
Period Ended May 31, 2002(m) | 9.80 | 0.74 | 43,717 | 0.94 | 6.07 | 1.04 | 43 | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.92 | 8.31 | 1,144 | 1.01 | 5.10 | 1.03 | 397 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.68 | (0.01 | ) | 1,740 | 1.10 | 4.08 | 1.16 | 317 | |||||||||||||||||||||
Period Ended March 31, 2005† | 10.27 | 9.04 | 3,795 | 1.15 | 4.59 | 1.37 | 305 | ||||||||||||||||||||||
Period Ended May 31, 2004(n) | 9.82 | 2.59 | 4,181 | 1.15 | 5.15 | 1.60 | 95 | ||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.88 | 7.48 | 32,864 | 1.71 | 4.43 | 1.73 | 397 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.65 | (0.57 | ) | 46,679 | 1.63 | 3.53 | 1.83 | 317 | |||||||||||||||||||||
Period Ended March 31, 2005† | 10.24 | 8.60 | 79,792 | 1.42 | 4.34 | 1.98 | 305 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 9.81 | 3.59 | 117,216 | 1.43 | 4.98 | 2.03 | 95 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 9.99 | 8.16 | 129,965 | 1.43 | 5.67 | 2.04 | 52 | ||||||||||||||||||||||
Period Ended May 31, 2002(m) | 9.80 | 0.55 | 39,490 | 1.53 | 5.49 | 2.07 | 43 |
See Notes to Financial Highlights and Notes to Financial Statements.
195
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
Total Return Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 9.86 | $ | 0.48 | $ | 0.11 | $ | 0.59 | $ | (0.49 | ) | $ | — | $ | (0.49 | ) | |||||||||||||
Year Ended March 31, 2006 | 10.12 | 0.41 | (0.24 | ) | 0.17 | (0.42 | ) | (0.01 | ) | (0.43 | ) | ||||||||||||||||||
Period Ended March 31, 2005 | 10.30 | 0.15 | (0.14 | ) | 0.01 | (0.14 | ) | (0.05 | ) | (0.19 | ) | ||||||||||||||||||
Year Ended October 31, 2004†† | 10.31 | 0.31 | 0.23 | 0.54 | (0.32 | ) | (0.23 | ) | (0.55 | ) | |||||||||||||||||||
Year Ended October 31, 2003 | 10.00 | 0.30 | 0.35 | 0.65 | (0.34 | ) | — | (0.34 | ) | ||||||||||||||||||||
Year Ended October 31, 2002 | 10.34 | 0.42 | (0.29 | ) | 0.13 | (0.42 | ) | (0.05 | ) | (0.47 | ) | ||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.15 | 0.46 | 0.12 | 0.58 | (0.47 | ) | — | (0.47 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 10.41 | 0.38 | (0.24 | ) | 0.14 | (0.39 | ) | (0.01 | ) | (0.40 | ) | ||||||||||||||||||
Period Ended March 31, 2005 | 10.60 | 0.12 | (a) | (0.13 | ) | (0.01 | ) | (0.13 | ) | (0.05 | ) | (0.18 | ) | ||||||||||||||||
Year Ended October 31, 2004†† | 10.49 | 0.18 | 0.35 | 0.53 | (0.19 | ) | (0.23 | ) | (0.42 | ) | |||||||||||||||||||
Year Ended October 31, 2003 | 10.08 | 0.29 | 0.34 | 0.63 | (0.22 | ) | — | (0.22 | ) | ||||||||||||||||||||
Period Ended October 31, 2002(o) | 10.00 | 0.27 | 0.09 | 0.36 | (0.28 | ) | — | (0.28 | ) | ||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.86 | 0.38 | 0.11 | 0.49 | (0.39 | ) | — | (0.39 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 10.12 | 0.32 | (0.24 | ) | 0.08 | (0.33 | ) | (0.01 | ) | (0.34 | ) | ||||||||||||||||||
Period Ended March 31, 2005 | 10.30 | 0.11 | (0.13 | ) | (0.02 | ) | (0.11 | ) | (0.05 | ) | (0.16 | ) | |||||||||||||||||
Period Ended October 31, 2004††(d) | 10.25 | 0.01 | 0.06 | 0.07 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||||
Ultra-Short Bond Fund (3) | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.96 | 0.48 | 0.05 | 0.53 | (0.49 | ) | — | (0.49 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 10.00 | 0.36 | (0.04 | ) | 0.32 | (0.36 | ) | — | (0.36 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 10.05 | 0.15 | (0.05 | ) | 0.10 | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 10.10 | 0.15 | (a) | (0.05 | ) | 0.10 | (0.15 | ) | — | (0.15 | ) | ||||||||||||||||||
Year Ended May 31, 2003 | 10.00 | 0.20 | 0.10 | 0.30 | (0.20 | ) | — | * | (0.20 | ) | |||||||||||||||||||
Period Ended May 31, 2002(p) | 10.00 | 0.05 | — | 0.05 | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||||
U.S. Government Securities Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.19 | 0.47 | 0.11 | 0.58 | (0.48 | ) | — | (0.48 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 10.42 | 0.37 | (0.20 | ) | 0.17 | (0.40 | ) | — | (0.40 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 10.35 | 0.29 | 0.09 | 0.38 | (0.31 | ) | — | (0.31 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 10.93 | 0.31 | (a) | (0.50 | ) | (0.19 | ) | (0.35 | ) | (0.04 | ) | (0.39 | ) | ||||||||||||||||
Year Ended May 31, 2003 | 10.47 | 0.44 | 0.51 | 0.95 | (0.46 | ) | (0.03 | ) | (0.49 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 10.38 | 0.54 | 0.26 | 0.80 | (0.54 | ) | (0.17 | ) | (0.71 | ) | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.19 | 0.44 | 0.11 | 0.55 | (0.45 | ) | — | (0.45 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 10.41 | 0.32 | (0.17 | ) | 0.15 | (0.37 | ) | — | (0.37 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 10.35 | 0.26 | 0.08 | 0.34 | (0.28 | ) | — | (0.28 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 10.93 | 0.27 | (a) | (0.50 | ) | (0.23 | ) | (0.31 | ) | (0.04 | ) | (0.35 | ) | ||||||||||||||||
Year Ended May 31, 2003 | 10.47 | 0.40 | 0.51 | 0.91 | (0.42 | ) | (0.03 | ) | (0.45 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 10.38 | 0.50 | 0.26 | 0.76 | (0.50 | ) | (0.17 | ) | (0.67 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Expenses to | |||||||||||||||||||||||||||||
Ratio of | Ratio of | Average Net | |||||||||||||||||||||||||||
Net | Net | Assets | |||||||||||||||||||||||||||
Net | Expenses | Investment | (Excluding | ||||||||||||||||||||||||||
Asset | Net Assets, | to | Income to | Waivers, | |||||||||||||||||||||||||
Value, | End of | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | Period | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | (000) | Assets(2) | Assets(2) | Offset)(2) | Rate** | |||||||||||||||||||||||
Total Return Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 9.96 | 6.16 | % | $ | 601,676 | 0.30 | % | 4.97 | % | 0.30 | % | 310 | % | |||||||||||||||
Year Ended March 31, 2006 | 9.86 | 1.68 | 497,730 | 0.29 | 4.01 | 0.29 | 236 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 10.12 | 0.09 | 176,537 | 0.37 | 3.12 | 0.37 | 150 | ||||||||||||||||||||||
Year Ended October 31, 2004†† | 10.30 | 5.49 | 56,019 | 0.45 | 3.03 | 0.59 | 330 | ||||||||||||||||||||||
Year Ended October 31, 2003 | 10.31 | 6.58 | 33,662 | 0.45 | 3.10 | 0.51 | 463 | ||||||||||||||||||||||
Year Ended October 31, 2002 | 10.00 | 1.38 | 80,727 | 0.45 | 4.08 | 0.70 | 502 | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.26 | 5.82 | 324 | 0.54 | 4.57 | 0.54 | 310 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 10.15 | 1.38 | 493 | 0.56 | 3.67 | 0.56 | 236 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 10.41 | (0.11 | ) | 267 | 0.62 | 2.78 | 0.62 | 150 | |||||||||||||||||||||
Year Ended October 31, 2004†† | 10.60 | 5.22 | 417 | 0.70 | 2.80 | 0.83 | 330 | ||||||||||||||||||||||
Year Ended October 31, 2003 | 10.49 | 6.24 | 303 | 0.68 | 2.66 | 0.68 | 463 | ||||||||||||||||||||||
Period Ended October 31, 2002(o) | 10.08 | 3.69 | 166 | 0.80 | 3.30 | 1.11 | 502 | ||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.96 | 5.10 | 29 | 1.30 | 3.96 | 1.30 | 310 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.86 | 0.76 | 28 | 1.24 | 3.10 | 1.27 | 236 | ||||||||||||||||||||||
Period Ended March 31, 2005 | 10.12 | (0.17 | ) | 1 | 1.01 | 2.50 | 1.37 | 150 | |||||||||||||||||||||
Period Ended October 31, 2004††(d) | 10.30 | 0.65 | 1 | 1.10 | 2.71 | 1.41 | 330 | ||||||||||||||||||||||
Ultra-Short Bond Fund (3) | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.00 | 5.44 | 85,646 | 0.28 | 4.58 | 0.28 | 96 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.96 | 3.23 | 245,257 | 0.30 | 3.61 | 0.37 | 114 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.00 | 1.22 | 74,259 | 0.31 | 1.89 | 0.81 | 44 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.05 | 1.01 | 112,453 | 0.31 | 1.50 | 0.86 | 83 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 10.10 | 3.16 | 146,590 | 0.31 | 1.84 | 0.86 | 56 | ||||||||||||||||||||||
Period Ended May 31, 2002(p) | 10.00 | 0.30 | 33,730 | 0.36 | 2.44 | 0.91 | 30 | ||||||||||||||||||||||
U.S. Government Securities Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.29 | 5.86 | 535,056 | 0.55 | 4.70 | 0.55 | 131 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 10.19 | 1.66 | 316,475 | 0.65 | 3.63 | 0.65 | 118 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.42 | 3.74 | 319,058 | 0.77 | 3.41 | 0.80 | 64 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.35 | (1.77 | ) | 298,997 | 0.81 | 2.95 | 0.84 | 240 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.93 | 9.25 | 258,585 | 0.81 | 4.00 | 0.84 | 150 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.47 | 7.90 | 168,609 | 0.82 | 5.09 | 0.85 | 262 | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.29 | 5.54 | 2,849 | 0.85 | 4.40 | 0.85 | 131 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 10.19 | 1.43 | 3,032 | 0.99 | 3.31 | 0.99 | 118 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.41 | 3.32 | 3,080 | 1.17 | 3.17 | 1.28 | 64 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.35 | (2.17 | ) | 8,484 | 1.22 | 2.54 | 1.52 | 240 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.93 | 8.79 | 9,333 | 1.22 | 3.59 | 1.45 | 150 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.47 | 7.47 | 8,483 | 1.22 | 4.70 | 1.40 | 262 |
See Notes to Financial Highlights and Notes to Financial Statements. |
196
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
U.S. Government Securities Fund | |||||||||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 10.19 | $ | 0.37 | $ | 0.11 | $ | 0.48 | $ | (0.38 | ) | $ | — | $ | (0.38 | ) | |||||||||||||
Year Ended March 31, 2006 | 10.41 | 0.27 | (0.19 | ) | 0.08 | (0.30 | ) | — | (0.30 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 10.35 | 0.21 | 0.08 | 0.29 | (0.23 | ) | — | (0.23 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 10.93 | 0.22 | (a) | (0.50 | ) | (0.28 | ) | (0.26 | ) | (0.04 | ) | (0.30 | ) | ||||||||||||||||
Year Ended May 31, 2003 | 10.48 | 0.34 | 0.50 | 0.84 | (0.36 | ) | (0.03 | ) | (0.39 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 10.38 | 0.45 | 0.27 | 0.72 | (0.45 | ) | (0.17 | ) | (0.62 | ) | |||||||||||||||||||
U.S. Government Securities Ultra-Short Bond Fund(3) | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.85 | 0.42 | 0.11 | 0.53 | (0.43 | ) | — | (0.43 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 9.90 | 0.36 | (0.06 | ) | 0.30 | (0.35 | ) | — | (0.35 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 9.95 | 0.20 | (0.05 | ) | 0.15 | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 10.00 | 0.15 | (a) | (0.05 | ) | 0.10 | (0.15 | ) | — | (0.15 | ) | ||||||||||||||||||
Year Ended May 31, 2003 | 9.95 | 0.20 | 0.06 | 0.26 | (0.20 | ) | (0.01 | ) | (0.21 | ) | |||||||||||||||||||
Period Ended May 31, 2002(q) | 9.95 | 0.05 | — | 0.05 | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||||
Virginia Intermediate Municipal Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.01 | 0.36 | 0.10 | 0.46 | (0.36 | ) | — | (0.36 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 10.11 | 0.34 | (0.03 | ) | 0.31 | (0.34 | ) | (0.07 | ) | (0.41 | ) | ||||||||||||||||||
Period Ended March 31, 2005† | 10.15 | 0.28 | 0.05 | 0.33 | (0.28 | ) | (0.09 | ) | (0.37 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 10.68 | 0.34 | (a) | (0.44 | ) | (0.10 | ) | (0.34 | ) | (0.09 | ) | (0.43 | ) | ||||||||||||||||
Year Ended May 31, 2003 | 10.29 | 0.36 | 0.49 | 0.85 | (0.36 | ) | (0.10 | ) | (0.46 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 10.14 | 0.40 | 0.15 | 0.55 | (0.40 | ) | — | (0.40 | ) | ||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.01 | 0.35 | 0.10 | 0.45 | (0.35 | ) | — | (0.35 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 10.11 | 0.33 | (0.03 | ) | 0.30 | (0.33 | ) | (0.07 | ) | (0.40 | ) | ||||||||||||||||||
Period Ended March 31, 2005† | 10.15 | 0.27 | 0.05 | 0.32 | (0.27 | ) | (0.09 | ) | (0.36 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 10.68 | 0.33 | (a) | (0.44 | ) | (0.11 | ) | (0.33 | ) | (0.09 | ) | (0.42 | ) | ||||||||||||||||
Year Ended May 31, 2003 | 10.29 | 0.36 | 0.49 | 0.85 | (0.36 | ) | (0.10 | ) | (0.46 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 10.14 | 0.39 | 0.16 | 0.55 | (0.40 | ) | — | (0.40 | ) | ||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.01 | 0.26 | 0.10 | 0.36 | (0.26 | ) | — | (0.26 | ) | ||||||||||||||||||||
Period Ended March 31, 2006(r) | 10.27 | 0.14 | (0.19 | ) | (0.05 | ) | (0.14 | ) | (0.07 | ) | (0.21 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Expenses to | |||||||||||||||||||||||||||||
Ratio of | Ratio of | Average Net | |||||||||||||||||||||||||||
Net | Net | Assets | |||||||||||||||||||||||||||
Net | Expenses | Investment | (Excluding | ||||||||||||||||||||||||||
Asset | Net Assets, | to | Income to | Waivers, | |||||||||||||||||||||||||
Value, | End of | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | Period | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | (000) | Assets(2) | Assets(2) | Offset)(2) | Rate** | |||||||||||||||||||||||
U.S. Government Securities Fund | |||||||||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 10.29 | 4.81 | % | $ | 5,121 | 1.55 | % | 3.67 | % | 1.55 | % | 131 | % | |||||||||||||||
Year Ended March 31, 2006 | 10.19 | 0.76 | 7,909 | 1.66 | 2.60 | 1.68 | 118 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.41 | 2.83 | 12,229 | 1.74 | 2.50 | 1.85 | 64 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.35 | (2.67 | ) | 18,993 | 1.73 | 2.04 | 1.97 | 240 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.93 | 8.14 | 39,423 | 1.73 | 3.10 | 1.93 | 150 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.48 | 7.06 | 31,922 | 1.73 | 4.17 | 1.93 | 262 | ||||||||||||||||||||||
U.S. Government Securities Ultra-Short Bond Fund(3) | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 9.95 | 5.50 | 34,411 | 0.29 | 4.23 | 0.33 | 141 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 9.85 | 3.12 | 42,616 | 0.29 | 3.41 | 0.47 | 126 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 9.90 | 1.36 | 49,623 | 0.18 | 2.02 | 0.71 | 42 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 9.95 | 1.01 | 77,360 | 0.24 | 1.25 | 0.77 | 109 | ||||||||||||||||||||||
Year Ended May 31, 2003 | 10.00 | 2.80 | 95,277 | 0.23 | 1.76 | 0.76 | 87 | ||||||||||||||||||||||
Period Ended May 31, 2002(q) | 9.95 | 0.32 | 28,138 | 0.30 | 2.42 | 0.83 | 34 | ||||||||||||||||||||||
Virginia Intermediate Municipal Bond Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.11 | 4.67 | 214,908 | 0.59 | 3.59 | 0.60 | 54 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 10.01 | 3.05 | 169,743 | 0.65 | 3.33 | 0.66 | 54 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.11 | 3.21 | 176,959 | 0.71 | 3.23 | 0.71 | 46 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.15 | (1.00 | ) | 181,558 | 0.75 | 3.23 | 0.75 | 26 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.68 | 8.43 | 206,432 | 0.75 | 3.45 | 0.75 | 30 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.29 | 5.52 | 191,406 | 0.75 | 3.86 | 0.75 | 33 | ||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.11 | 4.52 | 5,395 | 0.74 | 3.43 | 0.75 | 54 | ||||||||||||||||||||||
Year Ended March 31, 2006 | 10.01 | 2.92 | 5,480 | 0.79 | 3.22 | 0.82 | 54 | ||||||||||||||||||||||
Period Ended March 31, 2005† | 10.11 | 3.14 | 7,143 | 0.80 | 3.16 | 0.90 | 46 | ||||||||||||||||||||||
Year Ended May 31, 2004 | 10.15 | (1.04 | ) | 10,566 | 0.79 | 3.19 | 1.04 | 26 | |||||||||||||||||||||
Year Ended May 31, 2003 | 10.68 | 8.38 | 10,484 | 0.79 | 3.40 | 1.07 | 30 | ||||||||||||||||||||||
Year Ended May 31, 2002 | 10.29 | 5.47 | 7,257 | 0.79 | 3.82 | 1.11 | 33 | ||||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 10.11 | 3.64 | 3,289 | 1.60 | 2.63 | 1.61 | 54 | ||||||||||||||||||||||
Period Ended March 31, 2006(r) | 10.01 | (0.52 | ) | 9 | 1.62 | 2.35 | 1.62 | 54 |
See Notes to Financial Highlights and Notes to Financial Statements.
197
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
Prime Quality Money Market Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 1.00 | $ | 0.05 | $ | — | $ | 0.05 | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | |||||||||||||
Year Ended March 31, 2006 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | * | (0.01 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | * | (0.01 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 0.05 | — | 0.05 | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | — | — | — | — | * | — | * | — | * | |||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | * | (0.01 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||||
C Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 0.04 | — | 0.04 | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | — | — | — | — | * | — | * | — | * | |||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | * | (0.01 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||
Tax-Exempt Money Market Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | * | (0.03 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | * | (0.02 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | * | (0.01 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | — | — | — | — | * | — | * | — | * | |||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | * | (0.01 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | * | (0.01 | ) | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | * | (0.03 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | * | (0.02 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | * | (0.01 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | — | — | — | — | * | — | * | — | * | |||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | * | (0.01 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | * | (0.01 | ) | |||||||||||||||||||
U.S. Government Securities Money Market Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 0.05 | — | 0.05 | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | — | — | — | — | * | — | — | * | ||||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | (0.02 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||
Expenses to | |||||||||||||||||||||||||
Ratio of | Ratio of | Average Net | |||||||||||||||||||||||
Net | Net | Assets | |||||||||||||||||||||||
Net | Expenses | Investment | (Excluding | ||||||||||||||||||||||
Asset | Net Assets, | to | Income to | Waivers, | |||||||||||||||||||||
Value, | End of | Average | Average | Reimbursements | |||||||||||||||||||||
End of | Total | Period | Net | Net | and Expense | ||||||||||||||||||||
Period | Return(1) | (000) | Assets(2) | Assets(2) | Offset)(2) | ||||||||||||||||||||
Prime Quality Money Market Fund | |||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 1.00 | 4.83 | % | $ | 3,248,781 | 0.53 | % | 4.73 | % | 0.53 | % | |||||||||||||
Year Ended March 31, 2006 | 1.00 | 3.25 | 2,976,881 | 0.58 | 3.19 | 0.61 | |||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 1.13 | 3,173,794 | 0.60 | 1.34 | 0.71 | |||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | 0.52 | 3,477,598 | 0.63 | 0.52 | 0.74 | |||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 1.17 | 4,284,266 | 0.63 | 1.14 | 0.74 | |||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 2.29 | 3,907,203 | 0.63 | 2.22 | 0.74 | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 4.67 | 5,917,224 | 0.68 | 4.59 | 0.68 | |||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 3.08 | 4,011,561 | 0.74 | 3.16 | 0.76 | |||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.96 | 2,124,606 | 0.80 | 1.17 | 0.91 | |||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | 0.34 | 1,851,615 | 0.81 | 0.34 | 0.95 | |||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.98 | 1,925,521 | 0.81 | 0.96 | 0.94 | |||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 2.11 | 1,887,033 | 0.81 | 2.09 | 0.94 | |||||||||||||||||||
C Shares | |||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 4.57 | 3,733 | 0.78 | 4.47 | 0.78 | |||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 3.01 | 3,991 | 0.82 | 2.81 | 1.10 | |||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.94 | 10,093 | 0.83 | 0.99 | 1.48 | |||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | 0.22 | 25,444 | 0.93 | 0.21 | 1.59 | |||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.54 | 14,633 | 1.25 | 0.53 | 1.62 | |||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 1.36 | 12,302 | 1.54 | 1.04 | 1.70 | |||||||||||||||||||
Tax-Exempt Money Market Fund | |||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 3.15 | 1,157,688 | 0.48 | 3.10 | 0.48 | |||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 2.27 | 1,172,717 | 0.50 | 2.25 | 0.53 | |||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.90 | 936,272 | 0.51 | 1.04 | 0.61 | |||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | 0.48 | 978,548 | 0.55 | 0.46 | 0.64 | |||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.81 | 1,088,415 | 0.54 | 0.79 | 0.64 | |||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 1.38 | 907,827 | 0.55 | 1.39 | 0.65 | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 3.00 | 594,416 | 0.63 | 2.95 | 0.63 | |||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 2.12 | 671,164 | 0.65 | 2.10 | 0.68 | |||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.78 | 402,333 | 0.65 | 0.92 | 0.75 | |||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | 0.35 | 274,543 | 0.67 | 0.34 | 0.80 | |||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.68 | 239,451 | 0.67 | 0.67 | 0.79 | |||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 1.26 | 218,048 | 0.67 | 1.25 | 0.80 | |||||||||||||||||||
U.S. Government Securities Money Market Fund | |||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 4.62 | 691,145 | 0.59 | 4.56 | 0.59 | |||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 3.07 | 413,893 | 0.62 | 2.99 | 0.65 | |||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 1.03 | 517,253 | 0.62 | 1.24 | 0.71 | |||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | 0.43 | 615,324 | 0.66 | 0.43 | 0.75 | |||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 1.01 | 992,560 | 0.65 | 1.00 | 0.74 | |||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 2.25 | 997,759 | 0.66 | 2.17 | 0.75 |
See Notes to Financial Highlights and Notes to Financial Statements.
198
Table of Contents
Net | |||||||||||||||||||||||||||||
Realized | |||||||||||||||||||||||||||||
and | Distributions | ||||||||||||||||||||||||||||
Net Asset | Net | Unrealized | Dividends | from | Total | ||||||||||||||||||||||||
Value, | Investment | Gains | from Net | Realized | Dividends | ||||||||||||||||||||||||
Beginning | Income | (Losses) on | Total From | Investment | Capital | and | |||||||||||||||||||||||
of Period | (Loss) | Investments | Operations | Income | Gains | Distributions | |||||||||||||||||||||||
U.S. Government Securities Money Market Fund | |||||||||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 1.00 | $ | 0.04 | $ | — | $ | 0.04 | $ | (0.04 | ) | $ | — | $ | (0.04 | ) | |||||||||||||
Year Ended March 31, 2006 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | — | — | — | —* | — | —* | ||||||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||||
U.S. Treasury Money Market Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 0.05 | — | 0.05 | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | — | — | — | — | * | — | * | — | * | |||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | * | (0.01 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 0.04 | — | 0.04 | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||
Period Ended May 31, 2004(s) | 1.00 | — | — | — | — | * | — | * | — | * | |||||||||||||||||||
Virginia Tax-Free Money Market Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | * | (0.03 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | * | (0.02 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | * | (0.01 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | * | (0.01 | ) | |||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | * | (0.01 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | * | (0.01 | ) | |||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | * | (0.03 | ) | |||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 0.02 | — | 0.02 | (0.02 | ) | — | * | (0.02 | ) | |||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | * | (0.01 | ) | |||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | — | — | — | — | * | — | * | — | * | |||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | * | (0.01 | ) | |||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | * | (0.01 | ) |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Ratio of | |||||||||||||||||||||||||||||
Expenses to | |||||||||||||||||||||||||||||
Ratio of | Ratio of | Average Net | |||||||||||||||||||||||||||
Net | Net | Assets | |||||||||||||||||||||||||||
Net | Expenses | Investment | (Excluding | ||||||||||||||||||||||||||
Asset | Net Assets, | to | Income to | Waivers, | |||||||||||||||||||||||||
Value, | End of | Average | Average | Reimbursements | Portfolio | ||||||||||||||||||||||||
End of | Total | Period | Net | Net | and Expense | Turnover | |||||||||||||||||||||||
Period | Return(1) | (000) | Assets(2) | Assets(2) | Offset)(2) | Rate** | |||||||||||||||||||||||
U.S. Government Securities Money Market Fund | |||||||||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | $ | 1.00 | 4.46 | % | $ | 257,949 | 0.74 | % | 4.37 | % | 0.74 | % | |||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 2.91 | 253,648 | 0.77 | 2.91 | 0.80 | |||||||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.89 | 230,041 | 0.78 | 1.06 | 0.88 | |||||||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | 0.28 | 234,100 | 0.80 | 0.28 | 0.92 | |||||||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.86 | 250,246 | 0.80 | 0.86 | 0.92 | |||||||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 2.11 | 210,004 | 0.80 | 2.02 | 0.92 | |||||||||||||||||||||||
U.S. Treasury Money Market Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 4.61 | 1,025,065 | 0.58 | 4.50 | 0.58 | |||||||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 2.99 | 1,650,172 | 0.60 | 2.98 | 0.63 | |||||||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.99 | 1,407,783 | 0.62 | 1.19 | 0.71 | |||||||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | 0.37 | 1,233,565 | 0.66 | 0.32 | 0.75 | |||||||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.88 | 1,080,779 | 0.65 | 0.81 | 0.74 | |||||||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 1.96 | 871,946 | 0.65 | 1.90 | 0.74 | |||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 4.45 | 31,554 | 0.73 | 4.41 | 0.73 | |||||||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 2.84 | 12,366 | 0.75 | 3.12 | 0.76 | |||||||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.88 | 303 | 0.75 | 0.97 | 1.48 | |||||||||||||||||||||||
Period Ended May 31, 2004(s) | 1.00 | 0.15 | 401 | 0.75 | 0.21 | 3.17 | (t) | ||||||||||||||||||||||
Virginia Tax-Free Money Market Fund | |||||||||||||||||||||||||||||
I Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 3.14 | 230,191 | 0.45 | 3.09 | 0.45 | |||||||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 2.33 | 226,319 | 0.46 | 2.28 | 0.46 | |||||||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.94 | 177,377 | 0.46 | 1.07 | 0.46 | |||||||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | 0.56 | 173,959 | 0.50 | 0.51 | 0.50 | |||||||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.85 | 219,701 | 0.49 | 0.84 | 0.49 | |||||||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 1.44 | 240,681 | 0.50 | 1.45 | 0.50 | |||||||||||||||||||||||
A Shares | |||||||||||||||||||||||||||||
Year Ended March 31, 2007 | 1.00 | 2.98 | 378,541 | 0.60 | 2.94 | 0.60 | |||||||||||||||||||||||
Year Ended March 31, 2006 | 1.00 | 2.16 | 303,752 | 0.62 | 2.12 | 0.68 | |||||||||||||||||||||||
Period Ended March 31, 2005† | 1.00 | 0.77 | 197,380 | 0.66 | 0.92 | 0.86 | |||||||||||||||||||||||
Year Ended May 31, 2004 | 1.00 | 0.38 | 118,339 | 0.67 | 0.34 | 0.90 | |||||||||||||||||||||||
Year Ended May 31, 2003 | 1.00 | 0.67 | 96,325 | 0.67 | 0.66 | 0.90 | |||||||||||||||||||||||
Year Ended May 31, 2002 | 1.00 | 1.27 | 99,141 | 0.67 | 1.22 | 0.90 |
See Notes to Financial Highlights and Notes to Financial Statements. |
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* | Amount less than $0.005. | |
** | Not annualized for periods less than one year. | |
(1) | Total return excludes sales charge. Not annualized for periods less than one year. | |
(2) | Annualized for periods less than one year. | |
(3) | Financial Highlights per share amounts for the Ultra-Short Bond Fund and the U.S. Government Securities Ultra-Short Bond Fund have been adjusted for a 5:1 reverse stock split and 4.974874:1 reverse stock split, respectively which occurred on April 1, 2005, for the periods ended March 31, 2005, May 31, 2004, May 31, 2003 and May 31, 2002. | |
(a) | Per share data was calculated using the average shares method. | |
(b) | Commenced operations on October 3, 2001. | |
(c) | Commenced operations on October 27, 2003. | |
(d) | Commenced operations on October 11, 2004. | |
(e) | Commenced operations on October 25, 2002. | |
(f) | Amounts are not meaningful due to the short period of operations. | |
(g) | Commenced operations on April 13, 2005. | |
(h) | Commenced operations on January 8, 2004. | |
(i) | Commenced operations on March 21, 2005. | |
(j) | Commenced operations on March 2, 2006 | |
(k) | Commenced operations on May 8, 2006. | |
(l) | Commenced operations on December 21, 2001. | |
(m) | Commenced operations on November 30, 2001. | |
(n) | Commenced operations on October 8, 2003. | |
(o) | Commenced operations on January 25, 2002. | |
(p) | Commenced operations on April 15, 2002. | |
(q) | Commenced operations on April 11, 2002. | |
(r) | Commenced operations on September 1, 2005. | |
(s) | Commenced operations on November 12, 2003. | |
(t) | Ratio reflects the impact of the initial low level of average net assets associated with commencement of operations. | |
† | Effective June 1, 2004, the Funds adopted a change in the amortization and accretion methodology on fixed income securities. The cumulative effect of this change in methodology was immaterial to all Funds except for the Funds noted below: |
Change to Ratio of Net | ||||||||||||||||||||
Change to Net | Investment Income to Average | |||||||||||||||||||
Change to Net | Realized and | Net Assets | ||||||||||||||||||
Investment | Unrealized Gains | |||||||||||||||||||
Income Per Share | (Losses) Per Share | I Shares | A Shares | C Shares | ||||||||||||||||
Georgia Tax-Exempt Bond Fund | $ | 0.01 | $ | (0.01 | ) | 0.16 | % | 0.14 | % | 0.14 | % | |||||||||
Investment Grade Bond Fund | 0.01 | (0.01 | ) | 0.18 | % | 0.14 | % | 0.14 | % | |||||||||||
Investment Grade Tax-Exempt Bond Fund | (0.01 | ) | 0.01 | (0.08 | )% | (0.07 | )% | (0.06 | )% | |||||||||||
Limited-Term Federal Mortgage Securities Fund | 0.04 | (0.04 | ) | 0.47 | % | 0.42 | % | 0.36 | % | |||||||||||
Maryland Municipal Bond Fund | (0.01 | ) | 0.01 | (0.07 | )% | (0.06 | )% | |||||||||||||
North Carolina Tax-Exempt Bond Fund | (0.02 | ) | 0.02 | (0.20 | )% | — | — | |||||||||||||
Short-Term Bond Fund | 0.01 | (0.01 | ) | 0.08 | % | 0.07 | % | 0.06 | % | |||||||||||
Strategic Income Fund | 0.01 | (0.01 | ) | 0.22 | % | 0.14 | % | 0.13 | % | |||||||||||
U.S. Government Securities Fund | 0.02 | (0.02 | ) | 0.23 | % | 0.11 | % | 0.17 | % | |||||||||||
U.S. Government Securities Ultra-Short Bond Fund | 0.01 | (0.01 | ) | 0.24 | % |
†† | Effective November 1, 2003, these Funds adopted a change in the amortization and accretion methodology on fixed income securities. The cumulative effect of this change in methodology was immaterial to all Funds except for the Fund noted below: |
Change to Ratio of Net | ||||||||||||||||||||
Change to Net | Investment Income to Average | |||||||||||||||||||
Change to Net | Realized and | Net Assets | ||||||||||||||||||
Investment | Unrealized Gains | |||||||||||||||||||
Income Per Share | (Losses) Per Share | I Shares | A Shares | C Shares | ||||||||||||||||
Seix High Yield Fund | $ | 0.01 | $ | (0.01 | ) | 0.06 | % | 0.05 | % | 0.84 | % |
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1. | Organization |
The STI Classic Funds (the “Trust”) was organized as a Massachusetts business trust under a Declaration of Trust dated January 15, 1992. The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as an open-end management investment company offering 50 funds as of March 31, 2007. The Trust is authorized to issue an unlimited number of shares without par value. The financial statements presented herein are those of the Georgia Tax-Exempt Bond Fund, High Grade Municipal Bond Fund (formerly Florida Tax-Exempt Bond Fund), High Income Fund, Intermediate Bond Fund, Investment Grade Bond Fund, Investment Grade Tax-Exempt Bond Fund, Limited Duration Fund, Limited-Term Federal Mortgage Securities Fund, Maryland Municipal Bond Fund, North Carolina Tax-Exempt Bond Fund, Seix Floating Rate High Income Fund, Seix High Yield Fund, Short-Term Bond Fund, Short-Term U.S. Treasury Securities Fund, Strategic Income Fund, Total Return Bond Fund (formerly Core Bond Fund), Ultra-Short Bond Fund, U.S. Government Securities Fund, U.S. Government Securities Ultra-Short Bond Fund, Virginia Intermediate Municipal Bond Fund, Prime Quality Money Market Fund, Tax-Exempt Money Market Fund, U.S. Government Securities Money Market Fund, U.S. Treasury Money Market Fund and Virginia Tax-Free Money Market Fund (each a “Fund” and collectively the “Funds”). The financial statements of the remaining funds are presented separately. The Limited Duration Fund, Ultra-Short Bond Fund, U.S. Government Securities and Ultra-Short Bond Fund may offer I Shares only. The Seix Floating Rate High Income Fund, Tax-Exempt Money Market Fund, U.S. Government Securities Money Market Fund, U.S. Treasury Money Market Fund and Virginia Tax-Free Money Market Fund offer I Shares and A Shares. The remaining Funds offer I Shares, A Shares and C Shares. The Funds’ prospectuses provide a description of each Fund’s investment objectives, policies and strategies.
The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. Each class of shares has identical rights and privileges except with respect to the fees paid under the Distribution Plan and the Distribution and Services Plan, voting rights on matters affecting a single class of shares and sales charges. The A Shares of the Funds (except Limited-Term Federal Mortgage Securities Fund, Seix Floating Rate High Income Fund, Short-Term Bond Fund, Short-Term U.S. Treasury Securities Fund, Prime Quality Money Market Fund, Tax-Exempt Money Market Fund, U.S. Government Securities Money Market Fund, U.S. Treasury Money Market Fund and Virginia Tax-Free Money Market Fund) have a maximum sales charge on purchases of 4.75% as a percentage of original purchase price. Limited-Term Federal Mortgage Securities Fund, Seix Floating Rate High Income Fund, Short-Term Bond Fund and Short-Term U.S. Treasury Securities Fund A Shares have a maximum sales charge on purchases of 2.50% as a percentage of original purchase price. Certain purchases of A Shares will not be subject to a front-end sales charge but will be subject to a contingent deferred sales charge (CDSC) of 1.00% if redeemed within one year of purchase. The C Shares have a maximum CDSC of 1.00% as a percentage of either the original purchase price or the next calculated price after the Funds receive the redemption request, whichever is less, if redeemed within one year of purchase.
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.
2. Reorganizations
Intermediate Bond Fund — The Trust entered into a plan of reorganization on behalf of the High Quality Bond Fund and the Intermediate Bond Fund that provides for the acquisition by the Intermediate Bond Fund of all of the assets, subject to stated liabilities, of the High Quality Bond Fund in exchange for I Shares of the Intermediate Bond Fund, the distribution of such shares to the shareholders of the High Quality Bond Fund and the dissolution of the High Quality Bond Fund. The reorganization, which qualified as a tax-free exchange for federal income tax purposes, was approved by the Board of Trustees (the “Board”) on November 14, 2006
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and completed on January 31, 2007. The following is a summary of shares outstanding, net assets and net asset value per share issued immediately before and after the reorganization:
Before Reorganization | After Reorganization | ||||||||||||
High Quality | Intermediate | Intermediate | |||||||||||
Bond Fund | Bond Fund | Bond Fund | |||||||||||
Shares | 3,484,579 | 6,031,180 | 9,440,405 | ||||||||||
Net Assets | $ | 33,737,909 | $ | 59,685,005 | $ | 93,422,914 | |||||||
Net Asset Value: | |||||||||||||
I Shares | $ | 9.68 | $ | 9.90 | $ | 9.90 | |||||||
Net unrealized appreciation | $ | (120,650 | ) | $ | (230,831 | ) | $ | (351,481 | ) |
Total Return Bond Fund (formerly Core Bond Fund) — The Trust entered into a plan of reorganization on behalf of the Total Return Bond Fund and the Core Bond Fund that provides for the acquisition by the Core Bond Fund of all of the assets, subject to stated liabilities, of the Total Return Bond Fund in exchange for I Shares of the Core Bond Fund, the distribution of such shares to the shareholders of the Total Return Bond Fund and the dissolution of the Total Return Bond Fund. The reorganization, which qualified as a tax-free exchange for federal income tax purposes, was approved by the Board on August 8, 2006 and completed on September 29, 2006. The following is a summary of shares outstanding, net assets and net asset value per share issued immediately before and after the reorganization:
Before Reorganization | After Reorganization | ||||||||||||
Total Return | Core Bond | Core Bond | |||||||||||
Bond Fund | Fund | Fund* | |||||||||||
Shares | 6,691,066 | 51,166,306 | 57,763,510 | ||||||||||
Net Assets | $ | 65,561,317 | $ | 508,477,671 | $ | 574,038,988 | |||||||
Net Asset Value: | |||||||||||||
I Shares | $ | 9.80 | $ | 9.94 | $ | 9.94 | |||||||
Net unrealized appreciation | $ | 162,998 | $ | 1,666,657 | $ | 1,829,655 |
* | Immediately following the reorganization of the Total Return Bond Fund and the Core Bond Fund, the reorganized Core Bond Fund was renamed the Total Return Bond Fund. |
Virginia Intermediate Municipal Bond Fund — The Trust entered into a plan of reorganization on behalf of the Virginia Municipal Bond Fund and the Virginia Intermediate Municipal Bond Fund that provides for the acquisition by the Virginia Intermediate Municipal Bond Fund of all of the assets, subject to stated liabilities, of the Virginia Municipal Bond Fund in exchange for I Shares, A Shares and C Shares of the Virginia Intermediate Municipal Bond Fund, the distribution of such shares to the shareholders of the Virginia Municipal Bond Fund and the dissolution of the Virginia Municipal Bond Fund. The reorganization, which qualified as a tax-free exchange for federal income tax purposes, was approved by the Board on May 9, 2006 and completed on July 31, 2006. The following is a summary of shares outstanding, net assets and net asset value per share issued immediately before and after the reorganization:
Before Reorganization | After Reorganization | ||||||||||||
Virginia Municipal | Virginia Intermediate | Virginia Intermediate | |||||||||||
Bond Fund | Municipal Bond Fund | Municipal Bond Fund | |||||||||||
Shares | 5,377,872 | 16,831,718 | 22,319,449 | ||||||||||
Net Assets | $ | 54,954,122 | $ | 168,557,960 | $ | 223,512,082 | |||||||
Net Asset Value: | |||||||||||||
I Shares | $ | 10.22 | $ | 10.01 | $ | 10.01 | |||||||
A Shares | $ | 10.21 | $ | 10.01 | $ | 10.01 | |||||||
C Shares | $ | 10.26 | $ | 10.01 | $ | 10.01 | |||||||
Net unrealized appreciation | $ | 921,773 | $ | 1,673,902 | $ | 2,595,675 |
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Short-Term Bond Fund — The Trust entered into a plan of reorganization on behalf of the Classic Institutional Short-Term Bond Fund and the Short-Term Bond Fund that provides for the acquisition by the Short-Term Bond Fund of all of the assets, subject to stated liabilities, of the Classic Institutional Short-Term Bond Fund in exchange for I Shares of the Short-Term Bond Fund, the distribution of such shares to the shareholders of the Classic Institutional Short-Term Bond Fund and the dissolution of the Classic Institutional Short-Term Bond Fund. The reorganization, which qualified as a tax-free exchange for federal income tax purposes, was approved by the Board on August 19, 2005 and completed on October 31, 2005. The following is a summary of shares outstanding, net assets and net asset value per share issued immediately before and after the reorganization:
Before Reorganization | After Reorganization | ||||||||||||
Classic Institutional | |||||||||||||
Short-Term | Short-Term | Short-Term | |||||||||||
Bond Fund | Bond Fund | Bond Fund | |||||||||||
Shares | 1,257,053 | 28,079,490 | 29,360,595 | ||||||||||
Net Assets | $ | 12,373,897 | $ | 271,213,160 | $ | 283,587,057 | |||||||
Net Asset Value: | |||||||||||||
I Shares | $ | 9.84 | $ | 9.66 | $ | 9.66 | |||||||
Net unrealized depreciation | $ | (193,861 | ) | $ | (3,317,776 | ) | $ | (3,511,637 | ) |
Exchange of T Shares to I Shares:
On August 1, 2005, net assets of the T Shares of the following Funds were exchanged in a tax-free conversion for I Shares and T Shares were no longer offered. The following is a summary of the shares and net assets converted:
Net Assets | ||||||||
Shares Converted | Converted($) | |||||||
High Quality Bond Fund | 1,953,022 | 19,264,652 | ||||||
Intermediate Bond Fund | 926,342 | 9,345,826 | ||||||
Limited Duration Fund | 5,127 | 51,151 | ||||||
Seix High Yield Fund | 408,502 | 4,530,941 | ||||||
Total Return Bond Fund | 14,597,989 | 148,243,208 | ||||||
Ultra-Short Bond Fund | 16,263,821 | 162,609,401 |
Exchange of C Shares to I Shares:
On August 1, 2005, net assets of the C Shares of the following Funds were exchanged in a tax-free conversion for I Shares and C Shares were no longer offered. The following is a summary of the shares and net assets converted:
Net Assets | ||||||||
Shares Converted | Converted($) | |||||||
Limited Duration Fund | 6,526 | 65,126 | ||||||
U.S. Government Ultra-Short Bond Fund | 1,544,489 | 15,279,016 |
3. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
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reported amounts of income and expense during the reporting period. The actual results could differ from these estimates.
Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 p.m. Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sale price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars at the exchange rate of such currencies against the U.S. dollar, as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time), as provided by an independent pricing service approved by the Funds’ Board. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds’ accounting agent will seek to obtain a bid price from at least one independent broker. Investments in other investment companies are valued at their respective daily net asset values. | |
The Prime Quality Money Market Fund, Tax-Exempt Money Market Fund, U.S. Government Securities Money Market Fund, U.S. Treasury Money Market Fund and Virginia Tax-Free Money Market Fund (the “Money Market Funds”) state investment securities at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant basis to the maturity of the security. Securities for which market prices are not “readily available” are valued in accordance with Pricing and Valuation Procedures established by the Board. The Funds’ Pricing and Valuation Procedures are performed and monitored by a Valuation Committee (the “Committee”) designated by the Board. Some of the more common reasons which may necessitate that a security be valued using Pricing and Valuation Procedures include, but are not limited to: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the Pricing and Valuation Procedures, the Committee determines the value after taking into consideration relevant information reasonably available to the Committee. | |
For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the adviser of a Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it shall immediately notify the Funds’ accounting agent and may preauthorize the Funds’ accounting agent to utilize a pricing service authorized by the Board (a “Fair Value Pricing Service”) that has been designed to determine a fair value. On a day when a Fair Value Pricing Service is so utilized pursuant to a preauthorization, the Committee need not meet. If the adviser does not pre-authorize the Fund’s accounting agent to utilize a Fair Value Pricing Service, the adviser will request that a Committee Meeting be called. In addition, the |
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Funds’ accounting agent monitors price movements among certain selected indices, securities and/or groups of securities that may be an indicator that the closing prices received earlier in the day from foreign exchanges or markets may not reflect market value at the time the Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the Funds (“Trigger Points”), the Funds may use a systematic valuation model provided by a Fair Value Pricing Service to fair value their international equity securities. | |
Security Transactions and Investment Income — During the period, security transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes amortization or accretion of premium or discount. Costs used in determining net realized gains and losses on the sales of investment securities are those of the specific securities sold, adjusted for the accretion or amortization of purchase discounts or premiums during the respective holding period. | |
Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following bases: (i) market value of investment securities, other assets and liabilities at the current rate of exchange; and (ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate the portion of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies. | |
Forward Foreign Currency Contracts — The Strategic Income Fund may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions or anticipated fund positions. All commitments are “marked-to-market” daily at the applicable foreign exchange rate and any resulting unrealized gains or losses are recorded currently. The Fund realizes gains and losses at the time forward contracts are extinguished. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the fiscal year are recognized as ordinary income or loss for federal income tax purposes. The Fund could be exposed to risk if a counterparty is unable to meet the terms of a forward foreign currency contract or if the value of the foreign currency changes unfavorably. As of March 31, 2007, the Strategic Income Fund did not hold any open forward foreign currency contracts. | |
Securities Lending — Each Fund (except the Money Market Funds) may lend portfolio securities to brokers, dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust’s Board. These loans may not exceed either (i) 50% of the sum of the market value of all securities of the Fund and the market value of securities purchased with cash collateral or (ii) 33.33% of the total market value of all securities of the Fund. No Fund will lend portfolio securities to its investment adviser or its affiliates unless it has applied for and received specific authority to do so from the Securities and Exchange Commission. Loans of portfolio securities will be fully collateralized by cash, letters of credit or U.S. government securities. The initial value of the collateral must be at least 102% of the market value of the securities loaned if the securities loaned are U.S. securities (105% for non-U.S. securities); and maintained in an amount equal to at least 100% (103% for non-U.S. securities) thereafter. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Income from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities and the lending agent. Lending securities involves certain risks, including the risk that the Fund may be delayed or prevented from recovering the collateral if the borrower fails to return the securities. |
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A fee will be obtained from the borrower if letters of credit or U.S. government securities are used as collateral. Cash collateral received in connection with securities lending is invested in the CSFB Enhanced Liquidity Portfolio (the “Portfolio”). This investment may consist of money market mutual funds registered under the 1940 Act and money market instruments including commercial paper, repurchase agreements, U.S. Treasury Bills and U.S. Agency Obligations. At March 31, 2007, the Portfolio was invested in certificates of deposit, repurchase agreements, asset backed securities and corporate bonds (with interest rates ranging from 5.390% to 5.648% and maturity dates ranging from 04/02/07 to 02/25/21). | |
The Funds paid securities lending fees during the year ended March 31, 2007, which have been netted against the Income from Securities Lending on the Statements of Operations. These fees are presented below (in thousands): |
Fees($) | ||||
High Income Fund | 8 | |||
Investment Grade Bond Fund | 98 | |||
Limited-Term Federal Mortgage Securities Fund | 7 | |||
Seix High Yield Fund | 76 | |||
Short-Term Bond Fund | 43 | |||
Short-Term U.S. Treasury Securities Fund | 3 | |||
Strategic Income Fund | 26 | |||
Ultra-Short Bond Fund | 4 | |||
U.S. Government Securities Fund | 76 | |||
U.S. Government Securities Ultra-Short Bond Fund | 1 |
Repurchase Agreements — The Funds may purchase instruments from financial institutions, such as banks and broker-dealers, subject to the seller’s agreement to repurchase them at an agreed upon time and price (“repurchase agreement”). A third party custodian bank takes possession of the underlying securities (“collateral”) of a repurchase agreement, the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. In the event of default on the obligation to repurchase, each Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the repurchase agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. | |
Securities Purchased on a When-Issued Basis — Delivery and payment for securities that have been purchased by a Fund on a forward commitment or when-issued basis can take place up to a month or more after the transaction date. During this period, such securities are subject to market fluctuations. The purchase of securities on a when-issued or forward commitment basis may increase the volatility of a Fund’s net asset value if the Fund makes such investments while remaining substantially fully invested. The Fund will segregate or earmark liquid assets in an amount as least equal in value to its commitments to purchase when-issued and forward commitment securities. | |
TBA Purchase Commitments — The Funds may enter into “TBA” (To Be Announced) purchase commitments to purchase securities for a fixed price at a future date beyond customary settlement time. TBA purchase commitments may be considered securities in themselves, and involve a risk of loss if the value of the security to be purchased declines prior to settlement date. Unsettled TBA purchase commitments are valued at the current market value of the underlying securities, generally according to the procedures described under “Security Valuation.” | |
Mortgage Dollar Rolls — The Funds may enter into mortgage dollar rolls (principally using TBA’s) in which a Fund sells mortgage securities for delivery in the current month and simultaneously contracts to repurchase substantially similar securities at an agreed-upon price on a fixed future date. The Funds |
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account for such dollar rolls under the purchases and sales method and receive compensation as consideration for entering into the commitment to repurchase. The Funds must maintain liquid securities having a value not less than the repurchase price (including accrued interest) for such dollar rolls. The market value of the securities that the Funds are required to purchase may decline below the agreed upon repurchase price of those securities. | |
The counterparty receives all principal and interest payments, including pre-payments, made in respect of a security subject to such a contract while it is with the holder. Mortgage dollar rolls may be renewed with a new purchase and repurchase price and a cash settlement made on settlement date without physical delivery of the securities subject to the contract. The Funds engage in dollar rolls for the purpose of enhancing yield, principally by earning a negotiated fee. As of March 31, 2007, there were no open mortgage dollar rolls. | |
Bank Loans — The High Income Fund, Seix Floating Rate High Income Fund, Seix High Yield Fund and Strategic Income Fund invest in first and second lien senior floating rate loans (“bank loans”). These loans are loans made by banks and other large financial institutions to various companies and are senior in the borrowing companies’ capital structure. Coupon rates are floating, not fixed and are tied to a benchmark lending rate. A Fund records an investment when the borrower withdraws money and records interest as earned. Some types of senior loans in which these Funds may invest require that an open loan for a specific amount be continually offered to a borrower. These types of senior loans, commonly referred to as revolvers, contractually obligate the lender (and therefore those with an interest in the loan) to fund the loan at the borrower’s discretion. Therefore, a Fund must have funds sufficient to cover its contractual obligation. A Fund will maintain, on a daily basis, high-quality, liquid assets in an amount at least equal in value to its contractual obligation to fulfill the revolving senior loan. These unfunded loan commitments, which are marked to market daily, are presented with the Schedule of Portfolio Investments. At March 31, 2007, only the Seix Floating Rate High Income Fund had unfunded loan commitments. | |
Swap Agreements — The High Income, Intermediate Bond, Investment Grade Bond, Investment Grade Tax-Exempt Bond, Strategic Income and Total Return Bond Funds may enter into swap agreements, which are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount,” i.e., the return on or increase in value of a particular dollar amount invested in a “basket” of securities representing a particular index. The primary risks associated with the use of swap agreements are imperfect correlation between movements in the notional amount and the price of the underlying instruments and the inability of counterparties to perform. A Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. | |
Swap agreements typically are settled on a net basis, which means that the two payment streams are netted out, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. Payments may be made at the conclusion of a swap agreement, at the time a Fund enters into a swap agreement or periodically during its term. Up-front receipts and payments are recorded as deferred income (liability) or expense (asset), as the case may be, on the statement of assets and liabilities and then amortized to income or expense over the life of the swap contract. Until a swap agreement is settled in cash, the gain or loss on the notional amount plus income on the instruments, less the interest paid by the Fund on the notional amount, is recorded as “unrealized appreciation or depreciation on swap agreements” and, when cash is exchanged, the gain or loss realized is recorded as “realized gains or losses on swap agreements”. A Fund’s current obligations under swap agreements (offset against any amounts owing to the Fund) will be accrued daily and any accrued but unpaid net amounts owed to a swap counterparty will be covered by segregating cash or other assets deemed to be liquid with the |
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Fund’s custodian. Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to swap agreements is limited to the net amount of payments that a Fund is contractually obligated to make. If the other party to a swap agreement defaults, the Fund’s risk of loss consists of the net amount of payments that such Fund is contractually entitled to receive, if any. | |
Credit default swap (“CDS”) agreements are a specific kind of counterparty agreement designed to transfer the third party credit risk between parties. One party in the CDS is a lender and faces credit risk from a third party, while the counterparty in the CDS agrees to insure this risk in exchange for regular periodic payments (essentially an insurance premium). If the third party defaults, the party providing insurance will have to purchase from the insured party the defaulted asset. | |
Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional principle amount. Net periodic interest payments to be received or paid are accrued daily and are recorded as realized gains or losses on the Statements of Operations. | |
Compensating Balances — If a Fund has a cash overdraft in excess of $100,000 it is required to deposit an amount equal to 110% of the overdraft in a compensating balance account with its custodian, SunTrust Bank, a wholly-owned subsidiary of SunTrust Banks, Inc., on the following business day. If a Fund has a positive cash balance in excess of $100,000 it is allowed to overdraw an amount equal to 90% of the balance from SunTrust Bank on the following business day. All such deposits to, and overdrafts from, the compensating balance account are non-interest bearing and are for a duration of one business day. The Strategic Income Fund does not have any compensating balance arrangements with its custodian, Brown Brothers Harriman & Co. | |
Restricted Securities — Certain of the Funds’ investments are restricted as to resale. As of March 31, 2007, all of these restricted securities have been deemed liquid by the Funds’ advisers based upon procedures approved by the Board unless stated otherwise on each Fund’s Schedule of Portfolio Investments. | |
Expenses — Expenses that are directly related to a specific Fund are charged to that Fund. Class specific expenses, such as distribution fees, if any, are borne by that class. Other operating expenses of the Trust are pro-rated to the Funds on the basis of relative net assets or another appropriate basis. Expenses attributable to the Trust and the STI Classic Variable Trust (collectively, the “STI Complex”) are allocated across the STI Complex based upon relative net assets or another appropriate basis. | |
Classes — Income, non-class specific expenses and realized/unrealized gains and losses are allocated to the respective classes within a Fund on the basis of the relative daily net assets. | |
Dividends and Distributions to Shareholders — Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income for each of the Funds are declared daily and paid monthly. Any net realized capital gains on sales of securities are distributed to shareholders at least annually. However, to the extent that net realized capital gains can be offset by capital loss carryovers, such gains will not be distributed. | |
Redemption Fees — Prior to November 20, 2006, for Funds other than the Money Market Funds, a redemption fee of 2% of the value of the shares sold was imposed on shares redeemed within seven days or less after the date of purchase (60 days or less for Strategic Income Fund) unless the redemption was excluded under the Funds’ Redemption Fee Policy. On November 20, 2006 the Redemption Fee Policy was removed from all Funds. For financial statement purposes, these amounts are included in the Statements of Changes in Net Assets as “Change in Net Assets from Capital Transactions”. Fees for the Funds during the years ended March 31, 2007 and March 31, 2006, were as follows: |
Year Ended | Year Ended | |||||||
03/31/07($) | 03/31/06($) | |||||||
High Grade Municipal Bond Fund | — | 87 | ||||||
Investment Grade Bond Fund | 5 | — |
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Year Ended | Year Ended | |||||||
03/31/07($) | 03/31/06($) | |||||||
Investment Grade Tax-Exempt Bond Fund | 766 | 15 | ||||||
Limited-Term Federal Mortgage Securities Fund | 541 | 550 | ||||||
Seix Floating Rate High Income Fund | 1,006 | — | ||||||
Seix High Yield Fund | 80 | 2,387 | ||||||
Short-Term Bond Fund | 265 | 234 | ||||||
Strategic Income Fund | 789 | 348 | ||||||
U.S. Government Securities Fund | 662 | 693 | ||||||
Virginia Intermediate Municipal Bond Fund | 1,440 | 903 |
Amounts designated as “—” are $0.
New Accounting Pronouncements — In July 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by the applicable tax authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required no later than the last business day of the first financial reporting date which occurs during the fiscal year beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Accordingly, the Funds are required to implement FIN 48 in their net asset value per share calculations on September 28, 2007. Management has not completed their analysis on whether the adoption of FIN 48 will have an impact to the financial statements once adopted. | |
In September 2006, the FASB issued Statement on Financial Accounting Standards (SFAS) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this Statement relate to the definition of fair value, the methods used to measure fair value and expanded disclosures about fair value measurements. As of March 31, 2007, the Funds do not believe the adoption of SFAS No. 157 will impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain measurements on changes in net assets for the period. |
4. | Agreements and Other Transactions with Affiliates |
Investment Advisory Agreement — The Trust and Trusco Capital Management, Inc. (the “Investment Adviser”), a wholly-owned subsidiary of SunTrust Banks, Inc., have entered into an advisory agreement. | |
Under the terms of the agreement, the Funds are charged annual advisory fees, which are computed daily and paid monthly based upon average daily net assets. Breakpoints are used in computing the overall annual advisory fee. The maximum annual advisory fee is charged on average daily net assets of each Fund (other than the Money Market Funds) up to $500 million. A discount of 5% applies on the next $500 million, and a discount of 10% applies on amounts over $1 billion. For the Money Market Funds, the maximum annual advisory fee is charged on average daily assets of each Money Market Fund up to $1 billion, a discount of 5% applies on the next $1.5 billion, a discount of 10% applies on amounts over |
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$2.5 billion and a discount of 20% applies on amounts over $5 billion. Fee rates for the year ended March 31, 2007 were as follows: |
Advisory Fees | ||||||||||||||||
Maximum Annual | Overall Annual | Waived or | Net Annual | |||||||||||||
Advisory Fee(%) | Advisory Fee(%) | Reimbursed(%) | Fees Paid(%) | |||||||||||||
Georgia Tax-Exempt Bond Fund | 0.55 | 0.55 | — | 0.55 | ||||||||||||
High Grade Municipal Bond Fund | 0.55 | 0.55 | — | 0.55 | ||||||||||||
High Income Fund | 0.60 | 0.60 | — | 0.60 | ||||||||||||
Intermediate Bond Fund | 0.25 | 0.25 | — | 0.25 | ||||||||||||
Investment Grade Bond Fund | 0.50 | 0.50 | — | 0.50 | ||||||||||||
Investment Grade Tax-Exempt Bond Fund | 0.50 | 0.50 | — | 0.50 | ||||||||||||
Limited Duration Fund | 0.10 | 0.10 | — | 0.10 | ||||||||||||
Limited-Term Federal Mortgage Securities Fund | 0.50 | 0.50 | — | 0.50 | ||||||||||||
Maryland Municipal Bond Fund | 0.55 | 0.55 | — | 0.55 | ||||||||||||
North Carolina Tax-Exempt Bond Fund | 0.55 | 0.55 | — | 0.55 | ||||||||||||
Seix Floating Rate High Income Fund | 0.45 | 0.45 | — | 0.45 | ||||||||||||
Seix High Yield Fund | 0.45 | 0.43 | — | 0.43 | ||||||||||||
Short-Term Bond Fund | 0.40 | 0.40 | — | 0.40 | ||||||||||||
Short-Term U.S. Treasury Securities Fund | 0.40 | 0.40 | — | 0.40 | ||||||||||||
Strategic Income Fund | 0.60 | 0.60 | (0.02 | ) | 0.58 | |||||||||||
Total Return Bond Fund | 0.25 | 0.25 | — | 0.25 | ||||||||||||
Ultra-Short Bond Fund | 0.22 | 0.22 | — | 0.22 | ||||||||||||
U.S. Government Securities Fund | 0.50 | 0.50 | — | 0.50 | ||||||||||||
U.S. Government Securities Ultra-Short Bond Fund | 0.20 | 0.20 | (0.03 | ) | 0.17 | |||||||||||
Virginia Intermediate Municipal Bond Fund | 0.55 | 0.55 | — | 0.55 | ||||||||||||
Prime Quality Money Market Fund | 0.55 | 0.49 | — | 0.49 | ||||||||||||
Tax-Exempt Money Market Fund | 0.45 | 0.44 | — | 0.44 | ||||||||||||
U.S. Government Securities Money Market Fund | 0.55 | 0.55 | — | 0.55 | ||||||||||||
U.S. Treasury Money Market Fund | 0.55 | 0.54 | — | 0.54 | ||||||||||||
Virginia Tax-Free Money Market Fund | 0.40 | 0.40 | — | 0.40 |
The Investment Adviser has contractually agreed, until at least August 1, 2007, to waive fees and/or reimburse each Fund to the extent necessary to maintain each Fund’s Total Operating Expense, expressed as a percentage of average daily net assets, as noted below: |
Total Operating | ||||||
Expense(%) | ||||||
North Carolina Tax-Exempt Bond Fund | I Shares | 0.71 | ||||
North Carolina Tax-Exempt Bond Fund | A Shares | 0.86 | ||||
North Carolina Tax-Exempt Bond Fund | C Shares | 1.71 | ||||
Seix Floating Rate High Income Fund | I Shares | 0.55 | ||||
Seix Floating Rate High Income Fund | A Shares | 0.85 | ||||
Virginia Intermediate Municipal Bond Fund | I Shares | 0.60 | ||||
Virginia Intermediate Municipal Bond Fund | A Shares | 0.75 | ||||
Virginia Intermediate Municipal Bond Fund | C Shares | 1.60 |
Under the Expense Limitation Agreements, the Investment Adviser may retain the difference between the Total Operating Expense identified above and the actual total expense to recapture any of its prior |
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contractual waivers or reimbursements at a date not to exceed three years from the date of the corresponding Expense Limitation Agreement. Such repayments shall be made monthly, but only to the extent that such repayments would not cause the annualized total expense ratio to exceed the Total Operating Expense in place at that time. During the year ended March 31, 2007, the Investment Adviser did not recapture any of its prior contractual waivers or reimbursements. The Investment Adviser does not intend to recapture such amounts. As of March 31, 2007, there were no available cumulative potential reimbursements based on reimbursements within three years from the date of the corresponding Expense Limitation Agreement (until August 1, 2009) after being reduced by amounts forfeited during the current fiscal year. | |
During the year ended March 31, 2007, the Investment Adviser also voluntarily waived fees in certain Funds in order to maintain a more competitive expense ratio for shareholders. These voluntary waivers will not be recouped by the Investment Adviser in subsequent years. | |
Administration, Fund Accounting and Transfer Agency Agreement — The Trust has entered into a Master Services Agreement with BISYS Fund Services Ohio, Inc. (the “Administrator”), under which the Administrator provides administrative, fund accounting and transfer agent, and shareholder services for an annual fee, calculated and paid monthly, (expressed as a percentage of the combined average daily net assets of the STI Complex) of: 0.0275% up to $25 billion, 0.0225% on the next $5 billion and 0.0175% for over $30 billion plus an additional class fee of $2,714 per class annually, applicable to each additional class of shares over 145 classes of shares. | |
The Master Services Agreement provides for the Administrator to pay certain insurance premiums for the STI Complex, including $300,000 towards the premium for Directors and Officers Liability/ Errors and Omissions insurance coverage, and $25,000 towards the premium for Fidelity Bond coverage. The Administrator has agreed, under the terms of the Master Services Agreement, to pay certain legal expenses for the benefit of the STI Complex relating to administrative service matters. The Master Services Agreement further provides for the Administrator to waive a portion of its fees for the benefit of shareholders. Such payments and fee waivers are expected to total approximately $400,000 to $650,000 annually, and will not be recouped by the Administrator in subsequent years. | |
Distribution Agreement — The Trust and BISYS Fund Services Limited Partnership (the “Distributor”) are parties to a Distribution Services Agreement. The Distributor will receive no fees for its distribution services under the agreement for the I Shares of any Fund. With respect to the A Shares and C Shares, the Distributor receives amounts, pursuant to a Distribution Plan and (in the case of C Shares) a Distribution and Service Plan, based upon average daily net assets of each respective class, which are computed daily and paid monthly. These fees, expressed as a percentage of average daily net assets, for the year ended March 31, 2007 were as follows: |
Board Approved | Board Approved | |||||||
and Charged | and Charged | |||||||
A Share | C Share | |||||||
Distribution | Distribution | |||||||
Fee(%) | and Service Fee(%) | |||||||
Georgia Tax-Exempt Bond Fund | 0.15 | 1.00 | ||||||
High Grade Municipal Bond Fund | 0.15 | 1.00 | ||||||
High Income Fund | 0.30 | 1.00 | ||||||
Intermediate Bond Fund | 0.25 | 1.00 | ||||||
Investment Grade Bond Fund | 0.30 | 1.00 | ||||||
Investment Grade Tax-Exempt Bond Fund | 0.30 | 1.00 | ||||||
Limited-Term Federal Mortgage Securities Fund | 0.20 | 1.00 | ||||||
Maryland Municipal Bond Fund | 0.15 | 1.00 | ||||||
North Carolina Tax-Exempt Bond Fund | 0.15 | 1.00 | ||||||
Seix Floating Rate High Income Fund | 0.30 | N/A |
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Board Approved | Board Approved | |||||||
and Charged | and Charged | |||||||
A Share | C Share | |||||||
Distribution | Distribution | |||||||
Fee(%) | and Service Fee(%) | |||||||
Seix High Yield Fund | 0.25 | 1.00 | ||||||
Short-Term Bond Fund | 0.20 | 1.00 | ||||||
Short-Term U.S. Treasury Securities Fund | 0.18 | 1.00 | ||||||
Strategic Income Fund | 0.30 | 1.00 | ||||||
Total Return Bond Fund | 0.25 | 1.00 | ||||||
U.S. Government Securities Fund | 0.30 | 1.00 | ||||||
Virginia Intermediate Municipal Bond Fund | 0.15 | 1.00 | ||||||
Prime Quality Money Market Fund | 0.15 | 0.25 | ||||||
Tax-Exempt Money Market Fund | 0.15 | N/A | ||||||
U.S. Government Securities Money Market Fund | 0.15 | N/A | ||||||
U.S. Treasury Money Market Fund | 0.15 | N/A | ||||||
Virginia Tax-Free Money Market Fund | 0.15 | N/A |
Custodian Agreements — SunTrust Bank acts as custodian for the Funds except for the Strategic Income Fund, which has appointed Brown Brothers Harriman & Co. as custodian. The Funds pay custody fees on the basis of their respective net assets and transaction costs. | |
Other — Certain officers of the STI Complex are also officers of the Investment Adviser, the Administrator and/or the Distributor. Such officers receive no fees from the Trust for serving as officers of the Trust. Each of the trustees receives an annual retainer fee and an additional fee for each meeting attended plus reimbursement for certain expenses incurred. Trustees receive an additional fee for attendance at committee meetings. The current retainer and meeting fees are as follows: |
Chairman($) | Trustee($) | |||||||
Annual Retainer | 55,000 | 44,000 | ||||||
Regular Meeting Fee | 10,000 | 8,000 | ||||||
Special Meeting Fee | 5,000 | 4,000 | ||||||
Committee Meeting Fee | 4,500 | 3,000 |
The Trust approved a deferred compensation plan for its trustees, effective January 1, 2007. Under that plan, a trustee may elect to defer all or a portion of his or her compensation. Amounts deferred are retained by the Trust, and the value of such deferred amounts is determined by reference to the change in value of Class I Shares of one or more series of the STI Classic Funds as specified by the trustee. Benefits under the deferred compensation plan are payable upon retirement. As of March 31, 2007, under the deferred compensation plan, the Trust had a deferred liability of approximately $68,635. | |
The Investment Adviser provides services to the STI Complex to ensure compliance with applicable laws and regulations. The Investment Adviser has designated a dedicated compliance staff and an employee to serve as Chief Compliance Officer. The Investment Adviser receives an annual fee totaling $475,000 for these services. In addition, the Administrator provides an employee and staff to assist the Chief Compliance Officer for the STI Complex, including providing certain related services, and receives an annual fee of $156,750 for providing these services. The fees above are allocated across the assets of the STI Complex. For the year ended March 31, 2007, the total amount paid by the Trust for compliance services fees was $546,818. | |
The Trust has entered into an agreement with SunTrust Robinson Humphrey, a division of SunTrust Capital Markets, Inc., which is a registered broker-dealer and a direct non-bank subsidiary of SunTrust Banks, Inc., to act as an agent in placing repurchase agreements for the Trust. For the year ended |
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March 31, 2007, the following Funds paid SunTrust Robinson Humphrey, through a reduction in the yield earned by the Funds on those repurchase agreements, the following amounts (in thousands): |
Fees($) | ||||
High Grade Municipal Bond Fund | — | |||
High Income Fund | 1 | |||
Intermediate Bond Fund | — | |||
Investment Grade Bond Fund | 2 | |||
Investment Grade Tax-Exempt Bond Fund | 1 | |||
Limited Duration | 1 | |||
Limited-Term Federal Mortgage Securities Fund | 3 | |||
Seix Floating Rate High Income Fund | 17 | |||
Seix High Yield Fund | 13 | |||
Total Return Bond Fund | 6 | |||
U.S. Government Securities Fund | 4 | |||
Prime Quality Money Market Fund | 47 | |||
U.S. Government Securities Money Market Fund | 155 | |||
U.S. Treasury Money Market Fund | 529 |
Amounts designated as “—” round to less than $1,000.
5. | Investment Transactions |
The cost of security purchases and the proceeds from sales and maturities of securities, excluding securities maturing less than one year from acquisition and U.S. government securities, for the year ended March 31, 2007, were as follows (in thousands):
Sales and | ||||||||
Purchases($) | Maturities($) | |||||||
Georgia Tax-Exempt Bond Fund | 108,669 | 83,646 | ||||||
High Grade Municipal Bond Fund | 213,873 | 219,961 | ||||||
High Income Fund | 258,522 | 264,586 | ||||||
Intermediate Bond Fund | 28,744 | 19,250 | ||||||
Investment Grade Bond Fund | 166,072 | 118,837 | ||||||
Investment Grade Tax-Exempt Bond Fund | 857,513 | 740,117 | ||||||
Limited Duration Fund | 49,210 | 43,373 | ||||||
Maryland Municipal Bond Fund | 21,239 | 24,780 | ||||||
North Carolina Tax-Exempt Bond Fund | 38,558 | 35,319 | ||||||
Seix Floating Rate High Income Fund | 1,030,633 | 582,652 | ||||||
Seix High Yield Fund | 1,548,917 | 1,540,506 | ||||||
Short-Term Bond Fund | 129,934 | 81,897 | ||||||
Strategic Income Fund | 385,632 | 500,851 | ||||||
Total Return Bond Fund | 210,995 | 141,552 | ||||||
Ultra-Short Bond Fund | 41,474 | 148,376 | ||||||
U.S. Government Securities Ultra-Short Bond Fund | 735 | 3,211 | ||||||
Virginia Intermediate Municipal Bond Fund | 112,416 | 116,595 |
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The cost of security purchases and proceeds from sales and maturities of U.S. government securities, excluding securities maturing less than one year from acquisition, for the year ended March 31, 2007, were as follows (in thousands): |
Sales and | ||||||||
Purchases($) | Maturities($) | |||||||
Intermediate Bond Fund | 143,101 | 175,989 | ||||||
Investment Grade Bond Fund | 866,211 | 1,014,136 | ||||||
Limited Duration Fund | 10,369 | 9,388 | ||||||
Limited-Term Federal Mortgage Securities Fund | 423,226 | 340,668 | ||||||
Seix High Yield Fund | — | 41,426 | ||||||
Short-Term Bond Fund | 375,775 | 270,791 | ||||||
Short-Term U.S. Treasury Securities Fund | 62,492 | 69,119 | ||||||
Strategic Income Fund | 301,887 | 354,083 | ||||||
Total Return Bond Fund | 1,523,043 | 1,563,990 | ||||||
Ultra-Short Bond Fund | 95,799 | 140,810 | ||||||
U.S. Government Securities Fund | 804,776 | 576,211 | ||||||
U.S. Government Securities Ultra-Short Bond Fund | 43,861 | 43,651 |
6. | Federal Tax Policies and Information |
It is the policy of each Fund to qualify or continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies as defined in applicable sections of the Internal Revenue Code, and to make distributions from net investment income and from net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Withholding taxes on foreign dividends have been paid or provided for in accordance with each applicable country’s tax rules and rates.
The amounts of dividends from net investment income and of distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (i.e. foreign currency transactions and the difference between book and tax amortization methods for premium and market discount), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.
At March 31, 2007, the total cost of securities and the net realized gains or losses on securities sold for federal income tax purposes were different from amounts reported for financial reporting purposes. These differences were generally due to losses on wash sales, which cannot be used for federal income tax purposes in the current year and have been deferred for use in future years. The federal tax cost and aggregate gross unrealized appreciation and depreciation for securities held by the Funds at March 31, 2007 are presented on each Fund’s Schedule of Portfolio Investments.
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The tax character of distributions paid to shareholders during the year ended March 31, 2007 was as follows (in thousands):
Distributions paid from | ||||||||||||||||||||||||
Total | ||||||||||||||||||||||||
Net Investment | Net Long Term | Total Taxable | Tax-Exempt | Return of | Distributions | |||||||||||||||||||
Fund | Income($) | Capital Gains($) | Distributions($) | Distributions($) | Capital($) | Paid($)* | ||||||||||||||||||
Georgia Tax-Exempt Bond Fund | — | 110 | 110 | 5,296 | — | 5,406 | ||||||||||||||||||
High Grade Municipal Bond Fund | 50 | 261 | 311 | 5,750 | — | 6,061 | ||||||||||||||||||
High Income Fund | 5,497 | — | 5,497 | — | — | 5,497 | ||||||||||||||||||
Intermediate Bond Fund | 3,670 | — | 3,670 | — | — | 3,670 | ||||||||||||||||||
Investment Grade Bond Fund | 21,516 | — | 21,516 | — | — | 21,516 | ||||||||||||||||||
Investment Grade Tax-Exempt Bond Fund | 1,228 | 227 | 1,455 | 11,267 | — | 12,722 | ||||||||||||||||||
Limited Duration Fund | 3,643 | 9 | 3,652 | — | — | 3,652 | ||||||||||||||||||
Limited-Term Federal Mortgage Securities Fund | 18,460 | — | 18,460 | — | — | 18,460 | ||||||||||||||||||
Maryland Municipal Bond Fund | 36 | 106 | 142 | 1,376 | — | 1,518 | ||||||||||||||||||
North Carolina Tax-Exempt Bond Fund | — | — | — | 1,516 | — | 1,516 | ||||||||||||||||||
Seix Floating Rate High Income Fund | 26,504 | — | 26,504 | — | — | 26,504 | ||||||||||||||||||
Seix High Yield Fund | 85,396 | — | 85,396 | — | — | 85,396 | ||||||||||||||||||
Short-Term Bond Fund | 14,992 | — | 14,992 | — | — | 14,992 | ||||||||||||||||||
Short-Term U.S. Treasury Securities Fund | 2,675 | — | 2,675 | — | — | 2,675 | ||||||||||||||||||
Strategic Income Fund | 6,746 | — | 6,746 | — | 2,761 | 9,507 | ||||||||||||||||||
Total Return Bond Fund | 26,630 | — | 26,630 | — | — | 26,630 | ||||||||||||||||||
Ultra-Short Bond Fund | 7,874 | — | 7,874 | — | — | 7,874 | ||||||||||||||||||
U.S. Government Securities Fund | 20,925 | — | 20,925 | — | — | 20,925 | ||||||||||||||||||
U.S. Government Securities Ultra-Short Bond Fund | 1,529 | — | 1,529 | — | — | 1,529 | ||||||||||||||||||
Virginia Intermediate Municipal Bond Fund | — | — | — | 7,244 | — | 7,244 | ||||||||||||||||||
Prime Quality Money Market Fund | 358,404 | 88 | 358,492 | — | — | 358,492 | ||||||||||||||||||
Tax-Exempt Money Market Fund | 101 | 20 | 121 | 56,823 | — | 56,944 | ||||||||||||||||||
U.S. Government Securities Money Market Fund | 32,696 | — | 32,696 | — | — | 32,696 | ||||||||||||||||||
U.S. Treasury Money Market Fund | 63,779 | — | 63,779 | — | — | 63,779 | ||||||||||||||||||
Virginia Tax-Free Money Market Fund | 4 | — | 4 | 16,287 | — | 16,291 |
* | Total distributions paid differ from the Statement of Changes in Net Assets because for tax purposes dividends are recognized when actually paid. |
Amounts designated as “—” are either $0 or have been rounded to $0.
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The tax character of distributions paid to shareholders during the period ended March 31, 2006 was as follows (in thousands):
Distributions paid from | ||||||||||||||||||||
Net Investment | Net Long Term | Total Taxable | Tax-Exempt | Total Distributions | ||||||||||||||||
Fund | Income($) | Capital Gains($) | Distributions($) | Distributions($) | Paid($)* | |||||||||||||||
Georgia Tax-Exempt Bond Fund | — | 127 | 127 | 3,970 | 4,097 | |||||||||||||||
High-Grade Municipal Bond Fund | 21 | 850 | 871 | 5,574 | 6,445 | |||||||||||||||
High Income Fund | 8,484 | 1,954 | 10,438 | — | 10,438 | |||||||||||||||
Intermediate Bond Fund | 2,522 | 101 | 2,623 | — | 2,623 | |||||||||||||||
Investment Grade Bond Fund | 22,428 | — | 22,428 | — | 22,428 | |||||||||||||||
Investment Grade Tax-Exempt Bond Fund | 205 | 2,161 | 2,366 | 8,459 | 10,825 | |||||||||||||||
Limited Duration Fund | 2,224 | 1 | 2,225 | — | 2,225 | |||||||||||||||
Limited-Term Federal Mortgage Securities Fund | 15,899 | — | 15,899 | — | 15,899 | |||||||||||||||
Maryland Municipal Bond Fund | 18 | 348 | 366 | 1,460 | 1,826 | |||||||||||||||
North Carolina Tax-Exempt Bond Fund | 4 | — | 4 | 1,205 | 1,209 | |||||||||||||||
Seix Floating Rate High Income Fund | 5 | — | 5 | — | 5 | |||||||||||||||
Seix High Yield Fund | 89,393 | 8,360 | 97,753 | — | 97,753 | |||||||||||||||
Short-Term Bond Fund | 9,805 | — | 9,805 | — | 9,805 | |||||||||||||||
Short-Term U.S. Treasury Securities Fund | 2,357 | — | 2,357 | — | 2,357 | |||||||||||||||
Strategic Income Fund | 15,838 | 2,250 | 18,088 | — | 18,088 | |||||||||||||||
Total Return Bond Fund | 15,441 | 89 | 15,530 | — | 15,530 | |||||||||||||||
Ultra-Short Bond Fund | 7,484 | — | 7,484 | — | 7,484 | |||||||||||||||
U.S. Government Securities Fund | 13,540 | — | 13,540 | — | 13,540 | |||||||||||||||
U.S. Government Securities Ultra-Short Bond Fund | 2,019 | — | 2,019 | — | 2,019 | |||||||||||||||
Virginia Intermediate Municipal Bond Fund | — | 1,180 | 1,180 | 5,997 | 7,177 | |||||||||||||||
Prime Quality Money Market Fund | 171,636 | — | 171,636 | — | 171,636 | |||||||||||||||
Tax-Exempt Money Market Fund | — | 75 | 75 | 34,712 | 34,787 | |||||||||||||||
U.S. Government Securities Money Market Fund | 20,612 | — | 20,612 | — | 20,612 | |||||||||||||||
U.S. Treasury Money Market Fund | 40,814 | — | 40,814 | — | 40,814 | |||||||||||||||
Virginia Tax-Free Money Market Fund | 79 | 24 | 103 | 10,216 | 10,319 |
* | Total distributions paid differ from the Statement of Changes in Net Assets because for tax purposes dividends are recognized when actually paid. |
Amounts designated as “—” are either $0 or have been rounded to $0.
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As of March 31, 2007 the components of accumulated earnings (deficit) on a tax basis were as follows (in thousands):
Undistributed | Undistributed | Undistributed | Accumulated | |||||||||||||||||||||
Tax Exempt | Ordinary | Long Term | Accumulated | Distributions | Capital and | |||||||||||||||||||
Income($) | Income($) | Capital Gains($) | Earnings($) | Payable($) | Other Losses($)** | |||||||||||||||||||
Georgia Tax-Exempt Bond Fund | 302 | — | — | 302 | (540 | ) | (111 | ) | ||||||||||||||||
High Grade Municipal Bond Fund | 497 | 269 | 165 | 931 | (503 | ) | — | |||||||||||||||||
High Income Fund | — | 1,656 | — | 1,656 | (506 | ) | — | |||||||||||||||||
Intermediate Bond Fund | — | 964 | — | 964 | (407 | ) | (3,785 | ) | ||||||||||||||||
Investment Grade Bond Fund | — | 1,485 | — | 1,485 | (1,893 | ) | (14,840 | ) | ||||||||||||||||
Investment Grade Tax-Exempt Bond Fund | 1,039 | 859 | 508 | 2,406 | (1,192 | ) | — | |||||||||||||||||
Limited Duration Fund | — | 183 | — | 183 | (184 | ) | (28 | ) | ||||||||||||||||
Limited-Term Federal Mortgage Securities Fund | — | 1,826 | — | 1,826 | (1,756 | ) | (18,607 | ) | ||||||||||||||||
Maryland Municipal Bond Fund | 67 | 9 | 13 | 89 | (111 | ) | — | |||||||||||||||||
North Carolina Tax- Exempt Bond Fund | 74 | — | — | 74 | (138 | ) | (133 | ) | ||||||||||||||||
Seix Floating Rate High Income Fund | — | 5,261 | — | 5,261 | (3,748 | ) | (15 | ) | ||||||||||||||||
Seix High Yield Fund | — | 7,190 | — | 7,190 | (7,172 | ) | (16,794 | ) | ||||||||||||||||
Short-Term Bond Fund | — | 1,706 | — | 1,706 | (1,693 | ) | (11,178 | ) | ||||||||||||||||
Short-Term U.S. Treasury Securities Fund | — | 248 | — | 248 | (251 | ) | (2,419 | ) | ||||||||||||||||
Strategic Income Fund | — | — | — | — | (845 | ) | (4,400 | ) | ||||||||||||||||
Total Return Bond Fund | — | 1,995 | — | 1,995 | (2,672 | ) | (8,527 | ) | ||||||||||||||||
Ultra-Short Bond Fund | — | 454 | — | 454 | (434 | ) | (2,419 | ) | ||||||||||||||||
U.S. Government Securities Fund | — | 2,471 | — | 2,471 | (2,305 | ) | (8,995 | ) | ||||||||||||||||
U.S. Government Ultra-Short Bond Fund | — | 144 | — | 144 | (129 | ) | (1,342 | ) | ||||||||||||||||
Virginia Intermediate Municipal Bond Fund | 671 | — | — | 671 | (697 | ) | (96 | ) | ||||||||||||||||
Prime Quality Money Market Fund | — | 36,614 | — | 36,614 | (36,565 | ) | — | |||||||||||||||||
Tax-Exempt Money Market Fund | 4,721 | 56 | 63 | 4,840 | (4,692 | ) | — | |||||||||||||||||
U.S. Government Securities Money Market Fund | — | 3,807 | — | 3,807 | (3,791 | ) | (2 | ) | ||||||||||||||||
U.S. Treasury Money Market Fund | — | 4,173 | — | 4,173 | (4,091 | ) | (212 | ) | ||||||||||||||||
Virginia Tax-Free Money Market Fund | 1,543 | — | — | 1,543 | (1,529 | ) | — |
[Additional columns below]
[Continued from above table, first column(s) repeated]
Unrealized | ||||||||
Appreciation | Total Accumulated | |||||||
(Depreciation)($)*** | Earnings (Deficit)($) | |||||||
Georgia Tax-Exempt Bond Fund | 3,254 | 2,905 | ||||||
High Grade Municipal Bond Fund | 1,790 | 2,218 | ||||||
High Income Fund | 1,786 | 2,936 | ||||||
Intermediate Bond Fund | 52 | (3,176 | ) | |||||
Investment Grade Bond Fund | 635 | (14,613 | ) | |||||
Investment Grade Tax-Exempt Bond Fund | 1,448 | 2,662 | ||||||
Limited Duration Fund | (5 | ) | (34 | ) | ||||
Limited-Term Federal Mortgage Securities Fund | (542 | ) | (19,079 | ) | ||||
Maryland Municipal Bond Fund | 855 | 833 | ||||||
North Carolina Tax- Exempt Bond Fund | 541 | 344 | ||||||
Seix Floating Rate High Income Fund | 1,843 | 3,341 | ||||||
Seix High Yield Fund | 14,967 | (1,809 | ) | |||||
Short-Term Bond Fund | (375 | ) | (11,540 | ) | ||||
Short-Term U.S. Treasury Securities Fund | 4 | (2,418 | ) | |||||
Strategic Income Fund | 1,579 | (3,666 | ) | |||||
Total Return Bond Fund | (1,103 | ) | (10,307 | ) | ||||
Ultra-Short Bond Fund | 391 | (2,008 | ) | |||||
U.S. Government Securities Fund | 1,629 | (7,200 | ) | |||||
U.S. Government Ultra-Short Bond Fund | 190 | (1,137 | ) | |||||
Virginia Intermediate Municipal Bond Fund | 4,641 | 4,519 | ||||||
Prime Quality Money Market Fund | — | 49 | ||||||
Tax-Exempt Money Market Fund | — | 148 | ||||||
U.S. Government Securities Money Market Fund | — | 14 | ||||||
U.S. Treasury Money Market Fund | — | (130 | ) | |||||
Virginia Tax-Free Money Market Fund | — | 14 |
** | As of the latest tax year end of March 31, 2007, the following Funds had net capital loss carryovers to offset future net capital gains, if any, to the extent provided by the Treasury regulations (in thousands). To the extent that these carryovers are used to offset future gains, it is probable that the gains so offset will not be distributed to shareholders. |
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Expires | ||||||||||||||||||||||||
2009($) | 2011($) | 2012($) | 2013($) | 2014($) | 2015($) | |||||||||||||||||||
Georgia Tax-Exempt Bond Fund | — | — | — | — | — | 102 | ||||||||||||||||||
Intermediate Bond Fund | — | — | 718 | — | 1,179 | — | ||||||||||||||||||
Investment Grade Bond Fund | 7,224 | — | — | — | — | 7,017 | ||||||||||||||||||
Limited Duration Fund | — | — | — | — | — | 13 | ||||||||||||||||||
Limited-Term Federal Mortgage Securities Fund | — | — | 5,162 | 3,272 | 5,209 | 4,012 | ||||||||||||||||||
North Carolina Tax-Exempt Bond Fund | — | — | — | — | 130 | — | ||||||||||||||||||
Seix High Yield Fund | — | — | — | — | 5,154 | 11,640 | ||||||||||||||||||
Short-Term Bond Fund | 352 | 9,216 | 22 | 354 | 47 | 978 | ||||||||||||||||||
Short-Term U.S. Treasury Securities Fund | — | — | — | 245 | 907 | 1,149 | ||||||||||||||||||
Strategic Income Fund | — | — | — | — | — | 4,195 | ||||||||||||||||||
Total Return Bond Fund | — | 161 | 573 | 1,285 | — | 4,712 | ||||||||||||||||||
Ultra-Short Bond Fund | — | — | 588 | 548 | 573 | 665 | ||||||||||||||||||
U.S. Government Securities Fund | — | — | 2,698 | 508 | 251 | 5,287 | ||||||||||||||||||
U.S. Government Securities Ultra-Short Bond Fund | — | — | 519 | 393 | 272 | 150 | ||||||||||||||||||
Virginia Intermediate Municipal Bond Fund | — | — | — | — | 33 | 63 | ||||||||||||||||||
U.S. Treasury Money Market Fund | — | — | — | 165 | 42 | 5 |
During the year ended March 31, 2007, the Intermediate Bond Fund and North Carolina Tax-Exempt Bond Fund utilized $319 and $40, respectively, in thousands, in capital loss carryforwards.
Net Capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year.
The Georgia Tax-Exempt Bond Fund, Intermediate Bond Fund, Investment Grade Bond Fund, Limited Duration Fund, Limited-Term Federal Mortgage Securities Fund, North Carolina Tax-Exempt Bond Fund, Seix Floating Rate High Income Fund, Short-Term Bond Fund, Short-Term U.S. Treasury Securities Fund, Strategic Income Fund, Total Return Bond Fund, Ultra-Short Bond Fund, U.S. Government Securities Fund, U.S. Government Securities Ultra-Short Bond Fund and U.S. Government Securities Money Market Fund have incurred and will elect to defer $9, $1,888, $599, $15, $952, $3, $15, $209, $118, $205, $1,796, $45, $251, $8 and $2, respectively, in thousands, in capital losses.
*** | The differences between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to: tax deferral of losses on wash sales and the difference between book and tax amortization methods for premium and market discount. |
Amounts designated as “—” are either $0 or have been rounded to $0.
7. | Risks |
The prices of the Funds’ fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, the Funds’ fixed income securities will decrease in value if interest rates rise and vice versa, and the volatility of lower-rated securities is even greater than that of higher-rated securities. Also, longer-term securities are generally more volatile, so the average maturity or duration of these securities affects risk.
The High Income, Seix High Yield and Strategic Income Funds invest in high yield corporate, government, and other debt instruments of U.S. and non-U.S. issuers. High yield securities involve greater risk of default or downgrade and are more volatile than investment grade securities.
The High Income Fund, Seix Floating Rate High Income Fund, Seix High Yield Fund and Strategic Income Fund invest in first and second lien senior floating rate loans. The risks associated with floating rate loans are similar to the risks of below investment grade securities. In addition, the value of the collateral securing the loan may decline, causing a loan to be substantially unsecured. Difficulty in selling a floating rate loan may result in a loss. Borrowers may pay back principal before the scheduled due date when interest rates decline, which may require the Fund to replace a particular loan with a lower-yielding security. There may be less extensive public information available with respect to loans than for rated, registered or exchange listed securities. The Fund may assume the credit risk of the primary lender in addition to the borrower, and investments in loan assignments may involve the risks of being a lender.
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The Intermediate Bond, Investment Grade Bond, Strategic Income and Total Return Bond Funds may invest in securities of foreign issuers in various countries. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is a possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which could adversely affect investments in those countries. Emerging market countries are countries that the World Bank or the United Nations considers to be emerging or developing. Emerging markets may be more likely to experience political turmoil or rapid changes in market or economic conditions than more developed countries. In addition, the financial stability of issuers, including governments, in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility associated with these Fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.
The Georgia Tax-Exempt Bond, Maryland Municipal Bond, North Carolina Tax-Exempt Bond, Virginia Intermediate Municipal Bond and Virginia Tax-Free Money Market Funds’ concentrations of investments in securities of issuers located in a specific region subjects each Fund to the economic and government policies of that region.
The Intermediate Bond, Investment Grade Bond, Limited Duration, Limited-Term Federal Mortgage Securities, Short-Term Bond, Total Return Bond, Ultra-Short Bond, U.S. Government Securities and U.S. Government Securities Ultra-Short Bond Funds invest in securities whose value is derived from an underlying pool of mortgages or consumer loans. Prepayment of these loans shortens the stated maturity of these respective obligations and may result in a loss of premium, if any has been paid. Estimates of such prepayments are used to calculate expected maturity dates and a Fund’s average duration.
The Money Market Funds invest primarily in money market instruments maturing in 397 days or less whose ratings are within one of the two highest ratings categories assigned by a nationally recognized statistical rating organization, or, if not rated, are believed to be of comparable quality. The ability of the issuers of the securities held by the Funds to meet their obligations may be affected by economic developments in a specific industry, state or region.
Certain securities are backed by letters of credit from various financial institutions and financial guaranty assurance agencies. These letters of credit enhance the credit quality of the individual securities; however, if any of the financial institutions or financial guaranty assurance agencies’ credit quality should deteriorate, it could cause the individual security’s credit quality to change. Additionally, if any of the Funds concentrate their letters of credit in any one financial institution, the risk of credit quality deterioration increases.
The Funds hold certain securities the issuer of which operates under a congressional charter. These securities (Federal Home Loan Mortgage Corporation, Federal Home Loan Bank and Federal National Mortgage Association) are neither issued nor guaranteed by the U.S. Government. If needed, access to additional funding from the U.S. Treasury (beyond the issuer’s line of credit), would require congressional action.
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To the Board of Trustees and Shareholders of
In our opinion, the accompanying statements of assets and liabilities, including the schedules of portfolio investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Georgia Tax-Exempt Bond Fund, High Grade Municipal Bond Fund (formerly known as “Florida Tax-Exempt Bond Fund”), High Income Fund, Intermediate Bond Fund, Investment Grade Bond Fund, Investment Grade Tax-Exempt Bond Fund, Limited Duration Fund, Limited-Term Federal Mortgage Securities Fund, Maryland Municipal Bond Fund, North Carolina Tax-Exempt Bond Fund, Seix Floating Rate High Income Fund, Seix High Yield Fund, Short-Term Bond Fund, Short-Term U.S. Treasury Securities Fund, Strategic Income Fund, Total Return Bond Fund (formerly known as “Core Bond Fund”), Ultra-Short Bond Fund, U.S. Government Securities Fund, U.S. Government Securities Ultra-Short Bond Fund, Virginia Intermediate Municipal Bond Fund, Prime Quality Money Market Fund, Tax-Exempt Money Market Fund, U.S. Government Securities Money Market Fund, U.S. Treasury Money Market Fund and Virginia Tax-Free Money Market Fund (twenty-five of the fifty funds constituting STI Classic Funds, hereafter referred to as the “Funds”) at March 31, 2007, and the results of each of their operations, the changes in each of their net assets and the financial highlights for each of the periods indicated, except as discussed below where funds were audited by other independent accountants, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at March 31, 2007 by correspondence with the custodians and brokers, provide a reasonable basis for our opinion. The financial highlights for the period ended May 31, 2004 of the North Carolina Tax-Exempt Bond Fund were audited by other independent accountants, whose report dated July 19, 2004 expressed an unqualified opinion on those financial statements. The financial highlights for each of the two years (or periods) in the period ended October 31, 2003 of the Intermediate Bond Fund, Limited Duration Fund, Seix High Yield Fund and Total Return Bond Fund were audited by other independent accountants whose report dated December 19, 2003 expressed an unqualified opinion on those financial statements.
PricewaterhouseCoopers LLP
Columbus, Ohio
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For corporate shareholders, the following percentage of the total ordinary income distributions paid by the Funds during the year ended March 31, 2007 qualify for the corporate dividends received deductions:
Dividend Received | ||||
Deduction(%) | ||||
Strategic Income Fund | 1.25 |
For the year ended March 31, 2007, the following Fund had a qualified dividend income of:
Qualified Dividend | ||||
Income(%) | ||||
Strategic Income Fund | 1.25 |
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Information pertaining to the trustees of the Trust is set forth below. Trustees who are not deemed to be “interested persons” of the Trust as defined in the 1940 Act are referred to as “Independent Trustees.” Trustees who are deemed to be “interested persons” of the Trust are referred to as “Interested Trustees.” Mr. Ridley is a trustee who may be deemed to be an “interested person” of the Trust.
Number of | ||||||||||||||||
Name, Business | Portfolios in | |||||||||||||||
Address, State of | Position | Term of Office | Fund | |||||||||||||
Residence and Date | Held with | and Length of | Principal Occupation(s) | Complex | ||||||||||||
of Birth | Trust | Time Served | During the Past 5 Years | Overseen | Other Directorships Held | |||||||||||
INTERESTED TRUSTEE* | ||||||||||||||||
Clarence H. Ridley 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 06/42 | Trustee | Indefinite; since November 2001 | Chairman, Haverty Furniture Companies | 57 | Crawford & Co.; Haverty Furniture Companies | |||||||||||
INDEPENDENT TRUSTEES | ||||||||||||||||
Jeffrey M. Biggar 3435 Stelzer Road Columbus, OH 43219 (Ohio) DOB 02/50 | Trustee | Indefinite; since January 2007 | Retired. Chief Executive Officer and Senior Managing Director, Sterling (National City Corp.) (2002-2006) | 57 | None | |||||||||||
F. Wendell Gooch 3435 Stelzer Road Columbus, OH 43219 (Indiana) DOB 12/32 | Trustee | Indefinite; since May 1992 | Retired | 57 | SEI Family of Funds | |||||||||||
Sidney E. Harris 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 07/49 | Trustee | Indefinite; since November 2004 | Professor (since 1997), Dean (1997-2004), J. Mack Robinson College of Business, Georgia State University | 57 | ServiceMaster Company; Total System Services, Inc. | |||||||||||
Warren Y. Jobe 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 11/40 | Trustee | Indefinite; since November 2004 | Retired. Executive Vice President, Georgia Power Company and Senior Vice President, Southern Company (1998-2001) | 57 | WellPoint, Inc; UniSource Energy Corp.; HomeBanc Corp. | |||||||||||
Connie D. McDaniel 3435 Stelzer Road Columbus, OH 43219 (Georgia) DOB 04/58 | Trustee | Indefinite; since May 2005 | Vice President Global Finance Transformation (since 2007), Vice President and Controller (1999-2007), The Coca-Cola Company | 57 | None | |||||||||||
James O. Robbins 3435 Stelzer Road Columbus, OH 43219 (Florida) DOB 07/42 | Trustee | Indefinite; since May 2000 | Retired. President and Chief Executive Officer, Cox Communications, Inc. (1985-2005) | 57 | Bessemer Securities, Inc.; Humana, Inc. | |||||||||||
Charles D. Winslow 3435 Stelzer Road Columbus, OH 43219 (Florida) DOB 07/35 | Trustee | Indefinite; since November 2004 | Retired. Formerly Partner, Accenture (consulting) | 57 | None | |||||||||||
* | Mr. Ridley may be deemed an Interested Trustee because of a material business relationship with the parent of the Investment Adviser. |
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Term of | ||||||
Position(s) | Office and | |||||
Name, Address | Held with | Length of | Principal Occupation(s) | |||
and Date of Birth | Trust | Time Served | During the Past 5 Years | |||
OFFICERS | ||||||
R. Jeffrey Young 3435 Stelzer Road Columbus, OH 43219 DOB 08/64 | President and Chief Executive Officer | One year; since July 2004 | Senior Vice President, Relationship Management, BISYS Fund Services (since 2002); Vice President, Client Services, BISYS Fund Services (1997-2002) | |||
Deborah A. Lamb 50 Hurt Plaza Suite 1400 Atlanta, GA 30303 DOB 10/52 | Executive Vice President; Assistant Secretary; Chief Compliance Officer | One year; since September 2004; since November 2003; since August 2004 (respectively) | Chief Compliance Officer, Managing Director, Trusco Capital Management, Inc. (since 2003); President, Investment Industry Consultants, LLC (2000-2003) | |||
Martin R. Dean 3435 Stelzer Road Columbus, OH 43219 DOB 11/63 | Treasurer, Chief Financial Officer and Chief Accounting Officer | One year; since March 2007 | Vice President, Fund Administration, BISYS Fund Services | |||
Cynthia J. Surprise 3435 Stelzer Road Columbus, OH 43219 DOB 07/46 | Secretary and Chief Legal Officer | One year; since February 2005 | Senior Counsel, Legal Services, BISYS Fund Services (since 2004); Director and Counsel, Investors Bank & Trust Company (1999-2004) | |||
Jennifer A. English 3435 Stelzer Road Columbus, OH 43219 DOB 03/72 | Assistant Secretary | One year; since November 2005 | Assistant Counsel, Legal Services, BISYS Fund Services (since 2005); Assistant Counsel, PFPC Inc. (2002-2005); Associate Legal Product Manager, Fidelity Investments (2001) | |||
The Trust’s Statement of Additional Information includes additional information about the Trust’s trustees and officers. To request your free copy of the Statement of Additional Information, call toll free 1-888-STI-FUND.
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Annual Approval of Investment Advisory Agreement
The continuance of the Trust’s investment advisory agreements with Trusco Capital Management, Inc. (the “Adviser”) must be specifically approved at least annually by (i) the vote of the Trustees or a vote of the shareholders of the Funds and (ii) the vote of a majority of the Trustees who are not parties to the agreements or “interested persons” of any party thereto (the “Independent Trustees”), as defined in the Investment Company Act of 1940, cast in person at a meeting called for the purpose of voting on such approval. Each year, the Board of Trustees calls and holds a meeting to decide whether to renew the Trust’s agreements for the upcoming year. In preparation for the meeting, the Board requests and reviews a wide variety of information from the Adviser. The Trustees use this information, as well as other information that the Adviser and other service providers may submit to the Board, to help them decide whether to renew the agreements for another year.
In considering the renewal of the agreements this year, the Board requested and received material from the Adviser in preparation for a special meeting of the Board held on October 24, 2006, and requested and reviewed additional material from the Adviser in preparation for its quarterly meeting held on November 14, 2006, at which it specifically considered the renewal of the agreements. Such material included, among other things, information about: (a) the quality of the Adviser’s investment management and other services; (b) the Adviser’s investment management personnel; (c) the Adviser’s operations and financial condition; (d) the Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (e) the level of the advisory fees that the Adviser charges the Funds compared with the fees it charges to comparable mutual funds or accounts; (f) the Funds’ overall fees and operating expenses compared with similar mutual funds; (g) the level of the Adviser’s profitability from its Fund-related operations; (h) the Adviser’s compliance systems; (i) the Adviser’s policies and procedures for personal securities transactions; (j) the Adviser’s reputation, expertise and resources in domestic financial markets; and (k) the Funds’ performance compared with similar mutual funds. The Board also received a memorandum from Fund counsel regarding the responsibilities of the Trustees in connection with their consideration of the agreements.
At both meetings, representatives from the Adviser presented additional oral and written information to the Board to help the Board evaluate the Adviser’s fees and other aspects of the agreements. The Board also considered information presented by the Adviser and other service providers at meetings held throughout the year. The Trustees discussed the written materials, oral presentations, and any other information that the Board received, and considered the approval of the agreements in light of this information. As part of its consideration, the Board also reviewed a single consolidated form of advisory agreement representing the substance of both of the Trust’s existing agreements with the Adviser and considered whether to adopt the consolidated form of agreement going forward.
Based on the Board’s deliberations and evaluation of the information it received, the Board, including the Independent Trustees, approved the consolidated form of agreement and the selection of the Adviser and determined that the compensation under the agreement is fair and reasonable in light of the services to be performed. The Board considered the following specific factors, none of which was controlling, and made the following conclusions:
Nature, Extent, and Quality of Services
The Board received and considered information regarding the nature, extent, and quality of services to be provided to the Funds by the Adviser. In this regard, the Trustees evaluated, among other things, the Adviser’s personnel, experience, track record, and compliance program. The Board considered the background and experience of the Adviser’s senior management and the expertise of, and amount of attention expected to be given to the Funds by, its portfolio management teams. The Board reviewed the qualifications, backgrounds, and responsibilities of the portfolio managers responsible for the day-to-day management of the Funds. The Board also reviewed information pertaining to the Adviser’s organizational structure, senior
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management, investment operations, and other relevant information. The Board concluded that, within the context of its full deliberations, the nature, extent, and quality of the services to be provided to the Funds by the Adviser supported the approval of the agreement.
Performance
The Board considered the investment performance of each Fund, including any periods of outperformance and underperformance, both on an absolute basis and a comparative basis to indices and other funds within the same investment categories. Specifically, the Board considered each Fund’s performance relative to its peer group and appropriate benchmarks in light of total return, yield, and market trends. As part of this review, the Board considered the composition of the peer group and selection criteria, as well as market risk and shareholder risk expectations. The Board considered the Adviser’s explanations regarding specific performance issues. The Board concluded that, within the context of its full deliberations, the performance of the Funds and the Adviser supported the approval of the agreement.
Fund Expenses
With respect to advisory fees, the Board considered the rate of compensation under the agreement and each Fund’s net operating expense ratio in comparison to those of comparable mutual funds. The Trustees also considered information about average expense ratios of comparable mutual funds in each Fund’s peer group. Finally, the Trustees considered the effect of the Adviser’s waiver and reimbursement of fees and expenses, where applicable, to prevent total expenses from exceeding a specified amount and that, due to these waivers and reimbursements, net operating expenses have been maintained at competitive levels. The Board concluded that, within the context of its full deliberations, the expenses of the Funds are reasonable and supported the approval of the agreement.
Profitability
The Board reviewed information about the profitability of the Funds to the Adviser and considered whether the level of profitability was reasonable and justified in light of the quality of the services rendered to the Funds and in comparison to other advisory firms. The Board concluded that, within the context of its full deliberations, the profitability of the Adviser is within the range the Board considered reasonable.
Economies of Scale
The Board considered the existence of economies of scale and whether they were passed along to Fund shareholders through a graduated advisory fee schedule or other means, including any fee and expense waivers and reimbursements by the Adviser. The Board concluded that, within the context of its full deliberations, the Funds obtain reasonable benefit from economies of scale.
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Expense Examples
As a shareholder of the STI Classic Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees, 12b-1 distribution and/or service fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the STI Classic Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2006 through March 31, 2007.
Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Beginning | Ending | Expenses Paid | Expense Ratio | |||||||||||||||||
Account Value | Account Value | During Period* | During Period** | |||||||||||||||||
10/01/06 | 03/31/07 | 10/01/06-03/31/07 | 10/01/06-03/31/07 | |||||||||||||||||
Georgia Tax-Exempt Bond Fund | I Shares | $ | 1,000.00 | $ | 1,017.70 | $ | 0.03 | 0.60 | % | |||||||||||
A Shares | 1,000.00 | 1,015.90 | 3.77 | 0.75 | ||||||||||||||||
C Shares | 1,000.00 | 1,011.60 | 8.07 | 1.60 | ||||||||||||||||
High Grade Municipal Bond Fund | I Shares | 1,000.00 | 1,012.90 | 3.06 | 0.61 | |||||||||||||||
A Shares | 1,000.00 | 1,012.20 | 3.81 | 0.76 | ||||||||||||||||
C Shares | 1,000.00 | 1,007.90 | 8.06 | 1.61 | ||||||||||||||||
High Income Fund | I Shares | 1,000.00 | 1,092.20 | 3.60 | 0.70 | |||||||||||||||
A Shares | 1,000.00 | 1,090.50 | 5.21 | 1.00 | ||||||||||||||||
C Shares | 1,000.00 | 1,085.30 | 8.84 | 1.70 | ||||||||||||||||
Intermediate Bond Fund | I Shares | 1,000.00 | 1,028.50 | 1.62 | 0.32 | |||||||||||||||
A Shares | 1,000.00 | 1,026.30 | 2.68 | 0.53 | ||||||||||||||||
C Shares | 1,000.00 | 1,023.30 | 6.76 | 1.34 | ||||||||||||||||
Investment Grade Bond Fund | I Shares | 1,000.00 | 1,026.50 | 2.78 | 0.56 | |||||||||||||||
A Shares | 1,000.00 | 1,025.00 | 4.34 | 0.86 | ||||||||||||||||
C Shares | 1,000.00 | 1,021.40 | 7.86 | 1.56 | ||||||||||||||||
Investment Grade Tax-Exempt Bond Fund | I Shares | 1,000.00 | 1,015.10 | 2.81 | 0.56 | |||||||||||||||
A Shares | 1,000.00 | 1,013.60 | 4.32 | 0.86 | ||||||||||||||||
C Shares | 1,000.00 | 1,009.20 | 7.81 | 1.56 | ||||||||||||||||
Limited Duration Fund | I Shares | 1,000.00 | 1,025.10 | 0.71 | 0.14 | |||||||||||||||
Limited-Term Federal Mortgage Securities Fund | I Shares | 1,000.00 | 1,025.90 | 2.78 | 0.55 | |||||||||||||||
A Shares | 1,000.00 | 1,024.90 | 3.79 | 0.75 | ||||||||||||||||
C Shares | 1,000.00 | 1,020.80 | 7.81 | 1.55 | ||||||||||||||||
Maryland Municipal Bond Fund | I Shares | 1,000.00 | 1,016.60 | 3.22 | 0.64 | |||||||||||||||
A Shares | 1,000.00 | 1,015.80 | 4.02 | 0.79 | ||||||||||||||||
C Shares | 1,000.00 | 1,011.50 | 8.22 | 1.64 | ||||||||||||||||
North Carolina Tax-Exempt Bond Fund | I Shares | 1,000.00 | 1,019.10 | 2.97 | 0.59 | |||||||||||||||
A Shares | 1,000.00 | 1,018.30 | 3.72 | 0.74 | ||||||||||||||||
C Shares | 1,000.00 | 1,014.10 | 7.88 | 1.57 | ||||||||||||||||
Seix Floating Rate High Income Fund | I Shares | 1,000.00 | 1,050.00 | 2.56 | 0.50 | |||||||||||||||
A Shares | 1,000.00 | 1,048.40 | 7.99 | 0.78 | ||||||||||||||||
Seix High Yield Fund | I Shares | 1,000.00 | 1,058.60 | 2.51 | 0.49 | |||||||||||||||
A Shares | 1,000.00 | 1,057.60 | 3.85 | 0.74 | ||||||||||||||||
C Shares | 1,000.00 | 1,053.40 | 7.63 | 1.49 |
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Beginning | Ending | Expenses Paid | Expense Ratio | |||||||||||||||||
Account Value | Account Value | During Period* | During Period** | |||||||||||||||||
10/01/06 | 03/31/07 | 10/01/06-03/31/07 | 10/01/06-03/31/07 | |||||||||||||||||
Short-Term Bond Fund | I Shares | $ | 1,000.00 | $ | 1,024.80 | $ | 2.32 | 0.46 | % | |||||||||||
A Shares | 1,000.00 | 1,023.70 | 3.33 | 0.66 | ||||||||||||||||
C Shares | 1,000.00 | 1,020.70 | 7.36 | 1.46 | ||||||||||||||||
Short-Term U.S. Treasury Securities Fund | I Shares | 1,000.00 | 1,022.30 | 2.42 | 0.48 | |||||||||||||||
A Shares | 1,000.00 | 1,021.40 | 3.33 | 0.66 | ||||||||||||||||
C Shares | 1,000.00 | 1,017.30 | 7.44 | 1.48 | ||||||||||||||||
Strategic Income Fund | I Shares | 1,000.00 | 1,051.20 | 3.68 | 0.72 | |||||||||||||||
A Shares | 1,000.00 | 1,049.40 | 5.21 | 1.02 | ||||||||||||||||
C Shares | 1,000.00 | 1,046.00 | 8.77 | 1.72 | ||||||||||||||||
Total Return Bond Fund | I Shares | 1,000.00 | 1,028.50 | 1.52 | 0.30 | |||||||||||||||
A Shares | 1,000.00 | 1,027.50 | 2.78 | 0.55 | ||||||||||||||||
C Shares | 1,000.00 | 1,023.40 | 6.56 | 1.30 | ||||||||||||||||
Ultra-Short Bond Fund | I Shares | 1,000.00 | 1,026.20 | 1.46 | 0.29 | |||||||||||||||
U.S. Government Securities Fund | I Shares | 1,000.00 | 1,025.50 | 2.78 | 0.55 | |||||||||||||||
A Shares | 1,000.00 | 1,024.00 | 4.29 | 0.85 | ||||||||||||||||
C Shares | 1,000.00 | 1,020.40 | 7.81 | 1.55 | ||||||||||||||||
U.S. Government Securities Ultra- Short Bond Fund | I Shares | 1,000.00 | 1,027.30 | 1.42 | 0.28 | |||||||||||||||
Virginia Intermediate Municipal Bond Fund | I Shares | 1,000.00 | 1,015.20 | 3.01 | 0.60 | |||||||||||||||
A Shares | 1,000.00 | 1,014.40 | 3.77 | 0.75 | ||||||||||||||||
C Shares | 1,000.00 | 1,010.20 | 8.02 | 1.60 | ||||||||||||||||
Prime Quality Money Market Fund | I Shares | 1,000.00 | 1,024.30 | 2.67 | 0.53 | |||||||||||||||
A Shares | 1,000.00 | 1,023.60 | 3.43 | 0.68 | ||||||||||||||||
C Shares | 1,000.00 | 1,023.10 | 3.93 | 0.78 | ||||||||||||||||
Tax-Exempt Money Market Fund | I Shares | 1,000.00 | 1,015.70 | 2.41 | 0.48 | |||||||||||||||
A Shares | 1,000.00 | 1,015.00 | 3.16 | 0.63 | ||||||||||||||||
U.S. Government Securities Money Market Fund | I Shares | 1,000.00 | 1,023.50 | 3.03 | 0.60 | |||||||||||||||
A Shares | 1,000.00 | 1,022.70 | 3.78 | 0.75 | ||||||||||||||||
U.S. Treasury Money Market Fund | I Shares | 1,000.00 | 1,023.40 | 2.98 | 0.59 | |||||||||||||||
A Shares | 1,000.00 | 1,022.60 | 3.73 | 0.74 | ||||||||||||||||
Virginia Tax-Free Money Market Fund | I Shares | 1,000.00 | 1,015.70 | 2.26 | 0.45 | |||||||||||||||
A Shares | 1,000.00 | 1,014.90 | 3.01 | 0.60 |
* | Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. |
** | Annualized. |
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Hypothetical Example
The table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning | Ending | Expenses Paid | Expense Ratio | |||||||||||||||||
Account Value | Account Value | During Period* | During Period** | |||||||||||||||||
10/01/06 | 03/31/07 | 10/01/06-03/31/07 | 10/01/06-03/31/07 | |||||||||||||||||
Georgia Tax-Exempt Bond Fund | I Shares | $ | 1,000.00 | $ | 1,024.90 | $ | 0.03 | 0.60 | % | |||||||||||
A Shares | 1,000.00 | 1,021.19 | 3.78 | 0.75 | ||||||||||||||||
C Shares | 1,000.00 | 1,016.90 | 8.10 | 1.60 | ||||||||||||||||
High Grade Municipal Bond Fund | I Shares | 1,000.00 | 1,050.00 | 3.12 | 0.61 | |||||||||||||||
A Shares | 1,000.00 | 1,050.00 | 3.88 | 0.76 | ||||||||||||||||
C Shares | 1,000.00 | 1,050.00 | 8.23 | 1.61 | ||||||||||||||||
High Income Fund | I Shares | 1,000.00 | 1,021.49 | 3.48 | 0.70 | |||||||||||||||
A Shares | 1,000.00 | 1,019.95 | 5.04 | 1.00 | ||||||||||||||||
C Shares | 1,000.00 | 1,016.45 | 8.55 | 1.70 | ||||||||||||||||
Intermediate Bond Fund | I Shares | 1,000.00 | 1,023.34 | 1.61 | 0.32 | |||||||||||||||
A Shares | 1,000.00 | 1,022.29 | 2.67 | 0.53 | ||||||||||||||||
C Shares | 1,000.00 | 1,018.25 | 6.74 | 1.34 | ||||||||||||||||
Investment Grade Bond Fund | I Shares | 1,000.00 | 1,022.19 | 2.77 | 0.56 | |||||||||||||||
A Shares | 1,000.00 | 1,020.64 | 4.33 | 0.86 | ||||||||||||||||
C Shares | 1,000.00 | 1,017.15 | 7.85 | 1.56 | ||||||||||||||||
Investment Grade Tax-Exempt Bond Fund | I Shares | 1,000.00 | 1,022.14 | 2.82 | 0.56 | |||||||||||||||
A Shares | 1,000.00 | 1,020.64 | 4.33 | 0.86 | ||||||||||||||||
C Shares | 1,000.00 | 1,017.15 | 7.85 | 1.56 | ||||||||||||||||
Limited Duration Fund | I Shares | 1,000.00 | 1,024.23 | 0.71 | 0.14 | |||||||||||||||
Limited-Term Federal Mortgage Securities Fund | I Shares | 1,000.00 | 1,022.19 | 2.77 | 0.55 | |||||||||||||||
A Shares | 1,000.00 | 1,021.19 | 3.78 | 0.75 | ||||||||||||||||
C Shares | 1,000.00 | 1,017.20 | 7.80 | 1.55 | ||||||||||||||||
Maryland Municipal Bond Fund | I Shares | 1,000.00 | 1,021.74 | 3.23 | 0.64 | |||||||||||||||
A Shares | 1,000.00 | 1,020.94 | 4.03 | 0.79 | ||||||||||||||||
C Shares | 1,000.00 | 1,016.75 | 8.25 | 1.64 | ||||||||||||||||
North Carolina Tax-Exempt Bond Fund | I Shares | 1,000.00 | 1,021.99 | 2.97 | 0.59 | |||||||||||||||
A Shares | 1,000.00 | 1,021.24 | 3.73 | 0.74 | ||||||||||||||||
C Shares | 1,000.00 | 1,017.10 | 7.90 | 1.57 | ||||||||||||||||
Seix Floating Rate High Income Fund | I Shares | 1,000.00 | 1,022.44 | 2.52 | 0.50 | |||||||||||||||
A Shares | 1,000.00 | 996.11 | 3.88 | 0.78 | ||||||||||||||||
Seix High Yield Fund | I Shares | 1,000.00 | 1,022.49 | 2.47 | 0.49 | |||||||||||||||
A Shares | 1,000.00 | 1,021.19 | 3.78 | 0.74 | ||||||||||||||||
C Shares | 1,000.00 | 1,017.50 | 7.49 | 1.49 | ||||||||||||||||
Short-Term Bond Fund | I Shares | 1,000.00 | 1,022.64 | 2.32 | 0.46 | |||||||||||||||
A Shares | 1,000.00 | 1,021.64 | 3.33 | 0.66 | ||||||||||||||||
C Shares | 1,000.00 | 1,017.65 | 7.34 | 1.46 | ||||||||||||||||
Short-Term U.S. Treasury Securities Fund | I Shares | 1,000.00 | 1,022.54 | 2.42 | 0.48 | |||||||||||||||
A Shares | 1,000.00 | 1,021.64 | 3.33 | 0.66 | ||||||||||||||||
C Shares | 1,000.00 | 1,017.55 | 7.44 | 1.48 |
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Beginning | Ending | Expenses Paid | Expense Ratio | |||||||||||||||||
Account Value | Account Value | During Period* | During Period** | |||||||||||||||||
10/01/06 | 03/31/07 | 10/01/06-03/31/07 | 10/01/06-03/31/07 | |||||||||||||||||
Strategic Income Fund | I Shares | $ | 1,000.00 | $ | 1,021.34 | $ | 3.63 | 0.72 | % | |||||||||||
A Shares | 1,000.00 | 1,019.85 | 5.14 | 1.02 | ||||||||||||||||
C Shares | 1,000.00 | 1,016.36 | 8.65 | 1.72 | ||||||||||||||||
Total Return Bond Fund | I Shares | 1,000.00 | 1,023.44 | 1.51 | 0.30 | |||||||||||||||
A Shares | 1,000.00 | 1,022.19 | 2.77 | 0.55 | ||||||||||||||||
C Shares | 1,000.00 | 1,018.45 | 6.54 | 1.30 | ||||||||||||||||
Ultra-Short Bond Fund | I Shares | 1,000.00 | 1,023.49 | 1.46 | 0.29 | |||||||||||||||
U.S. Government Securities Fund | I Shares | 1,000.00 | 1,022.19 | 2.77 | 0.55 | |||||||||||||||
A Shares | 1,000.00 | 1,020.69 | 4.28 | 0.85 | ||||||||||||||||
C Shares | 1,000.00 | 1,017.20 | 7.80 | 1.55 | ||||||||||||||||
U.S. Government Securities Ultra- Short Bond Fund | I Shares | 1,000.00 | 1,023.54 | 1.41 | 0.28 | |||||||||||||||
Virginia Intermediate Municipal Bond Fund | I Shares | 1,000.00 | 1,021.94 | 3.02 | 0.60 | |||||||||||||||
A Shares | 1,000.00 | 1,021.19 | 3.78 | 0.75 | ||||||||||||||||
C Shares | 1,000.00 | 1,016.95 | 8.05 | 1.60 | ||||||||||||||||
Prime Quality Money Market Fund | I Shares | 1,000.00 | 1,022.29 | 2.67 | 0.53 | |||||||||||||||
A Shares | 1,000.00 | 1,021.54 | 3.43 | 0.68 | ||||||||||||||||
C Shares | 1,000.00 | 1,021.04 | 3.93 | 0.78 | ||||||||||||||||
Tax-Exempt Money Market Fund | I Shares | 1,000.00 | 1,022.54 | 2.42 | 0.48 | |||||||||||||||
A Shares | 1,000.00 | 1,021.79 | 3.18 | 0.63 | ||||||||||||||||
U.S. Government Securities Money Market Fund | I Shares | 1,000.00 | 1,021.94 | 3.02 | 0.60 | |||||||||||||||
A Shares | 1,000.00 | 1,021.19 | 3.78 | 0.75 | ||||||||||||||||
U.S. Treasury Money Market Fund | I Shares | 1,000.00 | 1,021.99 | 2.97 | 0.59 | |||||||||||||||
A Shares | 1,000.00 | 1,021.24 | 3.73 | 0.74 | ||||||||||||||||
Virginia Tax-Free Money Market Fund | I Shares | 1,000.00 | 1,022.69 | 2.27 | 0.45 | |||||||||||||||
A Shares | 1,000.00 | 1,021.94 | 3.02 | 0.60 |
* | Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. |
** | Annualized. |
Proxy Voting
Information regarding the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-888-STI-FUND. The information also is included in the Funds’ Statement of Additional Information, which is available on the Funds’ website at www.sticlassicfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.
Information relating to how each Fund voted proxies relating to portfolio securities held during the most recent twelve months ended June 30 is available on the Funds’ website at www.sticlassicfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.
Portfolio Holdings Information
The Funds file a complete list of their portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available free of charge on the Securities and Exchange Commission’s website at www.sec.gov. You may also review or, for a fee, copy those documents by visiting the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the Securities and Exchange Commission at 1-202-551-8090.
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5/07
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Current Year | Previous Year | |||||||
(a) Audit Fees | $ | 729,216 | $ | 775,780 | ||||
(b) Audit-Related Fees | $ | 107,670 | (1) | $ | 109,170 | (1) | ||
(c) Tax Fees | $ | 0 | $ | 0 | ||||
(d) All Other Fees | $ | 0 | $ | 0 |
(1) | Services related to security count examinations under Rule 17f-2 of the Investment Company Act. |
Current Year | Previous Year | |||
$3,438,868 (1) | $3,100,592 (1) |
(1) | Non-audit services relate principally to certain technical accounting advice on financial products of SunTrust Banks, Inc.; Sarbanes-Oxley 404 implementation; review of certain registration statements and regulatory filings; issuance of comfort letters; and, tax compliance services to other entities controlled by SunTrust Banks, Inc. |
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By (Signature and Title)* | /s/ Martin R. Dean, Treasurer | |||
By (Signature and Title)* | /s/ R. Jeffrey Young, President | |||
By (Signature and Title)* | /s/ Martin R. Dean, Treasurer | |||
* | Print the name and title of each signing officer under his or her signature. |